Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-33652 | |
Entity Registrant Name | FIRST FINANCIAL NORTHWEST, INC. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 26-0610707 | |
Entity Address, Address Line One | 201 Wells Avenue South | |
Entity Address, City or Town | Renton | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98057 | |
City Area Code | (425) | |
Local Phone Number | 255-4400 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | FFNW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,174,425 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001401564 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash on hand and in banks | $ 8,789 | $ 8,391 |
Interest-earning deposits with banks | 40,272 | 22,138 |
Investments available-for-sale, at fair value | 180,376 | 207,915 |
Investments held-to-maturity, at amortized cost | 2,451 | 2,456 |
Loans receivable, net of allowance of $14,996, and $15,306 | 1,142,909 | 1,175,925 |
Federal Home Loan Bank ("FHLB") stock, at cost | 6,078 | 6,527 |
Accrued interest receivable | 7,176 | 7,359 |
Deferred tax assets, net | 2,399 | 2,648 |
Premises and equipment, net | 19,323 | 19,667 |
Bank owned life insurance ("BOLI"), net | 38,058 | 37,653 |
Prepaid expenses and other assets | 16,827 | 10,478 |
Right of use (“ROU”) asset, net | 2,415 | 2,617 |
Goodwill | 889 | 889 |
Core deposit intangible, net | 388 | 419 |
Total assets | 1,468,350 | 1,505,082 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing deposits | 100,846 | 100,899 |
Interest-bearing deposits | 1,066,050 | 1,093,208 |
Total deposits | 1,166,896 | 1,194,107 |
FHLB advances | 115,000 | 125,000 |
Advance payments from borrowers for taxes and insurance | 5,649 | 2,952 |
Lease liability, net | 2,598 | 2,806 |
Accrued interest payable | 1,134 | 2,739 |
Other liabilities | 16,890 | 15,818 |
Total liabilities | 1,308,167 | 1,343,422 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,174,425 shares at March 31, 2024, and 9,179,510 shares at December 31, 2023 | 92 | 92 |
Additional paid-in capital | 72,871 | 73,035 |
Retained earnings | 93,938 | 96,206 |
Accumulated other comprehensive loss, net of tax | (6,718) | (7,673) |
Total stockholders' equity | 160,183 | 161,660 |
Total liabilities and stockholders' equity | $ 1,468,350 | $ 1,505,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance | $ 14,996 | $ 15,306 |
Preferred stock par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Preferred stock shares issued (in shares) | 0 | 0 |
Common stock par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock shares issued (in shares) | 9,174,425 | 9,179,510 |
Common stock shares outstanding (in shares) | 9,174,425 | 9,179,510 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans, including fees | $ 16,966 | $ 16,029 |
Investment securities | 2,064 | 2,105 |
Interest-earning deposits with banks | 486 | 236 |
Dividends on FHLB stock | 127 | 130 |
Total interest income | 19,643 | 18,500 |
Interest expense | ||
Deposits | 9,916 | 6,332 |
FHLB advances and other borrowings | 827 | 912 |
Total interest expense | 10,743 | 7,244 |
Net interest income | 8,900 | 11,256 |
(Recapture of provision) provision for credit losses | (175) | 338 |
Net interest income after (recapture of provision) provision for credit losses | 9,075 | 10,918 |
Noninterest income | ||
BOLI income | 351 | 308 |
Wealth management revenue, net | 95 | 45 |
Deposit related fees | 221 | 223 |
Loan related fees | 58 | 91 |
Other income (expense), net | 62 | (2) |
Total noninterest income | 787 | 665 |
Noninterest expense | ||
Salaries and employee benefits | 6,763 | 5,461 |
Occupancy and equipment | 1,226 | 1,165 |
Professional fees | 1,300 | 417 |
Data processing | 786 | 686 |
Regulatory assessments | 166 | 101 |
Insurance and bond premiums | 132 | 130 |
Marketing | 64 | 77 |
Other general and administrative | 894 | 918 |
Total noninterest expense | 11,331 | 8,955 |
(Loss) income before federal income tax (benefit) provision | (1,469) | 2,628 |
Federal income tax (benefit) provision | (393) | 506 |
Net (loss) income | $ (1,076) | $ 2,122 |
Earnings per common share | ||
Basic earnings per share (in dollars per share) | $ (0.12) | $ 0.23 |
Diluted earnings per share (in dollars per share) | $ (0.12) | $ 0.23 |
Weighted average number of common shares outstanding | ||
Basic shares outstanding (in shares) | 9,159,339 | 9,104,371 |
Diluted shares outstanding (in shares) | 9,159,339 | 9,173,276 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,076) | $ 2,122 |
Other comprehensive gain (loss), before tax: | ||
Unrealized holding gains (losses) on investments available-for-sale | 398 | (64) |
Tax effect | (84) | 13 |
Gains (losses) on cash flow hedges | 811 | (1,549) |
Tax effect | (170) | 325 |
Other comprehensive gain (loss), net of tax | 955 | (1,275) |
Total comprehensive (loss) income | $ (121) | $ 847 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss, net of tax |
Balances at beginning of period (in shares) at Dec. 31, 2022 | 9,127,595 | ||||||
Balances at beginning of period at Dec. 31, 2022 | $ 160,360 | $ 91 | $ 72,424 | $ 95,059 | $ (7,214) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 2,122 | 2,122 | |||||
Other comprehensive income (loss), net of tax | $ (1,275) | (1,275) | |||||
Issuance of common stock - restricted stock awards, net (in shares) | 27,618 | ||||||
Issuance of common stock - restricted stock awards, net | $ 1 | 1 | |||||
Compensation related to stock options and restricted stock awards | $ 128 | 128 | |||||
Canceled common stock - restricted stock awards (in shares) | (7,127) | ||||||
Canceled common stock - restricted stock awards | $ (107) | (107) | |||||
Cash dividend declared and paid | $ (1,189) | (1,189) | |||||
Balances at end of period (in shares) at Mar. 31, 2023 | 9,148,086 | ||||||
Balances at end of period at Mar. 31, 2023 | $ 159,645 | $ (395) | 92 | 72,445 | 95,597 | $ (395) | (8,489) |
Balances at beginning of period (in shares) at Dec. 31, 2023 | 9,179,510 | ||||||
Balances at beginning of period at Dec. 31, 2023 | $ 161,660 | $ 0 | 92 | 73,035 | 96,206 | (7,673) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (1,076) | (1,076) | |||||
Other comprehensive income (loss), net of tax | $ 955 | 955 | |||||
Issuance of common stock - restricted stock awards, net (in shares) | 7,673 | ||||||
Issuance of common stock - restricted stock awards, net | $ 0 | 0 | |||||
Compensation related to stock options and restricted stock awards | $ 102 | 102 | |||||
Canceled common stock - restricted stock awards (in shares) | (12,758) | ||||||
Canceled common stock - restricted stock awards | $ (266) | (266) | |||||
Cash dividend declared and paid | $ (1,192) | (1,192) | |||||
Balances at end of period (in shares) at Mar. 31, 2024 | 9,174,425 | ||||||
Balances at end of period at Mar. 31, 2024 | $ 160,183 | $ 92 | $ 72,871 | $ 93,938 | $ (6,718) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends (usd per share) | $ 0.13 | $ 0.13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (1,076) | $ 2,122 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
(Recapture of provision) provision for credit losses | (175) | 338 |
Net amortization of premiums and discounts on investments | 140 | 127 |
Depreciation of premises and equipment | 499 | 514 |
Loss on disposal of premises and equipment | 0 | 1 |
Deferred federal income taxes | (5) | 50 |
Stock compensation expense | 102 | 128 |
BOLI income | (351) | (308) |
Annuity income | (3) | (3) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (5,507) | (374) |
ROU Asset | 202 | 189 |
Advance payments from borrowers for taxes and insurance | 2,697 | 2,396 |
Accrued interest receivable | 183 | (498) |
Lease liability | (208) | (188) |
Accrued interest payable | (1,605) | 421 |
Other liabilities | 1,080 | (2,785) |
Net cash (used) provided by operating activities | (4,027) | 2,130 |
Cash flows from investing activities: | ||
Proceeds from maturities of investments available-for-sale | 25,000 | 0 |
Principal repayments on investments available-for-sale | 2,797 | 2,639 |
Net decrease (increase) in loans receivable | 33,191 | (18,467) |
Redemption (purchase) of FHLB stock | 449 | (691) |
Purchase of premises and equipment | (155) | (55) |
Purchase of BOLI | (54) | (53) |
Net cash provided (used) by investing activities | 61,228 | (16,627) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (27,211) | 57,088 |
Advances from the FHLB | 20,000 | 111,000 |
Repayments of advances from the FHLB | (30,000) | (96,000) |
Net share settlement of stock awards | (266) | (106) |
Dividends paid | (1,192) | (1,189) |
Net cash (used) provided by financing activities | (38,669) | 70,793 |
Cash and cash equivalents: | ||
Net decrease in cash and cash equivalents | 18,532 | 56,296 |
Cash and cash equivalents at beginning of period | 30,529 | 24,320 |
Cash and cash equivalents at end of period | 49,061 | 80,616 |
Cash paid during the period for: | ||
Interest paid | 12,348 | 6,823 |
Noncash items: | ||
Change in unrealized gain (loss) on investments available-for-sale | 398 | (64) |
Change in unrealized gain (loss) on cash flow hedges | 811 | (1,549) |
Initial recognition of ROU asset | 0 | 108 |
Initial recognition of lease liability | 0 | 108 |
Stockholders' equity | $ (160,183) | (159,645) |
Cumulative Effect, Period of Adoption, Adjustment | ||
Noncash items: | ||
Stockholders' equity | $ 395 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business First Financial Northwest, Inc. (“First Financial Northwest”), a Washington corporation, was formed on June 1, 2007 for the purpose of becoming the holding company for First Financial Northwest Bank (the “Bank”) in connection with the conversion from a mutual holding company structure to a stock holding company structure completed on October 9, 2007. First Financial Northwest’s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information presented in the consolidated financial statements and accompanying data, relates primarily to the Bank. First Financial Northwest is a bank holding company, having converted from a savings and loan holding company on March 31, 2015, and as a bank holding company is subject to regulation by the Federal Reserve Bank of San Francisco (“FRB”). The Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Washington State Department of Financial Institutions (“DFI”). At March 31, 2024, the Bank operated in 15 locations in Washington with the headquarters and seven retail branch locations in King County, five retail branch locations in Snohomish County and two retail branches in Pierce County. The Bank’s primary market area consists of King, Snohomish, Pierce and Kitsap counties, Washington. The Bank is a portfolio lender, originating and purchasing one-to-four family residential, multifamily, commercial real estate, construction/land development, business, and consumer loans. Loans are primarily funded by deposits from the general public, supplemented by borrowings from the FHLB and deposits raised in the national brokered deposit market. On January 10, 2024, Global Federal Credit Union (“Global”), First Financial Northwest and the Bank entered into a Purchase and Assumption (“P&A”) Agreement, pursuant to which Global will acquire substantially all of the assets and assume substantially all of the liabilities (including deposit liabilities) of the Bank, which we refer to herein as the asset sale, in exchange for $231.2 million in cash, subject to possible downward adjustments. The asset sale is the first integral step in the sale transaction contemplated by the P&A Agreement, which consists of: (1) the asset sale, (2) the voluntary liquidation of the Bank and distribution of the Bank’s remaining assets, which will include the cash consideration paid by Global to the Bank in the asset sale, to First Financial Northwest, and (3) the winding up and voluntary dissolution of First Financial Northwest and the distribution of its remaining assets, including the remaining net cash proceeds from the asset sale, to its shareholders. Consummation of the asset sale and related transactions is subject to certain conditions, including, among others, approval of the P&A Agreement and the related transactions by First Financial Northwest’s shareholders, the receipt of all required regulatory approvals and expiration of applicable waiting periods, accuracy of specified representations and warranties of each party, the performance in all material respects by each party of its obligations under the P&A Agreement, and the absence of any injunctions or other legal restraints. The P&A Agreement provides certain termination rights for both Global and the Bank, and further provides that upon termination of the P&A Agreement under certain circumstances, the Bank will be obligated to pay Global a termination fee of $9.4 million. Additional information regarding the asset sale, including the P&A Agreement, can be found in the Current Report on Form 8-K filed by First Financial Northwest with the U.S. Securities and Exchange Commission (“SEC”) on January 11, 2024. As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to First Financial Northwest, Inc. and its consolidated subsidiary First Financial Northwest Bank, unless the context otherwise requires. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC (“2023 Form 10-K”). In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP have been included. All significant intercompany balances and transactions between the Company and its subsidiaries have been eliminated in consolidation. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the allowance for credit losses (“ACL”). The Company’s activities are considered a single industry segment for financial reporting purposes. The Company is engaged in the business of attracting deposits from the general public and originating and purchasing loans for its portfolio. Substantially all income is derived from a diverse base of commercial, multifamily, and residential real estate loans, consumer lending activities, and investments. Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on consolidated net income or stockholders’ equity. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recent Accounting Pronouncements On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages in a tabular format. The guidance requires the rate reconciliation to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more of the amount determined by multiplying pretax income (loss) from continuing operations by the applicable statutory rate. For entities reconciling to the U.S. statutory rate of 21%, this would generally require disclosing any reconciling items that impact the rate by 1.05% or more. ASU 2023-09 also identifies specific categories that would require disclosure, including the following: • State and local income tax, net of federal (national) income tax effect; • Foreign tax effects; • Effect of changes in tax laws or rates enacted in the current period; • Effect of cross-border tax laws; • Enactment of new tax laws; • Nontaxable or nondeductible items; • Tax credits; • Changes in valuation allowances; and • Changes in unrecognized tax benefits. ASU 2023-09 makes changes to annual disclosures of income taxes paid for all entities. ASU 2023-09 requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. Additionally, entities are required to disclose income taxes paid, net of refunds received, for individual jurisdictions that comprise 5% or more of total income taxes paid. The 5% threshold is evaluated using the absolute value of the net refund or net payment in each jurisdiction compared to the absolute value of the total income taxes paid (net of refunds received). ASU 2023-09 requires all entities to disclose disaggregated domestic and foreign pre-tax income (or loss) from continuing operations along with disaggregated income tax expense (or benefit) by federal, state and foreign components. Such disaggregation by jurisdiction should classify taxes by jurisdiction based on the jurisdiction imposing the taxes. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of this ASU to have a material impact on its business operations or financial condition. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments | Investments Investments available-for-sale are summarized as follows at the dates indicated: March 31, 2024 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 11,507 $ — $ (1,743) $ 9,764 Freddie Mac 12,887 — (1,887) 11,000 Ginnie Mae 27,755 159 (1,412) 26,502 Other 29,689 4 (1,191) 28,502 Municipal bonds 36,471 17 (4,978) 31,510 U.S. Government agencies 44,478 4 (763) 43,719 Corporate bonds 33,000 — (3,621) 29,379 Total $ 195,787 $ 184 $ (15,595) $ 180,376 December 31, 2023 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 11,562 $ — $ (1,684) $ 9,878 Freddie Mac 12,934 — (1,755) 11,179 Ginnie Mae 28,096 — (1,516) 26,580 Other 30,559 — (1,366) 29,193 Municipal bonds 36,571 42 (4,764) 31,849 U.S. Government agencies 71,003 5 (1,051) 69,957 Corporate bonds 33,000 — (3,721) 29,279 Total $ 223,725 $ 47 $ (15,857) $ 207,915 There were no holdings of investment securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2024 and December 31, 2023. There were $2.5 million of investments classified as held-to-maturity at both March 31, 2024 and December 31, 2023. In January 2020, the Bank purchased three annuity contracts, totaling $2.4 million, to be held long-term to satisfy the benefit obligation associated with certain supplemental executive retirement plan (“SERP”) agreements. These annuities, along with an associated insurance policy and rider, provide for payments in retirement for the life of the executive. The rider that provides the long term guarantee for the SERP has no cash value and is not transferable to another annuitant. The cash value of the annuity is representative of the liquidation value of the contract. Hence, the amortized cost of these held-to-maturity investments is their fair value. The tables below summarize the aggregate fair value and gross unrealized loss by length of time those investment securities have been continuously in an unrealized loss position at the dates indicated: March 31, 2024 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ 9,764 $ (1,743) $ 9,764 $ (1,743) Freddie Mac — — 11,000 (1,887) 11,000 (1,887) Ginnie Mae — — 14,695 (1,412) 14,695 (1,412) Other 854 (10) 25,385 (1,181) 26,239 (1,191) Municipal bonds 640 (6) 29,091 (4,972) 29,731 (4,978) U.S. Government agencies 1,396 (3) 40,135 (760) 41,531 (763) Corporate bonds 5,843 (157) 23,536 (3,464) 29,379 (3,621) Total $ 8,733 $ (176) $ 153,606 $ (15,419) $ 162,339 $ (15,595) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ 9,878 $ (1,684) $ 9,878 $ (1,684) Freddie Mac 671 (57) 10,508 (1,698) 11,179 (1,755) Ginnie Mae 11,601 (70) 14,979 (1,446) 26,580 (1,516) Other — — 28,330 (1,366) 28,330 (1,366) Municipal bonds 2,477 (16) 26,916 (4,748) 29,393 (4,764) U.S. Government agencies — — 67,440 (1,051) 67,440 (1,051) Corporate bonds 5,966 (34) 23,313 (3,687) 29,279 (3,721) Total $ 20,715 $ (177) $ 181,364 $ (15,680) $ 202,079 $ (15,857) On a quarterly basis, management evaluates available-for-sale (“AFS”) debt securities that are in an unrealized loss position to determine if an allowance for credit losses is required. If it is determined that a credit loss exists and an allowance is required, the credit loss on a debt security is measured as the difference between the amortized cost and the present value of the cash flows expected to be collected, limited by the amount that the fair value is less than the amortized cost. For debt securities in an unrealized loss position that the Company does not intend to sell and it is not likely that it will be required to sell but does not expect to recover the entire security’s amortized cost basis, only the portion of the unrealized loss representing a credit loss would be recognized in earnings. If the Company intends to sell a debt security, or it is likely that the Company will be required to sell the debt security before recovering its cost basis, the entire unrealized loss would be recognized through earnings. The Company considers many factors including the severity and duration of the impairment, economic circumstances, recent events specific to the issuer or industry, and for debt securities, external credit ratings and recent rating updates. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the debt security being measured for a potential credit loss. The remaining unrealized loss related to all other factors is recognized as a charge to other comprehensive income (“OCI”). The Company had 114 securities and 123 securities in an unrealized loss position, with 110 and 113 of these securities in an unrealized loss position for 12 months or more, at March 31, 2024, and December 31, 2023, respectively. Management does not believe that the unrealized losses at March 31, 2024 and December 31, 2023 were related to credit losses. The declines in fair market value of these securities were mainly attributed to changes in market interest rates, credit spreads, market volatility and liquidity conditions. Currently, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before their recovery of the amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to AFS securities for the three months ended March 31, 2024. The amortized cost and estimated fair value of investments available-for-sale at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage-backed investments, are shown separately. March 31, 2024 Amortized Cost Fair Value (In thousands) Due within one year $ 14,959 $ 14,906 Due after one year through five years 11,049 10,705 Due after five years through ten years 33,403 29,477 Due after ten years 54,538 49,520 113,949 104,608 Mortgage-backed investments 81,838 75,768 Total $ 195,787 $ 180,376 Maturities of investments held-to-maturity (annuities) were established at the time the initial contract was signed. They mature (terminate) upon the earlier of the death of the executives or depletion of the related annuity. Under Washington state law, in order to participate in the public funds program, the Company is required to pledge eligible securities as collateral in an amount equal to 50% of the public deposits held less the FDIC insured amount. Investment securities with market values of $26.2 million and $26.5 million were pledged as collateral for public deposits at March 31, 2024 and December 31, 2023, respectively, both of which exceeded the collateral requirements established by the Washington Public Deposit Protection Commission. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable are summarized as follows at the dates indicated: March 31, 2024 December 31, 2023 (In thousands) One-to-four family residential: Permanent owner occupied $ 283,398 $ 284,471 Permanent non-owner occupied 223,302 228,752 506,700 513,223 Multifamily 134,386 138,149 Commercial real estate 367,374 377,859 Construction/land: One-to-four family residential 43,411 47,149 Multifamily 5,266 4,004 Land 8,330 9,771 57,007 60,924 Business 20,424 29,081 Consumer 72,014 71,995 Total loans receivable, gross 1,157,905 1,191,231 Less: ACL for loans 14,996 15,306 Total loans receivable, net $ 1,142,909 $ 1,175,925 At March 31, 2024, loans totaling $642.4 million were pledged to secure borrowings from the FHLB compared to $636.9 million at December 31, 2023. In addition, loans totaling $75.8 million and $76.1 million were pledged to the FRB to secure a line of credit at March 31, 2024 and December 31, 2023, respectively. Credit Quality Indicators . The Company assigns a risk rating to all credit exposures based on a risk rating system designed to define the basic characteristics and identify risk elements of each credit extension. The Company utilizes a nine point risk rating system. A description of the general characteristics of the risk grades is as follows: • Grades 1 through 5: These grades are considered to be “pass” credits. These include assets where there is virtually no credit risk, such as cash secured loans with funds on deposit with the Company. Pass credits also include credits that are on the Company’s watch list (grade 5), where the borrower exhibits potential weaknesses, which may, if not checked or corrected, negatively affect the borrower’s financial capacity and threaten their ability to fulfill debt obligations in the future. • Grade 6: These credits, classified as “special mention”, possess weaknesses that deserve management’s close attention. Special mention assets do not expose the Company to sufficient risk to warrant adverse classification in the substandard, doubtful or loss categories. If left uncorrected, these potential weaknesses may result in deterioration in the Company’s credit position at a future date. • Grade 7: These credits, classified as “substandard”, present a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These credits have well-defined weaknesses which jeopardize the orderly liquidation of the debt and are inadequately protected by the current net worth and payment capacity of the borrower or of any collateral pledged. • Grade 8: These credits are classified as “doubtful” and possess well defined weaknesses which make the full collection or liquidation of the loan highly questionable and improbable. This classification is used where significant risk exposures are perceived but the exact amount of the loss cannot yet be determined due to pending events. • Grade 9: Assets classified as “loss” are considered uncollectible and cannot be justified as a viable asset for the Company. There is little or no prospect of near-term recovery and no realistic strengthening action of significance is pending. The grades for watch and special mention loans are used by the Company to identify and track potential problem loans which do not rise to the levels described for substandard, doubtful, or loss. These are loans which have been criticized based upon known characteristics such as periodic payment delinquency, failure to comply with contractual terms of the loan or stale financial information from the borrower and/or guarantors. Loans identified as criticized (watch and special mention) or classified (substandard, doubtful or loss) are subject to problem loan reporting every three months. Management considers the guidance in FASB Accounting Standards Codification (“ASC”) 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. As of March 31, 2024 and December 31, 2023, the Company had no loans rated as doubtful or loss. The following tables represent a summary of loans at March 31, 2024 and December 31, 2023 by type and risk category: March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Total Loans (In thousands) One-to-four family residential Pass $ 4,973 $ 84,319 $ 140,053 $ 93,072 $ 59,345 $ 123,847 $ 505,609 Watch — — — — — 681 681 Special mention — — — — — 410 410 Substandard — — — — — — — Total one-to-four family residential $ 4,973 $ 84,319 $ 140,053 $ 93,072 $ 59,345 $ 124,938 $ 506,700 Current year-to-date (“YTD”) gross charge-offs $ — $ — $ — $ — $ — $ — $ — Multifamily Pass $ 48 $ 3,321 $ 7,963 $ 19,959 $ 43,025 $ 49,883 $ 124,199 Watch — — — — — 8,607 8,607 Substandard — — — — — 1,580 1,580 Total multifamily $ 48 $ 3,321 $ 7,963 $ 19,959 $ 43,025 $ 60,070 $ 134,386 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 496 $ 19,954 $ 34,860 $ 75,181 $ 77,705 $ 107,784 $ 315,980 Watch — — — 4,081 — 12,678 16,759 Special mention — — — — — — — Substandard — — — — 526 34,109 34,635 Total commercial real estate $ 496 $ 19,954 $ 34,860 $ 79,262 $ 78,231 $ 154,571 $ 367,374 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — (Continued) March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Total Loans (In thousands) Construction/land Pass $ 6,326 $ 22,882 $ 15,878 $ 11,921 $ — $ — $ 57,007 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total construction/land $ 6,326 $ 22,882 $ 15,878 $ 11,921 $ — $ — $ 57,007 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Business Pass $ 46 $ 1,654 $ 5,621 $ 416 $ 1,158 $ 11,529 $ 20,424 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total business $ 46 $ 1,654 $ 5,621 $ 416 $ 1,158 $ 11,529 $ 20,424 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 3,539 $ 22,771 $ 22,556 $ 9,517 $ 5,378 $ 7,978 $ 71,739 Watch — — 27 — — — 27 Special mention — 47 — — — — 47 Substandard — — — 201 — — 201 Total consumer $ 3,539 $ 22,818 $ 22,583 $ 9,718 $ 5,378 $ 7,978 $ 72,014 Current YTD gross charge-offs $ — $ — $ 10 $ — $ — $ — $ 10 Total loans receivable, gross Pass $ 15,428 $ 154,901 $ 226,931 $ 210,066 $ 186,611 $ 301,021 $ 1,094,958 Watch — — 27 4,081 — 21,966 26,074 Special mention — 47 — — — 410 457 Substandard — — — 201 526 35,689 36,416 Total loans $ 15,428 $ 154,948 $ 226,958 $ 214,348 $ 187,137 $ 359,086 $ 1,157,905 Current YTD gross charge-offs $ — $ — $ 10 $ — $ — $ — $ 10 December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Total Loans (In thousands) One-to-four family residential Pass $ 86,208 $ 142,563 $ 94,582 $ 61,946 $ 31,806 $ 95,012 $ 512,117 Watch — — — — — 683 683 Special mention — — — — — 130 130 Substandard — — — — — 293 293 Total one-to-four family residential $ 86,208 $ 142,563 $ 94,582 $ 61,946 $ 31,806 $ 96,118 $ 513,223 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Multifamily Pass $ 3,329 $ 8,332 $ 22,787 $ 43,259 $ 25,988 $ 30,561 $ 134,256 Watch — — — — — 2,303 2,303 Special mention — — — — — — — Substandard — — — — — 1,590 1,590 Total multifamily $ 3,329 $ 8,332 $ 22,787 $ 43,259 $ 25,988 $ 34,454 $ 138,149 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 20,026 $ 35,054 $ 73,727 $ 78,204 $ 8,337 $ 98,316 $ 313,664 Watch — — 4,108 — 12,745 3,322 20,175 Special mention — — — — — — — Substandard — — — 526 1,295 42,199 44,020 Total commercial real estate $ 20,026 $ 35,054 $ 77,835 $ 78,730 $ 22,377 $ 143,837 $ 377,859 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Construction/land Pass $ 14,797 $ 26,286 $ 19,841 $ — $ — $ — $ 60,924 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total construction/land $ 14,797 $ 26,286 $ 19,841 $ — $ — $ — $ 60,924 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Business Pass $ 1,480 $ 6,358 $ 388 $ 1,272 $ 1,486 $ 18,097 $ 29,081 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total business $ 1,480 $ 6,358 $ 388 $ 1,272 $ 1,486 $ 18,097 $ 29,081 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — (Continued) December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Total Loans (In thousands) Consumer Pass $ 23,937 $ 23,921 $ 10,190 $ 5,523 $ 5,260 $ 2,917 $ 71,748 Watch — 27 — — — — 27 Special mention — — — — — — — Substandard — 19 201 — — — 220 Total consumer $ 23,937 $ 23,967 $ 10,391 $ 5,523 $ 5,260 $ 2,917 $ 71,995 Current YTD gross charge-offs $ — $ — $ — $ — $ 22 $ — $ 22 Total loans receivable, gross Pass $ 149,777 $ 242,514 $ 221,515 $ 190,204 $ 72,877 $ 244,903 $ 1,121,790 Watch — 27 4,108 — 12,745 6,308 23,188 Special mention — — — — — 130 130 Substandard — 19 201 526 1,295 44,082 46,123 Total loans $ 149,777 $ 242,560 $ 225,824 $ 190,730 $ 86,917 $ 295,423 $ 1,191,231 Current YTD gross charge-offs $ — $ — $ — $ — $ 22 $ — $ 22 ACL . ACL is a valuation account that is deducted from the loans amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the non-collectability of a loan balance is confirmed. Expected recoveries may not exceed the aggregate amounts previously charged-off and expected to be charged-off. The ACL, as reported in our consolidated balance sheets, is adjusted by a provision or recapture of provision for credit losses, which is reported in earnings, and reduced by the charge-offs of loan amounts, net of recoveries. When the Company classifies problem assets as either substandard or doubtful, pursuant to Federal regulations, or identifies a loan where it is uncertain if the Company will be able to collect all amounts due according to the contractual terms of the loan, it may establish a specific allowance in an amount deemed prudent to address the risk specifically. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been specifically allocated to the particular problem assets. When an insured institution classifies problem assets as a loss, pursuant to Federal regulations, it is required to charge off such assets in the period in which they are deemed uncollectible. The determination as to the classification of the Company’s assets and the amount of valuation allowance is subject to review by bank regulators, who can require the establishment of additional allowances for credit losses. At March 31, 2024 and 2023, $395,000 and $473,000 of loans originated under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”), respectively, were excluded from the ACL calculation because of the government guarantee on repayment. Activity in the ACL for loans and the allowance for unfunded commitments was as follows: Three Months Ended March 31, 2024 ACL - loans: Beginning balance $ 15,306 Charge-offs (10) Recoveries — Recapture of provision for credit losses (300) Ending balance $ 14,996 Allowance for unfunded commitments: Beginning balance $ 439 Provision for credit losses 125 Ending balance $ 564 Recapture of provision for credit losses Loans $ (300) Unfunded commitments 125 Total $ (175) The following tables detail activity in the ACL on loans at or for the three months ended March 31, 2024 and March 31, 2023, by loan category: At or For the Three Months Ended March 31, 2024 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ACL: Beginning balance $ 5,747 $ 1,509 $ 3,895 $ 1,856 $ 387 $ 1,912 $ 15,306 Charge-offs — — — — — (10) (10) (Recapture of provision) provision (129) 22 (79) (2) (114) 2 (300) Ending balance $ 5,618 $ 1,531 $ 3,816 $ 1,854 $ 273 $ 1,904 $ 14,996 At or For the Three Months Ended March 31, 2023 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ACL: Beginning balance $ 4,043 $ 1,210 $ 5,397 $ 1,717 $ 948 $ 1,912 $ 15,227 Adjustment for adoption of Topic 326 1,520 83 (970) 408 (510) (31) 500 Recoveries 1 — — — — — 1 Provision (recapture of provision) 47 314 69 (332) (25) 227 300 Ending balance $ 5,611 $ 1,607 $ 4,496 $ 1,793 $ 413 $ 2,108 $ 16,028 Past Due Loans. Loans are considered past due if a scheduled principal or interest payment is due and unpaid for 30 days or more. At March 31, 2024, loans past due were $1.1 million, representing 0.09% of total loans receivable. In comparison, past due loans totaled $1.4 million, representing 0.12% of total loans receivable at December 31, 2023. The following tables present a summary of the aging of loans by type at the dates indicated: Loans Past Due as of March 31, 2024 30-59 Days 60-89 Days 90 Days Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ 37 $ — $ — $ 37 $ 283,361 $ 283,398 Non-owner occupied — — 23 23 223,279 223,302 Multifamily — — — — 134,386 134,386 Commercial real estate — — — — 367,374 367,374 Construction/land — — — — 57,007 57,007 Total real estate 37 — 23 60 1,065,407 1,065,467 Business — — — — 20,424 20,424 Consumer 759 8 225 992 71,022 72,014 Total loans $ 796 $ 8 $ 248 $ 1,052 $ 1,156,853 $ 1,157,905 ________________ (1) Includes two loans totaling $47,000 that are 90 days or more past due and still accruing interest. Loans Past Due as of December 31, 2023 30-59 Days 60-89 Days 90 Days Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ — $ 378 $ 293 $ 671 $ 283,800 $ 284,471 Non-owner occupied — — 24 24 228,728 228,752 Multifamily — — — — 138,149 138,149 Commercial real estate — — — — 377,859 377,859 Construction/land — — — — 60,924 60,924 Total real estate — 378 317 695 1,089,460 1,090,155 Business — — — — 29,081 29,081 Consumer 453 9 220 682 71,313 71,995 Total loans $ 453 $ 387 $ 537 $ 1,377 $ 1,189,854 $ 1,191,231 _________________ (1) Includes two loans totaling $317,000 that are 90 days or more past due and still accruing interest. Nonaccrual Loans. When a loan becomes 90 days past due, the Company generally places the loan on nonaccrual status. Loans may be placed on nonaccrual status prior to being 90 days past due if there is an identified problem that indicates the borrower is unable to meet their scheduled payment obligations. Nonaccrual loans were $201,000 at March 31, 2024 and $220,000 at December 31, 2023 . The following tables present a summary of loans individually evaluated for credit losses at March 31, 2024 and December 31, 2023, by type of loan: March 31, 2024 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: Multifamily $ 1,580 $ 1,581 $ — Commercial real estate 34,635 34,709 — Total $ 36,215 $ 36,290 $ — ________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. December 31, 2023 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 293 $ 295 $ — Multifamily 1,590 1,591 — Commercial real estate 44,021 44,121 — Total 45,904 46,007 — Loans with an allowance: Consumer 19 18 11 Total 19 18 11 Total individually evaluated loans: One-to-four family residential: Owner occupied 293 295 — Multifamily 1,590 1,591 — Commercial real estate 44,021 44,121 — Consumer 19 18 11 Total $ 45,923 $ 46,025 $ 11 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due and still accruing as of March 31, 2024: March 31, 2024 Nonaccrual with No ACL Nonaccrual with ACL Total Nonaccrual 90 Days or More Past Due and Still Accruing (In thousands) Consumer Loans $ — $ 201 $ 201 $ 47 Total $ — $ 201 $ 201 $ 47 Loan Modifications to Borrowers Experiencing Financial Difficulty. |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets Included | 3 Months Ended |
Mar. 31, 2024 | |
Other Real Estate [Abstract] | |
Other Assets Disclosure | Prepaid Expenses and Other Assets Included in “Prepaid expenses and other assets” on the Company’s Consolidated Balance Sheets is an investment that the Company has in a Fintech Focused Fund (the “Fund”) that is designed to help accelerate technology adoption at banks. This equity investment is held at fair value, as reported by the Fund and was $564,000 at March 31, 2024. During the three months ended March 31, 2024, we made no contribution to the Fund and recognized gains of $51,000. During the three months ended March 31, 2023, we contributed $100,000 to the Fund and recognized losses of $10,000. The Company has committed up to $1.0 million in capital for the Fund; however, the Company is not obligated to fund these commitments prior to a capital call. Five capital calls totaling $470,000 have been made since the Company’s investment in the Fund. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Company measures the fair value of financial instruments for reporting in accordance with ASC Topic 820, Fair Value Measurements . Fair values of assets or liabilities are based on estimates of the exit price, which is the price that would be received to sell an asset or paid to transfer a liability. When available, observable market transactions or market information is used. The fair value estimate of loans receivable was based on similar techniques, with the addition of current origination spreads, liquidity premiums, or credit adjustments. The fair value of nonperforming loans is based on the underlying value of the collateral. The Company determines the fair values of its financial instruments based on the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair values. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect its estimate for market assumptions. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions that market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from an independent source. Unobservable inputs are assumptions based on the Company’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable. • Level 3 - Instruments whose significant value drivers are unobservable. The Company used the following methods to measure fair value on a recurring or nonrecurring basis: • Investments available-for-sale: The fair value of all investments, excluding FHLB stock, is based upon quoted market prices for similar investments in active markets, identical or similar investments in markets that are not active, and model-derived valuations whose inputs are observable. • Loans individually evaluated: The fair value of individually evaluated loans is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. • Derivatives: The fair value of derivatives is based on pricing models utilizing observable market data and discounted cash flow methodologies for which the determination of fair value may require significant management judgement or estimation. The tables below present the balances of assets measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at March 31, 2024 and December 31, 2023: Fair Value Measurements at March 31, 2024 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 9,764 $ — $ 9,764 $ — Freddie Mac 11,000 — 11,000 — Ginnie Mae 26,502 — 26,502 — Other 28,502 — 28,502 — Municipal bonds 31,510 — 31,510 — U.S. Government agencies 43,719 14,905 28,814 — Corporate bonds 29,379 — 29,379 — Total available-for-sale investments 180,376 14,905 165,471 — Derivative fair value asset 8,376 — 8,376 — Total $ 188,752 $ 14,905 $ 173,847 $ — Fair Value Measurements at December 31, 2023 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 9,878 $ — $ 9,878 $ — Freddie Mac 11,179 — 11,179 — Ginnie Mae 26,580 — 26,580 — Other 29,193 — 29,193 — Municipal bonds 31,849 — 31,849 — U.S. Government agencies 69,957 39,603 30,354 — Corporate bonds 29,279 — 29,279 — Total available-for-sale investments 207,915 39,603 168,312 — Derivative fair value asset 7,565 — 7,565 — Total $ 215,480 $ 39,603 $ 175,877 $ — The estimated fair value of Level 2 investments is based on quoted prices for similar investments in active markets, identical or similar investments in markets that are not active and model-derived valuations whose inputs are observable. The tables below present the balances of assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023: Fair Value Measurements at March 31, 2024 Fair Value Quoted Prices in Significant Significant (In thousands) Collateral dependent loans included in loans receivable $ 36,215 $ — $ — $ 36,215 Total $ 36,215 $ — $ — $ 36,215 Fair Value Measurements at December 31, 2023 Fair Value Quoted Prices in Significant Significant (In thousands) Collateral dependent loans included in loans receivable $ 45,912 $ — $ — $ 45,912 Total $ 45,912 $ — $ — $ 45,912 The fair value of collateral dependent (individually evaluated) loans reflects the exit price and is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, less estimated costs to sell. Some of these inputs may not be observable in the marketplace. Appraised values may be discounted based on management’s knowledge of the marketplace, subsequent changes in market conditions, or management’s knowledge of the borrower. The following tables present quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023: March 31, 2024 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Collateral dependent loans $ 36,215 Market approach Appraised value of collateral discounted by expected selling costs 0.0% - 15.8% (0.04%) December 31, 2023 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Collateral dependent loans $ 45,912 Market approach Appraised value of collateral discounted by expected selling costs 0.0% - 14.26% (0.04%) The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: March 31, 2024 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 8,789 $ 8,789 $ 8,789 $ — $ — Interest-earning deposits with banks 40,272 40,272 40,272 — — Investments available-for-sale 180,376 180,376 14,905 165,471 — Investments held-to-maturity 2,451 2,451 — 2,451 — Loans receivable, net 1,142,909 1,082,690 — — 1,082,690 FHLB stock 6,078 6,078 — 6,078 — Accrued interest receivable 7,176 7,176 — 7,176 — Derivative fair value asset 8,376 8,376 — 8,376 — Financial Liabilities: Deposits 714,243 714,243 714,243 — — Certificates of deposit, retail 366,507 362,521 — 362,521 — Brokered deposits 86,146 86,198 — 86,198 — Advances from the FHLB 115,000 114,996 — 114,996 — Accrued interest payable 1,134 1,134 — 1,134 — December 31, 2023 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 8,391 $ 8,391 $ 8,391 $ — $ — Interest-earning deposits with banks 22,138 22,138 22,138 — — Investments available-for-sale 207,915 207,915 39,603 168,312 — Investments held-to-maturity 2,456 2,456 — 2,456 — Loans receivable, net 1,175,925 1,113,642 — — 1,113,642 FHLB stock 6,527 6,527 — 6,527 — Accrued interest receivable 7,359 7,359 — 7,359 — Derivative fair value asset 7,565 7,565 — 7,565 — Financial Liabilities: Deposits 706,162 706,162 706,162 — — Certificates of deposit, retail 357,154 353,881 — 353,881 — Brokered deposits 130,791 130,977 — 130,977 — Advances from the FHLB 125,000 124,976 — 124,976 — Accrued interest payable 2,739 2,739 — 2,739 — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company follows ASC Topic 842, Leases , recognizing ROU assets and related lease liabilities on the Company’s Consolidated Balance Sheets. At March 31, 2024, the Company had 13 operating leases for retail branch locations. The remaining lease terms range from two months to 6.8 years, with most leases carrying optional extensions of three The minimum monthly lease payments are generally based on square footage of the leased premises, with escalating minimum rent over the lease term. At March 31, 2024, the Company was committed to paying $75,000 per month in minimum monthly lease payments. The minimum monthly lease payment over the initial lease term, including any free rent period, was used to calculate the ROU asset and lease liability. The Company’s current leases do not include any non-lease components. Total lease expense included on the Company’s Consolidated Income Statements includes the amortized lease expense under ASC Topic 842, Leases , combined with variable lease expenses for maintenance or other expenses as defined in the individual lease agreements. The following table includes details on these items at and for the dates indicated: At or For the Three Months Ended March 31, 2024 March 31, 2023 (Dollars in thousands) Lease expense, quarter-to-date $ 283 $ 284 Lease expense, year-to-date 283 284 ROU asset 2,415 3,194 Lease liability 2,598 3,374 Weighted average remaining term 4.7 years 5.2 years Weighted average discount rate 2.24 % 2.23 % The following table provides a reconciliation between the undiscounted minimum lease payments at March 31, 2024 and the discounted lease liability at that date: March 31, 2024 (In thousands) Due through one year $ 810 Due after one year through two years 626 Due after two years through three years 318 Due after three years through four years 305 Due after four years through five years 311 Due after five years 353 Total minimum lease payments 2,723 Less: present value discount 125 Lease liability $ 2,598 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivative financial instruments, in particular, interest rate swaps, which are designated as cash flow hedges, to manage the risk of changes in future cash flows due to interest rate fluctuations. At March 31, 2024, the hedged cash flows had a total notional amount of $115.0 million and consisted of rolling one-month or three-month FHLB advances that renew at the fixed interest rate at each renewal date. These hedging instruments have two Quarterly, the effectiveness evaluation is based upon the fluctuation of the fixed rate interest the Company pays to the FHLB for the period compared to the one-month or three-month SOFR-based interest received from the counterparty. At March 31, 2024, a $8.4 million net fair value gain of the cash flow hedges was reported with other assets on the Company’s Consolidated Balance Sheet. The tax effected amount of $6.6 million was included in accumulated other comprehensive income on the Company’s Consolidated Balance Sheets. There were no amounts recorded on the Consolidated Income Statements for the three months ended March 31, 2024 or 2023, related to ineffectiveness. Fair value for these derivative instruments, which generally changes as a result of changes in the level of market interest rates, is estimated based on dealer quotes and secondary market sources. The following table presents the fair value of these derivative instruments as of March 31, 2024 and December 31, 2023: Balance Sheet Location Fair Value at Fair Value at (In thousands) Interest rate swaps on FHLB debt Other Assets $ 8,376 $ 7,565 The following table presents the net unrealized gains and losses, net of tax, from these derivative instruments included on the Consolidated Statements of Comprehensive Income at the dates indicated: Amount Recognized in OCI for the Amount Recognized in OCI for the (In thousands) Interest rate swaps on FHLB debt $ 641 $ (1,224) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In June 2016, First Financial Northwest’s shareholders approved the First Financial Northwest, Inc. 2016 Equity Incentive Plan (“2016 Plan”). This plan provides for the granting of incentive stock options, non-qualified stock options, restricted stock and restricted stock units until June 2026. The 2016 Plan established 1,400,000 shares available to grant with a maximum of 400,000 of these shares available to grant as restricted stock awards. Each share issued as a restricted stock award counts as two shares towards the total shares available to award. As a result of the approval of the 2016 Plan, the First Financial Northwest, Inc. 2008 Equity Incentive Plan (“2008 Plan”) was frozen with no additional awards being made under the 2008 Plan. Restricted stock awards and stock options that were granted under the 2008 Plan are fully vested and unexercised options remain exercisable, subject to the provision of the 2008 Plan and the respective award agreements. At March 31, 2024, there were 833,252 total shares available for grant under the 2016 Plan, including 136,626 shares available to be granted as restricted stock. Under the 2016 Plan, the vesting date for each option award or restricted stock award is determined by an award committee and specified in the award agreement. In the case of restricted stock awards granted in lieu of cash payments of directors’ fees, the grant date is used as the vesting date unless the award agreement provides otherwise. For the three months ended March 31, 2024 and 2023, total compensation expense for awards granted under the 2016 Plan was $102,000 and $128,000, respectively, and the related income tax benefit was $21,000 and $27,000, respectively. Stock Options Under the 2008 Plan, stock option awards were granted with an exercise price equal to the market price of First Financial Northwest’s common stock at the grant date. These option awards have a vesting period of five years, with 20% vesting on the anniversary date of each grant date, and a contractual life of ten years. Any unexercised stock options expire ten years after the grant date, or sooner in the event of the award recipient’s death, disability or termination of service with the Company. At March 31, 2024, there were 122,500 stock options from the 2008 Plan vested and available for exercise, subject to the 2008 Plan provisions. Under the 2016 Plan, the exercise price and vesting period for stock options are determined by the award committee and specified in the award agreement, however, the exercise price shall not be less than the fair market value of a share as of the grant date. Any unexercised stock option will expire 10 years after the award date or sooner in the event of the award recipient’s death, disability, retirement, or termination of service. There were no stock options granted under the plan for the three months ended March 31, 2024. The fair value of each option award is estimated on the grant date using a Black-Scholes model that uses the following assumptions. The dividend yield is based on the current quarterly dividend in effect at the time of the grant. Historical employment data is used to estimate the forfeiture rate. The historical volatility of the Company’s stock price over a specified period of time is used for the expected volatility assumption. First Financial Northwest bases the risk-free interest rate on the U.S. Treasury Constant Maturity Indices in effect on the date of the grant. First Financial Northwest elected to use the “Share-Based Payments” method permitted by the SEC to calculate the expected term. This method uses the vesting term of an option along with the contractual term, setting the expected life at the midpoint. Under certain conditions, a cashless exercise of vested stock options may occur by the option holder surrendering the number of options valued at the current stock price at the time of exercise to cover the total cost to exercise. The surrendered options are canceled and are unavailable for reissue. The Company’s stock option plan awards and activity for the three months ended March 31, 2024 are summarized as follows: For the Three Months Ended March 31, 2024 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 162,500 $ 11.65 $ 296,775 $ 3.98 Exercised — — — — Outstanding at March 31, 2024 162,500 11.65 2.90 1,447,225 3.98 Vested and expected to vest assuming a 3% forfeiture rate over the vesting term 161,300 11.65 2.85 1,437,025 3.99 Exercisable at March 31, 2024 122,500 11.52 0.80 1,107,225 4.30 As of March 31, 2024, there was $96,582 of total unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over the remaining weighted-average vesting period of 3.3 years. There were no stock options granted during the three months ended March 31, 2024. Restricted Stock Awards The 2016 Plan authorizes the grant of restricted stock awards subject to vesting periods or terms as defined by the award committee and specified in the award agreement. Restricted stock awards granted in lieu of cash payments for directors’ fees are subject to immediate vesting on the grant date unless the award agreement provides otherwise. Changes in nonvested restricted stock awards for the three months ended March 31, 2024, are summarized as follows: For the Three Months Ended March 31, 2024 Shares Weighted-Average Nonvested at January 1, 2024 27,618 $ 14.92 Granted 7,673 20.68 Vested (27,618) 14.92 Nonvested at March 31, 2024 7,673 20.68 Expected to vest assuming a 3% forfeiture rate over the vesting term 7,443 20.68 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The table below presents the changes in accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2024 and 2023. Unrealized Gains (Losses) on Available-for-Sale Securities Unrealized Gains (Losses) on Cash Flow Hedges Total (In thousands) Balance December 31, 2023 $ (13,649) $ 5,976 $ (7,673) Other comprehensive gain before reclassifications 314 641 955 Net other comprehensive gain 314 641 955 Balance March 31, 2024 $ (13,335) $ 6,617 $ (6,718) Balance December 31, 2022 $ (15,497) $ 8,283 $ (7,214) Other comprehensive loss before reclassifications (51) (1,224) (1,275) Net other comprehensive loss (51) (1,224) (1,275) Balance March 31, 2023 $ (15,548) $ 7,059 $ (8,489) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Per the provisions of FASB ASC 260, Earnings Per Share , nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings, or absorb losses. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period, excluding participating nonvested restricted shares. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated: Three Months Ended March 31, 2024 2023 (Dollars in thousands, except per share data) Net (loss) income $ (1,076) $ 2,122 Less: Earnings allocated to participating securities 1 (6) (Loss) earnings allocated to common shareholders $ (1,075) $ 2,116 Basic weighted average common shares outstanding 9,159,339 9,104,371 Dilutive stock options — 51,350 Dilutive restricted stock grants — 17,555 Diluted weighted average common shares outstanding 9,159,339 9,173,276 Basic (loss) earnings per share $ (0.12) $ 0.23 Diluted (loss) earnings per share $ (0.12) $ 0.23 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition In accordance with ASU 2014-09, Revenue from Contracts with Customers Topic 606 , revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Company expects to be entitled to receive. To determine the appropriate recognition of revenue for transactions within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when the entity satisfies a performance obligation. A contract may not exist if there are doubts as to collectability of the amounts the Company is entitled to in exchange for the goods or services transferred. If a contract is determined to be within the scope of Topic 606, the Company recognizes revenue as it satisfies a performance obligation. The largest portion of the Company’s revenue is from net interest income which is not within the scope of Topic 606. Disaggregation of Revenue The following table includes the Company’s noninterest income disaggregated by type of service for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) BOLI change in cash surrender value (1) $ 351 $ 308 Wealth management revenue 95 45 Deposit related fees 78 72 Debit card and ATM fees 143 151 Loan related fees 58 91 Other 62 (2) Total noninterest income $ 787 $ 665 _______________ (1) Not within scope of Topic 606 For both the three months ended March 31, 2024 and 2023, substantially all of the Company’s revenues under the scope of Topic 606 are for performance obligations satisfied at a specified date. Revenues recognized within scope of Topic 606 Wealth management revenue: Our wealth management revenue consists of commissions received on the investment portfolio managed by Bank personnel but held by a third party. Commissions are earned on brokerage services and advisory services based on contract terms at the onset of a new customer’s investment agreement or quarterly for ongoing services. Commissions are paid by the third party to the Company when the performance obligation has been completed by both entities. Deposit related fees: Fees are earned on deposit accounts for various products or services performed for the Company’s customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box, and others. These fees are recognized on a daily or monthly basis, depending on the type of service. Debit card and ATM fees: Fees are earned when a debit card issued by the Company is used or when another financial institution’s customer uses the Company’s ATM services. Revenue is recognized at the time the fees are collected from the customer’s account or remitted by the VISA interchange network. Loan related fees: Noninterest fee income is earned on loans for servicing or annual fees earned on certain loan types. Fees are also earned on the prepayment of certain loans and are recognized at the time the loan is paid off. Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle. Also included is income relating to our investment in a Fintech Focused Fund. Contract Balances |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages in a tabular format. The guidance requires the rate reconciliation to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more of the amount determined by multiplying pretax income (loss) from continuing operations by the applicable statutory rate. For entities reconciling to the U.S. statutory rate of 21%, this would generally require disclosing any reconciling items that impact the rate by 1.05% or more. ASU 2023-09 also identifies specific categories that would require disclosure, including the following: • State and local income tax, net of federal (national) income tax effect; • Foreign tax effects; • Effect of changes in tax laws or rates enacted in the current period; • Effect of cross-border tax laws; • Enactment of new tax laws; • Nontaxable or nondeductible items; • Tax credits; • Changes in valuation allowances; and • Changes in unrecognized tax benefits. ASU 2023-09 makes changes to annual disclosures of income taxes paid for all entities. ASU 2023-09 requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. Additionally, entities are required to disclose income taxes paid, net of refunds received, for individual jurisdictions that comprise 5% or more of total income taxes paid. The 5% threshold is evaluated using the absolute value of the net refund or net payment in each jurisdiction compared to the absolute value of the total income taxes paid (net of refunds received). ASU 2023-09 requires all entities to disclose disaggregated domestic and foreign pre-tax income (or loss) from continuing operations along with disaggregated income tax expense (or benefit) by federal, state and foreign components. Such disaggregation by jurisdiction should classify taxes by jurisdiction based on the jurisdiction imposing the taxes. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of this ASU to have a material impact on its business operations or financial condition. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Available-for-sale Securities | Investments available-for-sale are summarized as follows at the dates indicated: March 31, 2024 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 11,507 $ — $ (1,743) $ 9,764 Freddie Mac 12,887 — (1,887) 11,000 Ginnie Mae 27,755 159 (1,412) 26,502 Other 29,689 4 (1,191) 28,502 Municipal bonds 36,471 17 (4,978) 31,510 U.S. Government agencies 44,478 4 (763) 43,719 Corporate bonds 33,000 — (3,621) 29,379 Total $ 195,787 $ 184 $ (15,595) $ 180,376 December 31, 2023 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 11,562 $ — $ (1,684) $ 9,878 Freddie Mac 12,934 — (1,755) 11,179 Ginnie Mae 28,096 — (1,516) 26,580 Other 30,559 — (1,366) 29,193 Municipal bonds 36,571 42 (4,764) 31,849 U.S. Government agencies 71,003 5 (1,051) 69,957 Corporate bonds 33,000 — (3,721) 29,279 Total $ 223,725 $ 47 $ (15,857) $ 207,915 |
Schedule of Available for sale Securities in Continuous Unrealized Loss positions | The tables below summarize the aggregate fair value and gross unrealized loss by length of time those investment securities have been continuously in an unrealized loss position at the dates indicated: March 31, 2024 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ 9,764 $ (1,743) $ 9,764 $ (1,743) Freddie Mac — — 11,000 (1,887) 11,000 (1,887) Ginnie Mae — — 14,695 (1,412) 14,695 (1,412) Other 854 (10) 25,385 (1,181) 26,239 (1,191) Municipal bonds 640 (6) 29,091 (4,972) 29,731 (4,978) U.S. Government agencies 1,396 (3) 40,135 (760) 41,531 (763) Corporate bonds 5,843 (157) 23,536 (3,464) 29,379 (3,621) Total $ 8,733 $ (176) $ 153,606 $ (15,419) $ 162,339 $ (15,595) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ 9,878 $ (1,684) $ 9,878 $ (1,684) Freddie Mac 671 (57) 10,508 (1,698) 11,179 (1,755) Ginnie Mae 11,601 (70) 14,979 (1,446) 26,580 (1,516) Other — — 28,330 (1,366) 28,330 (1,366) Municipal bonds 2,477 (16) 26,916 (4,748) 29,393 (4,764) U.S. Government agencies — — 67,440 (1,051) 67,440 (1,051) Corporate bonds 5,966 (34) 23,313 (3,687) 29,279 (3,721) Total $ 20,715 $ (177) $ 181,364 $ (15,680) $ 202,079 $ (15,857) |
Schedule of Available for sale Securities, Debt Maturities | The amortized cost and estimated fair value of investments available-for-sale at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage-backed investments, are shown separately. March 31, 2024 Amortized Cost Fair Value (In thousands) Due within one year $ 14,959 $ 14,906 Due after one year through five years 11,049 10,705 Due after five years through ten years 33,403 29,477 Due after ten years 54,538 49,520 113,949 104,608 Mortgage-backed investments 81,838 75,768 Total $ 195,787 $ 180,376 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans receivable are summarized as follows at the dates indicated: March 31, 2024 December 31, 2023 (In thousands) One-to-four family residential: Permanent owner occupied $ 283,398 $ 284,471 Permanent non-owner occupied 223,302 228,752 506,700 513,223 Multifamily 134,386 138,149 Commercial real estate 367,374 377,859 Construction/land: One-to-four family residential 43,411 47,149 Multifamily 5,266 4,004 Land 8,330 9,771 57,007 60,924 Business 20,424 29,081 Consumer 72,014 71,995 Total loans receivable, gross 1,157,905 1,191,231 Less: ACL for loans 14,996 15,306 Total loans receivable, net $ 1,142,909 $ 1,175,925 |
Financing Receivables, Summary of Loans by Type and Risk Category | As of March 31, 2024 and December 31, 2023, the Company had no loans rated as doubtful or loss. The following tables represent a summary of loans at March 31, 2024 and December 31, 2023 by type and risk category: March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Total Loans (In thousands) One-to-four family residential Pass $ 4,973 $ 84,319 $ 140,053 $ 93,072 $ 59,345 $ 123,847 $ 505,609 Watch — — — — — 681 681 Special mention — — — — — 410 410 Substandard — — — — — — — Total one-to-four family residential $ 4,973 $ 84,319 $ 140,053 $ 93,072 $ 59,345 $ 124,938 $ 506,700 Current year-to-date (“YTD”) gross charge-offs $ — $ — $ — $ — $ — $ — $ — Multifamily Pass $ 48 $ 3,321 $ 7,963 $ 19,959 $ 43,025 $ 49,883 $ 124,199 Watch — — — — — 8,607 8,607 Substandard — — — — — 1,580 1,580 Total multifamily $ 48 $ 3,321 $ 7,963 $ 19,959 $ 43,025 $ 60,070 $ 134,386 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 496 $ 19,954 $ 34,860 $ 75,181 $ 77,705 $ 107,784 $ 315,980 Watch — — — 4,081 — 12,678 16,759 Special mention — — — — — — — Substandard — — — — 526 34,109 34,635 Total commercial real estate $ 496 $ 19,954 $ 34,860 $ 79,262 $ 78,231 $ 154,571 $ 367,374 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — (Continued) March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Total Loans (In thousands) Construction/land Pass $ 6,326 $ 22,882 $ 15,878 $ 11,921 $ — $ — $ 57,007 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total construction/land $ 6,326 $ 22,882 $ 15,878 $ 11,921 $ — $ — $ 57,007 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Business Pass $ 46 $ 1,654 $ 5,621 $ 416 $ 1,158 $ 11,529 $ 20,424 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total business $ 46 $ 1,654 $ 5,621 $ 416 $ 1,158 $ 11,529 $ 20,424 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 3,539 $ 22,771 $ 22,556 $ 9,517 $ 5,378 $ 7,978 $ 71,739 Watch — — 27 — — — 27 Special mention — 47 — — — — 47 Substandard — — — 201 — — 201 Total consumer $ 3,539 $ 22,818 $ 22,583 $ 9,718 $ 5,378 $ 7,978 $ 72,014 Current YTD gross charge-offs $ — $ — $ 10 $ — $ — $ — $ 10 Total loans receivable, gross Pass $ 15,428 $ 154,901 $ 226,931 $ 210,066 $ 186,611 $ 301,021 $ 1,094,958 Watch — — 27 4,081 — 21,966 26,074 Special mention — 47 — — — 410 457 Substandard — — — 201 526 35,689 36,416 Total loans $ 15,428 $ 154,948 $ 226,958 $ 214,348 $ 187,137 $ 359,086 $ 1,157,905 Current YTD gross charge-offs $ — $ — $ 10 $ — $ — $ — $ 10 December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Total Loans (In thousands) One-to-four family residential Pass $ 86,208 $ 142,563 $ 94,582 $ 61,946 $ 31,806 $ 95,012 $ 512,117 Watch — — — — — 683 683 Special mention — — — — — 130 130 Substandard — — — — — 293 293 Total one-to-four family residential $ 86,208 $ 142,563 $ 94,582 $ 61,946 $ 31,806 $ 96,118 $ 513,223 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Multifamily Pass $ 3,329 $ 8,332 $ 22,787 $ 43,259 $ 25,988 $ 30,561 $ 134,256 Watch — — — — — 2,303 2,303 Special mention — — — — — — — Substandard — — — — — 1,590 1,590 Total multifamily $ 3,329 $ 8,332 $ 22,787 $ 43,259 $ 25,988 $ 34,454 $ 138,149 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 20,026 $ 35,054 $ 73,727 $ 78,204 $ 8,337 $ 98,316 $ 313,664 Watch — — 4,108 — 12,745 3,322 20,175 Special mention — — — — — — — Substandard — — — 526 1,295 42,199 44,020 Total commercial real estate $ 20,026 $ 35,054 $ 77,835 $ 78,730 $ 22,377 $ 143,837 $ 377,859 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Construction/land Pass $ 14,797 $ 26,286 $ 19,841 $ — $ — $ — $ 60,924 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total construction/land $ 14,797 $ 26,286 $ 19,841 $ — $ — $ — $ 60,924 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — Business Pass $ 1,480 $ 6,358 $ 388 $ 1,272 $ 1,486 $ 18,097 $ 29,081 Watch — — — — — — — Special mention — — — — — — — Substandard — — — — — — — Total business $ 1,480 $ 6,358 $ 388 $ 1,272 $ 1,486 $ 18,097 $ 29,081 Current YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — (Continued) December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Total Loans (In thousands) Consumer Pass $ 23,937 $ 23,921 $ 10,190 $ 5,523 $ 5,260 $ 2,917 $ 71,748 Watch — 27 — — — — 27 Special mention — — — — — — — Substandard — 19 201 — — — 220 Total consumer $ 23,937 $ 23,967 $ 10,391 $ 5,523 $ 5,260 $ 2,917 $ 71,995 Current YTD gross charge-offs $ — $ — $ — $ — $ 22 $ — $ 22 Total loans receivable, gross Pass $ 149,777 $ 242,514 $ 221,515 $ 190,204 $ 72,877 $ 244,903 $ 1,121,790 Watch — 27 4,108 — 12,745 6,308 23,188 Special mention — — — — — 130 130 Substandard — 19 201 526 1,295 44,082 46,123 Total loans $ 149,777 $ 242,560 $ 225,824 $ 190,730 $ 86,917 $ 295,423 $ 1,191,231 Current YTD gross charge-offs $ — $ — $ — $ — $ 22 $ — $ 22 |
Schedule of Allowance for Loan and Lease Losses and Unfunded Commitments | Activity in the ACL for loans and the allowance for unfunded commitments was as follows: Three Months Ended March 31, 2024 ACL - loans: Beginning balance $ 15,306 Charge-offs (10) Recoveries — Recapture of provision for credit losses (300) Ending balance $ 14,996 Allowance for unfunded commitments: Beginning balance $ 439 Provision for credit losses 125 Ending balance $ 564 Recapture of provision for credit losses Loans $ (300) Unfunded commitments 125 Total $ (175) |
Schedule of Allowance for Loan and Lease Losses, Roll Forward | The following tables detail activity in the ACL on loans at or for the three months ended March 31, 2024 and March 31, 2023, by loan category: At or For the Three Months Ended March 31, 2024 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ACL: Beginning balance $ 5,747 $ 1,509 $ 3,895 $ 1,856 $ 387 $ 1,912 $ 15,306 Charge-offs — — — — — (10) (10) (Recapture of provision) provision (129) 22 (79) (2) (114) 2 (300) Ending balance $ 5,618 $ 1,531 $ 3,816 $ 1,854 $ 273 $ 1,904 $ 14,996 At or For the Three Months Ended March 31, 2023 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ACL: Beginning balance $ 4,043 $ 1,210 $ 5,397 $ 1,717 $ 948 $ 1,912 $ 15,227 Adjustment for adoption of Topic 326 1,520 83 (970) 408 (510) (31) 500 Recoveries 1 — — — — — 1 Provision (recapture of provision) 47 314 69 (332) (25) 227 300 Ending balance $ 5,611 $ 1,607 $ 4,496 $ 1,793 $ 413 $ 2,108 $ 16,028 |
Financing Receivables, Aging of Loans | The following tables present a summary of the aging of loans by type at the dates indicated: Loans Past Due as of March 31, 2024 30-59 Days 60-89 Days 90 Days Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ 37 $ — $ — $ 37 $ 283,361 $ 283,398 Non-owner occupied — — 23 23 223,279 223,302 Multifamily — — — — 134,386 134,386 Commercial real estate — — — — 367,374 367,374 Construction/land — — — — 57,007 57,007 Total real estate 37 — 23 60 1,065,407 1,065,467 Business — — — — 20,424 20,424 Consumer 759 8 225 992 71,022 72,014 Total loans $ 796 $ 8 $ 248 $ 1,052 $ 1,156,853 $ 1,157,905 ________________ (1) Includes two loans totaling $47,000 that are 90 days or more past due and still accruing interest. Loans Past Due as of December 31, 2023 30-59 Days 60-89 Days 90 Days Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ — $ 378 $ 293 $ 671 $ 283,800 $ 284,471 Non-owner occupied — — 24 24 228,728 228,752 Multifamily — — — — 138,149 138,149 Commercial real estate — — — — 377,859 377,859 Construction/land — — — — 60,924 60,924 Total real estate — 378 317 695 1,089,460 1,090,155 Business — — — — 29,081 29,081 Consumer 453 9 220 682 71,313 71,995 Total loans $ 453 $ 387 $ 537 $ 1,377 $ 1,189,854 $ 1,191,231 _________________ (1) Includes two loans totaling $317,000 that are 90 days or more past due and still accruing interest. |
Schedule of Impaired Financing Receivables | The following tables present a summary of loans individually evaluated for credit losses at March 31, 2024 and December 31, 2023, by type of loan: March 31, 2024 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: Multifamily $ 1,580 $ 1,581 $ — Commercial real estate 34,635 34,709 — Total $ 36,215 $ 36,290 $ — ________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. December 31, 2023 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 293 $ 295 $ — Multifamily 1,590 1,591 — Commercial real estate 44,021 44,121 — Total 45,904 46,007 — Loans with an allowance: Consumer 19 18 11 Total 19 18 11 Total individually evaluated loans: One-to-four family residential: Owner occupied 293 295 — Multifamily 1,590 1,591 — Commercial real estate 44,021 44,121 — Consumer 19 18 11 Total $ 45,923 $ 46,025 $ 11 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. |
Financing Receivable, Modified | The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due and still accruing as of March 31, 2024: March 31, 2024 Nonaccrual with No ACL Nonaccrual with ACL Total Nonaccrual 90 Days or More Past Due and Still Accruing (In thousands) Consumer Loans $ — $ 201 $ 201 $ 47 Total $ — $ 201 $ 201 $ 47 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at March 31, 2024 and December 31, 2023: Fair Value Measurements at March 31, 2024 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 9,764 $ — $ 9,764 $ — Freddie Mac 11,000 — 11,000 — Ginnie Mae 26,502 — 26,502 — Other 28,502 — 28,502 — Municipal bonds 31,510 — 31,510 — U.S. Government agencies 43,719 14,905 28,814 — Corporate bonds 29,379 — 29,379 — Total available-for-sale investments 180,376 14,905 165,471 — Derivative fair value asset 8,376 — 8,376 — Total $ 188,752 $ 14,905 $ 173,847 $ — Fair Value Measurements at December 31, 2023 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 9,878 $ — $ 9,878 $ — Freddie Mac 11,179 — 11,179 — Ginnie Mae 26,580 — 26,580 — Other 29,193 — 29,193 — Municipal bonds 31,849 — 31,849 — U.S. Government agencies 69,957 39,603 30,354 — Corporate bonds 29,279 — 29,279 — Total available-for-sale investments 207,915 39,603 168,312 — Derivative fair value asset 7,565 — 7,565 — Total $ 215,480 $ 39,603 $ 175,877 $ — |
Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023: Fair Value Measurements at March 31, 2024 Fair Value Quoted Prices in Significant Significant (In thousands) Collateral dependent loans included in loans receivable $ 36,215 $ — $ — $ 36,215 Total $ 36,215 $ — $ — $ 36,215 Fair Value Measurements at December 31, 2023 Fair Value Quoted Prices in Significant Significant (In thousands) Collateral dependent loans included in loans receivable $ 45,912 $ — $ — $ 45,912 Total $ 45,912 $ — $ — $ 45,912 |
Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis | The following tables present quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023: March 31, 2024 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Collateral dependent loans $ 36,215 Market approach Appraised value of collateral discounted by expected selling costs 0.0% - 15.8% (0.04%) December 31, 2023 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Collateral dependent loans $ 45,912 Market approach Appraised value of collateral discounted by expected selling costs 0.0% - 14.26% (0.04%) |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: March 31, 2024 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 8,789 $ 8,789 $ 8,789 $ — $ — Interest-earning deposits with banks 40,272 40,272 40,272 — — Investments available-for-sale 180,376 180,376 14,905 165,471 — Investments held-to-maturity 2,451 2,451 — 2,451 — Loans receivable, net 1,142,909 1,082,690 — — 1,082,690 FHLB stock 6,078 6,078 — 6,078 — Accrued interest receivable 7,176 7,176 — 7,176 — Derivative fair value asset 8,376 8,376 — 8,376 — Financial Liabilities: Deposits 714,243 714,243 714,243 — — Certificates of deposit, retail 366,507 362,521 — 362,521 — Brokered deposits 86,146 86,198 — 86,198 — Advances from the FHLB 115,000 114,996 — 114,996 — Accrued interest payable 1,134 1,134 — 1,134 — December 31, 2023 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 8,391 $ 8,391 $ 8,391 $ — $ — Interest-earning deposits with banks 22,138 22,138 22,138 — — Investments available-for-sale 207,915 207,915 39,603 168,312 — Investments held-to-maturity 2,456 2,456 — 2,456 — Loans receivable, net 1,175,925 1,113,642 — — 1,113,642 FHLB stock 6,527 6,527 — 6,527 — Accrued interest receivable 7,359 7,359 — 7,359 — Derivative fair value asset 7,565 7,565 — 7,565 — Financial Liabilities: Deposits 706,162 706,162 706,162 — — Certificates of deposit, retail 357,154 353,881 — 353,881 — Brokered deposits 130,791 130,977 — 130,977 — Advances from the FHLB 125,000 124,976 — 124,976 — Accrued interest payable 2,739 2,739 — 2,739 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Components of Operating Leases | The following table includes details on these items at and for the dates indicated: At or For the Three Months Ended March 31, 2024 March 31, 2023 (Dollars in thousands) Lease expense, quarter-to-date $ 283 $ 284 Lease expense, year-to-date 283 284 ROU asset 2,415 3,194 Lease liability 2,598 3,374 Weighted average remaining term 4.7 years 5.2 years Weighted average discount rate 2.24 % 2.23 % |
Maturity of Leases | The following table provides a reconciliation between the undiscounted minimum lease payments at March 31, 2024 and the discounted lease liability at that date: March 31, 2024 (In thousands) Due through one year $ 810 Due after one year through two years 626 Due after two years through three years 318 Due after three years through four years 305 Due after four years through five years 311 Due after five years 353 Total minimum lease payments 2,723 Less: present value discount 125 Lease liability $ 2,598 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the fair value of these derivative instruments as of March 31, 2024 and December 31, 2023: Balance Sheet Location Fair Value at Fair Value at (In thousands) Interest rate swaps on FHLB debt Other Assets $ 8,376 $ 7,565 |
Derivative Instruments, Gain (Loss) | The following table presents the net unrealized gains and losses, net of tax, from these derivative instruments included on the Consolidated Statements of Comprehensive Income at the dates indicated: Amount Recognized in OCI for the Amount Recognized in OCI for the (In thousands) Interest rate swaps on FHLB debt $ 641 $ (1,224) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company’s stock option plan awards and activity for the three months ended March 31, 2024 are summarized as follows: For the Three Months Ended March 31, 2024 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 162,500 $ 11.65 $ 296,775 $ 3.98 Exercised — — — — Outstanding at March 31, 2024 162,500 11.65 2.90 1,447,225 3.98 Vested and expected to vest assuming a 3% forfeiture rate over the vesting term 161,300 11.65 2.85 1,437,025 3.99 Exercisable at March 31, 2024 122,500 11.52 0.80 1,107,225 4.30 |
Nonvested Restricted Stock Shares Activity | Changes in nonvested restricted stock awards for the three months ended March 31, 2024, are summarized as follows: For the Three Months Ended March 31, 2024 Shares Weighted-Average Nonvested at January 1, 2024 27,618 $ 14.92 Granted 7,673 20.68 Vested (27,618) 14.92 Nonvested at March 31, 2024 7,673 20.68 Expected to vest assuming a 3% forfeiture rate over the vesting term 7,443 20.68 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents the changes in accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2024 and 2023. Unrealized Gains (Losses) on Available-for-Sale Securities Unrealized Gains (Losses) on Cash Flow Hedges Total (In thousands) Balance December 31, 2023 $ (13,649) $ 5,976 $ (7,673) Other comprehensive gain before reclassifications 314 641 955 Net other comprehensive gain 314 641 955 Balance March 31, 2024 $ (13,335) $ 6,617 $ (6,718) Balance December 31, 2022 $ (15,497) $ 8,283 $ (7,214) Other comprehensive loss before reclassifications (51) (1,224) (1,275) Net other comprehensive loss (51) (1,224) (1,275) Balance March 31, 2023 $ (15,548) $ 7,059 $ (8,489) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated: Three Months Ended March 31, 2024 2023 (Dollars in thousands, except per share data) Net (loss) income $ (1,076) $ 2,122 Less: Earnings allocated to participating securities 1 (6) (Loss) earnings allocated to common shareholders $ (1,075) $ 2,116 Basic weighted average common shares outstanding 9,159,339 9,104,371 Dilutive stock options — 51,350 Dilutive restricted stock grants — 17,555 Diluted weighted average common shares outstanding 9,159,339 9,173,276 Basic (loss) earnings per share $ (0.12) $ 0.23 Diluted (loss) earnings per share $ (0.12) $ 0.23 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table includes the Company’s noninterest income disaggregated by type of service for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) BOLI change in cash surrender value (1) $ 351 $ 308 Wealth management revenue 95 45 Deposit related fees 78 72 Debit card and ATM fees 143 151 Loan related fees 58 91 Other 62 (2) Total noninterest income $ 787 $ 665 _______________ (1) Not within scope of Topic 606 |
Description of Business (Narrat
Description of Business (Narrative) (Details) $ in Millions | Jan. 10, 2024 USD ($) | Mar. 31, 2024 loan location |
Business Acquisition [Line Items] | ||
Number of locations in which entity operates | loan | 15 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Asset Sale | ||
Business Acquisition [Line Items] | ||
Consideration | $ | $ 231.2 | |
Termination fee | $ | $ 9.4 | |
King County | ||
Business Acquisition [Line Items] | ||
Number of retail branches | 7 | |
Snohomish County | ||
Business Acquisition [Line Items] | ||
Number of retail branches | 5 | |
Pierce County | ||
Business Acquisition [Line Items] | ||
Number of retail branches | 2 |
Investments_ Available-for-sale
Investments: Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 195,787 | $ 223,725 |
Gross Unrealized Gains | 184 | 47 |
Gross Unrealized Losses | (15,595) | (15,857) |
Fair Value | 180,376 | 207,915 |
Mortgage-backed investments, Fannie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 11,507 | 11,562 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,743) | (1,684) |
Fair Value | 9,764 | 9,878 |
Mortgage-backed investments, Freddie Mac | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 12,887 | 12,934 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,887) | (1,755) |
Fair Value | 11,000 | 11,179 |
Mortgage backed investments Ginnie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 27,755 | 28,096 |
Gross Unrealized Gains | 159 | 0 |
Gross Unrealized Losses | (1,412) | (1,516) |
Fair Value | 26,502 | 26,580 |
Mortgage-backed investments, Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 29,689 | 30,559 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | (1,191) | (1,366) |
Fair Value | 28,502 | 29,193 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 36,471 | 36,571 |
Gross Unrealized Gains | 17 | 42 |
Gross Unrealized Losses | (4,978) | (4,764) |
Fair Value | 31,510 | 31,849 |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 44,478 | 71,003 |
Gross Unrealized Gains | 4 | 5 |
Gross Unrealized Losses | (763) | (1,051) |
Fair Value | 43,719 | 69,957 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 33,000 | 33,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,621) | (3,721) |
Fair Value | $ 29,379 | $ 29,279 |
Investments_ Narrative (Details
Investments: Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020 USD ($) | Mar. 31, 2024 USD ($) securities | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) securities | |
Investments [Abstract] | ||||
Investments held-to-maturity | $ 2,451 | $ 2,456 | ||
Payments to acquire marketable securities | $ 2,400 | |||
Securities in unrealized loss position | securities | 114 | 123 | ||
Securities in unrealized loss position for 12 months or more | securities | 110 | 113 | ||
Investments pledged as collateral for FHLB advances | 50% | |||
Investments pledged as collateral for public deposits | $ 26,200 | $ 26,500 | ||
Principal repayments on investments available-for-sale | $ 25,000 | $ 0 |
Investments_ Schedule of Availa
Investments: Schedule of Available for sale Securities in Continuous Unrealized Loss positions (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less Than 12 Months | $ 8,733 | $ 20,715 |
12 Months or Longer | 153,606 | 181,364 |
Total | 162,339 | 202,079 |
Gross Unrealized Loss | ||
Less Than 12 Months | (176) | (177) |
12 Months or Longer | (15,419) | (15,680) |
Total | (15,595) | (15,857) |
Mortgage-backed investments, Fannie Mae | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 9,764 | 9,878 |
Total | 9,764 | 9,878 |
Gross Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (1,743) | (1,684) |
Total | (1,743) | (1,684) |
Mortgage-backed investments, Freddie Mac | ||
Fair Value | ||
Less Than 12 Months | 0 | 671 |
12 Months or Longer | 11,000 | 10,508 |
Total | 11,000 | 11,179 |
Gross Unrealized Loss | ||
Less Than 12 Months | 0 | (57) |
12 Months or Longer | (1,887) | (1,698) |
Total | (1,887) | (1,755) |
Mortgage backed investments Ginnie Mae | ||
Fair Value | ||
Less Than 12 Months | 0 | 11,601 |
12 Months or Longer | 14,695 | 14,979 |
Total | 14,695 | 26,580 |
Gross Unrealized Loss | ||
Less Than 12 Months | 0 | (70) |
12 Months or Longer | (1,412) | (1,446) |
Total | (1,412) | (1,516) |
Mortgage-backed investments, Other | ||
Fair Value | ||
Less Than 12 Months | 854 | 0 |
12 Months or Longer | 25,385 | 28,330 |
Total | 26,239 | 28,330 |
Gross Unrealized Loss | ||
Less Than 12 Months | (10) | 0 |
12 Months or Longer | (1,181) | (1,366) |
Total | (1,191) | (1,366) |
Municipal bonds | ||
Fair Value | ||
Less Than 12 Months | 640 | 2,477 |
12 Months or Longer | 29,091 | 26,916 |
Total | 29,731 | 29,393 |
Gross Unrealized Loss | ||
Less Than 12 Months | (6) | (16) |
12 Months or Longer | (4,972) | (4,748) |
Total | (4,978) | (4,764) |
U.S. Government agencies | ||
Fair Value | ||
Less Than 12 Months | 1,396 | 0 |
12 Months or Longer | 40,135 | 67,440 |
Total | 41,531 | 67,440 |
Gross Unrealized Loss | ||
Less Than 12 Months | (3) | 0 |
12 Months or Longer | (760) | (1,051) |
Total | (763) | (1,051) |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | 5,843 | 5,966 |
12 Months or Longer | 23,536 | 23,313 |
Total | 29,379 | 29,279 |
Gross Unrealized Loss | ||
Less Than 12 Months | (157) | (34) |
12 Months or Longer | (3,464) | (3,687) |
Total | $ (3,621) | $ (3,721) |
Investments_ Schedule of Avai_2
Investments: Schedule of Available for sale Securities, Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due within one year | $ 14,959 | |
Due after one year through five years | 11,049 | |
Due after five years through ten years | 33,403 | |
Due after ten years | 54,538 | |
Amortized Cost | 113,949 | |
Mortgage-backed investments | 81,838 | |
Total | 195,787 | $ 223,725 |
Fair Value | ||
Due within one year | 14,906 | |
Due after one year through five years | 10,705 | |
Due after five years through ten years | 29,477 | |
Due after ten years | 49,520 | |
Fair Value | 104,608 | |
Mortgage-backed investments | 75,768 | |
Fair Value | $ 180,376 | $ 207,915 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 1,157,905 | $ 1,191,231 | ||
ACL | 14,996 | 15,306 | ||
Total Loans | 1,142,909 | 1,175,925 | ||
One to Four Family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 506,700 | 513,223 | ||
Permanent owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 283,398 | 284,471 | ||
Permanent non-owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 223,302 | 228,752 | ||
Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 134,386 | 138,149 | ||
ACL | 1,531 | 1,509 | $ 1,607 | $ 1,210 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 367,374 | 377,859 | ||
ACL | 3,816 | 3,895 | 4,496 | 5,397 |
Construction/ Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 57,007 | 60,924 | ||
ACL | 1,854 | 1,856 | 1,793 | 1,717 |
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 43,411 | 47,149 | ||
Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 5,266 | 4,004 | ||
Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 8,330 | 9,771 | ||
Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 20,424 | 29,081 | ||
ACL | 273 | 387 | 413 | 948 |
Prior | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 72,014 | 71,995 | ||
ACL | $ 1,904 | $ 1,912 | $ 2,108 | $ 1,912 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Narrative (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net of allowance of $14,996, and $15,306 | $ 1,142,909,000 | $ 1,175,925,000 | |||
Total loans receivable, gross | 1,157,905,000 | 1,191,231,000 | |||
Commercial Real Estate Permanent | PPP Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Long-term Debt, Gross | 395,000 | $ 473,000 | |||
Property total | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable, gross | 1,157,905,000 | ||||
Property total | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, net of allowance of $14,996, and $15,306 | 1,100,000 | 1,400,000 | |||
Percent of total loans receivable | 0.09% | 0.12% | |||
Total loans receivable, gross | 1,052,000 | ||||
Property total | 90 Days or More | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable, gross | 248,000 | ||||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable, gross | 72,014,000 | ||||
Consumer | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable, gross | 992,000 | ||||
Consumer | 90 Days or More | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable, gross | 225,000 | 220,000 | |||
Loans nonaccrual status | 201,000 | ||||
FHLB of Des Moines | Asset Pledged as Collateral | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable | 642,400,000 | 636,900,000 | |||
Federal Reserve Bank | Asset Pledged as Collateral | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable | $ 75,800,000 | $ 76,100,000 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Financing Receivables, Summary of loans by type and risk category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | $ 15,428 | $ 149,777 |
2023 | 154,948 | 242,560 |
2022 | 226,958 | 225,824 |
2021 | 214,348 | 190,730 |
2020 | 187,137 | 86,917 |
Prior | 359,086 | 295,423 |
Total Loans | 1,157,905 | 1,191,231 |
Current YTD gross charge-offs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 10 | 0 |
2021 | 0 | 0 |
2020 | 0 | 22 |
Prior | 0 | 0 |
Writeoff | 10 | 22 |
One-to-four family residential | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 4,973 | 86,208 |
2023 | 84,319 | 142,563 |
2022 | 140,053 | 94,582 |
2021 | 93,072 | 61,946 |
2020 | 59,345 | 31,806 |
Prior | 124,938 | 96,118 |
Total Loans | 506,700 | 513,223 |
Current YTD gross charge-offs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Writeoff | 0 | 0 |
Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 48 | 3,329 |
2023 | 3,321 | 8,332 |
2022 | 7,963 | 22,787 |
2021 | 19,959 | 43,259 |
2020 | 43,025 | 25,988 |
Prior | 60,070 | 34,454 |
Total Loans | 134,386 | 138,149 |
Current YTD gross charge-offs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Writeoff | 0 | 0 |
Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 20,026 |
2023 | 0 | 35,054 |
2022 | 0 | 77,835 |
2021 | 0 | 78,730 |
2020 | 526 | 22,377 |
Prior | 34,109 | 143,837 |
Total Loans | 34,635 | 377,859 |
Current YTD gross charge-offs | ||
2024 | 496 | 0 |
2023 | 19,954 | 0 |
2022 | 34,860 | 0 |
2021 | 79,262 | 0 |
2020 | 78,231 | 0 |
Prior | 154,571 | 0 |
Writeoff | 367,374 | 0 |
Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 6,326 | 14,797 |
2023 | 22,882 | 26,286 |
2022 | 15,878 | 19,841 |
2021 | 11,921 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 57,007 | 60,924 |
Current YTD gross charge-offs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Writeoff | 0 | 0 |
Business | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 46 | |
2023 | 1,654 | |
2022 | 5,621 | |
2021 | 416 | |
2020 | 1,158 | |
Prior | 11,529 | |
Total Loans | 20,424 | |
Current YTD gross charge-offs | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Writeoff | 0 | |
Business | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 1,480 | |
2023 | 6,358 | |
2022 | 388 | |
2021 | 1,272 | |
2020 | 1,486 | |
Prior | 18,097 | |
Total Loans | 29,081 | |
Current YTD gross charge-offs | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Writeoff | 0 | |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 3,539 | 23,937 |
2023 | 22,818 | 23,967 |
2022 | 22,583 | 10,391 |
2021 | 9,718 | 5,523 |
2020 | 5,378 | 5,260 |
Prior | 7,978 | 2,917 |
Total Loans | 72,014 | 71,995 |
Current YTD gross charge-offs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 10 | 0 |
2021 | 0 | 0 |
2020 | 0 | 22 |
Prior | 0 | 0 |
Writeoff | 10 | 22 |
Pass | One-to-four family residential | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 4,973 | 86,208 |
2023 | 84,319 | 142,563 |
2022 | 140,053 | 94,582 |
2021 | 93,072 | 61,946 |
2020 | 59,345 | 31,806 |
Prior | 123,847 | 95,012 |
Total Loans | 505,609 | 512,117 |
Pass | Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 48 | |
2023 | 3,321 | |
2022 | 7,963 | |
2021 | 19,959 | |
2020 | 43,025 | |
Prior | 49,883 | |
Total Loans | 124,199 | |
Pass | Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 496 | |
2023 | 19,954 | |
2022 | 34,860 | |
2021 | 75,181 | |
2020 | 77,705 | |
Prior | 107,784 | |
Total Loans | 315,980 | |
Current YTD gross charge-offs | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Writeoff | 0 | |
Pass | Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 6,326 | |
2023 | 22,882 | |
2022 | 15,878 | |
2021 | 11,921 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 57,007 | |
Watch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 27 |
2022 | 27 | 4,108 |
2021 | 4,081 | 0 |
2020 | 0 | 12,745 |
Prior | 21,966 | 6,308 |
Total Loans | 26,074 | 23,188 |
Watch | One-to-four family residential | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 681 | 683 |
Total Loans | 681 | 683 |
Watch | Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 8,607 | 2,303 |
Total Loans | 8,607 | 2,303 |
Watch | Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 4,108 |
2021 | 4,081 | 0 |
2020 | 0 | 12,745 |
Prior | 12,678 | 3,322 |
Total Loans | 16,759 | 20,175 |
Watch | Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 0 | 0 |
Watch | Business | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Watch | Business | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Watch | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 27 |
2022 | 27 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 27 | 27 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 47 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 410 | 130 |
Total Loans | 457 | 130 |
Special mention | One-to-four family residential | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 410 | 130 |
Total Loans | 410 | 130 |
Special mention | Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Special mention | Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Special mention | Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 0 | 0 |
Special mention | Business | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Special mention | Business | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Special mention | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 47 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 47 | 0 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 19 |
2022 | 0 | 201 |
2021 | 201 | 526 |
2020 | 526 | 1,295 |
Prior | 35,689 | 44,082 |
Total Loans | 36,416 | 46,123 |
Substandard | One-to-four family residential | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 293 |
Total Loans | 0 | 293 |
Substandard | Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 1,580 | 1,590 |
Total Loans | 1,580 | 1,590 |
Substandard | Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 526 |
2020 | 0 | 1,295 |
Prior | 0 | 42,199 |
Total Loans | 0 | 44,020 |
Substandard | Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 0 | 0 |
Substandard | Business | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Substandard | Business | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 0 | |
Substandard | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 19 |
2022 | 0 | 201 |
2021 | 201 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Total Loans | 201 | 220 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 15,428 | 149,777 |
2023 | 154,901 | 242,514 |
2022 | 226,931 | 221,515 |
2021 | 210,066 | 190,204 |
2020 | 186,611 | 72,877 |
Prior | 301,021 | 244,903 |
Total Loans | 1,094,958 | 1,121,790 |
Pass | Multifamily | Residential Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 3,329 | |
2023 | 8,332 | |
2022 | 22,787 | |
2021 | 43,259 | |
2020 | 25,988 | |
Prior | 30,561 | |
Total Loans | 134,256 | |
Pass | Commercial real estate | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 20,026 | |
2023 | 35,054 | |
2022 | 73,727 | |
2021 | 78,204 | |
2020 | 8,337 | |
Prior | 98,316 | |
Total Loans | 313,664 | |
Pass | Construction/land | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 14,797 | |
2023 | 26,286 | |
2022 | 19,841 | |
2021 | 0 | |
2020 | 0 | |
Prior | 0 | |
Total Loans | 60,924 | |
Pass | Business | Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 46 | |
2023 | 1,654 | |
2022 | 5,621 | |
2021 | 416 | |
2020 | 1,158 | |
Prior | 11,529 | |
Total Loans | 20,424 | |
Pass | Business | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 1,480 | |
2023 | 6,358 | |
2022 | 388 | |
2021 | 1,272 | |
2020 | 1,486 | |
Prior | 18,097 | |
Total Loans | 29,081 | |
Pass | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2024 | 3,539 | 23,937 |
2023 | 22,771 | 23,921 |
2022 | 22,556 | 10,190 |
2021 | 9,517 | 5,523 |
2020 | 5,378 | 5,260 |
Prior | 7,978 | 2,917 |
Total Loans | $ 71,739 | $ 71,748 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Schedule of Allowance for Loan and Lease Losses and Unfunded Commitments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 15,306 |
(Recapture of provision) provision | (175) |
Ending balance | 14,996 |
Real Estate Loan | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 15,306 |
Charge-offs | (10) |
Recoveries | 0 |
(Recapture of provision) provision | (300) |
Ending balance | 14,996 |
Unfunded Loan Commitment | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 439 |
(Recapture of provision) provision | 125 |
Ending balance | $ 564 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Schedule of Allowance for Loan and Lease Losses, Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 15,306 | |
(Recapture of provision) provision | (175) | |
Ending balance | 14,996 | |
One-to-Four Family Residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 5,747 | $ 4,043 |
Charge-offs | 0 | |
Recoveries | (1) | |
(Recapture of provision) provision | (129) | 47 |
Ending balance | 5,618 | 5,611 |
One-to-Four Family Residential | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,520 | |
Multifamily | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,509 | 1,210 |
Charge-offs | 0 | |
Recoveries | 0 | |
(Recapture of provision) provision | 22 | 314 |
Ending balance | 1,531 | 1,607 |
Multifamily | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 83 | |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 3,895 | 5,397 |
Charge-offs | 0 | |
Recoveries | 0 | |
(Recapture of provision) provision | (79) | 69 |
Ending balance | 3,816 | 4,496 |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | (970) | |
Construction/ Land | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,856 | 1,717 |
Charge-offs | 0 | |
Recoveries | 0 | |
(Recapture of provision) provision | (2) | (332) |
Ending balance | 1,854 | 1,793 |
Construction/ Land | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 408 | |
Business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 387 | 948 |
Charge-offs | 0 | |
Recoveries | 0 | |
(Recapture of provision) provision | (114) | (25) |
Ending balance | 273 | 413 |
Business | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | (510) | |
Prior | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,912 | 1,912 |
Charge-offs | (10) | |
Recoveries | 0 | |
(Recapture of provision) provision | 2 | 227 |
Ending balance | 1,904 | 2,108 |
Prior | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | (31) | |
Property total | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 15,306 | 15,227 |
Charge-offs | (10) | |
Recoveries | (1) | |
(Recapture of provision) provision | (300) | 300 |
Ending balance | $ 14,996 | 16,028 |
Property total | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 500 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Financing Receivables, Aging of loans (Details) | Mar. 31, 2024 USD ($) loan | Dec. 31, 2023 USD ($) loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | $ 1,157,905,000 | $ 1,191,231,000 |
Number of loans past due, still accruing | loan | 2 | 2 |
Loans 90 days and or more past due and still accruing interest | $ 47,000 | $ 317,000 |
Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,157,905,000 | |
Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,191,231,000 | |
Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,065,467,000 | |
Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,090,155,000 | |
Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 283,398,000 | 284,471,000 |
Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 284,471,000 | |
Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 223,302,000 | 228,752,000 |
Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 228,752,000 | |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 134,386,000 | 138,149,000 |
Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 138,149,000 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 367,374,000 | 377,859,000 |
Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 377,859,000 | |
Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 57,007,000 | 60,924,000 |
Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 60,924,000 | |
Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 20,424,000 | 29,081,000 |
Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 29,081,000 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 72,014,000 | |
Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 71,995,000 | |
Financial Asset, Past Due | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,052,000 | |
Financial Asset, Past Due | Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,377,000 | |
Financial Asset, Past Due | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 60,000 | |
Financial Asset, Past Due | Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 695,000 | |
Financial Asset, Past Due | Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 37,000 | |
Financial Asset, Past Due | Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 671,000 | |
Financial Asset, Past Due | Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 23,000 | |
Financial Asset, Past Due | Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 24,000 | |
Financial Asset, Past Due | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
Financial Asset, Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 992,000 | |
Financial Asset, Past Due | Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 682,000 | |
30-59 Days | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 796,000 | |
30-59 Days | Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 453,000 | |
30-59 Days | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 37,000 | |
30-59 Days | Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 37,000 | |
30-59 Days | Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
30-59 Days | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 759,000 | |
30-59 Days | Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 453,000 | |
60-89 Days | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 8,000 | |
60-89 Days | Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 387,000 | |
60-89 Days | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 378,000 | |
60-89 Days | Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 378,000 | |
60-89 Days | Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
60-89 Days | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 8,000 | |
60-89 Days | Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 9,000 | |
90 Days or More | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 248,000 | |
90 Days or More | Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 537,000 | |
90 Days or More | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 23,000 | |
90 Days or More | Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 317,000 | |
90 Days or More | Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 293,000 | |
90 Days or More | Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 23,000 | |
90 Days or More | Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 24,000 | |
90 Days or More | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 0 | |
90 Days or More | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 225,000 | 220,000 |
90 Days or More | Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 220,000 | |
Current | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,156,853,000 | |
Current | Property total | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,189,854,000 | |
Current | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,065,407,000 | |
Current | Total real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 1,089,460,000 | |
Current | Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 283,361,000 | |
Current | Permanent owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 283,800,000 | |
Current | Permanent non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 223,279,000 | |
Current | Permanent non-owner occupied | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 228,728,000 | |
Current | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 134,386,000 | |
Current | Multifamily | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 138,149,000 | |
Current | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 367,374,000 | |
Current | Commercial real estate | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 377,859,000 | |
Current | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 57,007,000 | |
Current | Construction/ Land | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 60,924,000 | |
Current | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 20,424,000 | |
Current | Business | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | 29,081,000 | |
Current | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | $ 71,022,000 | |
Current | Consumer | Previously Reported | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable, gross | $ 71,313,000 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 36,215 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 36,290 | |
Recorded Investment | 36,215 | $ 45,912 |
Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 45,904 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 46,007 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 18 | |
Impaired financing receivable, related allowance | 11 | |
Recorded Investment | 45,923 | |
Impaired Financing Receivable, Unpaid Principal Balance | 46,025 | |
Permanent owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 293 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 295 | |
Impaired financing receivable, related allowance | 0 | |
Recorded Investment | 293 | |
Impaired Financing Receivable, Unpaid Principal Balance | 295 | |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,580 | 1,590 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,581 | 1,591 |
Impaired financing receivable, related allowance | 0 | |
Recorded Investment | 1,590 | |
Impaired Financing Receivable, Unpaid Principal Balance | 1,591 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 34,635 | 44,021 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $ 34,709 | 44,121 |
Impaired financing receivable, related allowance | 0 | |
Recorded Investment | 44,021 | |
Impaired Financing Receivable, Unpaid Principal Balance | 44,121 | |
Prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 18 | |
Impaired financing receivable, related allowance | 11 | |
Recorded Investment | 19 | |
Impaired Financing Receivable, Unpaid Principal Balance | $ 18 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Schedule of Loans On Nonaccrual Status (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Nonaccrual with No ACL | $ 0 |
Nonaccrual with ACL | 201 |
Nonaccrual loans | 201 |
90 Days or More | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDR loans | 47 |
Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Nonaccrual with No ACL | 0 |
Nonaccrual with ACL | 201 |
Nonaccrual loans | 201 |
Consumer | 90 Days or More | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDR loans | $ 47 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets Included - Narrative (Details) - Fintech Focused Fund - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Real Estate [Line Items] | ||
Unrealized gain | $ 51 | |
Contributions | $ 100 | |
Unrealized loss | $ 10 | |
Prepaid Expenses and Other Current Assets | ||
Real Estate [Line Items] | ||
Investment | 564 | |
Capital Investment | ||
Real Estate [Line Items] | ||
Other commitment | 1,000 | |
Capital Call | ||
Real Estate [Line Items] | ||
Other commitment | $ 470 |
Fair Value_ Schedule of Fair Va
Fair Value: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 180,376 | $ 207,915 |
Derivative fair value asset | 8,376 | 7,565 |
Total | 188,752 | 215,480 |
Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 9,764 | 9,878 |
Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 11,000 | 11,179 |
Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 26,502 | 26,580 |
Mortgage-backed investments, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 28,502 | 29,193 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 31,510 | 31,849 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 43,719 | 69,957 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 29,379 | 29,279 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 14,905 | 39,603 |
Derivative fair value asset | 0 | 0 |
Total | 14,905 | 39,603 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 14,905 | 39,603 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 165,471 | 168,312 |
Derivative fair value asset | 8,376 | 7,565 |
Total | 173,847 | 175,877 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 9,764 | 9,878 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 11,000 | 11,179 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 26,502 | 26,580 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 28,502 | 29,193 |
Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 31,510 | 31,849 |
Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 28,814 | 30,354 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 29,379 | 29,279 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Derivative fair value asset | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value_ Schedule of balance
Fair Value: Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (included in loans receivable, net) | $ 36,215 | $ 45,912 |
Total, Fair Value | 36,215 | 45,912 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (included in loans receivable, net) | 0 | 0 |
Total, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (included in loans receivable, net) | 0 | 0 |
Total, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (included in loans receivable, net) | 36,215 | 45,912 |
Total, Fair Value | $ 36,215 | $ 45,912 |
Fair Value_ Schedule of quantit
Fair Value: Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis (Details) - Loans Receivable - Significant Unobservable Inputs (Level 3) - Market Approach Valuation Technique - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0% | 0% |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 15.80% | 14.26% |
Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.04% | 0.04% |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 36,215 | $ 45,912 |
Fair Value_ Balance Sheet Group
Fair Value: Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments available-for-sale | $ 180,376 | $ 207,915 |
Investments held-to-maturity | 2,451 | 2,456 |
FHLB stock | 6,078 | 6,527 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 8,789 | 8,391 |
Interest-earning deposits with banks | 40,272 | 22,138 |
Investments available-for-sale | 14,905 | 39,603 |
Investments held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative fair value asset | 0 | 0 |
Deposits | 714,243 | 706,162 |
Certificates of deposit, retail | 0 | 0 |
Brokered deposits | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Investments available-for-sale | 165,471 | 168,312 |
Investments held-to-maturity | 2,451 | 2,456 |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,078 | 6,527 |
Accrued interest receivable | 7,176 | 7,359 |
Derivative fair value asset | 8,376 | 7,565 |
Deposits | 0 | 0 |
Certificates of deposit, retail | 362,521 | 353,881 |
Brokered deposits | 86,198 | 130,977 |
Advances from the FHLB | 114,996 | 124,976 |
Accrued interest payable | 1,134 | 2,739 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Investments available-for-sale | 0 | 0 |
Investments held-to-maturity | 0 | 0 |
Loans receivable, net | 1,082,690 | 1,113,642 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative fair value asset | 0 | 0 |
Deposits | 0 | 0 |
Certificates of deposit, retail | 0 | 0 |
Brokered deposits | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 8,789 | 8,391 |
Interest-earning deposits with banks | 40,272 | 22,138 |
Investments available-for-sale | 180,376 | 207,915 |
Investments held-to-maturity | 2,451 | 2,456 |
Loans receivable, net | 1,142,909 | 1,175,925 |
FHLB stock | 6,078 | 6,527 |
Accrued interest receivable | 7,176 | 7,359 |
Derivative fair value asset | 8,376 | 7,565 |
Deposits | 714,243 | 706,162 |
Certificates of deposit, retail | 366,507 | 357,154 |
Brokered deposits | 86,146 | 130,791 |
Advances from the FHLB | 115,000 | 125,000 |
Accrued interest payable | 1,134 | 2,739 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 8,789 | 8,391 |
Interest-earning deposits with banks | 40,272 | 22,138 |
Investments available-for-sale | 180,376 | 207,915 |
Investments held-to-maturity | 2,451 | 2,456 |
Loans receivable, net | 1,082,690 | 1,113,642 |
FHLB stock | 6,078 | 6,527 |
Accrued interest receivable | 7,176 | 7,359 |
Derivative fair value asset | 8,376 | 7,565 |
Deposits | 714,243 | 706,162 |
Certificates of deposit, retail | 362,521 | 353,881 |
Brokered deposits | 86,198 | 130,977 |
Advances from the FHLB | 114,996 | 124,976 |
Accrued interest payable | $ 1,134 | $ 2,739 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Mar. 31, 2024 USD ($) lease |
Lessee, Lease, Description [Line Items] | |
Property subject to or available for operating lease, number of units | lease | 13 |
Monthly lease payment | $ | $ 75 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 2 months |
Renewal term | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 6 years 9 months 18 days |
Renewal term | 5 years |
Leases - Components of Operatin
Leases - Components of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||
Lease expense | $ 283 | $ 284 | |
ROU asset | 2,415 | 3,194 | $ 2,617 |
Lease liability | $ 2,598 | $ 3,374 | |
Weighted average remaining term | 4 years 8 months 12 days | 5 years 2 months 12 days | |
Weighted average discount rate | 2.24% | 2.23% |
Leases - Maturity of Leases (De
Leases - Maturity of Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Due through one year | $ 810 | |
Due after one year through two years | 626 | |
Due after two years through three years | 318 | |
Due after three years through four years | 305 | |
Due after four years through five years | 311 | |
Due after five years | 353 | |
Total minimum lease payments | 2,723 | |
Less: present value discount | 125 | |
Lease liability, net | $ 2,598 | $ 2,806 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||||
Stockholders' equity | $ 160,183,000 | $ 159,645,000 | $ 161,660,000 | $ 160,360,000 |
Gain (loss) on hedge ineffectiveness, net | 0 | $ 0 | ||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Stockholders' equity | 6,600,000 | |||
Other Assets | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative fair value asset | 8,400,000 | |||
Minimum | ||||
Derivative [Line Items] | ||||
National amount | $ 10,000,000 | |||
Term of contract | 2 years | |||
Maximum | ||||
Derivative [Line Items] | ||||
National amount | $ 15,000,000 | |||
Term of contract | 8 years | |||
Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
National amount | $ 115,000,000 | |||
Fixed interest rate | 1.87% | |||
Derivative fair value asset | $ 8,376,000 | $ 7,565,000 | ||
Cash Flow Hedging | Forward Contracts | ||||
Derivative [Line Items] | ||||
Weighted average remaining term of contract | 2 years 8 months 12 days | |||
Cash Flow Hedging | Minimum | Forward Contracts | ||||
Derivative [Line Items] | ||||
Term of contract | 5 months | |||
Cash Flow Hedging | Maximum | Forward Contracts | ||||
Derivative [Line Items] | ||||
Term of contract | 5 years 6 months |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative fair value asset | $ 8,376 | $ 7,565 |
Derivatives - Derivative Instru
Derivatives - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Interest rate swaps on FHLB debt designated as a cash flow hedge | $ 641 | $ (1,224) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 102,000 | $ 128,000 | |
Tax benefit from compensation expense | $ 21,000 | $ 27,000 | |
Cost not yet recognized, period of recognition | 3 years 3 months 18 days | ||
Grants in period | 0 | ||
First Financial Northwest Inc 2016 Equity Incentive Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 1,400,000 | ||
Available for grant (shares) | 833,252 | ||
Expiration period | 10 years | ||
Shares issued (in shares) | 0 | ||
First Financial Northwest Inc 2016 Equity Incentive Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 400,000 | ||
Available for grant (shares) | 136,626 | ||
First Financial Northwest, Inc. 2008 Equity Incentive Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Percentage of options vesting per year | 20% | ||
Expiration period | 10 years | ||
Vested and available for exercise (in shares) | 122,500 | ||
Compensation cost not yet recognized | $ 96,582 | ||
First Financial Northwest, Inc. 2008 Equity Incentive Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost not yet recognized | $ 240,000 | ||
Compensation cost not yet recognized, weighted average vesting period | 11 months |
Stock-Based Compensation Disclo
Stock-Based Compensation Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Shares | |
Outstanding Beginning Balance (in shares) | shares | 162,500 |
Exercised (in shares) | shares | 0 |
Outstanding Ending Balance (in shares) | shares | 162,500 |
Grants in period | shares | 0 |
Exercisable at end of period (in shares) | shares | 122,500 |
Weighted-Average Exercise Price | |
Outstanding Beginning Balance (in dollars per share) | $ 11.65 |
Exercised (in dollars per share) | 0 |
Outstanding Ending Balance (in dollars per share) | $ 11.65 |
Exercisable at end of period, Weighted Average Exercise Price (in dollars per share) | 11.52 |
Weighted-Average Remaining Contractual Term in Years | |
Outstanding Ending Balance (in years) | 2 years 10 months 24 days |
Exercisable at end of period, Weighted Average Remaining Contractual Term in Years | 9 months 18 days |
Aggregate Intrinsic Value | |
Outstanding Beginning Balance | $ | $ 296,775 |
Exercised | $ | 0 |
Outstanding Ending Balance | $ | 1,447,225 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 1,107,225 |
Share Based Compensation, Stock Option Plan, Additional Disclosures [Abstract] | |
Nonvested Beginning Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 3.98 |
Exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 0 |
Nonvested Endingg Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | 3.98 |
Exercisable at end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.30 |
Vested and expected to vest assuming a 3% forfeiture rate over the vesting term | |
Shares | |
Expected to Vest (in shares) | shares | 161,300 |
Weighted-Average Exercise Price | |
Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 11.65 |
Weighted-Average Remaining Contractual Term in Years | |
Remaining weighted average vesting period | 2 years 10 months 6 days |
Aggregate Intrinsic Value | |
Expected to Vest, Aggregate Intrinsic Value | $ | $ 1,437,025 |
Share Based Compensation, Stock Option Plan, Additional Disclosures [Abstract] | |
Expected to Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.99 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Restricted Stock Shares Activity (Details) - Restricted Stock - First Financial Northwest, Inc. 2008 Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shares | |
Nonvested Beginning Balance (in shares) | shares | 27,618 |
Granted (in shares) | shares | 7,673 |
Vested (in shares) | shares | (27,618) |
Nonvested Ending Balance (in shares) | shares | 7,673 |
Weighted-Average Grant Date Fair Value | |
Nonvested Beginning Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 14.92 |
Granted (in dollars per share) | $ / shares | 20.68 |
Vested (in dollars per share) | $ / shares | 14.92 |
Nonvested Ending Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 20.68 |
Vested and expected to vest assuming a 3% forfeiture rate over the vesting term | |
Shares | |
Expected to vest assuming a 3% forfeiture rate over the vesting term (in shares) | shares | 7,443 |
Weighted-Average Grant Date Fair Value | |
Nonvested Ending Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 20.68 |
Forfeiture rate, percent | 3% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | $ (7,673) | $ (7,214) |
Other comprehensive (loss) income before reclassifications | 955 | (1,275) |
Net other comprehensive (loss) income | 955 | (1,275) |
Accumulated other comprehensive income (loss), net of tax, end of period | (6,718) | (8,489) |
Unrealized Gains (Losses) on Available-for-Sale Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (13,649) | (15,497) |
Other comprehensive (loss) income before reclassifications | 314 | (51) |
Net other comprehensive (loss) income | 314 | (51) |
Accumulated other comprehensive income (loss), net of tax, end of period | (13,335) | (15,548) |
Unrealized Gains (Losses) on Cash Flow Hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, beginning of period | 5,976 | 8,283 |
Other comprehensive (loss) income before reclassifications | 641 | (1,224) |
Net other comprehensive (loss) income | 641 | (1,224) |
Accumulated other comprehensive income (loss), net of tax, end of period | $ 6,617 | $ 7,059 |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (1,076) | $ 2,122 |
Less: Earnings allocated to participating securities | 1 | (6) |
(Loss) earnings allocated to common shareholders | $ (1,075) | $ 2,116 |
Basic weighted average common shares outstanding (in shares) | 9,159,339 | 9,104,371 |
Dilutive stock options (in shares) | 0 | 51,350 |
Dilutive restricted stock grants (in shares) | 0 | 17,555 |
Diluted weighted average common shares outstanding (in shares) | 9,159,339 | 9,173,276 |
Basic earnings per share (in dollars per share) | $ (0.12) | $ 0.23 |
Diluted earnings per share (in dollars per share) | $ (0.12) | $ 0.23 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock Options | ||
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 62,200 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 62,200 | 0 |
Restricted Stock | ||
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 25,600 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 25,600 | 0 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 787 | $ 665 |
BOLI income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 351 | 308 |
Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 95 | 45 |
Deposit related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 78 | 72 |
Debit card and ATM fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 143 | 151 |
Loan related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 58 | 91 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 62 | $ (2) |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | Mar. 31, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract liability | $ 0 |
Performance Obligation | $ 0 |