Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $.01 per share | |
Trading Symbol | FSBW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,796,048 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Cash and due from banks | $ 17,149 | $ 17,083 |
Interest-bearing deposits at other financial institutions | 28,257 | 48,608 |
Total cash and cash equivalents | 45,406 | 65,691 |
Certificates of deposit at other financial institutions | 23,222 | 24,167 |
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 279,643 | 292,933 |
Securities held-to-maturity, net of allowance for credit losses of $45 and $45 (fair value of $7,785 and $7,666, respectively) | 8,455 | 8,455 |
Loans held for sale, at fair value | 49,957 | 25,668 |
Loans receivable, net of allowance for credit losses of $31,479 and $31,534 (includes $15,003 and $15,088 of loans at fair value, respectively) | 2,415,379 | 2,401,481 |
Interest Receivable | 14,455 | 14,005 |
Premises and equipment, net | 30,326 | 30,578 |
Operating lease right-of-use (“ROU”) assets | 6,202 | 6,627 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 2,909 | 2,114 |
Deferred tax asset, net | 4,832 | 6,725 |
Bank owned life insurance (“BOLI”), net | 37,958 | 37,719 |
MSRs held for sale, held at the lower of cost or fair value | 0 | 8,086 |
Goodwill | 3,592 | 3,592 |
Core deposit intangible, net | 16,402 | 17,343 |
Other assets | 21,958 | 18,395 |
TOTAL ASSETS | 2,969,705 | 2,972,669 |
LIABILITIES | ||
Noninterest-bearing accounts | 646,899 | 670,831 |
Interest-bearing accounts | 1,818,398 | 1,851,492 |
Total deposits | 2,465,297 | 2,522,323 |
Borrowings | 129,940 | 93,746 |
Principal amount | 50,000 | 50,000 |
Unamortized debt issuance costs | (456) | (473) |
Total subordinated notes less unamortized debt issuance costs | 49,544 | 49,527 |
Total, operating lease | 6,410 | 6,848 |
Other liabilities | 40,582 | 35,737 |
Total liabilities | 2,691,773 | 2,708,181 |
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; 7,805,795 and 7,800,545 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 78 | 78 |
Additional paid-in capital | 57,552 | 57,362 |
Retained earnings | 236,720 | 230,354 |
Accumulated other comprehensive loss, net of tax | (16,418) | (23,306) |
Total stockholders’ equity | 277,932 | 264,488 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 2,969,705 | 2,972,669 |
Mortgage Servicing Rights [Member] | ||
Assets [Abstract] | ||
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value | $ 9,009 | $ 9,090 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-Sale, Amortized Cost | $ 309,959 | $ 328,695 |
Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Securities held-to-maturity, allowance for losses | 45 | 45 |
Securities held-to-maturity, at fair value | 7,785 | 7,666 |
Financing Receivable, Allowance for Credit Loss | 31,479 | 31,534 |
Loans receivable, at fair value | $ 15,003 | $ 15,088 |
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) | 7,805,795 | 7,800,545 |
Common Stock, Shares, Outstanding (in shares) | 7,805,795 | 7,800,545 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | ||||
INTEREST INCOME | |||||
Loans receivable, including fees | $ 40,997,000 | $ 35,992,000 | |||
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions | 3,883,000 | 2,620,000 | |||
Total interest and dividend income | 44,880,000 | 38,612,000 | |||
INTEREST EXPENSE | |||||
Deposits | 12,882,000 | 6,624,000 | |||
Borrowings | 1,167,000 | 841,000 | |||
Subordinated notes | 485,000 | 485,000 | |||
Total interest expense | 14,534,000 | 7,950,000 | |||
NET INTEREST INCOME | [1] | 30,346,000 | 30,662,000 | ||
PROVISION FOR CREDIT LOSSES | 1,399,000 | 2,108,000 | |||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 28,947,000 | 28,554,000 | |||
NONINTEREST INCOME | |||||
Service charges and fee income | 2,552,000 | 2,608,000 | |||
Gain on sale of loans held for sale | 1,838,000 | 1,476,000 | |||
Gain on sale of MSRs | 8,215,000 | 0 | |||
Loss on sale of investment securities | (7,998,000) | 0 | |||
Earnings on cash surrender value of BOLI | 240,000 | 221,000 | |||
Other noninterest income | 264,000 | 914,000 | |||
Total noninterest income | 5,111,000 | [2] | 5,219,000 | [3] | |
NONINTEREST EXPENSE | |||||
Salaries and benefits | 13,557,000 | 13,864,000 | |||
Operations | 3,008,000 | 2,692,000 | |||
Occupancy | 1,705,000 | 1,520,000 | |||
Data processing | 1,958,000 | 1,568,000 | |||
Loan costs | 585,000 | 470,000 | |||
Professional and board fees | 923,000 | 678,000 | |||
Federal Deposit Insurance Corporation (“FDIC”) insurance | 532,000 | 580,000 | |||
Marketing and advertising | 227,000 | 190,000 | |||
Acquisition costs | 0 | 1,501,000 | |||
Amortization of core deposit intangible | 941,000 | 459,000 | |||
Impairment of MSRs | 93,000 | 2,000 | |||
Total noninterest expense | [4] | 23,529,000 | 23,524,000 | ||
Income before provision for income taxes | 10,529,000 | 10,249,000 | |||
PROVISION FOR INCOME TAXES | 2,132,000 | 2,037,000 | |||
Net income | $ 8,397,000 | $ 8,212,000 | |||
Basic earnings per share (in dollars per share) | $ 1.07 | $ 1.06 | |||
Diluted earnings per share (in dollars per share) | $ 1.06 | $ 1.04 | |||
[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 months ended March 31, 2024, the Company recorded a net increase in fair value of $2,000, as compared to a net increase in fair value of $577,000 for the three months ended March 31, 2023, respectively. As of March 31, 2024 and 2023, there was $15.0 million and $15.1 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 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 years ended December 31, 2023, 2022, and 2021, the Company recorded net increases in fair value of $447,000, net decreases of $1.7 million, and net decreases of $29,000, respectively. As of December 31, 2023, 2022, and 2021, there were $15.1 million, $14.0 million, and $17.8 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.[4]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 months ended March 31, 2024 and 2023, the Home Lending segment included allocated overhead expenses of $1.5 million and $1.6 million, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 8,397 | $ 8,212 |
Securities available-for-sale: | ||
Unrealized holding (loss) gain during period | (2,552) | 6,136 |
Income tax benefit (provision) related to unrealized holding (loss) gain | 549 | (1,320) |
Reclassification adjustment for realized loss, net included in net income | 7,998 | 0 |
Income tax provision related to reclassification for realized loss, net | (1,719) | 0 |
Derivative financial instruments: | ||
Unrealized derivative gain (loss) during period | 5,050 | (1,517) |
Income tax (provision) benefit related to unrealized derivative gain (loss) | (1,086) | 322 |
Reclassification adjustment for realized gain, net included in net income | (1,722) | (907) |
Income tax provision related to reclassification, net | 370 | 195 |
Other comprehensive income, net of tax | 6,888 | 2,909 |
COMPREHENSIVE INCOME | $ 15,285 | $ 11,121 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 | 8,212 | 0 | 8,212 |
Dividends paid | 0 | 0 | (1,935) | 0 | (1,935) |
Share-based compensation | $ 0 | 654 | 0 | 0 | 654 |
Issuance of common stock-employee stock purchase plan (in shares) | 7,350 | ||||
Issuance of common stock-employee stock purchase plan | $ 0 | 271 | 0 | 0 | 271 |
Restricted stock awards forfeited (in shares) | (4,812) | ||||
Restricted stock awards forfeited | $ 0 | 0 | 0 | 0 | 0 |
Common stock repurchased for employee/director taxes paid on restricted stock awards (in shares) | (440) | ||||
Common stock repurchased for employee/director taxes paid on restricted stock awards | $ 0 | (16) | 0 | 0 | (16) |
Stock options exercised, net (in shares) | 5,000 | ||||
Stock options exercised, net | $ 0 | 42 | 0 | 0 | 42 |
Other comprehensive income, net of tax | $ 0 | 0 | 0 | 2,909 | 2,909 |
Balance (in shares) at Mar. 31, 2023 | 7,743,283 | ||||
Balance at Mar. 31, 2023 | $ 77 | 56,138 | 208,342 | (22,723) | 241,834 |
Balance (in shares) at Dec. 31, 2023 | 7,800,545 | ||||
Balance at Dec. 31, 2023 | $ 78 | 57,362 | 230,354 | (23,306) | 264,488 |
Net income | 0 | 0 | 8,397 | 0 | 8,397 |
Dividends paid | 0 | 0 | (2,031) | 0 | (2,031) |
Share-based compensation | $ 0 | 395 | 0 | 0 | 395 |
Issuance of common stock-employee stock purchase plan (in shares) | 9,250 | ||||
Issuance of common stock-employee stock purchase plan | $ 0 | 302 | 0 | 0 | 302 |
Restricted stock awards forfeited (in shares) | (4,000) | ||||
Restricted stock awards forfeited | $ 0 | 0 | 0 | 0 | 0 |
Stock options exercised, net (in shares) | 17,612 | ||||
Stock options exercised, net | $ 0 | (507) | 0 | 0 | (507) |
Other comprehensive income, net of tax | $ 0 | 0 | 0 | 6,888 | 6,888 |
Common stock repurchased - repurchase plan (in shares) | (17,612) | ||||
Common stock repurchased - repurchase plan | $ 0 | 0 | 0 | 0 | 0 |
Balance (in shares) at Mar. 31, 2024 | 7,805,795 | ||||
Balance at Mar. 31, 2024 | $ 78 | $ 57,552 | $ 236,720 | $ (16,418) | $ 277,932 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends paid, per share (in dollars per share) | $ 0.26 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 8,397 | $ 8,212 |
Adjustments to reconcile net income to net cash from operating activities | ||
Provision for credit losses | 1,399 | 2,108 |
Depreciation, amortization and accretion | 2,835 | 3,358 |
Compensation expense related to stock options and restricted stock awards | 395 | 654 |
Change in cash surrender value of BOLI | (240) | (221) |
Gain on sale of loans held for sale | (1,838) | (1,476) |
Gain on sale of MSRs | (8,215) | 0 |
Loss on sale of investment securities | 7,998 | 0 |
Origination of loans held for sale | (109,554) | (73,050) |
Proceeds from sale of loans held for sale | 94,874 | 78,316 |
Impairment of MSRs | 93 | 2 |
Changes in operating assets and liabilities | ||
Accrued interest receivable | (450) | (662) |
Other assets | (496) | (470) |
Other liabilities | 5,079 | 1,700 |
Net cash from operating activities | 277 | 18,471 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sale of investment securities | 44,036 | 0 |
Maturities, prepayments, and calls | 4,293 | 2,497 |
Purchases | (38,009) | 0 |
Maturities of certificates of deposit at other financial institutions | 1,925 | 0 |
Purchase of certificates of deposit at other financial institutions | (980) | 0 |
Portfolio loan originations and principal collections, net | (8,226) | (55,269) |
Net cash from acquisitions | 0 | 336,157 |
Proceeds from sale of mortgage servicing rights | 16,168 | 0 |
Purchase of portfolio loans | (15,492) | (829) |
Purchase of premises and equipment | (357) | (954) |
Change in FHLB stock, net | (795) | 6,748 |
Net cash from investing activities | 2,563 | 288,350 |
CASH FLOWS USED BY FINANCING ACTIVITIES | ||
Net decrease in deposits | (57,083) | (109,439) |
Proceeds from borrowings | 175,000 | 382,500 |
Repayments of borrowings | (138,806) | (561,500) |
Dividends paid on common stock | (2,031) | (1,935) |
(Disbursements) proceeds from stock options exercised, net | (507) | 42 |
Common stock repurchased for employee/director taxes paid on restricted stock awards | 0 | (16) |
Issuance of common stock - employee stock purchase plan | 302 | 271 |
Net cash used by financing activities | (23,125) | (290,077) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (20,285) | 16,744 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,691 | 41,437 |
CASH AND CASH EQUIVALENTS, end of period | 45,406 | 58,181 |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 12,087 | 7,064 |
Income taxes | 0 | 0 |
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES | ||
Change in fair value on available-for-sale investment securities | 5,446 | 6,136 |
Change in fair value on fair value and cash flow hedges | 3,324 | (2,424) |
Change in fair value on portfolio loans measured under the fair value option | 2 | 577 |
Retention in gross MSRs from loan sales | 576 | 405 |
ROU assets in exchange for lease liabilities | 0 | 1,574 |
Acquisitions: | ||
Assets acquired | 0 | 87,512 |
Liabilities assumed | $ 0 | $ 424,949 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 March 15, 2024. The results for the three March 31, 2024 not may December 31, 2024 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 15 Subsequent Events March 31, 2024 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 In November 2023, 2023 07, Segment Reporting (Topic 280 280. ● Require disclosure on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and are included within each reported measure of segment profit and loss. ● Require disclosure on an annual and interim basis, an amount for other segment items (defined in the ASU) and a description of its composition. ● Clarify that if the CODM uses more than one one may ● Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. This ASU is effective for fiscal years beginning after December 15, 2023, December 15, 2024. 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 Those amendments require disclosure of the following information about income taxes paid on an annual basis: ● Income taxes paid (net of refunds received), disaggregated by federal and state taxes and by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five ● Income tax expense (or benefit) from continuing operations disaggregated by federal and state jurisdictions. The ASU is effective for annual periods beginning after December 15, 2024. not 2023 09 Application of New Accounting Guidance Adopted in 2024 On January 1, 2024, No.2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 not On January 1, 2024, 2023 02, Investments - Equity Method and Joint Ventures (Topic 323 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, a consensus of the Emerging Issues Task Force 2023 02 323 740 25 3, not no not 323 10: Investments - Equity Method and Joint Ventures - Overall. not 321: Investments - Equity Securities 2023 02 December 15, 2023, 2023 02 not |
Note 2 - Business Combination
Note 2 - Business Combination | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
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 the ACL on securities available-for-sale and held-to-maturity at March 31, 2024 December 31, 2023 March 31, 2024 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,151 $ 45 $ (3,298 ) $ 17,898 $ — Corporate securities 16,000 90 (890 ) 15,200 — Municipal bonds 86,257 18 (12,722 ) 73,553 — Mortgage-backed securities 131,594 172 (11,964 ) 119,802 — U.S. Small Business Administration securities 54,957 — (1,767 ) 53,190 — Total securities available-for-sale 309,959 325 (30,641 ) 279,643 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (715 ) 7,785 45 Total securities held-to-maturity 8,500 — (715 ) 7,785 45 Total securities $ 318,459 $ 325 $ (31,356 ) $ 287,428 $ 45 December 31, 2023 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,151 $ 46 $ (3,179 ) $ 18,018 $ — Corporate securities 13,000 613 (741 ) 12,872 — Municipal bonds 138,803 42 (19,398 ) 119,447 — Mortgage-backed securities 112,855 238 (11,845 ) 101,248 — U.S. Small Business Administration securities 42,886 — (1,538 ) 41,348 — Total securities available-for-sale 328,695 939 (36,701 ) 292,933 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (834 ) 7,666 45 Total securities held-to-maturity 8,500 — (834 ) 7,666 45 Total securities $ 337,195 $ 939 $ (37,535 ) $ 300,599 $ 45 The following table presents the activity in the ACL on securities held-to-maturity by major security type for the three March 31, 2024 2023 SECURITIES HELD-TO-MATURITY For the Three Months Ended March 31, Corporate Securities 2024 2023 Beginning ACL balance $ 45 $ 31 Provision for (recapture of) credit losses — — Total ending ACL 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 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The Company 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: March 31, December 31, Corporate securities 2024 2023 BBB/BBB- $ 7,000 $ 7,000 BB+ 1,500 1,500 Total $ 8,500 $ 8,500 At March 31, 2024 December 31, 2023 90 The following table presents, as of March 31, 2024 March 31, 2024 Purpose or beneficiary Carrying Value Amortized Cost Fair Value State and local government public deposits $ 34,703 $ 40,783 $ 34,703 Federal Reserve Bank - Bank Term Funding Program facility ("BTFP") 76,161 89,834 76,161 Total pledged securities $ 110,864 $ 130,617 $ 110,864 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. March 31, 2024 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 $ — $ — $ 15,853 $ (3,298 ) $ 15,853 $ (3,298 ) Corporate securities 7,846 (154 ) 4,263 (736 ) 12,109 (890 ) Municipal bonds 1,279 (7 ) 71,256 (12,715 ) 72,535 (12,722 ) Mortgage-backed securities 25,189 (63 ) 66,593 (11,901 ) 91,782 (11,964 ) U.S. Small Business Administration securities 45,560 (592 ) 7,630 (1,175 ) 53,190 (1,767 ) Total securities available-for-sale 79,874 (816 ) 165,595 (29,825 ) 245,469 (30,641 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,785 (715 ) 7,785 (715 ) Total securities held-to-maturity — — 7,785 (715 ) 7,785 (715 ) Total securities $ 79,874 $ (816 ) $ 173,380 $ (30,540 ) $ 253,254 $ (31,356 ) December 31, 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 $ — $ — $ 15,972 $ (3,179 ) $ 15,972 $ (3,179 ) Corporate securities 959 (41 ) 4,300 (700 ) 5,259 (741 ) Municipal bonds 3,922 (23 ) 113,577 (19,375 ) 117,499 (19,398 ) Mortgage-backed securities 20,662 (113 ) 67,376 (11,732 ) 88,038 (11,845 ) U.S. Small Business Administration securities 33,211 (460 ) 8,137 (1,078 ) 41,348 (1,538 ) Total securities available-for-sale 58,754 (637 ) 209,362 (36,064 ) 268,116 (36,701 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,666 (834 ) 7,666 (834 ) Total securities held-to-maturity — — 7,666 (834 ) 7,666 (834 ) Total securities $ 58,754 $ (637 ) $ 217,028 $ (36,898 ) $ 275,782 $ (37,535 ) There were no held-to-maturity debt securities in an unrealized loss position of less than one one March 31, 2024 There were 34 available-for-sale securities in an unrealized loss position of less than one one March 31, 2024 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 three March 31, 2024 December 31, 2023 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 March 31, December 31, 2024 2023 SECURITIES AVAILABLE-FOR-SALE Amortized Fair Amortized Fair U.S. agency securities Cost Value Cost Value Due within one year $ 917 $ 914 $ 922 $ 914 Due after one year through five years 3,951 3,537 3,947 3,544 Due after five years through ten years 11,973 10,067 11,972 10,139 Due after ten years 4,310 3,380 4,310 3,421 Subtotal 21,151 17,898 21,151 18,018 Corporate securities Due within one year — — 1,000 1,004 Due after one year through five years 10,000 9,985 6,000 6,609 Due after five years through ten years 4,000 3,822 4,000 3,839 Due after ten years 2,000 1,393 2,000 1,420 Subtotal 16,000 15,200 13,000 12,872 Municipal bonds Due within one year 1,006 1,000 1,013 1,003 Due after one year through five years 82 81 757 751 Due after five years through ten years 4,037 3,836 7,603 7,101 Due after ten years 81,132 68,636 129,430 110,592 Subtotal 86,257 73,553 138,803 119,447 Mortgage-backed securities Federal National Mortgage Association (“FNMA”) 83,863 73,301 76,369 66,275 Federal Home Loan Mortgage Corporation (“FHLMC”) 36,178 35,532 32,311 31,376 Government National Mortgage Association (“GNMA”) 11,553 10,969 4,175 3,597 Subtotal 131,594 119,802 112,855 101,248 U.S. Small Business Administration securities Due within one year 42 41 198 196 Due after one year through five years 1,656 1,584 1,860 1,824 Due after five years through ten years 27,916 27,317 21,420 20,929 Due after ten years 25,343 24,248 19,408 18,399 Subtotal 54,957 53,190 42,886 41,348 Total securities available-for-sale 309,959 279,643 328,695 292,933 SECURITIES HELD-TO-MATURITY Corporate securities Due after five years through ten years 8,500 7,785 8,500 7,666 Total securities held-to-maturity 8,500 7,785 8,500 7,666 Total securities $ 318,459 $ 287,428 $ 337,195 $ 300,599 The proceeds and resulting gains and losses from sales of securities available-for-sale for the three March 31, 2024 March 31, 2024 Gross Gross Proceeds Gains (Losses) Securities available-for-sale $ 44,036 $ — $ (7,998) There were no sales proceeds, or gains or losses for the sale of securities available-for-sale for the three March 31, 2023 |
Note 4 - Loans Receivable and A
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Assets [Abstract] | ||
Interest Receivable | $ 14,455 | $ 14,005 |
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: March 31, December 31, REAL ESTATE LOANS 2024 2023 Commercial ("CRE") $ 359,055 $ 366,328 Construction and development 301,346 303,054 Home equity 73,323 69,488 One-to-four-family (excludes loans held for sale) 580,050 567,742 Multi-family 222,410 223,769 Total real estate loans 1,536,184 1,530,381 CONSUMER LOANS Indirect home improvement 568,802 569,903 Marine 73,921 73,310 Other consumer 3,409 3,540 Total consumer loans 646,132 646,753 COMMERCIAL BUSINESS LOANS Commercial and industrial 256,429 238,301 Warehouse lending 8,113 17,580 Total commercial business loans 264,542 255,881 Total loans receivable, gross 2,446,858 2,433,015 ACL on loans (31,479 ) (31,534 ) Total loans receivable, net $ 2,415,379 $ 2,401,481 Loan amounts are net of unearned loan fees in excess of unamortized costs and premiums of $7.5 million as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 Accrued interest receivable Most of the Company’s CRE 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 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 New Hampshire. Loans are generally secured by collateral and rights to collateral vary and are legally documented to the extent practicable. Local economic conditions may At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The Company has defined its loan portfolio into three three Real Estate Loans Commercial Real Estate (“CRE”) 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 The main drivers of the provision for credit losses on loans recorded in the first three 2024 The following tables detail activity in the ACL on loans by loan categories at or for the three March 31, 2024 2023 At or For the Three Months Ended March 31, 2024 Real Commercial ACL ON LOANS Estate Consumer Business Unallocated Total Beginning balance $ 14,107 $ 13,357 $ 4,070 $ — $ 31,534 Provision for credit losses on loans 146 644 631 — 1,421 Charge-offs — (1,486 ) (408 ) — (1,894 ) Recoveries — 418 — — 418 Net charge-offs — (1,068 ) (408 ) — (1,476 ) Total ending ACL balance $ 14,253 $ 12,933 $ 4,293 $ — $ 31,479 At or For the Three Months Ended March 31, 2023 Real Commercial ACL ON LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,123 $ 12,109 $ 3,760 $ — $ 27,992 Provision for credit losses on loans 459 1,691 205 — 2,355 Charge-offs (10 ) (709 ) (1 ) — (720 ) Recoveries — 310 — — 310 Net charge-offs (10 ) (399 ) (1 ) — (410 ) Total ending ACL balance $ 12,572 $ 13,401 $ 3,964 $ — $ 29,937 Nonaccrual and Past Due Loans not 90 may Loan Modifications to Borrowers Experiencing Financial Difficulty The Company may may not The following tables present the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty at the end of the reporting period by loan class and modification type. Payment Deferral Amortized Cost % of Total Loan For the three months ended March 31, 2024 Basis Type Financial Effect CRE $ 1,102 0.3% Deferred payments and capitalized interest for adding a weighted-average period of 1.7 years to the life of the loans. Combination - Term Extension and Interest Rate Reduction Amortized Cost % of Total Loan For the three months ended March 31, 2023 Basis Type Financial Effect C&I $ 3,709 1.7 % Reduced weighted-average contractual interest rate from 7.5% to 4.1%, and added a weighted-average period of 5.0 years to the life of the loans. At March 31, 2024, March 31, 2023, three March 31, 2024, March 31, 2023, twelve March 31, 2024. Nonaccrual and Past Due Loans The following tables provide information pertaining to the aging analysis of contractually past due loans and nonaccrual loans at March 31, 2024 December 31, 2023 March 31, 2024 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) CRE $ — $ — $ — $ — $ 359,055 $ 359,055 $ 1,102 Construction and development 4,737 — — 4,737 296,609 301,346 4,737 Home equity 16 26 137 179 73,144 73,323 170 One-to-four-family — — 80 80 579,970 580,050 173 Multi-family — — — — 222,410 222,410 — Total real estate loans 4,753 26 217 4,996 1,531,188 1,536,184 6,182 CONSUMER LOANS Indirect home improvement 1,657 717 651 3,025 565,777 568,802 2,195 Marine 295 86 85 466 73,455 73,921 385 Other consumer 22 2 1 25 3,384 3,409 3 Total consumer loans 1,974 805 737 3,516 642,616 646,132 2,583 COMMERCIAL BUSINESS LOANS C&I 167 — 2,257 2,424 254,005 256,429 3,341 Warehouse lending — — — — 8,113 8,113 — Total commercial business loans 167 — 2,257 2,424 262,118 264,542 3,341 Total loans $ 6,894 $ 831 $ 3,211 $ 10,936 $ 2,435,922 $ 2,446,858 $ 12,106 December 31, 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) CRE $ — $ — $ — $ — $ 366,328 $ 366,328 $ 1,088 Construction and development — — — — 303,054 303,054 4,699 Home equity 79 25 136 240 69,248 69,488 173 One-to-four-family — 96 — 96 567,646 567,742 96 Multi-family — — — — 223,769 223,769 — Total real estate loans 79 121 136 336 1,530,045 1,530,381 6,056 CONSUMER LOANS Indirect home improvement 1,759 1,248 777 3,784 566,119 569,903 1,863 Marine 373 243 137 753 72,557 73,310 342 Other consumer 57 18 6 81 3,459 3,540 8 Total consumer loans 2,189 1,509 920 4,618 642,135 646,753 2,213 COMMERCIAL BUSINESS LOANS C&I — — 2,514 2,514 235,787 238,301 2,683 Warehouse lending — — — — 17,580 17,580 — Total commercial business loans — — 2,514 2,514 253,367 255,881 2,683 Total loans $ 2,268 $ 1,630 $ 3,570 $ 7,468 $ 2,425,547 $ 2,433,015 $ 10,952 ( 1 Includes loans less than 90 There were no loans 90 March 31, 2024 December 31, 2023 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 CRE, 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 and total current period gross charge-offs by category, as of the dates indicated. Term loans that were renewed or extended for periods longer than 90 March 31, 2024 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted CRE 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 3,034 $ 46,629 $ 85,321 $ 60,749 $ 45,012 $ 84,134 $ — $ 73 $ 324,952 Watch — 3,185 10,843 12,835 — 2,665 244 — 29,772 Special mention — — — — — 404 — — 404 Substandard — — — — 1,641 2,286 — — 3,927 Total CRE 3,034 49,814 96,164 73,584 46,653 89,489 244 73 359,055 Construction and development Pass 21,765 133,438 74,758 40,355 15,220 526 10,547 — 296,609 Substandard — — 4,737 — — — — — 4,737 Total construction and development 21,765 133,438 79,495 40,355 15,220 526 10,547 — 301,346 Home equity Pass 4,095 4,364 381 1,573 6,397 1,971 54,372 — 73,153 Substandard — — — — — 33 137 — 170 Total home equity 4,095 4,364 381 1,573 6,397 2,004 54,509 — 73,323 One-to-four-family Pass 18,276 102,210 172,463 124,529 80,342 79,296 — — 577,116 Substandard — — 862 — — 2,072 — — 2,934 Total one-to-four-family 18,276 102,210 173,325 124,529 80,342 81,368 — — 580,050 Multi-family Pass 93 7,087 20,328 90,820 42,296 61,786 — — 222,410 Total multi-family 93 7,087 20,328 90,820 42,296 61,786 — — 222,410 Total real estate loans $ 47,263 $ 296,913 $ 369,693 $ 330,861 $ 190,908 $ 235,173 $ 65,300 $ 73 $ 1,536,184 March 31, 2024 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 31,369 $ 160,726 $ 201,319 $ 88,557 $ 33,947 $ 50,684 $ 5 $ — $ 566,607 Substandard — 385 799 469 205 337 — — 2,195 Total indirect home improvement 31,369 161,111 202,118 89,026 34,152 51,021 5 — 568,802 Indirect home improvement gross charge-offs — 211 499 183 45 225 — — 1,163 Marine Pass 3,780 13,093 22,512 9,685 12,679 11,787 — — 73,536 Substandard — — 55 — 126 204 — — 385 Total marine 3,780 13,093 22,567 9,685 12,805 11,991 — — 73,921 Marine gross charge-offs — — 75 51 — 105 — — 231 Other consumer Pass 50 237 491 143 59 143 2,283 — 3,406 Substandard — — — — — — 3 — 3 Total other consumer 50 237 491 143 59 143 2,286 — 3,409 Other consumer gross charge-offs — 33 6 — — 16 37 — 92 Total consumer loans $ 35,199 $ 174,441 $ 225,176 $ 98,854 $ 47,016 $ 63,155 $ 2,291 $ — $ 646,132 March 31, 2024 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted C&I 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 9,500 $ 21,168 $ 32,498 $ 18,602 $ 10,837 $ 13,158 $ 120,156 $ 25 $ 225,944 Watch — 4,458 — 758 2,224 931 9,305 — 17,676 Special mention — — — 575 — 701 942 — 2,218 Substandard — 2,915 — 2,302 1,342 1,933 2,099 — 10,591 Total C&I 9,500 28,541 32,498 22,237 14,403 16,723 132,502 25 256,429 C&I gross charge-offs — — — — — — 408 — 408 Warehouse lending Pass — — — — — — 8,111 — 8,111 Watch — — — — — — 2 — 2 Total warehouse lending — — — — — — 8,113 — 8,113 Total commercial business loans $ 9,500 $ 28,541 $ 32,498 $ 22,237 $ 14,403 $ 16,723 $ 140,615 $ 25 $ 264,542 TOTAL LOANS RECEIVABLE, GROSS Pass $ 91,962 $ 488,952 $ 610,071 $ 435,013 $ 246,789 $ 303,485 $ 195,474 $ 98 $ 2,371,844 Watch — 7,643 10,843 13,593 2,224 3,596 9,551 — 47,450 Special mention — — — 575 — 1,105 942 — 2,622 Substandard — 3,300 6,453 2,771 3,314 6,865 2,239 — 24,942 Total loans receivable, gross $ 91,962 $ 499,895 $ 627,367 $ 451,952 $ 252,327 $ 315,051 $ 208,206 $ 98 $ 2,446,858 Total gross charge-offs $ — $ 244 $ 580 $ 234 $ 45 $ 346 $ 445 $ — $ 1,894 December 31, 2023 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted CRE 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 48,551 $ 91,144 $ 61,689 $ 46,117 $ 27,957 $ 61,764 $ 499 $ — $ 337,721 Watch 3,201 5,446 12,894 — 453 2,226 45 — 24,265 Special mention — — — — 409 — — — 409 Substandard — — — 1,650 — 1,957 — 326 3,933 Total CRE 51,752 96,590 74,583 47,767 28,819 65,947 544 326 366,328 Construction and development Pass 120,155 106,168 46,989 15,219 — 540 9,284 — 298,355 Substandard — 4,699 — — — — — — 4,699 Total construction and development 120,155 110,867 46,989 15,219 — 540 9,284 — 303,054 Home equity Pass 4,583 398 1,584 6,525 11 2,137 54,077 — 69,315 Substandard — — — — — 36 137 — 173 Total home equity 4,583 398 1,584 6,525 11 2,173 54,214 — 69,488 Home equity gross charge-offs 10 10 One-to-four-family — Pass 103,165 175,412 122,406 80,815 30,595 52,008 — 472 564,873 Substandard — 866 — — — 2,003 — — 2,869 Total one-to-four-family 103,165 176,278 122,406 80,815 30,595 54,011 — 472 567,742 Multi-family Pass 7,106 20,404 91,047 42,511 37,990 24,711 — — 223,769 Total multi-family 7,106 20,404 91,047 42,511 37,990 24,711 — — 223,769 Total real estate loans $ 286,761 $ 404,537 $ 336,609 $ 192,837 $ 97,415 $ 147,382 $ 64,042 $ 798 $ 1,530,381 December 31, 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 $ 171,208 $ 212,661 $ 93,664 $ 36,032 $ 23,977 $ 30,492 $ 6 $ — $ 568,040 Substandard 212 663 448 141 258 141 — — 1,863 Total indirect home improvement 171,420 213,324 94,112 36,173 24,235 30,633 6 — 569,903 Indirect home improvement gross charge-offs 204 1,386 567 290 145 336 — — 2,928 Marine Pass 13,619 23,963 9,987 13,082 5,267 7,050 — — 72,968 Substandard — — 52 85 — 205 — — 342 Total marine 13,619 23,963 10,039 13,167 5,267 7,255 — — 73,310 Marine gross charge-offs — 47 93 — 7 256 — — 403 Other consumer Pass 309 559 175 69 3 159 2,258 — 3,532 Substandard — — — — — — 8 — 8 Total other consumer 309 559 175 69 3 159 2,266 — 3,540 Other consumer gross charge-offs — 2 12 — — — 120 — 134 Total consumer loans $ 185,348 $ 237,846 $ 104,326 $ 49,409 $ 29,505 $ 38,047 $ 2,272 $ — $ 646,753 December 31, 2023 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted C&I 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 13,971 $ 32,334 $ 19,634 $ 11,537 $ 5,122 $ 9,707 $ 119,844 $ 145 $ 212,294 Watch 2,322 — 1,382 2,366 — 953 5,754 — 12,777 Special mention 143 — — — 498 253 1,345 — 2,239 Substandard 2,940 — 2,321 1,391 1,766 169 2,005 — 10,592 Doubtful — — — — — — 399 — 399 Total C&I 19,376 32,334 23,337 15,294 7,386 11,082 129,347 145 238,301 C&I gross charge-offs — — 1 — — — — — 1 Warehouse lending Pass — — — — — — 17,003 — 17,003 Watch — — — — — — 577 — 577 Total warehouse lending — — — — — — 17,580 — 17,580 Total commercial business loans $ 19,376 $ 32,334 $ 23,337 $ 15,294 $ 7,386 $ 11,082 $ 146,927 $ 145 $ 255,881 TOTAL LOANS RECEIVABLE, GROSS Pass $ 482,667 $ 663,043 $ 447,175 $ 251,907 $ 130,922 $ 188,568 $ 202,971 $ 617 $ 2,367,870 Watch 5,523 5,446 14,276 2,366 453 3,179 6,376 — 37,619 Special mention 143 — — — 907 253 1,345 — 2,648 Substandard 3,152 6,228 2,821 3,267 2,024 4,511 2,150 326 24,479 Doubtful — — — — — — 399 — 399 Total loans receivable, gross $ 491,485 $ 674,717 $ 464,272 $ 257,540 $ 134,306 $ 196,511 $ 213,241 $ 943 $ 2,433,015 Total gross charge-offs $ 204 $ 1,435 $ 673 $ 290 $ 152 $ 592 $ 130 $ — $ 3,476 The following table presents the amortized cost basis of loans on nonaccrual status as of the dates indicated: March 31, 2024 December 31, 2023 Nonaccrual with Nonaccrual with Total Nonaccrual with Nonaccrual with Total REAL ESTATE LOANS No ACL ACL Nonaccrual No ACL ACL Nonaccrual CRE $ 1,102 $ — $ 1,102 $ 1,088 $ — $ 1,088 Construction and development — 4,737 4,737 — 4,699 4,699 Home equity 170 — 170 173 — 173 One-to-four-family 173 — 173 96 — 96 1,445 4,737 6,182 1,357 4,699 6,056 CONSUMER LOANS Indirect home improvement — 2,195 2,195 — 1,863 1,863 Marine — 385 385 — 342 342 Other consumer — 3 3 — 8 8 — 2,583 2,583 — 2,213 2,213 COMMERCIAL BUSINESS LOANS C&I 292 3,049 3,341 — 2,683 2,683 Total $ 1,737 $ 10,369 $ 12,106 $ 1,357 $ 9,595 $ 10,952 The Company recognized interest income on a cash basis for nonaccrual loans of $111,000 and $62,000 during the three March 31, 2024 2023 The following table presents the amortized cost basis of collateral dependent loans by class of loans as of the dates indicated: March 31, 2024 December 31, 2023 Commercial Residential Other Commercial Residential Other REAL ESTATE LOANS Real Estate Real Estate Non-Real Estate Total Real Estate Real Estate Non-Real Estate Total CRE $ 1,102 $ — $ — $ 1,102 $ 1,088 $ — $ — $ 1,088 Construction and development 4,737 — — 4,737 4,699 — 4,699 Home equity — 170 — 170 — 173 — 173 One-to-four-family — 173 — 173 — 96 — 96 5,839 343 — 6,182 5,787 269 — 6,056 CONSUMER LOANS Indirect home improvement — — 2,195 2,195 — — 1,863 1,863 Marine — — 385 385 — — 342 342 — — 2,580 2,580 — — 2,205 2,205 COMMERCIAL BUSINESS LOANS C&I — — 3,341 3,341 — — 2,683 2,683 Total $ 5,839 $ 343 $ 5,921 $ 12,103 $ 5,787 $ 269 $ 4,888 $ 10,944 |
Note 5 - Mortgage Servicing Rig
Note 5 - Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 5 MORTGAGE SERVICING RIGHTS Loans serviced for others are not March 31, 2024 December 31, 2023 The following table summarizes MSRs activity at or for the dates indicated: At or For the Three Months Ended March 31, 2024 2023 Beginning balance, at the lower of cost or fair value $ 17,176 $ 18,017 Additions 576 405 Sales (7,953 ) — MSRs amortized (697 ) (821 ) Impairment of MSRs (93 ) (2 ) Ending balance, at the lower of cost or fair value $ 9,009 $ 17,599 The fair value of the MSRs’ assets was $20.3 million and $38.2 million at March 31, 2024 December 31, 2023 The following provides valuation assumptions used in determining the fair value of MSRs at the dates indicated: At March 31, At December 31, Key assumptions: 2024 2023 Weighted average discount rate 9.9 % 9.4 % Conditional prepayment rate (“CPR”) 8.9 % 7.2 % Weighted average life in years 7.9 8.4 Key economic assumptions of the current fair value for single family MSRs 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 March 31, 2024 December 31, 2023 Aggregate portfolio principal balance $ 1,562,287 $ 2,832,016 Weighted average rate of loans in MSRs portfolio 4.0 % 3.6 % At March 31, 2024 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 8.9 % 10.4 % 12.6 % Fair value MSRs $ 20,315 $ 19,706 $ 18,953 Percentage of MSRs 1.3 % 1.3 % 1.2 % Discount rate 9.9 % 10.4 % 10.9 % Fair value MSRs $ 20,315 $ 19,877 $ 19,456 Percentage of MSRs 1.3 % 1.3 % 1.2 % At December 31, 2023 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 7.2 % 8.0 % 9.3 % Fair value MSRs $ 38,163 $ 37,268 $ 35,819 Percentage of MSRs 1.3 % 1.3 % 1.3 % Discount rate 9.4 % 9.9 % 10.4 % Fair value MSRs $ 38,163 $ 37,301 $ 36,476 Percentage of MSRs 1.3 % 1.3 % 1.3 % 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 MSRs 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 $1.4 million and $1.8 million of gross contractually specified servicing fees, late fees, and other ancillary fees resulting from servicing of loans for the three March 31, 2024 2023 |
Note 6 - Derivatives
Note 6 - Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
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 Company has entered into interest rate swaps to reduce the exposure to variability in interest-related cash outflows attributable to changes in forecasted Secured Overnight Financing Rate (“SOFR”) based brokered deposits. These derivative instruments are designated as cash flow hedges. The hedged item is the SOFR portion of the series of future adjustable-rate borrowings and deposits over the term of the interest rate swap. Accordingly, 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 Company tests for 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 Company has not The Company expects that approximately $3.7 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 March 31, 2024 Investment securities (1) $ 55,560 $ 4,440 Total $ 55,560 $ 4,440 December 31, 2023 Investment securities (1) $ 56,785 $ 3,215 Total $ 56,785 $ 3,215 ( 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 March 31, 2024 The following tables summarize the Company’s derivative instruments at the dates indicated. The Company recognizes derivative assets and liabilities in “Other assets” and “Other liabilities,” respectively, on the Consolidated Balance Sheets, as follows: March 31, 2024 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 190,000 $ 4,960 $ — Fair value hedges: Interest rate swaps - securities 60,000 4,420 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 29,238 251 — Mandatory and best effort forward commitments with investors 36,310 — 73 Forward TBA mortgage-backed securities 38,000 — 78 Interest rate swaps - customer swap positions 801 — 73 Interest rate swaps - dealer offsets to customer swap positions 801 73 — December 31, 2023 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 250,000 $ 3,233 $ 375 Fair value hedges: Interest rate swaps - securities 60,000 3,198 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 22,334 329 — Mandatory and best effort forward commitments with investors 10,070 — 188 Forward TBA mortgage-backed securities 33,000 — 284 Interest rate swaps - customer swap positions 801 — 63 Interest rate swaps - dealer offsets to customer swap positions 801 64 — The following table summarizes the effect of fair value and cash flow hedge accounting on the Consolidated Statements of Income for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 12,882 $ 3,883 $ 6,624 $ 2,620 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items $ — $ (1,225 ) $ — $ 1,495 Recognized on derivatives designated as hedging instruments — 1,225 — (1,495 ) Net interest income recognized on cash flows of derivatives designated as hedging instruments — 418 — 293 Net income recognized on fair value hedges $ — $ 418 $ — $ 293 Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 1,722 $ — $ 907 $ — Net income recognized on cash flow hedges $ 1,722 $ — $ 907 $ — 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 gains of $201,000 and $424,000 for the three March 31, 2024 2023 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 At March 31, 2024 Interest rate swaps $ 9,628 $ 175 $ 9,453 $ — $ (1,070 ) $ 8,383 At December 31, 2023 Interest rate swaps $ 6,648 $ 153 $ 6,495 $ — $ — $ 6,495 Gross Amounts Net Amounts of Gross Amounts Not Offset Gross Amounts Offset in the Liabilities in the Statement of Financial Position of Recognized Statement of Presented in the Statement Financial Cash Collateral Offsetting of derivative liabilities Liabilities Financial Position of Financial Position Instruments Posted Net Amount At March 31, 2024 Interest rate swaps $ — $ — $ — $ — $ — $ — At December 31, 2023 Interest rate swaps $ (722 ) $ (347 ) $ (375 ) $ — $ 270 $ (105 ) Credit Risk Related Contingent Features The Company has derivative contracts with its derivative counterparties that contain a provision to post collateral to the counterparties when these contracts are in a net liability position. At March 31, 2024 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
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) for the three March 31, 2024 2023 Three Months Ended Three Months Ended Lease cost: March 31, 2024 March 31, 2023 Operating lease cost $ 474 $ 409 Short-term lease cost 3 4 Total lease cost $ 477 $ 413 The following tables provide supplemental information related to operating leases at or for the three March 31, 2024 2023 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: March 31, 2024 March 31, 2023 Operating cash flows from operating leases $ 490 $ 424 Weighted average remaining lease term- operating leases (in years) 3.8 4.6 Weighted average discount rate- operating leases 2.97 % 2.83 % The Company’s leases typically do not Maturities of operating lease liabilities at March 31, 2024 Remainder of 2024 $ 1,446 2025 1,628 2026 1,475 2027 1,173 2028 428 Thereafter 954 Total lease payments 7,104 Less imputed interest (694 ) Total $ 6,410 |
Note 8 - Other Real Estate Owne
Note 8 - Other Real Estate Owned ("OREO") | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 At or For the Three Months Ended March 31, 2024 2023 Beginning balance $ — $ 570 Additions — — Loans transferred to OREO — — Ending balance $ — $ 570 There were no March 31, 2024 one March 31, 2023 no three March 31, 2024 2023 There were $80,000 and $96,000 in portfolio mortgage loans collateralized by residential real estate in the process of foreclosure March 31, 2024 December 31, 2023 |
Note 9 - Deposits
Note 9 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 DEPOSITS Deposits are summarized as follows at the dates indicated: March 31, December 31, 2024 2023 Noninterest-bearing checking $ 618,526 $ 654,048 Interest-bearing checking (1) 188,050 244,028 Savings 153,025 151,630 Money market (2) 364,944 359,063 Certificates of deposit less than $100,000 (3) 579,153 587,858 Certificates of deposit of $100,000 through $250,000 424,463 429,373 Certificates of deposit greater than $250,000 108,763 79,540 Escrow accounts related to mortgages serviced (4) 28,373 16,783 Total $ 2,465,297 $ 2,522,323 ( 1 Includes $0.0 and $70.2 million of brokered deposits at March 31, 2024 December 31, 2023 ( 2 Includes $8.0 million and $1,000 of brokered deposits at March 31, 2024 December 31, 2023 ( 3 Includes $331.3 million and $361.3 million of brokered deposits at March 31, 2024 December 31, 2023 ( 4 Noninterest-bearing accounts. Scheduled maturities of certificates of deposits at March 31, 2024 Maturing in 2024 $ 776,564 Maturing in 2025 267,538 Maturing in 2026 44,267 Maturing in 2027 21,324 Maturing in 2028 2,258 Thereafter 428 Total $ 1,112,379 Interest expense by deposit category for the periods indicated is as follows: Three Months Ended March 31, 2024 2023 Interest-bearing checking $ 784 $ 98 Savings and money market 1,661 1,198 Certificates of deposit 10,437 5,328 Total $ 12,882 $ 6,624 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, December 31, REAL ESTATE LOANS 2024 2023 Commercial $ 2,637 $ 3,472 Construction and development 168,195 154,611 One-to-four-family (includes locks for saleable loans) 29,238 23,751 Home equity 94,228 94,026 Multi-family 2,881 2,945 Total real estate loans 297,179 278,805 CONSUMER LOANS 29,345 29,517 COMMERCIAL BUSINESS LOANS C&I 163,801 164,873 Warehouse lending 76,323 61,837 Total commercial business loans 240,124 226,710 Total commitments to extend credit $ 566,648 $ 535,032 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 March 31, 2024 December 31, 2023 three March 31, 2024 three March 31, 2023 The Company also sells one four first March 31, 2024 March 31, 2024 December 31, 2023 90 Contingent liabilities for loans held for sale may may no no one four March 31, 2024 December 31, 2023 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 March 31, 2024 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 three March 31, 2024 three March 31, 2023 2 Derivative Instruments 2 2 3 not 2 not third third Other Real Estate Owned 3 Collateral Dependent Loans 3 Mortgage 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 March 31, 2024 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,898 $ — $ 17,898 Corporate securities — 15,200 — 15,200 Municipal bonds — 73,553 — 73,553 Mortgage-backed securities — 119,802 — 119,802 U.S. Small Business Administration securities — 53,190 — 53,190 Mortgage loans held for sale, at fair value — 49,957 — 49,957 Loans receivable, at fair value — 15,003 — 15,003 Derivatives: Interest rate lock commitments with customers — — 251 251 Interest rate swaps - cash flow and fair value hedges — 9,380 — 9,380 Interest rate swaps - dealer offsets to customer swap positions — 73 — 73 Total assets measured at fair value $ — $ 354,056 $ 251 $ 354,307 Financial Liabilities Derivatives: Interest rate swaps - customer swap positions $ — $ (73 ) $ — $ (73 ) Mandatory and best effort forward commitments with investors — — (73 ) (73 ) Forward TBA mortgage-backed securities — (78 ) — (78 ) Total liabilities measured at fair value $ — $ (151 ) $ (73 ) $ (224 ) Financial Assets At December 31, 2023 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 18,018 $ — $ 18,018 Corporate securities — 12,872 — 12,872 Municipal bonds — 119,447 — 119,447 Mortgage-backed securities — 101,248 — 101,248 U.S. Small Business Administration securities — 41,348 — 41,348 Mortgage loans held for sale, at fair value — 25,668 — 25,668 Loans receivable, at fair value — 15,088 — 15,088 Derivatives: Interest rate lock commitments with customers — — 329 329 Interest rate swaps- cash flow and fair value hedges — 6,431 — 6,431 Interest rate swaps - dealer offsets to customer swap positions — 64 — 64 Total assets measured at fair value $ — $ 340,184 $ 329 $ 340,513 Financial Liabilities Derivatives: Mandatory and best effort forward commitments with investors $ — $ — $ (188 ) $ (188 ) Forward TBA mortgage-backed securities — (284 ) — (284 ) Interest rate swaps - cash flow and fair value hedges — (375 ) — (375 ) Interest rate swaps - customer swap positions — (63 ) — (63 ) Total liabilities measured at fair value $ — $ (722 ) $ (188 ) $ (910 ) The following table presents financial assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy at March 31, 2024 December 31, 2023 March 31, 2024 Level 1 Level 2 Level 3 Total MSRs $ — $ — $ 20,315 $ 20,315 December 31, 2023 Level 1 Level 2 Level 3 Total MSRs $ — $ — $ 38,163 $ 38,163 Quantitative Information about Level 3 3 Level 3 Significant Weighted Average Rate Fair Value Valuation Unobservable March 31, December 31, Instruments Techniques Inputs Range 2024 2023 RECURRING Interest rate lock commitments with customers Quoted market prices Pull-through expectations 80% - 99% 89.4 % 90.5 % Individual forward sale commitments with investors Quoted market prices Pull-through expectations 80% - 99% 89.4 % 90.5 % NONRECURRING MSR Industry sources Pre-payment speeds 0% - 50% 8.9 % 7.2 % 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 March 31, 2024 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 329 $ 965 $ (1,043 ) $ 251 $ (78 ) $ — Individual forward sale commitments with investors (188 ) (15 ) 130 (73 ) 115 — March 31, 2023 Interest rate lock commitments with customers $ 107 $ 994 $ (536 ) $ 565 $ 458 $ — Individual forward sale commitments with investors (38 ) 222 (197 ) (13 ) 25 — ( 1 ( 2 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 held for sale” 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 March 31, December 31, 2024 2023 Financial Assets Carrying Fair Carrying Fair Level 1 inputs: Amount Value Amount Value Cash and cash equivalents $ 45,406 $ 45,406 $ 65,691 $ 65,691 Certificates of deposit at other financial institutions 23,222 23,222 24,167 24,167 Level 2 inputs: Securities available-for-sale, at fair value 279,643 279,643 292,933 292,933 Securities held-to-maturity, gross 8,500 7,785 8,500 7,666 Loans held for sale, at fair value 49,957 49,957 25,668 25,668 FHLB stock, at cost 2,909 2,909 2,114 2,114 Loans receivable, at fair value 15,003 15,003 15,088 15,088 Interest rate swaps - cash flow and fair value hedges 9,380 9,380 6,431 6,431 Accrued interest receivable 14,455 14,455 14,005 14,005 Interest rate swaps - dealer offsets to customer swap positions 73 73 64 64 Level 3 inputs: Loans receivable, net 2,400,376 2,284,273 2,417,927 2,276,397 MSRs, held at lower of cost or fair value 9,009 20,315 9,090 20,552 MSRs held for sale, held at lower of cost or fair value — — 8,086 17,611 Fair value interest rate locks with customers 251 251 — — Financial Liabilities Level 2 inputs: Deposits 2,465,297 2,453,676 2,522,323 2,515,026 Borrowings 129,940 129,474 93,746 93,416 Subordinated notes, excluding unamortized debt issuance costs 50,000 43,812 50,000 43,480 Accrued interest payable 6,966 6,966 5,473 5,473 Interest rate swaps - cash flow and fair value hedges — — 375 375 Forward TBA mortgage-backed securities 78 78 284 284 Interest rate swaps - customer swap positions 73 73 63 63 Level 3 inputs: Mandatory and best effort forward commitments with investors 73 73 188 188 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Numerator 2024 2023 Net income $ 8,397 $ 8,212 Dividends and undistributed earnings allocated to participating securities (131 ) (147 ) Net income available to common shareholders $ 8,266 $ 8,065 Denominator (shown as actual): Basic weighted average common shares outstanding 7,703,789 7,623,580 Dilutive shares 120,671 154,838 Diluted weighted average common shares outstanding 7,824,460 7,778,418 Basic earnings per share $ 1.07 $ 1.06 Diluted earnings per share $ 1.06 $ 1.04 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. 28,102 37,227 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2018 Total share-based compensation expense was $395,000 and $654,000 for the three March 31, 2024 2023 Stock Options The 2018 may one five 107, one 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, 2024 662,279 $ 28.12 6.69 $ 5,852,975 Granted — $ — — — Less exercised 17,612 $ 8.45 — $ 507,344 Less forfeited 12,000 30.73 — — Outstanding at March 31, 2024 632,667 $ 28.62 6.56 $ 3,923,645 Expected to vest, assuming a 0.31 (1) 623,800 $ 28.62 6.48 $ 3,873,086 Exercisable at March 31, 2024 365,850 $ 27.83 5.52 $ 2,549,465 ( 1 Forfeiture rate has been calculated and estimated to assume a forfeiture of 3.1% of the options over 10 years. At March 31, 2024 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 granted under the 2018 one 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, 2024 102,144 $ 29.61 Granted — — Less vested — — Less forfeited 4,000 30.73 Nonvested at March 31, 2024 98,144 $ 29.57 At March 31, 2024 2018 |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 no March 31, 2024 The following tables compare the Bank’s actual capital amounts and ratios to their minimum regulatory capital requirements and well capitalized regulatory capital at the dates indicated: 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 March 31, 2024 Total risk-based capital (to risk-weighted assets) $ 346,551 13.72 % $ 202,098 8.00 % $ 265,253 10.50 % $ 252,622 10.00 % Tier 1 risk-based capital (to risk-weighted assets) $ 314,938 12.47 % $ 151,573 6.00 % $ 214,729 8.50 % $ 202,098 8.00 % Tier 1 leverage capital (to average assets) $ 314,938 10.61 % $ 118,727 4.00 % $ N/A N/A $ 148,408 5.00 % CET 1 capital (to risk-weighted assets) $ 314,938 12.47 % $ 113,680 4.50 % $ 176,835 7.00 % $ 164,204 6.50 % 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 December 31, 2023 Total risk-based capital (to risk-weighted assets) $ 339,436 13.37% $ 203,094 8.00% $ 266,561 10.50% $ 253,868 10.00% Tier 1 risk-based capital (to risk-weighted assets) $ 307,686 12.12% $ 152,321 6.00% $ 215,787 8.50% $ 203,094 8.00% Tier 1 leverage capital (to average assets) $ 307,686 10.39% $ 118,488 4.00% $ N/A N/A $ 148,109 5.00% CET 1 capital (to risk-weighted assets) $ 307,686 12.12% $ 114,240 4.50% $ 177,707 7.00% $ 165,014 6.50% In addition to the minimum CET 1, 1, 1 March 31, 2024 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 March 31, 2024 March 31, 2024 1 1 1 December 31, 2023 1 1 1 |
Note 15 - Business Segments
Note 15 - Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 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 March 31, 2024 2023 At or For the Three Months Ended March 31, 2024 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 28,086 $ 2,260 $ 30,346 Provision for credit losses (1,251 ) (148 ) (1,399 ) Noninterest income (2) 2,393 2,718 5,111 Noninterest expense (3) (19,008 ) (4,521 ) (23,529 ) Income before provision for income taxes 10,220 309 10,529 Provision for income taxes (2,069 ) (63 ) (2,132 ) Net income $ 8,151 $ 246 $ 8,397 Total average assets for period ended $ 2,401,864 $ 556,683 $ 2,958,547 Full-time employees ("FTEs") 440 130 570 At or For the Three Months Ended March 31, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 27,500 $ 3,162 $ 30,662 (Provision) recovery for credit losses (2,122 ) 14 (2,108 ) Noninterest income (2) 2,380 2,839 5,219 Noninterest expense (3) (18,610 ) (4,914 ) (23,524 ) Income before provision for income taxes 9,148 1,101 10,249 Provision for income taxes (1,809 ) (228 ) (2,037 ) Net income $ 7,339 $ 873 $ 8,212 Total average assets for period ended $ 2,250,052 $ 491,974 $ 2,742,026 FTEs 445 141 586 ( 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 March 31, 2024, three March 31, 2023, March 31, 2024 2023, ( 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 March 31, 2024 2023, |
Note 16 - Goodwill and Other In
Note 16 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
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 both March 31, 2024 December 31, 2023 February 24, 2023, four January 22, 2016. not December 31 may not March 31, 2024 Core deposit intangible (“CDI”) is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not March 31, 2024 The following table summarizes the changes in the Company’s other intangible assets comprised solely of CDI for the year ended December 31, 2023 three March 31, 2024 Other Intangible Assets Accumulated Gross CDI Amortization Net CDI Balance, December 31, 2022 $ 7,490 $ (4,121 ) $ 3,369 Additions as a result of the Branch Purchase 17,438 — 17,438 Amortization — (3,464 ) (3,464 ) Balance, December 31, 2023 24,928 (7,585 ) 17,343 Amortization — (941 ) (941 ) Balance, March 31, 2024 $ 24,928 $ (8,526 ) $ 16,402 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 January 22, 2016. three March 31, 2024 2023. Amortization expense for CDI is expected to be as follows at March 31, 2024 Remainder of 2024 $ 2,692 2025 3,191 2026 2,846 2027 2,500 2028 2,110 Thereafter 3,063 Total $ 16,402 |
Note 17 - Revenue From Contract
Note 17 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Noninterest income 2024 2023 In-scope of Topic 606: Debit card interchange fees $ 763 $ 639 Deposit service and account maintenance fees 364 275 Noninterest income (in-scope of Topic 606) 1,127 914 Noninterest income (out-of-scope and/or immaterial to Topic 606) 3,984 4,305 Total noninterest income $ 5,111 $ 5,219 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. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information (a) None. (b) None. (c) Trading Plans. During the three March 31, 2024 no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Financial Statement Presentation 10‑Q 10 X 10‑K December 31, 2023 March 15, 2024. The results for the three March 31, 2024 not may December 31, 2024 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 15 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events March 31, 2024 |
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 In November 2023, 2023 07, Segment Reporting (Topic 280 280. ● Require disclosure on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and are included within each reported measure of segment profit and loss. ● Require disclosure on an annual and interim basis, an amount for other segment items (defined in the ASU) and a description of its composition. ● Clarify that if the CODM uses more than one one may ● Require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. This ASU is effective for fiscal years beginning after December 15, 2023, December 15, 2024. 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 Those amendments require disclosure of the following information about income taxes paid on an annual basis: ● Income taxes paid (net of refunds received), disaggregated by federal and state taxes and by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five ● Income tax expense (or benefit) from continuing operations disaggregated by federal and state jurisdictions. The ASU is effective for annual periods beginning after December 15, 2024. not 2023 09 Application of New Accounting Guidance Adopted in 2024 On January 1, 2024, No.2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 not On January 1, 2024, 2023 02, Investments - Equity Method and Joint Ventures (Topic 323 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, a consensus of the Emerging Issues Task Force 2023 02 323 740 25 3, not no not 323 10: Investments - Equity Method and Joint Ventures - Overall. not 321: Investments - Equity Securities 2023 02 December 15, 2023, 2023 02 not |
Note 2 - Business Combination (
Note 2 - Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Investment [Table Text Block] | March 31, 2024 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,151 $ 45 $ (3,298 ) $ 17,898 $ — Corporate securities 16,000 90 (890 ) 15,200 — Municipal bonds 86,257 18 (12,722 ) 73,553 — Mortgage-backed securities 131,594 172 (11,964 ) 119,802 — U.S. Small Business Administration securities 54,957 — (1,767 ) 53,190 — Total securities available-for-sale 309,959 325 (30,641 ) 279,643 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (715 ) 7,785 45 Total securities held-to-maturity 8,500 — (715 ) 7,785 45 Total securities $ 318,459 $ 325 $ (31,356 ) $ 287,428 $ 45 December 31, 2023 Estimated Amortized Unrealized Unrealized Fair SECURITIES AVAILABLE-FOR-SALE Cost Gains Losses Values ACL U.S. agency securities $ 21,151 $ 46 $ (3,179 ) $ 18,018 $ — Corporate securities 13,000 613 (741 ) 12,872 — Municipal bonds 138,803 42 (19,398 ) 119,447 — Mortgage-backed securities 112,855 238 (11,845 ) 101,248 — U.S. Small Business Administration securities 42,886 — (1,538 ) 41,348 — Total securities available-for-sale 328,695 939 (36,701 ) 292,933 — SECURITIES HELD-TO-MATURITY Corporate securities 8,500 — (834 ) 7,666 45 Total securities held-to-maturity 8,500 — (834 ) 7,666 45 Total securities $ 337,195 $ 939 $ (37,535 ) $ 300,599 $ 45 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | SECURITIES HELD-TO-MATURITY For the Three Months Ended March 31, Corporate Securities 2024 2023 Beginning ACL balance $ 45 $ 31 Provision for (recapture of) credit losses — — Total ending ACL balance $ 45 $ 31 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | March 31, December 31, Corporate securities 2024 2023 BBB/BBB- $ 7,000 $ 7,000 BB+ 1,500 1,500 Total $ 8,500 $ 8,500 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | March 31, 2024 Purpose or beneficiary Carrying Value Amortized Cost Fair Value State and local government public deposits $ 34,703 $ 40,783 $ 34,703 Federal Reserve Bank - Bank Term Funding Program facility ("BTFP") 76,161 89,834 76,161 Total pledged securities $ 110,864 $ 130,617 $ 110,864 |
Gain (Loss) on Securities [Table Text Block] | March 31, 2024 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 $ — $ — $ 15,853 $ (3,298 ) $ 15,853 $ (3,298 ) Corporate securities 7,846 (154 ) 4,263 (736 ) 12,109 (890 ) Municipal bonds 1,279 (7 ) 71,256 (12,715 ) 72,535 (12,722 ) Mortgage-backed securities 25,189 (63 ) 66,593 (11,901 ) 91,782 (11,964 ) U.S. Small Business Administration securities 45,560 (592 ) 7,630 (1,175 ) 53,190 (1,767 ) Total securities available-for-sale 79,874 (816 ) 165,595 (29,825 ) 245,469 (30,641 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,785 (715 ) 7,785 (715 ) Total securities held-to-maturity — — 7,785 (715 ) 7,785 (715 ) Total securities $ 79,874 $ (816 ) $ 173,380 $ (30,540 ) $ 253,254 $ (31,356 ) December 31, 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 $ — $ — $ 15,972 $ (3,179 ) $ 15,972 $ (3,179 ) Corporate securities 959 (41 ) 4,300 (700 ) 5,259 (741 ) Municipal bonds 3,922 (23 ) 113,577 (19,375 ) 117,499 (19,398 ) Mortgage-backed securities 20,662 (113 ) 67,376 (11,732 ) 88,038 (11,845 ) U.S. Small Business Administration securities 33,211 (460 ) 8,137 (1,078 ) 41,348 (1,538 ) Total securities available-for-sale 58,754 (637 ) 209,362 (36,064 ) 268,116 (36,701 ) SECURITIES HELD-TO-MATURITY Corporate securities — — 7,666 (834 ) 7,666 (834 ) Total securities held-to-maturity — — 7,666 (834 ) 7,666 (834 ) Total securities $ 58,754 $ (637 ) $ 217,028 $ (36,898 ) $ 275,782 $ (37,535 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, December 31, 2024 2023 SECURITIES AVAILABLE-FOR-SALE Amortized Fair Amortized Fair U.S. agency securities Cost Value Cost Value Due within one year $ 917 $ 914 $ 922 $ 914 Due after one year through five years 3,951 3,537 3,947 3,544 Due after five years through ten years 11,973 10,067 11,972 10,139 Due after ten years 4,310 3,380 4,310 3,421 Subtotal 21,151 17,898 21,151 18,018 Corporate securities Due within one year — — 1,000 1,004 Due after one year through five years 10,000 9,985 6,000 6,609 Due after five years through ten years 4,000 3,822 4,000 3,839 Due after ten years 2,000 1,393 2,000 1,420 Subtotal 16,000 15,200 13,000 12,872 Municipal bonds Due within one year 1,006 1,000 1,013 1,003 Due after one year through five years 82 81 757 751 Due after five years through ten years 4,037 3,836 7,603 7,101 Due after ten years 81,132 68,636 129,430 110,592 Subtotal 86,257 73,553 138,803 119,447 Mortgage-backed securities Federal National Mortgage Association (“FNMA”) 83,863 73,301 76,369 66,275 Federal Home Loan Mortgage Corporation (“FHLMC”) 36,178 35,532 32,311 31,376 Government National Mortgage Association (“GNMA”) 11,553 10,969 4,175 3,597 Subtotal 131,594 119,802 112,855 101,248 U.S. Small Business Administration securities Due within one year 42 41 198 196 Due after one year through five years 1,656 1,584 1,860 1,824 Due after five years through ten years 27,916 27,317 21,420 20,929 Due after ten years 25,343 24,248 19,408 18,399 Subtotal 54,957 53,190 42,886 41,348 Total securities available-for-sale 309,959 279,643 328,695 292,933 SECURITIES HELD-TO-MATURITY Corporate securities Due after five years through ten years 8,500 7,785 8,500 7,666 Total securities held-to-maturity 8,500 7,785 8,500 7,666 Total securities $ 318,459 $ 287,428 $ 337,195 $ 300,599 |
Schedule of Realized Gain (Loss) [Table Text Block] | March 31, 2024 Gross Gross Proceeds Gains (Losses) Securities available-for-sale $ 44,036 $ — $ (7,998) |
Note 4 - Loans Receivable and_2
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, REAL ESTATE LOANS 2024 2023 Commercial ("CRE") $ 359,055 $ 366,328 Construction and development 301,346 303,054 Home equity 73,323 69,488 One-to-four-family (excludes loans held for sale) 580,050 567,742 Multi-family 222,410 223,769 Total real estate loans 1,536,184 1,530,381 CONSUMER LOANS Indirect home improvement 568,802 569,903 Marine 73,921 73,310 Other consumer 3,409 3,540 Total consumer loans 646,132 646,753 COMMERCIAL BUSINESS LOANS Commercial and industrial 256,429 238,301 Warehouse lending 8,113 17,580 Total commercial business loans 264,542 255,881 Total loans receivable, gross 2,446,858 2,433,015 ACL on loans (31,479 ) (31,534 ) Total loans receivable, net $ 2,415,379 $ 2,401,481 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended March 31, 2024 Real Commercial ACL ON LOANS Estate Consumer Business Unallocated Total Beginning balance $ 14,107 $ 13,357 $ 4,070 $ — $ 31,534 Provision for credit losses on loans 146 644 631 — 1,421 Charge-offs — (1,486 ) (408 ) — (1,894 ) Recoveries — 418 — — 418 Net charge-offs — (1,068 ) (408 ) — (1,476 ) Total ending ACL balance $ 14,253 $ 12,933 $ 4,293 $ — $ 31,479 At or For the Three Months Ended March 31, 2023 Real Commercial ACL ON LOANS Estate Consumer Business Unallocated Total Beginning balance $ 12,123 $ 12,109 $ 3,760 $ — $ 27,992 Provision for credit losses on loans 459 1,691 205 — 2,355 Charge-offs (10 ) (709 ) (1 ) — (720 ) Recoveries — 310 — — 310 Net charge-offs (10 ) (399 ) (1 ) — (410 ) Total ending ACL balance $ 12,572 $ 13,401 $ 3,964 $ — $ 29,937 |
Financing Receivable, Modified [Table Text Block] | Payment Deferral Amortized Cost % of Total Loan For the three months ended March 31, 2024 Basis Type Financial Effect CRE $ 1,102 0.3% Deferred payments and capitalized interest for adding a weighted-average period of 1.7 years to the life of the loans. Combination - Term Extension and Interest Rate Reduction Amortized Cost % of Total Loan For the three months ended March 31, 2023 Basis Type Financial Effect C&I $ 3,709 1.7 % Reduced weighted-average contractual interest rate from 7.5% to 4.1%, and added a weighted-average period of 5.0 years to the life of the loans. |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 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) CRE $ — $ — $ — $ — $ 359,055 $ 359,055 $ 1,102 Construction and development 4,737 — — 4,737 296,609 301,346 4,737 Home equity 16 26 137 179 73,144 73,323 170 One-to-four-family — — 80 80 579,970 580,050 173 Multi-family — — — — 222,410 222,410 — Total real estate loans 4,753 26 217 4,996 1,531,188 1,536,184 6,182 CONSUMER LOANS Indirect home improvement 1,657 717 651 3,025 565,777 568,802 2,195 Marine 295 86 85 466 73,455 73,921 385 Other consumer 22 2 1 25 3,384 3,409 3 Total consumer loans 1,974 805 737 3,516 642,616 646,132 2,583 COMMERCIAL BUSINESS LOANS C&I 167 — 2,257 2,424 254,005 256,429 3,341 Warehouse lending — — — — 8,113 8,113 — Total commercial business loans 167 — 2,257 2,424 262,118 264,542 3,341 Total loans $ 6,894 $ 831 $ 3,211 $ 10,936 $ 2,435,922 $ 2,446,858 $ 12,106 December 31, 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) CRE $ — $ — $ — $ — $ 366,328 $ 366,328 $ 1,088 Construction and development — — — — 303,054 303,054 4,699 Home equity 79 25 136 240 69,248 69,488 173 One-to-four-family — 96 — 96 567,646 567,742 96 Multi-family — — — — 223,769 223,769 — Total real estate loans 79 121 136 336 1,530,045 1,530,381 6,056 CONSUMER LOANS Indirect home improvement 1,759 1,248 777 3,784 566,119 569,903 1,863 Marine 373 243 137 753 72,557 73,310 342 Other consumer 57 18 6 81 3,459 3,540 8 Total consumer loans 2,189 1,509 920 4,618 642,135 646,753 2,213 COMMERCIAL BUSINESS LOANS C&I — — 2,514 2,514 235,787 238,301 2,683 Warehouse lending — — — — 17,580 17,580 — Total commercial business loans — — 2,514 2,514 253,367 255,881 2,683 Total loans $ 2,268 $ 1,630 $ 3,570 $ 7,468 $ 2,425,547 $ 2,433,015 $ 10,952 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2024 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted CRE 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 3,034 $ 46,629 $ 85,321 $ 60,749 $ 45,012 $ 84,134 $ — $ 73 $ 324,952 Watch — 3,185 10,843 12,835 — 2,665 244 — 29,772 Special mention — — — — — 404 — — 404 Substandard — — — — 1,641 2,286 — — 3,927 Total CRE 3,034 49,814 96,164 73,584 46,653 89,489 244 73 359,055 Construction and development Pass 21,765 133,438 74,758 40,355 15,220 526 10,547 — 296,609 Substandard — — 4,737 — — — — — 4,737 Total construction and development 21,765 133,438 79,495 40,355 15,220 526 10,547 — 301,346 Home equity Pass 4,095 4,364 381 1,573 6,397 1,971 54,372 — 73,153 Substandard — — — — — 33 137 — 170 Total home equity 4,095 4,364 381 1,573 6,397 2,004 54,509 — 73,323 One-to-four-family Pass 18,276 102,210 172,463 124,529 80,342 79,296 — — 577,116 Substandard — — 862 — — 2,072 — — 2,934 Total one-to-four-family 18,276 102,210 173,325 124,529 80,342 81,368 — — 580,050 Multi-family Pass 93 7,087 20,328 90,820 42,296 61,786 — — 222,410 Total multi-family 93 7,087 20,328 90,820 42,296 61,786 — — 222,410 Total real estate loans $ 47,263 $ 296,913 $ 369,693 $ 330,861 $ 190,908 $ 235,173 $ 65,300 $ 73 $ 1,536,184 March 31, 2024 Revolving Loans CONSUMER LOANS Term Loans by Year of Origination Converted Indirect home improvement 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 31,369 $ 160,726 $ 201,319 $ 88,557 $ 33,947 $ 50,684 $ 5 $ — $ 566,607 Substandard — 385 799 469 205 337 — — 2,195 Total indirect home improvement 31,369 161,111 202,118 89,026 34,152 51,021 5 — 568,802 Indirect home improvement gross charge-offs — 211 499 183 45 225 — — 1,163 Marine Pass 3,780 13,093 22,512 9,685 12,679 11,787 — — 73,536 Substandard — — 55 — 126 204 — — 385 Total marine 3,780 13,093 22,567 9,685 12,805 11,991 — — 73,921 Marine gross charge-offs — — 75 51 — 105 — — 231 Other consumer Pass 50 237 491 143 59 143 2,283 — 3,406 Substandard — — — — — — 3 — 3 Total other consumer 50 237 491 143 59 143 2,286 — 3,409 Other consumer gross charge-offs — 33 6 — — 16 37 — 92 Total consumer loans $ 35,199 $ 174,441 $ 225,176 $ 98,854 $ 47,016 $ 63,155 $ 2,291 $ — $ 646,132 March 31, 2024 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted C&I 2024 2023 2022 2021 2020 Prior Revolving Loans to Term Total Loans Pass $ 9,500 $ 21,168 $ 32,498 $ 18,602 $ 10,837 $ 13,158 $ 120,156 $ 25 $ 225,944 Watch — 4,458 — 758 2,224 931 9,305 — 17,676 Special mention — — — 575 — 701 942 — 2,218 Substandard — 2,915 — 2,302 1,342 1,933 2,099 — 10,591 Total C&I 9,500 28,541 32,498 22,237 14,403 16,723 132,502 25 256,429 C&I gross charge-offs — — — — — — 408 — 408 Warehouse lending Pass — — — — — — 8,111 — 8,111 Watch — — — — — — 2 — 2 Total warehouse lending — — — — — — 8,113 — 8,113 Total commercial business loans $ 9,500 $ 28,541 $ 32,498 $ 22,237 $ 14,403 $ 16,723 $ 140,615 $ 25 $ 264,542 TOTAL LOANS RECEIVABLE, GROSS Pass $ 91,962 $ 488,952 $ 610,071 $ 435,013 $ 246,789 $ 303,485 $ 195,474 $ 98 $ 2,371,844 Watch — 7,643 10,843 13,593 2,224 3,596 9,551 — 47,450 Special mention — — — 575 — 1,105 942 — 2,622 Substandard — 3,300 6,453 2,771 3,314 6,865 2,239 — 24,942 Total loans receivable, gross $ 91,962 $ 499,895 $ 627,367 $ 451,952 $ 252,327 $ 315,051 $ 208,206 $ 98 $ 2,446,858 Total gross charge-offs $ — $ 244 $ 580 $ 234 $ 45 $ 346 $ 445 $ — $ 1,894 December 31, 2023 Revolving Loans REAL ESTATE LOANS Term Loans by Year of Origination Converted CRE 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 48,551 $ 91,144 $ 61,689 $ 46,117 $ 27,957 $ 61,764 $ 499 $ — $ 337,721 Watch 3,201 5,446 12,894 — 453 2,226 45 — 24,265 Special mention — — — — 409 — — — 409 Substandard — — — 1,650 — 1,957 — 326 3,933 Total CRE 51,752 96,590 74,583 47,767 28,819 65,947 544 326 366,328 Construction and development Pass 120,155 106,168 46,989 15,219 — 540 9,284 — 298,355 Substandard — 4,699 — — — — — — 4,699 Total construction and development 120,155 110,867 46,989 15,219 — 540 9,284 — 303,054 Home equity Pass 4,583 398 1,584 6,525 11 2,137 54,077 — 69,315 Substandard — — — — — 36 137 — 173 Total home equity 4,583 398 1,584 6,525 11 2,173 54,214 — 69,488 Home equity gross charge-offs 10 10 One-to-four-family — Pass 103,165 175,412 122,406 80,815 30,595 52,008 — 472 564,873 Substandard — 866 — — — 2,003 — — 2,869 Total one-to-four-family 103,165 176,278 122,406 80,815 30,595 54,011 — 472 567,742 Multi-family Pass 7,106 20,404 91,047 42,511 37,990 24,711 — — 223,769 Total multi-family 7,106 20,404 91,047 42,511 37,990 24,711 — — 223,769 Total real estate loans $ 286,761 $ 404,537 $ 336,609 $ 192,837 $ 97,415 $ 147,382 $ 64,042 $ 798 $ 1,530,381 December 31, 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 $ 171,208 $ 212,661 $ 93,664 $ 36,032 $ 23,977 $ 30,492 $ 6 $ — $ 568,040 Substandard 212 663 448 141 258 141 — — 1,863 Total indirect home improvement 171,420 213,324 94,112 36,173 24,235 30,633 6 — 569,903 Indirect home improvement gross charge-offs 204 1,386 567 290 145 336 — — 2,928 Marine Pass 13,619 23,963 9,987 13,082 5,267 7,050 — — 72,968 Substandard — — 52 85 — 205 — — 342 Total marine 13,619 23,963 10,039 13,167 5,267 7,255 — — 73,310 Marine gross charge-offs — 47 93 — 7 256 — — 403 Other consumer Pass 309 559 175 69 3 159 2,258 — 3,532 Substandard — — — — — — 8 — 8 Total other consumer 309 559 175 69 3 159 2,266 — 3,540 Other consumer gross charge-offs — 2 12 — — — 120 — 134 Total consumer loans $ 185,348 $ 237,846 $ 104,326 $ 49,409 $ 29,505 $ 38,047 $ 2,272 $ — $ 646,753 December 31, 2023 COMMERCIAL Revolving Loans BUSINESS LOANS Term Loans by Year of Origination Converted C&I 2023 2022 2021 2020 2019 Prior Revolving Loans to Term Total Loans Pass $ 13,971 $ 32,334 $ 19,634 $ 11,537 $ 5,122 $ 9,707 $ 119,844 $ 145 $ 212,294 Watch 2,322 — 1,382 2,366 — 953 5,754 — 12,777 Special mention 143 — — — 498 253 1,345 — 2,239 Substandard 2,940 — 2,321 1,391 1,766 169 2,005 — 10,592 Doubtful — — — — — — 399 — 399 Total C&I 19,376 32,334 23,337 15,294 7,386 11,082 129,347 145 238,301 C&I gross charge-offs — — 1 — — — — — 1 Warehouse lending Pass — — — — — — 17,003 — 17,003 Watch — — — — — — 577 — 577 Total warehouse lending — — — — — — 17,580 — 17,580 Total commercial business loans $ 19,376 $ 32,334 $ 23,337 $ 15,294 $ 7,386 $ 11,082 $ 146,927 $ 145 $ 255,881 TOTAL LOANS RECEIVABLE, GROSS Pass $ 482,667 $ 663,043 $ 447,175 $ 251,907 $ 130,922 $ 188,568 $ 202,971 $ 617 $ 2,367,870 Watch 5,523 5,446 14,276 2,366 453 3,179 6,376 — 37,619 Special mention 143 — — — 907 253 1,345 — 2,648 Substandard 3,152 6,228 2,821 3,267 2,024 4,511 2,150 326 24,479 Doubtful — — — — — — 399 — 399 Total loans receivable, gross $ 491,485 $ 674,717 $ 464,272 $ 257,540 $ 134,306 $ 196,511 $ 213,241 $ 943 $ 2,433,015 Total gross charge-offs $ 204 $ 1,435 $ 673 $ 290 $ 152 $ 592 $ 130 $ — $ 3,476 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 December 31, 2023 Nonaccrual with Nonaccrual with Total Nonaccrual with Nonaccrual with Total REAL ESTATE LOANS No ACL ACL Nonaccrual No ACL ACL Nonaccrual CRE $ 1,102 $ — $ 1,102 $ 1,088 $ — $ 1,088 Construction and development — 4,737 4,737 — 4,699 4,699 Home equity 170 — 170 173 — 173 One-to-four-family 173 — 173 96 — 96 1,445 4,737 6,182 1,357 4,699 6,056 CONSUMER LOANS Indirect home improvement — 2,195 2,195 — 1,863 1,863 Marine — 385 385 — 342 342 Other consumer — 3 3 — 8 8 — 2,583 2,583 — 2,213 2,213 COMMERCIAL BUSINESS LOANS C&I 292 3,049 3,341 — 2,683 2,683 Total $ 1,737 $ 10,369 $ 12,106 $ 1,357 $ 9,595 $ 10,952 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | March 31, 2024 December 31, 2023 Commercial Residential Other Commercial Residential Other REAL ESTATE LOANS Real Estate Real Estate Non-Real Estate Total Real Estate Real Estate Non-Real Estate Total CRE $ 1,102 $ — $ — $ 1,102 $ 1,088 $ — $ — $ 1,088 Construction and development 4,737 — — 4,737 4,699 — 4,699 Home equity — 170 — 170 — 173 — 173 One-to-four-family — 173 — 173 — 96 — 96 5,839 343 — 6,182 5,787 269 — 6,056 CONSUMER LOANS Indirect home improvement — — 2,195 2,195 — — 1,863 1,863 Marine — — 385 385 — — 342 342 — — 2,580 2,580 — — 2,205 2,205 COMMERCIAL BUSINESS LOANS C&I — — 3,341 3,341 — — 2,683 2,683 Total $ 5,839 $ 343 $ 5,921 $ 12,103 $ 5,787 $ 269 $ 4,888 $ 10,944 |
Note 5 - Mortgage Servicing R_2
Note 5 - Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | At or For the Three Months Ended March 31, 2024 2023 Beginning balance, at the lower of cost or fair value $ 17,176 $ 18,017 Additions 576 405 Sales (7,953 ) — MSRs amortized (697 ) (821 ) Impairment of MSRs (93 ) (2 ) Ending balance, at the lower of cost or fair value $ 9,009 $ 17,599 |
Schedule of Servicing Assets at Fair Value [Table Text Block] | At March 31, At December 31, Key assumptions: 2024 2023 Weighted average discount rate 9.9 % 9.4 % Conditional prepayment rate (“CPR”) 8.9 % 7.2 % Weighted average life in years 7.9 8.4 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | March 31, 2024 December 31, 2023 Aggregate portfolio principal balance $ 1,562,287 $ 2,832,016 Weighted average rate of loans in MSRs portfolio 4.0 % 3.6 % At March 31, 2024 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 8.9 % 10.4 % 12.6 % Fair value MSRs $ 20,315 $ 19,706 $ 18,953 Percentage of MSRs 1.3 % 1.3 % 1.2 % Discount rate 9.9 % 10.4 % 10.9 % Fair value MSRs $ 20,315 $ 19,877 $ 19,456 Percentage of MSRs 1.3 % 1.3 % 1.2 % At December 31, 2023 Base 0.5% Adverse Rate Change 1.0% Adverse Rate Change Conditional prepayment rate 7.2 % 8.0 % 9.3 % Fair value MSRs $ 38,163 $ 37,268 $ 35,819 Percentage of MSRs 1.3 % 1.3 % 1.3 % Discount rate 9.4 % 9.9 % 10.4 % Fair value MSRs $ 38,163 $ 37,301 $ 36,476 Percentage of MSRs 1.3 % 1.3 % 1.3 % |
Note 6 - Derivatives (Tables)
Note 6 - Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Investment securities (1) $ 55,560 $ 4,440 Total $ 55,560 $ 4,440 December 31, 2023 Investment securities (1) $ 56,785 $ 3,215 Total $ 56,785 $ 3,215 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2024 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 190,000 $ 4,960 $ — Fair value hedges: Interest rate swaps - securities 60,000 4,420 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 29,238 251 — Mandatory and best effort forward commitments with investors 36,310 — 73 Forward TBA mortgage-backed securities 38,000 — 78 Interest rate swaps - customer swap positions 801 — 73 Interest rate swaps - dealer offsets to customer swap positions 801 73 — December 31, 2023 Fair Value Cash flow hedges: Notional Asset Liability Interest rate swaps - brokered deposits $ 250,000 $ 3,233 $ 375 Fair value hedges: Interest rate swaps - securities 60,000 3,198 — Non-hedging derivatives: Fallout adjusted interest rate lock commitments with customers 22,334 329 — Mandatory and best effort forward commitments with investors 10,070 — 188 Forward TBA mortgage-backed securities 33,000 — 284 Interest rate swaps - customer swap positions 801 — 63 Interest rate swaps - dealer offsets to customer swap positions 801 64 — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2024 2023 Interest Interest Interest Interest Expense Income Expense Income Deposits Securities Deposits Securities Total amounts presented on the Consolidated Statements of Income $ 12,882 $ 3,883 $ 6,624 $ 2,620 Net gains (losses) on fair value hedging relationships: Interest rate swaps - securities Recognized on hedged items $ — $ (1,225 ) $ — $ 1,495 Recognized on derivatives designated as hedging instruments — 1,225 — (1,495 ) Net interest income recognized on cash flows of derivatives designated as hedging instruments — 418 — 293 Net income recognized on fair value hedges $ — $ 418 $ — $ 293 Net gain on cash flow hedging relationships: Interest rate swaps - brokered deposits and borrowings Realized gains (pre-tax) reclassified from AOCI into net income $ 1,722 $ — $ 907 $ — Net income recognized on cash flow hedges $ 1,722 $ — $ 907 $ — |
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 At March 31, 2024 Interest rate swaps $ 9,628 $ 175 $ 9,453 $ — $ (1,070 ) $ 8,383 At December 31, 2023 Interest rate swaps $ 6,648 $ 153 $ 6,495 $ — $ — $ 6,495 |
Offsetting Liabilities [Table Text Block] | Gross Amounts Net Amounts of Gross Amounts Not Offset Gross Amounts Offset in the Liabilities in the Statement of Financial Position of Recognized Statement of Presented in the Statement Financial Cash Collateral Offsetting of derivative liabilities Liabilities Financial Position of Financial Position Instruments Posted Net Amount At March 31, 2024 Interest rate swaps $ — $ — $ — $ — $ — $ — At December 31, 2023 Interest rate swaps $ (722 ) $ (347 ) $ (375 ) $ — $ 270 $ (105 ) |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended Lease cost: March 31, 2024 March 31, 2023 Operating lease cost $ 474 $ 409 Short-term lease cost 3 4 Total lease cost $ 477 $ 413 |
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: March 31, 2024 March 31, 2023 Operating cash flows from operating leases $ 490 $ 424 Weighted average remaining lease term- operating leases (in years) 3.8 4.6 Weighted average discount rate- operating leases 2.97 % 2.83 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2024 $ 1,446 2025 1,628 2026 1,475 2027 1,173 2028 428 Thereafter 954 Total lease payments 7,104 Less imputed interest (694 ) Total $ 6,410 |
Note 8 - Other Real Estate Ow_2
Note 8 - Other Real Estate Owned ("OREO") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | At or For the Three Months Ended March 31, 2024 2023 Beginning balance $ — $ 570 Additions — — Loans transferred to OREO — — Ending balance $ — $ 570 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, December 31, 2024 2023 Noninterest-bearing checking $ 618,526 $ 654,048 Interest-bearing checking (1) 188,050 244,028 Savings 153,025 151,630 Money market (2) 364,944 359,063 Certificates of deposit less than $100,000 (3) 579,153 587,858 Certificates of deposit of $100,000 through $250,000 424,463 429,373 Certificates of deposit greater than $250,000 108,763 79,540 Escrow accounts related to mortgages serviced (4) 28,373 16,783 Total $ 2,465,297 $ 2,522,323 |
Time Deposit Maturities [Table Text Block] | Maturing in 2024 $ 776,564 Maturing in 2025 267,538 Maturing in 2026 44,267 Maturing in 2027 21,324 Maturing in 2028 2,258 Thereafter 428 Total $ 1,112,379 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Three Months Ended March 31, 2024 2023 Interest-bearing checking $ 784 $ 98 Savings and money market 1,661 1,198 Certificates of deposit 10,437 5,328 Total $ 12,882 $ 6,624 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | COMMITMENTS TO EXTEND CREDIT March 31, December 31, REAL ESTATE LOANS 2024 2023 Commercial $ 2,637 $ 3,472 Construction and development 168,195 154,611 One-to-four-family (includes locks for saleable loans) 29,238 23,751 Home equity 94,228 94,026 Multi-family 2,881 2,945 Total real estate loans 297,179 278,805 CONSUMER LOANS 29,345 29,517 COMMERCIAL BUSINESS LOANS C&I 163,801 164,873 Warehouse lending 76,323 61,837 Total commercial business loans 240,124 226,710 Total commitments to extend credit $ 566,648 $ 535,032 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial Assets At March 31, 2024 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 17,898 $ — $ 17,898 Corporate securities — 15,200 — 15,200 Municipal bonds — 73,553 — 73,553 Mortgage-backed securities — 119,802 — 119,802 U.S. Small Business Administration securities — 53,190 — 53,190 Mortgage loans held for sale, at fair value — 49,957 — 49,957 Loans receivable, at fair value — 15,003 — 15,003 Derivatives: Interest rate lock commitments with customers — — 251 251 Interest rate swaps - cash flow and fair value hedges — 9,380 — 9,380 Interest rate swaps - dealer offsets to customer swap positions — 73 — 73 Total assets measured at fair value $ — $ 354,056 $ 251 $ 354,307 Financial Liabilities Derivatives: Interest rate swaps - customer swap positions $ — $ (73 ) $ — $ (73 ) Mandatory and best effort forward commitments with investors — — (73 ) (73 ) Forward TBA mortgage-backed securities — (78 ) — (78 ) Total liabilities measured at fair value $ — $ (151 ) $ (73 ) $ (224 ) Financial Assets At December 31, 2023 Securities available-for-sale: Level 1 Level 2 Level 3 Total U.S. agency securities $ — $ 18,018 $ — $ 18,018 Corporate securities — 12,872 — 12,872 Municipal bonds — 119,447 — 119,447 Mortgage-backed securities — 101,248 — 101,248 U.S. Small Business Administration securities — 41,348 — 41,348 Mortgage loans held for sale, at fair value — 25,668 — 25,668 Loans receivable, at fair value — 15,088 — 15,088 Derivatives: Interest rate lock commitments with customers — — 329 329 Interest rate swaps- cash flow and fair value hedges — 6,431 — 6,431 Interest rate swaps - dealer offsets to customer swap positions — 64 — 64 Total assets measured at fair value $ — $ 340,184 $ 329 $ 340,513 Financial Liabilities Derivatives: Mandatory and best effort forward commitments with investors $ — $ — $ (188 ) $ (188 ) Forward TBA mortgage-backed securities — (284 ) — (284 ) Interest rate swaps - cash flow and fair value hedges — (375 ) — (375 ) Interest rate swaps - customer swap positions — (63 ) — (63 ) Total liabilities measured at fair value $ — $ (722 ) $ (188 ) $ (910 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2024 Level 1 Level 2 Level 3 Total MSRs $ — $ — $ 20,315 $ 20,315 December 31, 2023 Level 1 Level 2 Level 3 Total MSRs $ — $ — $ 38,163 $ 38,163 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Level 3 Significant Weighted Average Rate Fair Value Valuation Unobservable March 31, December 31, Instruments Techniques Inputs Range 2024 2023 RECURRING Interest rate lock commitments with customers Quoted market prices Pull-through expectations 80% - 99% 89.4 % 90.5 % Individual forward sale commitments with investors Quoted market prices Pull-through expectations 80% - 99% 89.4 % 90.5 % NONRECURRING MSR Industry sources Pre-payment speeds 0% - 50% 8.9 % 7.2 % |
Fair Value, Assets (Liabilities) 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 March 31, 2024 Balance Issuances Settlements Balance gains/(losses) (1) gains/(losses) (2) Interest rate lock commitments with customers $ 329 $ 965 $ (1,043 ) $ 251 $ (78 ) $ — Individual forward sale commitments with investors (188 ) (15 ) 130 (73 ) 115 — March 31, 2023 Interest rate lock commitments with customers $ 107 $ 994 $ (536 ) $ 565 $ 458 $ — Individual forward sale commitments with investors (38 ) 222 (197 ) (13 ) 25 — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, December 31, 2024 2023 Financial Assets Carrying Fair Carrying Fair Level 1 inputs: Amount Value Amount Value Cash and cash equivalents $ 45,406 $ 45,406 $ 65,691 $ 65,691 Certificates of deposit at other financial institutions 23,222 23,222 24,167 24,167 Level 2 inputs: Securities available-for-sale, at fair value 279,643 279,643 292,933 292,933 Securities held-to-maturity, gross 8,500 7,785 8,500 7,666 Loans held for sale, at fair value 49,957 49,957 25,668 25,668 FHLB stock, at cost 2,909 2,909 2,114 2,114 Loans receivable, at fair value 15,003 15,003 15,088 15,088 Interest rate swaps - cash flow and fair value hedges 9,380 9,380 6,431 6,431 Accrued interest receivable 14,455 14,455 14,005 14,005 Interest rate swaps - dealer offsets to customer swap positions 73 73 64 64 Level 3 inputs: Loans receivable, net 2,400,376 2,284,273 2,417,927 2,276,397 MSRs, held at lower of cost or fair value 9,009 20,315 9,090 20,552 MSRs held for sale, held at lower of cost or fair value — — 8,086 17,611 Fair value interest rate locks with customers 251 251 — — Financial Liabilities Level 2 inputs: Deposits 2,465,297 2,453,676 2,522,323 2,515,026 Borrowings 129,940 129,474 93,746 93,416 Subordinated notes, excluding unamortized debt issuance costs 50,000 43,812 50,000 43,480 Accrued interest payable 6,966 6,966 5,473 5,473 Interest rate swaps - cash flow and fair value hedges — — 375 375 Forward TBA mortgage-backed securities 78 78 284 284 Interest rate swaps - customer swap positions 73 73 63 63 Level 3 inputs: Mandatory and best effort forward commitments with investors 73 73 188 188 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | At or For the Three Months Ended March 31, Numerator 2024 2023 Net income $ 8,397 $ 8,212 Dividends and undistributed earnings allocated to participating securities (131 ) (147 ) Net income available to common shareholders $ 8,266 $ 8,065 Denominator (shown as actual): Basic weighted average common shares outstanding 7,703,789 7,623,580 Dilutive shares 120,671 154,838 Diluted weighted average common shares outstanding 7,824,460 7,778,418 Basic earnings per share $ 1.07 $ 1.06 Diluted earnings per share $ 1.06 $ 1.04 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. 28,102 37,227 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 662,279 $ 28.12 6.69 $ 5,852,975 Granted — $ — — — Less exercised 17,612 $ 8.45 — $ 507,344 Less forfeited 12,000 30.73 — — Outstanding at March 31, 2024 632,667 $ 28.62 6.56 $ 3,923,645 Expected to vest, assuming a 0.31 (1) 623,800 $ 28.62 6.48 $ 3,873,086 Exercisable at March 31, 2024 365,850 $ 27.83 5.52 $ 2,549,465 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted-Average Grant-Date Fair Value Nonvested Shares Shares Per Share Nonvested at January 1, 2024 102,144 $ 29.61 Granted — — Less vested — — Less forfeited 4,000 30.73 Nonvested at March 31, 2024 98,144 $ 29.57 |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Total risk-based capital (to risk-weighted assets) $ 346,551 13.72 % $ 202,098 8.00 % $ 265,253 10.50 % $ 252,622 10.00 % Tier 1 risk-based capital (to risk-weighted assets) $ 314,938 12.47 % $ 151,573 6.00 % $ 214,729 8.50 % $ 202,098 8.00 % Tier 1 leverage capital (to average assets) $ 314,938 10.61 % $ 118,727 4.00 % $ N/A N/A $ 148,408 5.00 % CET 1 capital (to risk-weighted assets) $ 314,938 12.47 % $ 113,680 4.50 % $ 176,835 7.00 % $ 164,204 6.50 % 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 December 31, 2023 Total risk-based capital (to risk-weighted assets) $ 339,436 13.37% $ 203,094 8.00% $ 266,561 10.50% $ 253,868 10.00% Tier 1 risk-based capital (to risk-weighted assets) $ 307,686 12.12% $ 152,321 6.00% $ 215,787 8.50% $ 203,094 8.00% Tier 1 leverage capital (to average assets) $ 307,686 10.39% $ 118,488 4.00% $ N/A N/A $ 148,109 5.00% CET 1 capital (to risk-weighted assets) $ 307,686 12.12% $ 114,240 4.50% $ 177,707 7.00% $ 165,014 6.50% |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | At or For the Three Months Ended March 31, 2024 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 28,086 $ 2,260 $ 30,346 Provision for credit losses (1,251 ) (148 ) (1,399 ) Noninterest income (2) 2,393 2,718 5,111 Noninterest expense (3) (19,008 ) (4,521 ) (23,529 ) Income before provision for income taxes 10,220 309 10,529 Provision for income taxes (2,069 ) (63 ) (2,132 ) Net income $ 8,151 $ 246 $ 8,397 Total average assets for period ended $ 2,401,864 $ 556,683 $ 2,958,547 Full-time employees ("FTEs") 440 130 570 At or For the Three Months Ended March 31, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income (1) $ 27,500 $ 3,162 $ 30,662 (Provision) recovery for credit losses (2,122 ) 14 (2,108 ) Noninterest income (2) 2,380 2,839 5,219 Noninterest expense (3) (18,610 ) (4,914 ) (23,524 ) Income before provision for income taxes 9,148 1,101 10,249 Provision for income taxes (1,809 ) (228 ) (2,037 ) Net income $ 7,339 $ 873 $ 8,212 Total average assets for period ended $ 2,250,052 $ 491,974 $ 2,742,026 FTEs 445 141 586 |
Note 16 - Goodwill and Other _2
Note 16 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets Accumulated Gross CDI Amortization Net CDI Balance, December 31, 2022 $ 7,490 $ (4,121 ) $ 3,369 Additions as a result of the Branch Purchase 17,438 — 17,438 Amortization — (3,464 ) (3,464 ) Balance, December 31, 2023 24,928 (7,585 ) 17,343 Amortization — (941 ) (941 ) Balance, March 31, 2024 $ 24,928 $ (8,526 ) $ 16,402 |
Core Deposits [Member] | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Remainder of 2024 $ 2,692 2025 3,191 2026 2,846 2027 2,500 2028 2,110 Thereafter 3,063 Total $ 16,402 |
Note 17 - Revenue From Contra_2
Note 17 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | At or For the Three Months Ended March 31, Noninterest income 2024 2023 In-scope of Topic 606: Debit card interchange fees $ 763 $ 639 Deposit service and account maintenance fees 364 275 Noninterest income (in-scope of Topic 606) 1,127 914 Noninterest income (out-of-scope and/or immaterial to Topic 606) 3,984 4,305 Total noninterest income $ 5,111 $ 5,219 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Bank Branches | 27 |
Number of Operating Segments | 2 |
Note 2 - Business Combination_2
Note 2 - Business Combination (Details Textual) $ in Thousands | 3 Months Ended | |||
Feb. 24, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Cash Acquired from Acquisition | $ 0 | $ 336,157 | ||
Goodwill | $ 3,592 | $ 3,592 | ||
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, 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 | Mar. 31, 2024 | Dec. 31, 2023 | Feb. 24, 2023 | |
Assets | ||||
Goodwill | $ 3,592 | $ 3,592 | ||
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 | |||
Total deposits | 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 | |||
Total deposits | 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) | ||
Total deposits | (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 $1.3 million is attributable to the workforce and customer relationships associated with the branches. All of the goodwill is deductible for tax purposes and will be amortized over a 15-year period. The goodwill was assigned to the Commercial and Consumer Banking segment.[4]The fair value of time deposits was calculated using a discounted cash flow analysis that calculated the present value of the projected cash flows from the portfolio versus the present value of a similar portfolio with a similar maturity profile at current market rates. This adjustment represents a difference in interest rates from the time deposits acquired and the estimated wholesale funding rates used in the application of fair value accounting. The discounted amount will be amortized into expense as an increase in interest expense over the maturity profile of the acquired time deposits. |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Held-to-Maturity, Accrued Interest, before Allowance for Credit Loss | $ 117,000 | $ 116,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 1,900,000 | 1,500,000 | |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | 0 | |
Debt Securities, Held-to-Maturity, 90 Days or More Past Due, Still Accruing | $ 0 | 0 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 7 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 34 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 128 | ||
Expected Credit Losses on Investments | $ 0 | $ 0 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 44,036,000 | $ 0 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ 0 |
Note 3 - Investments - Schedule
Note 3 - Investments - Schedule of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized cost, available for sale securities | $ 309,959 | $ 328,695 | ||
Gross unrealized gains, available for sale securities | 325 | 939 | ||
Gross unrealized losses, available for sale securities | (30,641) | (36,701) | ||
Fair value, available for sale securities | 279,643 | 292,933 | ||
Available-for-Sale, Allowance for Credit Loss | 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 | (715) | (834) | ||
Securities held-to-maturity, at fair value | 7,785 | 7,666 | ||
Securities available for sale, HTM, ACL | 45 | 45 | $ 31 | $ 31 |
Amortized cost | 318,459 | 337,195 | ||
Gross unrealized gains | 325 | 939 | ||
Gross unrealized losses | (31,356) | (37,535) | ||
Total securities, fair value | 287,428 | 300,599 | ||
Total securities, allowance for credit loss | 45 | 45 | ||
US Government Agencies Debt Securities [Member] | ||||
Amortized cost, available for sale securities | 21,151 | 21,151 | ||
Gross unrealized gains, available for sale securities | 45 | 46 | ||
Gross unrealized losses, available for sale securities | (3,298) | (3,179) | ||
Fair value, available for sale securities | 17,898 | 18,018 | ||
Available-for-Sale, Allowance for Credit Loss | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Amortized cost, available for sale securities | 16,000 | 13,000 | ||
Gross unrealized gains, available for sale securities | 90 | 613 | ||
Gross unrealized losses, available for sale securities | (890) | (741) | ||
Fair value, available for sale securities | 15,200 | 12,872 | ||
Available-for-Sale, Allowance for Credit Loss | 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 | (715) | (834) | ||
Securities held-to-maturity, at fair value | 7,785 | 7,666 | ||
Securities available for sale, HTM, ACL | 45 | 45 | ||
Municipal Bonds [Member] | ||||
Amortized cost, available for sale securities | 86,257 | 138,803 | ||
Gross unrealized gains, available for sale securities | 18 | 42 | ||
Gross unrealized losses, available for sale securities | (12,722) | (19,398) | ||
Fair value, available for sale securities | 73,553 | 119,447 | ||
Available-for-Sale, Allowance for Credit Loss | 0 | 0 | ||
Collateralized Mortgage-Backed Securities [Member] | ||||
Amortized cost, available for sale securities | 131,594 | 112,855 | ||
Gross unrealized gains, available for sale securities | 172 | 238 | ||
Gross unrealized losses, available for sale securities | (11,964) | (11,845) | ||
Fair value, available for sale securities | 119,802 | 101,248 | ||
Available-for-Sale, Allowance for Credit Loss | 0 | 0 | ||
U.S. Small Business Administration Securities [Member] | ||||
Amortized cost, available for sale securities | 54,957 | 42,886 | ||
Gross unrealized gains, available for sale securities | 0 | 0 | ||
Gross unrealized losses, available for sale securities | (1,767) | (1,538) | ||
Fair value, available for sale securities | 53,190 | 41,348 | ||
Available-for-Sale, Allowance for Credit Loss | $ 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning ACL balance | $ 45 | $ 31 |
Provision for (recapture of) credit losses | 0 | 0 |
Total ending ACL balance | $ 45 | $ 31 |
Note 3 - Investments - Schedu_3
Note 3 - Investments - Schedule of Debt Securities, Held-to-Maturity Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-Maturity, Amortized Cost | $ 8.5 | $ 8.5 |
Standard & Poor's, BBB/BBB Minus Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost | 7 | 7 |
Standard & Poor's, BB+ Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost | $ 1.5 | $ 1.5 |
Note 3 - Investments - Schedu_4
Note 3 - Investments - Schedule of Securities Pledged as Collateral (Details) - Asset Pledged as Collateral [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Investment Securities, Cost | $ 110,864 |
Investment Securities, Amortized Cost | 130,617 |
Investment Securities, Fair Value | 110,864 |
State and Local Government Public Deposits [Member] | |
Investment Securities, Cost | 34,703 |
Investment Securities, Amortized Cost | 40,783 |
Investment Securities, Fair Value | 34,703 |
Federal Reserve Bank, Bank Term Funding Program [Member] | |
Investment Securities, Cost | 76,161 |
Investment Securities, Amortized Cost | 89,834 |
Investment Securities, Fair Value | $ 76,161 |
Note 3 - Investments - Schedu_5
Note 3 - Investments - Schedule of Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less than 12 months, fair value, available for sale securities | $ 79,874 | $ 58,754 |
Less than 12 months, unrealized loss, available for sale securities | (816) | (637) |
12 months or longer, unrealized loss, fair value, available for sale securities | 165,595 | 209,362 |
12 months or longer, unrealized loss, available for sale securities | (29,825) | (36,064) |
Available for sale securities, fair value, total | 245,469 | 268,116 |
Available for sale securities, unrealized losses total | (30,641) | (36,701) |
Less than 12 months, fair value, held to maturity | 0 | 0 |
Less than 12 months, held to maturity securities | 0 | 0 |
12 months or longer, unrealized loss, fair value, held to maturity securities | 7,785 | 7,666 |
12 months or longer, unrealized loss, held to maturity securities | (715) | (834) |
Held to maturity securities, fair value, total | 7,785 | 7,666 |
Held-to-maturity, total | (715) | (834) |
Less than 12 months, fair value | 79,874 | 58,754 |
Less than 12 months, unrealized loss | (816) | (637) |
12 months or longer, fair value | 173,380 | 217,028 |
12 months or longer, unrealized loss | (30,540) | (36,898) |
Debt Securities, fair value, total | 253,254 | 275,782 |
Debt securities, unrealized loss, total | (31,356) | (37,535) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 0 |
Less than 12 months, unrealized loss, available for sale securities | 0 | 0 |
12 months or longer, unrealized loss, fair value, available for sale securities | 15,853 | 15,972 |
12 months or longer, unrealized loss, available for sale securities | (3,298) | (3,179) |
Available for sale securities, fair value, total | 15,853 | 15,972 |
Available for sale securities, unrealized losses total | (3,298) | (3,179) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 7,846 | 959 |
Less than 12 months, unrealized loss, available for sale securities | (154) | (41) |
12 months or longer, unrealized loss, fair value, available for sale securities | 4,263 | 4,300 |
12 months or longer, unrealized loss, available for sale securities | (736) | (700) |
Available for sale securities, fair value, total | 12,109 | 5,259 |
Available for sale securities, unrealized losses total | (890) | (741) |
Less than 12 months, fair value, held to maturity | 0 | 0 |
Less than 12 months, held to maturity securities | 0 | 0 |
12 months or longer, unrealized loss, fair value, held to maturity securities | 7,785 | 7,666 |
12 months or longer, unrealized loss, held to maturity securities | (715) | (834) |
Held to maturity securities, fair value, total | 7,785 | 7,666 |
Held-to-maturity, total | (715) | (834) |
Municipal Bonds [Member] | ||
Less than 12 months, fair value, available for sale securities | 1,279 | 3,922 |
Less than 12 months, unrealized loss, available for sale securities | (7) | (23) |
12 months or longer, unrealized loss, fair value, available for sale securities | 71,256 | 113,577 |
12 months or longer, unrealized loss, available for sale securities | (12,715) | (19,375) |
Available for sale securities, fair value, total | 72,535 | 117,499 |
Available for sale securities, unrealized losses total | (12,722) | (19,398) |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 25,189 | 20,662 |
Less than 12 months, unrealized loss, available for sale securities | (63) | (113) |
12 months or longer, unrealized loss, fair value, available for sale securities | 66,593 | 67,376 |
12 months or longer, unrealized loss, available for sale securities | (11,901) | (11,732) |
Available for sale securities, fair value, total | 91,782 | 88,038 |
Available for sale securities, unrealized losses total | (11,964) | (11,845) |
U.S. Small Business Administration Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 45,560 | 33,211 |
Less than 12 months, unrealized loss, available for sale securities | (592) | (460) |
12 months or longer, unrealized loss, fair value, available for sale securities | 7,630 | 8,137 |
12 months or longer, unrealized loss, available for sale securities | (1,175) | (1,078) |
Available for sale securities, fair value, total | 53,190 | 41,348 |
Available for sale securities, unrealized losses total | $ (1,767) | $ (1,538) |
Note 3 - Investments - Schedu_6
Note 3 - Investments - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-Sale, Amortized Cost | $ 309,959 | $ 328,695 |
Fair value, available for sale securities | 279,643 | 292,933 |
Total securities held-to-maturity, amortized cost | 8,500 | 8,500 |
Total securities held-to-maturity, fair value | 7,785 | 7,666 |
Total securities | 318,459 | 337,195 |
Total securities, fair value | 287,428 | 300,599 |
US Government Agencies Debt Securities [Member] | ||
Due within one year, amortized cost | 917 | 922 |
Due within one year, fair value | 914 | 914 |
Due after one year through five years, amortized cost | 3,951 | 3,947 |
Due after one year through five years, fair value | 3,537 | 3,544 |
Due after five years through ten years, amortized cost | 11,973 | 11,972 |
Due after five years through ten years, fair value | 10,067 | 10,139 |
Due after ten years, amortized cost | 4,310 | 4,310 |
Due after ten years, fair value | 3,380 | 3,421 |
Subtotal, amortized cost | 21,151 | 21,151 |
Subtotal, fair value | 17,898 | 18,018 |
Available-for-Sale, Amortized Cost | 21,151 | 21,151 |
Fair value, available for sale securities | 17,898 | 18,018 |
Corporate Debt Securities [Member] | ||
Due within one year, amortized cost | 0 | 1,000 |
Due within one year, fair value | 0 | 1,004 |
Due after one year through five years, amortized cost | 10,000 | 6,000 |
Due after one year through five years, fair value | 9,985 | 6,609 |
Due after five years through ten years, amortized cost | 4,000 | 4,000 |
Due after five years through ten years, fair value | 3,822 | 3,839 |
Due after ten years, amortized cost | 2,000 | 2,000 |
Due after ten years, fair value | 1,393 | 1,420 |
Subtotal, amortized cost | 16,000 | 13,000 |
Subtotal, fair value | 15,200 | 12,872 |
Available-for-Sale, Amortized Cost | 16,000 | 13,000 |
Fair value, available for sale securities | 15,200 | 12,872 |
Due after five years through ten years, amortized cost, held to maturity | 8,500 | 8,500 |
Due after five years through ten years, fair value, held to maturity | 7,785 | 7,666 |
Municipal Bonds [Member] | ||
Due within one year, amortized cost | 1,006 | 1,013 |
Due within one year, fair value | 1,000 | 1,003 |
Due after one year through five years, amortized cost | 82 | 757 |
Due after one year through five years, fair value | 81 | 751 |
Due after five years through ten years, amortized cost | 4,037 | 7,603 |
Due after five years through ten years, fair value | 3,836 | 7,101 |
Due after ten years, amortized cost | 81,132 | 129,430 |
Due after ten years, fair value | 68,636 | 110,592 |
Subtotal, amortized cost | 86,257 | 138,803 |
Subtotal, fair value | 73,553 | 119,447 |
Available-for-Sale, Amortized Cost | 86,257 | 138,803 |
Fair value, available for sale securities | 73,553 | 119,447 |
Collateralized Mortgage-Backed Securities [Member] | ||
Without single maturity date, amortized cost | 131,594 | 112,855 |
Without single maturity date, fair value | 119,802 | 101,248 |
Available-for-Sale, Amortized Cost | 131,594 | 112,855 |
Fair value, available for sale securities | 119,802 | 101,248 |
Collateralized Mortgage-Backed Securities [Member] | Federal National Mortgage Association (FNMA) [Member] | ||
Without single maturity date, amortized cost | 83,863 | 76,369 |
Without single maturity date, fair value | 73,301 | 66,275 |
Collateralized Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||
Without single maturity date, amortized cost | 36,178 | 32,311 |
Without single maturity date, fair value | 35,532 | 31,376 |
Collateralized Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Without single maturity date, amortized cost | 11,553 | 4,175 |
Without single maturity date, fair value | 10,969 | 3,597 |
U.S. Small Business Administration Securities [Member] | ||
Due within one year, amortized cost | 42 | 198 |
Due within one year, fair value | 41 | 196 |
Due after one year through five years, amortized cost | 1,656 | 1,860 |
Due after one year through five years, fair value | 1,584 | 1,824 |
Due after five years through ten years, amortized cost | 27,916 | 21,420 |
Due after five years through ten years, fair value | 27,317 | 20,929 |
Due after ten years, amortized cost | 25,343 | 19,408 |
Due after ten years, fair value | 24,248 | 18,399 |
Subtotal, amortized cost | 54,957 | 42,886 |
Subtotal, fair value | 53,190 | 41,348 |
Available-for-Sale, Amortized Cost | 54,957 | 42,886 |
Fair value, available for sale securities | $ 53,190 | $ 41,348 |
Note 3 - Investments - Schedu_7
Note 3 - Investments - Schedule of Gain or Loss of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Proceeds from sale of investment securities | $ 44,036 | $ 0 |
Realized gain | 0 | |
Realized loss | $ (7,998) |
Note 4 - Loans Receivable and_3
Note 4 - Loans Receivable and Allowance for Credit Losses - Loans (Details Textual) Pure in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Assets [Abstract] | |||
Interest Receivable | $ 14,455,000 | $ 14,005,000 | |
Financing Receivable, Unamortized Loan Cost (Fee) | (7,500,000) | (8,400,000) | |
Financing Receivable, Unamortized Purchase Premium (Discount) | 2,400,000 | 2,600,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 11,600,000 | $ 11,500,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | |
Financing Receivable, before Allowance for Credit Loss | $ 2,446,858,000 | $ 2,433,015,000 | |
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modified, Commitment to Lend | $ 0 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, Nonaccrual, Interest Income | 111,000 | $ 62,000 | |
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,090,000,000 | 1,070,000,000 | |
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 | $ 632,800,000 | $ 631,100,000 |
Note 4 - Loans Receivable and_4
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Portfolio Loan Composition (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Gross | $ 2,446,858 | $ 2,433,015 |
ACL on loans | (31,479) | (31,534) |
Total loans receivable, net | 2,415,379 | 2,401,481 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Gross | 1,536,184 | 1,530,381 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 359,055 | 366,328 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Gross | 301,346 | 303,054 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Gross | 73,323 | 69,488 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Financing Receivable, Gross | 580,050 | 567,742 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Gross | 222,410 | 223,769 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Gross | 646,132 | 646,753 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | ||
Financing Receivable, Gross | 568,802 | 569,903 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | ||
Financing Receivable, Gross | 73,921 | 73,310 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Gross | 3,409 | 3,540 |
Commercial Business Portfolio Segment [Member] | ||
Financing Receivable, Gross | 264,542 | 255,881 |
Commercial Business Portfolio Segment [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Gross | 256,429 | 238,301 |
Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | ||
Financing Receivable, Gross | $ 8,113 | $ 17,580 |
Note 4 - Loans Receivable and_5
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Allowance for Credit Losses by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Beginning balance | $ 31,534 | $ 27,992 | $ 27,992 |
Provision for credit losses on loans | 1,421 | 2,355 | |
Charge-offs | (1,894) | (720) | (3,476) |
Recoveries | 418 | 310 | |
Net charge-offs | (1,476) | (410) | |
Total ending ACL balance | 31,479 | 29,937 | 31,534 |
Real Estate Portfolio Segment [Member] | |||
Beginning balance | 14,107 | 12,123 | 12,123 |
Provision for credit losses on loans | 146 | 459 | |
Charge-offs | 0 | (10) | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | (10) | |
Total ending ACL balance | 14,253 | 12,572 | 14,107 |
Consumer Portfolio Segment [Member] | |||
Beginning balance | 13,357 | 12,109 | 12,109 |
Provision for credit losses on loans | 644 | 1,691 | |
Charge-offs | (1,486) | (709) | |
Recoveries | 418 | 310 | |
Net charge-offs | (1,068) | (399) | |
Total ending ACL balance | 12,933 | 13,401 | 13,357 |
Commercial Business Portfolio Segment [Member] | |||
Beginning balance | 4,070 | 3,760 | 3,760 |
Provision for credit losses on loans | 631 | 205 | |
Charge-offs | (408) | (1) | |
Recoveries | 0 | 0 | |
Net charge-offs | (408) | (1) | |
Total ending ACL balance | 4,293 | 3,964 | 4,070 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 0 | 0 | 0 |
Provision for credit losses on loans | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Total ending ACL balance | $ 0 | $ 0 | $ 0 |
Note 4 - Loans Receivable and_6
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||
Amortized cost basis | $ 1,102 | |
% of total loan type | 0.30% | |
Weighted-average period (Year) | 1 year 8 months 12 days | |
Commercial And Industrial [Member] | Commercial Business Portfolio Segment [Member] | Extended Maturity and Interest Rate Reduction [Member] | ||
Amortized cost basis | $ 3,709 | |
% of total loan type | 1.70% | |
Weighted-average period (Year) | 5 years | |
Pre-modification % | 7.50% | |
Post-modification % | 4.10% |
Note 4 - Loans Receivable and_7
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, before Allowance for Credit Loss | $ 2,446,858 | $ 2,433,015 | |
Financing Receivable, Nonaccrual | [1] | 12,106 | 10,952 |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,536,184 | 1,530,381 | |
Financing Receivable, Nonaccrual | [1] | 6,182 | 6,056 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 359,055 | 366,328 | |
Financing Receivable, Nonaccrual | 1,102 | 1,088 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 301,346 | 303,054 | |
Financing Receivable, Nonaccrual | [1] | 4,737 | 4,699 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 73,323 | 69,488 | |
Financing Receivable, Nonaccrual | [1] | 170 | 173 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 580,050 | 567,742 | |
Financing Receivable, Nonaccrual | [1] | 173 | 96 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 222,410 | 223,769 | |
Financing Receivable, Nonaccrual | [1] | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 646,132 | 646,753 | |
Financing Receivable, Nonaccrual | [1] | 2,583 | 2,213 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 568,802 | 569,903 | |
Financing Receivable, Nonaccrual | [1] | 2,195 | 1,863 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 73,921 | 73,310 | |
Financing Receivable, Nonaccrual | [1] | 385 | 342 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,409 | 3,540 | |
Financing Receivable, Nonaccrual | [1] | 3 | 8 |
Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 264,542 | 255,881 | |
Financing Receivable, Nonaccrual | [1] | 3,341 | 2,683 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 256,429 | 238,301 | |
Financing Receivable, Nonaccrual | [1] | 3,341 | 2,683 |
Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 8,113 | 17,580 | |
Financing Receivable, Nonaccrual | [1] | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 6,894 | 2,268 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,753 | 79 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,737 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 16 | 79 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,974 | 2,189 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,657 | 1,759 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 295 | 373 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 22 | 57 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 167 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 167 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 831 | 1,630 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 26 | 121 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 26 | 25 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 96 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 805 | 1,509 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 717 | 1,248 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 86 | 243 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2 | 18 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,211 | 3,570 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 217 | 136 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 137 | 136 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 80 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 737 | 920 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 651 | 777 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 85 | 137 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1 | 6 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2,257 | 2,514 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2,257 | 2,514 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 10,936 | 7,468 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,996 | 336 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,737 | 0 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 179 | 240 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 80 | 96 | |
Financial Asset, Past Due [Member] | Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,516 | 4,618 | |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,025 | 3,784 | |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 466 | 753 | |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 25 | 81 | |
Financial Asset, Past Due [Member] | Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2,424 | 2,514 | |
Financial Asset, Past Due [Member] | Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2,424 | 2,514 | |
Financial Asset, Past Due [Member] | Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 2,435,922 | 2,425,547 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,531,188 | 1,530,045 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 359,055 | 366,328 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 296,609 | 303,054 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 73,144 | 69,248 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 579,970 | 567,646 | |
Financial Asset, Not Past Due [Member] | Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 222,410 | 223,769 | |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 642,616 | 642,135 | |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 565,777 | 566,119 | |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 73,455 | 72,557 | |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,384 | 3,459 | |
Financial Asset, Not Past Due [Member] | Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 262,118 | 253,367 | |
Financial Asset, Not Past Due [Member] | Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 254,005 | 235,787 | |
Financial Asset, Not Past Due [Member] | Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | $ 8,113 | $ 17,580 | |
[1]Includes past due loans as applicable. |
Note 4 - Loans Receivable and_8
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Risk Rated Loan by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, before Allowance for Credit Loss | $ 2,446,858 | $ 2,433,015 | |
Financing Receivable, Year One | 91,962 | 491,485 | |
Financing Receivable, Year Two | 499,895 | 674,717 | |
Financing Receivable, Year Three | 627,367 | 464,272 | |
Financing Receivable, Year Four | 451,952 | 257,540 | |
Financing Receivable, Year Five | 252,327 | 134,306 | |
Financing Receivable, Prior | 315,051 | 196,511 | |
Financing Receivable, Revolving | 208,206 | 213,241 | |
Financing Receivable, Converted to Term | 98 | 943 | |
Total financing receivable, gross | 2,446,858 | 2,433,015 | |
Current Fiscal Year, Writeoff | 0 | 204 | |
Fiscal Year before Current Fiscal Year, Writeoff | 244 | 1,435 | |
Two Years before Current Fiscal Year, Writeoff | 580 | 673 | |
Three Years before Current Fiscal Year, Writeoff | 234 | 290 | |
Four Years before Current Fiscal Year, Writeoff | 45 | 152 | |
More than Five Years before Current Fiscal Year, Writeoff | 346 | 592 | |
Revolving, Writeoff | 445 | 130 | |
Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |
Allowance for Credit Loss, Writeoff | 1,894 | $ 720 | 3,476 |
Pass [Member] | |||
Financing Receivable, Year One | 91,962 | 482,667 | |
Financing Receivable, Year Two | 488,952 | 663,043 | |
Financing Receivable, Year Three | 610,071 | 447,175 | |
Financing Receivable, Year Four | 435,013 | 251,907 | |
Financing Receivable, Year Five | 246,789 | 130,922 | |
Financing Receivable, Prior | 303,485 | 188,568 | |
Financing Receivable, Revolving | 195,474 | 202,971 | |
Financing Receivable, Converted to Term | 98 | 617 | |
Total financing receivable, gross | 2,371,844 | 2,367,870 | |
Watch [Member] | |||
Financing Receivable, Year One | 0 | 5,523 | |
Financing Receivable, Year Two | 7,643 | 5,446 | |
Financing Receivable, Year Three | 10,843 | 14,276 | |
Financing Receivable, Year Four | 13,593 | 2,366 | |
Financing Receivable, Year Five | 2,224 | 453 | |
Financing Receivable, Prior | 3,596 | 3,179 | |
Financing Receivable, Revolving | 9,551 | 6,376 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 47,450 | 37,619 | |
Substandard [Member] | |||
Financing Receivable, Year One | 0 | 3,152 | |
Financing Receivable, Year Two | 3,300 | 6,228 | |
Financing Receivable, Year Three | 6,453 | 2,821 | |
Financing Receivable, Year Four | 2,771 | 3,267 | |
Financing Receivable, Year Five | 3,314 | 2,024 | |
Financing Receivable, Prior | 6,865 | 4,511 | |
Financing Receivable, Revolving | 2,239 | 2,150 | |
Financing Receivable, Converted to Term | 0 | 326 | |
Total financing receivable, gross | 24,942 | 24,479 | |
Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 143 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 575 | 0 | |
Financing Receivable, Year Five | 0 | 907 | |
Financing Receivable, Prior | 1,105 | 253 | |
Financing Receivable, Revolving | 942 | 1,345 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 2,622 | 2,648 | |
Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 399 | ||
Financing Receivable, Converted to Term | 0 | ||
Total financing receivable, gross | 399 | ||
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 47,263 | 286,761 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 296,913 | 404,537 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 369,693 | 336,609 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 330,861 | 192,837 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 190,908 | 97,415 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 235,173 | 147,382 | |
Financing Receivable, Revolving | 65,300 | 64,042 | |
Financing Receivable, Revolving, Converted to Term Loan | 73 | 798 | |
Financing Receivable, before Allowance for Credit Loss | 1,536,184 | 1,530,381 | |
Allowance for Credit Loss, Writeoff | 0 | 10 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,034 | 51,752 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 49,814 | 96,590 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 96,164 | 74,583 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 73,584 | 47,767 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 46,653 | 28,819 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 89,489 | 65,947 | |
Financing Receivable, Revolving | 244 | 544 | |
Financing Receivable, Revolving, Converted to Term Loan | 73 | 326 | |
Financing Receivable, before Allowance for Credit Loss | 359,055 | 366,328 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,034 | 48,551 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 46,629 | 91,144 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 85,321 | 61,689 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 60,749 | 46,117 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 45,012 | 27,957 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 84,134 | 61,764 | |
Financing Receivable, Revolving | 0 | 499 | |
Financing Receivable, Revolving, Converted to Term Loan | 73 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 324,952 | 337,721 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,201 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,185 | 5,446 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 10,843 | 12,894 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,835 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 453 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,665 | 2,226 | |
Financing Receivable, Revolving | 244 | 45 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 29,772 | 24,265 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 1,650 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,641 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,286 | 1,957 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 326 | |
Financing Receivable, before Allowance for Credit Loss | 3,927 | 3,933 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 409 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 404 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 404 | 409 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,765 | 120,155 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 133,438 | 110,867 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 79,495 | 46,989 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,355 | 15,219 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,220 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 526 | 540 | |
Financing Receivable, Revolving | 10,547 | 9,284 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 301,346 | 303,054 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,765 | 120,155 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 133,438 | 106,168 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 74,758 | 46,989 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,355 | 15,219 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,220 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 526 | 540 | |
Financing Receivable, Revolving | 10,547 | 9,284 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 296,609 | 298,355 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 4,699 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,737 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 4,737 | 4,699 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,095 | 4,583 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,364 | 398 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 381 | 1,584 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,573 | 6,525 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,397 | 11 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,004 | 2,173 | |
Financing Receivable, Revolving | 54,509 | 54,214 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 73,323 | 69,488 | |
Revolving, Writeoff | 10 | ||
Allowance for Credit Loss, Writeoff | 10 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,095 | 4,583 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,364 | 398 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 381 | 1,584 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,573 | 6,525 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,397 | 11 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,971 | 2,137 | |
Financing Receivable, Revolving | 54,372 | 54,077 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 73,153 | 69,315 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 33 | 36 | |
Financing Receivable, Revolving | 137 | 137 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 170 | 173 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 18,276 | 103,165 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 102,210 | 176,278 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 173,325 | 122,406 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 124,529 | 80,815 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 80,342 | 30,595 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 81,368 | 54,011 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 472 | |
Financing Receivable, before Allowance for Credit Loss | 580,050 | 567,742 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 18,276 | 103,165 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 102,210 | 175,412 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 172,463 | 122,406 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 124,529 | 80,815 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 80,342 | 30,595 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 79,296 | 52,008 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 472 | |
Financing Receivable, before Allowance for Credit Loss | 577,116 | 564,873 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 866 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 862 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,072 | 2,003 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 2,934 | 2,869 | |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 93 | 7,106 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,087 | 20,404 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,328 | 91,047 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 90,820 | 42,511 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 42,296 | 37,990 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61,786 | 24,711 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 222,410 | 223,769 | |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 93 | 7,106 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,087 | 20,404 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,328 | 91,047 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 90,820 | 42,511 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 42,296 | 37,990 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61,786 | 24,711 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 222,410 | 223,769 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 646,132 | 646,753 | |
Financing Receivable, Year One | 35,199 | 185,348 | |
Financing Receivable, Year Two | 174,441 | 237,846 | |
Financing Receivable, Year Three | 225,176 | 104,326 | |
Financing Receivable, Year Four | 98,854 | 49,409 | |
Financing Receivable, Year Five | 47,016 | 29,505 | |
Financing Receivable, Prior | 63,155 | 38,047 | |
Financing Receivable, Revolving | 2,291 | 2,272 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 646,132 | 646,753 | |
Allowance for Credit Loss, Writeoff | 1,486 | 709 | |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 568,802 | 569,903 | |
Financing Receivable, Year One | 31,369 | 171,420 | |
Financing Receivable, Year Two | 161,111 | 213,324 | |
Financing Receivable, Year Three | 202,118 | 94,112 | |
Financing Receivable, Year Four | 89,026 | 36,173 | |
Financing Receivable, Year Five | 34,152 | 24,235 | |
Financing Receivable, Prior | 51,021 | 30,633 | |
Financing Receivable, Revolving | 5 | 6 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 568,802 | 569,903 | |
Current Fiscal Year, Writeoff | 0 | 204 | |
Fiscal Year before Current Fiscal Year, Writeoff | 211 | 1,386 | |
Two Years before Current Fiscal Year, Writeoff | 499 | 567 | |
Three Years before Current Fiscal Year, Writeoff | 183 | 290 | |
Four Years before Current Fiscal Year, Writeoff | 45 | 145 | |
More than Five Years before Current Fiscal Year, Writeoff | 225 | 336 | |
Revolving, Writeoff | 0 | 0 | |
Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |
Allowance for Credit Loss, Writeoff | 1,163 | 2,928 | |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 31,369 | 171,208 | |
Financing Receivable, Year Two | 160,726 | 212,661 | |
Financing Receivable, Year Three | 201,319 | 93,664 | |
Financing Receivable, Year Four | 88,557 | 36,032 | |
Financing Receivable, Year Five | 33,947 | 23,977 | |
Financing Receivable, Prior | 50,684 | 30,492 | |
Financing Receivable, Revolving | 5 | 6 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 566,607 | 568,040 | |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | 212 | |
Financing Receivable, Year Two | 385 | 663 | |
Financing Receivable, Year Three | 799 | 448 | |
Financing Receivable, Year Four | 469 | 141 | |
Financing Receivable, Year Five | 205 | 258 | |
Financing Receivable, Prior | 337 | 141 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 2,195 | 1,863 | |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 73,921 | 73,310 | |
Financing Receivable, Year One | 3,780 | 13,619 | |
Financing Receivable, Year Two | 13,093 | 23,963 | |
Financing Receivable, Year Three | 22,567 | 10,039 | |
Financing Receivable, Year Four | 9,685 | 13,167 | |
Financing Receivable, Year Five | 12,805 | 5,267 | |
Financing Receivable, Prior | 11,991 | 7,255 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 73,921 | 73,310 | |
Current Fiscal Year, Writeoff | 0 | 0 | |
Fiscal Year before Current Fiscal Year, Writeoff | 0 | 47 | |
Two Years before Current Fiscal Year, Writeoff | 75 | 93 | |
Three Years before Current Fiscal Year, Writeoff | 51 | 0 | |
Four Years before Current Fiscal Year, Writeoff | 0 | 7 | |
More than Five Years before Current Fiscal Year, Writeoff | 105 | 256 | |
Revolving, Writeoff | 0 | 0 | |
Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |
Allowance for Credit Loss, Writeoff | 231 | 403 | |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One | 3,780 | 13,619 | |
Financing Receivable, Year Two | 13,093 | 23,963 | |
Financing Receivable, Year Three | 22,512 | 9,987 | |
Financing Receivable, Year Four | 9,685 | 13,082 | |
Financing Receivable, Year Five | 12,679 | 5,267 | |
Financing Receivable, Prior | 11,787 | 7,050 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 73,536 | 72,968 | |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 55 | 52 | |
Financing Receivable, Year Four | 0 | 85 | |
Financing Receivable, Year Five | 126 | 0 | |
Financing Receivable, Prior | 204 | 205 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 385 | 342 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,409 | 3,540 | |
Financing Receivable, Year One | 50 | 309 | |
Financing Receivable, Year Two | 237 | 559 | |
Financing Receivable, Year Three | 491 | 175 | |
Financing Receivable, Year Four | 143 | 69 | |
Financing Receivable, Year Five | 59 | 3 | |
Financing Receivable, Prior | 143 | 159 | |
Financing Receivable, Revolving | 2,286 | 2,266 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 3,409 | 3,540 | |
Current Fiscal Year, Writeoff | 0 | 0 | |
Fiscal Year before Current Fiscal Year, Writeoff | 33 | 2 | |
Two Years before Current Fiscal Year, Writeoff | 6 | 12 | |
Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |
Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |
More than Five Years before Current Fiscal Year, Writeoff | 16 | 0 | |
Revolving, Writeoff | 37 | 120 | |
Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |
Allowance for Credit Loss, Writeoff | 92 | 134 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 50 | 309 | |
Financing Receivable, Year Two | 237 | 559 | |
Financing Receivable, Year Three | 491 | 175 | |
Financing Receivable, Year Four | 143 | 69 | |
Financing Receivable, Year Five | 59 | 3 | |
Financing Receivable, Prior | 143 | 159 | |
Financing Receivable, Revolving | 2,283 | 2,258 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 3,406 | 3,532 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Substandard [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 | 3 | 8 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 3 | 8 | |
Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 264,542 | 255,881 | |
Financing Receivable, Year One | 9,500 | 19,376 | |
Financing Receivable, Year Two | 28,541 | 32,334 | |
Financing Receivable, Year Three | 32,498 | 23,337 | |
Financing Receivable, Year Four | 22,237 | 15,294 | |
Financing Receivable, Year Five | 14,403 | 7,386 | |
Financing Receivable, Prior | 16,723 | 11,082 | |
Financing Receivable, Revolving | 140,615 | 146,927 | |
Financing Receivable, Converted to Term | 25 | 145 | |
Total financing receivable, gross | 264,542 | 255,881 | |
Allowance for Credit Loss, Writeoff | 408 | $ 1 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 256,429 | 238,301 | |
Financing Receivable, Year One | 9,500 | 19,376 | |
Financing Receivable, Year Two | 28,541 | 32,334 | |
Financing Receivable, Year Three | 32,498 | 23,337 | |
Financing Receivable, Year Four | 22,237 | 15,294 | |
Financing Receivable, Year Five | 14,403 | 7,386 | |
Financing Receivable, Prior | 16,723 | 11,082 | |
Financing Receivable, Revolving | 132,502 | 129,347 | |
Financing Receivable, Converted to Term | 25 | 145 | |
Total financing receivable, gross | 256,429 | 238,301 | |
Current Fiscal Year, Writeoff | 0 | 0 | |
Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |
Two Years before Current Fiscal Year, Writeoff | 0 | 1 | |
Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |
Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |
More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |
Revolving, Writeoff | 408 | 0 | |
Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |
Allowance for Credit Loss, Writeoff | 408 | 1 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 9,500 | 13,971 | |
Financing Receivable, Year Two | 21,168 | 32,334 | |
Financing Receivable, Year Three | 32,498 | 19,634 | |
Financing Receivable, Year Four | 18,602 | 11,537 | |
Financing Receivable, Year Five | 10,837 | 5,122 | |
Financing Receivable, Prior | 13,158 | 9,707 | |
Financing Receivable, Revolving | 120,156 | 119,844 | |
Financing Receivable, Converted to Term | 25 | 145 | |
Total financing receivable, gross | 225,944 | 212,294 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Watch [Member] | |||
Financing Receivable, Year One | 0 | 2,322 | |
Financing Receivable, Year Two | 4,458 | 0 | |
Financing Receivable, Year Three | 0 | 1,382 | |
Financing Receivable, Year Four | 758 | 2,366 | |
Financing Receivable, Year Five | 2,224 | 0 | |
Financing Receivable, Prior | 931 | 953 | |
Financing Receivable, Revolving | 9,305 | 5,754 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 17,676 | 12,777 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | 2,940 | |
Financing Receivable, Year Two | 2,915 | 0 | |
Financing Receivable, Year Three | 0 | 2,321 | |
Financing Receivable, Year Four | 2,302 | 1,391 | |
Financing Receivable, Year Five | 1,342 | 1,766 | |
Financing Receivable, Prior | 1,933 | 169 | |
Financing Receivable, Revolving | 2,099 | 2,005 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 10,591 | 10,592 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 143 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 575 | 0 | |
Financing Receivable, Year Five | 0 | 498 | |
Financing Receivable, Prior | 701 | 253 | |
Financing Receivable, Revolving | 942 | 1,345 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 2,218 | 2,239 | |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 399 | ||
Financing Receivable, Converted to Term | 0 | ||
Total financing receivable, gross | 399 | ||
Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 8,113 | 17,580 | |
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 | 8,113 | 17,580 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 8,113 | 17,580 | |
Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | Pass [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 | 8,111 | 17,003 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | 8,111 | 17,003 | |
Commercial Business Portfolio Segment [Member] | Warehouse Lending 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 | 2 | 577 | |
Financing Receivable, Converted to Term | 0 | 0 | |
Total financing receivable, gross | $ 2 | $ 577 |
Note 4 - Loans Receivable and_9
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Amortized Cost of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual, No Allowance | $ 1,737 | $ 1,357 | |
Financing Receivable, Nonaccrual, With Allowance | 10,369 | 9,595 | |
Financing Receivable, Nonaccrual | [1] | 12,106 | 10,952 |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 1,445 | 1,357 | |
Financing Receivable, Nonaccrual, With Allowance | 4,737 | 4,699 | |
Financing Receivable, Nonaccrual | [1] | 6,182 | 6,056 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 1,102 | 1,088 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual | 1,102 | 1,088 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 4,737 | 4,699 | |
Financing Receivable, Nonaccrual | [1] | 4,737 | 4,699 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 170 | 173 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual | [1] | 170 | 173 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 173 | 96 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual | [1] | 173 | 96 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | ||
Financing Receivable, Nonaccrual, With Allowance | 2,583 | 2,213 | |
Financing Receivable, Nonaccrual | [1] | 2,583 | 2,213 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 2,195 | 1,863 | |
Financing Receivable, Nonaccrual | [1] | 2,195 | 1,863 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 385 | 342 | |
Financing Receivable, Nonaccrual | [1] | 385 | 342 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 3 | 8 | |
Financing Receivable, Nonaccrual | [1] | 3 | 8 |
Commercial Business Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual | [1] | 3,341 | 2,683 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, Nonaccrual, No Allowance | 292 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 3,049 | 2,683 | |
Financing Receivable, Nonaccrual | [1] | $ 3,341 | $ 2,683 |
[1]Includes past due loans as applicable. |
Note 4 - Loans Receivable an_10
Note 4 - Loans Receivable and Allowance for Credit Losses on Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Gross | $ 2,446,858 | $ 2,433,015 |
Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 5,839 | 5,787 |
Residential Real Estate [Member] | ||
Financing Receivable, Gross | 343 | 269 |
Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 5,921 | 4,888 |
Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 12,103 | 10,944 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Gross | 1,536,184 | 1,530,381 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 5,839 | 5,787 |
Real Estate Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 343 | 269 |
Real Estate Portfolio Segment [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 6,182 | 6,056 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 1,102 | 1,088 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 1,102 | 1,088 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Gross | 301,346 | 303,054 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 4,737 | 4,699 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 4,737 | 4,699 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Gross | 73,323 | 69,488 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 170 | 173 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 170 | 173 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Financing Receivable, Gross | 580,050 | 567,742 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 173 | 96 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 173 | 96 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Gross | 646,132 | 646,753 |
Consumer Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 2,580 | 2,205 |
Consumer Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 2,580 | 2,205 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | ||
Financing Receivable, Gross | 568,802 | 569,903 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 2,195 | 1,863 |
Consumer Portfolio Segment [Member] | Indirect Home Improvement Loan [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 2,195 | 1,863 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | ||
Financing Receivable, Gross | 73,921 | 73,310 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 385 | 342 |
Consumer Portfolio Segment [Member] | Marine Loans [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | 385 | 342 |
Commercial Business Portfolio Segment [Member] | ||
Financing Receivable, Gross | 264,542 | 255,881 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Gross | 256,429 | 238,301 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Gross | 0 | 0 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Other Nonreal Estate [Member] | ||
Financing Receivable, Gross | 3,341 | 2,683 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable, Gross | $ 3,341 | $ 2,683 |
Note 5 - Mortgage Servicing R_3
Note 5 - Mortgage Servicing Rights (Details Textual) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset | $ 1,560,000 | $ 2,832,016 | |
Servicing Asset at Fair Value, Amount | 20,300 | $ 38,200 | |
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $ 1,400 | $ 1,800 | |
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 - Mortgage Servicing R_4
Note 5 - Mortgage Servicing Rights - Schedule of Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance, MSR | $ 17,176 | $ 18,017 |
Additions | 576 | 405 |
Sales | (7,953) | 0 |
MSRs amortized | (697) | (821) |
Impairment of MSRs | (93) | (2) |
Balance, MSR | $ 9,009 | $ 17,599 |
Note 5 - Mortgage Servicing R_5
Note 5 - Mortgage Servicing Rights - Valuation Assumptions (Details) - Mortgage Servicing Rights [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Discount rate | 9.90% | 9.40% |
Conditional prepayment rate | 8.90% | 7.20% |
Weighted average life in years (Year) | 7 years 10 months 24 days | 8 years 4 months 24 days |
Note 5 - Mortgage Servicing R_6
Note 5 - Mortgage Servicing Rights - Schedule of Sensitivity Analysis of Fair Value (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Aggregate portfolio principal balance | $ 1,560,000 | $ 2,832,016 |
Weighted average rate of loans in MSRs portfolio | 3.60% | |
Conditional prepayment rate | 8.90% | 7.20% |
Fair value MSRs | $ 20,300 | $ 38,200 |
Discount rate | 9.90% | 9.40% |
Base Rate [Member] | ||
Aggregate portfolio principal balance | $ 1,562,287 | |
Weighted average rate of loans in MSRs portfolio | 4% | |
Base Rate [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 8.90% | 7.20% |
Fair value MSRs | $ 20,315 | $ 38,163 |
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% | 1.30% |
Base Rate [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSRs | $ 20,315 | $ 38,163 |
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% | 1.30% |
Discount rate | 9.90% | 9.40% |
Sensitivity Analysis of Fair Value, Impact of 0.5 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 10.40% | 8% |
Fair value MSRs | $ 19,706 | $ 37,268 |
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% | 1.30% |
Sensitivity Analysis of Fair Value, Impact of 0.5 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSRs | $ 19,877 | $ 37,301 |
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% | 1.30% |
Discount rate | 10.40% | 9.90% |
Sensitivity Analysis of Fair Value, Impact of 1.0 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Prepayment Rate [Member] | ||
Conditional prepayment rate | 12.60% | 9.30% |
Fair value MSRs | $ 18,953 | $ 35,819 |
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 | 1.20% | 1.30% |
Sensitivity Analysis of Fair Value, Impact of 1.0 Percent Adverse Change in Other Assumption [Member] | Measurement Input, Discount Rate [Member] | ||
Fair value MSRs | $ 19,456 | $ 36,476 |
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 | 1.20% | 1.30% |
Discount rate | 10.90% | 10.40% |
Note 6 - Derivatives (Details T
Note 6 - Derivatives (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized Gain (Loss) on Derivatives | $ 3,324,000 | $ (2,424,000) |
Asset Pledged as Collateral [Member] | Interest Rate Swap Agreements [Member] | ||
Securities Received as Collateral | 0 | |
Designated as Hedging Instrument [Member] | ||
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | 184,900,000 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 4,400,000 | |
Derivative, Amount of Hedged Item | 60,000,000 | |
Not Designated as Hedging Instrument [Member] | ||
Unrealized Gain (Loss) on Derivatives | 201,000 | $ 424,000 |
Interest Rate Swap [Member] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 3,700,000 |
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] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Cumulative Amount of Fair Value Hedging Adjustment | $ 4,440 | $ 3,215 | |
Securities Investment [Member] | |||
Cumulative Amount of Fair Value Hedging Adjustment | [1] | 4,440 | 3,215 |
Reported Value Measurement [Member] | |||
Hedged Assets | 55,560 | 56,785 | |
Reported Value Measurement [Member] | Securities Investment [Member] | |||
Hedged Assets | [1] | $ 55,560 | $ 56,785 |
[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 March 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $184.9 million; the cumulative basis adjustments associated with these hedging relationships was $4.4 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Swap [Member] | ||
Derivative Asset | $ 9,453 | $ 6,495 |
Derivative Liability | 0 | 375 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Deposits [Member] | ||
Notional | 190,000 | 250,000 |
Derivative Asset | 4,960 | 3,233 |
Derivative Liability | 0 | 375 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Securities Investment [Member] | ||
Notional | 60,000 | 60,000 |
Derivative Asset | 4,420 | 3,198 |
Derivative Liability | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 29,238 | 22,334 |
Derivative Asset | 251 | 329 |
Derivative Liability | 0 | 0 |
Mandatory and Best Effort Forward Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 36,310 | 10,070 |
Derivative Asset | 0 | 0 |
Derivative Liability | 73 | 188 |
Forward TBA Mortgage-Backed Securities [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 38,000 | 33,000 |
Derivative Asset | 0 | 0 |
Derivative Liability | 78 | 284 |
Customer Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 801 | 801 |
Derivative Asset | 0 | 0 |
Derivative Liability | 73 | 63 |
Dealer Offsets to Customer Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional | 801 | 801 |
Derivative Asset | 73 | 64 |
Derivative Liability | $ 0 | $ 0 |
Note 6 - Derivatives - Schedu_3
Note 6 - Derivatives - Schedule of Hedging Relationship (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification adjustment for realized gain, net included in net income | $ (1,722) | $ (907) |
Interest Expense [Member] | ||
Total amounts presented on the Consolidated Statements of Income | 12,882 | 6,624 |
Net interest income recognized on cash flows of derivatives designated as hedging instruments | 0 | 0 |
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 |
Recognized on derivatives designated as hedging instruments | 0 | 0 |
Net income recognized on fair value hedges | 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 | 1,722 | 907 |
Net income recognized on cash flow hedges | 1,722 | 907 |
Interest Income [Member] | ||
Total amounts presented on the Consolidated Statements of Income | 3,883 | 2,620 |
Net interest income recognized on cash flows of derivatives designated as hedging instruments | 418 | 293 |
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 | (1,225) | 1,495 |
Recognized on derivatives designated as hedging instruments | 1,225 | (1,495) |
Net income recognized on fair value hedges | 418 | 293 |
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 |
Net income recognized on cash flow hedges | $ 0 | $ 0 |
Note 6 - Derivatives - Schedu_4
Note 6 - Derivatives - Schedule of Offsetting of Derivative Assets (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Asset, Before Offset | $ 9,628 | $ 6,648 |
Derivative Asset, Offset | 175 | 153 |
Derivative asset | 9,453 | 6,495 |
Derivative Assets, Financial Instruments Collateral | 0 | 0 |
Derivative Assets, Cash Collateral | (1,070) | 0 |
Derivative Asset, Net | $ 8,383 | $ 6,495 |
Note 6 - Derivatives - Schedu_5
Note 6 - Derivatives - Schedule of Offsetting of Derivative Liabilities (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Liability, Before Offset | $ 0 | $ (722) |
Derivative liability, offset | 0 | (347) |
Derivatives liabilities | 0 | (375) |
Financial Instrument | 0 | 0 |
Derivative liability, cash collateral | 0 | 270 |
Derivative liability, net | $ 0 | $ (105) |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Mar. 31, 2024 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 6 months 15 days |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease cost | $ 474 | $ 409 |
Short-term lease cost | 3 | 4 |
Total lease cost | $ 477 | $ 413 |
Note 7 - Leases - Schedule of S
Note 7 - Leases - Schedule of Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating cash flows from operating leases | $ 490 | $ 424 |
Weighted average remaining lease term- operating leases (in years) (Year) | 3 years 9 months 18 days | 4 years 7 months 6 days |
Weighted average discount rate- operating leases | 2.97% | 2.83% |
Note 7 - Leases - Schedule of M
Note 7 - Leases - Schedule of Maturity for Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Remainder of 2024, operating lease | $ 1,446 | |
2025, operating lease | 1,628 | |
2026, operating lease | 1,475 | |
2027, operating lease | 1,173 | |
2028, operating lease | 428 | |
Thereafter, operating lease | 954 | |
Total lease payments, operating lease | 7,104 | |
Less imputed interest, operating lease | (694) | |
Total, operating lease | $ 6,410 | $ 6,848 |
Note 8 - Other Real Estate Ow_3
Note 8 - Other Real Estate Owned ("OREO") (Details Textual) - Real Estate Owned (OREO) [Member] | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Number of Real Estate Properties | 0 | 1 | |
Custody Fees | $ 0 | $ 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 80,000 | $ 96,000 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance, OREO | $ 0 | $ 570 |
Additions | 0 | 0 |
Loans transferred to OREO | 0 | 0 |
Balance, OREO | $ 0 | $ 570 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liabilities, Checking [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | $ 0 | $ 70,200,000 |
Deposit Liabilities, Money Market [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | 8,000,000 | 1,000 |
Deposit Liabilities, Certificates of Deposits [Member] | ||
Interest-Bearing Domestic Deposit, Brokered | $ 331,300,000 | $ 361,300,000 |
Note 9 - Deposits - Schedule of
Note 9 - Deposits - Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Noninterest-bearing checking | $ 618,526 | $ 654,048 | |
Interest-bearing checking | [1] | 188,050 | 244,028 |
Savings | 153,025 | 151,630 | |
Money market | [2] | 364,944 | 359,063 |
Certificates of deposit less than $100,000 | [3] | 579,153 | 587,858 |
Certificates of deposit of $100,000 through $250,000 | 424,463 | 429,373 | |
Certificates of deposit greater than $250,000 | [4] | 108,763 | 79,540 |
Escrow accounts related to mortgages serviced | [5] | 28,373 | 16,783 |
Total deposits | $ 2,465,297 | $ 2,522,323 | |
[1]Includes $0.0 and $70.2 million of brokered deposits at March 31, 2024 and December 31, 2023, respectively.[2]Includes $8.0 million and $1,000 of brokered deposits at March 31, 2024 and December 31, 2023, respectively.[3]Includes $331.3 million and $361.3 million of brokered CDs at March 31, 2024 and December 31, 2023, respectively.[4]CDs that meet or exceed the FDIC insurance limit.[5]Noninterest-bearing checking. |
Note 9 - Deposits - Schedule _2
Note 9 - Deposits - Schedule of Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Maturing in 2024 | $ 776,564 |
Maturing in 2025 | 267,538 |
Maturing in 2026 | 44,267 |
Maturing in 2027 | 21,324 |
Maturing in 2028 | 2,258 |
Thereafter | 428 |
Total | $ 1,112,379 |
Note 9 - Deposits - Schedule In
Note 9 - Deposits - Schedule Interest Expense by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest-bearing checking | $ 784 | $ 98 |
Savings and money market | 1,661 | 1,198 |
Certificates of deposit | 10,437 | 5,328 |
Total | $ 12,882 | $ 6,624 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss | $ 31,479,000 | $ 31,534,000 | |
Other Liabilities | 40,582,000 | 35,737,000 | |
Holdback Reserve For Guaranteed Loans [Member] | |||
Other Liabilities | 1,900,000 | 2,100,000 | |
Federal Home Loan Bank of Des Moines [Member] | |||
Loans Serviced | $ 8,900,000 | ||
Amount to Outstanding Credit Enhancement (CE) Obligation, Percentage | 10% | ||
Escrow Holdback Relative to Outstanding Credit Enhancement (CE) Obligation | $ 39,000 | ||
Federal Home Loan Bank of Des Moines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans Serviced | 0 | 0 | |
Federal Home Loan Bank of Des Moines [Member] | Recourse [Member] | |||
First Loss Account (FLA) | 581,000 | ||
Credit Enhancement (CE) Obligation | $ 389,000 | ||
Credit Enhancement (CE) Obligation, Percentage of Outstanding Loans | 4.40% | ||
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Allowance for Credit Loss | $ 1,500,000 | $ 1,500,000 | |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 22,000 | $ 249,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Schedule of Commitments (Details) - Commitments to Extend Credit [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Aggregate portfolio principal balance | $ 566,648 | $ 535,032 |
Real Estate Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 297,179 | 278,805 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Aggregate portfolio principal balance | 2,637 | 3,472 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Aggregate portfolio principal balance | 168,195 | 154,611 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Aggregate portfolio principal balance | 29,238 | 23,751 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Aggregate portfolio principal balance | 94,228 | 94,026 |
Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Aggregate portfolio principal balance | 2,881 | 2,945 |
Consumer Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 29,345 | 29,517 |
Commercial Business Portfolio Segment [Member] | ||
Aggregate portfolio principal balance | 240,124 | 226,710 |
Commercial Business Portfolio Segment [Member] | Commercial Loan [Member] | ||
Aggregate portfolio principal balance | 163,801 | 164,873 |
Commercial Business Portfolio Segment [Member] | Warehouse Lending Loan [Member] | ||
Aggregate portfolio principal balance | $ 76,323 | $ 61,837 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loans Receivable, Fair Value Disclosure | $ 15,003,000 | $ 15,088,000 | |
Financing Receivable, before Allowance for Credit Loss | 2,446,858,000 | 2,433,015,000 | |
Residential Mortgage [Member] | |||
Loans Receivable, Fair Value Disclosure | 15,000,000 | 15,100,000 | |
Increase (Decrease) in Finance Receivables | 2,000 | $ 577,000 | |
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loans Receivable, Fair Value Disclosure | 15,000,000 | 15,100,000 | |
Financing Receivable, before Allowance for Credit Loss | 16,200,000 | $ 16,300,000 | |
Increase (Decrease) in Finance Receivables | $ 2,000 | $ 577,000 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | $ 279,643 | $ 292,933 |
Loans receivable, at fair value | 49,957 | 25,668 |
Interest Rate Swap [Member] | ||
Derivative asset | 9,453 | 6,495 |
Derivatives liabilities | 0 | (375) |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 17,898 | 18,018 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 15,200 | 12,872 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 119,802 | 101,248 |
U.S. Small Business Administration Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 53,190 | 41,348 |
Fair Value, Recurring [Member] | ||
Mortgage loans held for sale, at fair value | 49,957 | 25,668 |
Loans receivable, at fair value | 15,003 | 15,088 |
Total assets measured at fair value | 354,307 | 340,513 |
Financial liabilities | (224) | (910) |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 9,380 | 6,431 |
Derivatives liabilities | (375) | |
Fair Value, Recurring [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 73 | 64 |
Fair Value, Recurring [Member] | Customer Swap [Member] | ||
Derivatives liabilities | (73) | (63) |
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 |
Total assets measured at fair value | 0 | 0 |
Financial liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 0 | 0 |
Derivatives liabilities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Customer Swap [Member] | ||
Derivatives liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans held for sale, at fair value | 49,957 | 25,668 |
Loans receivable, at fair value | 15,003 | 15,088 |
Total assets measured at fair value | 354,056 | 340,184 |
Financial liabilities | (151) | (722) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 9,380 | 6,431 |
Derivatives liabilities | (375) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 73 | 64 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Customer Swap [Member] | ||
Derivatives liabilities | (73) | (63) |
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 |
Total assets measured at fair value | 251 | 329 |
Financial liabilities | (73) | (188) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 0 | 0 |
Derivatives liabilities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Customer Swap [Member] | ||
Derivatives liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 17,898 | 18,018 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 17,898 | 18,018 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 15,200 | 12,872 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 15,200 | 12,872 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 73,553 | 119,447 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 73,553 | 119,447 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 119,802 | 101,248 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 119,802 | 101,248 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 53,190 | 41,348 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 53,190 | 41,348 |
Fair Value, Recurring [Member] | U.S. Small Business Administration Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 251 | 329 |
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 | 251 | 329 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivatives liabilities | (73) | (188) |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Mandatory and Best Effort Forward Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives liabilities | (73) | (188) |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivatives liabilities | (78) | (284) |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives liabilities | (78) | (284) |
Fair Value, Recurring [Member] | Forward TBA Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives liabilities | $ 0 | $ 0 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Schedule of Financial Assets on a Non-recurring Basis (Details) - Mortgage Servicing Rights [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
MSRs | $ 20,315 | $ 38,163 |
Fair Value, Inputs, Level 1 [Member] | ||
MSRs | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
MSRs | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
MSRs | $ 20,315 | $ 38,163 |
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] | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 0.80 | 0.80 |
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 | 0.80 | 0.80 |
Minimum [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 0 | 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 | 0.99 | 0.99 |
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 | 0.99 | 0.99 |
Maximum [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 0.50 | 0.50 |
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 | 0.894 | 0.905 |
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 | 0.894 | 0.905 |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Industry Sources [Member] | Measurement Input, Prepayment Rate [Member] | ||
MSR | 0.089 | 0.072 |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Interest Rate Lock Commitments [Member] | |||
Beginning balance, derivative asset (liability) | $ 329 | $ 107 | |
Purchases and issuances, derivative asset (liability) | 965 | 994 | |
Sales and settlements, derivative asset (liability) | (1,043) | (536) | |
Ending balance, derivative asset (liability) | 251 | 565 | |
Gain (Loss) Included in Earnings, derivative asset (liability) | [1] | (78) | 458 |
Gain (Loss) Included in Other Comprehensive Income (Loss), derivative asset (liability) | [2] | 0 | 0 |
Mandatory and Best Effort Forward Commitments [Member] | |||
Beginning balance, derivative asset (liability) | (188) | (38) | |
Purchases and issuances, derivative asset (liability) | (15) | 222 | |
Sales and settlements, derivative asset (liability) | 130 | (197) | |
Ending balance, derivative asset (liability) | (73) | (13) | |
Gain (Loss) Included in Earnings, derivative asset (liability) | [1] | 115 | 25 |
Gain (Loss) Included in Other Comprehensive Income (Loss), derivative asset (liability) | [2] | $ 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Certificates of deposit at other financial institutions | $ 23,222 | $ 24,167 |
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 279,643 | 292,933 |
Debt Securities, Held-to-Maturity, Amortized Cost | 8,500 | 8,500 |
Loans receivable, at fair value | 49,957 | 25,668 |
FHLB stock, at cost | 2,909 | 2,114 |
Loans Receivable, Fair Value Disclosure | 15,003 | 15,088 |
Accrued interest receivable | 14,455 | 14,005 |
Financing Receivable, before Allowance for Credit Loss | 2,446,858 | 2,433,015 |
Borrowings | 129,940 | 93,746 |
Subordinated notes, excluding unamortized debt issuance costs | 50,000 | 50,000 |
Interest Rate Swap [Member] | ||
Derivative asset | 9,453 | 6,495 |
Derivative liabilities, fair value | 0 | 375 |
Mortgage Servicing Rights [Member] | ||
Servicing Asset at Fair Value, Amount | 20,300 | 38,200 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 45,406 | 65,691 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit at other financial institutions | 23,222 | 24,167 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 45,406 | 65,691 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit at other financial institutions | 23,222 | 24,167 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 279,643 | 292,933 |
Debt Securities, Held-to-Maturity, Amortized Cost | 8,500 | 8,500 |
Loans receivable, at fair value | 49,957 | 25,668 |
FHLB stock, at cost | 2,909 | 2,114 |
Loans Receivable, Fair Value Disclosure | 15,003 | 15,088 |
Accrued interest receivable | 14,455 | 14,005 |
Deposits | 2,465,297 | 2,522,323 |
Borrowings | 129,940 | 93,746 |
Subordinated notes, excluding unamortized debt issuance costs | 50,000 | 50,000 |
Accrued interest payable | 6,966 | 5,473 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 9,380 | 6,431 |
Derivative liabilities, fair value | 0 | 375 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 73 | 64 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Customer Swap [Member] | ||
Derivative liabilities, fair value | 73 | 63 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivative liabilities, fair value | 78 | 284 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale, at fair value (amortized cost of $309,959 and $328,695, net of allowance for credit losses of $0 and $0, respectively) | 279,643 | 292,933 |
Debt Securities, Held-to-Maturity, Amortized Cost | 7,785 | 7,666 |
Loans receivable, at fair value | 49,957 | 25,668 |
FHLB stock, at cost | 2,909 | 2,114 |
Loans Receivable, Fair Value Disclosure | 15,003 | 15,088 |
Accrued interest receivable | 14,455 | 14,005 |
Deposits | 2,453,676 | 2,515,026 |
Borrowings | 129,474 | 93,416 |
Subordinated notes, excluding unamortized debt issuance costs | 43,812 | 43,480 |
Accrued interest payable | 6,966 | 5,473 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 9,380 | 6,431 |
Derivative liabilities, fair value | 0 | 375 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Dealer Offsets to Customer Swap [Member] | ||
Derivative asset | 73 | 64 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Customer Swap [Member] | ||
Derivative liabilities, fair value | 73 | 63 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Forward TBA Mortgage-Backed Securities [Member] | ||
Derivative liabilities, fair value | 78 | 284 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 2,400,376 | 2,417,927 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mortgage Servicing Rights [Member] | ||
Servicing Asset at Fair Value, Amount | 9,009 | 9,090 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mortgage Servicing Right, Held for Sale [Member] | ||
Servicing Asset at Fair Value, Amount | 0 | 8,086 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 251 | 0 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivative liabilities, fair value | 73 | 188 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 2,284,273 | 2,276,397 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mortgage Servicing Rights [Member] | ||
Servicing Asset at Fair Value, Amount | 20,315 | 20,552 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mortgage Servicing Right, Held for Sale [Member] | ||
Servicing Asset at Fair Value, Amount | 0 | 17,611 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative asset | 251 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mandatory and Best Effort Forward Commitments [Member] | ||
Derivative liabilities, fair value | $ 73 | $ 188 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 8,397 | $ 8,212 |
Dividends and undistributed earnings allocated to participating securities | (131) | (147) |
Net income available to common shareholders | $ 8,266 | $ 8,065 |
Basic weighted average common shares outstanding (in shares) | 7,703,789 | 7,623,580 |
Dilutive shares (in shares) | 120,671 | 154,838 |
Diluted weighted average common shares outstanding (in shares) | 7,824,460 | 7,778,418 |
Basic earnings per share (in dollars per share) | $ 1.07 | $ 1.06 |
Diluted earnings per share (in dollars per share) | $ 1.06 | $ 1.04 |
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) | 28,102 | 37,227 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - The 2018 Equity Incentive Plan [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | 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 | $ 395,000 | $ 654,000 | |
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 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) | 80,622 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 6 days | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,200,000 | ||
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] | 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) | 265,532 | ||
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 | $ 1,500,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 12 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] | 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] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Beginning balance, options (in shares) | 662,279 | ||
Beginning balance, Weighted Average Exercise Price (in dollars per share) | $ 28.12 | ||
Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 6 months 21 days | 6 years 8 months 8 days | |
Outstanding, Intrinsic Value | $ 3,923,645 | $ 5,852,975 | |
Granted, options (in shares) | 0 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||
Granted, Intrinsic Value | $ 0 | ||
Less exercised, options (in shares) | 17,612 | ||
Less exercised, Weighted Average Exercise Price (in dollars per share) | $ 8.45 | ||
Less exercised, Intrinsic Value | $ 507,344 | ||
Less forfeited, options (in shares) | 12,000 | ||
Less forfeited, Weighted Average Exercise Price (in dollars per share) | $ 30.73 | ||
Less forfeited, Intrinsic Value | $ 0 | ||
Ending balance, options (in shares) | 632,667 | 662,279 | |
Ending balance, Weighted Average Exercise Price (in dollars per share) | $ 28.62 | $ 28.12 | |
Expected to vest, options (in shares) | [1] | 623,800 | |
Expected to vest, Weighted Average Exercise Price (in dollars per share) | [1] | $ 28.62 | |
Expected to vest, Weighted Average Remaining Contractual Term (Year) | [1] | 6 years 5 months 23 days | |
Expected to vest, Intrinsic Value | [1] | $ 3,873,086 | |
Exercisable, options (in shares) | 365,850 | ||
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 27.83 | ||
Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 6 months 7 days | ||
Exercisable, Intrinsic Value | $ 2,549,465 | ||
[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 Stock Option Awards (Details) (Parentheticals) | 3 Months Ended |
Mar. 31, 2024 | |
The 2018 Equity Incentive Plan [Member] | |
Expected Forfeiture Rate | 0.31% |
Note 13 - Stock-based Compens_6
Note 13 - Stock-based Compensation - Schedule of Restricted Stock Awards (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Beginning balance, RSA (in shares) | shares | 102,144 |
Beginning balance, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 29.61 |
Granted, RSA (in shares) | shares | 0 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Less vested, RSA (in shares) | shares | 0 |
Less vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Less forfeited, RSA (in shares) | shares | 4,000 |
Less forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 30.73 |
Ending balance, RSA (in shares) | shares | 98,144 |
Ending balance, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 29.57 |
Note 14 - Regulatory Capital (D
Note 14 - Regulatory Capital (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | |
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual | 0.092 | 0.09 |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual | 0.109 | 0.105 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.141 | 0.137 |
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual | 0.109 | 0.105 |
Note 14 - Regulatory Capital -
Note 14 - Regulatory Capital - Schedule of Comparison (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Actual, Capital, Rate | 0.141 | 0.137 |
Actual, Tier 1 Risk-based Rate | 0.109 | 0.105 |
Actual, Tier 1 Leverage Rate | 0.092 | 0.09 |
Actual, CET 1 Rate | 0.109 | 0.105 |
First Security Bank of Washington, Subsidiary [Member] | ||
Actual, Capital | $ 346,551 | $ 339,436 |
Actual, Capital, Rate | 0.1372 | 0.1337 |
Capital Adequacy, Total | $ 202,098 | $ 203,094 |
Capital Adequacy, Total Rate | 0.08 | 0.08 |
Capital Adequacy, Total Risk-based with Buffer | $ 265,253 | $ 266,561 |
Capital Adequacy, Total Risk-based with Buffer, Rate | 0.105 | 0.105 |
Well Capitalized, Total Capital | $ 252,622 | $ 253,868 |
Well Capitalized, Total Capital Rate | 0.10 | 0.10 |
Actual, Tier 1 Risk-based | $ 314,938 | $ 307,686 |
Actual, Tier 1 Risk-based Rate | 0.1247 | 0.1212 |
Capital Adequacy, Tier 1 Risk-based | $ 151,573 | $ 152,321 |
Capital Adequacy, Tier 1 Risk-based Rate | 0.06 | 0.06 |
Capital Adequacy, Tier 1 Risk-based with Buffer | $ 214,729 | $ 215,787 |
Capital Adequacy, Tier 1 Risk-based with Buffer, Rate | 0.085 | 0.085 |
Well Capitalized, Tier 1 Risk-based | $ 202,098 | $ 203,094 |
Well Capitalized, Tier 1 Risk-based Rate | 0.08 | 0.08 |
Actual, Tier 1 Leverage | $ 314,938 | $ 307,686 |
Actual, Tier 1 Leverage Rate | 0.1061 | 0.1039 |
Capital Adequacy, Tier 1 Leverage | $ 118,727 | $ 118,488 |
Capital Adequacy, Tier 1 Leverage Rate | 0.04 | 0.04 |
Well Capitalized, Tier 1 Leverage | $ 148,408 | $ 148,109 |
Well Capitalized, Tier 1 Leverage Rate | 0.05 | 0.05 |
Actual, CET 1 | $ 314,938 | $ 307,686 |
Actual, CET 1 Rate | 0.1247 | 0.1212 |
Capital Adequacy, CET 1 | $ 113,680 | $ 114,240 |
Capital Adequacy, CET 1 Rate | 0.045 | 0.045 |
Capital Adequacy, CET 1 with Buffer | $ 176,835 | $ 177,707 |
Capital Adequacy, CET 1 with Buffer , Rate | 0.07 | 0.07 |
Well Capitalized, CET 1 | $ 164,204 | $ 165,014 |
Well Capitalized, CET 1 Rate | 0.065 | 0.065 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | ||
Number of Operating Segments | 2 | |||
Number of Bank Branches | 27 | |||
Loans Receivable, Fair Value Disclosure | $ 15,003,000 | $ 15,088,000 | ||
Noninterest Expense | [1] | 23,529,000 | $ 23,524,000 | |
Home Lending [Member] | ||||
Noninterest Expense | [1] | 4,521,000 | 4,914,000 | |
Home Lending [Member] | Allocated Overhead Expense [Member] | ||||
Noninterest Expense | 1,500,000 | 1,600,000 | ||
Residential Mortgage [Member] | ||||
Increase (Decrease) in Finance Receivables | 2,000 | $ 577,000 | ||
Loans Receivable, Fair Value Disclosure | $ 15,000,000 | $ 15,100,000 | ||
[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 months ended March 31, 2024 and 2023, the Home Lending segment included allocated overhead expenses of $1.5 million and $1.6 million, respectively. |
Note 15 - Business Segments - S
Note 15 - Business Segments - Schedule of Segment Financial Results (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | ||||
Net interest income | [1] | $ 30,346 | $ 30,662 | ||
(Provision) recovery for credit losses | (1,399) | (2,108) | |||
Noninterest income | 5,111 | [2] | 5,219 | [3] | |
Noninterest expense | [4] | (23,529) | (23,524) | ||
Income before provision for income taxes | 10,529 | 10,249 | |||
Provision for income taxes | (2,132) | (2,037) | |||
Net income | 8,397 | 8,212 | |||
Total average assets for period ended | $ 2,958,547 | $ 2,742,026 | |||
Number of Employees, Geographic Area [Member] | |||||
Full-time employees ("FTEs") | 570 | 586 | |||
Commercial And Consumer Banking [Member] | |||||
Net interest income | [1] | $ 28,086 | $ 27,500 | ||
(Provision) recovery for credit losses | (1,251) | (2,122) | |||
Noninterest income | 2,393 | [2] | 2,380 | [3] | |
Noninterest expense | [4] | (19,008) | (18,610) | ||
Income before provision for income taxes | 10,220 | 9,148 | |||
Provision for income taxes | (2,069) | (1,809) | |||
Net income | 8,151 | 7,339 | |||
Total average assets for period ended | $ 2,401,864 | $ 2,250,052 | |||
Commercial And Consumer Banking [Member] | Number of Employees, Geographic Area [Member] | |||||
Full-time employees ("FTEs") | 440 | 445 | |||
Home Lending [Member] | |||||
Net interest income | [1] | $ 2,260 | $ 3,162 | ||
(Provision) recovery for credit losses | (148) | 14 | |||
Noninterest income | 2,718 | [2] | 2,839 | [3] | |
Noninterest expense | [4] | (4,521) | (4,914) | ||
Income before provision for income taxes | 309 | 1,101 | |||
Provision for income taxes | (63) | (228) | |||
Net income | 246 | 873 | |||
Total average assets for period ended | $ 556,683 | $ 491,974 | |||
Home Lending [Member] | Number of Employees, Geographic Area [Member] | |||||
Full-time employees ("FTEs") | 130 | 141 | |||
[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 months ended March 31, 2024, the Company recorded a net increase in fair value of $2,000, as compared to a net increase in fair value of $577,000 for the three months ended March 31, 2023, respectively. As of March 31, 2024 and 2023, there was $15.0 million and $15.1 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 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 years ended December 31, 2023, 2022, and 2021, the Company recorded net increases in fair value of $447,000, net decreases of $1.7 million, and net decreases of $29,000, respectively. As of December 31, 2023, 2022, and 2021, there were $15.1 million, $14.0 million, and $17.8 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.[4]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 months ended March 31, 2024 and 2023, the Home Lending segment included allocated overhead expenses of $1.5 million and $1.6 million, respectively. |
Note 16 - Goodwill and Other _3
Note 16 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended | 12 Months Ended | |||
Feb. 24, 2023 USD ($) | Jan. 22, 2016 | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Goodwill | $ 3,592,000 | $ 3,592,000 | |||
Goodwill, Impairment Loss | 0 | ||||
Amortization of Intangible Assets | 941,000 | $ 459,000 | |||
Core Deposits [Member] | |||||
Impairment of Intangible Assets, Finite-Lived | 0 | ||||
Amortization of Intangible Assets | $ 941,000 | $ 3,464,000 | |||
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 | |||
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance, net | $ 17,343,000 | ||
Amortization | (941,000) | $ (459,000) | |
Balance, net | 16,402,000 | $ 17,343,000 | |
Core Deposits [Member] | |||
Balance | 24,928,000 | 7,490,000 | 7,490,000 |
Balance, accumulated amortization | (7,585,000) | (4,121,000) | (4,121,000) |
Balance, net | 17,343,000 | $ 3,369,000 | 3,369,000 |
Additions as a result of the Branch Purchase | 17,438,000 | ||
Amortization | (941,000) | (3,464,000) | |
Balance | 24,928,000 | 24,928,000 | |
Balance, accumulated amortization | (8,526,000) | (7,585,000) | |
Balance, net | $ 16,402,000 | 17,343,000 | |
Core Deposits [Member] | Net Amount [Member] | |||
Amortization | $ (3,464,000) |
Note 16 - Goodwill and Other _5
Note 16 - Goodwill and Other Intangible Assets - Schedule of Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Total | $ 16,402 | $ 17,343 | |
Core Deposits [Member] | |||
Remainder of 2024 | 2,692 | ||
2025 | 3,191 | ||
2026 | 2,846 | ||
2027 | 2,500 | ||
2028 | 2,110 | ||
Thereafter | 3,063 | ||
Total | $ 16,402 | $ 17,343 | $ 3,369 |
Note 17 - Revenue From Contra_3
Note 17 - Revenue From Contracts With Customers - Schedule of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Noninterest income (in-scope of Topic 606) | $ 1,127 | $ 914 | ||
Noninterest income (out-of-scope and/or immaterial to Topic 606) | 3,984 | 4,305 | ||
Total noninterest income | 5,111 | [1] | 5,219 | [2] |
Debit Card [Member] | ||||
Noninterest income (in-scope of Topic 606) | 763 | 639 | ||
Bank Servicing [Member] | ||||
Noninterest income (in-scope of Topic 606) | $ 364 | $ 275 | ||
[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 months ended March 31, 2024, the Company recorded a net increase in fair value of $2,000, as compared to a net increase in fair value of $577,000 for the three months ended March 31, 2023, respectively. As of March 31, 2024 and 2023, there was $15.0 million and $15.1 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.[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 years ended December 31, 2023, 2022, and 2021, the Company recorded net increases in fair value of $447,000, net decreases of $1.7 million, and net decreases of $29,000, respectively. As of December 31, 2023, 2022, and 2021, there were $15.1 million, $14.0 million, and $17.8 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. |