Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
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 | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 | 2,004,274 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Due from banks, non-interest-bearing | $ 454 | $ 205 |
Due from banks, interest-bearing | 18,485 | 33,708 |
Cash and cash equivalents | 18,939 | 33,913 |
Investment in interest-earning time deposits | 7,979 | 9,463 |
Investment securities available for sale | 4,581 | 10,725 |
Loans held for sale | 99,383 | 53,191 |
Loans receivable, net of allowance for loan losses (2021 $3,746; 2020 $3,061) | 376,339 | 359,122 |
Accrued interest receivable | 3,358 | 3,054 |
Investment in Federal Home Loan Bank stock, at cost | 1,578 | 1,665 |
Bank-owned life insurance | 4,094 | 4,054 |
Premises and equipment, net | 2,412 | 2,341 |
Goodwill | 3,107 | 515 |
Other intangible, net of accumulated amortization | 247 | 271 |
Other real estate owned, net | 342 | 286 |
Prepaid expenses and other assets | 4,617 | 5,475 |
Total Assets | 526,976 | 484,075 |
Liabilities | ||
Non-interest bearing | 74,010 | 54,202 |
Interest-bearing | 351,519 | 300,643 |
Total deposits | 425,529 | 354,845 |
Federal Home Loan Bank short-term borrowings | 10,000 | 10,000 |
Federal Home Loan Bank long-term borrowings | 24,193 | 28,193 |
Federal Reserve Bank long-term borrowings | 17,867 | 48,134 |
Subordinated debt | 7,916 | 7,899 |
Other short-term borrowings | 1,209 | 0 |
Accrued interest payable | 392 | 362 |
Advances from borrowers for taxes and insurance | 2,435 | 2,486 |
Accrued expenses and other liabilities | 4,234 | 3,428 |
Total Liabilities | 493,775 | 455,347 |
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; 2,004,015 and 1,986,528 outstanding at June 30, 2021 and December 31, 2020, respectively | 28 | 28 |
Additional paid-in capital | 15,457 | 15,282 |
Treasury stock, at cost: 773,235 and 790,722 shares at June 30, 2021 and December 31, 2020, respectively | (5,022) | (5,114) |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP) | (17) | (51) |
Accumulated other comprehensive income | 34 | 118 |
Retained earnings | 20,606 | 18,465 |
Total Quaint Oak Bancorp, Inc. Stockholders' Equity | 31,086 | 28,728 |
Noncontrolling Interest | 2,115 | 0 |
Total Stockholders' Equity | 33,201 | 28,728 |
Total Liabilities and Stockholders’ Equity | $ 526,976 | $ 484,075 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans receivable, allowance for loan losses | $ 3,746 | $ 3,061 |
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) | 2,004,015 | 1,986,528 |
Treasury stock, at cost, shares (in shares) | 773,235 | 790,722 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Interest on loans, including fees | $ 5,735,000 | $ 3,891,000 | $ 10,478,000 | $ 7,363,000 |
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 108,000 | 142,000 | 254,000 | 341,000 |
Total Interest Income | 5,843,000 | 4,033,000 | 10,732,000 | 7,704,000 |
Interest Expense | ||||
Interest on deposits | 792,000 | 1,069,000 | 1,668,000 | 2,190,000 |
Interest on Federal Home Loan Bank short-term borrowings | 0 | 1,000 | 6,000 | 31,000 |
Interest on Federal Home Loan Bank long-term borrowings | 129,000 | 153,000 | 268,000 | 300,000 |
Interest on Federal Reserve Bank long-term borrowings | 29,000 | 23,000 | 69,000 | 23,000 |
Interest on subordinated debt | 130,000 | 130,000 | 260,000 | 260,000 |
Interest on other short-term borrowings | 26,000 | 0 | 96,000 | 0 |
Total Interest Expense | 1,106,000 | 1,376,000 | 2,367,000 | 2,804,000 |
Net Interest Income | 4,737,000 | 2,657,000 | 8,365,000 | 4,900,000 |
Provision for Loan Losses | 448,000 | 305,000 | 702,000 | 420,000 |
Net Interest Income after Provision for Loan Losses | 4,289,000 | 2,352,000 | 7,663,000 | 4,480,000 |
Non-Interest Income | ||||
Insurance commissions | 133,000 | 120,000 | 240,000 | 217,000 |
Income from bank-owned life insurance | 21,000 | 20,000 | 40,000 | 39,000 |
Net gain on loans held for sale | 1,335,000 | 826,000 | 2,550,000 | 1,607,000 |
Net gain on sales of other real estate owned | 0 | 18,000 | 0 | 18,000 |
Gain on the sale of SBA loans | 66,000 | 52,000 | 267,000 | 52,000 |
Gain on the sale of investment securities available for sale | 45,000 | 0 | 362,000 | 0 |
Total Non-Interest Income | 2,534,000 | 1,368,000 | 5,300,000 | 2,675,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 3,439,000 | 1,784,000 | 6,839,000 | 3,763,000 |
Directors' fees and expenses | 60,000 | 52,000 | 128,000 | 114,000 |
Occupancy and equipment | 387,000 | 218,000 | 764,000 | 423,000 |
Data processing | 202,000 | 160,000 | 407,000 | 297,000 |
Professional fees | 218,000 | 113,000 | 381,000 | 227,000 |
FDIC deposit insurance assessment | 73,000 | 27,000 | 124,000 | 47,000 |
Other real estate owned expenses | 3,000 | 8,000 | 12,000 | 22,000 |
Advertising | 122,000 | 75,000 | 227,000 | 150,000 |
Amortization of other intangible | 12,000 | 12,000 | 24,000 | 24,000 |
Other | 319,000 | 246,000 | 648,000 | 455,000 |
Total Non-Interest Expense | 4,835,000 | 2,695,000 | 9,554,000 | 5,522,000 |
Income before Income Taxes | 1,988,000 | 1,025,000 | 3,409,000 | 1,633,000 |
Income Taxes | 567,000 | 294,000 | 991,000 | 470,000 |
Net Income | 1,421,000 | 731,000 | 2,418,000 | 1,163,000 |
Net Loss Attributable to Noncontrolling Interest | (88,000) | 0 | (121,000) | 0 |
Net Income Attributable to Quaint Oak Bancorp, Inc. | $ 1,509,000 | $ 731,000 | $ 2,539,000 | $ 1,163,000 |
Earnings per share - basic (in dollars per share) | $ 0.76 | $ 0.37 | $ 1.28 | $ 0.59 |
Average shares outstanding - basic (in shares) | 1,991,617 | 1,978,421 | 1,985,844 | 1,971,276 |
Earnings per share - diluted (in dollars per share) | $ 0.72 | $ 0.36 | $ 1.22 | $ 0.58 |
Average shares outstanding - diluted (in shares) | 2,091,490 | 2,003,159 | 2,078,980 | 2,011,843 |
Mortgage Banking and Abstract Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | $ 522,000 | $ 351,000 | $ 1,053,000 | $ 645,000 |
Real Estate Sales Commissions [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | 33,000 | 30,000 | 64,000 | 63,000 |
Other Fees and Services Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | 51,000 | (49,000) | 173,000 | 34,000 |
Loan Servicing Fee [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | $ 328,000 | $ 0 | $ 551,000 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income | $ 1,421 | $ 731 | $ 2,418 | $ 1,163 |
Other Comprehensive Income (Loss): | ||||
Unrealized gains (losses) on investment securities available-for-sale | 13 | 13 | 257 | (16) |
Income tax effect | (3) | 0 | (55) | 0 |
Reclassification adjustment for gain on sale of investment securities included in net income | (45) | 0 | (362) | 0 |
Income tax effect | 9 | (3) | 76 | 2 |
Other comprehensive income (loss) | (26) | 10 | (84) | (14) |
Total Comprehensive Income | 1,395 | 741 | 2,334 | 1,149 |
Comprehensive Loss Attributable to Noncontrolling Interest | (88) | 0 | (121) | 0 |
Comprehensive Income Attributable to Quaint Oak Bancorp, Inc. | $ 1,483 | $ 741 | $ 2,455 | $ 1,149 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | 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 [Member] | The 401(k) Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 401(k) Plan [Member]AOCI Attributable to Parent [Member] | The 401(k) Plan [Member]Retained Earnings [Member] | The 401(k) Plan [Member]Noncontrolling Interest [Member] | The 401(k) Plan [Member] | Stock Incentive Plans [Member]Common Stock Outstanding [Member] | Stock Incentive Plans [Member]Additional Paid-in Capital [Member] | Stock Incentive Plans [Member]Treasury Stock [Member] | Stock Incentive Plans [Member]Unallocated Common Stock Held by Benefit Plans [Member] | Stock Incentive Plans [Member]AOCI Attributable to Parent [Member] | Stock Incentive Plans [Member]Retained Earnings [Member] | Stock Incentive Plans [Member]Noncontrolling Interest [Member] | Stock Incentive Plans [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 [Member] | The 2008 Stock Option Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 2008 Stock Option Plan [Member]AOCI Attributable to Parent [Member] | The 2008 Stock Option Plan [Member]Retained Earnings [Member] | The 2008 Stock Option Plan [Member]Noncontrolling Interest [Member] | The 2008 Stock Option Plan [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 1,984,857 | |||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 28,000 | $ 14,990,000 | $ (4,950,000) | $ (118,000) | $ 20,000 | $ 15,937,000 | $ 25,907,000 | |||||||||||||||||||||||||
Common stock allocated by ESOP | 55,000 | 34,000 | 89,000 | |||||||||||||||||||||||||||||
Treasury stock purchase (in shares) | (9,530) | |||||||||||||||||||||||||||||||
Treasury stock purchase | (112,000) | (112,000) | ||||||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 4,366 | 9,421 | 12,500 | |||||||||||||||||||||||||||||
Reissuance of treasury stock | $ 23,000 | $ 26,000 | $ 49,000 | $ (57,000) | $ 57,000 | $ 0 | $ 25,000 | $ 76,000 | $ 101,000 | |||||||||||||||||||||||
Stock based compensation expense | 87,000 | 87,000 | ||||||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | 0 | |||||||||||||||||||||||||||||||
Cash dividends declared | (357,000) | (357,000) | ||||||||||||||||||||||||||||||
Net income | 1,163,000 | 1,163,000 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | (14,000) | (14,000) | ||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 2,001,614 | |||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 28,000 | 15,123,000 | (4,903,000) | (84,000) | 6,000 | 16,743,000 | 26,913,000 | |||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 1,986,836 | |||||||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 28,000 | 15,088,000 | (4,973,000) | (101,000) | (4,000) | 16,191,000 | 26,229,000 | |||||||||||||||||||||||||
Common stock allocated by ESOP | 22,000 | 17,000 | 39,000 | |||||||||||||||||||||||||||||
Treasury stock purchase (in shares) | (4,158) | |||||||||||||||||||||||||||||||
Treasury stock purchase | (45,000) | (45,000) | ||||||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 3,515 | 9,421 | 6,000 | |||||||||||||||||||||||||||||
Reissuance of treasury stock | 15,000 | 21,000 | 36,000 | (57,000) | 57,000 | 0 | 12,000 | 37,000 | 49,000 | |||||||||||||||||||||||
Stock based compensation expense | 43,000 | 43,000 | ||||||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | 0 | |||||||||||||||||||||||||||||||
Cash dividends declared | (179,000) | (179,000) | ||||||||||||||||||||||||||||||
Net income | 731,000 | 731,000 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | 10,000 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | 10,000 | 10,000 | ||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 2,001,614 | |||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 28,000 | 15,123,000 | (4,903,000) | (84,000) | 6,000 | 16,743,000 | $ 26,913,000 | |||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 1,986,528 | 1,986,528 | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 28,000 | 15,282,000 | (5,114,000) | (51,000) | 118,000 | 18,465,000 | $ 0 | $ 28,728,000 | ||||||||||||||||||||||||
Common stock allocated by ESOP | 88,000 | 34,000 | 122,000 | |||||||||||||||||||||||||||||
Treasury stock purchase (in shares) | (1,398) | |||||||||||||||||||||||||||||||
Treasury stock purchase | (25,000) | (25,000) | ||||||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 1,964 | 9,421 | 7,500 | |||||||||||||||||||||||||||||
Reissuance of treasury stock | 21,000 | 12,000 | 33,000 | (58,000) | 58,000 | 0 | 40,000 | 47,000 | 87,000 | |||||||||||||||||||||||
Stock based compensation expense | 84,000 | 84,000 | ||||||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | (121,000) | (121,000) | ||||||||||||||||||||||||||||||
Cash dividends declared | (398,000) | (398,000) | ||||||||||||||||||||||||||||||
Net income | 2,539,000 | 2,539,000 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | (84,000) | (84,000) | ||||||||||||||||||||||||||||||
Noncontrolling interest initial contribution | 2,236,000 | $ 2,236,000 | ||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 2,004,015 | 2,004,015 | ||||||||||||||||||||||||||||||
Balance at Jun. 30, 2021 | $ 28,000 | 15,457,000 | (5,022,000) | (17,000) | 34,000 | 20,606,000 | 2,115,000 | $ 33,201,000 | ||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 1,989,483 | |||||||||||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 28,000 | 15,382,000 | (5,099,000) | (33,000) | 60,000 | 19,316,000 | 2,203,000 | 31,857,000 | ||||||||||||||||||||||||
Common stock allocated by ESOP | 47,000 | 16,000 | 63,000 | |||||||||||||||||||||||||||||
Treasury stock purchase (in shares) | (1,122) | |||||||||||||||||||||||||||||||
Treasury stock purchase | (20,000) | (20,000) | ||||||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 733 | 9,421 | 5,500 | |||||||||||||||||||||||||||||
Reissuance of treasury stock | $ 9,000 | $ 4,000 | $ 13,000 | $ (58,000) | $ 58,000 | $ 0 | $ 36,000 | $ 35,000 | $ 71,000 | |||||||||||||||||||||||
Stock based compensation expense | 41,000 | 41,000 | ||||||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | (88,000) | (88,000) | ||||||||||||||||||||||||||||||
Cash dividends declared | (219,000) | (219,000) | ||||||||||||||||||||||||||||||
Net income | 1,509,000 | 1,509,000 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | (26,000) | $ (26,000) | ||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 2,004,015 | 2,004,015 | ||||||||||||||||||||||||||||||
Balance at Jun. 30, 2021 | $ 28,000 | $ 15,457,000 | $ (5,022,000) | $ (17,000) | $ 34,000 | $ 20,606,000 | $ 2,115,000 | $ 33,201,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common stock allocated by ESOP (in shares) | 3,607 | 3,607 | 7,214 | 7,214 |
Cash dividends declared, per share (in dollars per share) | $ 0.11 | $ 0.09 | $ 0.20 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 2,418,000 | $ 1,163,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for loan losses | 702,000 | 420,000 |
Depreciation of premises and equipment | 148,000 | 112,000 |
Amortization of operating right-of-use assets | 80,000 | 28,000 |
Amortization of subordinated debt issuance costs | 17,000 | 17,000 |
Amortization of other intangible | 24,000 | 24,000 |
Net amortization of securities premiums | 6,000 | 5,000 |
Accretion of deferred loan fees and costs, net | (2,196,000) | (450,000) |
Stock-based compensation expense | 206,000 | 176,000 |
Gain on the sale of investment securities available for sale | (362,000) | 0 |
Net realized gain on the sale of foreclosed real estate | 0 | (18,000) |
Net gain on loans held for sale | (2,550,000) | (1,607,000) |
Loans held for sale-originations | (157,831,000) | (79,297,000) |
Loans held for sale-proceeds | 125,103,000 | 76,846,000 |
Gain on the sale of SBA loans | (267,000) | (52,000) |
Increase in the cash surrender value of bank-owned life insurance | (40,000) | (39,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued interest receivable | (304,000) | (1,125,000) |
Prepaid expenses and other assets | 1,493,000 | (588,000) |
Accrued interest payable | (44,000) | (23,000) |
Accrued expenses and other liabilities | 136,000 | 772,000 |
Net Cash Used in Operating Activities | (33,261,000) | (3,636,000) |
Cash Flows from Investing Activities | ||
Purchase of interest-earning time deposits | (294,000) | (499,000) |
Redemption of interest-earning time deposits | 1,778,000 | 749,000 |
Purchase of investment securities available for sale | 0 | (3,507,000) |
Principal repayments on investment securities available for sale | 532,000 | 511,000 |
Proceeds from the sale of investment securities available for sale | 5,862,000 | 0 |
Net increase in loans receivable | (17,082,000) | (95,215,000) |
Purchase of Federal Home Loan Bank stock | (473,000) | (8,000) |
Redemption of Federal Home Loan Bank stock | 560,000 | 243,000 |
Proceeds from the sale of foreclosed real estate | 0 | 1,042,000 |
Acquisition, net of cash acquired | 1,259,000 | 0 |
Capitalized expenditures on other real estate owned | (56,000) | (121,000) |
Purchase of premises and equipment | (182,000) | (200,000) |
Net Cash Used in Investing Activities | (8,096,000) | (97,005,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits, money markets, and savings accounts | 104,399,000 | 52,194,000 |
Net (decrease) increase in certificate accounts | (33,715,000) | 9,432,000 |
Decrease in advances from borrowers for taxes and insurance | (51,000) | (402,000) |
Repayments of Federal Home Loan Bank short-term borrowings | (10,000,000) | (10,000,000) |
Proceeds from Federal Home Loan Bank short-term borrowings | 10,000,000 | 3,922,000 |
Repayments of Federal Home Loan Bank long-term borrowings | (4,000,000) | (1,000,000) |
Proceeds from Federal Reserve Bank long-term borrowings | 0 | 52,144,000 |
Repayments of Federal Reserve Bank long-term borrowings | (30,267,000) | (3,263,000) |
Repayments of other short-term borrowings | (9,680,000) | 0 |
Dividends paid | (398,000) | (357,000) |
Purchase of treasury stock | (25,000) | (112,000) |
Proceeds from the reissuance of treasury stock | 33,000 | 49,000 |
Proceeds from the exercise of stock options | 87,000 | 101,000 |
Net Cash Provided by Financing Activities | 26,383,000 | 102,708,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (14,974,000) | 2,067,000 |
Cash and Cash Equivalents – Beginning of Year | 33,913,000 | 14,555,000 |
Cash and Cash Equivalents – End of Year | 18,939,000 | 16,622,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 2,337,000 | 2,827,000 |
Cash payments for income taxes | 1,620,000 | 200,000 |
Initial recognition of operating lease right-of use assets | 670,000 | 632,000 |
Initial recognition of operating lease obligations | 670,000 | $ 632,000 |
Oakmont Capital Holdings, LLC [Member] | ||
Non-cash assets acquired: | ||
Loans held for sale | 10,914,000 | |
Premises and equipment | 37,000 | |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 2,592,000 | |
Other assets | 24,000 | |
Total non-cash assets acquired | 13,567,000 | |
Liabilities assumed: | ||
Other short-term borrowings | 12,515,000 | |
Accrued interest payable | 74,000 | |
Total liabilities assumed | 12,589,000 | |
Net non-cash assets acquired | 978,000 | |
Cash and cash equivalents acquired | $ 4,259,000 |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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. June 30, 2021, five July 2009. February, 2019, July 2012 August 2016 February 2020, 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, 2020 2020 10 six June 30, 2021 not may December 31, 2021. Use of Estimates in the Preparation of Financial Statements. Critical Accounting Policies. June 30, 2021 10 Intangible Assets August 1, 2016 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may Recent Accounting Pronouncements Not June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13 December 15, 2019, December 15, 2018. first In November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2016 13 December 15, 2022, one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment. 2 2, not December 15, 2019. November 2019, 2019 10, 326 815 842 350, December 15, 2022, not In May 2019, 2019 05, Financial Instruments Credit Losses, Topic 326 825 10.3. not 2016 13. not 2016 13, 2016 13. 2016 13, 2019 05 December 15, 2019, 2016 13 November, 2019, 2019 10, 326 815 842 944, Financial Services Insurance, December 15, 2021, December 15, 2023, December 15, 2024. not In December 2019, 2019 12, Income Taxes (Topic 740 not not For public business entities, the amendments in this Update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. December 15, 2021, December 15, 2022. not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2016. seven not 825, Financial Instruments, 842 326. 2019 04 December 15, 2019, not 2016 01. 2016 13 not 2016 13. not 2016 13. 2016 13 December 15, 2019, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, not not one December 31, 2022. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs, 310 20 35 33. 2020 08 December 15, 2020. not 2020 08 December 15, 2021, December 15, 2022. In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, Reclassifications. 2020 2021 not no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 Earnings Per Share Earnings per share (“EPS”) consists of two not three six June 30, 2021 2020, 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net Income Attributable to Quaint Oak Bancorp, Inc. $ 1,509,000 $ 731,000 $ 2,539,000 $ 1,163,000 Weighted average shares outstanding – basic 1,991,617 1,978,421 1,985,844 1,971,276 Effect of dilutive common stock equivalents 99,874 24,738 93,136 40,567 Adjusted weighted average shares outstanding – diluted 2,091,490 2,003,159 2,078,980 2,011,843 Basic earnings per share $ 0.76 $ 0.37 $ 1.28 $ 0.59 Diluted earnings per share $ 0.72 $ 0.36 $ 1.22 $ 0.58 |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
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 six June 30, 2021 2020 Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Balance at the beginning of the period $ 60 $ (4 ) $ 118 $ 20 Other comprehensive income (loss) before classifications 10 10 202 (14 ) Amount reclassified from accumulated other comprehensive income (loss) (36 ) - (286 ) - Total other comprehensive income (loss) (26 ) 10 (84 ) (14 ) Balance at the end of the period $ 34 $ 6 $ 34 $ 6 ( 1 The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the three six June 30, 2021 2020 Details About Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss (1) Affected Line Item in the Statement of Income For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Unrealized losses on investment securities available for sale $ 45 $ - $ 362 $ - Loss on sales of investment securities (9 ) - (76 ) - Income taxes $ 36 $ - $ 286 $ - ( 1 Amounts in parentheses indicate debits to net income. |
Note 4 - Investment in Interest
Note 4 - Investment in Interest-earning Time Deposits | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 Due in one year or less $ 3,780 $ 4,006 Due after one year through five years 4,199 5,457 Total $ 7,979 $ 9,463 |
Note 5 - Investment Securities
Note 5 - Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 4,369 $ 37 $ (1 ) $ 4,405 Federal National Mortgage Association securities 169 7 - 176 Total mortgage-backed securities 4,538 44 (1 ) 4,581 Total available-for-sale-securities $ 4,538 $ 44 $ (1 ) $ 4,581 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 4,887 $ 27 $ (1 ) $ 4,913 Federal National Mortgage Association securities 183 6 - 189 Total mortgage-backed securities 5,070 33 (1 ) 5,102 Debt securities: Corporate notes 5,506 117 - 5,623 Total available-for-sale-securities $ 10,576 $ 150 $ (1 ) $ 10,725 The amortized cost and fair value of mortgage-backed securities at June 30, 2021, may Available for Sale Amortized Cost Fair Value Due after five years through ten years $ - $ - Due after ten years $ 4,538 $ 4,581 Total $ 4,538 $ 4,581 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 June 30, 2021 December 31, 2020 ( June 30, 2021 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 1 $ 624 $ (1 ) $ - $ - $ 624 $ (1 ) December 31, 2020 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 1 $ 681 $ (1 ) $ - $ - $ 681 $ (1 ) At June 30, 2021, one may not June 30, 2021 three six June 30, 2021 2020. |
Note 6 - Loans Receivable, Net
Note 6 - Loans Receivable, Net and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 6 The composition of net loans receivable is as follows (in thousands): June 30, 2021 December 31, 2020 Real estate loans: One-to-four family residential: Owner occupied $ 9,526 $ 7,528 Non-owner occupied 40,924 38,884 Total one-to-four family residential 50,450 46,412 Multi-family (five or more) residential 23,030 24,043 Commercial real estate 136,883 131,820 Construction 13,548 4,775 Home equity 4,275 3,788 Total real estate loans 228,186 210,838 Commercial business 156,812 154,387 Other consumer 15 17 Total Loans 385,013 365,242 Deferred loan fees and costs (4,928 ) (3,059 ) Allowance for loan losses (3,746 ) (3,061 ) Net Loans $ 376,339 $ 359,122 The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2021 December 31, 2020 June 30, 2021 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 9,111 $ 415 $ - $ - $ 9,526 One-to-four family residential non-owner occupied 40,621 - 303 - 40,924 Multi-family residential 23,030 - - - 23,030 Commercial real estate 134,518 2,365 - - 136,883 Construction 13,548 - - - 13,548 Home equity 4,275 - - - 4,275 Commercial business 153,015 3,797 - - 156,812 Other consumer 15 - - - 15 Total $ 378,133 $ 6,577 $ 303 $ - $ 385,013 December 31, 2020 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,942 $ 415 $ 171 $ - $ 7,528 One-to-four family residential non-owner occupied 38,567 - 317 - 38,884 Multi-family residential 24,043 - - - 24,043 Commercial real estate 129,236 2,292 292 - 131,820 Construction 4,775 - - - 4,775 Home equity 3,788 - - - 3,788 Commercial business 154,387 - - - 154,387 Other consumer 17 - - - 17 Total $ 361,755 $ 2,707 $ 780 $ - $ 365,242 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 June 30, 2021 June 30, 2021 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 $ - $ - $ - $ 122 $ - One-to-four family residential non-owner occupied 9 9 - 9 - Multi-family residential - - - - - Commercial real estate 131 131 - 131 6 Construction - - - - - Home equity - - - - - Commercial business - - - 33 - 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 - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ 122 $ - One-to-four family residential non-owner occupied 9 9 - 9 - Multi-family residential - - - - - Commercial real estate 131 131 - 131 6 Construction - - - - - Home equity - - - - - Commercial business - - - 33 - Other consumer - - - - - Total $ 140 $ 140 $ - $ 295 $ 6 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, 2020 December 31, 2020 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 $ 171 $ 178 $ - $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 - 19 3 Multi-family residential - - - - - Commercial real estate 131 131 - 131 1 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 - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 171 $ 178 $ - $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 - 19 3 Multi-family residential - - - - - Commercial real estate 131 131 - 131 1 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 321 $ 328 $ - $ 321 $ 5 The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At June 30, 2021, two one June 30, 2021. June 30, 2021, no December 31, 2020, two not six The following tables present the Company’s TDR loans as of June 30, 2021 December 31, 2020 ( June 30, 2021 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 9 9 - - Multi-family residential - - - - - Commercial real estate 1 131 - 131 - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 140 $ 9 $ 131 $ - December 31, 2020 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 19 19 - - Multi-family residential - - - - - Commercial real estate 1 131 - 131 - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 150 $ 19 $ 131 $ - The contractual aging of the TDRs in the table above as of June 30, 2021 December 31, 2020 June 30, 2021 Current Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - 9 9 Multi-family residential - - - - - Commercial real estate 131 - - - 131 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 131 $ - $ - $ 9 $ 140 December 31, 2020 Current Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - 19 19 Multi-family residential - - - - - Commercial real estate 131 - - - 131 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 131 $ - $ - $ 19 $ 150 Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At June 30, 2021 The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three six June 30, 2021 June 30, 2021 ( June 30, 2021 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 For the Three Months Ended June 30, 2021 Allowance for loan losses: Beginning balance $ 107 $ 376 $ 232 $ 1,379 $ 57 $ 27 $ 887 $ 250 $ 3,315 Charge-offs - - - - - - (17 ) - (17 ) Recoveries - - - - - - - - - Provision (35 ) (20 ) 10 238 106 (1 ) 100 50 448 Ending balance $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 For the Six Months Ended June 30, 2021 Allowance for loan losses: Beginning balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Charge-offs - - - - - - (17 ) - (17 ) Recoveries - - - - - - - - - Provision (16 ) (6 ) 13 330 101 6 224 50 702 Ending balance $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 Loans receivable: Ending balance: $ 9,526 $ 40,924 $ 23,030 $ 136,883 $ 13,548 $ 4,275 $ 156,827 $ 385,013 Ending balance evaluated for impairment: Individually $ - $ 9 $ - $ 131 $ - $ - $ - $ 140 Collectively $ 9,526 $ 40,915 $ 23,030 $ 136,752 $ 13,548 $ 4,275 $ 156,827 $ 384,873 The Bank allocated increased allowance for loan loss provisions to the commercial real estate loan portfolio class for the three six June 30, 2021, three six June 30, 2021, three six June 30, 2021, 19 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three six June 30, 2020 June 30, 2020 ( June 30, 2020 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 For the Three Months Ended June 30, 2020 Allowance for loan losses: Beginning balance $ 47 $ 307 $ 217 $ 944 $ 168 $ 26 $ 537 $ 100 $ 2,346 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (4 ) 92 (13 ) 285 (54 ) (1 ) - - 305 Ending balance $ 43 $ 399 $ 204 $ 1,229 $ 114 $ 25 $ 537 $ 100 $ 2,651 For the Six Months Ended June 30, 2020 Allowance for loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (9 ) 48 59 375 (136 ) 6 37 40 420 Ending balance $ 43 $ 399 $ 204 $ 1,229 $ 114 $ 25 $ 537 $ 100 $ 2,651 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 3 $ - $ - $ - $ - $ 3 Collectively $ 43 $ 399 $ 204 $ 1,226 $ 114 $ 25 $ 537 $ 100 $ 2,648 The Bank allocated increased allowance for loan loss provisions to the commercial real estate loan portfolio class for the three six June 30, 2020, three six June 30, 2020, 1 4 three six June 30, 2020, 19 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2020 ( December 31, 2020 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 loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 36 11 84 433 (188 ) 1 263 190 830 Ending balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 763 $ 250 $ 3,061 Loans receivable: Ending balance $ 7,528 $ 38,884 $ 24,043 $ 131,820 $ 4,775 $ 3,788 $ 154,404 $ 365,242 Ending balance evaluated for impairment: Individually $ 171 $ 19 $ - $ 131 $ - $ - $ - $ 321 Collectively $ 7,357 $ 38,865 $ 24,043 $ 131,689 $ 4,775 $ 3,788 $ 154,404 $ 364,921 The Bank allocated increased allowance for loan loss provisions to the commercial real estate loan portfolio class for the year ended December 31, 2020, December 31, 2020, December 31, 2020, December 31, 2020, 19 December 31, 2020 19 The following table presents non-accrual loans by classes of the loan portfolio as of June 30, 2021 December 31, 2020 ( June 30, 2021 December 31, 2020 One-to-four family residential owner occupied $ - $ 171 One-to-four family residential non-owner occupied 9 19 Multi-family residential - - Commercial real estate - - Construction - - Home equity - - Commercial business - - Other consumer - - Total $ 9 $ 190 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 June 30, 2021 December 31, 2020, For the three six June 30, 2021 2020 three six June 30, 2021. three six June 30, 2020, 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 June 30, 2021 December 31, 2020 ( June 30, 2021 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 $ 400 $ - $ 400 $ 9,126 $ 9,526 $ - One-to-four family residential non-owner occupied 260 9 269 40,655 40,924 - Multi-family residential 1,723 - 1,723 21,307 23,030 - Commercial real estate 369 - 369 136,514 136,883 - Construction 399 - 399 13,149 13,548 - Home equity - - - 4,275 4,275 - Commercial business - - - 156,812 156,812 - Other consumer - - - 15 15 - Total $ 3,151 $ 9 $ 3,160 $ 381,853 $ 385,013 $ - December 31, 2020 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 $ 822 $ 171 $ 993 $ 6,535 $ 7,528 $ - One-to-four family residential non-owner occupied 189 66 255 38,629 38,884 66 Multi-family residential 1,947 - 1,947 22,096 24,043 - Commercial real estate 569 387 956 130,864 131,820 387 Construction 1,783 - 1,783 2,992 4,775 - Home equity - - - 3,788 3,788 - Commercial business 574 - 574 153,813 154,387 - Other consumer - - - 17 17 - Total $ 5,884 $ 624 $ 6,508 $ 358,734 $ 365,242 $ 453 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 Goodwill and Other Intangible, Net On August 1, 2016, ten June 30, 2021 three six June 30, 2021 2020 On January 4, 2021 |
Note 8 - Deposits
Note 8 - Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 Deposits Deposits consist of the following classifications (in thousands): June 30, 2021 December 31, 2020 Non-interest bearing checking accounts $ 74,010 $ 54,202 Passbook accounts 12 8 Savings accounts 1,767 1,570 Money market accounts 184,028 99,638 Certificates of deposit 165,712 199,427 Total deposits $ 425,529 $ 354,845 |
Note 9 - Borrowings
Note 9 - Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Borrowings Federal Home Loan Bank advances consist of the following at June 30, 2021 December 31, 2020 ( June 30, 2021 December 31, 2020 Amount Weighted Interest Rate Amount Weighted Interest Rate Short-term borrowings $ 10,000 0.33 % $ 10,000 0.41 % Fixed rate borrowings maturing: 2021 1,000 2.21 5,000 2.20 2022 7,171 2.10 7,171 2.10 2023 7,000 2.16 7,000 2.16 2024 6,167 2.05 6,167 2.05 2025 2,855 1.25 2,855 1.25 Total FHLB long-term debt $ 24,193 2.01 % $ 28,193 2.03 % Federal Reserve Bank long-term borrowings decreased $30.3 million, or 62.9%, to $17.9 million at June 30, 2021 December 31, 2020 not second 0.35% two Other short-term borrowings of $1.2 million represents outstanding balances on two two June 30, 2021. |
Note 10 - Stock Compensation Pl
Note 10 - Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2021 | |
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. Using proceeds from a loan from the Company, the ESOP purchased 8%, or 222,180 shares of the Company’s then outstanding common stock in the open market during 2007. June 30, 2021, one 2007 Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the three six June 30, 2021, three six June 30, 2020, Stock Incentive Plans - Share Awards In May 2013, 2013 “2013 2013 May 2013 may May 2018, 2018 “2018 2018 May 2018 may As of June 30, 2021 2013 2018 2018 2013 2013 2018 five A summary of the status of the share awards under the 2013 2018 June 30, 2021 2020 six June 30, 2021 2020 June 30, 2021 June 30, 2020 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 28,266 $ 13.30 38,887 $ 13.30 Granted - - - - Vested (9,421 ) 13.30 (9,421 ) 13.30 Forfeited - - (1,200 ) 13.30 Unvested at the end of the period 18,845 $ 13.30 28,266 $ 13.30 Compensation expense on the restricted stock awards is recognized ratably over the five three June 30, 2021 2020, six June 30, 2021 2020, six June 30, 2021 2020, June 30, 2021, Stock Option and Stock Incentive Plans – Stock Options In May 2008, 2008 no February 13, 2018, 2013 10 2013 May 2013 may 2018 May 2018 may All incentive stock options issued under the Option Plan and the 2013 2018 422 five ten As of June 30, 2021, 2013 2018 2018 2013 none five ten A summary of option activity under the Company’s Option Plan and 2013 2018 June 30, 2021 2020 six June 30, 2021 2020 2021 2020 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 240,636 $ 10.98 5.2 256,336 $ 10.87 6.0 Granted - - - - - - Exercised (7,500 ) 11.57 - (12,500 ) 8.10 - Forfeited - - (3,200 ) 8.10 - Outstanding at end of period 233,136 $ 10.96 4.7 240,636 $ 10.94 5.7 Exercisable at end of period 180,081 $ 10.28 5.6 161,054 $ 9.84 5.0 The estimated fair value of the options granted in May 2018 Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % The dividend yield was calculated on the dividend amount and stock price existing at the grant date. The risk free interest rate used was based on the rates of United States Treasury securities with maturities equal to the expected lives of the options. Although the contractual term of the options granted is ten may During both the three June 30, 2021 2020, six June 30, 2021 2020, June 30, 2021, |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 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 Impaired Loans: 3 Other Real Estate Owned: 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 June 30, 2021 ( June 30, 2021 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 $ 4,405 $ - $ 4,405 $ - Federal National Mortgage Association mortgage- backed securities 176 - 176 - Total investment securities available for sale $ 4,581 $ - $ 4,581 $ - Total recurring fair value measurements $ 4,581 $ - $ 4,581 $ - Nonrecurring fair value measurements Impaired loans $ 140 $ - $ - $ 140 Other Real Estate Owned 342 - - 342 Total nonrecurring fair value measurements $ 482 $ - $ - $ 482 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, 2020 ( December 31, 2020 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 $ 4,913 $ - $ 4,913 $ - Federal National Mortgage Association mortgage- backed securities 189 - 189 - Corporate notes 5,623 - 5,623 - Total investment securities available for sale $ 10,725 $ - $ 10,725 $ - Total recurring fair value measurements $ 10,725 $ - $ 10,725 $ - Nonrecurring fair value measurements Impaired loans $ 321 $ - $ - $ 321 Other Real Estate Owned 286 - - 286 Total nonrecurring fair value measurements $ 607 $ - $ - $ 607 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 June 30, 2021 December 31, 2020 ( June 30, 2021 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 140 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8 %) Other real estate owned $ 342 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12 %) December 31, 2020 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 321 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8 %) Other real estate owned $ 286 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12 %) ( 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 June 30, 2021 December 31, 2020 Fair Value Measurements at June 30, 2021 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 $ 7,979 $ 8,240 $ - $ - $ 8,240 Loans held for sale 99,383 101,832 - 101,832 - Loans receivable, net 376,339 381,304 - - 381,304 Financial Liabilities Deposits 425,529 427,859 259,818 - 168,041 FHLB long-term borrowings 24,193 24,246 - - 24,246 FRB long-term borrowings 17,867 17,864 - - 17,864 Subordinated debt 7,916 8,384 - - 8,384 Fair Value Measurements at December 31, 2020 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 $ 9,463 $ 9,842 $ - $ - $ 9,842 Loans held for sale 53,191 62,396 - 62,396 - Loans receivable, net 356,122 363,527 - - 363,527 Financial Liabilities Deposits 354,845 358,112 155,417 - 202,695 FHLB long-term borrowings 28,193 28,284 - - 28,284 FRB long-term borrowings 48,134 48,126 - - 48,126 Subordinated debt 7,899 8,283 - - 8,283 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 | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 Operating Segments The Company's operations currently consist of two reportable operating segments: Banking and Mortgage Banking. The Company offers different products and services through its 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 portfolio and management’s assessment of the collectability of the loan 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 Real Estate, LLC, Quaint Oak Abstract, LLC, and Quaint Oak Insurance Agency, 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 Mortgage Banking Segment originates residential mortgage loans which are sold into the secondary market along with the loans’ servicing rights. The profitability of this segment’s operations depends primarily on the gains realized from the sale of loans and processing fees. The Mortgage Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of consumers. The following table presents summary financial information for the reportable segments (in thousands): As of or for the Three Months Ended June 30, 2021 2020 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income (Loss) $ 4,799 $ (62 ) $ 4,737 $ 2,697 $ (40 ) $ 2,657 Provision for Loan Losses 448 - 448 305 - 305 Net Interest Income after Provision for Loan Losses 4,351 (62 ) 4,289 2,392 (40 ) 2,352 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 402 120 522 208 143 351 Real estate sales commissions, net 33 - 33 30 - 30 Insurance commissions 133 - 133 120 - 120 Other fees and services charges 51 - 51 (49 ) - (49 ) Loan servicing income 328 - 328 - - - Income from bank-owned life insurance 21 - 21 20 - 20 Net gain on loans held for sale 421 914 1,335 - 826 826 Gain on sale of investment securities available for sale 45 - 45 - - - Net gain on sale of other real estate owned - - - 18 - 18 Gain on the sale of SBA loans 66 - 66 52 - 52 Total Non-Interest Income 1,500 1,034 2,534 399 969 1,368 Non-Interest Expense Salaries and employee benefits 2,935 504 3,439 1,465 319 1,784 Directors’ fees and expenses 60 - 60 52 - 52 Occupancy and equipment 312 75 387 152 66 218 Data processing 127 75 202 118 42 160 Professional fees 200 18 218 95 18 113 FDIC deposit insurance assessment 73 - 73 27 - 27 Other real estate owned expenses 3 - 3 8 - 8 Advertising 109 13 122 62 13 75 Amortization of other intangible 12 - 12 12 - 12 Other 294 25 319 229 17 246 Total Non-Interest Expense 4,125 710 4,835 2,220 475 2,695 Pretax Segment Profit $ 1,726 $ 262 $ 1,988 $ 571 $ 454 $ 1,025 Segment Assets $ 486,776 $ 40,200 $ 526,976 $ 387,350 $ 20,621 $ 407,971 ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Capital Holdings, LLC. As of or for the Six Months Ended June 30, 2021 2020 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income (Loss) $ 8,541 $ (176 ) $ 8,365 $ 4,987 $ (87 ) $ 4,900 Provision for Loan Losses 702 - 702 420 - 420 Net Interest Income after Provision for Loan Losses 7,839 (176 ) 7,663 4,567 (87 ) 4,480 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 838 215 1,053 352 293 645 Real estate sales commissions, net 64 - 64 63 - 63 Insurance commissions 240 - 240 217 - 217 Other fees and services charges 173 - 173 34 - 34 Loan servicing income 551 - 551 - - - Income from bank-owned life insurance 40 - 40 39 - 39 Net gain on loans held for sale 1,045 1,505 2,550 - 1,607 1,607 Gain on sale of investment securities available for sale 362 - 362 - - - Net gain on sale of other real estate owned - - - 18 - 18 Gain on the sale of SBA loans 267 - 267 52 - 52 Total Non-Interest Income 3,580 1,720 5,300 775 1,900 2,675 Non-Interest Expense Salaries and employee benefits 5,863 976 6,839 3,133 630 3,763 Directors’ fees and expenses 128 - 128 114 - 114 Occupancy and equipment 610 154 764 287 136 423 Data processing 257 150 407 226 71 297 Professional fees 346 35 381 192 35 227 FDIC deposit insurance assessment 124 - 124 47 - 47 Other real estate owned expenses 12 - 12 22 - 22 Advertising 200 27 227 123 27 150 Amortization of other intangible 24 - 24 24 - 24 Other 603 45 648 424 31 455 Total Non-Interest Expense 8,167 1,387 9,554 4,592 930 5,522 Pretax Segment Profit $ 3,252 $ 157 $ 3,409 $ 750 $ 883 $ 1,633 Segment Assets $ 486,776 $ 40,200 $ 526,976 $ 387,350 $ 20,621 $ 407,971 ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Capital Holdings, LLC. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Presentation. June 30, 2021, five July 2009. February, 2019, July 2012 August 2016 February 2020, 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, 2020 2020 10 six June 30, 2021 not may December 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets August 1, 2016 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Not June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13 December 15, 2019, December 15, 2018. first In November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2016 13 December 15, 2022, one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment. 2 2, not December 15, 2019. November 2019, 2019 10, 326 815 842 350, December 15, 2022, not In May 2019, 2019 05, Financial Instruments Credit Losses, Topic 326 825 10.3. not 2016 13. not 2016 13, 2016 13. 2016 13, 2019 05 December 15, 2019, 2016 13 November, 2019, 2019 10, 326 815 842 944, Financial Services Insurance, December 15, 2021, December 15, 2023, December 15, 2024. not In December 2019, 2019 12, Income Taxes (Topic 740 not not For public business entities, the amendments in this Update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. December 15, 2021, December 15, 2022. not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2016. seven not 825, Financial Instruments, 842 326. 2019 04 December 15, 2019, not 2016 01. 2016 13 not 2016 13. not 2016 13. 2016 13 December 15, 2019, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, not not one December 31, 2022. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs, 310 20 35 33. 2020 08 December 15, 2020. not 2020 08 December 15, 2021, December 15, 2022. In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications. 2020 2021 not no |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net Income Attributable to Quaint Oak Bancorp, Inc. $ 1,509,000 $ 731,000 $ 2,539,000 $ 1,163,000 Weighted average shares outstanding – basic 1,991,617 1,978,421 1,985,844 1,971,276 Effect of dilutive common stock equivalents 99,874 24,738 93,136 40,567 Adjusted weighted average shares outstanding – diluted 2,091,490 2,003,159 2,078,980 2,011,843 Basic earnings per share $ 0.76 $ 0.37 $ 1.28 $ 0.59 Diluted earnings per share $ 0.72 $ 0.36 $ 1.22 $ 0.58 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Balance at the beginning of the period $ 60 $ (4 ) $ 118 $ 20 Other comprehensive income (loss) before classifications 10 10 202 (14 ) Amount reclassified from accumulated other comprehensive income (loss) (36 ) - (286 ) - Total other comprehensive income (loss) (26 ) 10 (84 ) (14 ) Balance at the end of the period $ 34 $ 6 $ 34 $ 6 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details About Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss (1) Affected Line Item in the Statement of Income For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Unrealized losses on investment securities available for sale $ 45 $ - $ 362 $ - Loss on sales of investment securities (9 ) - (76 ) - Income taxes $ 36 $ - $ 286 $ - |
Note 4 - Investment in Intere_2
Note 4 - Investment in Interest-earning Time Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | June 30, 2021 December 31, 2020 Due in one year or less $ 3,780 $ 4,006 Due after one year through five years 4,199 5,457 Total $ 7,979 $ 9,463 |
Note 5 - Investment Securitie_2
Note 5 - Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 4,369 $ 37 $ (1 ) $ 4,405 Federal National Mortgage Association securities 169 7 - 176 Total mortgage-backed securities 4,538 44 (1 ) 4,581 Total available-for-sale-securities $ 4,538 $ 44 $ (1 ) $ 4,581 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 4,887 $ 27 $ (1 ) $ 4,913 Federal National Mortgage Association securities 183 6 - 189 Total mortgage-backed securities 5,070 33 (1 ) 5,102 Debt securities: Corporate notes 5,506 117 - 5,623 Total available-for-sale-securities $ 10,576 $ 150 $ (1 ) $ 10,725 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after five years through ten years $ - $ - Due after ten years $ 4,538 $ 4,581 Total $ 4,538 $ 4,581 |
Schedule of Unrealized Loss on Investments [Table Text Block] | June 30, 2021 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 1 $ 624 $ (1 ) $ - $ - $ 624 $ (1 ) December 31, 2020 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 1 $ 681 $ (1 ) $ - $ - $ 681 $ (1 ) |
Note 6 - Loans Receivable, Ne_2
Note 6 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2021 December 31, 2020 Real estate loans: One-to-four family residential: Owner occupied $ 9,526 $ 7,528 Non-owner occupied 40,924 38,884 Total one-to-four family residential 50,450 46,412 Multi-family (five or more) residential 23,030 24,043 Commercial real estate 136,883 131,820 Construction 13,548 4,775 Home equity 4,275 3,788 Total real estate loans 228,186 210,838 Commercial business 156,812 154,387 Other consumer 15 17 Total Loans 385,013 365,242 Deferred loan fees and costs (4,928 ) (3,059 ) Allowance for loan losses (3,746 ) (3,061 ) Net Loans $ 376,339 $ 359,122 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2021 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 9,111 $ 415 $ - $ - $ 9,526 One-to-four family residential non-owner occupied 40,621 - 303 - 40,924 Multi-family residential 23,030 - - - 23,030 Commercial real estate 134,518 2,365 - - 136,883 Construction 13,548 - - - 13,548 Home equity 4,275 - - - 4,275 Commercial business 153,015 3,797 - - 156,812 Other consumer 15 - - - 15 Total $ 378,133 $ 6,577 $ 303 $ - $ 385,013 December 31, 2020 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,942 $ 415 $ 171 $ - $ 7,528 One-to-four family residential non-owner occupied 38,567 - 317 - 38,884 Multi-family residential 24,043 - - - 24,043 Commercial real estate 129,236 2,292 292 - 131,820 Construction 4,775 - - - 4,775 Home equity 3,788 - - - 3,788 Commercial business 154,387 - - - 154,387 Other consumer 17 - - - 17 Total $ 361,755 $ 2,707 $ 780 $ - $ 365,242 |
Impaired Financing Receivables [Table Text Block] | June 30, 2021 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 $ - $ - $ - $ 122 $ - One-to-four family residential non-owner occupied 9 9 - 9 - Multi-family residential - - - - - Commercial real estate 131 131 - 131 6 Construction - - - - - Home equity - - - - - Commercial business - - - 33 - 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 - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ 122 $ - One-to-four family residential non-owner occupied 9 9 - 9 - Multi-family residential - - - - - Commercial real estate 131 131 - 131 6 Construction - - - - - Home equity - - - - - Commercial business - - - 33 - Other consumer - - - - - Total $ 140 $ 140 $ - $ 295 $ 6 December 31, 2020 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 $ 171 $ 178 $ - $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 - 19 3 Multi-family residential - - - - - Commercial real estate 131 131 - 131 1 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 - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 171 $ 178 $ - $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 - 19 3 Multi-family residential - - - - - Commercial real estate 131 131 - 131 1 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 321 $ 328 $ - $ 321 $ 5 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | June 30, 2021 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 9 9 - - Multi-family residential - - - - - Commercial real estate 1 131 - 131 - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 140 $ 9 $ 131 $ - December 31, 2020 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 19 19 - - Multi-family residential - - - - - Commercial real estate 1 131 - 131 - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 150 $ 19 $ 131 $ - |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | June 30, 2021 Current Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - 9 9 Multi-family residential - - - - - Commercial real estate 131 - - - 131 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 131 $ - $ - $ 9 $ 140 December 31, 2020 Current Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - 19 19 Multi-family residential - - - - - Commercial real estate 131 - - - 131 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 131 $ - $ - $ 19 $ 150 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | June 30, 2021 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 For the Three Months Ended June 30, 2021 Allowance for loan losses: Beginning balance $ 107 $ 376 $ 232 $ 1,379 $ 57 $ 27 $ 887 $ 250 $ 3,315 Charge-offs - - - - - - (17 ) - (17 ) Recoveries - - - - - - - - - Provision (35 ) (20 ) 10 238 106 (1 ) 100 50 448 Ending balance $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 For the Six Months Ended June 30, 2021 Allowance for loan losses: Beginning balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Charge-offs - - - - - - (17 ) - (17 ) Recoveries - - - - - - - - - Provision (16 ) (6 ) 13 330 101 6 224 50 702 Ending balance $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 72 $ 356 $ 242 $ 1,617 $ 163 $ 26 $ 970 $ 300 $ 3,746 Loans receivable: Ending balance: $ 9,526 $ 40,924 $ 23,030 $ 136,883 $ 13,548 $ 4,275 $ 156,827 $ 385,013 Ending balance evaluated for impairment: Individually $ - $ 9 $ - $ 131 $ - $ - $ - $ 140 Collectively $ 9,526 $ 40,915 $ 23,030 $ 136,752 $ 13,548 $ 4,275 $ 156,827 $ 384,873 June 30, 2020 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 For the Three Months Ended June 30, 2020 Allowance for loan losses: Beginning balance $ 47 $ 307 $ 217 $ 944 $ 168 $ 26 $ 537 $ 100 $ 2,346 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (4 ) 92 (13 ) 285 (54 ) (1 ) - - 305 Ending balance $ 43 $ 399 $ 204 $ 1,229 $ 114 $ 25 $ 537 $ 100 $ 2,651 For the Six Months Ended June 30, 2020 Allowance for loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (9 ) 48 59 375 (136 ) 6 37 40 420 Ending balance $ 43 $ 399 $ 204 $ 1,229 $ 114 $ 25 $ 537 $ 100 $ 2,651 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 3 $ - $ - $ - $ - $ 3 Collectively $ 43 $ 399 $ 204 $ 1,226 $ 114 $ 25 $ 537 $ 100 $ 2,648 December 31, 2020 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 loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 36 11 84 433 (188 ) 1 263 190 830 Ending balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 763 $ 250 $ 3,061 Loans receivable: Ending balance $ 7,528 $ 38,884 $ 24,043 $ 131,820 $ 4,775 $ 3,788 $ 154,404 $ 365,242 Ending balance evaluated for impairment: Individually $ 171 $ 19 $ - $ 131 $ - $ - $ - $ 321 Collectively $ 7,357 $ 38,865 $ 24,043 $ 131,689 $ 4,775 $ 3,788 $ 154,404 $ 364,921 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30, 2021 December 31, 2020 One-to-four family residential owner occupied $ - $ 171 One-to-four family residential non-owner occupied 9 19 Multi-family residential - - Commercial real estate - - Construction - - Home equity - - Commercial business - - Other consumer - - Total $ 9 $ 190 |
Financing Receivable, Past Due [Table Text Block] | June 30, 2021 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 $ 400 $ - $ 400 $ 9,126 $ 9,526 $ - One-to-four family residential non-owner occupied 260 9 269 40,655 40,924 - Multi-family residential 1,723 - 1,723 21,307 23,030 - Commercial real estate 369 - 369 136,514 136,883 - Construction 399 - 399 13,149 13,548 - Home equity - - - 4,275 4,275 - Commercial business - - - 156,812 156,812 - Other consumer - - - 15 15 - Total $ 3,151 $ 9 $ 3,160 $ 381,853 $ 385,013 $ - December 31, 2020 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 $ 822 $ 171 $ 993 $ 6,535 $ 7,528 $ - One-to-four family residential non-owner occupied 189 66 255 38,629 38,884 66 Multi-family residential 1,947 - 1,947 22,096 24,043 - Commercial real estate 569 387 956 130,864 131,820 387 Construction 1,783 - 1,783 2,992 4,775 - Home equity - - - 3,788 3,788 - Commercial business 574 - 574 153,813 154,387 - Other consumer - - - 17 17 - Total $ 5,884 $ 624 $ 6,508 $ 358,734 $ 365,242 $ 453 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | June 30, 2021 December 31, 2020 Non-interest bearing checking accounts $ 74,010 $ 54,202 Passbook accounts 12 8 Savings accounts 1,767 1,570 Money market accounts 184,028 99,638 Certificates of deposit 165,712 199,427 Total deposits $ 425,529 $ 354,845 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 December 31, 2020 Amount Weighted Interest Rate Amount Weighted Interest Rate Short-term borrowings $ 10,000 0.33 % $ 10,000 0.41 % Fixed rate borrowings maturing: 2021 1,000 2.21 5,000 2.20 2022 7,171 2.10 7,171 2.10 2023 7,000 2.16 7,000 2.16 2024 6,167 2.05 6,167 2.05 2025 2,855 1.25 2,855 1.25 Total FHLB long-term debt $ 24,193 2.01 % $ 28,193 2.03 % |
Note 10 - Stock Compensation _2
Note 10 - Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | June 30, 2021 June 30, 2020 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 28,266 $ 13.30 38,887 $ 13.30 Granted - - - - Vested (9,421 ) 13.30 (9,421 ) 13.30 Forfeited - - (1,200 ) 13.30 Unvested at the end of the period 18,845 $ 13.30 28,266 $ 13.30 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 2020 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 240,636 $ 10.98 5.2 256,336 $ 10.87 6.0 Granted - - - - - - Exercised (7,500 ) 11.57 - (12,500 ) 8.10 - Forfeited - - (3,200 ) 8.10 - Outstanding at end of period 233,136 $ 10.96 4.7 240,636 $ 10.94 5.7 Exercisable at end of period 180,081 $ 10.28 5.6 161,054 $ 9.84 5.0 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2021 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 $ 4,405 $ - $ 4,405 $ - Federal National Mortgage Association mortgage- backed securities 176 - 176 - Total investment securities available for sale $ 4,581 $ - $ 4,581 $ - Total recurring fair value measurements $ 4,581 $ - $ 4,581 $ - Nonrecurring fair value measurements Impaired loans $ 140 $ - $ - $ 140 Other Real Estate Owned 342 - - 342 Total nonrecurring fair value measurements $ 482 $ - $ - $ 482 December 31, 2020 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 $ 4,913 $ - $ 4,913 $ - Federal National Mortgage Association mortgage- backed securities 189 - 189 - Corporate notes 5,623 - 5,623 - Total investment securities available for sale $ 10,725 $ - $ 10,725 $ - Total recurring fair value measurements $ 10,725 $ - $ 10,725 $ - Nonrecurring fair value measurements Impaired loans $ 321 $ - $ - $ 321 Other Real Estate Owned 286 - - 286 Total nonrecurring fair value measurements $ 607 $ - $ - $ 607 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, 2021 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 140 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8 %) Other real estate owned $ 342 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12 %) December 31, 2020 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 321 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8 %) Other real estate owned $ 286 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12 %) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2021 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 $ 7,979 $ 8,240 $ - $ - $ 8,240 Loans held for sale 99,383 101,832 - 101,832 - Loans receivable, net 376,339 381,304 - - 381,304 Financial Liabilities Deposits 425,529 427,859 259,818 - 168,041 FHLB long-term borrowings 24,193 24,246 - - 24,246 FRB long-term borrowings 17,867 17,864 - - 17,864 Subordinated debt 7,916 8,384 - - 8,384 Fair Value Measurements at December 31, 2020 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 $ 9,463 $ 9,842 $ - $ - $ 9,842 Loans held for sale 53,191 62,396 - 62,396 - Loans receivable, net 356,122 363,527 - - 363,527 Financial Liabilities Deposits 354,845 358,112 155,417 - 202,695 FHLB long-term borrowings 28,193 28,284 - - 28,284 FRB long-term borrowings 48,134 48,126 - - 48,126 Subordinated debt 7,899 8,283 - - 8,283 |
Note 12 - Operating Segments (T
Note 12 - Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of or for the Three Months Ended June 30, 2021 2020 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income (Loss) $ 4,799 $ (62 ) $ 4,737 $ 2,697 $ (40 ) $ 2,657 Provision for Loan Losses 448 - 448 305 - 305 Net Interest Income after Provision for Loan Losses 4,351 (62 ) 4,289 2,392 (40 ) 2,352 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 402 120 522 208 143 351 Real estate sales commissions, net 33 - 33 30 - 30 Insurance commissions 133 - 133 120 - 120 Other fees and services charges 51 - 51 (49 ) - (49 ) Loan servicing income 328 - 328 - - - Income from bank-owned life insurance 21 - 21 20 - 20 Net gain on loans held for sale 421 914 1,335 - 826 826 Gain on sale of investment securities available for sale 45 - 45 - - - Net gain on sale of other real estate owned - - - 18 - 18 Gain on the sale of SBA loans 66 - 66 52 - 52 Total Non-Interest Income 1,500 1,034 2,534 399 969 1,368 Non-Interest Expense Salaries and employee benefits 2,935 504 3,439 1,465 319 1,784 Directors’ fees and expenses 60 - 60 52 - 52 Occupancy and equipment 312 75 387 152 66 218 Data processing 127 75 202 118 42 160 Professional fees 200 18 218 95 18 113 FDIC deposit insurance assessment 73 - 73 27 - 27 Other real estate owned expenses 3 - 3 8 - 8 Advertising 109 13 122 62 13 75 Amortization of other intangible 12 - 12 12 - 12 Other 294 25 319 229 17 246 Total Non-Interest Expense 4,125 710 4,835 2,220 475 2,695 Pretax Segment Profit $ 1,726 $ 262 $ 1,988 $ 571 $ 454 $ 1,025 Segment Assets $ 486,776 $ 40,200 $ 526,976 $ 387,350 $ 20,621 $ 407,971 As of or for the Six Months Ended June 30, 2021 2020 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income (Loss) $ 8,541 $ (176 ) $ 8,365 $ 4,987 $ (87 ) $ 4,900 Provision for Loan Losses 702 - 702 420 - 420 Net Interest Income after Provision for Loan Losses 7,839 (176 ) 7,663 4,567 (87 ) 4,480 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 838 215 1,053 352 293 645 Real estate sales commissions, net 64 - 64 63 - 63 Insurance commissions 240 - 240 217 - 217 Other fees and services charges 173 - 173 34 - 34 Loan servicing income 551 - 551 - - - Income from bank-owned life insurance 40 - 40 39 - 39 Net gain on loans held for sale 1,045 1,505 2,550 - 1,607 1,607 Gain on sale of investment securities available for sale 362 - 362 - - - Net gain on sale of other real estate owned - - - 18 - 18 Gain on the sale of SBA loans 267 - 267 52 - 52 Total Non-Interest Income 3,580 1,720 5,300 775 1,900 2,675 Non-Interest Expense Salaries and employee benefits 5,863 976 6,839 3,133 630 3,763 Directors’ fees and expenses 128 - 128 114 - 114 Occupancy and equipment 610 154 764 287 136 423 Data processing 257 150 407 226 71 297 Professional fees 346 35 381 192 35 227 FDIC deposit insurance assessment 124 - 124 47 - 47 Other real estate owned expenses 12 - 12 22 - 22 Advertising 200 27 227 123 27 150 Amortization of other intangible 24 - 24 24 - 24 Other 603 45 648 424 31 455 Total Non-Interest Expense 8,167 1,387 9,554 4,592 930 5,522 Pretax Segment Profit $ 3,252 $ 157 $ 3,409 $ 750 $ 883 $ 1,633 Segment Assets $ 486,776 $ 40,200 $ 526,976 $ 387,350 $ 20,621 $ 407,971 |
Note 1 - Financial Statement _2
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Details Textual) - USD ($) | Aug. 01, 2016 | Jun. 30, 2021 |
Oakmont Capital Holdings, LLC [Member] | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 2,592,000 | |
Signature Insurance Services, LLC [Member] | ||
Payments to Acquire Businesses, Gross | $ 1,000,000 | |
Goodwill, Acquired During Period | 515,000 | |
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 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income Attributable to Quaint Oak Bancorp, Inc. | $ 1,509,000 | $ 731,000 | $ 2,539,000 | $ 1,163,000 |
Weighted average shares outstanding – basic (in shares) | 1,991,617 | 1,978,421 | 1,985,844 | 1,971,276 |
Effect of dilutive common stock equivalents (in shares) | 99,874 | 24,738 | 93,136 | 40,567 |
Adjusted weighted average shares outstanding – diluted (in shares) | 2,091,490 | 2,003,159 | 2,078,980 | 2,011,843 |
Basic earnings per share (in dollars per share) | $ 0.76 | $ 0.37 | $ 1.28 | $ 0.59 |
Diluted earnings per share (in dollars per share) | $ 0.72 | $ 0.36 | $ 1.22 | $ 0.58 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Balance at the beginning of the period | $ 28,728 | ||||
Other comprehensive income (loss) | $ (26) | $ 10 | (84) | $ (14) | |
Balance at the end of the period | 31,086 | 31,086 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance at the beginning of the period | [1] | 60 | (4) | 118 | 20 |
Other comprehensive income (loss) before classifications | [1] | 10 | 10 | 202 | (14) |
Amount reclassified from accumulated other comprehensive income (loss) | [1] | (36) | 0 | (286) | 0 |
Other comprehensive income (loss) | (26) | 10 | (84) | (14) | |
Balance at the end of the period | [1] | $ 34 | $ 6 | $ 34 | $ 6 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 3 - Accumulated Other Co_4
Note 3 - Accumulated Other Comprehensive Income (Loss) - Reclassified Out of Accumulated other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Unrealized losses on investment securities available for sale | $ (45,000) | $ 0 | $ (362,000) | $ 0 | |
Income taxes | (567,000) | (294,000) | (991,000) | (470,000) | |
Net of tax | 1,509,000 | 731,000 | 2,539,000 | 1,163,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Unrealized losses on investment securities available for sale | [1] | 45,000 | 0 | 362,000 | 0 |
Income taxes | [1] | (9,000) | 0 | (76,000) | 0 |
Net of tax | [1] | $ 36,000 | $ 0 | $ 286,000 | $ 0 |
[1] | 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 | Jun. 30, 2021 | Dec. 31, 2020 |
Due in one year or less | $ 3,780 | $ 4,006 |
Due after one year through five years | 4,199 | 5,457 |
Total | $ 7,979 | $ 9,463 |
Note 5 - Investment Securitie_3
Note 5 - Investment Securities Available for Sale (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1 | 1 | ||
Percentage of Aggregate Depreciation Held by Debt Securities | 0.16% | 0.16% | ||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | $ 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 | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized cost | $ 4,538 | $ 10,576 |
Gross unrealized gains | 44 | 150 |
Gross unrealized losses | (1) | (1) |
Fair value | 4,581 | 10,725 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 4,538 | 5,070 |
Gross unrealized gains | 44 | 33 |
Gross unrealized losses | (1) | (1) |
Fair value | 4,581 | 5,102 |
Corporate Debt Securities [Member] | ||
Amortized cost | 5,506 | |
Gross unrealized gains | 117 | |
Gross unrealized losses | 0 | |
Fair value | 5,623 | |
Government National Mortgage Association (GNMA) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 4,369 | 4,887 |
Gross unrealized gains | 37 | 27 |
Gross unrealized losses | (1) | (1) |
Fair value | 4,405 | 4,913 |
Federal National Mortgage Association (FNMA) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 169 | 183 |
Gross unrealized gains | 7 | 6 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 176 | $ 189 |
Note 5 - Investment Securitie_5
Note 5 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Due after five years through ten years, amortized cost | $ 0 | |
Due after five years through ten years, fair value | 0 | |
Due after ten years, amortized cost | 4,538 | |
Due after ten years, fair value | 4,581 | |
Total, amortized cost | 4,538 | $ 10,576 |
Total, fair value | $ 4,581 | $ 10,725 |
Note 5 - Investment Securitie_6
Note 5 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of securities | 1 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Number of securities | 1 | 1 |
Fair value, less than twelve months | $ 624 | $ 681 |
Gross unrealized losses, less than twelve months | (1) | (1) |
Fair value, twelve months or greater | 0 | 0 |
Gross unrealized losses, twelve months or greater | 0 | 0 |
Fair value | 624 | 681 |
Gross unrealized losses | $ (1) | $ (1) |
Note 6 - Loans Receivable, Ne_3
Note 6 - Loans Receivable, Net and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Troubled Debt Restructuring, Number of Contracts | 2 | 2 | 2 | ||
Financing Receivable, Troubled Debt Restructuring | $ 140,000 | $ 140,000 | $ 150,000 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | 0 | |||
Loans and Leases Receivable, Gross, Total | 385,013,000 | 385,013,000 | 365,242,000 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 0 | $ 0 | 0 | $ 0 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,000 | $ 3,000 | 1,000 | $ 5,000 | |
Nonperforming Financial Instruments [Member] | |||||
Loans and Leases Receivable, Gross, Total | $ 9,000 | $ 9,000 | $ 643,000 |
Note 6 - Loans Receivable, Ne_4
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans | $ 385,013 | $ 365,242 | ||||
Deferred loan fees and costs | (4,928) | (3,059) | ||||
Allowance for loan losses | (3,746) | $ (3,315) | (3,061) | $ (2,651) | $ (2,346) | $ (2,231) |
Net Loans | 376,339 | 359,122 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans | 228,186 | 210,838 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||||
Loans | 9,526 | 7,528 | ||||
Allowance for loan losses | (72) | (107) | (88) | (43) | (47) | (52) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||||
Loans | 40,924 | 38,884 | ||||
Allowance for loan losses | (356) | (376) | (362) | (399) | (307) | (351) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||||
Loans | 50,450 | 46,412 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||||
Loans | 23,030 | 24,043 | ||||
Allowance for loan losses | (242) | (232) | (229) | (204) | (217) | (145) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||||
Loans | 136,883 | 131,820 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans | 13,548 | 4,775 | ||||
Allowance for loan losses | (163) | (57) | (62) | (114) | (168) | (250) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans | 4,275 | 3,788 | ||||
Allowance for loan losses | (26) | $ (27) | (20) | $ (25) | $ (26) | $ (19) |
Commercial Portfolio Segment [Member] | ||||||
Loans | 156,812 | 154,387 | ||||
Consumer Portfolio Segment [Member] | ||||||
Loans | $ 15 | $ 17 |
Note 6 - Loans Receivable, Ne_5
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans | $ 385,013 | $ 365,242 |
Pass [Member] | ||
Loans | 378,133 | 361,755 |
Special Mention [Member] | ||
Loans | 6,577 | 2,707 |
Substandard [Member] | ||
Loans | 303 | 780 |
Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | ||
Loans | 228,186 | 210,838 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 9,526 | 7,528 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 9,111 | 6,942 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | 415 | 415 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 0 | 171 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 40,924 | 38,884 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 40,621 | 38,567 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 303 | 317 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 23,030 | 24,043 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Loans | 23,030 | 24,043 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 136,883 | 131,820 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Loans | 134,518 | 129,236 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Loans | 2,365 | 2,292 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Loans | 0 | 292 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 13,548 | 4,775 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 13,548 | 4,775 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 4,275 | 3,788 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Loans | 4,275 | 3,788 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 156,812 | 154,387 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 153,015 | 154,387 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 3,797 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 15 | 17 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 15 | 17 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 6 - Loans Receivable, Ne_6
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Impaired Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related allowance | $ 0 | $ 0 |
Recorded investment | 140 | 321 |
Unpaid principal balance | 140 | 328 |
Average recorded investment | 295 | 321 |
Interest income recognized | 6 | 5 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 171 |
Unpaid principal balance, with no related allowance recorded | 0 | 178 |
Average recorded investment, with no related allowance recorded | 122 | 171 |
Interest income recognized, with no related allowance recorded | 0 | 1 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 171 |
Unpaid principal balance | 0 | 178 |
Average recorded investment | 122 | 171 |
Interest income recognized | 0 | 1 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 9 | 19 |
Unpaid principal balance, with no related allowance recorded | 9 | 19 |
Average recorded investment, with no related allowance recorded | 9 | 19 |
Interest income recognized, with no related allowance recorded | 0 | 3 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 9 | 19 |
Unpaid principal balance | 9 | 19 |
Average recorded investment | 9 | 19 |
Interest income recognized | 0 | 3 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Recorded investment, with no related allowance recorded | 131 | 131 |
Unpaid principal balance, with no related allowance recorded | 131 | 131 |
Average recorded investment, with no related allowance recorded | 131 | 131 |
Interest income recognized, with no related allowance recorded | 6 | 1 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 131 | 131 |
Unpaid principal balance | 131 | 131 |
Average recorded investment | 131 | 131 |
Interest income recognized | 6 | 1 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 33 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 33 | 0 |
Interest income recognized | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | $ 0 | $ 0 |
Note 6 - Loans Receivable, Ne_7
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Troubled Debt Restructuring Loans (Details) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Troubled debt restructuring, number of contracts | 2 | 2 |
Troubled debt restructuring, recorded investment | $ 140,000 | $ 150,000 |
Troubled debt restructuring, related allowance | 0 | 0 |
Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 9,000 | 19,000 |
Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 131,000 | $ 131,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 9,000 | $ 19,000 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 9,000 | 19,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 131,000 | $ 131,000 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 131,000 | $ 131,000 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Commercial Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Troubled debt restructuring, related allowance | 0 | 0 |
Consumer Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 0 | 0 |
Consumer Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 0 | $ 0 |
Note 6 - Loans Receivable, Ne_8
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Contractual Aging of the TDRs (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Troubled debt restructurings, non-accrual | $ 9,000 | $ 19,000 |
Troubled debt restructuring, recorded investment | 140,000 | 150,000 |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 131,000 | 131,000 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
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] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | 9,000 | 19,000 |
Troubled debt restructuring, recorded investment | 9,000 | 19,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
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] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
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] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 131,000 | 131,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 131,000 | 131,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | 0 | 0 |
Troubled debt restructuring, recorded investment | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | $ 0 | $ 0 |
Note 6 - Loans Receivable, Ne_9
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses, beginning balance | $ 3,315 | $ 2,346 | $ 3,061 | $ 2,231 | $ 2,231 |
Charge-offs | (17) | 0 | (17) | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 448 | 305 | 702 | 420 | 830 |
Allowance for loan losses, ending balance | 3,746 | 2,651 | 3,746 | 2,651 | 3,061 |
Allowance for loan losses, individually evaluated for impairment | 0 | 3 | 0 | 3 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 3,746 | 2,648 | 3,746 | 2,648 | 3,061 |
Loans | 385,013 | 385,013 | 365,242 | ||
Loans receivable, individually evaluated for impairment | 140 | 140 | 321 | ||
Loans receivable, collectively evaluated for impairment | 384,873 | 384,873 | 364,921 | ||
Real Estate Portfolio Segment [Member] | |||||
Loans | 228,186 | 228,186 | 210,838 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 107 | 47 | 88 | 52 | 52 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | (35) | (4) | (16) | (9) | 36 |
Allowance for loan losses, ending balance | 72 | 43 | 72 | 43 | 88 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 72 | 43 | 72 | 43 | 88 |
Loans | 9,526 | 9,526 | 7,528 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 171 | ||
Loans receivable, collectively evaluated for impairment | 9,526 | 9,526 | 7,357 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 376 | 307 | 362 | 351 | 351 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | (20) | 92 | (6) | 48 | 11 |
Allowance for loan losses, ending balance | 356 | 399 | 356 | 399 | 362 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 356 | 399 | 356 | 399 | 362 |
Loans | 40,924 | 40,924 | 38,884 | ||
Loans receivable, individually evaluated for impairment | 9 | 9 | 19 | ||
Loans receivable, collectively evaluated for impairment | 40,915 | 40,915 | 38,865 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for loan losses, beginning balance | 232 | 217 | 229 | 145 | 145 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 10 | (13) | 13 | 59 | 84 |
Allowance for loan losses, ending balance | 242 | 204 | 242 | 204 | 229 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 242 | 204 | 242 | 204 | 229 |
Loans | 23,030 | 23,030 | 24,043 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 23,030 | 23,030 | 24,043 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | |||||
Allowance for loan losses, beginning balance | 1,379 | 944 | 1,287 | 854 | 854 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 238 | 285 | 330 | 375 | 433 |
Allowance for loan losses, ending balance | 1,617 | 1,229 | 1,617 | 1,229 | 1,287 |
Allowance for loan losses, individually evaluated for impairment | 0 | 3 | 0 | 3 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 1,617 | 1,226 | 1,617 | 1,226 | 1,287 |
Loans | 136,883 | 136,883 | 131,820 | ||
Loans receivable, individually evaluated for impairment | 131 | 131 | 131 | ||
Loans receivable, collectively evaluated for impairment | 136,752 | 136,752 | 131,689 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for loan losses, beginning balance | 57 | 168 | 62 | 250 | 250 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 106 | (54) | 101 | (136) | (188) |
Allowance for loan losses, ending balance | 163 | 114 | 163 | 114 | 62 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 163 | 114 | 163 | 114 | 62 |
Loans | 13,548 | 13,548 | 4,775 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 13,548 | 13,548 | 4,775 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses, beginning balance | 27 | 26 | 20 | 19 | 19 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | (1) | (1) | 6 | 6 | 1 |
Allowance for loan losses, ending balance | 26 | 25 | 26 | 25 | 20 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 26 | 25 | 26 | 25 | 20 |
Loans | 4,275 | 4,275 | 3,788 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 4,275 | 4,275 | 3,788 | ||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for loan losses, beginning balance | 887 | 537 | 763 | 500 | 500 |
Charge-offs | (17) | 0 | (17) | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 100 | 0 | 224 | 37 | 263 |
Allowance for loan losses, ending balance | 970 | 537 | 970 | 537 | 763 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 970 | 537 | 970 | 537 | 763 |
Loans | 156,827 | 156,827 | 154,404 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 156,827 | 156,827 | 154,404 | ||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses, beginning balance | 250 | 100 | 250 | 60 | 60 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 50 | 0 | 50 | 40 | 190 |
Allowance for loan losses, ending balance | 300 | 100 | 300 | 100 | 250 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 300 | $ 100 | 300 | $ 100 | 250 |
Loans | |||||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment |
Note 6 - Loans Receivable, N_10
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans | $ 9 | $ 190 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 0 | 171 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 9 | 19 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | $ 0 |
Note 6 - Loans Receivable, N_11
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans | $ 385,013 | $ 365,242 |
Loans > 90 days and accruing | 0 | 453 |
The 30 to 89 Days Delinquent [Member] | ||
Loans | 3,151 | 5,884 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 9 | 624 |
Financial Asset, Past Due [Member] | ||
Loans | 3,160 | 6,508 |
Financial Asset, Not Past Due [Member] | ||
Loans | 381,853 | 358,734 |
Real Estate Portfolio Segment [Member] | ||
Loans | 228,186 | 210,838 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 9,526 | 7,528 |
Loans > 90 days and accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 400 | 822 |
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 | 171 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 400 | 993 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 9,126 | 6,535 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 40,924 | 38,884 |
Loans > 90 days and accruing | 0 | 66 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 260 | 189 |
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 | 9 | 66 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 269 | 255 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 40,655 | 38,629 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 23,030 | 24,043 |
Loans > 90 days and accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 1,723 | 1,947 |
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 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,723 | 1,947 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 21,307 | 22,096 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 136,883 | 131,820 |
Loans > 90 days and accruing | 0 | 387 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 369 | 569 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 387 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 369 | 956 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 136,514 | 130,864 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 13,548 | 4,775 |
Loans > 90 days and accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 399 | 1,783 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 399 | 1,783 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 13,149 | 2,992 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 4,275 | 3,788 |
Loans > 90 days and accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 4,275 | 3,788 |
Commercial Portfolio Segment [Member] | ||
Loans | 156,812 | 154,387 |
Loans > 90 days and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 0 | 574 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 574 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 156,812 | 153,813 |
Consumer Portfolio Segment [Member] | ||
Loans | 15 | 17 |
Loans > 90 days and accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 15 | $ 17 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | Jan. 04, 2021 | Aug. 01, 2016 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 247,000 | $ 247,000 | $ 271,000 | ||||
Amortization of Intangible Assets, Total | 12,000 | $ 12,000 | 24,000 | $ 24,000 | |||
Quaint Oak Bank [Member] | |||||||
Goodwill, Acquired During Period | $ 2,600,000 | ||||||
Quaint Oak Bank [Member] | Oakmont Capital Holdings, LLC [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | ||||||
Other Intangible Assets [Member] | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 247,000 | 247,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 238,000 | $ 238,000 | |||||
Signature Insurance Services, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
Goodwill, Acquired During Period | 515,000 | ||||||
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 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Non-interest bearing checking accounts, amount | $ 74,010 | $ 74,010 | $ 54,202 |
Money market accounts, amount | 184,028 | 99,638 | |
Certificates of deposit | 165,712 | 199,427 | |
Total deposits | $ 425,529 | 425,529 | 354,845 |
Passbook Accounts [Member] | |||
Interest-bearing deposits, amount | 12 | 8 | |
Savings Accounts [Member] | |||
Interest-bearing deposits, amount | $ 1,767 | $ 1,570 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Repayments of Federal Reserve Bank Borrowings, Financing Activities | $ 30,267 | $ 3,263 | |
Long-term Federal Reserve Bank Advances, Increase (Decrease) Percentage | 62.90% | ||
Long-term Federal Reserve Bank Advances | $ 17,867 | $ 48,134 | |
Other Borrowings | 1,209 | $ 0 | |
Oakmont Capital Holdings, LLC Lines of Credit to Fund Equipment Loans [Member] | |||
Other Borrowings | 1,200 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,000 |
Note 9 - Borrowings - Federal H
Note 9 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term borrowings, amount | $ 10,000 | $ 10,000 |
Short-term borrowings, weighted interest rate | 0.33% | 0.41% |
2021, amount | $ 1,000 | |
2021, weighted interest rate | 2.21% | |
2021, amount | $ 7,171 | $ 5,000 |
2021, weighted interest rate | 2.10% | 2.20% |
2022, amount | $ 7,000 | $ 7,171 |
2022, weighted interest rate | 2.16% | 2.10% |
2023, amount | $ 6,167 | $ 7,000 |
2023, weighted interest rate | 2.05% | 2.16% |
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, amount | $ 24,193 | $ 28,193 |
Total FHLB long-term debt, weighted interest rate | 2.01% | 2.03% |
Note 10 - Stock Compensation _3
Note 10 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
May 31, 2018 | May 31, 2013 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2007 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2008 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 63,000 | $ 37,000 | $ 122,000 | $ 89,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.75 | ||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Payment Arrangement, Expense, after Tax | 11,000 | 11,000 | 22,000 | 22,000 | |||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 1,000 | 1,000 | $ 1,000 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 10 years | |||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 83,000 | $ 83,000 | |||||||||
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 2008 Recognition and Retention Plan [Member] | |||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 195,000 | ||||||||||
The 2013 Stock Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 195,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||
The 2013 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 48,750 | ||||||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,200 | 1,200 | |||||||||
The 2013 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) | 146,250 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,200 | 3,200 | |||||||||
The 2018 Stock Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 155,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||
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 | 25.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 11,750 | 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 | 37,250 | |||||||||
Stock Incentive Plans [Member] | |||||||||||
Share-based Payment Arrangement, Expense, after Tax | $ 30,000 | $ 32,000 | $ 62,000 | 65,000 | |||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 13,000 | $ 14,000 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 245,000 | $ 245,000 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||||||||||
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) | 18,845 | 18,845 | |||||||||
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 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | |||||||||
The Option Plan and Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 233,136 | 240,636 | 233,136 | 240,636 | 240,636 | 256,336 | |||||
Employee Stock Ownership Plan [Member] | |||||||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | ||||||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 222,180 | ||||||||||
ESOP Loan Interest Rate | 7.75% | ||||||||||
Employee Stock Ownership Plan (ESOP), Loan Term (Year) | 15 years |
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 | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2020 | |
Unvested at the beginning of the period (in shares) | 28,266 | 38,887 |
Unvested at the beginning of the period, weighted average grant date fair value (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) | (9,421) | (9,421) |
Vested, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 13.30 |
Forfeited, number of shares (in shares) | 0 | (1,200) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 13.30 |
Unvested at the end of the period (in shares) | 18,845 | 28,266 |
Unvested at the end of the period, weighted average grant date fair value (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] - The Option Plan and Stock Incentive Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding at the beginning of the period (in shares) | 240,636 | 256,336 | 256,336 | |
Outstanding at the beginning of the period, weighted average exercise price (in dollars per share) | $ 10.98 | $ 10.87 | $ 10.87 | |
Outstanding at the beginning of the period, weighted average remaining contractual life (Year) | 4 years 8 months 12 days | 5 years 8 months 12 days | 5 years 2 months 12 days | 6 years |
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) | (7,500) | (12,500) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 11.57 | $ 8.10 | ||
Forfeited, number of shares (in shares) | 0 | (3,200) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 8.10 | |||
Outstanding at end of period (in shares) | 233,136 | 240,636 | 240,636 | 256,336 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 10.96 | $ 10.94 | $ 10.98 | $ 10.87 |
Exercisable at end of period (in shares) | 180,081 | 161,054 | ||
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 10.28 | $ 9.84 | ||
Exercisable at end of period, weighted average remaining contractual life (Year) | 5 years 7 months 6 days | 5 years |
Note 10 - Stock Compensation _6
Note 10 - Stock Compensation Plans - Fair Value Assumptions (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Expected dividend yield | 2.11% |
Risk-free interest rate | 2.96% |
Expected life of options (in years) (Year) | 6 years 6 months |
Expected stock-price volatility | 12.42% |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities available for sale | $ 4,581 | $ 10,725 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale | 4,581 | 10,725 |
Total fair value measurements | 4,581 | 10,725 |
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 | 4,581 | 10,725 |
Total fair value measurements | 4,581 | 10,725 |
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 | 482 | 607 |
Impaired loans | 140 | 321 |
Other Real Estate Owned | 342 | 286 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total fair value measurements | 0 | 0 |
Impaired loans | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total fair value measurements | 0 | 0 |
Impaired loans | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total fair value measurements | 482 | 607 |
Impaired loans | 140 | 321 |
Other Real Estate Owned | 342 | 286 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale | 4,581 | 5,102 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Investment securities available for sale | 4,405 | 4,913 |
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 | 4,405 | 4,913 |
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 | 4,405 | 4,913 |
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 | 176 | 189 |
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 | 176 | 189 |
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 | 176 | 189 |
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 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale | 5,623 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 5,623 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 5,623 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | $ 0 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - Fair Value, Inputs, Level 3 [Member] - Meaurement Input, Appraisal Adjustments Rate [Member] $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Impaired loans, fair value | $ 140 | $ 321 | |
Other real estate owned, fair value | $ 342 | $ 286 | |
Impaired Loans [Member] | |||
Unobservable input, range | [1],[2] | 0.08 | 0.08 |
Impaired Loans [Member] | Weighted Average [Member] | |||
Unobservable input, range | [1],[2] | 0.08 | 0.08 |
Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Unobservable input, range | [1],[2] | 0.12 | 0.12 |
Other Real Estate Owned [Member] | Minimum [Member] | |||
Unobservable input, range | [1],[2] | 0 | 0 |
Other Real Estate Owned [Member] | Maximum [Member] | |||
Unobservable input, range | [1],[2] | 0.12 | 0.12 |
[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 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment in interest-earning time deposits | $ 9,842 | |
FRB long-term borrowings | 48,126 | |
Reported Value Measurement [Member] | ||
Investment in interest-earning time deposits | $ 7,979 | 9,463 |
Loans held for sale | 99,383 | 53,191 |
Loans receivable, net | 376,339 | 356,122 |
Deposits | 425,529 | 354,845 |
FHLB long-term borrowings | 24,193 | 28,193 |
FRB long-term borrowings | 17,867 | 48,134 |
Subordinated debt | 7,916 | 7,899 |
Estimate of Fair Value Measurement [Member] | ||
Investment in interest-earning time deposits | 8,240 | |
Loans held for sale | 101,832 | 62,396 |
Loans receivable, net | 381,304 | 363,527 |
Deposits | 427,859 | 358,112 |
FHLB long-term borrowings | 24,246 | 28,284 |
FRB long-term borrowings | 17,864 | |
Subordinated debt | 8,384 | 8,283 |
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 | 259,818 | 155,417 |
FHLB long-term borrowings | 0 | 0 |
FRB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 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 | 101,832 | 62,396 |
Loans receivable, net | 0 | 0 |
Deposits | 0 | 0 |
FHLB long-term borrowings | 0 | 0 |
FRB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment in interest-earning time deposits | 8,240 | 9,842 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 381,304 | 363,527 |
Deposits | 168,041 | 202,695 |
FHLB long-term borrowings | 24,246 | 28,284 |
FRB long-term borrowings | 17,864 | 48,126 |
Subordinated debt | $ 8,384 | $ 8,283 |
Note 12 - Operating Segments (D
Note 12 - Operating Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
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 | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Net Interest Income (Loss) | $ 4,737,000 | $ 2,657,000 | $ 8,365,000 | $ 4,900,000 | ||
Provision for Loan Losses | 448,000 | 305,000 | 702,000 | 420,000 | ||
Net Interest Income after Provision for Loan Losses | 4,289,000 | 2,352,000 | 7,663,000 | 4,480,000 | ||
Insurance commissions | 133,000 | 120,000 | 240,000 | 217,000 | ||
Income from bank-owned life insurance | 21,000 | 20,000 | 40,000 | 39,000 | ||
Net gain on loans held for sale | 1,335,000 | 826,000 | 2,550,000 | 1,607,000 | ||
Gain on sale of investment securities available for sale | 45,000 | 0 | 362,000 | 0 | ||
Net gain on sale of other real estate owned | 0 | 18,000 | 0 | 18,000 | ||
Gain on the sale of SBA loans | 66,000 | 52,000 | 267,000 | 52,000 | ||
Total Non-Interest Income | 2,534,000 | 1,368,000 | 5,300,000 | 2,675,000 | ||
Salaries and employee benefits | 3,439,000 | 1,784,000 | 6,839,000 | 3,763,000 | ||
Directors’ fees and expenses | 60,000 | 52,000 | 128,000 | 114,000 | ||
Occupancy and equipment | 387,000 | 218,000 | 764,000 | 423,000 | ||
Data processing | 202,000 | 160,000 | 407,000 | 297,000 | ||
Professional fees | 218,000 | 113,000 | 381,000 | 227,000 | ||
FDIC deposit insurance assessment | 73,000 | 27,000 | 124,000 | 47,000 | ||
Other real estate owned expenses | 3,000 | 8,000 | 12,000 | 22,000 | ||
Advertising | 122,000 | 75,000 | 227,000 | 150,000 | ||
Amortization of Intangible Assets, Total | 12,000 | 12,000 | 24,000 | 24,000 | ||
Other | 319,000 | 246,000 | 648,000 | 455,000 | ||
Total Non-Interest Expense | 4,835,000 | 2,695,000 | 9,554,000 | 5,522,000 | ||
Pretax Segment Profit | 1,988,000 | 1,025,000 | 3,409,000 | 1,633,000 | ||
Segment Assets | 526,976,000 | 407,971,000 | 526,976,000 | 407,971,000 | $ 484,075,000 | |
Mortgage Banking and Abstract Fees [Member] | ||||||
Non-interest revenue | 522,000 | 351,000 | 1,053,000 | 645,000 | ||
Real Estate Sales Commissions [Member] | ||||||
Non-interest revenue | 33,000 | 30,000 | 64,000 | 63,000 | ||
Other Fees and Services Fees [Member] | ||||||
Non-interest revenue | 51,000 | (49,000) | 173,000 | 34,000 | ||
Loan Servicing Fee [Member] | ||||||
Non-interest revenue | 328,000 | 0 | 551,000 | 0 | ||
Quaint Oak Bank [Member] | ||||||
Net Interest Income (Loss) | [1] | 4,799,000 | 2,697,000 | 8,541,000 | 4,987,000 | |
Provision for Loan Losses | [1] | 448,000 | 305,000 | 702,000 | 420,000 | |
Net Interest Income after Provision for Loan Losses | [1] | 4,351,000 | 2,392,000 | 7,839,000 | 4,567,000 | |
Insurance commissions | [1] | 133,000 | 120,000 | 240,000 | 217,000 | |
Income from bank-owned life insurance | [1] | 21,000 | 20,000 | 40,000 | 39,000 | |
Net gain on loans held for sale | [1] | 421,000 | 0 | 1,045,000 | 0 | |
Gain on sale of investment securities available for sale | [1] | 45,000 | 0 | 362,000 | 0 | |
Net gain on sale of other real estate owned | [1] | 0 | 18,000 | 0 | 18,000 | |
Gain on the sale of SBA loans | [1] | 66,000 | 52,000 | 267,000 | 52,000 | |
Total Non-Interest Income | [1] | 1,500,000 | 399,000 | 3,580,000 | 775,000 | |
Salaries and employee benefits | [1] | 2,935,000 | 1,465,000 | 5,863,000 | 3,133,000 | |
Directors’ fees and expenses | [1] | 60,000 | 52,000 | 128,000 | 114,000 | |
Occupancy and equipment | [1] | 312,000 | 152,000 | 610,000 | 287,000 | |
Data processing | [1] | 127,000 | 118,000 | 257,000 | 226,000 | |
Professional fees | [1] | 200,000 | 95,000 | 346,000 | 192,000 | |
FDIC deposit insurance assessment | [1] | 73,000 | 27,000 | 124,000 | 47,000 | |
Other real estate owned expenses | [1] | 3,000 | 8,000 | 12,000 | 22,000 | |
Advertising | [1] | 109,000 | 62,000 | 200,000 | 123,000 | |
Amortization of Intangible Assets, Total | [1] | 12,000 | 12,000 | 24,000 | 24,000 | |
Other | [1] | 294,000 | 229,000 | 603,000 | 424,000 | |
Total Non-Interest Expense | [1] | 4,125,000 | 2,220,000 | 8,167,000 | 4,592,000 | |
Pretax Segment Profit | [1] | 1,726,000 | 571,000 | 3,252,000 | 750,000 | |
Segment Assets | [1] | 486,776,000 | 387,350,000 | 486,776,000 | 387,350,000 | |
Quaint Oak Bank [Member] | Mortgage Banking and Abstract Fees [Member] | ||||||
Non-interest revenue | [1] | 402,000 | 208,000 | 838,000 | 352,000 | |
Quaint Oak Bank [Member] | Real Estate Sales Commissions [Member] | ||||||
Non-interest revenue | [1] | 33,000 | 30,000 | 64,000 | 63,000 | |
Quaint Oak Bank [Member] | Other Fees and Services Fees [Member] | ||||||
Non-interest revenue | [1] | 51,000 | (49,000) | 173,000 | 34,000 | |
Quaint Oak Bank [Member] | Loan Servicing Fee [Member] | ||||||
Non-interest revenue | [1] | 328,000 | 0 | 551,000 | 0 | |
Quaint Oak Bank, Mortgage [Member] | ||||||
Net Interest Income (Loss) | (62,000) | (40,000) | (176,000) | (87,000) | ||
Provision for Loan Losses | 0 | 0 | 0 | 0 | ||
Net Interest Income after Provision for Loan Losses | (62,000) | (40,000) | (176,000) | (87,000) | ||
Insurance commissions | 0 | 0 | 0 | 0 | ||
Income from bank-owned life insurance | 0 | 0 | 0 | 0 | ||
Net gain on loans held for sale | 914,000 | 826,000 | 1,505,000 | 1,607,000 | ||
Gain on sale of investment securities available for sale | 0 | 0 | 0 | 0 | ||
Net gain on sale of other real estate owned | 0 | 0 | 0 | 0 | ||
Gain on the sale of SBA loans | 0 | 0 | 0 | 0 | ||
Total Non-Interest Income | 1,034,000 | 969,000 | 1,720,000 | 1,900,000 | ||
Salaries and employee benefits | 504,000 | 319,000 | 976,000 | 630,000 | ||
Directors’ fees and expenses | 0 | 0 | 0 | 0 | ||
Occupancy and equipment | 75,000 | 66,000 | 154,000 | 136,000 | ||
Data processing | 75,000 | 42,000 | 150,000 | 71,000 | ||
Professional fees | 18,000 | 18,000 | 35,000 | 35,000 | ||
FDIC deposit insurance assessment | 0 | 0 | 0 | 0 | ||
Other real estate owned expenses | 0 | 0 | 0 | 0 | ||
Advertising | 13,000 | 13,000 | 27,000 | 27,000 | ||
Amortization of Intangible Assets, Total | 0 | 0 | 0 | 0 | ||
Other | 25,000 | 17,000 | 45,000 | 31,000 | ||
Total Non-Interest Expense | 710,000 | 475,000 | 1,387,000 | 930,000 | ||
Pretax Segment Profit | 262,000 | 454,000 | 157,000 | 883,000 | ||
Segment Assets | 40,200,000 | 20,621,000 | 40,200,000 | 20,621,000 | ||
Quaint Oak Bank, Mortgage [Member] | Mortgage Banking and Abstract Fees [Member] | ||||||
Non-interest revenue | 120,000 | 143,000 | 215,000 | 293,000 | ||
Quaint Oak Bank, Mortgage [Member] | Real Estate Sales Commissions [Member] | ||||||
Non-interest revenue | 0 | 0 | 0 | 0 | ||
Quaint Oak Bank, Mortgage [Member] | Other Fees and Services Fees [Member] | ||||||
Non-interest revenue | 0 | 0 | 0 | 0 | ||
Quaint Oak Bank, Mortgage [Member] | Loan Servicing Fee [Member] | ||||||
Non-interest revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Capital Holdings, LLC. |