Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001530249 | |
Entity Registrant Name | FS Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35589 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 45-4585178 | |
Entity Address, Address Line One | 6920 220th Street SW | |
Entity Address, City or Town | Mountlake Terrace | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98043 | |
City Area Code | 425 | |
Local Phone Number | 771‑5299 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | FSBW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,797,923 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 18,137 | $ 10,525 |
Interest-bearing deposits at other financial institutions | 62,536 | 30,912 |
Total cash and cash equivalents | 80,673 | 41,437 |
Certificates of deposit at other financial institutions | 17,636 | 4,712 |
Securities available-for-sale, at fair value | 251,917 | 229,252 |
Securities held-to-maturity, net of allowance for credit losses of $45 and $31, respectively (fair value of $7,424 and $7,929, respectively) | 8,455 | 8,469 |
Loans held for sale, at fair value | 18,636 | 20,093 |
Loans receivable, net (includes $15,176 and $14,035, at fair value, respectively) | 2,375,572 | 2,190,860 |
Accrued interest receivable | 13,925 | 11,144 |
Premises and equipment, net | 30,926 | 25,119 |
Operating lease right-of-use (“ROU”) assets | 7,042 | 6,226 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 3,696 | 10,611 |
Other real estate owned (“OREO”) | 570 | 570 |
Deferred tax asset, net | 7,424 | 6,670 |
Bank owned life insurance (“BOLI”), net | 37,480 | 36,799 |
Servicing rights, held at the lower of cost or fair value | 17,657 | 18,017 |
Goodwill | 3,592 | 2,312 |
Core deposit intangible, net | 18,323 | 3,369 |
Other assets | 26,548 | 17,238 |
TOTAL ASSETS | 2,920,072 | 2,632,898 |
LIABILITIES | ||
Noninterest-bearing accounts | 670,158 | 554,174 |
Interest-bearing accounts | 1,784,286 | 1,573,567 |
Total deposits | 2,454,444 | 2,127,741 |
Borrowings | 121,895 | 186,528 |
Principal amount | 50,000 | 50,000 |
Unamortized debt issuance costs | (489) | (539) |
Total subordinated notes less unamortized debt issuance costs | 49,511 | 49,461 |
Total, operating lease | 7,269 | 6,474 |
Other liabilities | 36,288 | 30,997 |
Total liabilities | 2,669,407 | 2,401,201 |
COMMITMENTS AND CONTINGENCIES (NOTE 10) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 45,000,000 shares authorized; 7,796,095 and 7,736,185 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 78 | 77 |
Additional paid-in capital | 57,464 | 55,187 |
Retained earnings | 222,532 | 202,065 |
Accumulated other comprehensive loss, net of tax | (29,409) | (25,632) |
Total stockholders’ equity | 250,665 | 231,697 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,920,072 | $ 2,632,898 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities held-to-maturity, allowance for credit losses | $ 45 | $ 31 |
Securities held-to-maturity, at fair value | 7,424 | 7,929 |
Loans receivable, at fair value | $ 15,176 | $ 14,035 |
Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 45,000,000 | 45,000,000 |
Common Stock, Shares, Issued (in shares) | 7,796,095 | 7,736,185 |
Common Stock, Shares, Outstanding (in shares) | 7,796,095 | 7,736,185 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
INTEREST INCOME | ||||||
Loans receivable, including fees | $ 39,874 | $ 29,563 | $ 114,082 | $ 77,885 | ||
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions | 3,396 | 1,741 | 8,667 | 4,990 | ||
Total interest and dividend income | 43,270 | 31,304 | 122,749 | 82,875 | ||
INTEREST EXPENSE | ||||||
Deposits | 10,462 | 2,596 | 24,696 | 5,438 | ||
Borrowings | 1,689 | 696 | 3,749 | 1,003 | ||
Subordinated notes | 485 | 485 | 1,456 | 1,456 | ||
Total interest expense | 12,636 | 3,777 | 29,901 | 7,897 | ||
NET INTEREST INCOME | [1] | 30,634 | 27,527 | 92,848 | 74,978 | |
PROVISION FOR CREDIT LOSSES | 548 | 1,718 | 3,372 | 4,632 | ||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 30,086 | 25,809 | 89,476 | 70,346 | ||
NONINTEREST INCOME | ||||||
Service charges and fee income | 2,882 | 2,327 | 8,352 | 6,121 | ||
Gain on sale of loans | 1,875 | 1,402 | 5,298 | 7,325 | ||
Earnings on cash surrender value of BOLI | 233 | 221 | 681 | 654 | ||
Other noninterest income | (8) | 231 | 703 | 312 | ||
Total noninterest income | 4,982 | [2] | 4,181 | 15,034 | 14,412 | |
NONINTEREST EXPENSE | ||||||
Salaries and benefits | 13,503 | 11,402 | 40,880 | 35,110 | ||
Operations | 3,409 | 2,812 | 9,744 | 7,656 | ||
Occupancy | 1,588 | 1,344 | 4,670 | 3,825 | ||
Data processing | 1,841 | 1,548 | 5,092 | 4,363 | ||
Loan costs | 564 | 746 | 2,077 | 2,020 | ||
Professional and board fees | 666 | 631 | 2,001 | 2,387 | ||
Federal Deposit Insurance Corporation (“FDIC”) insurance | 561 | 462 | 1,732 | 804 | ||
Marketing and advertising | 452 | 220 | 1,072 | 652 | ||
Acquisition cost | 0 | 0 | 1,562 | 0 | ||
Amortization of core deposit intangible | 1,002 | 173 | 2,484 | 518 | ||
Recovery of servicing rights | 0 | 0 | 0 | (1) | ||
Total noninterest expense | 23,586 | [3] | 19,338 | 71,314 | 57,334 | |
Income before provision for income taxes | 11,482 | 10,652 | 33,196 | 27,424 | ||
PROVISION FOR INCOME TAXES | 2,529 | 2,194 | 6,915 | 5,397 | ||
Net income | $ 8,953 | $ 8,458 | $ 26,281 | $ 22,027 | ||
Basic earnings per share (in dollars per share) | $ 1.15 | $ 1.09 | $ 3.38 | $ 2.77 | ||
Diluted earnings per share (in dollars per share) | $ 1.13 | $ 1.08 | $ 3.33 | $ 2.73 | ||
[1]Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.[2]Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and nine months ended September 30, 2023, the Company recorded a net decrease in fair value of $343,000 and $285,000, as compared to a net decrease in fair value of $816,000 and $1.8 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and 2022, there were $15.2 million and $14.2 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.[3]Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three and nine months ended September 30, 2023 and 2022, the Home Lending segment included allocated overhead expenses of $1.5 million and $4.7 million, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 8,953 | $ 8,458 | $ 26,281 | $ 22,027 |
Securities available-for-sale: | ||||
Unrealized loss during period | (11,762) | (14,567) | (9,341) | (47,046) |
Income tax benefit related to unrealized holding loss | 2,528 | 3,131 | 2,007 | 10,115 |
Derivative financial instruments: | ||||
Unrealized derivative gain during period | 4,337 | 5,107 | 8,155 | 9,651 |
Income tax provision related to unrealized derivative gain | (933) | (1,098) | (1,753) | (2,075) |
Reclassification adjustment for realized gain, net included in net income | (1,446) | (278) | (3,624) | (232) |
Income tax provision related to reclassification, net | 311 | 60 | 779 | 50 |
Other comprehensive loss, net of tax | (6,965) | (7,645) | (3,777) | (29,537) |
COMPREHENSIVE INCOME (LOSS) | $ 1,988 | $ 813 | $ 22,504 | $ (7,510) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 8,169,887 | |||||||||
Balance (Accounting Standards Update 2022-02 [Member]) at Dec. 31, 2021 | $ 0 | $ 0 | $ 297 | $ 0 | $ 297 | |||||
Balance at Dec. 31, 2021 | $ 82 | $ 67,958 | $ 179,215 | $ 252 | $ 247,507 | |||||
Net income | 0 | 0 | 22,027 | 0 | 22,027 | |||||
Dividends paid | 0 | 0 | (5,553) | 0 | (5,553) | |||||
Share-based compensation | $ 0 | 1,432 | 0 | 0 | 1,432 | |||||
Issuance of common stock-employee stock purchase plan (in shares) | 7,068 | |||||||||
Issuance of common stock-employee stock purchase plan | $ 0 | 211 | 0 | 211 | ||||||
Restricted stock awards (in shares) | 35,050 | |||||||||
Restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | |||||
Common stock repurchased - repurchase plan (in shares) | (544,530) | |||||||||
Common stock repurchased - repurchase plan | $ (5) | (15,623) | 0 | 0 | (15,628) | |||||
Common stock repurchased for employee/director taxes paid on restricted stock awards (in shares) | (6,150) | |||||||||
Common stock repurchased for employee/director taxes paid on restricted stock awards | $ 0 | (190) | 0 | 0 | (190) | |||||
Less exercised, options (in shares) | 43,048 | |||||||||
Stock options exercised, net | $ 0 | (19) | 0 | 0 | (19) | |||||
Other comprehensive loss, net of tax | $ 0 | 0 | 0 | (29,537) | (29,537) | |||||
Balance (in shares) at Sep. 30, 2022 | 7,704,373 | |||||||||
Balance at Sep. 30, 2022 | $ 77 | 53,769 | 195,986 | (29,285) | 220,547 | |||||
Balance (in shares) at Jun. 30, 2022 | 7,726,232 | |||||||||
Balance at Jun. 30, 2022 | $ 77 | 55,129 | 189,075 | (21,640) | 222,641 | |||||
Net income | 0 | 0 | 8,458 | 0 | 8,458 | |||||
Dividends paid | 0 | 0 | (1,547) | 0 | (1,547) | |||||
Share-based compensation | $ 0 | 500 | 0 | 0 | 500 | |||||
Issuance of common stock-employee stock purchase plan (in shares) | 7,068 | |||||||||
Issuance of common stock-employee stock purchase plan | $ 0 | 211 | 0 | 0 | 211 | |||||
Restricted stock awards (in shares) | 35,050 | |||||||||
Restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | |||||
Common stock repurchased - repurchase plan (in shares) | (67,923) | |||||||||
Common stock repurchased - repurchase plan | $ 0 | (1,732) | 0 | 0 | (1,732) | |||||
Common stock repurchased for employee/director taxes paid on restricted stock awards (in shares) | (6,150) | |||||||||
Common stock repurchased for employee/director taxes paid on restricted stock awards | $ 0 | (190) | 0 | 0 | (190) | |||||
Less exercised, options (in shares) | 10,096 | |||||||||
Stock options exercised, net | $ 0 | (149) | 0 | 0 | (149) | |||||
Other comprehensive loss, net of tax | $ 0 | 0 | 0 | (7,645) | (7,645) | |||||
Balance (in shares) at Sep. 30, 2022 | 7,704,373 | |||||||||
Balance at Sep. 30, 2022 | $ 77 | 53,769 | 195,986 | (29,285) | 220,547 | |||||
Balance (in shares) at Dec. 31, 2022 | 7,736,185 | |||||||||
Balance at Dec. 31, 2022 | $ 77 | 55,187 | 202,065 | (25,632) | 231,697 | |||||
Net income | 0 | 0 | 26,281 | 0 | 26,281 | |||||
Dividends paid | 0 | 0 | (5,814) | 0 | (5,814) | |||||
Share-based compensation | $ 0 | 1,608 | 0 | 0 | 1,608 | |||||
Issuance of common stock-employee stock purchase plan (in shares) | 24,159 | |||||||||
Issuance of common stock-employee stock purchase plan | $ 1 | 780 | 0 | 0 | 781 | |||||
Restricted stock awards (in shares) | 37,600 | |||||||||
Restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | |||||
Common stock repurchased for employee/director taxes paid on restricted stock awards (in shares) | (11,446) | |||||||||
Common stock repurchased for employee/director taxes paid on restricted stock awards | $ 0 | (355) | 0 | 0 | (355) | |||||
Less exercised, options (in shares) | 19,121 | |||||||||
Stock options exercised, net | $ 0 | 244 | 0 | 0 | 244 | |||||
Other comprehensive loss, net of tax | $ 0 | 0 | 0 | (3,777) | (3,777) | |||||
Restricted stock awards forfeited (in shares) | (9,524) | |||||||||
Restricted stock awards forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Balance (in shares) at Sep. 30, 2023 | 7,796,095 | |||||||||
Balance at Sep. 30, 2023 | $ 78 | 57,464 | 222,532 | (29,409) | 250,665 | |||||
Balance (in shares) at Jun. 30, 2023 | 7,753,607 | |||||||||
Balance at Jun. 30, 2023 | $ 77 | 56,781 | 215,519 | (22,444) | 249,933 | |||||
Net income | 0 | 0 | 8,953 | 0 | 8,953 | |||||
Dividends paid | 0 | 0 | (1,940) | 0 | (1,940) | |||||
Share-based compensation | $ 0 | 590 | 0 | 0 | 590 | |||||
Issuance of common stock-employee stock purchase plan (in shares) | 7,710 | |||||||||
Issuance of common stock-employee stock purchase plan | $ 1 | 241 | 0 | 0 | 242 | |||||
Restricted stock awards (in shares) | 37,600 | |||||||||
Restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | |||||
Common stock repurchased for employee/director taxes paid on restricted stock awards (in shares) | (11,006) | |||||||||
Common stock repurchased for employee/director taxes paid on restricted stock awards | $ 0 | (339) | 0 | 0 | (339) | |||||
Less exercised, options (in shares) | 12,896 | |||||||||
Stock options exercised, net | $ 0 | 191 | 0 | 0 | 191 | |||||
Other comprehensive loss, net of tax | $ 0 | 0 | 0 | (6,965) | (6,965) | |||||
Restricted stock awards forfeited (in shares) | (4,712) | |||||||||
Restricted stock awards forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Balance (in shares) at Sep. 30, 2023 | 7,796,095 | |||||||||
Balance at Sep. 30, 2023 | $ 78 | $ 57,464 | $ 222,532 | $ (29,409) | $ 250,665 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Dividends paid, per share (in dollars per share) | $ 0.25 | $ 0.2 | $ 0.75 | $ 0.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 8,953 | $ 8,458 | $ 26,281 | $ 22,027 | |
Adjustments to reconcile net income to net cash from operating activities | |||||
Provision for credit losses | 3,372 | 4,632 | |||
Depreciation, amortization and accretion | 9,505 | 10,464 | |||
Compensation expense related to stock options and restricted stock awards | 1,608 | 1,432 | |||
Change in cash surrender value of BOLI | (681) | (654) | |||
Gain on sale of loans held for sale | (5,298) | (6,729) | |||
Gain on sale of portfolio loans | 0 | (596) | |||
Origination of loans held for sale | (292,309) | (498,975) | |||
Proceeds from sale of loans held for sale | 324,083 | 630,396 | |||
Recovery of servicing rights | 0 | 0 | 0 | (1) | |
Changes in operating assets and liabilities | |||||
Accrued interest receivable | (2,251) | (2,813) | |||
Other assets | (4,074) | 3,527 | |||
Other liabilities | 4,798 | 1,236 | |||
Net cash from operating activities | 65,034 | 163,946 | |||
CASH FLOWS FROM (USED BY) INVESTING ACTIVITIES | |||||
Maturities, prepayments, and calls | 13,492 | 17,829 | |||
Purchases | (46,906) | (22,968) | |||
Purchases | 0 | (1,000) | |||
Maturities of certificates of deposit at other financial institutions | 0 | 5,582 | |||
Purchase of certificates of deposit at other financial institutions | (12,924) | 0 | |||
Portfolio loan originations and principal collections, net | (150,385) | (420,094) | |||
Net cash from acquisitions | 336,157 | 0 | |||
Proceeds from sale of portfolio loans | 0 | 39,034 | |||
Purchase of portfolio loans | (2,475) | (5,344) | |||
Purchase of premises and equipment | (1,395) | (695) | |||
Proceeds from bank owned life insurance death benefits | 0 | 1,168 | |||
Change in FHLB stock, net | 6,915 | (8,813) | |||
Net cash from (used by) investing activities | 142,479 | (395,301) | |||
CASH FLOWS (USED BY) FROM FINANCING ACTIVITIES | |||||
Net (decrease) increase in deposits | (98,500) | 167,540 | |||
Proceeds from borrowings | 1,725,337 | 1,155,007 | |||
Repayments of borrowings | (1,789,970) | (936,707) | |||
Dividends paid on common stock | (5,814) | (5,553) | |||
Proceeds (disbursements) from stock options exercised, net | 244 | (19) | |||
Common stock repurchased for employee/director taxes paid on restricted stock awards | (355) | (190) | |||
Issuance of common stock - employee stock purchase plan | 781 | 211 | |||
Common stock repurchased | 0 | (15,628) | |||
Net cash (used by) from financing activities | (168,277) | 364,661 | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 39,236 | 133,306 | |||
CASH AND CASH EQUIVALENTS, beginning of period | 41,437 | 26,491 | $ 26,491 | ||
CASH AND CASH EQUIVALENTS, end of period | $ 80,673 | $ 159,797 | 80,673 | 159,797 | $ 41,437 |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION | |||||
Interest on deposits and borrowings | 26,280 | 5,538 | |||
Income taxes | 8,355 | 2,897 | |||
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES | |||||
Change in unrealized loss on available-for-sale investment securities | (9,341) | (47,046) | |||
Change in unrealized gain on fair value and cash flow hedges | 4,523 | 9,405 | |||
Change in unrealized loss on portfolio loans measured under the fair value option | (285) | (1,780) | |||
Retention in gross mortgage servicing rights from loan sales | 2,279 | 4,935 | |||
OREO received in settlement of loans | 0 | 145 | |||
Right-of-use assets in exchange for lease liabilities | 2,034 | 3,049 | |||
Acquisitions: | |||||
Non-cash assets acquired | 87,512 | 0 | |||
Non-cash liabilities assumed | $ 424,949 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations September 2011 1st “1st July 9, 2012. February 24, 2023, 1st February 27, 2023. Financial Statement Presentation 10‑Q 10 X 10‑K December 31, 2022 March 16, 2023. The results for the three nine September 30, 2023 not may December 31, 2023 Amounts presented in the consolidated financial statements and footnote tables are rounded and presented to the nearest thousands of dollars except per share amounts. If the amounts are above $1.0 one $1.0 two Principles of Consolidation 1st Segment Reporting two 15 Subsequent Events September 30, 2023 RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, No. 2020 04, Reference Rate Reform ( Topic 848 ) 1 310, 470, 2 840, 842, no not 3 not 815 15, January 2021, 2021 01 848 848 may March 12, 2020 December 31, 2022, December 31, 2024. not 2020 04 Application of New Accounting Guidance Adopted in 2023 On January 1, 2023, No. 2022 02, Financial Instruments Credit Losses (Topic 326 December 15, 2022, 2022 02 not |
Note 2 - Business Combination
Note 2 - Business Combination | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 BUSINESS COMBINATION On February 24, 2023, 1st seven seven November 7, 2022, 1st six one 1st 1st The Branch Purchase was accounted for under the acquisition method of accounting and accordingly, the assets and liabilities were recorded at fair values on February 24, 2023, one not The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of acquisition: Acquired Book Fair Value Amount February 24, 2023 Value Adjustments Recorded Assets Cash and cash equivalents $ 336,157 $ — $ 336,157 Loans receivable 66,093 (2,902 ) (1) 63,191 Premises and equipment 6,342 — 6,342 Accrued interest receivable 530 — 530 Core deposit intangible ("CDI") — 17,438 (2) 17,438 Goodwill — 1,280 (3) 1,280 Other assets 11 — 11 Total assets acquired $ 409,133 $ 15,816 $ 424,949 Liabilities Deposits: Noninterest-bearing accounts $ 225,567 $ — $ 225,567 Interest-bearing accounts 199,898 (548 ) (4) 199,350 Total deposits 425,465 (548 ) 424,917 Accrued interest payable 4 — 4 Other liabilities 28 — 28 Total liabilities assumed $ 425,497 $ (548 ) $ 424,949 ( 1 The fair value discount for acquired loans was determined by separate adjustments to reflect a credit risk and marketability component and a yield component reflecting the differential between portfolio and market yields. The discount on acquired loans will be accreted back into interest income using the effective yield method. None none ( 2 The fair value adjustment represents the value of the core deposit base assumed in the Branch Purchase based on a study performed by an independent consulting firm. This amount was recorded by the Company as an identifiable intangible asset and will be amortized as an expense on an accelerated basis over the average life of the core deposit base, which is estimated to be 10 years. ( 3 The fair value adjustment represents the value of the goodwill calculated from the purchase based on the purchase price, less the fair value of assets acquired net of liabilities assumed. The goodwill of $1.3 million is attributable to the workforce and customer relationships associated with the branches. All the goodwill is deductible for tax purposes and will be amortized over a 15-year period. The goodwill was assigned to the Commercial and Consumer Banking segment. ( 4 The fair value of time deposits was calculated using a discounted cash flow analysis that calculated the present value of the projected cash flows from the portfolio versus the present value of a similar portfolio with a similar maturity profile at current market rates. This adjustment represents a difference in interest rates from the time deposits acquired and the estimated wholesale funding rates used in the application of fair value accounting. The discounted amount will be amortized into expense as an increase in interest expense over the maturity profile of the acquired time deposits. The disclosures regarding pro-forma data and the results of operations after the acquisition date are omitted as this information is not not |
Note 3 - Investments
Note 3 - Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 3 INVESTMENTS The following tables present the amortized costs, unrealized gains, unrealized losses, estimated fair values of securities available-for-sale and held-to-maturity, and ACL for securities held-to-maturity at September 30, 2023 December 31, 2022 September 30, 2023 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,152 $ 42 $ (4,098 ) $ 17,096 $ — Corporate securities 7,000 41 (687 ) 6,354 — Municipal bonds 139,237 1 (30,617 ) 108,621 — Mortgage-backed securities 104,097 45 (14,535 ) 89,607 — U.S. Small Business Administration securities 32,313 — (2,074 ) 30,239 — Total securities available-for-sale 303,799 129 (52,011 ) 251,917 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (1,076 ) 7,424 45 Total securities held-to-maturity 8,500 — (1,076 ) 7,424 45 Total securities $ 312,299 $ 129 $ (53,087 ) $ 259,341 $ 45 December 31, 2022 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,153 $ — $ (3,865 ) $ 17,288 $ — Corporate securities 9,497 27 (979 ) 8,545 — Municipal bonds 144,200 21 (23,619 ) 120,602 — Mortgage-backed securities 82,424 — (12,458 ) 69,966 — U.S. Small Business Administration securities 14,519 — (1,668 ) 12,851 — Total securities available-for-sale 271,793 48 (42,589 ) 229,252 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (571 ) 7,929 31 Total securities held-to-maturity 8,500 — (571 ) 7,929 31 Total securities $ 280,293 $ 48 $ (43,160 ) $ 237,181 $ 31 The following table presents the activity in the ACL for securities held-to-maturity by major security type for the three nine September 30, 2023 2022 SECURITIES HELD-TO-MATURITY For the Three Months Ended September 30, Corporate Securities 2023 2022 Beginning allowance balance $ 31 $ 31 Provision for credit losses 14 — Total ending allowance balance $ 45 $ 31 SECURITIES HELD-TO-MATURITY For the Nine Months Ended September 30, Corporate Securities 2023 2022 Beginning allowance balance $ 31 $ — Impact of adopting ASU 2016-13 — 72 Provision (recapture) for credit losses 14 (41 ) Total ending allowance balance $ 45 $ 31 Management measures expected credit losses on held-to-maturity debt securities on an individual basis. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity debt securities totaled $117,000 and $116,000 at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 The Bank monitors the credit quality of debt securities held-to-maturity quarterly using credit rating, material event notices, and changes in market value. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator: September 30, December 31, Corporate securities 2023 2022 BBB/BBB- $ 7,000 $ 8,500 BB+ 1,500 — Total $ 8,500 $ 8,500 At September 30, 2023 90 The following table presents, as of September 30, 2023 September 30, 2023 Purpose or beneficiary Carrying Value Amortized Cost Fair Value State and local government public deposits $ 36,866 $ 45,834 $ 36,866 Federal Reserve Bank - Bank Term Funding Program facility 73,722 90,399 73,722 Total pledged securities $ 110,588 $ 136,233 $ 110,588 Investment securities that were in an unrealized loss position at the dates indicated are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. September 30, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized SECURITIES AVAILABLE-FOR-SALE Value Losses Value Losses Value Losses U.S. agency securities $ — $ — $ 15,054 $ (4,098 ) $ 15,054 $ (4,098 ) Corporate securities — — 4,313 (687 ) 4,313 (687 ) Municipal bonds 5,599 (217 ) 102,969 (30,400 ) 108,568 (30,617 ) Mortgage-backed securities 18,216 (84 ) 65,134 (14,451 ) 83,350 (14,535 ) U.S. Small Business Administration securities 21,646 (382 ) 8,593 (1,692 ) 30,239 (2,074 ) Total securities available-for-sale 45,461 (683 ) 196,063 (51,328 ) 241,524 (52,011 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,424 (1,076 ) 7,424 (1,076 ) Total securities held-to-maturity — — 7,424 (1,076 ) 7,424 (1,076 ) Total securities $ 45,461 $ (683 ) $ 203,487 $ (52,404 ) $ 248,948 $ (53,087 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized SECURITIES AVAILABLE-FOR-SALE Value Losses Value Losses Value Losses U.S. agency securities $ 3,823 $ (118 ) $ 13,465 $ (3,747 ) $ 17,288 $ (3,865 ) Corporate securities 2,494 (4 ) 4,026 (975 ) 6,520 (979 ) Municipal bonds 44,261 (5,794 ) 73,990 (17,825 ) 118,251 (23,619 ) Mortgage-backed securities 29,791 (3,188 ) 40,175 (9,270 ) 69,966 (12,458 ) U.S. Small Business Administration securities 10,807 (1,162 ) 2,044 (506 ) 12,851 (1,668 ) Total securities available-for-sale 91,176 (10,266 ) 133,700 (32,323 ) 224,876 (42,589 ) SECURITIES HELD-TO-MATURITY Corporate securities 7,929 (571 ) — — 7,929 (571 ) Total securities held-to-maturity 7,929 (571 ) — — 7,929 (571 ) Total securities $ 99,105 $ (10,837 ) $ 133,700 $ (32,323 ) $ 232,805 $ (43,160 ) There were no held-to-maturity debt securities in an unrealized loss position of less than one one September 30, 2023 one one December 31, 2022 There were 24 available-for-sale securities in an unrealized loss position of less than one one September 30, 2023 one one December 31, 2022 not not All the available-for-sale mortgage-backed securities and U.S. Small Business Administration securities in an unrealized loss position are issued or guaranteed by government-sponsored enterprises, and the available-for-sale corporate securities are all investment grade and monitored for rating or outlook changes. Based on the Company’s evaluation of these securities, no credit impairment was recorded for the nine September 30, 2023 December 31, 2022 The contractual maturities of securities available-for-sale and held-to-maturity at the dates indicated are listed below. Expected maturities of mortgage-backed securities may may no September 30, December 31, 2023 2022 SECURITIES AVAILABLE-FOR-SALE Amortized Fair Amortized Fair U.S. agency securities Cost Value Cost Value Due within one year $ 927 $ 912 $ — $ — Due after one year through five years 3,944 3,405 4,874 4,321 Due after five years through ten years 11,971 9,614 6,989 5,963 Due after ten years 4,310 3,165 9,290 7,004 Subtotal 21,152 17,096 21,153 17,288 Corporate securities Due within one year 1,000 1,009 1,000 997 Due after one year through five years — — 2,497 2,519 Due after five years through ten years 4,000 3,913 4,000 3,763 Due after ten years 2,000 1,432 2,000 1,266 Subtotal 7,000 6,354 9,497 8,545 Municipal bonds Due within one year 1,019 1,002 2,660 2,644 Due after one year through five years 37 36 1,038 1,012 Due after five years through ten years 6,255 5,525 6,341 5,771 Due after ten years 131,926 102,058 134,161 111,175 Subtotal 139,237 108,621 144,200 120,602 Mortgage-backed securities Federal National Mortgage Association (“FNMA”) 71,822 59,197 68,421 57,358 Federal Home Loan Mortgage Corporation (“FHLMC”) 28,032 26,907 9,290 8,424 Government National Mortgage Association (“GNMA”) 4,243 3,503 4,713 4,184 Subtotal 104,097 89,607 82,424 69,966 U.S. Small Business Administration securities Due within one year 198 195 — — Due after one year through five years 1,889 1,777 2,553 2,407 Due after five years through ten years 13,685 13,105 4,461 3,996 Due after ten years 16,541 15,162 7,505 6,448 Subtotal 32,313 30,239 14,519 12,851 Total securities available-for-sale 303,799 251,917 271,793 229,252 SECURITIES HELD-TO-MATURITY Corporate securities Due after five years through ten years 8,500 7,424 8,500 7,929 Total securities held-to-maturity 8,500 7,424 8,500 7,929 Total securities $ 312,299 $ 259,341 $ 280,293 $ 237,181 There were no sales proceeds, gains or losses from the sale of securities available-for-sale for the three nine September 30, 2023 2022 |
Note 4 - Loans Receivable and A
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES LOANS The composition of the loan portfolio was as follows at the dates indicated: September 30, December 31, REAL ESTATE LOANS 2023 2022 Commercial $ 364,673 $ 334,059 Construction and development 289,873 342,591 Home equity 67,103 55,387 One-to-four-family (excludes loans held for sale) 540,670 469,485 Multi-family 243,661 219,738 Total real estate loans 1,505,980 1,421,260 CONSUMER LOANS Indirect home improvement 562,650 495,941 Marine 73,887 70,567 Other consumer 3,547 3,064 Total consumer loans 640,084 569,572 COMMERCIAL BUSINESS LOANS Commercial and industrial 236,520 196,791 Warehouse lending 23,489 31,229 Total commercial business loans 260,009 228,020 Total loans receivable, gross 2,406,073 2,218,852 ACL for loans (30,501 ) (27,992 ) Total loans receivable, net $ 2,375,572 $ 2,190,860 Loan amounts are net of unearned loan fees in excess of unamortized costs and premiums of $8.3 million as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 not September 30, 2023 December 31, 2022 Most of the Company’s commercial and multi-family real estate, construction, residential, and/or commercial business lending activities are with customers located in Western Washington, the Oregon Coast, and near our loan production offices in Vancouver, Washington and the Tri-Cities, Washington. The Company originates real estate, consumer, and commercial business loans and has concentrations in these areas, however, indirect home improvement loans, including solar-related home improvement loans, are originated through a network of home improvement contractors and dealers located throughout Washington, Oregon, California, Idaho, Colorado, Arizona, Minnesota, Nevada, Texas, Utah, Massachusetts, Montana, and recently New Hampshire. Management reviewed dealer concentrations and determined as of September 30, 2023 not may At September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 The Company has defined its loan portfolio into three three Real Estate Loans Commercial Lending Construction and Development Lending one four not one four Home Equity Lending second one four One-to-Four-Family Real Estate Lending four second four first one four Multi-Family Lending five Consumer Loans Indirect Home Improvement may UCC‑2 Marine Other Consumer Commercial Business Loans Commercial and Industrial ( C&I ) Lending. Warehouse Lending two one four third Allowance for Credit Losses Management identifies loans in the Company’s portfolio that must be individually evaluated for loss due to disparate risk characteristics or information suggesting that the Company will be unable to collect all the principal and interest due. For loans individually evaluated, a specific reserve is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio. Generally, collectively assessed loans are grouped by call report code and then risk-grade grouping. Risk grade is grouped within each call report code by pass, watch, special mention, substandard, and doubtful. Other loan types are separated into their own groups due to specific risk characteristics for that pool of loans. The Company has elected a non-discounted cash flow methodology with probability of default (“PD”) and loss given default (“LGD”) for all call report code cohorts (“cohorts”), except for the indirect and marine portfolios which are evaluated under a vintage methodology. The vintage methodology measures the expected loss calculation for future periods based on historical performance by the origination period of loans with similar life cycles and risk characteristics. Guaranteed portions of loans are measured with zero The PD calculation looks at the historical loan portfolio at points in time (each month during the lookback period) to determine the probability that loans in a certain cohort will default over the next 12 90 zero The LGD calculation looks at actual losses (net charge-offs) experienced over the entire lookback period for each cohort of loans. The aggregate loss amount is divided by the exposure at default to determine an LGD rate. All defaults (non-accrual, charge-off, or greater than 90 not The Company utilizes reasonable and supportable forecasts of future economic conditions when estimating the ACL for loans. The calculation includes a 12 12 not Modifications to borrowers experiencing financial difficulty are included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Company’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over the forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, average growth in pools of loans, concentrations of credit, delinquencies or other factors associated with the financial assets. The reversion method is applied for periods beyond the forecasting horizon. The Company’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not The main drivers of the credit provision recorded in the first nine 2023 The following tables detail activity in the ACL for loans by loan categories at or for the three nine September 30, 2023 2022 At or For the Three Months Ended September 30, 2023 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,307 $ 14,017 $ 4,026 $ — $ 30,350 Provision (reversal of) for credit losses on loans 496 426 (238 ) — 684 Charge-offs — (830 ) — — (830 ) Recoveries — 297 — — 297 Net charge-offs — (533 ) — — (533 ) Total ending ACL balance $ 12,803 $ 13,910 $ 3,788 $ — $ 30,501 At or For the Three Months Ended September 30, 2022 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 11,512 $ 10,605 $ 2,850 $ — $ 24,967 (Reversal of) provision for credit losses on loans (213 ) 1,193 1,042 — 2,022 Charge-offs — (924 ) — — (924 ) Recoveries — 361 — — 361 Net charge-offs — (563 ) — — (563 ) Total ending ACL balance $ 11,299 $ 11,235 $ 3,892 $ — $ 26,426 At or For the Nine Months Ended September 30, 2023 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,123 $ 12,109 $ 3,760 $ — $ 27,992 Provision for credit losses on loans 690 3,383 29 — 4,102 Charge-offs (10 ) (2,415 ) (1 ) — (2,426 ) Recoveries — 833 — — 833 Net Charge-offs (10 ) (1,582 ) (1 ) — (1,593 ) Total ending ACL balance $ 12,803 $ 13,910 $ 3,788 $ — $ 30,501 At or For the Nine Months Ended September 30, 2022 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance, prior to adoption of ASC 326 $ 14,798 $ 4,280 $ 6,536 $ 21 $ 25,635 Impact of adopting ASC 326 (5,234 ) 6,078 (3,682 ) (21 ) (2,859 ) Provision for credit losses on loans 1,735 1,720 1,038 — 4,493 Charge-offs — (1,744 ) — — (1,744 ) Recoveries — 901 — — 901 Net charge-offs — (843 ) — — (843 ) Total ending ACL balance $ 11,299 $ 11,235 $ 3,892 $ — $ 26,426 Nonaccrual and Past Due Loans not 90 may Loan Modifications to Borrowers Experiencing Financial Difficulty The Company may may not The Company restructured two first 2023. 60 September 30, 2023 September 30, 2023 January 1, 2023, 2022–02, September 30, 2023 Troubled Debt Restructurings ( TDRs ) At September 30, 2022 not twelve three nine September 30, 2022 The following tables provide information pertaining to the aging analysis of contractually past due loans and nonaccrual loans at September 30, 2023 December 31, 2022 September 30, 2023 30 59 60 89 Days Days 90 Days Total Total Past Past or More Past Loans Non- REAL ESTATE LOANS Due Due Past Due Due Current Receivable Accrual (1) Commercial $ — $ — $ — $ — $ 364,673 $ 364,673 $ 1,074 Construction and development — — — — 289,873 289,873 — Home equity 37 154 12 203 66,900 67,103 48 One-to-four-family — — 306 306 540,364 540,670 306 Multi-family — — — — 243,661 243,661 — Total real estate loans 37 154 318 509 1,505,471 1,505,980 1,428 CONSUMER LOANS Indirect home improvement 1,546 824 465 2,835 559,815 562,650 1,668 Marine 348 142 72 562 73,325 73,887 406 Other consumer 9 — — 9 3,538 3,547 3 Total consumer loans 1,903 966 537 3,406 636,678 640,084 2,077 COMMERCIAL BUSINESS LOANS Commercial and industrial 399 — 2,114 2,513 234,007 236,520 2,114 Warehouse lending — — — — 23,489 23,489 — Total commercial business loans 399 — 2,114 2,513 257,496 260,009 2,114 Total loans $ 2,339 $ 1,120 $ 2,969 $ 6,428 $ 2,399,645 $ 2,406,073 $ 5,619 December 31, 2022 30-59 60-89 Days Days 90 Days Total Total Past Past or More Past Loans Non- REAL ESTATE LOANS Due Due Past Due Due Current Receivable Accrual (1) Commercial $ — $ — $ — $ — $ 334,059 $ 334,059 $ — Construction and development — — — — 342,591 342,591 — Home equity 29 104 16 149 55,238 55,387 46 One-to-four-family — — 463 463 469,022 469,485 920 Multi-family — — — — 219,738 219,738 — Total real estate loans 29 104 479 612 1,420,648 1,421,260 966 CONSUMER LOANS Indirect home improvement 2,298 685 532 3,515 492,426 495,941 1,076 Marine 650 385 86 1,121 69,446 70,567 267 Other consumer 32 37 5 74 2,990 3,064 9 Total consumer loans 2,980 1,107 623 4,710 564,862 569,572 1,352 COMMERCIAL BUSINESS LOANS Commercial and industrial 1 — 2,617 2,618 194,173 196,791 6,334 Warehouse lending — — — — 31,229 31,229 — Total commercial business loans 1 — 2,617 2,618 225,402 228,020 6,334 Total loans $ 3,010 $ 1,211 $ 3,719 $ 7,940 $ 2,210,912 $ 2,218,852 $ 8,652 ( 1 Includes past due loans as applicable. There were no loans 90 September 30, 2023 December 31, 2022 Credit Quality Indicators As part of the Company’s on-going monitoring of credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grading of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans, and (v) the general economic conditions in the Company’s markets. The Company utilizes a risk grading matrix to assign a risk grade to its real estate and commercial business loans. Loans are graded on a scale of 1 10, 1 6 7 10 A description of the 10 ● Grades 1 2 - ● Grade 3 - ● Grades 4 5 - ● Grade 6 - ● Grade 7 - ● Grade 8 - not ● Grade 9 - ● Grade 10 - Homogeneous loans are risk rated based upon the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. Loans classified under this policy at the Company are consumer loans which include indirect home improvement, solar, marine, other consumer, and one four first second 90 “4” “5” 90 “8” six 120 180 may Commercial real estate, construction and development, multi-family and commercial business loans are evaluated individually for their risk classification and may no The following tables summarize risk rated loan balances by category as of the dates indicated. Term loans that were renewed or extended for periods longer than 90 September 30, 2023 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted Commercial 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 41,310 $ 91,503 $ 62,998 $ 46,486 $ 28,149 $ 63,178 $ 2,373 $ 328 $ 336,325 Watch 3,209 5,459 12,952 — 453 2,239 17 — 24,329 Special mention — — — — 413 — — — 413 Substandard — — — 1,658 — 1,948 — — 3,606 Total commercial 44,519 96,962 75,950 48,144 29,015 67,365 2,390 328 364,673 Construction and development Pass 76,516 143,886 51,430 17,486 — 555 — — 289,873 Total construction and development 76,516 143,886 51,430 17,486 — 555 — — 289,873 Home equity Pass 3,702 1,144 1,595 6,639 11 2,228 51,736 — 67,055 Substandard — — — — — 37 11 — 48 Total home equity 3,702 1,144 1,595 6,639 11 2,265 51,747 — 67,103 Home equity gross charge-offs — — — — — — 10 — 10 One-to-four-family Pass 85,810 164,378 124,098 80,260 31,569 50,992 — 475 537,582 Watch — — — — — — — — — Substandard — 869 — — — 2,219 — — 3,088 Total one-to-four-family 85,810 165,247 124,098 80,260 31,569 53,211 — 475 540,670 Multi-family Pass 4,478 34,134 91,253 47,666 38,198 27,932 — — 243,661 Total multi-family 4,478 34,134 91,253 47,666 38,198 27,932 — — 243,661 Total real estate loans $ 215,025 $ 441,373 $ 344,326 $ 200,195 $ 98,793 $ 151,328 $ 54,137 $ 803 $ 1,505,980 September 30, 2023 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 140,778 $ 224,259 $ 99,785 $ 38,229 $ 25,370 $ 32,555 $ 6 $ — $ 560,982 Substandard 149 542 360 213 235 169 — — 1,668 Total indirect home improvement 140,927 224,801 100,145 38,442 25,605 32,724 6 — 562,650 Indirect home improvement gross charge-offs 90 834 471 191 153 233 — — 1,972 Marine Pass 12,050 24,527 10,329 13,623 5,407 7,545 — — 73,481 Substandard — — 25 — 87 294 — — 406 Total marine 12,050 24,527 10,354 13,623 5,494 7,839 — — 73,887 Marine gross charge-offs — 47 93 — 7 182 — — 329 Other consumer Pass 220 635 199 81 5 209 2,195 — 3,544 Substandard — — — — — — 3 — 3 Total other consumer 220 635 199 81 5 209 2,198 — 3,547 Other consumer gross charge-offs — 2 22 — — — 90 — 114 Total consumer loans $ 153,197 $ 249,963 $ 110,698 $ 52,146 $ 31,104 $ 40,772 $ 2,204 $ — $ 640,084 September 30, 2023 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted Commercial and industrial 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 13,252 $ 31,185 $ 22,174 $ 12,181 $ 5,401 $ 10,999 $ 111,899 $ 879 $ 207,970 Watch 259 — 1,436 2,507 — 1,113 9,726 — 15,041 Special mention — — — — 542 263 2,362 — 3,167 Substandard 3,105 — 1,557 1,435 1,766 173 2,306 — 10,342 Total commercial and industrial 16,616 31,185 25,167 16,123 7,709 12,548 126,293 879 236,520 Commercial and industrial gross charge-offs — — 1 — — — — — 1 Warehouse lending Pass — — — — — — 22,267 — 22,267 Watch — — — — — — 1,222 — 1,222 Total warehouse lending — — — — — — 23,489 — 23,489 Total commercial business loans $ 16,616 $ 31,185 $ 25,167 $ 16,123 $ 7,709 $ 12,548 $ 149,782 $ 879 $ 260,009 TOTAL LOANS RECEIVABLE, GROSS Pass $ 378,116 $ 715,651 $ 463,861 $ 262,651 $ 134,110 $ 196,193 $ 190,476 $ 1,682 $ 2,342,740 Watch 3,468 5,459 14,388 2,507 453 3,352 10,965 — 40,592 Special mention — — — — 955 263 2,362 — 3,580 Substandard 3,254 1,411 1,942 3,306 2,088 4,840 2,320 — 19,161 Total loans receivable, gross $ 384,838 $ 722,521 $ 480,191 $ 268,464 $ 137,606 $ 204,648 $ 206,123 $ 1,682 $ 2,406,073 Total gross charge-offs $ 90 $ 883 $ 587 $ 191 $ 160 $ 415 $ 100 $ — $ 2,426 December 31, 2022 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted Commercial 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 86,189 $ 76,030 $ 46,125 $ 38,930 $ 14,101 $ 55,271 $ — $ — $ 316,646 Watch 9,504 — 373 — — — — — 9,877 Special mention — — — 2,113 — — — — 2,113 Substandard — — — — 581 4,842 — — 5,423 Total commercial 95,693 76,030 46,498 41,043 14,682 60,113 — — 334,059 Construction and development Pass 193,084 118,724 21,966 8,379 — 438 — — 342,591 Total construction and development 193,084 118,724 21,966 8,379 — 438 — — 342,591 Home equity Pass 4,978 1,696 6,818 11 1,203 1,572 39,063 — 55,341 Substandard — — — — 13 33 — — 46 Total home equity 4,978 1,696 6,818 11 1,216 1,605 39,063 — 55,387 One-to-four-family Pass 166,388 129,282 82,461 31,878 15,837 40,526 — 199 466,571 Substandard — — — — 1,941 973 — — 2,914 Total one-to-four-family 166,388 129,282 82,461 31,878 17,778 41,499 — 199 469,485 Multi-family Pass 41,041 63,353 48,376 38,805 4,176 23,987 — — 219,738 Total multi-family 41,041 63,353 48,376 38,805 4,176 23,987 — — 219,738 Total real estate loans $ 501,184 $ 389,085 $ 206,119 $ 120,116 $ 37,852 $ 127,642 $ 39,063 $ 199 $ 1,421,260 December 31, 2022 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 253,495 $ 123,264 $ 46,476 $ 31,251 $ 18,165 $ 22,205 $ 9 $ — $ 494,865 Substandard 347 213 137 62 169 148 — — 1,076 Total indirect home improvement 253,842 123,477 46,613 31,313 18,334 22,353 9 — 495,941 Marine Pass 27,904 11,762 15,139 6,224 5,415 3,856 — — 70,300 Substandard — — — 151 61 55 — — 267 Total marine 27,904 11,762 15,139 6,375 5,476 3,911 — — 70,567 Other consumer Pass 792 754 116 48 14 80 1,251 — 3,055 Substandard 1 5 — — — — 3 — 9 Total other consumer 793 759 116 48 14 80 1,254 — 3,064 Total consumer loans $ 282,539 $ 135,998 $ 61,868 $ 37,736 $ 23,824 $ 26,344 $ 1,263 $ — $ 569,572 December 31, 2022 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted Commercial and industrial 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 24,337 $ 22,561 $ 12,461 $ 3,940 $ 3,074 $ 7,701 $ 104,524 $ — $ 178,598 Watch — 1,127 2,932 — — 746 1,327 — 6,132 Special mention — — — 634 — — 963 — 1,597 Substandard — 1,586 1,265 2,291 190 3,739 1,093 300 10,464 Total commercial and industrial 24,337 25,274 16,658 6,865 3,264 12,186 107,907 300 196,791 Warehouse lending Pass — — — — — — 31,227 — 31,227 Watch — — — — — — 2 — 2 Total warehouse lending — — — — — — 31,229 — 31,229 Total commercial business loans $ 24,337 $ 25,274 $ 16,658 $ 6,865 $ 3,264 $ 12,186 $ 139,136 $ 300 $ 228,020 TOTAL LOANS RECEIVABLE, GROSS Pass $ 798,208 $ 547,426 $ 279,938 $ 159,466 $ 61,985 $ 155,636 $ 176,074 $ 199 $ 2,178,932 Watch 9,504 1,127 3,305 — — 746 1,329 — 16,011 Special mention — — — 2,747 — — 963 — 3,710 Substandard 348 1,804 1,402 2,504 2,955 9,790 1,096 300 20,199 Total loans receivable, gross $ 808,060 $ 550,357 $ 284,645 $ 164,717 $ 64,940 $ 166,172 $ 179,462 $ 499 $ 2,218,852 The following table presents the amortized cost basis of loans on nonaccrual status as of the dates indicated: September 30, 2023 December 31, 2022 Nonaccrual with Nonaccrual with Total Nonaccrual with Nonaccrual with Total REAL ESTATE LOANS No ACL ACL Nonaccrual No ACL ACL Nonaccrual Commercial $ 1,074 $ — $ 1,074 $ — $ — $ — Home equity 48 — 48 46 — 46 One-to-four-family 306 — 306 920 — 920 1,428 — 1,428 966 — 966 CONSUMER LOANS Indirect home improvement — 1,668 1,668 — 1,076 1,076 Marine — 406 406 — 267 267 Other consumer — 3 3 — 9 9 — 2,077 2,077 — 1,352 1,352 COMMERCIAL BUSINESS LOANS Commercial and industrial — 2,114 2,114 — 6,334 6,334 Total $ 1,428 $ 4,191 $ 5,619 $ 966 $ 7,686 $ 8,652 The Company recognized interest income on a cash basis for nonaccrual loans of $55,000 and $144,000 during the three September 30, 2023 2022 nine September 30, 2023 2022 The following table presents the amortized cost basis of collateral dependent loans by class of loans as of the dates indicated: September 30, 2023 December 31, 2022 Commercial Residential Other Residential Other REAL ESTATE LOANS Real Estate Real Estate Non-Real Estate Total Real Estate Non-Real Estate Total Commercial $ 1,074 $ — $ — $ 1,074 $ — $ — $ — Home equity — 48 — 48 46 — 46 One-to-four-family — 306 — 306 920 — 920 1,074 354 — 1,428 966 — 966 CONSUMER LOANS Indirect home improvement — — 1,668 1,668 — 1,076 1,076 Marine — — 406 406 — 267 267 — — 2,074 2,074 — 1,343 1,343 COMMERCIAL BUSINESS LOANS Commercial and industrial — — 2,114 2,114 — 6,334 6,334 Total $ 1,074 $ 354 $ 4,188 $ 5,616 $ 966 $ 7,677 $ 8,643 |
Note 5 - Servicing Rights
Note 5 - Servicing Rights | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 5 SERVICING RIGHTS Loans serviced for others are not September 30, 2023 December 31, 2022 The following table summarizes mortgage servicing rights (“MSR”) activity at or for the dates indicated: At or For the Three Months Ended September 30, 2023 2022 Beginning balance, at the lower of cost or fair value $ 17,627 $ 18,516 Additions 954 925 MSR amortized (924 ) (971 ) Ending balance, at the lower of cost or fair value $ 17,657 $ 18,470 At or For the Nine Months Ended September 30, 2023 2022 Beginning balance, at the lower of cost or fair value $ 18,017 $ 16,970 Additions 2,279 4,935 MSR amortized (2,639 ) (3,436 ) Recovery of servicing rights — 1 Ending balance, at the lower of cost or fair value $ 17,657 $ 18,470 The fair value of the servicing rights’ assets was $38.9 million and $35.5 million at September 30, 2023 December 31, 2022 The following provides valuation assumptions used in determining the fair value of MSR at the dates indicated: At September 30, At December 31, Key assumptions: 2023 2022 Weighted average discount rate 10.2 % 9.6 % Conditional prepayment rate (“CPR”) 6.3 % 8.2 % Weighted average life in years 8.8 7.8 Key economic assumptions of the current fair value for single family MSR are presented in the table below. Also presented is the sensitivity to market rate changes for the par rate coupon for a conventional one four September 30, 2023 December 31, 2022 Aggregate portfolio principal balance $ 2,825,752 $ 2,783,458 Weighted average rate of loans in servicing portfolio 3.6 % 3.4 % At September 30, 2023 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 6.3 % 6.7 % 7.2 % Fair value MSR $ 38,858 $ 38,411 $ 37,752 Percentage of MSR 1.4 % 1.4 % 1.3 % Discount rate 10.2 % 10.7 % 11.2 % Fair value MSR $ 38,858 $ 37,978 $ 37,133 Percentage of MSR 1.4 % 1.3 % 1.3 % At December 31, 2022 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 8.2 % 8.6 % 9.3 % Fair value MSR $ 35,478 $ 34,997 $ 34,188 Percentage of MSR 1.3 % 1.3 % 1.2 % Discount rate 9.6 % 10.1 % 10.6 % Fair value MSR $ 35,478 $ 34,715 $ 33,984 Percentage of MSR 1.3 % 1.2 % 1.2 % These sensitivities are hypothetical and should be used with caution as the tables above demonstrate the Company’s methodology for estimating the fair value of MSR which is extremely sensitive to changes in key assumptions. For example, actual prepayment experience may may may not one may may may may may not The Company recorded $1.8 million of gross contractually specified servicing fees, late fees, and other ancillary fees resulting from servicing of loans for both the three September 30, 2023 2022 nine September 30, 2023 2022 |
Note 6 - Derivatives
Note 6 - Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 6 DERIVATIVES The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s predominant derivative and hedging activities involve interest rate swaps related to certain borrowings, brokered deposits, investment securities, forward sales contracts, and commitments to extend credit associated with mortgage banking activities. Generally, these instruments help the Company manage exposure to market risk. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as market-driven interest rates and prices or other economic factors. Mortgage Banking Derivatives Not The Company regularly enters into commitments to originate and sell loans held for sale. The Company has exposure to movements in interest rates associated with written interest rate lock commitments with potential borrowers to originate one four one four one four not Customer Swaps Not The Company also enters into derivative contracts, which consist of interest rate swaps, to facilitate the needs of clients desiring to manage interest rate risk. These swaps are not 815, third not Cash Flow Hedges The Bank has entered into interest rate swaps to reduce the exposure to variability in interest-related cash outflows related to brokered deposits. These derivative instruments are designated as cash flow hedges. Changes to the amount of interest payment cash flows for the hedged transactions attributable to a change in credit risk are excluded from management’s assessment of hedge effectiveness. The Bank tests hedging effectiveness on a quarterly basis. The accumulated other comprehensive income is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Bank has not The Bank expects that approximately $5.1 million will be reclassified from accumulated other comprehensive loss as a decrease to interest expense over the next 12 Fair Value Hedges The Company is exposed to changes in the fair value of certain of its pools of prepayable fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, the SOFR. Interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The following amounts were recorded on the balance sheet related to cumulative-basis adjustment for fair value hedges for the dates indicated: Cumulative Amount of Fair Value Line item in the statement of financial Hedging Adjustment Included in position in which the hedged Item is Carrying Amount of the the Carrying Amount of the included Hedged Assets Hedged Assets September 30, 2023 Investment securities (1) $ 53,984 $ 6,016 Total $ 53,984 $ 6,016 December 31, 2022 Investment securities (1) $ 55,893 $ 4,107 Total $ 55,893 $ 4,107 ( 1 These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2023 The following tables summarize the Company’s derivative instruments at the dates indicated. The Company has master netting agreements with derivative dealers with which it does business, but reflects gross assets and liabilities as “Other assets” and “Other liabilities,” respectively, on the Consolidated Balance Sheets, as follows: September 30, 2023 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 200,000 $ 8,402 $ — Fair value hedges: Interest rate swaps - securities 60,000 5,991 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 26,982 175 — Mandatory and best effort forward commitments with investors 5,919 21 — Forward TBA mortgage-backed securities 34,000 355 — Customer swap positions 882 — 90 Dealer offsets to customer swap positions 882 92 — December 31, 2022 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 90,000 $ 5,780 $ — Fair value hedges: Interest rate swaps - securities 60,000 4,090 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 8,837 107 — Mandatory and best effort forward commitments with investors 4,558 — 38 Forward TBA mortgage-backed securities 27,000 164 — The following table summarizes the effect of fair value and cash flow hedge accounting on the Consolidated Statements of Income for the three nine September 30, 2023 2022 Three Months Ended September 30, 2023 2022 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 10,462 $ 3,396 $ 2,596 $ 1,741 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items — (1,286 ) — (3,383 ) Recognized on derivatives designated as hedging instruments — 1,842 — 3,313 Net income (expense) recognized on fair value hedges $ — $ 556 $ — $ (70 ) Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 1,446 $ — $ 278 $ — Net income recognized on cash flow hedges $ 1,446 $ — $ 278 $ — Nine Months Ended September 30, 2023 2022 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 24,696 $ 8,667 $ 5,438 $ 4,990 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items — (689 ) — (4,316 ) Recognized on derivatives designated as hedging instruments — 1,901 — 4,144 Net income (expense) recognized on fair value hedges $ — $ 1,212 $ — $ (172 ) Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 3,624 $ — $ 232 $ — Net income recognized on cash flow hedges $ 3,624 $ — $ 232 $ — Changes in the fair value of the non-hedging derivatives recognized in “Noninterest income” on the Consolidated Statements of Income and included in gain on sale of loans resulted in net losses of $107,000 and net gains of $34,000 for the three September 30, 2023 2022 nine September 30, 2023 2022 The following tables present a summary of amounts outstanding in derivative financial instruments including those entered into in connection with the same counter-party under master netting agreements at the dates indicated. While these agreements are typically over-collateralized, GAAP requires disclosures in this table to limit the amount of such collateral to the amount of the related asset or liability for each counter-party. Gross Amounts Net Amounts of Assets Gross Amounts Not Offset Gross Amounts Offset in the Presented in the in the Statement of Financial Position of Recognized Statement of Statement of Financial Cash Collateral Offsetting of derivative assets Assets Financial Position Financial Position Instruments Received Net Amount September 30, 2023 Interest rate swaps $ 14,485 $ — $ 14,485 $ — $ — $ 14,485 December 31, 2022 Interest rate swaps $ 9,870 $ — $ 9,870 $ — $ — $ 9,870 Credit Risk Related Contingent Features The Company has interest rate swap agreements with certain of its derivative counterparties that contain a provision where if the Company either defaults or fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to terminate the contracts or post additional collateral. At September 30, 2023 no |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7 LEASES The Company has operating leases for retail bank and home lending branches, loan production offices, and certain equipment. The Company’s leases have remaining lease terms of six six nine five The components of lease cost (included in occupancy expense on the Consolidated Statements of Income) are as follows for the three nine September 30, 2023 2022 Three Months Ended Three Months Ended Lease cost: September 30, 2023 September 30, 2022 Operating lease cost $ 476 $ 350 Short-term lease cost 5 8 Total lease cost $ 481 $ 358 Nine Months Ended Nine Months Ended Lease cost: September 30, 2023 September 30, 2022 Operating lease cost $ 1,357 $ 1,041 Short-term lease cost 14 16 Total lease cost $ 1,371 $ 1,057 The following tables provide supplemental information related to operating leases at or for the three nine September 30, 2023 2022 At or For the At or For the Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 486 $ 360 Weighted average remaining lease term- operating leases (in years) 4.2 4.7 Weighted average discount rate- operating leases 2.93 % 2.41 % At or For the At or For the Nine Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 1,392 $ 1,063 Weighted average remaining lease term- operating leases (in years) 4.2 4.7 Weighted average discount rate- operating leases 2.93 % 2.41 % The Company’s leases typically do not Maturities of operating lease liabilities at September 30, 2023 Remainder of 2023 $ 483 2024 1,933 2025 1,628 2026 1,475 2027 1,173 Thereafter 1,383 Total lease payments 8,075 Less imputed interest (806 ) Total $ 7,269 |
Note 8 - Other Real Estate Owne
Note 8 - Other Real Estate Owned (OREO) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 8 OTHER REAL ESTATE OWNED ( OREO ) The following table presents the activity related to OREO at or for the three nine September 30, 2023 2022 At or For the Three Months Ended At or For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Beginning balance $ 570 $ 145 $ 570 $ — Additions — — — 145 Loans transferred to OREO — — — — Ending balance $ 570 $ 145 $ 570 $ 145 There was one September 30, 2023 one September 30, 2022 three nine September 30, 2023 2022 There were $317,000 and $511,000 in portfolio mortgage loans collateralized by residential real estate in the process of foreclosure September 30, 2023 December 31, 2022 |
Note 9 - Deposits
Note 9 - Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 DEPOSITS Deposits are summarized as follows at the dates indicated: September 30, December 31, 2023 2022 Noninterest-bearing checking $ 643,670 $ 537,938 Interest-bearing checking (1) 219,469 135,127 Savings 157,901 134,358 Money market (2) 389,962 574,290 Certificates of deposit less than $100,000 (3) 527,032 440,785 Certificates of deposit of $100,000 through $250,000 406,545 195,447 Certificates of deposit of $250,000 and over 83,377 93,560 Escrow accounts related to mortgages serviced (4) 26,488 16,236 Total $ 2,454,444 $ 2,127,741 ( 1 Includes $50.1 million and $2.3 million of brokered deposits at September 30, 2023 December 31, 2022 ( 2 Includes $51,000 and $59.7 million of brokered deposits at September 30, 2023 December 31, 2022 ( 3 Includes $323.3 million and $332.0 million of brokered deposits at September 30, 2023 December 31, 2022 ( 4 Noninterest-bearing accounts. Scheduled maturities of time deposits at September 30, 2023 Maturing in 2023 $ 338,756 Maturing in 2024 483,059 Maturing in 2025 128,932 Maturing in 2026 44,517 Maturing in 2027 20,739 Thereafter 951 Total $ 1,016,954 Interest expense by deposit category for the periods indicated is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest-bearing checking $ 643 $ 100 $ 1,111 $ 353 Savings and money market 1,529 1,303 4,071 2,397 Certificates of deposit 8,290 1,193 19,514 2,688 Total $ 10,462 $ 2,596 $ 24,696 $ 5,438 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES Commitments The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The following table provides a summary of the Company’s commitments at the dates indicated: COMMITMENTS TO EXTEND CREDIT September 30, December 31, REAL ESTATE LOANS 2023 2022 Commercial $ 4,584 $ 1,260 Construction and development 161,247 201,708 One-to-four-family (includes locks for saleable loans) 30,895 10,713 Home equity 96,548 77,566 Multi-family 2,931 2,999 Total real estate loans 296,205 294,246 CONSUMER LOANS 30,393 39,406 COMMERCIAL BUSINESS LOANS Commercial and industrial 164,727 150,109 Warehouse lending 57,158 64,781 Total commercial business loans 221,885 214,890 Total commitments to extend credit $ 548,483 $ 548,542 Commitments to extend credit are agreements to lend to a customer provided there is no not may Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not may not September 30, 2023 December 31, 2022 nine September 30, 2023 nine September 30, 2022 three September 30, 2023 September 30, 2022 The Company also sells one four first September 30, 2023 September 30, 2023 December 31, 2022 90 Contingent liabilities for loans held for sale may may no no one four September 30, 2023 December 31, 2022 The Company has entered into a severance agreement with its Chief Executive Officer (“CEO”). The severance agreement, subject to certain requirements, generally includes a lump sum payment to the CEO equal to 24 The Company has entered into change of control agreements with its executives and select key personnel. The change of control agreements, subject to certain requirements, generally remain in effect until canceled by either party upon at least 24 six 12 12 As a result of the nature of our activities, the Company is subject to various pending and threatened legal actions, which arise in the ordinary course of business. From time to time, subordination liens may not no September 30, 2023 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 11 FAIR VALUE MEASUREMENTS The Company determines fair value based on the requirements established in Accounting Standards Codification (“ASC”) Topic 820 Fair Value Measurements, Topic 820 The following definitions describe the levels of inputs that may Level 1 Level 2 Level 3 The following methods were used to estimate the fair value of certain assets and liabilities on a recurring and nonrecurring basis: Securities third 2 third Mortgage Loans Held for Sale 2 Loans Receivable September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 three September 30, 2023 three September 30, 2022 nine September 30, 2023 nine September 30, 2022 2 Derivative Instruments 2 2 3 not 2 not third third Other Real Estate Owned 3 Loans Individually Evaluated 3 Servicing Rights third 3 The following tables present securities available-for-sale, mortgage loans held for sale, loans receivable, at fair value, and derivative assets and liabilities measured at fair value on a recurring basis at the dates indicated: Financial Assets At September 30, 2023 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,096 $ — $ 17,096 Corporate securities — 6,354 — 6,354 Municipal bonds — 108,621 — 108,621 Mortgage-backed securities — 89,607 — 89,607 U.S. Small Business Administration securities — 30,239 — 30,239 Mortgage loans held for sale, at fair value — 18,636 — 18,636 Loans receivable, at fair value — 15,176 — 15,176 Derivatives: Interest rate lock commitments with customers — — 175 175 Forward TBA mortgage-backed securities — 355 — 355 Mandatory and best effort forward commitments with investors — — 21 21 Interest rate swaps — 14,485 — 14,485 Total assets measured at fair value $ — $ 300,569 $ 196 $ 300,765 Financial Liabilities Derivatives: Interest rate swaps $ — $ (90 ) $ — $ (90 ) Total liabilities measured at fair value $ — $ (90 ) $ — $ (90 ) Financial Assets At December 31, 2022 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,288 $ — $ 17,288 Corporate securities — 8,545 — 8,545 Municipal bonds — 120,602 — 120,602 Mortgage-backed securities — 69,966 — 69,966 U.S. Small Business Administration securities — 12,851 — 12,851 Mortgage loans held for sale, at fair value — 20,093 — 20,093 Loans receivable, at fair value — 14,035 — 14,035 Derivatives: Forward TBA mortgage-backed securities — 164 — 164 Interest rate swaps — 9,870 — 9,870 Interest rate lock commitments with customers — — 107 107 Total assets measured at fair value $ — $ 273,414 $ 107 $ 273,521 Financial Liabilities Derivatives: Mandatory and best effort forward commitments with investors $ — $ — $ (38 ) $ (38 ) Total liabilities measured at fair value $ — $ — $ (38 ) $ (38 ) The following table presents financial assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy at September 30, 2023 December 31, 2022 September 30, 2023 Level 1 Level 2 Level 3 Total MSR $ — $ — $ 38,858 $ 38,858 Quantitative Information about Level 3 3 Level 3 Significant Weighted Average Rate Fair Value Valuation Unobservable September 30, December 31, Instruments Techniques Inputs Range 2023 2022 RECURRING Interest rate lock commitments with customers Quoted market prices Pull-through expectations 80% - 99% 91.4 % 92.5 % Individual forward sale commitments with investors Quoted market prices Pull-through expectations 80% - 99% 91.4 % 92.5 % NONRECURRING MSR Industry sources Pre-payment speeds 0% - 50% 6.3 % 8.2 % The pull-through rate is based on historical loan closing rates for similar interest rate lock commitments. An increase or decrease in the pull-through rate would have a corresponding positive or negative fair value adjustment. The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 Purchases Net change in Net change in Three Months Ended Beginning and Sales and Ending fair value for fair value for September 30, 2023 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 273 $ 1,109 $ (1,207 ) $ 175 $ (98 ) $ — Individual forward sale commitments with investors 123 — (102 ) 21 (102 ) — September 30, 2022 Interest rate lock commitments with customers $ 184 $ 472 $ (828 ) $ (172 ) $ (356 ) $ — Individual forward sale commitments with investors 518 899 (1,123 ) 294 (224 ) — Purchases Net change in Net change in Nine Months Ended Beginning and Sales and Ending fair value for fair value for September 30, 2023 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 107 $ 3,051 $ (2,983 ) $ 175 $ 68 $ — Individual forward sale commitments with investors (38 ) 410 (351 ) 21 (59 ) — September 30, 2022 Interest rate lock commitments with customers $ 757 $ 2,589 $ (3,518 ) $ (172 ) $ (929 ) $ — Individual forward sale commitments with investors 808 5,972 (6,486 ) 294 (514 ) — ( 1 ( 2 (Losses) gains on interest rate lock commitments and on forward sale commitments with investors carried at fair value are recorded in “Gain on sale of loans” on the Consolidated Statements of Income. The following table provides estimated fair values of the Company’s financial instruments at the dates indicated, whether recognized at fair value or not September 30, December 31, 2023 2022 Financial Assets Carrying Fair Carrying Fair Level 1 inputs: Amount Value Amount Value Cash and cash equivalents $ 80,673 $ 80,673 $ 41,437 $ 41,437 Certificates of deposit at other financial institutions 17,636 17,636 4,712 4,712 Level 2 inputs: Securities available-for-sale, at fair value 251,917 251,917 229,252 229,252 Securities held-to-maturity, gross 8,500 7,424 8,500 7,929 Loans held for sale, at fair value 18,636 18,636 20,093 20,093 FHLB stock, at cost 3,696 3,696 10,611 10,611 Forward TBA mortgage-backed securities 355 355 164 164 Loans receivable, at fair value 15,176 15,176 14,035 14,035 Interest rate swaps 14,485 14,485 9,870 9,870 Accrued interest receivable 13,925 13,925 11,144 11,144 Level 3 inputs: Loans receivable, gross 2,390,897 2,279,968 2,204,817 2,153,769 MSR, held at lower of cost or fair value 17,657 38,858 18,017 35,478 Fair value interest rate locks with customers 175 175 107 107 Mandatory and best effort forward commitments with investors 21 21 — — Financial Liabilities Level 2 inputs: Deposits 2,454,444 2,437,603 2,127,741 2,105,926 Borrowings 121,895 121,382 186,528 186,188 Subordinated notes, excluding unamortized debt issuance costs 50,000 42,743 50,000 44,500 Accrued interest payable 3,966 3,966 2,270 2,270 Interest rate swaps 90 90 — — Level 3 inputs: Mandatory and best effort forward commitments with investors — — 38 38 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12 EARNINGS PER SHARE The Company computes earnings per share using the two two The following table presents a reconciliation of the components used to compute basic and diluted earnings per share at or for the dates indicated: At or For the Three Months Ended September 30, At or For the Nine Months Ended September 30, Numerator 2023 2022 2023 2022 Net income $ 8,953 $ 8,458 $ 26,281 $ 22,027 Dividends and undistributed earnings allocated to participating securities (143 ) (153 ) (423 ) (414 ) Net income available to common shareholders $ 8,810 $ 8,305 $ 25,858 $ 21,613 Denominator (shown as actual): Basic weighted average common shares outstanding 7,667,981 7,605,360 7,643,086 7,800,390 Dilutive shares 112,449 102,402 125,662 122,456 Diluted weighted average common shares outstanding 7,780,430 7,707,762 7,768,748 7,922,846 Basic earnings per share $ 1.15 $ 1.09 $ 3.38 $ 2.77 Diluted earnings per share $ 1.13 $ 1.08 $ 3.33 $ 2.73 Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. 64,256 84,540 55,174 62,544 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 13 STOCK-BASED COMPENSATION Stock Options and Restricted Stock On May 17, 2018, 2018 “2018 2018 September 30, 2023 2018 Total share-based compensation expense was $590,000 and $1.6 million for the three nine September 30, 2023 three nine September 30, 2022 Stock Options The 2018 may one three five 107, one three five The following table presents a summary of the Company’s stock option awards during the dates indicated (shown as actual): Weighted-Average Weighted- Remaining Average Contractual Term In Aggregate Shares Exercise Price Years Intrinsic Value Outstanding at January 1, 2023 647,832 $ 26.67 6.84 $ 4,627,255 Granted 103,000 $ 30.73 — — Less exercised 19,121 $ 12.76 — $ 337,279 Less forfeited or expired 35,119 33.25 — — Outstanding at September 30, 2023 696,592 $ 27.36 6.61 $ 2,073,328 Expected to vest, assuming a 0.31% annual forfeiture rate at September 30, 2023 (1) 682,861 $ 27.32 6.52 $ 2,057,735 Exercisable at September 30, 2023 417,775 $ 25.76 5.33 $ 1,679,133 ( 1 Forfeiture rate has been calculated and estimated to assume a forfeiture of 3.1% of the options over 10 years. At September 30, 2023 2018 Restricted Stock Awards The RSAs’ fair value is equal to the value of the market price of FS Bancorp’s common stock on the grant date and compensation expense is recognized over the vesting period of the awards based on the fair value of the restricted stock. Shares for the 2018 one three five The following table presents a summary of the Company’s nonvested awards during the dates indicated (shown as actual): Weighted-Average Grant-Date Fair Value Nonvested Shares Shares Per Share Nonvested at January 1, 2023 118,530 $ 28.85 Granted 37,600 30.73 Less vested 44,462 28.24 Less forfeited or expired 9,524 30.96 Nonvested at September 30, 2023 102,144 $ 29.61 At September 30, 2023 2018 |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 14 REGULATORY CAPITAL The Bank is subject to various regulatory capital requirements administered by the Federal Reserve and the FDIC. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines of the regulatory framework for prompt corrective action, the Bank must meet specific capital adequacy guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital classification is also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Under the risk-based capital adequacy framework, quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 1 1 1” The Bank must maintain minimum total risk-based, Tier 1 1 1 September 30, 2023 no September 30, 2023 The following table compares the Bank’s actual capital amounts and ratios at September 30, 2023 To be Well Capitalized Under Prompt For Capital For Capital Adequacy Corrective Actual Adequacy Purposes with Capital Buffer Action Provisions Bank Only Amount Ratio Amount Ratio Amount Ratio Amount Ratio At September 30, 2023 Total risk-based capital (to risk-weighted assets) $ 330,533 13.06 % $ 202,483 8.00 % $ 265,759 10.50 % $ 253,104 10.00 % Tier 1 risk-based capital (to risk-weighted assets) $ 298,887 11.81 % $ 151,862 6.00 % $ 215,138 8.50 % $ 202,483 8.00 % Tier 1 leverage capital (to average assets) $ 298,887 10.26 % $ 116,478 4.00 % $ N/A N/A $ 145,598 5.00 % CET 1 capital (to risk-weighted assets) $ 298,887 11.81 % $ 113,897 4.50 % $ 177,173 7.00 % $ 164,518 6.50 % In addition to the minimum CET 1, 1, 1 September 30, 2023 The Company is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, $3.0 not $3.0 September 30, 2023 September 30, 2023 1 1 1 December 31, 2022 1 1 1 |
Note 15 - Business Segments
Note 15 - Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 BUSINESS SEGMENTS The Company’s business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the way financial information is currently evaluated by management. This process is dynamic and is based on management’s current view of the Company’s operations and is not two The Company uses various management accounting methodologies to assign certain income statement items to the responsible operating segment, including: ● a funds transfer pricing (“FTP”) system, which allocates interest income credits and funding charges between the segments, assigning to each segment a funding credit for its liabilities, such as deposits, and a charge to fund its assets. The FTP methodology is based on management's estimated cost of originating funds including the cost of overhead for deposit generation; ● a cost per loan serviced allocation based on the number of loans being serviced on the balance sheet and the number of loans serviced for third ● an allocation based upon the approximate square footage utilized by the home lending segment in Company owned locations; ● an allocation of charges for services rendered to the segments by centralized functions, such as corporate overhead, which are generally based on the number of full-time employees (“FTEs”) in each segment; and ● an allocation of the Company’s consolidated income taxes which are based on the effective tax rate applied to the segment’s pretax income or loss. A description of the Company’s business segments and the products and services that they provide is as follows: Commercial and Consumer Banking Segment The commercial and consumer banking segment provides diversified financial products and services to our commercial and consumer customers through Bank branches, online banking platforms, mobile banking apps, and telephone banking. These products and services include deposit products; residential, consumer, business and commercial real estate lending portfolios and cash management services. The Company originates consumer loans, commercial and multi-family real estate loans, construction loans for residential and multi-family construction, and commercial business loans. At September 30, 2023 Home Lending Segment The home lending segment one four may may one four four Segment Financial Results The tables below summarize the financial results for each segment based on the factors mentioned above within each segment for the three nine September 30, 2023 2022 At or For the Three Months Ended September 30, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 27,563 $ 3,071 $ 30,634 Provision for credit losses (437 ) (111 ) (548 ) Noninterest income (2) 2,680 2,302 4,982 Noninterest expense (3) (18,539 ) (5,047 ) (23,586 ) Income before provision for income taxes 11,267 215 11,482 Provision for income taxes (2,480 ) (49 ) (2,529 ) Net income $ 8,787 $ 166 $ 8,953 Total average assets for period ended $ 2,361,014 $ 540,372 $ 2,901,386 Full-time employees ("FTEs") 434 128 562 At or For the Three Months Ended September 30, 2022 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 24,620 $ 2,907 $ 27,527 (Provision) recovery for credit losses (1,811 ) 93 (1,718 ) Noninterest income (2) 3,314 867 4,181 Noninterest expense (3) (14,471 ) (4,867 ) (19,338 ) Income (loss) before (provision) benefit for income taxes 11,652 (1,000 ) 10,652 (Provision) benefit for income taxes (2,400 ) 206 (2,194 ) Net income (loss) $ 9,252 $ (794 ) $ 8,458 Total average assets for period ended $ 2,072,614 $ 427,368 $ 2,499,982 FTEs 389 140 529 At or For the Nine Months Ended September 30, 2023 Commercial and Consumer Condensed income statement: Banking Home Lending Total Net interest income (1) $ 83,332 $ 9,516 $ 92,848 Provision for credit losses (2,555 ) (817 ) (3,372 ) Noninterest income (2) 7,766 7,268 15,034 Noninterest expense (3) (56,099 ) (15,215 ) (71,314 ) Income before provision for income taxes 32,444 752 33,196 Provision for income taxes (6,758 ) (157 ) (6,915 ) Net income $ 25,686 $ 595 $ 26,281 Total average assets for period ended $ 2,288,996 $ 520,513 $ 2,809,509 FTEs 434 128 562 At or For the Nine Months Ended September 30, 2022 Commercial and Consumer Condensed income statement: Banking Home Lending Total Net interest income (1) $ 66,983 $ 7,995 $ 74,978 Provision for credit losses (3,727 ) (905 ) (4,632 ) Noninterest income (2) 7,944 6,468 14,412 Noninterest expense (3) (42,878 ) (14,456 ) (57,334 ) Income (loss) before (provision) benefit for income taxes 28,322 (898 ) 27,424 (Provision) benefit for income taxes (5,583 ) 186 (5,397 ) Net income (loss) $ 22,739 $ (712 ) $ 22,027 Total average assets for period ended $ 1,972,376 $ 403,990 $ 2,376,366 FTEs 389 140 529 ( 1 Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not ( 2 Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three nine September 30, 2023, three nine September 30, 2022, September 30, 2023 2022, ( 3 Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three nine September 30, 2023 2022, |
Note 16 - Goodwill and Other In
Note 16 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 16 GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and certain other intangibles generally arise from business combinations accounted for under the acquisition method of accounting. Goodwill totaled $3.6 million at September 30, 2023 December 31, 2022 February 24, 2023, four January 22, 2016. not December 31 may not September 30, 2023 Core deposit intangible (“CDI”) is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not September 30, 2023 The following table summarizes the changes in the Company’s other intangible assets comprised solely of CDI for the year ended September 30, 2023 nine September 30, 2023 Other Intangible Assets Accumulated Gross CDI Amortization Net CDI Balance, December 31, 2021 $ 7,490 $ (3,430 ) $ 4,060 Amortization — (691 ) (691 ) Balance, December 31, 2022 7,490 (4,121 ) 3,369 Additions as a result of the Branch Purchase 17,438 — 17,438 Amortization — (2,484 ) (2,484 ) Balance, September 30, 2023 $ 24,928 $ (6,605 ) $ 18,323 The CDI represents the fair value of the intangible core deposit base acquired in business combinations. The CDI will be amortized on an accelerated basis over 10 years for the CDI related to the Branch Purchase, on a straight-line basis over 10 years for the CDI related to the Anchor Bank acquisition in November 2018 ( nine four January 22, 2016. three nine September 30, 2023 2022 Amortization expense for CDI is expected to be as follows at September 30, 2023 Remainder of 2023 $ 980 2024 3,633 2025 3,191 2026 2,846 2027 2,500 Thereafter 5,173 Total $ 18,323 |
Note 17 - Revenue From Contract
Note 17 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 17 REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition In accordance with Topic 606, 606, five five 606, All the Company’s revenue from contracts with customers in-scope of ASC 606 606, At or For the Three Months Ended September 30, For the Nine Months Ended September 30, Noninterest income 2023 2022 2023 2022 In-scope of Topic 606: Debit card interchange fees $ 867 $ 575 $ 2,388 $ 1,702 Deposit service and account maintenance fees 373 237 1,036 678 Noninterest income (in-scope of Topic 606) 1,240 812 3,424 2,380 Noninterest income (out-of-scope and/or immaterial to Topic 606) 3,742 3,369 11,610 12,032 Total noninterest income $ 4,982 $ 4,181 $ 15,034 $ 14,412 Deposit Service and Account Maintenance Fees The Bank earns fees from its deposit customers for account maintenance, transaction-based services, and overdraft charges. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts monthly. The performance obligation is satisfied and the fees are recognized monthly as the service period is completed. Transaction-based fees on deposit accounts are charged to deposit customers for specific services provided to the customer, such as wire fees, as well as charges against the account, such as fees for non-sufficient funds and overdrafts. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Debit and ATM interchange income represent fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Financial Statement Presentation 10‑Q 10 X 10‑K December 31, 2022 March 16, 2023. The results for the three nine September 30, 2023 not may December 31, 2023 Amounts presented in the consolidated financial statements and footnote tables are rounded and presented to the nearest thousands of dollars except per share amounts. If the amounts are above $1.0 one $1.0 two |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation 1st |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting two 15 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events September 30, 2023 |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, No. 2020 04, Reference Rate Reform ( Topic 848 ) 1 310, 470, 2 840, 842, no not 3 not 815 15, January 2021, 2021 01 848 848 may March 12, 2020 December 31, 2022, December 31, 2024. not 2020 04 Application of New Accounting Guidance Adopted in 2023 On January 1, 2023, No. 2022 02, Financial Instruments Credit Losses (Topic 326 December 15, 2022, 2022 02 not |
Note 2 - Business Combination (
Note 2 - Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquired Book Fair Value Amount February 24, 2023 Value Adjustments Recorded Assets Cash and cash equivalents $ 336,157 $ — $ 336,157 Loans receivable 66,093 (2,902 ) (1) 63,191 Premises and equipment 6,342 — 6,342 Accrued interest receivable 530 — 530 Core deposit intangible ("CDI") — 17,438 (2) 17,438 Goodwill — 1,280 (3) 1,280 Other assets 11 — 11 Total assets acquired $ 409,133 $ 15,816 $ 424,949 Liabilities Deposits: Noninterest-bearing accounts $ 225,567 $ — $ 225,567 Interest-bearing accounts 199,898 (548 ) (4) 199,350 Total deposits 425,465 (548 ) 424,917 Accrued interest payable 4 — 4 Other liabilities 28 — 28 Total liabilities assumed $ 425,497 $ (548 ) $ 424,949 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Investment [Table Text Block] | September 30, 2023 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,152 $ 42 $ (4,098 ) $ 17,096 $ — Corporate securities 7,000 41 (687 ) 6,354 — Municipal bonds 139,237 1 (30,617 ) 108,621 — Mortgage-backed securities 104,097 45 (14,535 ) 89,607 — U.S. Small Business Administration securities 32,313 — (2,074 ) 30,239 — Total securities available-for-sale 303,799 129 (52,011 ) 251,917 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (1,076 ) 7,424 45 Total securities held-to-maturity 8,500 — (1,076 ) 7,424 45 Total securities $ 312,299 $ 129 $ (53,087 ) $ 259,341 $ 45 December 31, 2022 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,153 $ — $ (3,865 ) $ 17,288 $ — Corporate securities 9,497 27 (979 ) 8,545 — Municipal bonds 144,200 21 (23,619 ) 120,602 — Mortgage-backed securities 82,424 — (12,458 ) 69,966 — U.S. Small Business Administration securities 14,519 — (1,668 ) 12,851 — Total securities available-for-sale 271,793 48 (42,589 ) 229,252 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (571 ) 7,929 31 Total securities held-to-maturity 8,500 — (571 ) 7,929 31 Total securities $ 280,293 $ 48 $ (43,160 ) $ 237,181 $ 31 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | SECURITIES HELD-TO-MATURITY For the Three Months Ended September 30, Corporate Securities 2023 2022 Beginning allowance balance $ 31 $ 31 Provision for credit losses 14 — Total ending allowance balance $ 45 $ 31 SECURITIES HELD-TO-MATURITY For the Nine Months Ended September 30, Corporate Securities 2023 2022 Beginning allowance balance $ 31 $ — Impact of adopting ASU 2016-13 — 72 Provision (recapture) for credit losses 14 (41 ) Total ending allowance balance $ 45 $ 31 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | September 30, December 31, Corporate securities 2023 2022 BBB/BBB- $ 7,000 $ 8,500 BB+ 1,500 — Total $ 8,500 $ 8,500 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | September 30, 2023 Purpose or beneficiary Carrying Value Amortized Cost Fair Value State and local government public deposits $ 36,866 $ 45,834 $ 36,866 Federal Reserve Bank - Bank Term Funding Program facility 73,722 90,399 73,722 Total pledged securities $ 110,588 $ 136,233 $ 110,588 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized SECURITIES AVAILABLE-FOR-SALE Value Losses Value Losses Value Losses U.S. agency securities $ — $ — $ 15,054 $ (4,098 ) $ 15,054 $ (4,098 ) Corporate securities — — 4,313 (687 ) 4,313 (687 ) Municipal bonds 5,599 (217 ) 102,969 (30,400 ) 108,568 (30,617 ) Mortgage-backed securities 18,216 (84 ) 65,134 (14,451 ) 83,350 (14,535 ) U.S. Small Business Administration securities 21,646 (382 ) 8,593 (1,692 ) 30,239 (2,074 ) Total securities available-for-sale 45,461 (683 ) 196,063 (51,328 ) 241,524 (52,011 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,424 (1,076 ) 7,424 (1,076 ) Total securities held-to-maturity — — 7,424 (1,076 ) 7,424 (1,076 ) Total securities $ 45,461 $ (683 ) $ 203,487 $ (52,404 ) $ 248,948 $ (53,087 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized SECURITIES AVAILABLE-FOR-SALE Value Losses Value Losses Value Losses U.S. agency securities $ 3,823 $ (118 ) $ 13,465 $ (3,747 ) $ 17,288 $ (3,865 ) Corporate securities 2,494 (4 ) 4,026 (975 ) 6,520 (979 ) Municipal bonds 44,261 (5,794 ) 73,990 (17,825 ) 118,251 (23,619 ) Mortgage-backed securities 29,791 (3,188 ) 40,175 (9,270 ) 69,966 (12,458 ) U.S. Small Business Administration securities 10,807 (1,162 ) 2,044 (506 ) 12,851 (1,668 ) Total securities available-for-sale 91,176 (10,266 ) 133,700 (32,323 ) 224,876 (42,589 ) SECURITIES HELD-TO-MATURITY Corporate securities 7,929 (571 ) — — 7,929 (571 ) Total securities held-to-maturity 7,929 (571 ) — — 7,929 (571 ) Total securities $ 99,105 $ (10,837 ) $ 133,700 $ (32,323 ) $ 232,805 $ (43,160 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, December 31, 2023 2022 SECURITIES AVAILABLE-FOR-SALE Amortized Fair Amortized Fair U.S. agency securities Cost Value Cost Value Due within one year $ 927 $ 912 $ — $ — Due after one year through five years 3,944 3,405 4,874 4,321 Due after five years through ten years 11,971 9,614 6,989 5,963 Due after ten years 4,310 3,165 9,290 7,004 Subtotal 21,152 17,096 21,153 17,288 Corporate securities Due within one year 1,000 1,009 1,000 997 Due after one year through five years — — 2,497 2,519 Due after five years through ten years 4,000 3,913 4,000 3,763 Due after ten years 2,000 1,432 2,000 1,266 Subtotal 7,000 6,354 9,497 8,545 Municipal bonds Due within one year 1,019 1,002 2,660 2,644 Due after one year through five years 37 36 1,038 1,012 Due after five years through ten years 6,255 5,525 6,341 5,771 Due after ten years 131,926 102,058 134,161 111,175 Subtotal 139,237 108,621 144,200 120,602 Mortgage-backed securities Federal National Mortgage Association (“FNMA”) 71,822 59,197 68,421 57,358 Federal Home Loan Mortgage Corporation (“FHLMC”) 28,032 26,907 9,290 8,424 Government National Mortgage Association (“GNMA”) 4,243 3,503 4,713 4,184 Subtotal 104,097 89,607 82,424 69,966 U.S. Small Business Administration securities Due within one year 198 195 — — Due after one year through five years 1,889 1,777 2,553 2,407 Due after five years through ten years 13,685 13,105 4,461 3,996 Due after ten years 16,541 15,162 7,505 6,448 Subtotal 32,313 30,239 14,519 12,851 Total securities available-for-sale 303,799 251,917 271,793 229,252 SECURITIES HELD-TO-MATURITY Corporate securities Due after five years through ten years 8,500 7,424 8,500 7,929 Total securities held-to-maturity 8,500 7,424 8,500 7,929 Total securities $ 312,299 $ 259,341 $ 280,293 $ 237,181 |
Note 4 - Loans Receivable and_2
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, REAL ESTATE LOANS 2023 2022 Commercial $ 364,673 $ 334,059 Construction and development 289,873 342,591 Home equity 67,103 55,387 One-to-four-family (excludes loans held for sale) 540,670 469,485 Multi-family 243,661 219,738 Total real estate loans 1,505,980 1,421,260 CONSUMER LOANS Indirect home improvement 562,650 495,941 Marine 73,887 70,567 Other consumer 3,547 3,064 Total consumer loans 640,084 569,572 COMMERCIAL BUSINESS LOANS Commercial and industrial 236,520 196,791 Warehouse lending 23,489 31,229 Total commercial business loans 260,009 228,020 Total loans receivable, gross 2,406,073 2,218,852 ACL for loans (30,501 ) (27,992 ) Total loans receivable, net $ 2,375,572 $ 2,190,860 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended September 30, 2023 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,307 $ 14,017 $ 4,026 $ — $ 30,350 Provision (reversal of) for credit losses on loans 496 426 (238 ) — 684 Charge-offs — (830 ) — — (830 ) Recoveries — 297 — — 297 Net charge-offs — (533 ) — — (533 ) Total ending ACL balance $ 12,803 $ 13,910 $ 3,788 $ — $ 30,501 At or For the Three Months Ended September 30, 2022 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 11,512 $ 10,605 $ 2,850 $ — $ 24,967 (Reversal of) provision for credit losses on loans (213 ) 1,193 1,042 — 2,022 Charge-offs — (924 ) — — (924 ) Recoveries — 361 — — 361 Net charge-offs — (563 ) — — (563 ) Total ending ACL balance $ 11,299 $ 11,235 $ 3,892 $ — $ 26,426 At or For the Nine Months Ended September 30, 2023 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,123 $ 12,109 $ 3,760 $ — $ 27,992 Provision for credit losses on loans 690 3,383 29 — 4,102 Charge-offs (10 ) (2,415 ) (1 ) — (2,426 ) Recoveries — 833 — — 833 Net Charge-offs (10 ) (1,582 ) (1 ) — (1,593 ) Total ending ACL balance $ 12,803 $ 13,910 $ 3,788 $ — $ 30,501 At or For the Nine Months Ended September 30, 2022 Real Commercial ACL FOR LOANS Estate Consumer Business Unallocated Total Beginning balance, prior to adoption of ASC 326 $ 14,798 $ 4,280 $ 6,536 $ 21 $ 25,635 Impact of adopting ASC 326 (5,234 ) 6,078 (3,682 ) (21 ) (2,859 ) Provision for credit losses on loans 1,735 1,720 1,038 — 4,493 Charge-offs — (1,744 ) — — (1,744 ) Recoveries — 901 — — 901 Net charge-offs — (843 ) — — (843 ) Total ending ACL balance $ 11,299 $ 11,235 $ 3,892 $ — $ 26,426 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 30 59 60 89 Days Days 90 Days Total Total Past Past or More Past Loans Non- REAL ESTATE LOANS Due Due Past Due Due Current Receivable Accrual (1) Commercial $ — $ — $ — $ — $ 364,673 $ 364,673 $ 1,074 Construction and development — — — — 289,873 289,873 — Home equity 37 154 12 203 66,900 67,103 48 One-to-four-family — — 306 306 540,364 540,670 306 Multi-family — — — — 243,661 243,661 — Total real estate loans 37 154 318 509 1,505,471 1,505,980 1,428 CONSUMER LOANS Indirect home improvement 1,546 824 465 2,835 559,815 562,650 1,668 Marine 348 142 72 562 73,325 73,887 406 Other consumer 9 — — 9 3,538 3,547 3 Total consumer loans 1,903 966 537 3,406 636,678 640,084 2,077 COMMERCIAL BUSINESS LOANS Commercial and industrial 399 — 2,114 2,513 234,007 236,520 2,114 Warehouse lending — — — — 23,489 23,489 — Total commercial business loans 399 — 2,114 2,513 257,496 260,009 2,114 Total loans $ 2,339 $ 1,120 $ 2,969 $ 6,428 $ 2,399,645 $ 2,406,073 $ 5,619 December 31, 2022 30-59 60-89 Days Days 90 Days Total Total Past Past or More Past Loans Non- REAL ESTATE LOANS Due Due Past Due Due Current Receivable Accrual (1) Commercial $ — $ — $ — $ — $ 334,059 $ 334,059 $ — Construction and development — — — — 342,591 342,591 — Home equity 29 104 16 149 55,238 55,387 46 One-to-four-family — — 463 463 469,022 469,485 920 Multi-family — — — — 219,738 219,738 — Total real estate loans 29 104 479 612 1,420,648 1,421,260 966 CONSUMER LOANS Indirect home improvement 2,298 685 532 3,515 492,426 495,941 1,076 Marine 650 385 86 1,121 69,446 70,567 267 Other consumer 32 37 5 74 2,990 3,064 9 Total consumer loans 2,980 1,107 623 4,710 564,862 569,572 1,352 COMMERCIAL BUSINESS LOANS Commercial and industrial 1 — 2,617 2,618 194,173 196,791 6,334 Warehouse lending — — — — 31,229 31,229 — Total commercial business loans 1 — 2,617 2,618 225,402 228,020 6,334 Total loans $ 3,010 $ 1,211 $ 3,719 $ 7,940 $ 2,210,912 $ 2,218,852 $ 8,652 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2023 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted Commercial 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 41,310 $ 91,503 $ 62,998 $ 46,486 $ 28,149 $ 63,178 $ 2,373 $ 328 $ 336,325 Watch 3,209 5,459 12,952 — 453 2,239 17 — 24,329 Special mention — — — — 413 — — — 413 Substandard — — — 1,658 — 1,948 — — 3,606 Total commercial 44,519 96,962 75,950 48,144 29,015 67,365 2,390 328 364,673 Construction and development Pass 76,516 143,886 51,430 17,486 — 555 — — 289,873 Total construction and development 76,516 143,886 51,430 17,486 — 555 — — 289,873 Home equity Pass 3,702 1,144 1,595 6,639 11 2,228 51,736 — 67,055 Substandard — — — — — 37 11 — 48 Total home equity 3,702 1,144 1,595 6,639 11 2,265 51,747 — 67,103 Home equity gross charge-offs — — — — — — 10 — 10 One-to-four-family Pass 85,810 164,378 124,098 80,260 31,569 50,992 — 475 537,582 Watch — — — — — — — — — Substandard — 869 — — — 2,219 — — 3,088 Total one-to-four-family 85,810 165,247 124,098 80,260 31,569 53,211 — 475 540,670 Multi-family Pass 4,478 34,134 91,253 47,666 38,198 27,932 — — 243,661 Total multi-family 4,478 34,134 91,253 47,666 38,198 27,932 — — 243,661 Total real estate loans $ 215,025 $ 441,373 $ 344,326 $ 200,195 $ 98,793 $ 151,328 $ 54,137 $ 803 $ 1,505,980 September 30, 2023 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 140,778 $ 224,259 $ 99,785 $ 38,229 $ 25,370 $ 32,555 $ 6 $ — $ 560,982 Substandard 149 542 360 213 235 169 — — 1,668 Total indirect home improvement 140,927 224,801 100,145 38,442 25,605 32,724 6 — 562,650 Indirect home improvement gross charge-offs 90 834 471 191 153 233 — — 1,972 Marine Pass 12,050 24,527 10,329 13,623 5,407 7,545 — — 73,481 Substandard — — 25 — 87 294 — — 406 Total marine 12,050 24,527 10,354 13,623 5,494 7,839 — — 73,887 Marine gross charge-offs — 47 93 — 7 182 — — 329 Other consumer Pass 220 635 199 81 5 209 2,195 — 3,544 Substandard — — — — — — 3 — 3 Total other consumer 220 635 199 81 5 209 2,198 — 3,547 Other consumer gross charge-offs — 2 22 — — — 90 — 114 Total consumer loans $ 153,197 $ 249,963 $ 110,698 $ 52,146 $ 31,104 $ 40,772 $ 2,204 $ — $ 640,084 September 30, 2023 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted Commercial and industrial 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 13,252 $ 31,185 $ 22,174 $ 12,181 $ 5,401 $ 10,999 $ 111,899 $ 879 $ 207,970 Watch 259 — 1,436 2,507 — 1,113 9,726 — 15,041 Special mention — — — — 542 263 2,362 — 3,167 Substandard 3,105 — 1,557 1,435 1,766 173 2,306 — 10,342 Total commercial and industrial 16,616 31,185 25,167 16,123 7,709 12,548 126,293 879 236,520 Commercial and industrial gross charge-offs — — 1 — — — — — 1 Warehouse lending Pass — — — — — — 22,267 — 22,267 Watch — — — — — — 1,222 — 1,222 Total warehouse lending — — — — — — 23,489 — 23,489 Total commercial business loans $ 16,616 $ 31,185 $ 25,167 $ 16,123 $ 7,709 $ 12,548 $ 149,782 $ 879 $ 260,009 TOTAL LOANS RECEIVABLE, GROSS Pass $ 378,116 $ 715,651 $ 463,861 $ 262,651 $ 134,110 $ 196,193 $ 190,476 $ 1,682 $ 2,342,740 Watch 3,468 5,459 14,388 2,507 453 3,352 10,965 — 40,592 Special mention — — — — 955 263 2,362 — 3,580 Substandard 3,254 1,411 1,942 3,306 2,088 4,840 2,320 — 19,161 Total loans receivable, gross $ 384,838 $ 722,521 $ 480,191 $ 268,464 $ 137,606 $ 204,648 $ 206,123 $ 1,682 $ 2,406,073 Total gross charge-offs $ 90 $ 883 $ 587 $ 191 $ 160 $ 415 $ 100 $ — $ 2,426 December 31, 2022 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted Commercial 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 86,189 $ 76,030 $ 46,125 $ 38,930 $ 14,101 $ 55,271 $ — $ — $ 316,646 Watch 9,504 — 373 — — — — — 9,877 Special mention — — — 2,113 — — — — 2,113 Substandard — — — — 581 4,842 — — 5,423 Total commercial 95,693 76,030 46,498 41,043 14,682 60,113 — — 334,059 Construction and development Pass 193,084 118,724 21,966 8,379 — 438 — — 342,591 Total construction and development 193,084 118,724 21,966 8,379 — 438 — — 342,591 Home equity Pass 4,978 1,696 6,818 11 1,203 1,572 39,063 — 55,341 Substandard — — — — 13 33 — — 46 Total home equity 4,978 1,696 6,818 11 1,216 1,605 39,063 — 55,387 One-to-four-family Pass 166,388 129,282 82,461 31,878 15,837 40,526 — 199 466,571 Substandard — — — — 1,941 973 — — 2,914 Total one-to-four-family 166,388 129,282 82,461 31,878 17,778 41,499 — 199 469,485 Multi-family Pass 41,041 63,353 48,376 38,805 4,176 23,987 — — 219,738 Total multi-family 41,041 63,353 48,376 38,805 4,176 23,987 — — 219,738 Total real estate loans $ 501,184 $ 389,085 $ 206,119 $ 120,116 $ 37,852 $ 127,642 $ 39,063 $ 199 $ 1,421,260 December 31, 2022 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 253,495 $ 123,264 $ 46,476 $ 31,251 $ 18,165 $ 22,205 $ 9 $ — $ 494,865 Substandard 347 213 137 62 169 148 — — 1,076 Total indirect home improvement 253,842 123,477 46,613 31,313 18,334 22,353 9 — 495,941 Marine Pass 27,904 11,762 15,139 6,224 5,415 3,856 — — 70,300 Substandard — — — 151 61 55 — — 267 Total marine 27,904 11,762 15,139 6,375 5,476 3,911 — — 70,567 Other consumer Pass 792 754 116 48 14 80 1,251 — 3,055 Substandard 1 5 — — — — 3 — 9 Total other consumer 793 759 116 48 14 80 1,254 — 3,064 Total consumer loans $ 282,539 $ 135,998 $ 61,868 $ 37,736 $ 23,824 $ 26,344 $ 1,263 $ — $ 569,572 December 31, 2022 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted Commercial and industrial 2022 2021 2020 2019 2018 Prior Revolving Loans to Term Total Loans Pass $ 24,337 $ 22,561 $ 12,461 $ 3,940 $ 3,074 $ 7,701 $ 104,524 $ — $ 178,598 Watch — 1,127 2,932 — — 746 1,327 — 6,132 Special mention — — — 634 — — 963 — 1,597 Substandard — 1,586 1,265 2,291 190 3,739 1,093 300 10,464 Total commercial and industrial 24,337 25,274 16,658 6,865 3,264 12,186 107,907 300 196,791 Warehouse lending Pass — — — — — — 31,227 — 31,227 Watch — — — — — — 2 — 2 Total warehouse lending — — — — — — 31,229 — 31,229 Total commercial business loans $ 24,337 $ 25,274 $ 16,658 $ 6,865 $ 3,264 $ 12,186 $ 139,136 $ 300 $ 228,020 TOTAL LOANS RECEIVABLE, GROSS Pass $ 798,208 $ 547,426 $ 279,938 $ 159,466 $ 61,985 $ 155,636 $ 176,074 $ 199 $ 2,178,932 Watch 9,504 1,127 3,305 — — 746 1,329 — 16,011 Special mention — — — 2,747 — — 963 — 3,710 Substandard 348 1,804 1,402 2,504 2,955 9,790 1,096 300 20,199 Total loans receivable, gross $ 808,060 $ 550,357 $ 284,645 $ 164,717 $ 64,940 $ 166,172 $ 179,462 $ 499 $ 2,218,852 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2023 December 31, 2022 Nonaccrual with Nonaccrual with Total Nonaccrual with Nonaccrual with Total REAL ESTATE LOANS No ACL ACL Nonaccrual No ACL ACL Nonaccrual Commercial $ 1,074 $ — $ 1,074 $ — $ — $ — Home equity 48 — 48 46 — 46 One-to-four-family 306 — 306 920 — 920 1,428 — 1,428 966 — 966 CONSUMER LOANS Indirect home improvement — 1,668 1,668 — 1,076 1,076 Marine — 406 406 — 267 267 Other consumer — 3 3 — 9 9 — 2,077 2,077 — 1,352 1,352 COMMERCIAL BUSINESS LOANS Commercial and industrial — 2,114 2,114 — 6,334 6,334 Total $ 1,428 $ 4,191 $ 5,619 $ 966 $ 7,686 $ 8,652 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | September 30, 2023 December 31, 2022 Commercial Residential Other Residential Other REAL ESTATE LOANS Real Estate Real Estate Non-Real Estate Total Real Estate Non-Real Estate Total Commercial $ 1,074 $ — $ — $ 1,074 $ — $ — $ — Home equity — 48 — 48 46 — 46 One-to-four-family — 306 — 306 920 — 920 1,074 354 — 1,428 966 — 966 CONSUMER LOANS Indirect home improvement — — 1,668 1,668 — 1,076 1,076 Marine — — 406 406 — 267 267 — — 2,074 2,074 — 1,343 1,343 COMMERCIAL BUSINESS LOANS Commercial and industrial — — 2,114 2,114 — 6,334 6,334 Total $ 1,074 $ 354 $ 4,188 $ 5,616 $ 966 $ 7,677 $ 8,643 |
Note 5 - Servicing Rights (Tabl
Note 5 - Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | At or For the Three Months Ended September 30, 2023 2022 Beginning balance, at the lower of cost or fair value $ 17,627 $ 18,516 Additions 954 925 MSR amortized (924 ) (971 ) Ending balance, at the lower of cost or fair value $ 17,657 $ 18,470 At or For the Nine Months Ended September 30, 2023 2022 Beginning balance, at the lower of cost or fair value $ 18,017 $ 16,970 Additions 2,279 4,935 MSR amortized (2,639 ) (3,436 ) Recovery of servicing rights — 1 Ending balance, at the lower of cost or fair value $ 17,657 $ 18,470 |
Schedule of Servicing Assets at Fair Value [Table Text Block] | At September 30, At December 31, Key assumptions: 2023 2022 Weighted average discount rate 10.2 % 9.6 % Conditional prepayment rate (“CPR”) 6.3 % 8.2 % Weighted average life in years 8.8 7.8 September 30, 2023 December 31, 2022 Aggregate portfolio principal balance $ 2,825,752 $ 2,783,458 Weighted average rate of loans in servicing portfolio 3.6 % 3.4 % |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | At September 30, 2023 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 6.3 % 6.7 % 7.2 % Fair value MSR $ 38,858 $ 38,411 $ 37,752 Percentage of MSR 1.4 % 1.4 % 1.3 % Discount rate 10.2 % 10.7 % 11.2 % Fair value MSR $ 38,858 $ 37,978 $ 37,133 Percentage of MSR 1.4 % 1.3 % 1.3 % At December 31, 2022 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 8.2 % 8.6 % 9.3 % Fair value MSR $ 35,478 $ 34,997 $ 34,188 Percentage of MSR 1.3 % 1.3 % 1.2 % Discount rate 9.6 % 10.1 % 10.6 % Fair value MSR $ 35,478 $ 34,715 $ 33,984 Percentage of MSR 1.3 % 1.2 % 1.2 % |
Note 6 - Derivatives (Tables)
Note 6 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Cumulative Amount of Fair Value Line item in the statement of financial Hedging Adjustment Included in position in which the hedged Item is Carrying Amount of the the Carrying Amount of the included Hedged Assets Hedged Assets September 30, 2023 Investment securities (1) $ 53,984 $ 6,016 Total $ 53,984 $ 6,016 December 31, 2022 Investment securities (1) $ 55,893 $ 4,107 Total $ 55,893 $ 4,107 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | September 30, 2023 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 200,000 $ 8,402 $ — Fair value hedges: Interest rate swaps - securities 60,000 5,991 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 26,982 175 — Mandatory and best effort forward commitments with investors 5,919 21 — Forward TBA mortgage-backed securities 34,000 355 — Customer swap positions 882 — 90 Dealer offsets to customer swap positions 882 92 — December 31, 2022 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 90,000 $ 5,780 $ — Fair value hedges: Interest rate swaps - securities 60,000 4,090 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 8,837 107 — Mandatory and best effort forward commitments with investors 4,558 — 38 Forward TBA mortgage-backed securities 27,000 164 — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended September 30, 2023 2022 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 10,462 $ 3,396 $ 2,596 $ 1,741 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items — (1,286 ) — (3,383 ) Recognized on derivatives designated as hedging instruments — 1,842 — 3,313 Net income (expense) recognized on fair value hedges $ — $ 556 $ — $ (70 ) Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 1,446 $ — $ 278 $ — Net income recognized on cash flow hedges $ 1,446 $ — $ 278 $ — Nine Months Ended September 30, 2023 2022 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 24,696 $ 8,667 $ 5,438 $ 4,990 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items — (689 ) — (4,316 ) Recognized on derivatives designated as hedging instruments — 1,901 — 4,144 Net income (expense) recognized on fair value hedges $ — $ 1,212 $ — $ (172 ) Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 3,624 $ — $ 232 $ — Net income recognized on cash flow hedges $ 3,624 $ — $ 232 $ — |
Offsetting Assets [Table Text Block] | Gross Amounts Net Amounts of Assets Gross Amounts Not Offset Gross Amounts Offset in the Presented in the in the Statement of Financial Position of Recognized Statement of Statement of Financial Cash Collateral Offsetting of derivative assets Assets Financial Position Financial Position Instruments Received Net Amount September 30, 2023 Interest rate swaps $ 14,485 $ — $ 14,485 $ — $ — $ 14,485 December 31, 2022 Interest rate swaps $ 9,870 $ — $ 9,870 $ — $ — $ 9,870 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended Lease cost: September 30, 2023 September 30, 2022 Operating lease cost $ 476 $ 350 Short-term lease cost 5 8 Total lease cost $ 481 $ 358 Nine Months Ended Nine Months Ended Lease cost: September 30, 2023 September 30, 2022 Operating lease cost $ 1,357 $ 1,041 Short-term lease cost 14 16 Total lease cost $ 1,371 $ 1,057 |
Lessee, Operating Lease, Supplemental Cash Flow Information [Table Text Block] | At or For the At or For the Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 486 $ 360 Weighted average remaining lease term- operating leases (in years) 4.2 4.7 Weighted average discount rate- operating leases 2.93 % 2.41 % At or For the At or For the Nine Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 1,392 $ 1,063 Weighted average remaining lease term- operating leases (in years) 4.2 4.7 Weighted average discount rate- operating leases 2.93 % 2.41 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2023 $ 483 2024 1,933 2025 1,628 2026 1,475 2027 1,173 Thereafter 1,383 Total lease payments 8,075 Less imputed interest (806 ) Total $ 7,269 |
Note 8 - Other Real Estate Ow_2
Note 8 - Other Real Estate Owned (OREO) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | At or For the Three Months Ended At or For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Beginning balance $ 570 $ 145 $ 570 $ — Additions — — — 145 Loans transferred to OREO — — — — Ending balance $ 570 $ 145 $ 570 $ 145 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, December 31, 2023 2022 Noninterest-bearing checking $ 643,670 $ 537,938 Interest-bearing checking (1) 219,469 135,127 Savings 157,901 134,358 Money market (2) 389,962 574,290 Certificates of deposit less than $100,000 (3) 527,032 440,785 Certificates of deposit of $100,000 through $250,000 406,545 195,447 Certificates of deposit of $250,000 and over 83,377 93,560 Escrow accounts related to mortgages serviced (4) 26,488 16,236 Total $ 2,454,444 $ 2,127,741 |
Time Deposit Maturities [Table Text Block] | Maturing in 2023 $ 338,756 Maturing in 2024 483,059 Maturing in 2025 128,932 Maturing in 2026 44,517 Maturing in 2027 20,739 Thereafter 951 Total $ 1,016,954 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest-bearing checking $ 643 $ 100 $ 1,111 $ 353 Savings and money market 1,529 1,303 4,071 2,397 Certificates of deposit 8,290 1,193 19,514 2,688 Total $ 10,462 $ 2,596 $ 24,696 $ 5,438 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | COMMITMENTS TO EXTEND CREDIT September 30, December 31, REAL ESTATE LOANS 2023 2022 Commercial $ 4,584 $ 1,260 Construction and development 161,247 201,708 One-to-four-family (includes locks for saleable loans) 30,895 10,713 Home equity 96,548 77,566 Multi-family 2,931 2,999 Total real estate loans 296,205 294,246 CONSUMER LOANS 30,393 39,406 COMMERCIAL BUSINESS LOANS Commercial and industrial 164,727 150,109 Warehouse lending 57,158 64,781 Total commercial business loans 221,885 214,890 Total commitments to extend credit $ 548,483 $ 548,542 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial Assets At September 30, 2023 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,096 $ — $ 17,096 Corporate securities — 6,354 — 6,354 Municipal bonds — 108,621 — 108,621 Mortgage-backed securities — 89,607 — 89,607 U.S. Small Business Administration securities — 30,239 — 30,239 Mortgage loans held for sale, at fair value — 18,636 — 18,636 Loans receivable, at fair value — 15,176 — 15,176 Derivatives: Interest rate lock commitments with customers — — 175 175 Forward TBA mortgage-backed securities — 355 — 355 Mandatory and best effort forward commitments with investors — — 21 21 Interest rate swaps — 14,485 — 14,485 Total assets measured at fair value $ — $ 300,569 $ 196 $ 300,765 Financial Liabilities Derivatives: Interest rate swaps $ — $ (90 ) $ — $ (90 ) Total liabilities measured at fair value $ — $ (90 ) $ — $ (90 ) Financial Assets At December 31, 2022 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,288 $ — $ 17,288 Corporate securities — 8,545 — 8,545 Municipal bonds — 120,602 — 120,602 Mortgage-backed securities — 69,966 — 69,966 U.S. Small Business Administration securities — 12,851 — 12,851 Mortgage loans held for sale, at fair value — 20,093 — 20,093 Loans receivable, at fair value — 14,035 — 14,035 Derivatives: Forward TBA mortgage-backed securities — 164 — 164 Interest rate swaps — 9,870 — 9,870 Interest rate lock commitments with customers — — 107 107 Total assets measured at fair value $ — $ 273,414 $ 107 $ 273,521 Financial Liabilities Derivatives: Mandatory and best effort forward commitments with investors $ — $ — $ (38 ) $ (38 ) Total liabilities measured at fair value $ — $ — $ (38 ) $ (38 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2023 Level 1 Level 2 Level 3 Total MSR $ — $ — $ 38,858 $ 38,858 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Level 3 Significant Weighted Average Rate Fair Value Valuation Unobservable September 30, December 31, Instruments Techniques Inputs Range 2023 2022 RECURRING Interest rate lock commitments with customers Quoted market prices Pull-through expectations 80% - 99% 91.4 % 92.5 % Individual forward sale commitments with investors Quoted market prices Pull-through expectations 80% - 99% 91.4 % 92.5 % NONRECURRING MSR Industry sources Pre-payment speeds 0% - 50% 6.3 % 8.2 % |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Purchases Net change in Net change in Three Months Ended Beginning and Sales and Ending fair value for fair value for September 30, 2023 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 273 $ 1,109 $ (1,207 ) $ 175 $ (98 ) $ — Individual forward sale commitments with investors 123 — (102 ) 21 (102 ) — September 30, 2022 Interest rate lock commitments with customers $ 184 $ 472 $ (828 ) $ (172 ) $ (356 ) $ — Individual forward sale commitments with investors 518 899 (1,123 ) 294 (224 ) — Purchases Net change in Net change in Nine Months Ended Beginning and Sales and Ending fair value for fair value for September 30, 2023 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 107 $ 3,051 $ (2,983 ) $ 175 $ 68 $ — Individual forward sale commitments with investors (38 ) 410 (351 ) 21 (59 ) — September 30, 2022 Interest rate lock commitments with customers $ 757 $ 2,589 $ (3,518 ) $ (172 ) $ (929 ) $ — Individual forward sale commitments with investors 808 5,972 (6,486 ) 294 (514 ) — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, December 31, 2023 2022 Financial Assets Carrying Fair Carrying Fair Level 1 inputs: Amount Value Amount Value Cash and cash equivalents $ 80,673 $ 80,673 $ 41,437 $ 41,437 Certificates of deposit at other financial institutions 17,636 17,636 4,712 4,712 Level 2 inputs: Securities available-for-sale, at fair value 251,917 251,917 229,252 229,252 Securities held-to-maturity, gross 8,500 7,424 8,500 7,929 Loans held for sale, at fair value 18,636 18,636 20,093 20,093 FHLB stock, at cost 3,696 3,696 10,611 10,611 Forward TBA mortgage-backed securities 355 355 164 164 Loans receivable, at fair value 15,176 15,176 14,035 14,035 Interest rate swaps 14,485 14,485 9,870 9,870 Accrued interest receivable 13,925 13,925 11,144 11,144 Level 3 inputs: Loans receivable, gross 2,390,897 2,279,968 2,204,817 2,153,769 MSR, held at lower of cost or fair value 17,657 38,858 18,017 35,478 Fair value interest rate locks with customers 175 175 107 107 Mandatory and best effort forward commitments with investors 21 21 — — Financial Liabilities Level 2 inputs: Deposits 2,454,444 2,437,603 2,127,741 2,105,926 Borrowings 121,895 121,382 186,528 186,188 Subordinated notes, excluding unamortized debt issuance costs 50,000 42,743 50,000 44,500 Accrued interest payable 3,966 3,966 2,270 2,270 Interest rate swaps 90 90 — — Level 3 inputs: Mandatory and best effort forward commitments with investors — — 38 38 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | At or For the Three Months Ended September 30, At or For the Nine Months Ended September 30, Numerator 2023 2022 2023 2022 Net income $ 8,953 $ 8,458 $ 26,281 $ 22,027 Dividends and undistributed earnings allocated to participating securities (143 ) (153 ) (423 ) (414 ) Net income available to common shareholders $ 8,810 $ 8,305 $ 25,858 $ 21,613 Denominator (shown as actual): Basic weighted average common shares outstanding 7,667,981 7,605,360 7,643,086 7,800,390 Dilutive shares 112,449 102,402 125,662 122,456 Diluted weighted average common shares outstanding 7,780,430 7,707,762 7,768,748 7,922,846 Basic earnings per share $ 1.15 $ 1.09 $ 3.38 $ 2.77 Diluted earnings per share $ 1.13 $ 1.08 $ 3.33 $ 2.73 Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. 64,256 84,540 55,174 62,544 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted-Average Weighted- Remaining Average Contractual Term In Aggregate Shares Exercise Price Years Intrinsic Value Outstanding at January 1, 2023 647,832 $ 26.67 6.84 $ 4,627,255 Granted 103,000 $ 30.73 — — Less exercised 19,121 $ 12.76 — $ 337,279 Less forfeited or expired 35,119 33.25 — — Outstanding at September 30, 2023 696,592 $ 27.36 6.61 $ 2,073,328 Expected to vest, assuming a 0.31% annual forfeiture rate at September 30, 2023 (1) 682,861 $ 27.32 6.52 $ 2,057,735 Exercisable at September 30, 2023 417,775 $ 25.76 5.33 $ 1,679,133 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted-Average Grant-Date Fair Value Nonvested Shares Shares Per Share Nonvested at January 1, 2023 118,530 $ 28.85 Granted 37,600 30.73 Less vested 44,462 28.24 Less forfeited or expired 9,524 30.96 Nonvested at September 30, 2023 102,144 $ 29.61 |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To be Well Capitalized Under Prompt For Capital For Capital Adequacy Corrective Actual Adequacy Purposes with Capital Buffer Action Provisions Bank Only Amount Ratio Amount Ratio Amount Ratio Amount Ratio At September 30, 2023 Total risk-based capital (to risk-weighted assets) $ 330,533 13.06 % $ 202,483 8.00 % $ 265,759 10.50 % $ 253,104 10.00 % Tier 1 risk-based capital (to risk-weighted assets) $ 298,887 11.81 % $ 151,862 6.00 % $ 215,138 8.50 % $ 202,483 8.00 % Tier 1 leverage capital (to average assets) $ 298,887 10.26 % $ 116,478 4.00 % $ N/A N/A $ 145,598 5.00 % CET 1 capital (to risk-weighted assets) $ 298,887 11.81 % $ 113,897 4.50 % $ 177,173 7.00 % $ 164,518 6.50 % |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | At or For the Three Months Ended September 30, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 27,563 $ 3,071 $ 30,634 Provision for credit losses (437 ) (111 ) (548 ) Noninterest income (2) 2,680 2,302 4,982 Noninterest expense (3) (18,539 ) (5,047 ) (23,586 ) Income before provision for income taxes 11,267 215 11,482 Provision for income taxes (2,480 ) (49 ) (2,529 ) Net income $ 8,787 $ 166 $ 8,953 Total average assets for period ended $ 2,361,014 $ 540,372 $ 2,901,386 Full-time employees ("FTEs") 434 128 562 At or For the Three Months Ended September 30, 2022 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 24,620 $ 2,907 $ 27,527 (Provision) recovery for credit losses (1,811 ) 93 (1,718 ) Noninterest income (2) 3,314 867 4,181 Noninterest expense (3) (14,471 ) (4,867 ) (19,338 ) Income (loss) before (provision) benefit for income taxes 11,652 (1,000 ) 10,652 (Provision) benefit for income taxes (2,400 ) 206 (2,194 ) Net income (loss) $ 9,252 $ (794 ) $ 8,458 Total average assets for period ended $ 2,072,614 $ 427,368 $ 2,499,982 FTEs 389 140 529 At or For the Nine Months Ended September 30, 2023 Commercial and Consumer Condensed income statement: Banking Home Lending Total Net interest income (1) $ 83,332 $ 9,516 $ 92,848 Provision for credit losses (2,555 ) (817 ) (3,372 ) Noninterest income (2) 7,766 7,268 15,034 Noninterest expense (3) (56,099 ) (15,215 ) (71,314 ) Income before provision for income taxes 32,444 752 33,196 Provision for income taxes (6,758 ) (157 ) (6,915 ) Net income $ 25,686 $ 595 $ 26,281 Total average assets for period ended $ 2,288,996 $ 520,513 $ 2,809,509 FTEs 434 128 562 At or For the Nine Months Ended September 30, 2022 Commercial and Consumer Condensed income statement: Banking Home Lending Total Net interest income (1) $ 66,983 $ 7,995 $ 74,978 Provision for credit losses (3,727 ) (905 ) (4,632 ) Noninterest income (2) 7,944 6,468 14,412 Noninterest expense (3) (42,878 ) (14,456 ) (57,334 ) Income (loss) before (provision) benefit for income taxes 28,322 (898 ) 27,424 (Provision) benefit for income taxes (5,583 ) 186 (5,397 ) Net income (loss) $ 22,739 $ (712 ) $ 22,027 Total average assets for period ended $ 1,972,376 $ 403,990 $ 2,376,366 FTEs 389 140 529 |
Note 16 - Goodwill and Other _2
Note 16 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets Accumulated Gross CDI Amortization Net CDI Balance, December 31, 2021 $ 7,490 $ (3,430 ) $ 4,060 Amortization — (691 ) (691 ) Balance, December 31, 2022 7,490 (4,121 ) 3,369 Additions as a result of the Branch Purchase 17,438 — 17,438 Amortization — (2,484 ) (2,484 ) Balance, September 30, 2023 $ 24,928 $ (6,605 ) $ 18,323 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Remainder of 2023 $ 980 2024 3,633 2025 3,191 2026 2,846 2027 2,500 Thereafter 5,173 Total $ 18,323 |
Note 17 - Revenue From Contra_2
Note 17 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | At or For the Three Months Ended September 30, For the Nine Months Ended September 30, Noninterest income 2023 2022 2023 2022 In-scope of Topic 606: Debit card interchange fees $ 867 $ 575 $ 2,388 $ 1,702 Deposit service and account maintenance fees 373 237 1,036 678 Noninterest income (in-scope of Topic 606) 1,240 812 3,424 2,380 Noninterest income (out-of-scope and/or immaterial to Topic 606) 3,742 3,369 11,610 12,032 Total noninterest income $ 4,982 $ 4,181 $ 15,034 $ 14,412 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Number of Bank Branches | 27 | 27 |
Number of Operating Segments | 2 | 2 |
Note 2 - Business Combination_2
Note 2 - Business Combination (Details Textual) $ in Thousands | 9 Months Ended | |||
Feb. 24, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Cash Acquired from Acquisition | $ 336,157 | $ 0 | ||
Goodwill | $ 3,592 | $ 2,312 | ||
Columbia State Bank [Member] | ||||
Number of Businesses Acquired | 7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Deposits, Total | $ 424,917 | |||
Number of Businesses Acquired, Bank Owned Branches | 6 | |||
Number of Businesses Acquired, Leases Acquired with Bank Branches | 1 | |||
Business Combination, Core Deposits Premium, Percentage | 4.15% | |||
Business Combination, Public Funds, Percentage | 2.50% | |||
Cash Acquired from Acquisition | $ 334,700 | |||
Number of Financial Assets Purchased with Credit Deterioration | 0 | |||
Business Combination, Acquired Receivable, Fair Value | $ 63,200 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | 66,100 | |||
Business Combination, Acquired Receivables, Estimated Uncollectible | 0 | |||
Goodwill | $ 1,280 | |||
Columbia State Bank [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years | ||
Columbia State Bank [Member] | Workforce and Customer Relationships [Member] | ||||
Goodwill | $ 1,300 | |||
Goodwill, Amorization Period for Deductible Tax Purposes (Year) | 15 years | |||
Columbia State Bank [Member] | Business Combination, Payment for Loans Acquired [Member] | ||||
Payments to Acquire Businesses, Gross | $ 66,600 | |||
Columbia State Bank [Member] | Business Combination, Payment for Bank Facilities and Other Assets [Member] | ||||
Payments to Acquire Businesses, Gross | 6,300 | |||
Columbia State Bank [Member] | Business Combination, Payment for Core Deposits and Deposits Assumed [Member] | ||||
Payments to Acquire Businesses, Gross | 16,400 | |||
Columbia State Bank [Member] | Reported Value by Acquiree [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Deposits, Total | 425,465 | |||
Goodwill | $ 0 |
Note 2 - Business Combination -
Note 2 - Business Combination - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Feb. 24, 2023 | Dec. 31, 2022 | |
Assets | ||||
Goodwill | $ 3,592 | $ 2,312 | ||
Columbia State Bank [Member] | ||||
Assets | ||||
Cash and cash equivalents | $ 336,157 | |||
Loans receivable | 63,191 | |||
Premises and equipment | 6,342 | |||
Accrued interest receivable | 530 | |||
Core deposit intangible ("CDI") | 17,438 | |||
Goodwill | 1,280 | |||
Other assets | 11 | |||
Total assets acquired | 424,949 | |||
Liabilities | ||||
Noninterest-bearing accounts | 225,567 | |||
Interest-bearing accounts | 199,350 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Deposits, Total | 424,917 | |||
Accrued interest payable | 4 | |||
Other liabilities | 28 | |||
Total liabilities assumed | 424,949 | |||
Columbia State Bank [Member] | Reported Value by Acquiree [Member] | ||||
Assets | ||||
Cash and cash equivalents | 336,157 | |||
Loans receivable | 66,093 | |||
Premises and equipment | 6,342 | |||
Accrued interest receivable | 530 | |||
Core deposit intangible ("CDI") | 0 | |||
Goodwill | 0 | |||
Other assets | 11 | |||
Total assets acquired | 409,133 | |||
Liabilities | ||||
Noninterest-bearing accounts | 225,567 | |||
Interest-bearing accounts | 199,898 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Deposits, Total | 425,465 | |||
Accrued interest payable | 4 | |||
Other liabilities | 28 | |||
Total liabilities assumed | 425,497 | |||
Columbia State Bank [Member] | Fair Value Adjustment [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | |||
Loans receivable | [1] | (2,902) | ||
Premises and equipment | 0 | |||
Accrued interest receivable | 0 | |||
Core deposit intangible ("CDI") | [2] | 17,438 | ||
Goodwill | [3] | 1,280 | ||
Other assets | 0 | |||
Total assets acquired | 15,816 | |||
Liabilities | ||||
Noninterest-bearing accounts | 0 | |||
Interest-bearing accounts | [4] | (548) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Deposits, Total | (548) | |||
Accrued interest payable | 0 | |||
Other liabilities | 0 | |||
Total liabilities assumed | $ (548) | |||
[1]The fair value discount for acquired loans was determined by separate adjustments to reflect a credit risk and marketability component and a yield component reflecting the differential between portfolio and market yields. The discount on acquired loans will be accreted back into interest income using the effective yield method. None of the loans acquired are purchased financial assets with credit deterioration. The fair value of the loans is $63.2 million and the gross amount due is $66.1 million, none of which is expected to be uncollectable.[2]The fair value adjustment represents the value of the core deposit base assumed in the Branch Purchase based on a study performed by an independent consulting firm. This amount was recorded by the Company as an identifiable intangible asset and will be amortized as an expense on an accelerated basis over the average life of the core deposit base, which is estimated to be 10 years.[3]The fair value adjustment represents the value of the goodwill calculated from the purchase based on the purchase price, less the fair value of assets acquired net of liabilities assumed. The goodwill of $1.3 million is attributable to the workforce and customer relationships associated with the branches. All of the goodwill is deductible for tax purposes and will be amortized over a 15-year period. The goodwill was assigned to the Commercial and Consumer Banking segment.[4]The fair value of time deposits was calculated using a discounted cash flow analysis that calculated the present value of the projected cash flows from the portfolio versus the present value of a similar portfolio with a similar maturity profile at current market rates. This adjustment represents a difference in interest rates from the time deposits acquired and the estimated wholesale funding rates used in the application of fair value accounting. The discounted amount will be amortized into expense as an increase in interest expense over the maturity profile of the acquired time deposits. |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Held-to-Maturity, Accrued Interest, before Allowance for Credit Loss | $ 117,000 | $ 117,000 | $ 116,000 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 2,000,000 | 2,000,000 | $ 1,200,000 | ||
Debt Securities, Held-to-Maturity, Nonaccrual | $ 0 | $ 0 | |||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 | 0 | 7 | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 7 | 7 | 0 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 24 | 24 | 88 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 181 | 181 | 106 | ||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | 0 | $ 0 | |
Debt Securities, Held-to-Maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 | |||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Investments - Schedule
Note 3 - Investments - Schedule of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost, available for sale securities | $ 303,799 | $ 271,793 | ||||
Gross unrealized gains, available for sale securities | 129 | 48 | ||||
Gross unrealized losses, available for sale securities | (52,011) | (42,589) | ||||
Securities available-for-sale, at fair value | 251,917 | 229,252 | ||||
Securities available for sale, AFS, ACL | 0 | 0 | ||||
Amortized cost, held to maturity securities | 8,500 | 8,500 | ||||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||||
Gross unrealized losses, held to maturity securities | (1,076) | (571) | ||||
Securities held-to-maturity, at fair value | 7,424 | 7,929 | ||||
Securities available for sale, HTM, ACL | 45 | $ 31 | 31 | $ 31 | $ 31 | $ 0 |
Amortized cost | 312,299 | 280,293 | ||||
Gross unrealized gains | 129 | 48 | ||||
Gross unrealized losses | (53,087) | (43,160) | ||||
Total securities, fair value | 259,341 | 237,181 | ||||
Total securities, allowance for credit loss | 45 | 31 | ||||
US Government Agencies Debt Securities [Member] | ||||||
Amortized cost, available for sale securities | 21,152 | 21,153 | ||||
Gross unrealized gains, available for sale securities | 42 | 0 | ||||
Gross unrealized losses, available for sale securities | (4,098) | (3,865) | ||||
Securities available-for-sale, at fair value | 17,096 | 17,288 | ||||
Securities available for sale, AFS, ACL | 0 | 0 | ||||
Corporate Debt Securities [Member] | ||||||
Amortized cost, available for sale securities | 7,000 | 9,497 | ||||
Gross unrealized gains, available for sale securities | 41 | 27 | ||||
Gross unrealized losses, available for sale securities | (687) | (979) | ||||
Securities available-for-sale, at fair value | 6,354 | 8,545 | ||||
Securities available for sale, AFS, ACL | 0 | 0 | ||||
Amortized cost, held to maturity securities | 8,500 | 8,500 | ||||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||||
Gross unrealized losses, held to maturity securities | (1,076) | (571) | ||||
Securities held-to-maturity, at fair value | 7,424 | 7,929 | ||||
Securities available for sale, HTM, ACL | 45 | 31 | ||||
Municipal Bonds [Member] | ||||||
Amortized cost, available for sale securities | 139,237 | 144,200 | ||||
Gross unrealized gains, available for sale securities | 1 | 21 | ||||
Gross unrealized losses, available for sale securities | (30,617) | (23,619) | ||||
Securities available-for-sale, at fair value | 108,621 | 120,602 | ||||
Securities available for sale, AFS, ACL | 0 | 0 | ||||
Collateralized Mortgage-Backed Securities [Member] | ||||||
Amortized cost, available for sale securities | 104,097 | 82,424 | ||||
Gross unrealized gains, available for sale securities | 45 | 0 | ||||
Gross unrealized losses, available for sale securities | (14,535) | (12,458) | ||||
Securities available-for-sale, at fair value | 89,607 | 69,966 | ||||
Securities available for sale, AFS, ACL | 0 | 0 | ||||
U.S. Small Business Administration Securities [Member] | ||||||
Amortized cost, available for sale securities | 32,313 | 14,519 | ||||
Gross unrealized gains, available for sale securities | 0 | 0 | ||||
Gross unrealized losses, available for sale securities | (2,074) | (1,668) | ||||
Securities available-for-sale, at fair value | 30,239 | 12,851 | ||||
Securities available for sale, AFS, ACL | $ 0 | $ 0 |
Note 3 - Investments - Schedu_2
Note 3 - Investments - Schedule of Debt Securities, Held-to-Maturity, Allowance for Credit Loss Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning allowance balance, HTM | $ 31 | $ 31 | $ 31 | $ 0 |
Provision for credit losses, HTM | 14 | 0 | 14 | (41) |
Total ending allowance balance, HTM | $ 45 | $ 31 | 45 | 31 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning allowance balance, HTM | $ 0 | $ 72 |
Note 3 - Investments - Schedu_3
Note 3 - Investments - Schedule of Debt Securities, Held-to-Maturity Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Amortized Cost | $ 8,500 | $ 8,500 |
Standard & Poor's, BBB/BBB Minus Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost | 7,000 | 8,500 |
Standard & Poor's, BB+ Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost | $ 1,500 | $ 0 |
Note 3 - Investments - Schedu_4
Note 3 - Investments - Schedule of Securities Pledged as Collateral (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Investment Securities, Cost | $ 110,588 |
Investment Securities, Amortized Cost | 136,233 |
Investment Securities, Fair Value | 110,588 |
State and Local Government Public Deposits [Member] | Asset Pledged as Collateral [Member] | |
Investment Securities, Cost | 36,866 |
Investment Securities, Amortized Cost | 45,834 |
Investment Securities, Fair Value | 36,866 |
Securities Sold under Agreements to Repurchase [Member] | Asset Pledged as Collateral [Member] | |
Investment Securities, Cost | 73,722 |
Investment Securities, Amortized Cost | 90,399 |
Investment Securities, Fair Value | $ 73,722 |
Note 3 - Investments - Schedu_5
Note 3 - Investments - Schedule of Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Less than 12 months, fair value, available for sale securities | $ 45,461 | $ 91,176 |
Less than 12 months, unrealized loss, available for sale securities | (683) | (10,266) |
12 months or longer, unrealized loss, fair value, available for sale securities | 196,063 | 133,700 |
12 months or longer, unrealized loss, available for sale securities | (51,328) | (32,323) |
Available for sale securities, fair value | 241,524 | 224,876 |
Available for sale securities, total | (52,011) | (42,589) |
Less than 12 months, fair value, held to maturity | 0 | 7,929 |
Less than 12 months, held to maturity securities | 0 | (571) |
12 months or longer, unrealized loss, fair value, held to maturity securities | 7,424 | 0 |
12 months or longer, unrealized loss, held to maturity securities | (1,076) | 0 |
Held to maturity securities, fair value | 7,424 | 7,929 |
Held-to-maturity, total | (1,076) | (571) |
Less than 12 months, fair value | 45,461 | 99,105 |
Less than 12 months, unrealized loss | (683) | (10,837) |
12 months or longer, fair value | 203,487 | 133,700 |
12 months or longer, unrealized loss | (52,404) | (32,323) |
Debt Securities, fair value | 248,948 | 232,805 |
Debt securities, unrealized loss | (53,087) | (43,160) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 3,823 |
Less than 12 months, unrealized loss, available for sale securities | 0 | (118) |
12 months or longer, unrealized loss, fair value, available for sale securities | 15,054 | 13,465 |
12 months or longer, unrealized loss, available for sale securities | (4,098) | (3,747) |
Available for sale securities, fair value | 15,054 | 17,288 |
Available for sale securities, total | (4,098) | (3,865) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 2,494 |
Less than 12 months, unrealized loss, available for sale securities | 0 | (4) |
12 months or longer, unrealized loss, fair value, available for sale securities | 4,313 | 4,026 |
12 months or longer, unrealized loss, available for sale securities | (687) | (975) |
Available for sale securities, fair value | 4,313 | 6,520 |
Available for sale securities, total | (687) | (979) |
Less than 12 months, fair value, held to maturity | 0 | 7,929 |
Less than 12 months, held to maturity securities | 0 | (571) |
12 months or longer, unrealized loss, fair value, held to maturity securities | 7,424 | 0 |
12 months or longer, unrealized loss, held to maturity securities | (1,076) | 0 |
Held to maturity securities, fair value | 7,424 | 7,929 |
Held-to-maturity, total | (1,076) | (571) |
Municipal Bonds [Member] | ||
Less than 12 months, fair value, available for sale securities | 5,599 | 44,261 |
Less than 12 months, unrealized loss, available for sale securities | (217) | (5,794) |
12 months or longer, unrealized loss, fair value, available for sale securities | 102,969 | 73,990 |
12 months or longer, unrealized loss, available for sale securities | (30,400) | (17,825) |
Available for sale securities, fair value | 108,568 | 118,251 |
Available for sale securities, total | (30,617) | (23,619) |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 18,216 | 29,791 |
Less than 12 months, unrealized loss, available for sale securities | (84) | (3,188) |
12 months or longer, unrealized loss, fair value, available for sale securities | 65,134 | 40,175 |
12 months or longer, unrealized loss, available for sale securities | (14,451) | (9,270) |
Available for sale securities, fair value | 83,350 | 69,966 |
Available for sale securities, total | (14,535) | (12,458) |
U.S. Small Business Administration Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 21,646 | 10,807 |
Less than 12 months, unrealized loss, available for sale securities | (382) | (1,162) |
12 months or longer, unrealized loss, fair value, available for sale securities | 8,593 | 2,044 |
12 months or longer, unrealized loss, available for sale securities | (1,692) | (506) |
Available for sale securities, fair value | 30,239 | 12,851 |
Available for sale securities, total | $ (2,074) | $ (1,668) |
Note 3 - Investments - Schedu_6
Note 3 - Investments - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total securities available-for-sale, amortized cost | $ 303,799 | $ 271,793 |
Securities available-for-sale, at fair value | 251,917 | 229,252 |
Total securities held-to-maturity | 8,500 | 8,500 |
Total securities held-to-maturity, fair value | 7,424 | 7,929 |
Total securities | 312,299 | 280,293 |
Total securities, fair value | 259,341 | 237,181 |
US Government Agencies Debt Securities [Member] | ||
Due within one year, amortized cost | 927 | 0 |
Due within one year, fair value | 912 | 0 |
Due after one year through five years, amortized cost | 3,944 | 4,874 |
Due after one year through five years, fair value | 3,405 | 4,321 |
Due after five years through ten years, amortized cost | 11,971 | 6,989 |
Due after five years through ten years, fair value | 9,614 | 5,963 |
Due after ten years, amortized cost | 4,310 | 9,290 |
Due after ten years, fair value | 3,165 | 7,004 |
Subtotal, amortized cost | 21,152 | 21,153 |
Subtotal, fair value | 17,096 | 17,288 |
Total securities available-for-sale, amortized cost | 21,152 | 21,153 |
Securities available-for-sale, at fair value | 17,096 | 17,288 |
Corporate Debt Securities [Member] | ||
Due within one year, amortized cost | 1,000 | 1,000 |
Due within one year, fair value | 1,009 | 997 |
Due after one year through five years, amortized cost | 0 | 2,497 |
Due after one year through five years, fair value | 0 | 2,519 |
Due after five years through ten years, amortized cost | 4,000 | 4,000 |
Due after five years through ten years, fair value | 3,913 | 3,763 |
Due after ten years, amortized cost | 2,000 | 2,000 |
Due after ten years, fair value | 1,432 | 1,266 |
Subtotal, amortized cost | 7,000 | 9,497 |
Subtotal, fair value | 6,354 | 8,545 |
Total securities available-for-sale, amortized cost | 7,000 | 9,497 |
Securities available-for-sale, at fair value | 6,354 | 8,545 |
Due after five years through ten years | 8,500 | 8,500 |
Due after five years through ten years, fair value, held to maturity | 7,424 | 7,929 |
Municipal Bonds [Member] | ||
Due within one year, amortized cost | 1,019 | 2,660 |
Due within one year, fair value | 1,002 | 2,644 |
Due after one year through five years, amortized cost | 37 | 1,038 |
Due after one year through five years, fair value | 36 | 1,012 |
Due after five years through ten years, amortized cost | 6,255 | 6,341 |
Due after five years through ten years, fair value | 5,525 | 5,771 |
Due after ten years, amortized cost | 131,926 | 134,161 |
Due after ten years, fair value | 102,058 | 111,175 |
Subtotal, amortized cost | 139,237 | 144,200 |
Subtotal, fair value | 108,621 | 120,602 |
Total securities available-for-sale, amortized cost | 139,237 | 144,200 |
Securities available-for-sale, at fair value | 108,621 | 120,602 |
Collateralized Mortgage-Backed Securities [Member] | ||
Without single maturity date, amortized cost | 104,097 | 82,424 |
Without single maturity date, fair value | 89,607 | 69,966 |
Total securities available-for-sale, amortized cost | 104,097 | 82,424 |
Securities available-for-sale, at fair value | 89,607 | 69,966 |
Collateralized Mortgage-Backed Securities [Member] | Federal National Mortgage Association (FNMA) [Member] | ||
Without single maturity date, amortized cost | 71,822 | 68,421 |
Without single maturity date, fair value | 59,197 | 57,358 |
Collateralized Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||
Without single maturity date, amortized cost | 28,032 | 9,290 |
Without single maturity date, fair value | 26,907 | 8,424 |
Collateralized Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Without single maturity date, amortized cost | 4,243 | 4,713 |
Without single maturity date, fair value | 3,503 | 4,184 |
U.S. Small Business Administration Securities [Member] | ||
Due within one year, amortized cost | 198 | 0 |
Due within one year, fair value | 195 | 0 |
Due after one year through five years, amortized cost | 1,889 | 2,553 |
Due after one year through five years, fair value | 1,777 | 2,407 |
Due after five years through ten years, amortized cost | 13,685 | 4,461 |
Due after five years through ten years, fair value | 13,105 | 3,996 |
Due after ten years, amortized cost | 16,541 | 7,505 |
Due after ten years, fair value | 15,162 | 6,448 |
Subtotal, amortized cost | 32,313 | 14,519 |
Subtotal, fair value | 30,239 | 12,851 |
Total securities available-for-sale, amortized cost | 32,313 | 14,519 |
Securities available-for-sale, at fair value | $ 30,239 | $ 12,851 |
Note 4 - Loans Receivable and_3
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) | $ (8,300,000) | $ (8,300,000) | $ (7,800,000) | |||
Financing Receivable, Unamortized Purchase Premium (Discount) | (2,800,000) | (2,800,000) | (437,000) | |||
Financing Receivable, Nonaccrual | 5,619,000 | 5,619,000 | 8,652,000 | |||
Financing Receivable, Modified, Commitment to Lend | 0 | 0 | ||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | |||
Financing Receivable, Nonaccrual, Interest Income | 55,000 | $ 144,000 | 164,000 | $ 370,000 | ||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Nonaccrual | 2,114,000 | 2,114,000 | 6,334,000 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Modified, Number of Contracts | 2 | |||||
Financing Receivable, Modified, Weighted Average Term Increase from Modification (Month) | 60 months | |||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 7.50% | |||||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 4.10% | |||||
Financing Receivable, Modified, Accumulated | 3,100,000 | $ 3,100,000 | ||||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.30% | |||||
Financing Receivable, Modified in Period, Amount | $ 0 | |||||
Financing Receivable, Nonaccrual | $ 3,800,000 | $ 3,800,000 | ||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss | 1,030,000 | 1,030,000 | 840,200,000 | |||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of San Francisco [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss | 629,300,000 | 629,300,000 | 579,800,000 | |||
Accrued Interest Receivable [Member] | ||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 11,000,000 | $ 11,000,000 | $ 9,600,000 |
Note 4 - Loans Receivable and_4
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Portfolio Loan Composition (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Gross | $ 2,406,073 | $ 2,218,852 | ||||
ACL for loans | (30,501) | $ (30,350) | (27,992) | $ (26,426) | $ (24,967) | $ (25,635) |
Total loans receivable, net | 2,375,572 | 2,190,860 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Gross | 1,505,980 | 1,421,260 | ||||
ACL for loans | (12,803) | (12,307) | (12,123) | (11,299) | (11,512) | (14,798) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Financing Receivable, Gross | 364,673 | 334,059 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable, Gross | 289,873 | 342,591 | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Gross | 67,103 | 55,387 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Financing Receivable, Gross | 540,670 | 469,485 | ||||
Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||||||
Financing Receivable, Gross | 243,661 | 219,738 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Gross | 640,084 | 569,572 | ||||
ACL for loans | (13,910) | (14,017) | (12,109) | (11,235) | (10,605) | (4,280) |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | ||||||
Financing Receivable, Gross | 562,650 | 495,941 | ||||
Consumer Portfolio Segment [Member] | Marine Loans [Member] | ||||||
Financing Receivable, Gross | 73,887 | 70,567 | ||||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | ||||||
Financing Receivable, Gross | 3,547 | 3,064 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Gross | 260,009 | 228,020 | ||||
ACL for loans | (3,788) | $ (4,026) | (3,760) | $ (3,892) | $ (2,850) | $ (6,536) |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Gross | 236,520 | 196,791 | ||||
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | ||||||
Financing Receivable, Gross | $ 23,489 | $ 31,229 |
Note 4 - Loans Receivable and_5
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Allowance for Credit Losses by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, ACL | $ 30,350 | $ 24,967 | $ 27,992 | $ 25,635 |
Provision (reversal of) for credit losses on loans | 684 | 2,022 | 4,102 | 4,493 |
Charge-offs | (830) | (924) | (2,426) | (1,744) |
Recoveries | 297 | 361 | 833 | 901 |
Net charge-offs | (533) | (563) | (1,593) | (843) |
Balance, ACL | 30,501 | 26,426 | 30,501 | 26,426 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, ACL | (2,859) | |||
Real Estate Portfolio Segment [Member] | ||||
Balance, ACL | 12,307 | 11,512 | 12,123 | 14,798 |
Provision (reversal of) for credit losses on loans | 496 | (213) | 690 | 1,735 |
Charge-offs | 0 | 0 | (10) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | (10) | 0 |
Balance, ACL | 12,803 | 11,299 | 12,803 | 11,299 |
Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, ACL | (5,234) | |||
Consumer Portfolio Segment [Member] | ||||
Balance, ACL | 14,017 | 10,605 | 12,109 | 4,280 |
Provision (reversal of) for credit losses on loans | 426 | 1,193 | 3,383 | 1,720 |
Charge-offs | (830) | (924) | (2,415) | (1,744) |
Recoveries | 297 | 361 | 833 | 901 |
Net charge-offs | (533) | (563) | (1,582) | (843) |
Balance, ACL | 13,910 | 11,235 | 13,910 | 11,235 |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, ACL | 6,078 | |||
Commercial Portfolio Segment [Member] | ||||
Balance, ACL | 4,026 | 2,850 | 3,760 | 6,536 |
Provision (reversal of) for credit losses on loans | (238) | 1,042 | 29 | 1,038 |
Charge-offs | 0 | 0 | (1) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | (1) | 0 |
Balance, ACL | 3,788 | 3,892 | 3,788 | 3,892 |
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, ACL | (3,682) | |||
Unallocated Financing Receivables [Member] | ||||
Balance, ACL | 0 | 0 | 0 | 21 |
Provision (reversal of) for credit losses on loans | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Balance, ACL | $ 0 | $ 0 | $ 0 | 0 |
Unallocated Financing Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, ACL | $ (21) |
Note 4 - Loans Receivable and_6
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Total | $ 2,406,073 | $ 2,218,852 |
Financing Receivable, Nonaccrual | 5,619 | 8,652 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 2,339 | 3,010 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 1,120 | 1,211 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 2,969 | 3,719 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 6,428 | 7,940 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 2,399,645 | 2,210,912 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Total | 1,505,980 | 1,421,260 |
Financing Receivable, Nonaccrual | 1,428 | 966 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 37 | 29 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 154 | 104 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 318 | 479 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 509 | 612 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 1,505,471 | 1,420,648 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Total | 364,673 | 334,059 |
Financing Receivable, Nonaccrual | 1,074 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 364,673 | 334,059 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Total | 289,873 | 342,591 |
Financing Receivable, Nonaccrual | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 289,873 | 342,591 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Total | 67,103 | 55,387 |
Financing Receivable, Nonaccrual | 48 | 46 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 37 | 29 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 154 | 104 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 12 | 16 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 203 | 149 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 66,900 | 55,238 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Financing Receivable, Total | 540,670 | 469,485 |
Financing Receivable, Nonaccrual | 306 | 920 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 306 | 463 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 306 | 463 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 540,364 | 469,022 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Total | 243,661 | 219,738 |
Financing Receivable, Nonaccrual | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 243,661 | 219,738 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual | 1,074 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Total | 640,084 | 569,572 |
Financing Receivable, Nonaccrual | 2,077 | 1,352 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 1,903 | 2,980 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 966 | 1,107 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 537 | 623 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 3,406 | 4,710 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 636,678 | 564,862 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | ||
Financing Receivable, Total | 562,650 | 495,941 |
Financing Receivable, Nonaccrual | 1,668 | 1,076 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 1,546 | 2,298 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 824 | 685 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 465 | 532 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 2,835 | 3,515 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 559,815 | 492,426 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | ||
Financing Receivable, Total | 73,887 | 70,567 |
Financing Receivable, Nonaccrual | 406 | 267 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 348 | 650 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 142 | 385 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 72 | 86 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 562 | 1,121 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 73,325 | 69,446 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | ||
Financing Receivable, Total | 3,547 | 3,064 |
Financing Receivable, Nonaccrual | 3 | 9 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 9 | 32 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 37 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 5 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 9 | 74 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 3,538 | 2,990 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Total | 260,009 | 228,020 |
Financing Receivable, Nonaccrual | 2,114 | 6,334 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 399 | 1 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 2,114 | 2,617 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 2,513 | 2,618 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 257,496 | 225,402 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Total | 236,520 | 196,791 |
Financing Receivable, Nonaccrual | 2,114 | 6,334 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 399 | 1 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 2,114 | 2,617 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 2,513 | 2,618 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | 234,007 | 194,173 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | ||
Financing Receivable, Total | 23,489 | 31,229 |
Financing Receivable, Nonaccrual | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Total | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Total | $ 23,489 | $ 31,229 |
Note 4 - Loans Receivable and_7
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Risk Rated Loan by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 384,838 | $ 384,838 | $ 808,060 | ||
Financing Receivable, Year Two | 722,521 | 722,521 | 550,357 | ||
Financing Receivable, Year Three | 480,191 | 480,191 | 284,645 | ||
Financing Receivable, Year Four | 268,464 | 268,464 | 164,717 | ||
Financing Receivable, Year Five | 137,606 | 137,606 | 64,940 | ||
Financing Receivable, Prior | 204,648 | 204,648 | 166,172 | ||
Financing Receivable, Revolving | 206,123 | 206,123 | 179,462 | ||
Financing Receivable, Revolving, Converted | 1,682 | 1,682 | 499 | ||
Financing Receivable, Total | 2,406,073 | 2,406,073 | 2,218,852 | ||
Financing Receivable, Year One, charge-offs | 90 | ||||
Financing Receivable, Year Two, charge-offs | 883 | ||||
Financing Receivable, Year Three, charge-offs | 587 | ||||
Financing Receivable, Year Four, charge-offs | 191 | ||||
Financing Receivable, Year Five, charge-offs | 160 | ||||
Financing Receivable, Prior, charge-offs | 415 | ||||
Financing Receivable, Revolving, charge-offs | 100 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 830 | $ 924 | 2,426 | $ 1,744 | |
Pass [Member] | |||||
Financing Receivable, Year One | 378,116 | 378,116 | 798,208 | ||
Financing Receivable, Year Two | 715,651 | 715,651 | 547,426 | ||
Financing Receivable, Year Three | 463,861 | 463,861 | 279,938 | ||
Financing Receivable, Year Four | 262,651 | 262,651 | 159,466 | ||
Financing Receivable, Year Five | 134,110 | 134,110 | 61,985 | ||
Financing Receivable, Prior | 196,193 | 196,193 | 155,636 | ||
Financing Receivable, Revolving | 190,476 | 190,476 | 176,074 | ||
Financing Receivable, Revolving, Converted | 1,682 | 1,682 | 199 | ||
Financing Receivable, Total | 2,342,740 | 2,342,740 | 2,178,932 | ||
Watch [Member] | |||||
Financing Receivable, Year One | 3,468 | 3,468 | 9,504 | ||
Financing Receivable, Year Two | 5,459 | 5,459 | 1,127 | ||
Financing Receivable, Year Three | 14,388 | 14,388 | 3,305 | ||
Financing Receivable, Year Four | 2,507 | 2,507 | 0 | ||
Financing Receivable, Year Five | 453 | 453 | 0 | ||
Financing Receivable, Prior | 3,352 | 3,352 | 746 | ||
Financing Receivable, Revolving | 10,965 | 10,965 | 1,329 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 40,592 | 40,592 | 16,011 | ||
Substandard [Member] | |||||
Financing Receivable, Year One | 3,254 | 3,254 | 348 | ||
Financing Receivable, Year Two | 1,411 | 1,411 | 1,804 | ||
Financing Receivable, Year Three | 1,942 | 1,942 | 1,402 | ||
Financing Receivable, Year Four | 3,306 | 3,306 | 2,504 | ||
Financing Receivable, Year Five | 2,088 | 2,088 | 2,955 | ||
Financing Receivable, Prior | 4,840 | 4,840 | 9,790 | ||
Financing Receivable, Revolving | 2,320 | 2,320 | 1,096 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 300 | ||
Financing Receivable, Total | 19,161 | 19,161 | 20,199 | ||
Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 2,747 | ||
Financing Receivable, Year Five | 955 | 955 | 0 | ||
Financing Receivable, Prior | 263 | 263 | 0 | ||
Financing Receivable, Revolving | 2,362 | 2,362 | 963 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,580 | 3,580 | 3,710 | ||
Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 215,025 | 215,025 | 501,184 | ||
Financing Receivable, Year Two | 441,373 | 441,373 | 389,085 | ||
Financing Receivable, Year Three | 344,326 | 344,326 | 206,119 | ||
Financing Receivable, Year Four | 200,195 | 200,195 | 120,116 | ||
Financing Receivable, Year Five | 98,793 | 98,793 | 37,852 | ||
Financing Receivable, Prior | 151,328 | 151,328 | 127,642 | ||
Financing Receivable, Revolving | 54,137 | 54,137 | 39,063 | ||
Financing Receivable, Revolving, Converted | 803 | 803 | 199 | ||
Financing Receivable, Total | 1,505,980 | 1,505,980 | 1,421,260 | ||
Financing Receivable, Total, charge-offs | 0 | 0 | 10 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Year One | 44,519 | 44,519 | 95,693 | ||
Financing Receivable, Year Two | 96,962 | 96,962 | 76,030 | ||
Financing Receivable, Year Three | 75,950 | 75,950 | 46,498 | ||
Financing Receivable, Year Four | 48,144 | 48,144 | 41,043 | ||
Financing Receivable, Year Five | 29,015 | 29,015 | 14,682 | ||
Financing Receivable, Prior | 67,365 | 67,365 | 60,113 | ||
Financing Receivable, Revolving | 2,390 | 2,390 | 0 | ||
Financing Receivable, Revolving, Converted | 328 | 328 | 0 | ||
Financing Receivable, Total | 364,673 | 364,673 | 334,059 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 41,310 | 41,310 | 86,189 | ||
Financing Receivable, Year Two | 91,503 | 91,503 | 76,030 | ||
Financing Receivable, Year Three | 62,998 | 62,998 | 46,125 | ||
Financing Receivable, Year Four | 46,486 | 46,486 | 38,930 | ||
Financing Receivable, Year Five | 28,149 | 28,149 | 14,101 | ||
Financing Receivable, Prior | 63,178 | 63,178 | 55,271 | ||
Financing Receivable, Revolving | 2,373 | 2,373 | 0 | ||
Financing Receivable, Revolving, Converted | 328 | 328 | 0 | ||
Financing Receivable, Total | 336,325 | 336,325 | 316,646 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | |||||
Financing Receivable, Year One | 3,209 | 3,209 | 9,504 | ||
Financing Receivable, Year Two | 5,459 | 5,459 | 0 | ||
Financing Receivable, Year Three | 12,952 | 12,952 | 373 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 453 | 453 | 0 | ||
Financing Receivable, Prior | 2,239 | 2,239 | 0 | ||
Financing Receivable, Revolving | 17 | 17 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 24,329 | 24,329 | 9,877 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 1,658 | 1,658 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 581 | ||
Financing Receivable, Prior | 1,948 | 1,948 | 4,842 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,606 | 3,606 | 5,423 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 2,113 | ||
Financing Receivable, Year Five | 413 | 413 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 413 | 413 | 2,113 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable, Year One | 76,516 | 76,516 | 193,084 | ||
Financing Receivable, Year Two | 143,886 | 143,886 | 118,724 | ||
Financing Receivable, Year Three | 51,430 | 51,430 | 21,966 | ||
Financing Receivable, Year Four | 17,486 | 17,486 | 8,379 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 555 | 555 | 438 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 289,873 | 289,873 | 342,591 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 76,516 | 76,516 | 193,084 | ||
Financing Receivable, Year Two | 143,886 | 143,886 | 118,724 | ||
Financing Receivable, Year Three | 51,430 | 51,430 | 21,966 | ||
Financing Receivable, Year Four | 17,486 | 17,486 | 8,379 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 555 | 555 | 438 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 289,873 | 289,873 | 342,591 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Year One | 3,702 | 3,702 | 4,978 | ||
Financing Receivable, Year Two | 1,144 | 1,144 | 1,696 | ||
Financing Receivable, Year Three | 1,595 | 1,595 | 6,818 | ||
Financing Receivable, Year Four | 6,639 | 6,639 | 11 | ||
Financing Receivable, Year Five | 11 | 11 | 1,216 | ||
Financing Receivable, Prior | 2,265 | 2,265 | 1,605 | ||
Financing Receivable, Revolving | 51,747 | 51,747 | 39,063 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 67,103 | 67,103 | 55,387 | ||
Financing Receivable, Year One, charge-offs | 0 | ||||
Financing Receivable, Year Two, charge-offs | 0 | ||||
Financing Receivable, Year Three, charge-offs | 0 | ||||
Financing Receivable, Year Four, charge-offs | 0 | ||||
Financing Receivable, Year Five, charge-offs | 0 | ||||
Financing Receivable, Prior, charge-offs | 0 | ||||
Financing Receivable, Revolving, charge-offs | 10 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 10 | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 3,702 | 3,702 | 4,978 | ||
Financing Receivable, Year Two | 1,144 | 1,144 | 1,696 | ||
Financing Receivable, Year Three | 1,595 | 1,595 | 6,818 | ||
Financing Receivable, Year Four | 6,639 | 6,639 | 11 | ||
Financing Receivable, Year Five | 11 | 11 | 1,203 | ||
Financing Receivable, Prior | 2,228 | 2,228 | 1,572 | ||
Financing Receivable, Revolving | 51,736 | 51,736 | 39,063 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 67,055 | 67,055 | 55,341 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 13 | ||
Financing Receivable, Prior | 37 | 37 | 33 | ||
Financing Receivable, Revolving | 11 | 11 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 48 | 48 | 46 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Financing Receivable, Year One | 85,810 | 85,810 | 166,388 | ||
Financing Receivable, Year Two | 165,247 | 165,247 | 129,282 | ||
Financing Receivable, Year Three | 124,098 | 124,098 | 82,461 | ||
Financing Receivable, Year Four | 80,260 | 80,260 | 31,878 | ||
Financing Receivable, Year Five | 31,569 | 31,569 | 17,778 | ||
Financing Receivable, Prior | 53,211 | 53,211 | 41,499 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 475 | 475 | 199 | ||
Financing Receivable, Total | 540,670 | 540,670 | 469,485 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 85,810 | 85,810 | 166,388 | ||
Financing Receivable, Year Two | 164,378 | 164,378 | 129,282 | ||
Financing Receivable, Year Three | 124,098 | 124,098 | 82,461 | ||
Financing Receivable, Year Four | 80,260 | 80,260 | 31,878 | ||
Financing Receivable, Year Five | 31,569 | 31,569 | 15,837 | ||
Financing Receivable, Prior | 50,992 | 50,992 | 40,526 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 475 | 475 | 199 | ||
Financing Receivable, Total | 537,582 | 537,582 | 466,571 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | |||||
Financing Receivable, Year One | 0 | 0 | |||
Financing Receivable, Year Two | 0 | 0 | |||
Financing Receivable, Year Three | 0 | 0 | |||
Financing Receivable, Year Four | 0 | 0 | |||
Financing Receivable, Year Five | 0 | 0 | |||
Financing Receivable, Prior | 0 | 0 | |||
Financing Receivable, Revolving | 0 | 0 | |||
Financing Receivable, Revolving, Converted | 0 | 0 | |||
Financing Receivable, Total | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 869 | 869 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 1,941 | ||
Financing Receivable, Prior | 2,219 | 2,219 | 973 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,088 | 3,088 | 2,914 | ||
Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||||
Financing Receivable, Year One | 4,478 | 4,478 | 41,041 | ||
Financing Receivable, Year Two | 34,134 | 34,134 | 63,353 | ||
Financing Receivable, Year Three | 91,253 | 91,253 | 48,376 | ||
Financing Receivable, Year Four | 47,666 | 47,666 | 38,805 | ||
Financing Receivable, Year Five | 38,198 | 38,198 | 4,176 | ||
Financing Receivable, Prior | 27,932 | 27,932 | 23,987 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 243,661 | 243,661 | 219,738 | ||
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 4,478 | 4,478 | 41,041 | ||
Financing Receivable, Year Two | 34,134 | 34,134 | 63,353 | ||
Financing Receivable, Year Three | 91,253 | 91,253 | 48,376 | ||
Financing Receivable, Year Four | 47,666 | 47,666 | 38,805 | ||
Financing Receivable, Year Five | 38,198 | 38,198 | 4,176 | ||
Financing Receivable, Prior | 27,932 | 27,932 | 23,987 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 243,661 | 243,661 | 219,738 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 153,197 | 153,197 | 282,539 | ||
Financing Receivable, Year Two | 249,963 | 249,963 | 135,998 | ||
Financing Receivable, Year Three | 110,698 | 110,698 | 61,868 | ||
Financing Receivable, Year Four | 52,146 | 52,146 | 37,736 | ||
Financing Receivable, Year Five | 31,104 | 31,104 | 23,824 | ||
Financing Receivable, Prior | 40,772 | 40,772 | 26,344 | ||
Financing Receivable, Revolving | 2,204 | 2,204 | 1,263 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 640,084 | 640,084 | 569,572 | ||
Financing Receivable, Total, charge-offs | 830 | 924 | 2,415 | 1,744 | |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||||
Financing Receivable, Year One | 140,927 | 140,927 | 253,842 | ||
Financing Receivable, Year Two | 224,801 | 224,801 | 123,477 | ||
Financing Receivable, Year Three | 100,145 | 100,145 | 46,613 | ||
Financing Receivable, Year Four | 38,442 | 38,442 | 31,313 | ||
Financing Receivable, Year Five | 25,605 | 25,605 | 18,334 | ||
Financing Receivable, Prior | 32,724 | 32,724 | 22,353 | ||
Financing Receivable, Revolving | 6 | 6 | 9 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 562,650 | 562,650 | 495,941 | ||
Financing Receivable, Year One, charge-offs | 90 | ||||
Financing Receivable, Year Two, charge-offs | 834 | ||||
Financing Receivable, Year Three, charge-offs | 471 | ||||
Financing Receivable, Year Four, charge-offs | 191 | ||||
Financing Receivable, Year Five, charge-offs | 153 | ||||
Financing Receivable, Prior, charge-offs | 233 | ||||
Financing Receivable, Revolving, charge-offs | 0 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 1,972 | ||||
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 140,778 | 140,778 | 253,495 | ||
Financing Receivable, Year Two | 224,259 | 224,259 | 123,264 | ||
Financing Receivable, Year Three | 99,785 | 99,785 | 46,476 | ||
Financing Receivable, Year Four | 38,229 | 38,229 | 31,251 | ||
Financing Receivable, Year Five | 25,370 | 25,370 | 18,165 | ||
Financing Receivable, Prior | 32,555 | 32,555 | 22,205 | ||
Financing Receivable, Revolving | 6 | 6 | 9 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 560,982 | 560,982 | 494,865 | ||
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 149 | 149 | 347 | ||
Financing Receivable, Year Two | 542 | 542 | 213 | ||
Financing Receivable, Year Three | 360 | 360 | 137 | ||
Financing Receivable, Year Four | 213 | 213 | 62 | ||
Financing Receivable, Year Five | 235 | 235 | 169 | ||
Financing Receivable, Prior | 169 | 169 | 148 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 1,668 | 1,668 | 1,076 | ||
Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||||
Financing Receivable, Year One | 12,050 | 12,050 | 27,904 | ||
Financing Receivable, Year Two | 24,527 | 24,527 | 11,762 | ||
Financing Receivable, Year Three | 10,354 | 10,354 | 15,139 | ||
Financing Receivable, Year Four | 13,623 | 13,623 | 6,375 | ||
Financing Receivable, Year Five | 5,494 | 5,494 | 5,476 | ||
Financing Receivable, Prior | 7,839 | 7,839 | 3,911 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 73,887 | 73,887 | 70,567 | ||
Financing Receivable, Year One, charge-offs | 0 | ||||
Financing Receivable, Year Two, charge-offs | 47 | ||||
Financing Receivable, Year Three, charge-offs | 93 | ||||
Financing Receivable, Year Four, charge-offs | 0 | ||||
Financing Receivable, Year Five, charge-offs | 7 | ||||
Financing Receivable, Prior, charge-offs | 182 | ||||
Financing Receivable, Revolving, charge-offs | 0 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 329 | ||||
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 12,050 | 12,050 | 27,904 | ||
Financing Receivable, Year Two | 24,527 | 24,527 | 11,762 | ||
Financing Receivable, Year Three | 10,329 | 10,329 | 15,139 | ||
Financing Receivable, Year Four | 13,623 | 13,623 | 6,224 | ||
Financing Receivable, Year Five | 5,407 | 5,407 | 5,415 | ||
Financing Receivable, Prior | 7,545 | 7,545 | 3,856 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 73,481 | 73,481 | 70,300 | ||
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 25 | 25 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 151 | ||
Financing Receivable, Year Five | 87 | 87 | 61 | ||
Financing Receivable, Prior | 294 | 294 | 55 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 406 | 406 | 267 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Year One | 220 | 220 | 793 | ||
Financing Receivable, Year Two | 635 | 635 | 759 | ||
Financing Receivable, Year Three | 199 | 199 | 116 | ||
Financing Receivable, Year Four | 81 | 81 | 48 | ||
Financing Receivable, Year Five | 5 | 5 | 14 | ||
Financing Receivable, Prior | 209 | 209 | 80 | ||
Financing Receivable, Revolving | 2,198 | 2,198 | 1,254 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,547 | 3,547 | 3,064 | ||
Financing Receivable, Year One, charge-offs | 0 | ||||
Financing Receivable, Year Two, charge-offs | 2 | ||||
Financing Receivable, Year Three, charge-offs | 22 | ||||
Financing Receivable, Year Four, charge-offs | 0 | ||||
Financing Receivable, Year Five, charge-offs | 0 | ||||
Financing Receivable, Prior, charge-offs | 0 | ||||
Financing Receivable, Revolving, charge-offs | 90 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 114 | ||||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 220 | 220 | 792 | ||
Financing Receivable, Year Two | 635 | 635 | 754 | ||
Financing Receivable, Year Three | 199 | 199 | 116 | ||
Financing Receivable, Year Four | 81 | 81 | 48 | ||
Financing Receivable, Year Five | 5 | 5 | 14 | ||
Financing Receivable, Prior | 209 | 209 | 80 | ||
Financing Receivable, Revolving | 2,195 | 2,195 | 1,251 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,544 | 3,544 | 3,055 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 1 | ||
Financing Receivable, Year Two | 0 | 0 | 5 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 3 | 3 | 3 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3 | 3 | 9 | ||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 16,616 | 16,616 | 24,337 | ||
Financing Receivable, Year Two | 31,185 | 31,185 | 25,274 | ||
Financing Receivable, Year Three | 25,167 | 25,167 | 16,658 | ||
Financing Receivable, Year Four | 16,123 | 16,123 | 6,865 | ||
Financing Receivable, Year Five | 7,709 | 7,709 | 3,264 | ||
Financing Receivable, Prior | 12,548 | 12,548 | 12,186 | ||
Financing Receivable, Revolving | 149,782 | 149,782 | 139,136 | ||
Financing Receivable, Revolving, Converted | 879 | 879 | 300 | ||
Financing Receivable, Total | 260,009 | 260,009 | 228,020 | ||
Financing Receivable, Total, charge-offs | 0 | $ 0 | 1 | $ 0 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Year One | 16,616 | 16,616 | 24,337 | ||
Financing Receivable, Year Two | 31,185 | 31,185 | 25,274 | ||
Financing Receivable, Year Three | 25,167 | 25,167 | 16,658 | ||
Financing Receivable, Year Four | 16,123 | 16,123 | 6,865 | ||
Financing Receivable, Year Five | 7,709 | 7,709 | 3,264 | ||
Financing Receivable, Prior | 12,548 | 12,548 | 12,186 | ||
Financing Receivable, Revolving | 126,293 | 126,293 | 107,907 | ||
Financing Receivable, Revolving, Converted | 879 | 879 | 300 | ||
Financing Receivable, Total | 236,520 | 236,520 | 196,791 | ||
Financing Receivable, Year One, charge-offs | 0 | ||||
Financing Receivable, Year Two, charge-offs | 0 | ||||
Financing Receivable, Year Three, charge-offs | 1 | ||||
Financing Receivable, Year Four, charge-offs | 0 | ||||
Financing Receivable, Year Five, charge-offs | 0 | ||||
Financing Receivable, Prior, charge-offs | 0 | ||||
Financing Receivable, Revolving, charge-offs | 0 | ||||
Financing Receivable, Revolving, Converted, charge-offs | 0 | ||||
Financing Receivable, Total, charge-offs | 1 | ||||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 13,252 | 13,252 | 24,337 | ||
Financing Receivable, Year Two | 31,185 | 31,185 | 22,561 | ||
Financing Receivable, Year Three | 22,174 | 22,174 | 12,461 | ||
Financing Receivable, Year Four | 12,181 | 12,181 | 3,940 | ||
Financing Receivable, Year Five | 5,401 | 5,401 | 3,074 | ||
Financing Receivable, Prior | 10,999 | 10,999 | 7,701 | ||
Financing Receivable, Revolving | 111,899 | 111,899 | 104,524 | ||
Financing Receivable, Revolving, Converted | 879 | 879 | 0 | ||
Financing Receivable, Total | 207,970 | 207,970 | 178,598 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Watch [Member] | |||||
Financing Receivable, Year One | 259 | 259 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 1,127 | ||
Financing Receivable, Year Three | 1,436 | 1,436 | 2,932 | ||
Financing Receivable, Year Four | 2,507 | 2,507 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 1,113 | 1,113 | 746 | ||
Financing Receivable, Revolving | 9,726 | 9,726 | 1,327 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 15,041 | 15,041 | 6,132 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 3,105 | 3,105 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 1,586 | ||
Financing Receivable, Year Three | 1,557 | 1,557 | 1,265 | ||
Financing Receivable, Year Four | 1,435 | 1,435 | 2,291 | ||
Financing Receivable, Year Five | 1,766 | 1,766 | 190 | ||
Financing Receivable, Prior | 173 | 173 | 3,739 | ||
Financing Receivable, Revolving | 2,306 | 2,306 | 1,093 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 300 | ||
Financing Receivable, Total | 10,342 | 10,342 | 10,464 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 634 | ||
Financing Receivable, Year Five | 542 | 542 | 0 | ||
Financing Receivable, Prior | 263 | 263 | 0 | ||
Financing Receivable, Revolving | 2,362 | 2,362 | 963 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 3,167 | 3,167 | 1,597 | ||
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 23,489 | 23,489 | 31,229 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 23,489 | 23,489 | 31,229 | ||
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 22,267 | 22,267 | 31,227 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | 22,267 | 22,267 | 31,227 | ||
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Watch [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 1,222 | 1,222 | 2 | ||
Financing Receivable, Revolving, Converted | 0 | 0 | 0 | ||
Financing Receivable, Total | $ 1,222 | $ 1,222 | $ 2 |
Note 4 - Loans Receivable and_8
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Amortized Cost of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual, No Allowance | $ 1,428 | $ 966 |
Financing Receivable, Nonaccrual, With Allowance | 4,191 | 7,686 |
Financing Receivable, Nonaccrual | 5,619 | 8,652 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,428 | 966 |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 1,428 | 966 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,074 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 1,074 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 48 | 46 |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 48 | 46 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 306 | 920 |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 306 | 920 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 2,077 | 1,352 |
Financing Receivable, Nonaccrual | 2,077 | 1,352 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 1,668 | 1,076 |
Financing Receivable, Nonaccrual | 1,668 | 1,076 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 406 | 267 |
Financing Receivable, Nonaccrual | 406 | 267 |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 3 | 9 |
Financing Receivable, Nonaccrual | 3 | 9 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | 2,114 | 6,334 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual, With Allowance | 2,114 | 6,334 |
Financing Receivable, Nonaccrual | $ 2,114 | $ 6,334 |
Note 4 - Loans Receivable and_9
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commercial Real Estate [Member] | ||
Commercial | $ 1,074 | |
Residential Real Estate [Member] | ||
Commercial | 354 | $ 966 |
Other Nonreal Estate [Member] | ||
Commercial | 4,188 | 7,677 |
Collateral Pledged [Member] | ||
Commercial | 5,616 | 8,643 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Commercial | 1,074 | |
Real Estate Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Commercial | 354 | 966 |
Real Estate Portfolio Segment [Member] | Other Nonreal Estate [Member] | ||
Commercial | 0 | 0 |
Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Commercial | 1,428 | 966 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Commercial Real Estate [Member] | ||
Commercial | 1,074 | |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Residential Real Estate [Member] | ||
Commercial | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Other Nonreal Estate [Member] | ||
Commercial | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Collateral Pledged [Member] | ||
Commercial | 1,074 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Residential Real Estate [Member] | ||
Commercial | 48 | 46 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Other Nonreal Estate [Member] | ||
Commercial | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged [Member] | ||
Commercial | 48 | 46 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Residential Real Estate [Member] | ||
Commercial | 306 | 920 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Other Nonreal Estate [Member] | ||
Commercial | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Collateral Pledged [Member] | ||
Commercial | 306 | 920 |
Consumer Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Consumer Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Commercial | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Nonreal Estate [Member] | ||
Commercial | 2,074 | 1,343 |
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Commercial | 2,074 | 1,343 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Residential Real Estate [Member] | ||
Commercial | 0 | 0 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Other Nonreal Estate [Member] | ||
Commercial | 1,668 | 1,076 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Collateral Pledged [Member] | ||
Commercial | 1,668 | 1,076 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Residential Real Estate [Member] | ||
Commercial | 0 | 0 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Other Nonreal Estate [Member] | ||
Commercial | 406 | 267 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Collateral Pledged [Member] | ||
Commercial | 406 | 267 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Commercial Real Estate [Member] | ||
Commercial | 0 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Residential Real Estate [Member] | ||
Commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Other Nonreal Estate [Member] | ||
Commercial | 2,114 | 6,334 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Collateral Pledged [Member] | ||
Commercial | $ 2,114 | $ 6,334 |
Note 5 - Servicing Rights (Deta
Note 5 - Servicing Rights (Details Textual) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset | $ 2,825,752 | $ 2,825,752 | $ 2,783,458 | ||
Servicing Asset at Fair Value, Amount | 38,900 | 38,900 | $ 35,500 | ||
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $ 1,800 | $ 1,800 | $ 5,400 | $ 5,300 | |
Minimum [Member] | |||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 0.50% | ||||
Maximum [Member] | |||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1% |
Note 5 - Servicing Rights - Sch
Note 5 - Servicing Rights - Schedule of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, MSR | $ 17,627 | $ 18,516 | $ 18,017 | $ 16,970 |
Additions | 954 | 925 | 2,279 | 4,935 |
MSR amortized | (924) | (971) | (2,639) | (3,436) |
Recovery of servicing rights | 0 | 1 | ||
Balance, MSR | $ 17,657 | $ 18,470 | $ 17,657 | $ 18,470 |
Note 5 - Servicing Rights - Val
Note 5 - Servicing Rights - Valuation Assumptions (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Discount rate | 10.20% | 9.60% |
Conditional prepayment rate | 6.30% | 8.20% |
Weighted average life in years (Year) | 8 years 9 months 18 days | 7 years 9 months 18 days |
Aggregate portfolio principal balance | $ 2,825,752 | $ 2,783,458 |
Weighted Average [Member] | ||
Weighted average rate of loans in servicing portfolio | 3.60% | 3.40% |
Note 5 - Servicing Rights - S_2
Note 5 - Servicing Rights - Schedule of Sensitivity Analysis of Fair Value (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Conditional prepayment rate | 6.30% | 8.20% |
Fair value MSR | $ 38,900 | $ 35,500 |
Discount rate | 10.20% | 9.60% |
Servicing Asset at Fair Value, Amount | $ 38,900 | $ 35,500 |
Base Rate [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 6.30% | 8.20% |
Fair value MSR | $ 38,858 | $ 35,478 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.40% | 1.30% |
Servicing Asset at Fair Value, Amount | $ 38,858 | $ 35,478 |
Percentage of MSR | 1.40% | 1.30% |
Base Rate [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSR | $ 38,858 | $ 35,478 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.40% | 1.30% |
Discount rate | 10.20% | 9.60% |
Servicing Asset at Fair Value, Amount | $ 38,858 | $ 35,478 |
Percentage of MSR | 1.40% | 1.30% |
Sensitivity Analysis of Fair Value, Impact of 0.5 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 6.70% | 8.60% |
Fair value MSR | $ 38,411 | $ 34,997 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.40% | 1.30% |
Servicing Asset at Fair Value, Amount | $ 38,411 | $ 34,997 |
Percentage of MSR | 1.40% | 1.30% |
Sensitivity Analysis of Fair Value, Impact of 0.5 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSR | $ 37,978 | $ 34,715 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.30% | 1.20% |
Discount rate | 10.70% | 10.10% |
Servicing Asset at Fair Value, Amount | $ 37,978 | $ 34,715 |
Percentage of MSR | 1.30% | 1.20% |
Sensitivity Analysis of Fair Value, Impact of 1.0 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 7.20% | 9.30% |
Fair value MSR | $ 37,752 | $ 34,188 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.30% | 1.20% |
Servicing Asset at Fair Value, Amount | $ 37,752 | $ 34,188 |
Percentage of MSR | 1.30% | 1.20% |
Sensitivity Analysis of Fair Value, Impact of 1.0 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSR | $ 37,133 | $ 33,984 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption, Percent | 1.30% | 1.20% |
Discount rate | 11.20% | 10.60% |
Servicing Asset at Fair Value, Amount | $ 37,133 | $ 33,984 |
Percentage of MSR | 1.30% | 1.20% |
Note 6 - Derivatives (Details T
Note 6 - Derivatives (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 145 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Unrealized Gain (Loss) on Derivatives | $ 4,523,000 | $ 9,405,000 | |||
Designated as Hedging Instrument [Member] | |||||
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | $ 237,800,000 | 237,800,000 | $ 237,800,000 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 6,000,000 | 6,000,000 | 6,000,000 | ||
Derivative, Amount of Hedged Item | 60,000,000 | 60,000,000 | 60,000,000 | ||
Not Designated as Hedging Instrument [Member] | |||||
Unrealized Gain (Loss) on Derivatives | (107,000) | $ 34,000 | 266,000 | $ (1,700,000) | |
Interest Rate Swap [Member] | |||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 5,100,000 | 5,100,000 | 5,100,000 | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 0 | $ 0 | $ 0 |
Note 6 - Derivatives - Schedule
Note 6 - Derivatives - Schedule of Fair Value Hedges Cumulative-basis Adjustment (Details) - Designated as Hedging Instrument [Member] - Fair Value Hedging [Member] - Securities Investment [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Cumulative Amount of Fair Value Hedging Adjustment | [1] | $ 6,016 | $ 4,107 |
Reported Value Measurement [Member] | |||
Hedged Assets | [1] | $ 53,984 | $ 55,893 |
[1]These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $237.8 million; the cumulative basis adjustments associated with these hedging relationships was $6.0 million; and the amounts of the designated hedged items was $60.0 million. |
Note 6 - Derivatives - Schedu_2
Note 6 - Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | ||
Derivative Asset | $ 14,485 | $ 9,870 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Deposits [Member] | ||
Notional | 200,000 | 90,000 |
Derivative Asset | 8,402 | 5,780 |
Derivative Liability | 0 | 0 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Securities Investment [Member] | ||
Notional | 60,000 | 60,000 |
Derivative Asset | 5,991 | 4,090 |
Derivative Liability | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 26,982 | 8,837 |
Derivative Asset | 175 | 107 |
Derivative Liability | 0 | 0 |
Mandatory and Best Effort Forward Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 5,919 | 4,558 |
Derivative Asset | 21 | 0 |
Derivative Liability | 0 | 38 |
Forward TBA Mortgage-Backed Securities [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 34,000 | 27,000 |
Derivative Asset | 355 | 164 |
Derivative Liability | 0 | $ 0 |
Customer Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 882 | |
Derivative Asset | 0 | |
Derivative Liability | 90 | |
Dealer Offsets to Customer Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 882 | |
Derivative Asset | 92 | |
Derivative Liability | $ 0 |
Note 6 - Derivatives - Schedu_3
Note 6 - Derivatives - Schedule of Hedging Relationship (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 145 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Reclassification adjustment for realized gain, net included in net income | $ (1,446) | $ (278) | $ (3,624) | $ (232) | |
Interest Rate Swap [Member] | |||||
Net income recognized on cash flow hedges | $ 0 | ||||
Interest Expense [Member] | |||||
Total amounts presented on the Consolidated Statements of Income | 10,462 | 2,596 | 24,696 | 5,438 | |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Securities Investment [Member] | Interest Rate Swap [Member] | |||||
Net gains (losses) on fair value hedging relationships: Interest rate swaps – securities, Recognized on hedged items | 0 | 0 | 0 | 0 | |
Recognized on derivatives designated as hedging instruments | 0 | 0 | 0 | 0 | |
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Brokered Deposits and Borrowings [Member] | Interest Rate Swap [Member] | |||||
Reclassification adjustment for realized gain, net included in net income | 1,446 | 278 | 3,624 | 232 | |
Net income recognized on cash flow hedges | 1,446 | 278 | 3,624 | 232 | |
Interest Income [Member] | |||||
Total amounts presented on the Consolidated Statements of Income | 3,396 | 1,741 | 8,667 | 4,990 | |
Interest Income [Member] | Designated as Hedging Instrument [Member] | Securities Investment [Member] | Interest Rate Swap [Member] | |||||
Net gains (losses) on fair value hedging relationships: Interest rate swaps – securities, Recognized on hedged items | (1,286) | (3,383) | (689) | (4,316) | |
Recognized on derivatives designated as hedging instruments | 1,842 | 3,313 | 1,901 | 4,144 | |
Net income (expense) recognized on fair value hedges | 556 | (70) | 1,212 | (172) | |
Interest Income [Member] | Designated as Hedging Instrument [Member] | Brokered Deposits and Borrowings [Member] | Interest Rate Swap [Member] | |||||
Reclassification adjustment for realized gain, net included in net income | 0 | 0 | 0 | 0 | |
Net income recognized on cash flow hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Derivatives - Schedu_4
Note 6 - Derivatives - Schedule of Thee Offsetting of Derivative Assets (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Asset, Before Offset | $ 14,485 | $ 9,870 |
Derivative Asset, Offset | 0 | 0 |
Derivative asset | 14,485 | 9,870 |
Derivative Assets, Financial Instruments Collateral | 0 | 0 |
Derivative Assets, Cash Collateral | 0 | 0 |
Derivative Asset, Net | $ 14,485 | $ 9,870 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Sep. 30, 2023 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 6 months |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 6 years 9 months |
Note 7 - Leases - Schedule of L
Note 7 - Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost | $ 476 | $ 350 | $ 1,357 | $ 1,041 |
Short-term lease cost | 5 | 8 | 14 | 16 |
Total lease cost | $ 481 | $ 358 | $ 1,371 | $ 1,057 |
Note 7 - Leases - Schedule of S
Note 7 - Leases - Schedule of Supplemental information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating cash flows from operating leases | $ 486 | $ 360 | $ 1,392 | $ 1,063 |
Weighted average remaining lease term- operating leases (in years) (Year) | 4 years 2 months 12 days | 4 years 8 months 12 days | 4 years 2 months 12 days | 4 years 8 months 12 days |
Weighted average discount rate- operating leases | 2.93% | 2.41% | 2.93% | 2.41% |
Note 7 - Leases - Schedule of M
Note 7 - Leases - Schedule of Maturity for Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Remainder of 2023, operating lease | $ 483 | |
2024, operating lease | 1,933 | |
2025, operating lease | 1,628 | |
2026, operating lease | 1,475 | |
2027, operating lease | 1,173 | |
Thereafter, operating lease | 1,383 | |
Total lease payments, operating lease | 8,075 | |
Less imputed interest, operating lease | (806) | |
Total, operating lease | $ 7,269 | $ 6,474 |
Note 8 - Other Real Estate Ow_3
Note 8 - Other Real Estate Owned (OREO) (Details Textual) - Real Estate Owned (OREO) [Member] | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Real Estate Properties | 1 | 1 | |||
Custody Fees | $ 0 | $ 0 | $ 0 | $ 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 317,000 | $ 317,000 | $ 511,000 |
Note 8 - Other Real Estate Ow_4
Note 8 - Other Real Estate Owned ("OREO") - Schedule of Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, OREO | $ 570 | $ 145 | $ 570 | $ 0 |
Additions | 0 | 0 | 0 | 145 |
Loans transferred to OREO | 0 | 0 | 0 | 0 |
Balance, OREO | $ 570 | $ 145 | $ 570 | $ 145 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deposit Liabilities, Checking [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | $ 50,100,000 | $ 2,300,000 |
Deposit Liabilities, Money Market [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | 51,000 | 59,700,000 |
Deposit Liabilities, Certificates of Deposits [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | $ 323,300,000 | $ 332,000,000 |
Note 9 - Deposits - Schedule of
Note 9 - Deposits - Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Noninterest-bearing checking | $ 643,670 | $ 537,938 | |
Interest-bearing checking (1) | [1] | 219,469 | 135,127 |
Savings | 157,901 | 134,358 | |
Money market (2) | [2] | 389,962 | 574,290 |
Certificates of deposit less than $100,000 (3) | [3] | 527,032 | 440,785 |
Certificates of deposit of $100,000 through $250,000 | 406,545 | 195,447 | |
Certificates of deposit of $250,000 and over | 83,377 | 93,560 | |
Escrow accounts related to mortgages serviced (4) | [4] | 26,488 | 16,236 |
Total deposits | $ 2,454,444 | $ 2,127,741 | |
[1]Includes $50.1 million and $2.3 million of brokered deposits at September 30, 2023 and December 31, 2022, respectively.[2]Includes $51,000 and $59.7 million of brokered deposits at September 30, 2023 and December 31, 2022, respectively.[3]Includes $323.3 million and $332.0 million of brokered deposits at September 30, 2023 and December 31, 2022, respectively.[4]Noninterest-bearing accounts. |
Note 9 - Deposits - Schedule _2
Note 9 - Deposits - Schedule of Maturity (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Maturing in 2023 | $ 338,756 |
Maturing in 2024 | 483,059 |
Maturing in 2025 | 128,932 |
Maturing in 2026 | 44,517 |
Maturing in 2027 | 20,739 |
Thereafter | 951 |
Total | $ 1,016,954 |
Note 9 - Deposits - Schedule In
Note 9 - Deposits - Schedule Interest Expense by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest-bearing checking | $ 643 | $ 100 | $ 1,111 | $ 353 |
Savings and money market | 1,529 | 1,303 | 4,071 | 2,397 |
Certificates of deposit | 8,290 | 1,193 | 19,514 | 2,688 |
Total | $ 10,462 | $ 2,596 | $ 24,696 | $ 5,438 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Proceeds from Sale, Loan, Held-for-Sale | $ 324,083,000 | $ 630,396,000 | |||
Other Liabilities | $ 36,288,000 | 36,288,000 | $ 30,997,000 | ||
Holdback Reserve For Guaranteed Loans [Member] | |||||
Other Liabilities | $ 2,100,000 | 2,100,000 | 2,300,000 | ||
Federal Home Loan Bank of Des Moines [Member] | |||||
Proceeds from Sale, Loan, Held-for-Sale | $ 9,500,000 | ||||
Escrow Holdback Relative to Outstanding Credit Enhancement (CE) Obligation, Percentage | 10% | 10% | |||
Escrow Holdback Relative to Outstanding Credit Enhancement (CE) Obligation | $ 39,000 | $ 39,000 | |||
Federal Home Loan Bank of Des Moines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Proceeds from Sale, Loan, Held-for-Sale | 0 | 0 | |||
Federal Home Loan Bank of Des Moines [Member] | Recourse [Member] | |||||
First Loss Account (FLA) | 581,000 | 581,000 | |||
Credit Enhancement (CE) Obligation | $ 389,000 | $ 389,000 | |||
Credit Enhancement (CE) Obligation, Percentage of Outstanding Loans | 4.10% | 4.10% | |||
Unfunded Loan Commitment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 1,800,000 | $ 1,800,000 | $ 2,500,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 149,000 | $ 745,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 305,000 | $ 180,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Schedule of Commitments (Details) - Commitments to Extend Credit [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Aggregate portfolio principal balance | $ 548,483 | $ 548,542 |
Real Estate Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 296,205 | 294,246 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Aggregate portfolio principal balance | 4,584 | 1,260 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Aggregate portfolio principal balance | 161,247 | 201,708 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Aggregate portfolio principal balance | 30,895 | 10,713 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Aggregate portfolio principal balance | 96,548 | 77,566 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Aggregate portfolio principal balance | 2,931 | 2,999 |
Consumer Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 30,393 | 39,406 |
Commercial Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 221,885 | 214,890 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Aggregate portfolio principal balance | 164,727 | 150,109 |
Commercial Portfolio Segment [Member] | Warehouse Lending Loan [Member] | ||
Aggregate portfolio principal balance | $ 57,158 | $ 64,781 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loans Receivable, Fair Value Disclosure | $ 15,176,000 | $ 15,176,000 | $ 14,035,000 | ||
Fair Value, Nonrecurring [Member] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Residential Mortgage [Member] | |||||
Loans Receivable, Fair Value Disclosure | 15,200,000 | $ 14,200,000 | 15,200,000 | $ 14,200,000 | |
Increase (Decrease) in Finance Receivables | (343,000) | (816,000) | (285,000) | (1,800,000) | |
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Loans Receivable, Fair Value Disclosure | 15,200,000 | 15,200,000 | 14,000,000 | ||
Financing Receivable, before Allowance for Credit Loss | 17,100,000 | 17,100,000 | $ 15,600,000 | ||
Increase (Decrease) in Finance Receivables | $ (343,000) | $ (816,000) | $ (285,000) | $ (1,800,000) |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Schedule of Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 251,917 | $ 229,252 |
Loans receivable, at fair value | 18,636 | 20,093 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 17,096 | 17,288 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 6,354 | 8,545 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 89,607 | 69,966 |
U.S. Small Business Administration Securities [Member] | ||
Securities available-for-sale | 30,239 | 12,851 |
Fair Value, Recurring [Member] | ||
Mortgage loans held for sale, at fair value | 18,636 | 20,093 |
Loans receivable, at fair value | 15,176 | 14,035 |
Assets, Fair Value Disclosure | 300,765 | 273,521 |
Financial liabilities | (90) | (38) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage loans held for sale, at fair value | 0 | 0 |
Loans receivable, at fair value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Financial liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans held for sale, at fair value | 18,636 | 20,093 |
Loans receivable, at fair value | 15,176 | 14,035 |
Assets, Fair Value Disclosure | 300,569 | 273,414 |
Financial liabilities | (90) | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans held for sale, at fair value | 0 | 0 |
Loans receivable, at fair value | 0 | 0 |
Assets, Fair Value Disclosure | 196 | 107 |
Financial liabilities | 0 | (38) |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 17,096 | 17,288 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 17,096 | 17,288 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available-for-sale | 6,354 | 8,545 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 6,354 | 8,545 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 108,621 | 120,602 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 108,621 | 120,602 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 89,607 | 69,966 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 89,607 | 69,966 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | ||
Securities available-for-sale | 30,239 | 12,851 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 30,239 | 12,851 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivative asset | 355 | 164 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 355 | 164 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 14,485 | 9,870 |
Financial liabilities | (90) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Financial liabilities | 0 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 14,485 | 9,870 |
Financial liabilities | (90) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | 0 |
Financial liabilities | 0 | |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 175 | 107 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 175 | 107 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivative asset | 21 | (38) |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | $ 21 | $ (38) |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Schedule of Financial Assets on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
MSR | $ 0 | |
Mortgage Servicing Rights [Member] | ||
MSR | $ 38,858 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ||
MSR | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ||
MSR | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
MSR | $ 38,858 |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurements - Schedule of Schedule of Financial Assets and Liabilities on a Recurring and Non-recurring Basis (Details) - Fair Value, Inputs, Level 3 [Member] | Sep. 30, 2023 | Dec. 31, 2022 |
Minimum [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 80 | |
Minimum [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 80 | |
Minimum [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 0 | |
Maximum [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 99 | |
Maximum [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 99 | |
Maximum [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 50 | |
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 91.4 | 92.5 |
Weighted Average [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Recurring [Member] | Valuation, Market Approach [Member] | Pull-through Expectations Rate [Member] | ||
Interest rate lock commitments with customers | 91.4 | 92.5 |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 6.3 | 8.2 |
Note 11 - Fair Value Measurem_7
Note 11 - Fair Value Measurements - Schedule of Reconciliation of Financial Assets and Liabilities with Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Interest Rate Lock Commitments [Member] | |||||
Beginning Balance | $ 273 | $ 184 | $ 107 | $ 757 | |
Purchases and Issuance | 1,109 | 472 | 3,051 | 2,589 | |
Sales and Settlements | (1,207) | (828) | (2,983) | (3,518) | |
Ending Balance | 175 | (172) | 175 | (172) | |
Gain (Loss) Included in Earnings | [1] | (98) | (356) | 68 | (929) |
Gain (Loss) Included in Other Comprehensive Income (Loss) | [2] | 0 | 0 | 0 | 0 |
Mandatory and Best Effort Forward Commitments [Member] | |||||
Beginning Balance | 123 | 518 | (38) | 808 | |
Purchases and Issuance | 0 | 899 | 410 | 5,972 | |
Sales and Settlements | (102) | (1,123) | (351) | (6,486) | |
Ending Balance | 21 | 294 | 21 | 294 | |
Gain (Loss) Included in Earnings | [1] | (102) | (224) | (59) | (514) |
Gain (Loss) Included in Other Comprehensive Income (Loss) | [2] | $ 0 | $ 0 | $ 0 | $ 0 |
[1]Relating to items held at end of period included in income.[2]Relating to items held at end of period included in other comprehensive income (loss). |
Note 11 - Fair Value Measurem_8
Note 11 - Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Certificates of deposit at other financial institutions | $ 17,636 | $ 4,712 |
Securities available-for-sale | 251,917 | 229,252 |
Securities held-to-maturity, gross | 7,424 | 7,929 |
Loans receivable, at fair value | 18,636 | 20,093 |
FHLB stock, at cost | 3,696 | 10,611 |
Loans receivable, at fair value | 15,176 | 14,035 |
Accrued interest receivable | 13,925 | 11,144 |
Borrowings | 121,895 | 186,528 |
Subordinated notes, excluding unamortized debt issuance costs | 50,000 | 50,000 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 80,673 | 41,437 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit at other financial institutions | 17,636 | 4,712 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 80,673 | 41,437 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit at other financial institutions | 17,636 | 4,712 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Securities available-for-sale | 251,917 | 229,252 |
Securities held-to-maturity, gross | 8,500 | 8,500 |
Loans receivable, at fair value | 18,636 | 20,093 |
FHLB stock, at cost | 3,696 | 10,611 |
Derivative asset | 14,485 | 9,870 |
Loans receivable, at fair value | 15,176 | 14,035 |
Accrued interest receivable | 13,925 | 11,144 |
Deposits | 2,454,444 | 2,127,741 |
Borrowings | 121,895 | 186,528 |
Subordinated notes, excluding unamortized debt issuance costs | 50,000 | 50,000 |
Accrued interest payable | 3,966 | 2,270 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivative asset | 355 | 164 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Derivative liability, fair value | 90 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale | 251,917 | 229,252 |
Securities held-to-maturity, gross | 7,424 | 7,929 |
Loans receivable, at fair value | 18,636 | 20,093 |
FHLB stock, at cost | 3,696 | 10,611 |
Derivative asset | 14,485 | 9,870 |
Loans receivable, at fair value | 15,176 | 14,035 |
Accrued interest receivable | 13,925 | 11,144 |
Deposits | 2,437,603 | 2,105,926 |
Borrowings | 121,382 | 186,188 |
Subordinated notes, excluding unamortized debt issuance costs | 42,743 | 44,500 |
Accrued interest payable | 3,966 | 2,270 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivative asset | 355 | 164 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Derivative liability, fair value | 90 | 0 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Commercial | 2,390,897 | 2,204,817 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mortgage Servicing Rights [Member] | ||
MSR, held at lower of cost or fair value | 17,657 | 18,017 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 175 | 107 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivative asset | 21 | 0 |
Derivative liability, fair value | 0 | 38 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Commercial | 2,279,968 | 2,153,769 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mortgage Servicing Rights [Member] | ||
MSR, held at lower of cost or fair value | 38,858 | 35,478 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 175 | 107 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivative asset | 21 | 0 |
Derivative liability, fair value | $ 0 | $ 38 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 8,953 | $ 8,458 | $ 26,281 | $ 22,027 |
Dividends and undistributed earnings allocated to participating securities | (143) | (153) | (423) | (414) |
Net income available to common shareholders | $ 8,810 | $ 8,305 | $ 25,858 | $ 21,613 |
Basic weighted average common shares outstanding (in shares) | 7,667,981 | 7,605,360 | 7,643,086 | 7,800,390 |
Dilutive shares (in shares) | 112,449 | 102,402 | 125,662 | 122,456 |
Diluted weighted average common shares outstanding (in shares) | 7,780,430 | 7,707,762 | 7,768,748 | 7,922,846 |
Basic earnings per share (in dollars per share) | $ 1.15 | $ 1.09 | $ 3.38 | $ 2.77 |
Diluted earnings per share (in dollars per share) | $ 1.13 | $ 1.08 | $ 3.33 | $ 2.73 |
Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. (in shares) | 64,256 | 84,540 | 55,174 | 62,544 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - The 2018 Equity Incentive Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 17, 2018 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,300,000 | ||||
Share-Based Payment Arrangement, Expense | $ 590,000 | $ 500,000 | $ 1,600,000 | $ 1,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected Contractual Term Forfeiture Rate | 3.10% | ||||
Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 6 months | ||||
Share-Based Payment Arrangement, Tranche Three [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years | ||||
Share-Based Payment Arrangement, Tranche Four [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 6 months | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 326,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 76,622 | 76,622 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 6 months | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,700,000 | $ 2,700,000 | |||
Restricted Stock [Member] | Director [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock [Member] | Director [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Restricted Stock [Member] | Officers And Employees [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 253,532 | 253,532 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,800,000 | $ 1,800,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 7 months 6 days | ||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-Based Payment Arrangement, Option [Member] | Officers And Employees [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | ||||
Share-Based Payment Arrangement, Option [Member] | Officers And Employees [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Schedule of Stock Option Awards (Details) - The 2018 Equity Incentive Plan [Member] | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | ||
Outstanding, options (in shares) | 647,832 | ||
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 26.67 | ||
Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 7 months 9 days | 6 years 10 months 2 days | |
Outstanding, Intrinsic Value | $ | $ 2,073,328 | $ 4,627,255 | |
Granted, options (in shares) | 103,000 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 30.73 | ||
Granted, Intrinsic Value | $ | $ 0 | ||
Less exercised, options (in shares) | 19,121 | ||
Less exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 12.76 | ||
Less exercised, Intrinsic Value | $ | $ 337,279 | ||
Less forfeited or expired, options (in shares) | 35,119 | ||
Less forfeited or expired, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 33.25 | ||
Less forfeited or expired, Intrinsic Value | $ | $ 0 | ||
Outstanding, options (in shares) | 696,592 | 647,832 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 27.36 | $ 26.67 | |
Expected to vest, options (in shares) | 682,861 | [1] | |
Exercisable, options (in shares) | 417,775 | ||
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 25.76 | ||
Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 3 months 29 days | ||
Exercisable, Intrinsic Value | $ | $ 1,679,133 | ||
[1]Forfeiture rate has been calculated and estimated to assume a forfeiture of 3.1% of the options over 10 years. |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Schedule of Restricted Stock Awards (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Balance, RSA (in shares) | shares | 118,530 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 28.85 |
Granted, RSA (in shares) | shares | 37,600 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 30.73 |
Less Vested, RSA (in shares) | shares | 44,462 |
Less vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 28.24 |
Less forfeited or expired, RSA (in shares) | shares | 9,524 |
Less forfeited or expired, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 30.96 |
Balance, RSA (in shares) | shares | 102,144 |
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 29.61 |
Note 14 - Regulatory Capital (D
Note 14 - Regulatory Capital (Details Textual) | Sep. 30, 2023 | Dec. 31, 2022 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | |
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual | 0.089 | 0.097 |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual | 0.102 | 0.107 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.134 | 0.14 |
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual | 0.102 | 0.107 |
Note 14 - Regulatory Capital -
Note 14 - Regulatory Capital - Schedule of Comparison (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 |
Actual, Capital, Rate | 0.134 | 0.14 |
Actual, Tier 1 Risk-based Rate | 0.102 | 0.107 |
Actual, Tier 1 Leverage Rate | 0.089 | 0.097 |
Actual, CET 1 Rate | 0.102 | 0.107 |
First Security Bank of Washington, Subsidiary [Member] | ||
Actual, Capital | $ 330,533 | |
Actual, Capital, Rate | 0.1306 | |
Capital Adequacy, Total | $ 202,483 | |
Capital Adequacy, Total Rate | 0.08 | |
Capital Adequacy, Total Risk-based with Buffer | $ 265,759 | |
Capital Adequacy, Total Risk-based with Buffer, Rate | 0.105 | |
Well Capitalized, Total Capital | $ 253,104 | |
Well Capitalized, Total Capital Rate | 0.10 | |
Actual, Tier 1 Risk-based | $ 298,887 | |
Actual, Tier 1 Risk-based Rate | 0.1181 | |
Capital Adequacy, Tier 1 Risk-based | $ 151,862 | |
Capital Adequacy, Tier 1 Risk-based Rate | 0.06 | |
Capital Adequacy, Tier 1 Risk-based with Buffer | $ 215,138 | |
Capital Adequacy, Tier 1 Risk-based with Buffer, Rate | 0.085 | |
Well Capitalized, Tier 1 Risk-based | $ 202,483 | |
Well Capitalized, Tier 1 Risk-based Rate | 0.08 | |
Actual, Tier 1 Leverage | $ 298,887 | |
Actual, Tier 1 Leverage Rate | 0.1026 | |
Capital Adequacy, Tier 1 Leverage | $ 116,478 | |
Capital Adequacy, Tier 1 Leverage Rate | 0.04 | |
Well Capitalized, Tier 1 Leverage | $ 145,598 | |
Well Capitalized, Tier 1 Leverage Rate | 0.05 | |
Actual, CET 1 | $ 298,887 | |
Actual, CET 1 Rate | 0.1181 | |
Capital Adequacy, CET 1 | $ 113,897 | |
Capital Adequacy, CET 1 Rate | 0.045 | |
Capital Adequacy, CET 1 with Buffer | $ 177,173 | |
Capital Adequacy, CET 1 with Buffer , Rate | 0.07 | |
Well Capitalized, CET 1 | $ 164,518 | |
Well Capitalized, CET 1 Rate | 0.065 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Number of Operating Segments | 2 | 2 | ||||
Number of Bank Branches | 27 | 27 | ||||
Loans Receivable, Fair Value Disclosure | $ 15,176,000 | $ 15,176,000 | $ 14,035,000 | |||
Noninterest Expense | 23,586,000 | [1] | $ 19,338,000 | 71,314,000 | $ 57,334,000 | |
Home Lending [Member] | ||||||
Noninterest Expense | 5,047,000 | [1] | 4,867,000 | 15,215,000 | 14,456,000 | |
Home Lending [Member] | Allocated Overhead Expense [Member] | ||||||
Noninterest Expense | 1,500,000 | 1,500,000 | 4,700,000 | 4,700,000 | ||
Residential Mortgage [Member] | ||||||
Increase (Decrease) in Finance Receivables | (343,000) | (816,000) | (285,000) | (1,800,000) | ||
Loans Receivable, Fair Value Disclosure | $ 15,200,000 | $ 14,200,000 | $ 15,200,000 | $ 14,200,000 | ||
[1]Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three and nine months ended September 30, 2023 and 2022, the Home Lending segment included allocated overhead expenses of $1.5 million and $4.7 million, respectively. |
Note 15 - Business Segments - S
Note 15 - Business Segments - Schedule of Segment Financial Results (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |||
Net interest income (1) | [1] | $ 30,634 | $ 27,527 | $ 92,848 | $ 74,978 | |
Provision for credit losses | (548) | (1,718) | (3,372) | (4,632) | ||
Noninterest income (2) | 4,982 | [2] | 4,181 | 15,034 | 14,412 | |
Noninterest expense (3) | (23,586) | [3] | (19,338) | (71,314) | (57,334) | |
Income before provision for income taxes | 11,482 | 10,652 | 33,196 | 27,424 | ||
Provision for income taxes | (2,529) | (2,194) | (6,915) | (5,397) | ||
Net income | 8,953 | 8,458 | 26,281 | 22,027 | ||
Total average assets for period ended | $ 2,901,386 | $ 2,499,982 | $ 2,809,509 | $ 2,376,366 | ||
Number of Employees, Geographic Area [Member] | ||||||
Full-time employees ("FTEs") | 562 | 529 | 562 | 529 | ||
Commercial And Consumer Banking [Member] | ||||||
Net interest income (1) | [1] | $ 27,563 | $ 24,620 | $ 83,332 | $ 66,983 | |
Provision for credit losses | (437) | (1,811) | (2,555) | (3,727) | ||
Noninterest income (2) | 2,680 | [2] | 3,314 | 7,766 | 7,944 | |
Noninterest expense (3) | (18,539) | [3] | (14,471) | (56,099) | (42,878) | |
Income before provision for income taxes | 11,267 | 11,652 | 32,444 | 28,322 | ||
Provision for income taxes | (2,480) | (2,400) | (6,758) | (5,583) | ||
Net income | 8,787 | 9,252 | 25,686 | 22,739 | ||
Total average assets for period ended | $ 2,361,014 | $ 2,072,614 | $ 2,288,996 | $ 1,972,376 | ||
Commercial And Consumer Banking [Member] | Number of Employees, Geographic Area [Member] | ||||||
Full-time employees ("FTEs") | 434 | 389 | 434 | 389 | ||
Home Lending [Member] | ||||||
Net interest income (1) | [1] | $ 3,071 | $ 2,907 | $ 9,516 | $ 7,995 | |
Provision for credit losses | (111) | 93 | (817) | (905) | ||
Noninterest income (2) | 2,302 | [2] | 867 | 7,268 | 6,468 | |
Noninterest expense (3) | (5,047) | [3] | (4,867) | (15,215) | (14,456) | |
Income before provision for income taxes | 215 | (1,000) | 752 | (898) | ||
Provision for income taxes | (49) | 206 | (157) | 186 | ||
Net income | 166 | (794) | 595 | (712) | ||
Total average assets for period ended | $ 540,372 | $ 427,368 | $ 520,513 | $ 403,990 | ||
Home Lending [Member] | Number of Employees, Geographic Area [Member] | ||||||
Full-time employees ("FTEs") | 128 | 140 | 128 | 140 | ||
[1]Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.[2]Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and nine months ended September 30, 2023, the Company recorded a net decrease in fair value of $343,000 and $285,000, as compared to a net decrease in fair value of $816,000 and $1.8 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and 2022, there were $15.2 million and $14.2 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.[3]Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three and nine months ended September 30, 2023 and 2022, the Home Lending segment included allocated overhead expenses of $1.5 million and $4.7 million, respectively. |
Note 16 - Goodwill and Other _3
Note 16 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 24, 2023 USD ($) | Jan. 22, 2016 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2018 | |
Goodwill | $ 3,592,000 | $ 3,592,000 | $ 2,312,000 | |||||
Goodwill, Impairment Loss | 0 | |||||||
Amortization of Intangible Assets | 1,002,000 | $ 173,000 | 2,484,000 | $ 518,000 | ||||
Core Deposits [Member] | ||||||||
Impairment of Intangible Assets, Finite-Lived | 0 | |||||||
Amortization of Intangible Assets | $ 1,000,000 | $ 173,000 | $ 2,484,000 | $ 518,000 | $ 691,000 | |||
Bank of America [Member] | ||||||||
Number of Businesses Acquired | 4 | |||||||
Bank of America [Member] | Core Deposits [Member] | ||||||||
Number of Businesses Acquired | 4 | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 years | |||||||
Columbia State Bank [Member] | ||||||||
Goodwill | $ 1,280,000 | |||||||
Number of Businesses Acquired | 7 | |||||||
Columbia State Bank [Member] | Core Deposits [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years | 10 years | |||||
Anchor Bank [Member] | Core Deposits [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 16 - Goodwill and Other _4
Note 16 - Goodwill and Other Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance, net | $ 3,369,000 | ||||
Amortization | $ (1,002,000) | $ (173,000) | (2,484,000) | $ (518,000) | |
Balance, net | 18,323,000 | 18,323,000 | $ 3,369,000 | ||
Core Deposits [Member] | |||||
Balance | 7,490,000 | 7,490,000 | 7,490,000 | ||
Balance, accumulated amortization | (4,121,000) | (3,430,000) | (3,430,000) | ||
Balance, net | 3,369,000 | 4,060,000 | 4,060,000 | ||
Amortization | (1,000,000) | $ (173,000) | (2,484,000) | $ (518,000) | (691,000) |
Additions as a result of the Branch Purchase | 17,438,000 | ||||
Additions as a result of the Branch Purchase, net | 17,438,000 | ||||
Balance | 24,928,000 | 24,928,000 | 7,490,000 | ||
Balance, accumulated amortization | (6,605,000) | (6,605,000) | (4,121,000) | ||
Balance, net | $ 18,323,000 | $ 18,323,000 | $ 3,369,000 |
Note 16 - Goodwill and Other _5
Note 16 - Goodwill and Other Intangible Assets - Schedule of Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Total | $ 18,323 | $ 3,369 | |
Core Deposits [Member] | |||
Remainder of 2023 | 980 | ||
2024 | 3,633 | ||
2025 | 3,191 | ||
2026 | 2,846 | ||
2027 | 2,500 | ||
Thereafter | 5,173 | ||
Total | $ 18,323 | $ 3,369 | $ 4,060 |
Note 17 - Revenue From Contra_3
Note 17 - Revenue From Contracts With Customers - Schedule of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Noninterest income | $ 1,240 | $ 812 | $ 3,424 | $ 2,380 | |
Noninterest income (out-of-scope and/or immaterial to Topic 606) | 3,742 | 3,369 | 11,610 | 12,032 | |
Total noninterest income | 4,982 | [1] | 4,181 | 15,034 | 14,412 |
Debit Card [Member] | |||||
Noninterest income | 867 | 575 | 2,388 | 1,702 | |
Bank Servicing [Member] | |||||
Noninterest income | $ 373 | $ 237 | $ 1,036 | $ 678 | |
[1]Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and nine months ended September 30, 2023, the Company recorded a net decrease in fair value of $343,000 and $285,000, as compared to a net decrease in fair value of $816,000 and $1.8 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and 2022, there were $15.2 million and $14.2 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment. |