Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001556727 | |
Entity Registrant Name | First Northwest Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36741 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 46-1259100 | |
Entity Address, Address Line One | 105 West 8th Street | |
Entity Address, City or Town | Port Angeles | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98362 | |
City Area Code | 360 | |
Local Phone Number | 457-0461 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | true | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,234,204 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 16,776 | $ 13,519 |
Interest-bearing deposits in banks | 35,303 | 35,220 |
Investment securities available for sale, at fair value | 369,111 | 315,580 |
Loans held for sale | 4,754 | 503 |
Loans receivable (net of allowance for loan losses of $13,007 and $9,628) | 1,061,417 | 878,437 |
Federal Home Loan Bank (FHLB) stock, at cost | 5,944 | 6,034 |
Accrued interest receivable | 7,367 | 3,931 |
Premises and equipment, net | 14,737 | 14,342 |
Mortgage servicing rights, net | 1,545 | 871 |
Bank-owned life insurance, net | 38,104 | 30,027 |
Prepaid expenses and other assets | 9,612 | 8,872 |
Total assets | 1,564,670 | 1,307,336 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,254,456 | 1,001,645 |
Borrowings | 109,150 | 112,930 |
Accrued interest payable | 51 | 373 |
Accrued expenses and other liabilities | 18,359 | 14,392 |
Advances from borrowers for taxes and insurance | 1,986 | 1,145 |
Total liabilities | 1,384,002 | 1,130,485 |
Shareholders' Equity | ||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 10,234,204 shares at September 30, 2020, and 10,731,639 shares at December 31, 2019 | 102 | 107 |
Additional paid-in capital | 97,229 | 102,017 |
Retained earnings | 89,546 | 86,156 |
Accumulated other comprehensive income (loss), net of tax | 3,186 | (1,539) |
Unearned employee stock ownership plan (ESOP) shares | (9,395) | (9,890) |
Total shareholders' equity | 180,668 | 176,851 |
Total liabilities and shareholders' equity | $ 1,564,670 | $ 1,307,336 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 13,007 | $ 9,628 |
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) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 10,234,204 | 10,731,639 |
Common stock, shares outstanding (in shares) | 10,234,204 | 10,731,639 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST INCOME | ||||
Interest and fees on loans receivable | $ 11,097 | $ 10,096 | $ 31,169 | $ 30,661 |
Interest on mortgage-backed securities | 565 | 1,087 | 2,264 | 3,536 |
Interest on investment securities | 1,603 | 921 | 3,988 | 2,900 |
Interest on deposits and other | 9 | 65 | 85 | 190 |
FHLB dividends | 97 | 92 | 199 | 268 |
Total interest income | 13,371 | 12,261 | 37,705 | 37,555 |
INTEREST EXPENSE | ||||
Deposits | 1,405 | 2,141 | 5,584 | 6,133 |
Borrowings | 205 | 691 | 840 | 2,717 |
Total interest expense | 1,610 | 2,832 | 6,424 | 8,850 |
Net interest income | 11,761 | 9,429 | 31,281 | 28,705 |
Provision for loan losses | 1,350 | (170) | 4,116 | 420 |
Net interest income after provision for loan losses | 10,411 | 9,599 | 27,165 | 28,285 |
NONINTEREST INCOME | ||||
Loan and deposit service fees | 868 | 999 | 2,514 | 2,899 |
Mortgage servicing fees, net of amortization | 148 | 44 | (9) | 143 |
Net gain on sale of loans | 1,725 | 655 | 4,109 | 830 |
Net gain on sale of investment securities | 969 | 0 | 2,235 | 57 |
Increase in cash surrender value of bank-owned life insurance | 622 | 147 | 1,577 | 435 |
Other income | 449 | 70 | 782 | 225 |
Total noninterest income | 4,781 | 1,915 | 11,208 | 4,589 |
NONINTEREST EXPENSE | ||||
Compensation and benefits | 6,070 | 4,771 | 17,397 | 14,097 |
Data processing | 640 | 680 | 2,099 | 1,978 |
Occupancy and equipment | 1,367 | 1,161 | 4,063 | 3,409 |
Supplies, postage, and telephone | 254 | 208 | 749 | 678 |
Regulatory assessments and state taxes | 262 | 209 | 659 | 573 |
Advertising | 285 | 197 | 934 | 569 |
Professional fees | 361 | 278 | 1,115 | 907 |
FDIC insurance premium | 86 | (72) | 156 | 82 |
FHLB prepayment penalty | 0 | 344 | 210 | 344 |
Other expense | 756 | 648 | 2,363 | 1,859 |
Total noninterest expense | 10,081 | 8,424 | 29,745 | 24,496 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 5,111 | 3,090 | 8,628 | 8,378 |
PROVISION FOR INCOME TAXES | 1,436 | 580 | 2,104 | 1,582 |
NET INCOME | $ 3,675 | $ 2,510 | $ 6,524 | $ 6,796 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.40 | $ 0.25 | $ 0.69 | $ 0.68 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 3,675 | $ 2,510 | $ 6,524 | $ 6,796 |
Other comprehensive income: | ||||
Unrealized holding gains arising during the period | 4,094 | 856 | 8,215 | 5,199 |
Income tax provision related to unrealized holding gains | (859) | (181) | (1,724) | (1,095) |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | (969) | 0 | (2,235) | (57) |
Income tax benefit related to reclassification adjustment on sales of securities | 203 | 0 | 469 | 12 |
Other comprehensive income, net of tax | 2,469 | 675 | 4,725 | 4,059 |
COMPREHENSIVE INCOME | $ 6,144 | $ 3,185 | $ 11,249 | $ 10,855 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
BALANCE (in shares) at Dec. 31, 2018 | 11,170,018 | |||||
BALANCE at Dec. 31, 2018 | $ 112 | $ 105,825 | $ 81,607 | $ (10,549) | $ (4,731) | $ 172,264 |
Net income | 6,796 | 6,796 | ||||
Common stock repurchased (in shares) | (372,237) | |||||
Common stock repurchased | $ (4) | (3,719) | (2,274) | (5,997) | ||
Restricted stock award grants net of forfeitures (in shares) | 19,400 | |||||
Restricted stock awards canceled (in shares) | (16,249) | |||||
Restricted stock awards canceled | $ 0 | (266) | (266) | |||
Other comprehensive (loss) income, net of tax | 4,059 | 4,059 | ||||
Share-based compensation | 804 | 804 | ||||
ESOP shares committed to be released | 142 | 494 | 636 | |||
Cash dividends declared and paid | (986) | (986) | ||||
BALANCE (in shares) at Sep. 30, 2019 | 10,800,932 | |||||
BALANCE at Sep. 30, 2019 | $ 108 | 102,786 | 85,143 | (10,055) | (672) | 177,310 |
BALANCE (in shares) at Jun. 30, 2019 | 10,925,181 | |||||
BALANCE at Jun. 30, 2019 | $ 109 | 104,064 | 83,795 | (10,220) | (1,347) | 176,401 |
Net income | 2,510 | 2,510 | ||||
Common stock repurchased (in shares) | (131,400) | |||||
Common stock repurchased | $ (1) | (1,314) | (835) | (2,150) | ||
Restricted stock award grants net of forfeitures (in shares) | 23,400 | |||||
Restricted stock awards canceled (in shares) | (16,249) | |||||
Restricted stock awards canceled | $ 0 | (266) | (266) | |||
Other comprehensive (loss) income, net of tax | 675 | 675 | ||||
Share-based compensation | 251 | 251 | ||||
ESOP shares committed to be released | 51 | 165 | 216 | |||
Cash dividends declared and paid | (327) | (327) | ||||
BALANCE (in shares) at Sep. 30, 2019 | 10,800,932 | |||||
BALANCE at Sep. 30, 2019 | $ 108 | 102,786 | 85,143 | (10,055) | (672) | $ 177,310 |
BALANCE (in shares) at Dec. 31, 2019 | 10,731,639 | 10,731,639 | ||||
BALANCE at Dec. 31, 2019 | $ 107 | 102,017 | 86,156 | (9,890) | (1,539) | $ 176,851 |
Net income | 6,524 | 6,524 | ||||
Common stock repurchased (in shares) | (560,306) | |||||
Common stock repurchased | $ (5) | (5,599) | (1,565) | (7,169) | ||
Restricted stock award grants net of forfeitures (in shares) | 72,959 | |||||
Restricted stock awards canceled (in shares) | (10,088) | |||||
Restricted stock awards canceled | $ 0 | (123) | (123) | |||
Other comprehensive (loss) income, net of tax | 4,725 | 4,725 | ||||
Share-based compensation | 917 | 917 | ||||
ESOP shares committed to be released | 17 | 495 | 512 | |||
Cash dividends declared and paid | (1,569) | $ (1,569) | ||||
BALANCE (in shares) at Sep. 30, 2020 | 10,234,204 | 10,234,204 | ||||
BALANCE at Sep. 30, 2020 | $ 102 | 97,229 | 89,546 | (9,395) | 3,186 | $ 180,668 |
BALANCE (in shares) at Jun. 30, 2020 | 10,326,226 | |||||
BALANCE at Jun. 30, 2020 | $ 103 | 98,421 | 86,633 | (9,559) | 717 | 176,315 |
Net income | 3,675 | 3,675 | ||||
Common stock repurchased (in shares) | (141,793) | |||||
Common stock repurchased | $ (1) | (1,418) | (248) | (1,667) | ||
Restricted stock award grants net of forfeitures (in shares) | 59,859 | |||||
Restricted stock awards canceled (in shares) | (10,088) | |||||
Restricted stock awards canceled | $ 0 | (123) | (123) | |||
Other comprehensive (loss) income, net of tax | 2,469 | 2,469 | ||||
Share-based compensation | 362 | 362 | ||||
ESOP shares committed to be released | 164 | 151 | ||||
Cash dividends declared and paid | (514) | $ (514) | ||||
ESOP shares committed to be released | (13) | |||||
BALANCE (in shares) at Sep. 30, 2020 | 10,234,204 | 10,234,204 | ||||
BALANCE at Sep. 30, 2020 | $ 102 | $ 97,229 | $ 89,546 | $ (9,395) | $ 3,186 | $ 180,668 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash dividends paid, per share (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.15 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 6,524 | $ 6,796 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,034 | 1,000 |
Amortization and accretion of premiums and discounts on investments, net | 1,251 | 1,373 |
(Accretion) amortization of deferred loan fees, net | (1,003) | (822) |
Amortization of mortgage servicing rights, net | 315 | 181 |
Additions to mortgage servicing rights, net | (989) | (60) |
Net increase (decrease) on the valuation allowance on mortgage servicing rights | 0 | (3) |
Provision for loan losses | 4,116 | 420 |
Allocation of ESOP shares | 512 | 636 |
Share-based compensation | 917 | 804 |
Gain on sale of loans, net | (4,109) | (830) |
Gain on sale of securities available for sale, net | (2,235) | (57) |
Increase in cash surrender value of life insurance, net | (1,577) | (435) |
Origination of loans held for sale | (129,495) | (25,050) |
Proceeds from loans held for sale | 129,353 | 23,825 |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | (3,436) | 322 |
Increase in prepaid expenses and other assets | (1,500) | (3,294) |
Decrease in accrued interest payable | (322) | (259) |
Increase in accrued expenses and other liabilities | 3,967 | 6,767 |
Net cash from operating activities | 3,323 | 11,314 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (234,527) | (9,456) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 45,684 | 21,592 |
Proceeds from sales of securities available for sale | 142,276 | 3,558 |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 0 | 5,756 |
Redemption of FHLB stock | 90 | 1,996 |
Purchase of bank-owned life insurance, net of surrenders | (6,500) | 0 |
Net (increase) decrease in loans receivable | (186,588) | 22,837 |
Purchase of premises and equipment, net | (1,429) | (188) |
Net cash from investing activities | (240,994) | 46,095 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 252,811 | 30,440 |
Proceeds from long-term FHLB advances | 30,000 | 15,000 |
Repayment of long-term FHLB advances | (30,000) | (25,000) |
Net decrease in short-term FHLB advances | (3,780) | (41,228) |
Net increase in advances from borrowers for taxes and insurance | 841 | 786 |
Dividends paid | (1,569) | (986) |
Net share settlement of stock awards | (123) | (266) |
Repurchase of common stock | (7,169) | (5,997) |
Net cash from financing activities | 241,011 | (27,251) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3,340 | 30,158 |
CASH AND CASH EQUIVALENTS, beginning of period | 48,739 | 26,323 |
CASH AND CASH EQUIVALENTS, end of period | 52,079 | 56,481 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 6,746 | 9,109 |
Income taxes | 1,400 | 1,210 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized gain on securities available for sale | 5,980 | 5,142 |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | 495 | 271 |
Lease liabilities arising from obtaining right-of-use assets | $ 902 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Organization and Nature of business January 29, 2015, Pursuant to the Bank's Plan of Conversion (the "Plan") adopted by its Board of Directors, and as approved by its members, the Company established an employee stock ownership plan ("ESOP"). On December 18, 2015, First Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Federal. Accordingly, the information set forth in this report, including the consolidated unaudited financial statements and related data, relates primarily to the Bank. The Bank is a community-oriented financial institution providing commercial and consumer banking services to individuals and businesses in Western Washington State with offices in Clallam, Jefferson, Kitsap, King, and Whatcom counties. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. Basis of presentation not 10 December 31, 2019 three nine September 30, 2020 not may In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), fair value of financial instruments, and deferred tax assets and liabilities. Principles of consolidation Subsequent Events Recently adopted accounting pronouncements In August 2018, No. 2018 13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 820. 1 2 3 3 3 3 3 3 December 15, 2019, not In August 2018, No. 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 350 350 40 December 15, 2019, not In March 2020, No. 2020 03, Codification Improvements to Financial Instruments not Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Loss No. 2016 13 December 15, 2019, Additional updates were issued in ASU No. 2019 04, Codification Improvements to Topic 326, 815, 825 In addition, new updates were issued through ASU No. 2019 05, Financial Instruments - Credit Losses (Topic 326 326 20 In November 2019, 2019 10 December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. The Company is evaluating the provisions of ASU No. 2016 13, No. 2019 04 No. 2019 05, third Other Pronouncements In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740. December 15, 2020, not In January 2020, No. 2020 01, Investments-Equity Securities (Topic 321 323 815 321, 323, 815 2020 01 December 15, 2020, not In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. not Reclassifications no |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at September 30, 2020 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 94,006 $ 3,232 $ (95 ) $ 97,143 U.S. government agency issued asset-backed securities (ABS agency) 73,915 1,123 (1,420 ) 73,618 Corporate issued asset-backed securities (ABS corporate) 33,553 7 (813 ) 32,747 Corporate issued debt securities (Corporate debt) 33,401 283 (454 ) 33,230 U.S. Small Business Administration securities (SBA) 23,623 242 (1 ) 23,864 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 90,281 2,133 (12 ) 92,402 Corporate issued mortgage-backed securities (MBS corporate) 16,300 2 (195 ) 16,107 Total securities available for sale $ 365,079 $ 7,022 $ (2,990 ) $ 369,111 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2019 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 39,524 $ 125 $ (367 ) $ 39,282 ABS agency 29,796 — (938 ) 28,858 ABS corporate 41,728 — (873 ) 40,855 Corporate debt 9,986 — (343 ) 9,643 SBA 28,423 72 (36 ) 28,459 Mortgage-backed securities: MBS agency 159,697 811 (341 ) 160,167 MBS corporate 8,374 — (58 ) 8,316 Total securities available for sale $ 317,528 $ 1,008 $ (2,956 ) $ 315,580 There were no securities classified as held-to-maturity at September 30, 2020 December 31, 2019 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of September 30, 2020 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (95 ) $ 7,757 $ — $ — $ (95 ) $ 7,757 ABS agency (172 ) 8,172 (1,248 ) 25,933 (1,420 ) 34,105 ABS corporate (85 ) 3,801 (728 ) 26,982 (813 ) 30,783 Corporate debt (90 ) 6,804 (364 ) 9,622 (454 ) 16,426 SBA — 65 (1 ) 3,775 (1 ) 3,840 Mortgage-backed securities: MBS agency (12 ) 2,221 — 6 (12 ) 2,227 MBS corporate (31 ) 1,979 (164 ) 3,998 (195 ) 5,977 Total available for sale $ (485 ) $ 30,799 $ (2,505 ) $ 70,316 $ (2,990 ) $ 101,115 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2019 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (367 ) $ 29,928 $ — $ — $ (367 ) $ 29,928 ABS agency (59 ) 3,855 (879 ) 25,002 (938 ) 28,857 ABS corporate (31 ) 3,848 (842 ) 37,007 (873 ) 40,855 Corporate debt (17 ) 4,983 (326 ) 4,660 (343 ) 9,643 SBA — — (36 ) 15,034 (36 ) 15,034 Mortgage-backed securities: MBS agency (166 ) 18,744 (175 ) 47,463 (341 ) 66,207 MBS corporate — — (58 ) 8,316 (58 ) 8,316 Total available for sale $ (640 ) $ 61,358 $ (2,316 ) $ 137,482 $ (2,956 ) $ 198,840 The Company may not September 30, 2020 December 31, 2019 We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates, market demand, and related volatility, rather than credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level and market fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not not There were no OTTI losses during the three nine September 30, 2020 2019 The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may may September 30, 2020 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — Due after one through five years 11,956 12,175 Due after five through ten years 142 142 Due after ten years 94,483 96,192 Total mortgage-backed securities 106,581 108,509 All other investment securities: Due within one year — — Due after one through five years 4,524 4,563 Due after five through ten years 71,563 70,390 Due after ten years 182,411 185,649 Total all other investment securities 258,498 260,602 Total investment securities $ 365,079 $ 369,111 December 31, 2019 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — Due after one through five years 13,360 13,391 Due after five through ten years 6,261 6,257 Due after ten years 148,450 148,835 Total mortgage-backed securities 168,071 168,483 All other investment securities: Due within one year — — Due after one through five years 2,043 2,084 Due after five through ten years 58,460 57,680 Due after ten years 88,954 87,333 Total all other investment securities 149,457 147,097 Total investment securities $ 317,528 $ 315,580 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Proceeds from sales $ 47,844 $ — $ 142,276 $ 3,558 Gross realized gains 1,593 — 3,097 57 Gross realized losses (624 ) — (862 ) — |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans receivable consisted of the following at the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Real Estate: One-to-four family $ 317,755 $ 306,014 Multi-family 127,569 96,098 Commercial real estate 283,390 255,722 Construction and land 75,204 37,187 Total real estate loans 803,918 695,021 Consumer: Home equity 34,120 35,046 Auto and other consumer 111,782 112,119 Total consumer loans 145,902 147,165 Commercial business loans 123,036 41,571 Total loans 1,072,856 883,757 Less: Net deferred loan fees 2,628 206 Premium on purchased loans, net (4,196 ) (4,514 ) Allowance for loan losses 13,007 9,628 Total loans receivable, net $ 1,061,417 $ 878,437 Allowance for Loan Losses. The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,780 $ 1,128 $ 3,021 $ 738 $ 429 $ 2,252 $ 463 $ 298 $ 12,109 Provision for (recapture of) loan losses 62 307 319 240 (4 ) 427 — (1 ) 1,350 Charge-offs — — — — — (479 ) — — (479 ) Recoveries 2 — — 1 — 24 — — 27 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At or For the Nine Months Ended September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 764 547 1,097 577 (30 ) 760 255 146 4,116 Charge-offs — — — — — (853 ) — — (853 ) Recoveries 56 — — 3 1 56 — — 116 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) Total ALLL $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 General reserve 3,791 1,435 3,339 978 421 2,036 463 297 12,760 Specific reserve 53 — 1 1 4 188 — — 247 Total loans $ 317,755 $ 127,569 $ 283,390 $ 75,204 $ 34,120 $ 111,782 $ 123,036 $ — $ 1,072,856 Loans collectively evaluated (1) 313,744 127,282 282,103 75,179 33,983 111,174 123,036 — 1,066,501 Loans individually evaluated (2) 4,011 287 1,287 25 137 608 — — 6,355 ( 1 ( 2 At or For the Three Months Ended September 30, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,417 $ 651 $ 2,357 $ 711 $ 465 $ 1,790 $ 171 $ 169 $ 9,731 (Recapture of) provision for loan losses (307 ) (64 ) 47 16 (30 ) 192 (13 ) (11 ) (170 ) Charge-offs — — — — — (237 ) 1 — (236 ) Recoveries 1 — — 1 23 93 — — 118 Ending balance $ 3,111 $ 587 $ 2,404 $ 728 $ 458 $ 1,838 $ 159 $ 158 $ 9,443 At or For the Nine Months Ended September 30, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 (Recapture of) provision for loan losses (190 ) (175 ) 115 142 (66 ) 785 (174 ) (17 ) 420 Charge-offs — — — — — (785 ) (3 ) — (788 ) Recoveries 4 — — 1 44 227 2 — 278 Ending balance $ 3,111 $ 587 $ 2,404 $ 728 $ 458 $ 1,838 $ 159 $ 158 $ 9,443 At December 31, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) Total ALLL $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 General reserve 2,993 887 2,235 399 439 2,119 203 151 9,426 Specific reserve 31 1 8 — 15 142 5 — 202 Total loans $ 306,014 $ 96,098 $ 255,722 $ 37,187 $ 35,046 $ 112,119 $ 41,571 $ — $ 883,757 Loans collectively evaluated (1) 303,026 95,991 253,839 37,158 34,775 111,271 41,308 — 877,368 Loans individually evaluated (2) 2,988 107 1,883 29 271 848 263 — 6,389 ( 1 ( 2 Impaired loans. may The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: September 30, 2020 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 202 $ 229 $ — $ 297 $ 332 $ — Multi-family 287 287 — — — — Commercial real estate 1,221 1,310 — 1,240 1,320 — Construction and land — — — — 33 — Home equity 37 94 — 45 110 — Auto and other consumer — 299 — 251 548 — Commercial business — — — — — — Total 1,747 2,219 — 1,833 2,343 — With an allowance recorded: One-to-four family $ 3,809 $ 4,017 $ 53 2,691 2,911 31 Multi-family — — — 107 107 1 Commercial real estate 66 66 1 643 643 8 Construction and land 25 57 1 29 29 — Home equity 100 159 4 226 286 15 Auto and other consumer 608 780 188 597 690 142 Commercial business — — — 263 263 5 Total 4,608 5,079 247 4,556 4,929 202 Total impaired loans: One-to-four family 4,011 4,246 53 2,988 3,243 31 Multi-family 287 287 — 107 107 1 Commercial real estate 1,287 1,376 1 1,883 1,963 8 Construction and land 25 57 1 29 62 — Home equity 137 253 4 271 396 15 Auto and other consumer 608 1,079 188 848 1,238 142 Commercial business — — — 263 263 5 Total $ 6,355 $ 7,298 $ 247 $ 6,389 $ 7,272 $ 202 The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) (In thousands) With no allowance recorded: One-to-four family $ 203 $ 6 $ 154 $ 6 Multi-family 294 1 197 — Commercial real estate 1,200 1 1,211 15 Construction and land — — 12 — Home equity 38 1 43 1 Auto and other consumer — 13 — 16 Commercial business 168 — 90 — Total 1,903 22 1,707 38 With an allowance recorded: One-to-four family $ 4,397 $ 91 $ 3,335 $ 158 Multi-family — — 158 — Commercial real estate 67 2 380 2 Construction and land 26 2 28 3 Home equity 140 3 212 7 Auto and other consumer 702 24 718 33 Commercial business — — 146 — Total 5,332 122 4,977 203 Total impaired loans: One-to-four family 4,600 97 3,489 164 Multi-family 294 1 355 — Commercial real estate 1,267 3 1,591 17 Construction and land 26 2 40 3 Home equity 178 4 255 8 Auto and other consumer 702 37 718 49 Commercial business 168 — 236 — Total $ 7,235 $ 144 $ 6,684 $ 241 Interest income recognized on a cash basis on impaired loans for the three nine September 30, 2020 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) (In thousands) With no allowance recorded: One-to-four family $ 236 $ 4 $ 243 $ 8 Commercial real estate 1,260 15 1,278 39 Home equity 52 14 144 30 Auto and other consumer — 10 — 14 Commercial business — 1 — 4 Total 1,548 44 1,665 95 With an allowance recorded: One-to-four family 2,891 64 2,850 146 Multi-family 108 1 109 4 Commercial real estate 651 8 657 23 Construction and land 52 2 57 2 Home equity 289 6 297 14 Auto and other consumer 394 9 324 16 Commercial business 266 2 299 9 Total 4,651 92 4,593 214 Total impaired loans: One-to-four family 3,127 68 3,093 154 Multi-family 108 1 109 4 Commercial real estate 1,911 23 1,935 62 Construction and land 52 2 57 2 Home equity 341 20 441 44 Auto and other consumer 394 19 324 30 Commercial business 266 3 299 13 Total $ 6,199 $ 136 $ 6,258 $ 309 Interest income recognized on a cash basis on impaired loans for the three nine September 30, 2019 The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2020 December 31, 2019 (In thousands) One-to-four family $ 1,939 $ 698 Multi-family 287 — Commercial real estate 166 109 Construction and land 25 29 Home equity 74 112 Auto and other consumer 607 848 Commercial business — — Total nonaccrual loans $ 3,098 $ 1,796 Past due loans. not no 90 September 30, 2020 December 31, 2019 The following table presents past due loans, net of partial loan charge-offs, by class, as of September 30, 2020 30-59 Days 60-89 Days 90 Days or More Total Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 685 $ 500 $ 1,185 $ 316,570 $ 317,755 Multi-family — — — — 127,569 127,569 Commercial real estate — — — — 283,390 283,390 Construction and land — — 25 25 75,179 75,204 Total real estate loans — 685 525 1,210 802,708 803,918 Consumer: Home equity — 12 — 12 34,108 34,120 Auto and other consumer 724 416 180 1,320 110,462 111,782 Total consumer loans 724 428 180 1,332 144,570 145,902 Commercial business loans — — — — 123,036 123,036 Total loans $ 724 $ 1,113 $ 705 $ 2,542 $ 1,070,314 $ 1,072,856 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 2019 30-59 Days 60-89 Days 90 Days or More Total Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 928 $ 92 $ 116 $ 1,136 $ 304,878 $ 306,014 Multi-family — — — — 96,098 96,098 Commercial real estate — — — — 255,722 255,722 Construction and land 38 — — 38 37,149 37,187 Total real estate loans 966 92 116 1,174 693,847 695,021 Consumer: Home equity 299 24 — 323 34,723 35,046 Auto and other consumer 1,423 370 614 2,407 109,712 112,119 Total consumer loans 1,722 394 614 2,730 144,435 147,165 Commercial business loans — 115 — 115 41,456 41,571 Total loans $ 2,688 $ 601 $ 730 $ 4,019 $ 879,738 $ 883,757 Credit quality indicator. 6, 7, 8 8 not not When First Federal classifies problem assets as either substandard or doubtful, it may not not 4 5 not 1 3 Additionally, First Federal categorizes loans as performing or nonperforming based on payment activity. Loans that are more than 90 The following table represents the internally assigned grade as of September 30, 2020 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 310,998 $ 2,624 $ 2,602 $ 1,531 $ 317,755 Multi-family 127,282 — — 287 127,569 Commercial real estate 270,792 9,233 2,133 1,232 283,390 Construction and land 61,296 13,796 77 35 75,204 Total real estate loans 770,368 25,653 4,812 3,085 803,918 Consumer: Home equity 33,503 394 100 123 34,120 Auto and other consumer 107,407 2,233 1,553 589 111,782 Total consumer loans 140,910 2,627 1,653 712 145,902 Commercial business loans 122,804 — — 232 123,036 Total loans $ 1,034,082 $ 28,280 $ 6,465 $ 4,029 $ 1,072,856 The following table represents the internally assigned grade as of December 31, 2019 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 301,312 $ 2,685 $ 1,148 $ 869 $ 306,014 Multi-family 95,694 — 107 297 96,098 Commercial real estate 251,531 97 2,800 1,294 255,722 Construction and land 35,897 1,184 77 29 37,187 Total real estate loans 684,434 3,966 4,132 2,489 695,021 Consumer: Home equity 34,260 470 89 227 35,046 Auto and other consumer 107,327 3,243 594 955 112,119 Total consumer loans 141,587 3,713 683 1,182 147,165 Commercial business loans 39,653 376 263 1,279 41,571 Total loans $ 865,674 $ 8,055 $ 5,078 $ 4,950 $ 883,757 The following table represents the credit risk profile based on payment activity as of September 30, 2020 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 1,939 $ 315,816 $ 317,755 Multi-family 287 127,282 127,569 Commercial real estate 166 283,224 283,390 Construction and land 25 75,179 75,204 Consumer: Home equity 74 34,046 34,120 Auto and other consumer 607 111,175 111,782 Commercial business — 123,036 123,036 Total loans $ 3,098 $ 1,069,758 $ 1,072,856 The following table represents the credit risk profile based on payment activity as of December 31, 2019 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 698 $ 305,316 $ 306,014 Multi-family — 96,098 96,098 Commercial real estate 109 255,613 255,722 Construction and land 29 37,158 37,187 Consumer: Home equity 112 34,934 35,046 Auto and other consumer 848 111,271 112,119 Commercial business — 41,571 41,571 Total loans $ 1,796 $ 881,961 $ 883,757 Troubled debt restructuring. The Coronavirus Aid, Relief, and Economic Security Act of 2020 March 27, 2020, ( 19 not six 30 September 30, 2020 19 not The following table is a summary of COVID- 19 September 30, 2020 Count Balance Percent (Dollars in Thousands) Real Estate: One-to-four family 16 $ 5,097 3.4 % Multi-family 10 29,587 19.8 Commercial real estate 44 98,895 66.1 Construction and land 6 5,987 4.0 Total real estate loans 76 139,566 93.3 Consumer: Home equity 6 707 0.5 Auto and other consumer 88 4,741 3.2 Total consumer loans 94 5,448 3.7 Commercial business loans 13 4,528 3.0 Total loans 183 $ 149,542 100.0 % The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Total TDR loans $ 2,244 $ 3,544 Allowance for loan losses related to TDR loans 28 41 Total nonaccrual TDR loans 108 81 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the three nine September 30, 2020 September 30, 2019 There were no TDR loans which incurred a payment default within 12 three nine September 30, 2020 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three nine September 30, 2019 Number Rate Term Combination Total of Contracts Modification Modification Modification Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ 50 $ — $ 50 Post-modification outstanding recorded investment One- to four-family 1 $ — $ 51 $ — $ 51 The following is a summary of TDR loans which incurred a payment default within 12 three nine September 30, 2019 Number Rate Term Combination Total of Contracts Modification Modification Modification Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 48 $ 48 No additional funds were committed to be advanced in connection with impaired loans at September 30, 2020 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. September 30, 2020 December 31, 2019 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,072 $ 108 $ 2,180 $ 2,290 $ 81 $ 2,371 Multi-family — — — 107 — 107 Commercial real estate — — — 643 — 643 Home equity 64 — 64 160 — 160 Commercial business — — — 263 — 263 Total TDR loans $ 2,136 $ 108 $ 2,244 $ 3,463 $ 81 $ 3,544 |
Note 4 - Deposits
Note 4 - Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 4 The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 171,905 0.17% $ 168,983 0.86% Transaction accounts 390,867 0.01% 276,496 0.03% Money market accounts 398,144 0.31% 248,086 0.46% Certificates of deposit 293,540 1.00% 308,080 1.85% $ 1,254,456 0.36% $ 1,001,645 0.84% Maturities of certificates at the dates indicated are as follows: September 30, 2020 December 31, 2019 (In thousands) Within one year or less $ 190,613 $ 241,127 After one year through two years 62,920 42,274 After two years through three years 25,020 11,167 After three years through four years 7,769 6,593 After four years through five years 7,218 6,919 After five years — — $ 293,540 $ 308,080 Brokered certificates of deposits of $92.6 million and $51.6 million are included in the September 30, 2020 December 31, 2019 Deposits at September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Interest on deposits by type for the periods shown was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Savings $ 176 $ 397 $ 785 $ 1,085 Transaction accounts 5 26 28 98 Money market accounts 362 312 1,118 945 Certificates of deposit 862 1,406 3,653 4,005 $ 1,405 $ 2,141 $ 5,584 $ 6,133 |
Note 5 - Federal Taxes on Incom
Note 5 - Federal Taxes on Income | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. The effective tax rates were 24.4% and 18.9% for the nine September 30, 2020 2019 2020 2019 2020 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6 Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except share data) (In thousands, except share data) Numerator: Net income $ 3,675 $ 2,510 $ 6,524 $ 6,796 Denominator: Basic weighted average common shares outstanding 9,257,252 9,854,973 9,409,754 9,930,069 Dilutive restricted stock grants 6,723 48,368 29,484 76,738 Diluted weighted average common shares outstanding 9,263,975 9,903,341 9,439,238 10,006,807 Basic earnings per share $ 0.40 $ 0.25 $ 0.69 $ 0.68 Diluted earnings per share $ 0.40 $ 0.25 $ 0.69 $ 0.68 Unallocated ESOP shares are not September 30, 2020 2019 Potential dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. There were 6,723 and 5,248 restricted stock award anti-dilutive weighted-average shares for the three September 30, 2020 2019 nine September 30, 2020 2019 |
Note 7 - Employee Benefits
Note 7 - Employee Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 7 Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46%. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. An annual principal and interest payment of $835,000 was made by the ESOP during the nine September 30, 2020 As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three September 30, 2020 2019 nine September 30, 2020 2019 Shares issued to the ESOP as of the dates indicated are as follows: September 30, 2020 December 31, 2019 (Dollars in thousands) Allocated shares 280,507 227,473 Committed to be released shares 13,221 26,514 Unallocated shares 754,301 794,042 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 7,468 $ 14,396 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 In May 2020, 2020 "2020 May 2030. 2020 may 2020 September 30, 2020 2020 As a result of the approval of the 2020 2015 "2015 September 30, 2020 2015 2015 2015 During the three September 30, 2020 2019 nine September 30, 2020 2019 three five For the three September 30, 2020 2019 nine September 30, 2020 2019 Included in the above compensation expense for the three September 30, 2020 2019 nine September 30, 2020 2019 The following table provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended September 30, 2020 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2020 277,400 $ 14.68 Granted 63,459 11.93 Vested (50,244 ) 13.58 Canceled (1) (10,088 ) 13.58 Forfeited (3,600 ) 12.70 Non-vested at September 30, 2020 276,927 $ 14.32 (1) A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the total cost of the vested shares. The surrendered shares are canceled and are unavailable for reissue. For the Nine Months Ended September 30, 2020 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2020 264,300 $ 14.60 Granted 126,059 12.97 Vested (50,244 ) 13.58 Canceled (1) (10,088 ) 13.58 Forfeited (53,100 ) 13.36 Non-vested at September 30, 2020 276,927 $ 14.32 (1) A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the total cost of the vested shares. The surrendered shares are canceled and are unavailable for reissue. As of September 30, 2020 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting and Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9 Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third may Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three three Level 1 Level 2 Level 3 The hierarchy gives the highest ranking to Level 1 3 Qualitative disclosures of valuation techniques 1. 1 If quoted prices are not 2, 3. Assets and liabilities measured at fair value on a recurring basis September 30, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 97,143 $ — $ 97,143 ABS agency — 73,618 — 73,618 ABS corporate — 32,747 — 32,747 Corporate debt — 33,230 — 33,230 SBA — 23,864 — 23,864 MBS agency — 92,402 — 92,402 MBS corporate — 16,107 — 16,107 $ — $ 369,111 $ — $ 369,111 December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 39,282 $ — $ 39,282 ABS agency — 28,858 — 28,858 ABS corporate — 40,855 — 40,855 Corporate debt — 9,643 — 9,643 SBA — 28,459 — 28,459 MBS agency — 160,167 — 160,167 MBS corporate — 8,316 — 8,316 $ — $ 315,580 $ — $ 315,580 Assets and liabilities measured at fair value on a nonrecurring basis not The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,355 $ 6,355 December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,389 $ 6,389 At September 30, 2020 December 31, 2019 no The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: September 30, 2020 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 16,776 $ 16,776 $ 16,776 $ — $ — Investment securities available for sale 369,111 369,111 — 369,111 — Loans held for sale 4,754 4,754 — 4,754 — Loans receivable, net 1,061,417 1,055,850 — — 1,055,850 FHLB stock 5,944 5,944 — 5,944 — Accrued interest receivable 7,367 7,367 — 7,367 — Mortgage servicing rights, net 1,545 1,710 — — 1,710 Financial liabilities Demand deposits $ 960,916 $ 960,916 $ 960,916 $ — $ — Time deposits 293,540 296,123 — 296,123 — Borrowings 109,150 110,744 — 110,744 — Accrued interest payable 51 51 — 51 — December 31, 2019 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 48,739 $ 48,739 $ 48,739 $ — $ — Investment securities available for sale 315,580 315,580 — 315,580 — Loans held for sale 503 503 — 503 — Loans receivable, net 878,437 858,101 — — 858,101 FHLB stock 6,034 6,034 — 6,034 — Accrued interest receivable 3,931 3,931 — 3,931 — Mortgage servicing rights, net 871 1,486 — — 1,486 Financial liabilities Demand deposits $ 693,565 $ 693,565 $ 693,565 $ — $ — Time deposits 308,080 308,819 — 308,819 — Borrowings 112,930 113,076 — 113,076 — Accrued interest payable 373 373 — 373 — Financial assets and liabilities other than investment securities are not not 825, Financial Instruments 2016 01 January 1, 2018, Securities third third third Loans receivable, net September 30, 2020 820 Mortgage servicing rights, net no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation not 10 December 31, 2019 three nine September 30, 2020 not may In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), fair value of financial instruments, and deferred tax assets and liabilities. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In August 2018, No. 2018 13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 820. 1 2 3 3 3 3 3 3 December 15, 2019, not In August 2018, No. 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 350 350 40 December 15, 2019, not In March 2020, No. 2020 03, Codification Improvements to Financial Instruments not Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Loss No. 2016 13 December 15, 2019, Additional updates were issued in ASU No. 2019 04, Codification Improvements to Topic 326, 815, 825 In addition, new updates were issued through ASU No. 2019 05, Financial Instruments - Credit Losses (Topic 326 326 20 In November 2019, 2019 10 December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. The Company is evaluating the provisions of ASU No. 2016 13, No. 2019 04 No. 2019 05, third Other Pronouncements In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740. December 15, 2020, not In January 2020, No. 2020 01, Investments-Equity Securities (Topic 321 323 815 321, 323, 815 2020 01 December 15, 2020, not In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 94,006 $ 3,232 $ (95 ) $ 97,143 U.S. government agency issued asset-backed securities (ABS agency) 73,915 1,123 (1,420 ) 73,618 Corporate issued asset-backed securities (ABS corporate) 33,553 7 (813 ) 32,747 Corporate issued debt securities (Corporate debt) 33,401 283 (454 ) 33,230 U.S. Small Business Administration securities (SBA) 23,623 242 (1 ) 23,864 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 90,281 2,133 (12 ) 92,402 Corporate issued mortgage-backed securities (MBS corporate) 16,300 2 (195 ) 16,107 Total securities available for sale $ 365,079 $ 7,022 $ (2,990 ) $ 369,111 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 39,524 $ 125 $ (367 ) $ 39,282 ABS agency 29,796 — (938 ) 28,858 ABS corporate 41,728 — (873 ) 40,855 Corporate debt 9,986 — (343 ) 9,643 SBA 28,423 72 (36 ) 28,459 Mortgage-backed securities: MBS agency 159,697 811 (341 ) 160,167 MBS corporate 8,374 — (58 ) 8,316 Total securities available for sale $ 317,528 $ 1,008 $ (2,956 ) $ 315,580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (95 ) $ 7,757 $ — $ — $ (95 ) $ 7,757 ABS agency (172 ) 8,172 (1,248 ) 25,933 (1,420 ) 34,105 ABS corporate (85 ) 3,801 (728 ) 26,982 (813 ) 30,783 Corporate debt (90 ) 6,804 (364 ) 9,622 (454 ) 16,426 SBA — 65 (1 ) 3,775 (1 ) 3,840 Mortgage-backed securities: MBS agency (12 ) 2,221 — 6 (12 ) 2,227 MBS corporate (31 ) 1,979 (164 ) 3,998 (195 ) 5,977 Total available for sale $ (485 ) $ 30,799 $ (2,505 ) $ 70,316 $ (2,990 ) $ 101,115 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (367 ) $ 29,928 $ — $ — $ (367 ) $ 29,928 ABS agency (59 ) 3,855 (879 ) 25,002 (938 ) 28,857 ABS corporate (31 ) 3,848 (842 ) 37,007 (873 ) 40,855 Corporate debt (17 ) 4,983 (326 ) 4,660 (343 ) 9,643 SBA — — (36 ) 15,034 (36 ) 15,034 Mortgage-backed securities: MBS agency (166 ) 18,744 (175 ) 47,463 (341 ) 66,207 MBS corporate — — (58 ) 8,316 (58 ) 8,316 Total available for sale $ (640 ) $ 61,358 $ (2,316 ) $ 137,482 $ (2,956 ) $ 198,840 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2020 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — Due after one through five years 11,956 12,175 Due after five through ten years 142 142 Due after ten years 94,483 96,192 Total mortgage-backed securities 106,581 108,509 All other investment securities: Due within one year — — Due after one through five years 4,524 4,563 Due after five through ten years 71,563 70,390 Due after ten years 182,411 185,649 Total all other investment securities 258,498 260,602 Total investment securities $ 365,079 $ 369,111 December 31, 2019 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — Due after one through five years 13,360 13,391 Due after five through ten years 6,261 6,257 Due after ten years 148,450 148,835 Total mortgage-backed securities 168,071 168,483 All other investment securities: Due within one year — — Due after one through five years 2,043 2,084 Due after five through ten years 58,460 57,680 Due after ten years 88,954 87,333 Total all other investment securities 149,457 147,097 Total investment securities $ 317,528 $ 315,580 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Proceeds from sales $ 47,844 $ — $ 142,276 $ 3,558 Gross realized gains 1,593 — 3,097 57 Gross realized losses (624 ) — (862 ) — |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Real Estate: One-to-four family $ 317,755 $ 306,014 Multi-family 127,569 96,098 Commercial real estate 283,390 255,722 Construction and land 75,204 37,187 Total real estate loans 803,918 695,021 Consumer: Home equity 34,120 35,046 Auto and other consumer 111,782 112,119 Total consumer loans 145,902 147,165 Commercial business loans 123,036 41,571 Total loans 1,072,856 883,757 Less: Net deferred loan fees 2,628 206 Premium on purchased loans, net (4,196 ) (4,514 ) Allowance for loan losses 13,007 9,628 Total loans receivable, net $ 1,061,417 $ 878,437 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,780 $ 1,128 $ 3,021 $ 738 $ 429 $ 2,252 $ 463 $ 298 $ 12,109 Provision for (recapture of) loan losses 62 307 319 240 (4 ) 427 — (1 ) 1,350 Charge-offs — — — — — (479 ) — — (479 ) Recoveries 2 — — 1 — 24 — — 27 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At or For the Nine Months Ended September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 764 547 1,097 577 (30 ) 760 255 146 4,116 Charge-offs — — — — — (853 ) — — (853 ) Recoveries 56 — — 3 1 56 — — 116 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At September 30, 2020 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) Total ALLL $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 General reserve 3,791 1,435 3,339 978 421 2,036 463 297 12,760 Specific reserve 53 — 1 1 4 188 — — 247 Total loans $ 317,755 $ 127,569 $ 283,390 $ 75,204 $ 34,120 $ 111,782 $ 123,036 $ — $ 1,072,856 Loans collectively evaluated (1) 313,744 127,282 282,103 75,179 33,983 111,174 123,036 — 1,066,501 Loans individually evaluated (2) 4,011 287 1,287 25 137 608 — — 6,355 At or For the Three Months Ended September 30, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,417 $ 651 $ 2,357 $ 711 $ 465 $ 1,790 $ 171 $ 169 $ 9,731 (Recapture of) provision for loan losses (307 ) (64 ) 47 16 (30 ) 192 (13 ) (11 ) (170 ) Charge-offs — — — — — (237 ) 1 — (236 ) Recoveries 1 — — 1 23 93 — — 118 Ending balance $ 3,111 $ 587 $ 2,404 $ 728 $ 458 $ 1,838 $ 159 $ 158 $ 9,443 At or For the Nine Months Ended September 30, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 (Recapture of) provision for loan losses (190 ) (175 ) 115 142 (66 ) 785 (174 ) (17 ) 420 Charge-offs — — — — — (785 ) (3 ) — (788 ) Recoveries 4 — — 1 44 227 2 — 278 Ending balance $ 3,111 $ 587 $ 2,404 $ 728 $ 458 $ 1,838 $ 159 $ 158 $ 9,443 At December 31, 2019 One-to- Commercial Construction Home Auto and other Commercial four family Multi-family real estate and land equity consumer business Unallocated Total (In thousands) Total ALLL $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 General reserve 2,993 887 2,235 399 439 2,119 203 151 9,426 Specific reserve 31 1 8 — 15 142 5 — 202 Total loans $ 306,014 $ 96,098 $ 255,722 $ 37,187 $ 35,046 $ 112,119 $ 41,571 $ — $ 883,757 Loans collectively evaluated (1) 303,026 95,991 253,839 37,158 34,775 111,271 41,308 — 877,368 Loans individually evaluated (2) 2,988 107 1,883 29 271 848 263 — 6,389 |
Impaired Financing Receivables [Table Text Block] | September 30, 2020 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 202 $ 229 $ — $ 297 $ 332 $ — Multi-family 287 287 — — — — Commercial real estate 1,221 1,310 — 1,240 1,320 — Construction and land — — — — 33 — Home equity 37 94 — 45 110 — Auto and other consumer — 299 — 251 548 — Commercial business — — — — — — Total 1,747 2,219 — 1,833 2,343 — With an allowance recorded: One-to-four family $ 3,809 $ 4,017 $ 53 2,691 2,911 31 Multi-family — — — 107 107 1 Commercial real estate 66 66 1 643 643 8 Construction and land 25 57 1 29 29 — Home equity 100 159 4 226 286 15 Auto and other consumer 608 780 188 597 690 142 Commercial business — — — 263 263 5 Total 4,608 5,079 247 4,556 4,929 202 Total impaired loans: One-to-four family 4,011 4,246 53 2,988 3,243 31 Multi-family 287 287 — 107 107 1 Commercial real estate 1,287 1,376 1 1,883 1,963 8 Construction and land 25 57 1 29 62 — Home equity 137 253 4 271 396 15 Auto and other consumer 608 1,079 188 848 1,238 142 Commercial business — — — 263 263 5 Total $ 6,355 $ 7,298 $ 247 $ 6,389 $ 7,272 $ 202 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) (In thousands) With no allowance recorded: One-to-four family $ 203 $ 6 $ 154 $ 6 Multi-family 294 1 197 — Commercial real estate 1,200 1 1,211 15 Construction and land — — 12 — Home equity 38 1 43 1 Auto and other consumer — 13 — 16 Commercial business 168 — 90 — Total 1,903 22 1,707 38 With an allowance recorded: One-to-four family $ 4,397 $ 91 $ 3,335 $ 158 Multi-family — — 158 — Commercial real estate 67 2 380 2 Construction and land 26 2 28 3 Home equity 140 3 212 7 Auto and other consumer 702 24 718 33 Commercial business — — 146 — Total 5,332 122 4,977 203 Total impaired loans: One-to-four family 4,600 97 3,489 164 Multi-family 294 1 355 — Commercial real estate 1,267 3 1,591 17 Construction and land 26 2 40 3 Home equity 178 4 255 8 Auto and other consumer 702 37 718 49 Commercial business 168 — 236 — Total $ 7,235 $ 144 $ 6,684 $ 241 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) (In thousands) With no allowance recorded: One-to-four family $ 236 $ 4 $ 243 $ 8 Commercial real estate 1,260 15 1,278 39 Home equity 52 14 144 30 Auto and other consumer — 10 — 14 Commercial business — 1 — 4 Total 1,548 44 1,665 95 With an allowance recorded: One-to-four family 2,891 64 2,850 146 Multi-family 108 1 109 4 Commercial real estate 651 8 657 23 Construction and land 52 2 57 2 Home equity 289 6 297 14 Auto and other consumer 394 9 324 16 Commercial business 266 2 299 9 Total 4,651 92 4,593 214 Total impaired loans: One-to-four family 3,127 68 3,093 154 Multi-family 108 1 109 4 Commercial real estate 1,911 23 1,935 62 Construction and land 52 2 57 2 Home equity 341 20 441 44 Auto and other consumer 394 19 324 30 Commercial business 266 3 299 13 Total $ 6,199 $ 136 $ 6,258 $ 309 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) One-to-four family $ 1,939 $ 698 Multi-family 287 — Commercial real estate 166 109 Construction and land 25 29 Home equity 74 112 Auto and other consumer 607 848 Commercial business — — Total nonaccrual loans $ 3,098 $ 1,796 |
Financing Receivable, Past Due [Table Text Block] | 30-59 Days 60-89 Days 90 Days or More Total Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 685 $ 500 $ 1,185 $ 316,570 $ 317,755 Multi-family — — — — 127,569 127,569 Commercial real estate — — — — 283,390 283,390 Construction and land — — 25 25 75,179 75,204 Total real estate loans — 685 525 1,210 802,708 803,918 Consumer: Home equity — 12 — 12 34,108 34,120 Auto and other consumer 724 416 180 1,320 110,462 111,782 Total consumer loans 724 428 180 1,332 144,570 145,902 Commercial business loans — — — — 123,036 123,036 Total loans $ 724 $ 1,113 $ 705 $ 2,542 $ 1,070,314 $ 1,072,856 30-59 Days 60-89 Days 90 Days or More Total Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 928 $ 92 $ 116 $ 1,136 $ 304,878 $ 306,014 Multi-family — — — — 96,098 96,098 Commercial real estate — — — — 255,722 255,722 Construction and land 38 — — 38 37,149 37,187 Total real estate loans 966 92 116 1,174 693,847 695,021 Consumer: Home equity 299 24 — 323 34,723 35,046 Auto and other consumer 1,423 370 614 2,407 109,712 112,119 Total consumer loans 1,722 394 614 2,730 144,435 147,165 Commercial business loans — 115 — 115 41,456 41,571 Total loans $ 2,688 $ 601 $ 730 $ 4,019 $ 879,738 $ 883,757 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 310,998 $ 2,624 $ 2,602 $ 1,531 $ 317,755 Multi-family 127,282 — — 287 127,569 Commercial real estate 270,792 9,233 2,133 1,232 283,390 Construction and land 61,296 13,796 77 35 75,204 Total real estate loans 770,368 25,653 4,812 3,085 803,918 Consumer: Home equity 33,503 394 100 123 34,120 Auto and other consumer 107,407 2,233 1,553 589 111,782 Total consumer loans 140,910 2,627 1,653 712 145,902 Commercial business loans 122,804 — — 232 123,036 Total loans $ 1,034,082 $ 28,280 $ 6,465 $ 4,029 $ 1,072,856 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 301,312 $ 2,685 $ 1,148 $ 869 $ 306,014 Multi-family 95,694 — 107 297 96,098 Commercial real estate 251,531 97 2,800 1,294 255,722 Construction and land 35,897 1,184 77 29 37,187 Total real estate loans 684,434 3,966 4,132 2,489 695,021 Consumer: Home equity 34,260 470 89 227 35,046 Auto and other consumer 107,327 3,243 594 955 112,119 Total consumer loans 141,587 3,713 683 1,182 147,165 Commercial business loans 39,653 376 263 1,279 41,571 Total loans $ 865,674 $ 8,055 $ 5,078 $ 4,950 $ 883,757 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 1,939 $ 315,816 $ 317,755 Multi-family 287 127,282 127,569 Commercial real estate 166 283,224 283,390 Construction and land 25 75,179 75,204 Consumer: Home equity 74 34,046 34,120 Auto and other consumer 607 111,175 111,782 Commercial business — 123,036 123,036 Total loans $ 3,098 $ 1,069,758 $ 1,072,856 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 698 $ 305,316 $ 306,014 Multi-family — 96,098 96,098 Commercial real estate 109 255,613 255,722 Construction and land 29 37,158 37,187 Consumer: Home equity 112 34,934 35,046 Auto and other consumer 848 111,271 112,119 Commercial business — 41,571 41,571 Total loans $ 1,796 $ 881,961 $ 883,757 |
Financing Receivable, COVID-19 Modifications [Table Text Block] | Count Balance Percent (Dollars in Thousands) Real Estate: One-to-four family 16 $ 5,097 3.4 % Multi-family 10 29,587 19.8 Commercial real estate 44 98,895 66.1 Construction and land 6 5,987 4.0 Total real estate loans 76 139,566 93.3 Consumer: Home equity 6 707 0.5 Auto and other consumer 88 4,741 3.2 Total consumer loans 94 5,448 3.7 Commercial business loans 13 4,528 3.0 Total loans 183 $ 149,542 100.0 % |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Total TDR loans $ 2,244 $ 3,544 Allowance for loan losses related to TDR loans 28 41 Total nonaccrual TDR loans 108 81 Number Rate Term Combination Total of Contracts Modification Modification Modification Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ 50 $ — $ 50 Post-modification outstanding recorded investment One- to four-family 1 $ — $ 51 $ — $ 51 Number Rate Term Combination Total of Contracts Modification Modification Modification Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 48 $ 48 September 30, 2020 December 31, 2019 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,072 $ 108 $ 2,180 $ 2,290 $ 81 $ 2,371 Multi-family — — — 107 — 107 Commercial real estate — — — 643 — 643 Home equity 64 — 64 160 — 160 Commercial business — — — 263 — 263 Total TDR loans $ 2,136 $ 108 $ 2,244 $ 3,463 $ 81 $ 3,544 |
Note 4 - Deposits (Tables)
Note 4 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, 2020 December 31, 2019 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 171,905 0.17% $ 168,983 0.86% Transaction accounts 390,867 0.01% 276,496 0.03% Money market accounts 398,144 0.31% 248,086 0.46% Certificates of deposit 293,540 1.00% 308,080 1.85% $ 1,254,456 0.36% $ 1,001,645 0.84% |
Time Deposit Maturities [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Within one year or less $ 190,613 $ 241,127 After one year through two years 62,920 42,274 After two years through three years 25,020 11,167 After three years through four years 7,769 6,593 After four years through five years 7,218 6,919 After five years — — $ 293,540 $ 308,080 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Savings $ 176 $ 397 $ 785 $ 1,085 Transaction accounts 5 26 28 98 Money market accounts 362 312 1,118 945 Certificates of deposit 862 1,406 3,653 4,005 $ 1,405 $ 2,141 $ 5,584 $ 6,133 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except share data) (In thousands, except share data) Numerator: Net income $ 3,675 $ 2,510 $ 6,524 $ 6,796 Denominator: Basic weighted average common shares outstanding 9,257,252 9,854,973 9,409,754 9,930,069 Dilutive restricted stock grants 6,723 48,368 29,484 76,738 Diluted weighted average common shares outstanding 9,263,975 9,903,341 9,439,238 10,006,807 Basic earnings per share $ 0.40 $ 0.25 $ 0.69 $ 0.68 Diluted earnings per share $ 0.40 $ 0.25 $ 0.69 $ 0.68 |
Note 7 - Employee Benefits (Tab
Note 7 - Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | September 30, 2020 December 31, 2019 (Dollars in thousands) Allocated shares 280,507 227,473 Committed to be released shares 13,221 26,514 Unallocated shares 754,301 794,042 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 7,468 $ 14,396 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended September 30, 2020 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2020 277,400 $ 14.68 Granted 63,459 11.93 Vested (50,244 ) 13.58 Canceled (1) (10,088 ) 13.58 Forfeited (3,600 ) 12.70 Non-vested at September 30, 2020 276,927 $ 14.32 (1) A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the total cost of the vested shares. The surrendered shares are canceled and are unavailable for reissue. For the Nine Months Ended September 30, 2020 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2020 264,300 $ 14.60 Granted 126,059 12.97 Vested (50,244 ) 13.58 Canceled (1) (10,088 ) 13.58 Forfeited (53,100 ) 13.36 Non-vested at September 30, 2020 276,927 $ 14.32 (1) A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the total cost of the vested shares. The surrendered shares are canceled and are unavailable for reissue. |
Note 9 - Fair Value Accountin_2
Note 9 - Fair Value Accounting and Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 97,143 $ — $ 97,143 ABS agency — 73,618 — 73,618 ABS corporate — 32,747 — 32,747 Corporate debt — 33,230 — 33,230 SBA — 23,864 — 23,864 MBS agency — 92,402 — 92,402 MBS corporate — 16,107 — 16,107 $ — $ 369,111 $ — $ 369,111 December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 39,282 $ — $ 39,282 ABS agency — 28,858 — 28,858 ABS corporate — 40,855 — 40,855 Corporate debt — 9,643 — 9,643 SBA — 28,459 — 28,459 MBS agency — 160,167 — 160,167 MBS corporate — 8,316 — 8,316 $ — $ 315,580 $ — $ 315,580 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,355 $ 6,355 December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,389 $ 6,389 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 16,776 $ 16,776 $ 16,776 $ — $ — Investment securities available for sale 369,111 369,111 — 369,111 — Loans held for sale 4,754 4,754 — 4,754 — Loans receivable, net 1,061,417 1,055,850 — — 1,055,850 FHLB stock 5,944 5,944 — 5,944 — Accrued interest receivable 7,367 7,367 — 7,367 — Mortgage servicing rights, net 1,545 1,710 — — 1,710 Financial liabilities Demand deposits $ 960,916 $ 960,916 $ 960,916 $ — $ — Time deposits 293,540 296,123 — 296,123 — Borrowings 109,150 110,744 — 110,744 — Accrued interest payable 51 51 — 51 — December 31, 2019 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 48,739 $ 48,739 $ 48,739 $ — $ — Investment securities available for sale 315,580 315,580 — 315,580 — Loans held for sale 503 503 — 503 — Loans receivable, net 878,437 858,101 — — 858,101 FHLB stock 6,034 6,034 — 6,034 — Accrued interest receivable 3,931 3,931 — 3,931 — Mortgage servicing rights, net 871 1,486 — — 1,486 Financial liabilities Demand deposits $ 693,565 $ 693,565 $ 693,565 $ — $ — Time deposits 308,080 308,819 — 308,819 — Borrowings 112,930 113,076 — 113,076 — Accrued interest payable 373 373 — 373 — |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Critical Accounting Policies (Details Textual) - USD ($) | Dec. 18, 2015 | Jan. 29, 2015 |
Stock Issued During Period, Shares, New Issues (in shares) | 13,100,360 | |
Proceeds from Issuance of Common Stock, Net | $ 117,600,000 | |
Proceeds from Issuance Initial Public Offering | 58,400,000 | |
Employee Stock Ownership Plan (ESOP), Issued, Percentage of Common Stock Issued | 8.00% | |
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 1,048,029 | |
First Federal Community Foundation [Member] | ||
Payments for Contributions to Charity | $ 400,000 | |
Contribution of Nonmonetary Assets to Charitable Organization [Member] | First Federal Community Foundation [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 933,360 | |
IPO [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 12,167,000 | |
Shares Issued, Price Per Share (in dollars per share) | $ 10 | |
Proceeds from Issuance of Common Stock | $ 121,700,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Securities, Held-to-maturity, Total | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 30 | 30 | 62 | ||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 365,079 | $ 317,528 |
Securities available for sale, gross unrealized gains | 7,022 | 1,008 |
Securities available for sale, gross unrealized losses | (2,990) | (2,956) |
Securities available for sale, estimated fair value | 369,111 | 315,580 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 94,006 | 39,524 |
Securities available for sale, gross unrealized gains | 3,232 | 125 |
Securities available for sale, gross unrealized losses | (95) | (367) |
Securities available for sale, estimated fair value | 97,143 | 39,282 |
Asset-backed Securities, Issued by US Government Agencies [Member] | ||
Securities available for sale, amortized cost | 73,915 | 29,796 |
Securities available for sale, gross unrealized gains | 1,123 | 0 |
Securities available for sale, gross unrealized losses | (1,420) | (938) |
Securities available for sale, estimated fair value | 73,618 | 28,858 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 33,553 | 41,728 |
Securities available for sale, gross unrealized gains | 7 | 0 |
Securities available for sale, gross unrealized losses | (813) | (873) |
Securities available for sale, estimated fair value | 32,747 | 40,855 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 33,401 | 9,986 |
Securities available for sale, gross unrealized gains | 283 | 0 |
Securities available for sale, gross unrealized losses | (454) | (343) |
Securities available for sale, estimated fair value | 33,230 | 9,643 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, amortized cost | 23,623 | 28,423 |
Securities available for sale, gross unrealized gains | 242 | 72 |
Securities available for sale, gross unrealized losses | (1) | (36) |
Securities available for sale, estimated fair value | 23,864 | 28,459 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 90,281 | 159,697 |
Securities available for sale, gross unrealized gains | 2,133 | 811 |
Securities available for sale, gross unrealized losses | (12) | (341) |
Securities available for sale, estimated fair value | 92,402 | 160,167 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 16,300 | 8,374 |
Securities available for sale, gross unrealized gains | 2 | 0 |
Securities available for sale, gross unrealized losses | (195) | (58) |
Securities available for sale, estimated fair value | $ 16,107 | $ 8,316 |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gross Losses and Fair Value of Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (485) | $ (640) |
Securities available for sale, fair value, less than twelve months | 30,799 | 61,358 |
Securities available for sale, gross unrealized losses, twelve months or longer | (2,505) | (2,316) |
Securities available for sale, fair value, twelve months or longer | 70,316 | 137,482 |
Securities available for sale, gross unrealized losses, total | (2,990) | (2,956) |
Securities available for sale, fair value, total | 101,115 | 198,840 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (95) | (367) |
Securities available for sale, fair value, less than twelve months | 7,757 | 29,928 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 0 | 0 |
Securities available for sale, gross unrealized losses, total | (95) | (367) |
Securities available for sale, fair value, total | 7,757 | 29,928 |
Asset-backed Securities, Issued by US Government Agencies [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (172) | (59) |
Securities available for sale, fair value, less than twelve months | 8,172 | 3,855 |
Securities available for sale, gross unrealized losses, twelve months or longer | (1,248) | (879) |
Securities available for sale, fair value, twelve months or longer | 25,933 | 25,002 |
Securities available for sale, gross unrealized losses, total | (1,420) | (938) |
Securities available for sale, fair value, total | 34,105 | 28,857 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (85) | (31) |
Securities available for sale, fair value, less than twelve months | 3,801 | 3,848 |
Securities available for sale, gross unrealized losses, twelve months or longer | (728) | (842) |
Securities available for sale, fair value, twelve months or longer | 26,982 | 37,007 |
Securities available for sale, gross unrealized losses, total | (813) | (873) |
Securities available for sale, fair value, total | 30,783 | 40,855 |
Corporate Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (90) | (17) |
Securities available for sale, fair value, less than twelve months | 6,804 | 4,983 |
Securities available for sale, gross unrealized losses, twelve months or longer | (364) | (326) |
Securities available for sale, fair value, twelve months or longer | 9,622 | 4,660 |
Securities available for sale, gross unrealized losses, total | (454) | (343) |
Securities available for sale, fair value, total | 16,426 | 9,643 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 65 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (1) | (36) |
Securities available for sale, fair value, twelve months or longer | 3,775 | 15,034 |
Securities available for sale, gross unrealized losses, total | (1) | (36) |
Securities available for sale, fair value, total | 3,840 | 15,034 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (12) | (166) |
Securities available for sale, fair value, less than twelve months | 2,221 | 18,744 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | (175) |
Securities available for sale, fair value, twelve months or longer | 6 | 47,463 |
Securities available for sale, gross unrealized losses, total | (12) | (341) |
Securities available for sale, fair value, total | 2,227 | 66,207 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (31) | 0 |
Securities available for sale, fair value, less than twelve months | 1,979 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (164) | (58) |
Securities available for sale, fair value, twelve months or longer | 3,998 | 8,316 |
Securities available for sale, gross unrealized losses, total | (195) | (58) |
Securities available for sale, fair value, total | $ 5,977 | $ 8,316 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total investment securities, amortized cost | $ 365,079 | $ 317,528 |
Total investment securities, estimated fair value | 369,111 | 315,580 |
Collateralized Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 0 | 0 |
Due within one year, estimated fair value | 0 | 0 |
Due after one through five years, amortized cost | 11,956 | 13,360 |
Due after one through five years, estimated fair value | 12,175 | 13,391 |
Due after five through ten years, amortized cost | 142 | 6,261 |
Due after five through ten years, estimated fair value | 142 | 6,257 |
Due after ten years, amortized cost | 94,483 | 148,450 |
Due after ten years, estimated fair value | 96,192 | 148,835 |
Total investment securities, amortized cost | 106,581 | 168,071 |
Total investment securities, estimated fair value | 108,509 | 168,483 |
Investment Securities, Excluding Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 0 | 0 |
Due within one year, estimated fair value | 0 | 0 |
Due after one through five years, amortized cost | 4,524 | 2,043 |
Due after one through five years, estimated fair value | 4,563 | 2,084 |
Due after five through ten years, amortized cost | 71,563 | 58,460 |
Due after five through ten years, estimated fair value | 70,390 | 57,680 |
Due after ten years, amortized cost | 182,411 | 88,954 |
Due after ten years, estimated fair value | 185,649 | 87,333 |
Total investment securities, amortized cost | 258,498 | 149,457 |
Total investment securities, estimated fair value | $ 260,602 | $ 147,097 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Proceeds from sales of securities available for sale | $ 47,844 | $ 0 | $ 142,276 | $ 3,558 |
Gross realized gains | 1,593 | 0 | 3,097 | 57 |
Gross realized losses | $ (624) | $ 0 | $ (862) | $ 0 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 84,000 | $ 99,000 | $ 181,000 | $ 271,000 | |
Financing Receivable, Number of Temporary Loan Modifications | 346 | 346 | |||
Financing Receivable, Temporary Loan Modifications | $ 174,900,000 | $ 174,900,000 | |||
Financing Receivable, Customers with Deferred Loan Payments, Percentage of Total Loans | 16.30% | 16.30% | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | $ 0 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans receivable, gross | $ 1,072,856 | $ 883,757 | ||||
Net deferred loan fees | 2,628 | 206 | ||||
Premium on purchased loans, net | (4,196) | (4,514) | ||||
Allowance for loan losses | 13,007 | $ 12,109 | 9,628 | $ 9,443 | $ 9,731 | $ 9,533 |
Total loans receivable, net | 1,061,417 | 878,437 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans receivable, gross | 803,918 | 695,021 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Loans receivable, gross | 317,755 | 306,014 | ||||
Allowance for loan losses | 3,844 | 3,780 | 3,024 | 3,111 | 3,417 | 3,297 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Loans receivable, gross | 127,569 | 96,098 | ||||
Allowance for loan losses | 1,435 | 1,128 | 888 | 587 | 651 | 762 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loans receivable, gross | 283,390 | 255,722 | ||||
Allowance for loan losses | 3,340 | 3,021 | 2,243 | 2,404 | 2,357 | 2,289 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans receivable, gross | 75,204 | 37,187 | ||||
Allowance for loan losses | 979 | 738 | 399 | 728 | 711 | 585 |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable, gross | 145,902 | 147,165 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans receivable, gross | 34,120 | 35,046 | ||||
Allowance for loan losses | 425 | 429 | 454 | 458 | 465 | 480 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Loans receivable, gross | 111,782 | 112,119 | ||||
Allowance for loan losses | 2,224 | 2,252 | 2,261 | 1,838 | 1,790 | 1,611 |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable, gross | 123,036 | 41,571 | ||||
Allowance for loan losses | $ 463 | $ 463 | $ 208 | $ 159 | $ 171 | $ 334 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Beginning balance | $ 12,109 | $ 9,731 | $ 9,628 | $ 9,533 | |||
Provision for loan losses | 1,350 | (170) | 4,116 | 420 | |||
Charge-offs | (479) | (236) | (853) | (788) | |||
Recoveries | 27 | 118 | 116 | 278 | |||
Ending balance | 13,007 | 9,443 | 13,007 | 9,443 | |||
Allowance for loan losses | 12,109 | 9,443 | 9,628 | 9,533 | $ 13,007 | $ 9,628 | |
General reserve | 12,760 | 9,426 | |||||
Specific reserve | 247 | 202 | |||||
Total loans | 1,072,856 | 883,757 | |||||
Loans collectively evaluated (1) | [1] | 1,066,501 | 877,368 | ||||
Loans individually evaluated (2) | [2] | 6,355 | 6,389 | ||||
Real Estate Portfolio Segment [Member] | |||||||
Total loans | 803,918 | 695,021 | |||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||||
Beginning balance | 3,780 | 3,417 | 3,024 | 3,297 | |||
Provision for loan losses | 62 | (307) | 764 | (190) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 2 | 1 | 56 | 4 | |||
Ending balance | 3,844 | 3,111 | 3,844 | 3,111 | |||
Allowance for loan losses | 3,844 | 3,111 | 3,024 | 3,297 | 3,844 | 3,024 | |
General reserve | 3,791 | 2,993 | |||||
Specific reserve | 53 | 31 | |||||
Total loans | 317,755 | 306,014 | |||||
Loans collectively evaluated (1) | [1] | 313,744 | 303,026 | ||||
Loans individually evaluated (2) | [2] | 4,011 | 2,988 | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||||
Beginning balance | 1,128 | 651 | 888 | 762 | |||
Provision for loan losses | 307 | (64) | 547 | (175) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Ending balance | 1,435 | 587 | 1,435 | 587 | |||
Allowance for loan losses | 1,435 | 587 | 888 | 762 | 1,435 | 888 | |
General reserve | 1,435 | 887 | |||||
Specific reserve | 0 | 1 | |||||
Total loans | 127,569 | 96,098 | |||||
Loans collectively evaluated (1) | [1] | 127,282 | 95,991 | ||||
Loans individually evaluated (2) | [2] | 287 | 107 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||||
Beginning balance | 3,021 | 2,357 | 2,243 | 2,289 | |||
Provision for loan losses | 319 | 47 | 1,097 | 115 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Ending balance | 3,340 | 2,404 | 3,340 | 2,404 | |||
Allowance for loan losses | 3,340 | 2,404 | 2,243 | 2,289 | 3,340 | 2,243 | |
General reserve | 3,339 | 2,235 | |||||
Specific reserve | 1 | 8 | |||||
Total loans | 283,390 | 255,722 | |||||
Loans collectively evaluated (1) | [1] | 282,103 | 253,839 | ||||
Loans individually evaluated (2) | [2] | 1,287 | 1,883 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Beginning balance | 738 | 711 | 399 | 585 | |||
Provision for loan losses | 240 | 16 | 577 | 142 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 1 | 1 | 3 | 1 | |||
Ending balance | 979 | 728 | 979 | 728 | |||
Allowance for loan losses | 979 | 728 | 399 | 585 | 979 | 399 | |
General reserve | 978 | 399 | |||||
Specific reserve | 1 | 0 | |||||
Total loans | 75,204 | 37,187 | |||||
Loans collectively evaluated (1) | [1] | 75,179 | 37,158 | ||||
Loans individually evaluated (2) | [2] | 25 | 29 | ||||
Consumer Portfolio Segment [Member] | |||||||
Total loans | 145,902 | 147,165 | |||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Beginning balance | 429 | 465 | 454 | 480 | |||
Provision for loan losses | (4) | (30) | (30) | (66) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 23 | 1 | 44 | |||
Ending balance | 425 | 458 | 425 | 458 | |||
Allowance for loan losses | 425 | 458 | 454 | 480 | 425 | 454 | |
General reserve | 421 | 439 | |||||
Specific reserve | 4 | 15 | |||||
Total loans | 34,120 | 35,046 | |||||
Loans collectively evaluated (1) | [1] | 33,983 | 34,775 | ||||
Loans individually evaluated (2) | [2] | 137 | 271 | ||||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||||
Beginning balance | 2,252 | 1,790 | 2,261 | 1,611 | |||
Provision for loan losses | 427 | 192 | 760 | 785 | |||
Charge-offs | (479) | (237) | (853) | (785) | |||
Recoveries | 24 | 93 | 56 | 227 | |||
Ending balance | 2,224 | 1,838 | 2,224 | 1,838 | |||
Allowance for loan losses | 2,224 | 1,838 | 2,261 | 1,611 | 2,224 | 2,261 | |
General reserve | 2,036 | 2,119 | |||||
Specific reserve | 188 | 142 | |||||
Total loans | 111,782 | 112,119 | |||||
Loans collectively evaluated (1) | [1] | 111,174 | 111,271 | ||||
Loans individually evaluated (2) | [2] | 608 | 848 | ||||
Commercial Portfolio Segment [Member] | |||||||
Beginning balance | 463 | 171 | 208 | 334 | |||
Provision for loan losses | 0 | (13) | 255 | (174) | |||
Charge-offs | 0 | 1 | 0 | (3) | |||
Recoveries | 0 | 0 | 0 | 2 | |||
Ending balance | 463 | 159 | 463 | 159 | |||
Allowance for loan losses | 463 | 159 | 208 | 334 | 463 | 208 | |
General reserve | 463 | 203 | |||||
Specific reserve | 0 | 5 | |||||
Total loans | 123,036 | 41,571 | |||||
Loans collectively evaluated (1) | [1] | 123,036 | 41,308 | ||||
Loans individually evaluated (2) | [2] | 0 | 263 | ||||
Unallocated Financing Receivables [Member] | |||||||
Beginning balance | 298 | 169 | 151 | 175 | |||
Provision for loan losses | (1) | (11) | 146 | (17) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Ending balance | 297 | 158 | 297 | 158 | |||
Allowance for loan losses | $ 297 | $ 158 | $ 151 | $ 175 | 297 | 151 | |
General reserve | 297 | 151 | |||||
Specific reserve | 0 | 0 | |||||
Total loans | 0 | 0 | |||||
Loans collectively evaluated (1) | [1] | 0 | 0 | ||||
Loans individually evaluated (2) | [2] | $ 0 | $ 0 | ||||
[1] | Loans collectively evaluated for general reserves. | ||||||
[2] | Loans individually evaluated for specific reserves. |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Recorded investment, with no allowance recorded | $ 1,747 | $ 1,747 | $ 1,833 | ||
Unpaid principal balance, with no allowance recorded | 2,219 | 2,219 | 2,343 | ||
Recorded investment, with an allowance recorded | 4,608 | 4,608 | 4,556 | ||
Unpaid principal balance, with an allowance recorded | 5,079 | 5,079 | 4,929 | ||
Related allowance | 247 | 247 | 202 | ||
Recorded investment, total | 6,355 | 6,355 | 6,389 | ||
Unpaid principal balance, total | 7,298 | 7,298 | 7,272 | ||
Average recorded investment, with no allowance recorded | 1,903 | $ 1,548 | 1,707 | $ 1,665 | |
Interest income recognized, with no allowance recorded | 22 | 44 | 38 | 95 | |
Average recorded investment, with an allowance recorded | 5,332 | 4,651 | 4,977 | 4,593 | |
Interest income recognized, with an allowance recorded | 122 | 92 | 203 | 214 | |
Average recorded investment, total | 7,235 | 6,199 | 6,684 | 6,258 | |
Interest income recognized, total | 144 | 136 | 241 | 309 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Recorded investment, with no allowance recorded | 202 | 202 | 297 | ||
Unpaid principal balance, with no allowance recorded | 229 | 229 | 332 | ||
Recorded investment, with an allowance recorded | 3,809 | 3,809 | 2,691 | ||
Unpaid principal balance, with an allowance recorded | 4,017 | 4,017 | 2,911 | ||
Related allowance | 53 | 53 | 31 | ||
Recorded investment, total | 4,011 | 4,011 | 2,988 | ||
Unpaid principal balance, total | 4,246 | 4,246 | 3,243 | ||
Average recorded investment, with no allowance recorded | 203 | 236 | 154 | 243 | |
Interest income recognized, with no allowance recorded | 6 | 4 | 6 | 8 | |
Average recorded investment, with an allowance recorded | 4,397 | 2,891 | 3,335 | 2,850 | |
Interest income recognized, with an allowance recorded | 91 | 64 | 158 | 146 | |
Average recorded investment, total | 4,600 | 3,127 | 3,489 | 3,093 | |
Interest income recognized, total | 97 | 68 | 164 | 154 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Recorded investment, with no allowance recorded | 287 | 287 | 0 | ||
Unpaid principal balance, with no allowance recorded | 287 | 287 | 0 | ||
Recorded investment, with an allowance recorded | 0 | 0 | 107 | ||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 107 | ||
Related allowance | 0 | 0 | 1 | ||
Recorded investment, total | 287 | 287 | 107 | ||
Unpaid principal balance, total | 287 | 287 | 107 | ||
Average recorded investment, with no allowance recorded | 294 | 108 | 197 | 109 | |
Interest income recognized, with no allowance recorded | 1 | 1 | 0 | 4 | |
Average recorded investment, with an allowance recorded | 0 | 108 | 158 | 109 | |
Interest income recognized, with an allowance recorded | 0 | 1 | 0 | 4 | |
Average recorded investment, total | 294 | 355 | |||
Interest income recognized, total | 1 | 0 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Recorded investment, with no allowance recorded | 1,221 | 1,221 | 1,240 | ||
Unpaid principal balance, with no allowance recorded | 1,310 | 1,310 | 1,320 | ||
Recorded investment, with an allowance recorded | 66 | 66 | 643 | ||
Unpaid principal balance, with an allowance recorded | 66 | 66 | 643 | ||
Related allowance | 1 | 1 | 8 | ||
Recorded investment, total | 1,287 | 1,287 | 1,883 | ||
Unpaid principal balance, total | 1,376 | 1,376 | 1,963 | ||
Average recorded investment, with no allowance recorded | 1,200 | 1,260 | 1,211 | 1,278 | |
Interest income recognized, with no allowance recorded | 1 | 15 | 15 | 39 | |
Average recorded investment, with an allowance recorded | 67 | 651 | 380 | 657 | |
Interest income recognized, with an allowance recorded | 2 | 8 | 2 | 23 | |
Average recorded investment, total | 1,267 | 1,911 | 1,591 | 1,935 | |
Interest income recognized, total | 3 | 23 | 17 | 62 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 0 | ||
Unpaid principal balance, with no allowance recorded | 0 | 0 | 33 | ||
Recorded investment, with an allowance recorded | 25 | 25 | 29 | ||
Unpaid principal balance, with an allowance recorded | 57 | 57 | 29 | ||
Related allowance | 1 | 1 | 0 | ||
Recorded investment, total | 25 | 25 | 29 | ||
Unpaid principal balance, total | 57 | 57 | 62 | ||
Average recorded investment, with no allowance recorded | 0 | 52 | 12 | 57 | |
Interest income recognized, with no allowance recorded | 0 | 2 | 0 | 2 | |
Average recorded investment, with an allowance recorded | 26 | 52 | 28 | 57 | |
Interest income recognized, with an allowance recorded | 2 | 2 | 3 | 2 | |
Average recorded investment, total | 26 | 40 | |||
Interest income recognized, total | 2 | 3 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Recorded investment, with no allowance recorded | 37 | 37 | 45 | ||
Unpaid principal balance, with no allowance recorded | 94 | 94 | 110 | ||
Recorded investment, with an allowance recorded | 100 | 100 | 226 | ||
Unpaid principal balance, with an allowance recorded | 159 | 159 | 286 | ||
Related allowance | 4 | 4 | 15 | ||
Recorded investment, total | 137 | 137 | 271 | ||
Unpaid principal balance, total | 253 | 253 | 396 | ||
Average recorded investment, with no allowance recorded | 38 | 52 | 43 | 144 | |
Interest income recognized, with no allowance recorded | 1 | 14 | 1 | 30 | |
Average recorded investment, with an allowance recorded | 140 | 289 | 212 | 297 | |
Interest income recognized, with an allowance recorded | 3 | 6 | 7 | 14 | |
Average recorded investment, total | 178 | 341 | 255 | 441 | |
Interest income recognized, total | 4 | 20 | 8 | 44 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 251 | ||
Unpaid principal balance, with no allowance recorded | 299 | 299 | 548 | ||
Recorded investment, with an allowance recorded | 608 | 608 | 597 | ||
Unpaid principal balance, with an allowance recorded | 780 | 780 | 690 | ||
Related allowance | 188 | 188 | 142 | ||
Recorded investment, total | 608 | 608 | 848 | ||
Unpaid principal balance, total | 1,079 | 1,079 | 1,238 | ||
Average recorded investment, with no allowance recorded | 0 | 0 | 0 | 0 | |
Interest income recognized, with no allowance recorded | 13 | 10 | 16 | 14 | |
Average recorded investment, with an allowance recorded | 702 | 394 | 718 | 324 | |
Interest income recognized, with an allowance recorded | 24 | 9 | 33 | 16 | |
Average recorded investment, total | 702 | 394 | 718 | 324 | |
Interest income recognized, total | 37 | 19 | 49 | 30 | |
Commercial Portfolio Segment [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 0 | ||
Unpaid principal balance, with no allowance recorded | 0 | 0 | 0 | ||
Recorded investment, with an allowance recorded | 0 | 0 | 263 | ||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 263 | ||
Related allowance | 0 | 0 | 5 | ||
Recorded investment, total | 0 | 0 | 263 | ||
Unpaid principal balance, total | 0 | 0 | $ 263 | ||
Average recorded investment, with no allowance recorded | 168 | 0 | 90 | 0 | |
Interest income recognized, with no allowance recorded | 0 | 1 | 0 | 4 | |
Average recorded investment, with an allowance recorded | 0 | 266 | 146 | 299 | |
Interest income recognized, with an allowance recorded | 0 | 2 | 0 | 9 | |
Average recorded investment, total | 168 | 266 | 236 | 299 | |
Interest income recognized, total | $ 0 | $ 3 | $ 0 | $ 13 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total nonaccrual loans | $ 3,098 | $ 1,796 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 1,939 | 698 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total nonaccrual loans | 287 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 166 | 109 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 25 | 29 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 74 | 112 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | 607 | 848 |
Commercial Portfolio Segment [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Past due | $ 2,542 | $ 4,019 |
Current | 1,070,314 | 879,738 |
Total loans | 1,072,856 | 883,757 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 724 | 2,688 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 1,113 | 601 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 705 | 730 |
Real Estate Portfolio Segment [Member] | ||
Past due | 1,210 | 1,174 |
Current | 802,708 | 693,847 |
Total loans | 803,918 | 695,021 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 966 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 685 | 92 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 525 | 116 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Past due | 1,185 | 1,136 |
Current | 316,570 | 304,878 |
Total loans | 317,755 | 306,014 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 928 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 685 | 92 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 500 | 116 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Past due | 0 | 0 |
Current | 127,569 | 96,098 |
Total loans | 127,569 | 96,098 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Past due | 0 | 0 |
Current | 283,390 | 255,722 |
Total loans | 283,390 | 255,722 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Past due | 25 | 38 |
Current | 75,179 | 37,149 |
Total loans | 75,204 | 37,187 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 38 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 25 | 0 |
Consumer Portfolio Segment [Member] | ||
Past due | 1,332 | 2,730 |
Current | 144,570 | 144,435 |
Total loans | 145,902 | 147,165 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 724 | 1,722 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 428 | 394 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 180 | 614 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Past due | 12 | 323 |
Current | 34,108 | 34,723 |
Total loans | 34,120 | 35,046 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 299 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 12 | 24 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Past due | 1,320 | 2,407 |
Current | 110,462 | 109,712 |
Total loans | 111,782 | 112,119 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 724 | 1,423 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 416 | 370 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 180 | 614 |
Commercial Portfolio Segment [Member] | ||
Past due | 0 | 115 |
Current | 123,036 | 41,456 |
Total loans | 123,036 | 41,571 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 115 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | $ 0 | $ 0 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total loans | $ 1,072,856 | $ 883,757 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 3,098 | 1,796 |
Performing Financial Instruments [Member] | ||
Total loans | 1,069,758 | 881,961 |
Pass [Member] | ||
Total loans | 1,034,082 | 865,674 |
Watch [Member] | ||
Total loans | 28,280 | 8,055 |
Special Mention [Member] | ||
Total loans | 6,465 | 5,078 |
Substandard [Member] | ||
Total loans | 4,029 | 4,950 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 803,918 | 695,021 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 770,368 | 684,434 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 25,653 | 3,966 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 4,812 | 4,132 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 3,085 | 2,489 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 317,755 | 306,014 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 1,939 | 698 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 315,816 | 305,316 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 310,998 | 301,312 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 2,624 | 2,685 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 2,602 | 1,148 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 1,531 | 869 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 127,569 | 96,098 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 287 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 127,282 | 96,098 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 127,282 | 95,694 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Special Mention [Member] | ||
Total loans | 0 | 107 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Substandard [Member] | ||
Total loans | 287 | 297 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total loans | 283,390 | 255,722 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 166 | 109 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 283,224 | 255,613 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 270,792 | 251,531 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 9,233 | 97 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 2,133 | 2,800 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 1,232 | 1,294 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 75,204 | 37,187 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 25 | 29 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 75,179 | 37,158 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 61,296 | 35,897 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 13,796 | 1,184 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 77 | 77 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 35 | 29 |
Consumer Portfolio Segment [Member] | ||
Total loans | 145,902 | 147,165 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 140,910 | 141,587 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 2,627 | 3,713 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 1,653 | 683 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 712 | 1,182 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 34,120 | 35,046 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 74 | 112 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 34,046 | 34,934 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 33,503 | 34,260 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 394 | 470 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 100 | 89 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 123 | 227 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 111,782 | 112,119 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 607 | 848 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 111,175 | 111,271 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 107,407 | 107,327 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 2,233 | 3,243 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 1,553 | 594 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 589 | 955 |
Commercial Portfolio Segment [Member] | ||
Total loans | 123,036 | 41,571 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | 123,036 | 41,571 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 122,804 | 39,653 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 0 | 376 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 0 | 263 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | $ 232 | $ 1,279 |
Note 3 - Loans Receivable - COV
Note 3 - Loans Receivable - COVID-19 Loan Modifications (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Count | 183 |
Balance | $ 149,542 |
Percent | 100.00% |
Real Estate Portfolio Segment [Member] | |
Count | 76 |
Balance | $ 139,566 |
Percent | 93.30% |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |
Count | 16 |
Balance | $ 5,097 |
Percent | 3.40% |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |
Count | 10 |
Balance | $ 29,587 |
Percent | 19.80% |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Count | 44 |
Balance | $ 98,895 |
Percent | 66.10% |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |
Count | 6 |
Balance | $ 5,987 |
Percent | 4.00% |
Consumer Portfolio Segment [Member] | |
Count | 94 |
Balance | $ 5,448 |
Percent | 3.70% |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |
Count | 6 |
Balance | $ 707 |
Percent | 0.50% |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |
Count | 88 |
Balance | $ 4,741 |
Percent | 3.20% |
Commercial Portfolio Segment [Member] | |
Count | 13 |
Balance | $ 4,528 |
Percent | 3.00% |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Total TDR loans | $ 2,244 | $ 2,244 | $ 3,544 | ||
Total nonaccrual TDR loans | $ 108 | $ 108 | 81 | ||
Number of contracts | 0 | 0 | 0 | 0 | |
TDR loans that subsequently defaulted, number of contracts | 0 | 0 | |||
Total accrual TDR loans | $ 2,136 | $ 2,136 | 3,463 | ||
Troubled Debt Restructurings [Member] | |||||
Allowance for loan losses related to TDR loans | 28 | 28 | 41 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Total TDR loans | 2,180 | 2,180 | 2,371 | ||
Total nonaccrual TDR loans | 108 | $ 108 | 81 | ||
Number of contracts | 1 | ||||
Pre-modification outstanding recorded investment | $ 50 | ||||
Post-modification outstanding recorded investment | 51 | ||||
TDR loans that subsequently defaulted, number of contracts | 1 | ||||
TDR loans that subsequently defaulted, modifications | $ 48 | ||||
Total accrual TDR loans | 2,072 | 2,072 | 2,290 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Rate Modification [Member] | |||||
Pre-modification outstanding recorded investment | 0 | ||||
Post-modification outstanding recorded investment | 0 | ||||
TDR loans that subsequently defaulted, modifications | 0 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Term Modification [Member] | |||||
Pre-modification outstanding recorded investment | 50 | ||||
Post-modification outstanding recorded investment | 51 | ||||
TDR loans that subsequently defaulted, modifications | 0 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Combination Modification [Member] | |||||
Pre-modification outstanding recorded investment | 0 | ||||
Post-modification outstanding recorded investment | $ 0 | ||||
TDR loans that subsequently defaulted, modifications | 48 | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Total TDR loans | 0 | 0 | 107 | ||
Total nonaccrual TDR loans | 0 | 0 | 0 | ||
Total accrual TDR loans | 0 | 0 | 107 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Total TDR loans | 0 | 0 | 643 | ||
Total nonaccrual TDR loans | 0 | 0 | 0 | ||
Total accrual TDR loans | 0 | 0 | 643 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Total TDR loans | 64 | 64 | 160 | ||
Total nonaccrual TDR loans | 0 | 0 | 0 | ||
Total accrual TDR loans | 64 | 64 | 160 | ||
Commercial Portfolio Segment [Member] | |||||
Total TDR loans | 0 | 0 | 263 | ||
Total nonaccrual TDR loans | 0 | 0 | 0 | ||
Total accrual TDR loans | $ 0 | $ 0 | $ 263 |
Note 4 - Deposits (Details Text
Note 4 - Deposits (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 73 | $ 93.5 |
Interest-bearing Domestic Deposit, Brokered | 92.6 | 51.6 |
Deposits, Public Fund | 79.9 | 57.3 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 39 | $ 35.5 |
Note 4 - Deposits - Deposits (D
Note 4 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Savings | $ 171,905 | $ 168,983 |
Savings, weighted-average interest rate | 0.17% | 0.86% |
Transaction accounts | $ 390,867 | $ 276,496 |
Transaction accounts, weighted-average interest rate | 0.01% | 0.03% |
Money market accounts | $ 398,144 | $ 248,086 |
Money market accounts, weighted-average interest rate | 0.31% | 0.46% |
Certificates of deposit | $ 293,540 | $ 308,080 |
Certificates of deposit, weighted-average interest rate | 1.00% | 1.85% |
Deposits, Total | $ 1,254,456 | $ 1,001,645 |
Weighted Average Rate, Interest-bearing Domestic Deposits, Point in Time | 0.36% | 0.84% |
Note 4 - Deposits - Maturities
Note 4 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Within one year or less | $ 190,613 | $ 241,127 |
After one year through two years | 62,920 | 42,274 |
After two years through three years | 25,020 | 11,167 |
After three years through four years | 7,769 | 6,593 |
After four years through five years | 7,218 | 6,919 |
After five years | 0 | 0 |
Time Deposits, Total | $ 293,540 | $ 308,080 |
Note 4 - Deposits - Interest on
Note 4 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Savings | $ 176 | $ 397 | $ 785 | $ 1,085 |
Transaction accounts | 5 | 26 | 28 | 98 |
Money market accounts | 362 | 312 | 1,118 | 945 |
Certificates of deposit | 862 | 1,406 | 3,653 | 4,005 |
Interest Expense, Deposits, Total | $ 1,405 | $ 2,141 | $ 5,584 | $ 6,133 |
Note 5 - Federal Taxes on Inc_2
Note 5 - Federal Taxes on Income (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.40% | 18.90% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares) | 754,301 | 794,042 | 754,301 | 794,042 | 794,042 |
Restricted Stock [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 6,723 | 5,248 | 29,484 | 17,344 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Components Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 3,675 | $ 2,510 | $ 6,524 | $ 6,796 |
Basic weighted average common shares outstanding (in shares) | 9,257,252 | 9,854,973 | 9,409,754 | 9,930,069 |
Dilutive restricted stock grants (in shares) | 6,723 | 48,368 | 29,484 | 76,738 |
Diluted weighted average common shares outstanding (in shares) | 9,263,975 | 9,903,341 | 9,439,238 | 10,006,807 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.25 | $ 0.69 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.25 | $ 0.69 | $ 0.68 |
Note 7 - Employee Benefits (Det
Note 7 - Employee Benefits (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Employee Stock Ownership Plan (ESOP), Service Hours During Twelve Month Period | 1,000 | 1,000 | ||
Employee Stock Ownership Plan (ESOP), Debt Structure, Amortization Period (Year) | 20 years | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Estimated Interest Rate | 2.46% | 2.46% | ||
Employee Stock Ownership Plan (ESOP), Principal and Interest Payments from ESOP | $ 835,000 | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 99,000 | $ 185,000 | $ 359,000 | $ 512,000 |
Note 7 - Employee Benefits - Sh
Note 7 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Allocated shares (in shares) | 280,507 | 227,473 | |
Committed to be released shares (in shares) | 13,221 | 26,514 | |
Unallocated shares (in shares) | 754,301 | 794,042 | 794,042 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 | |
Fair value of unallocated shares | $ 7,468 | $ 14,396 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 276,927 | 276,927 | 277,400 | 264,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 63,459 | 23,400 | 126,059 | 23,400 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,400,000 | $ 3,400,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 12 days | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
First Northwest Bancorp 2020 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 520,000 | 520,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 456,541 | 456,541 | ||||
First Northwest Bancorp 2015 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 273,800 | 273,800 | ||||
The Equity Incentive Plans [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 362,000 | $ 251,000 | $ 917,000 | $ 804,000 | ||
The Equity Incentive Plans [Member] | Director [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 102,000 | $ 86,000 | $ 273,000 | $ 256,000 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Non-vested, shares (in shares) | 277,400 | 264,300 | |||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 14.68 | $ 14.60 | |||
Granted, shares (in shares) | 63,459 | 23,400 | 126,059 | 23,400 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 11.93 | $ 12.97 | |||
Vested, shares (in shares) | (50,244) | (50,244) | |||
Vested, weighted-average grant date fair value (in dollars per share) | $ 13.58 | $ 13.58 | |||
Canceled, shares (in shares) | [1] | (10,088) | (10,088) | ||
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 13.58 | $ 13.58 | ||
Forfeited, shares (in shares) | (3,600) | (53,100) | |||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 12.70 | $ 13.36 | |||
Non-vested, shares (in shares) | 276,927 | 276,927 | |||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 14.32 | $ 14.32 | |||
[1] | A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the total cost of the vested shares. The surrendered shares are canceled and are unavailable for reissue. |
Note 9 - Fair Value Accountin_3
Note 9 - Fair Value Accounting and Measurement (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Discount | $ 0 | $ 0 |
Note 9 - Fair Value Accountin_4
Note 9 - Fair Value Accounting and Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investment securities available for sale, at fair value | $ 369,111 | $ 315,580 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 369,111 | 315,580 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 369,111 | 315,580 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at fair value | 97,143 | 39,282 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 97,143 | 39,282 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 97,143 | 39,282 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Asset-backed Securities, Issued by US Government Agencies [Member] | ||
Investment securities available for sale, at fair value | 73,618 | 28,858 |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 73,618 | 28,858 |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 73,618 | 28,858 |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Investment securities available for sale, at fair value | 32,747 | 40,855 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 32,747 | 40,855 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 32,747 | 40,855 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at fair value | 33,230 | 9,643 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 33,230 | 9,643 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 33,230 | 9,643 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US Small Business Administration Securities [Member] | ||
Investment securities available for sale, at fair value | 23,864 | 28,459 |
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 23,864 | 28,459 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 23,864 | 28,459 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale, at fair value | 92,402 | 160,167 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 92,402 | 160,167 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 92,402 | 160,167 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Investment securities available for sale, at fair value | 16,107 | 8,316 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 16,107 | 8,316 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 16,107 | 8,316 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Note 9 - Fair Value Accountin_5
Note 9 - Fair Value Accounting and Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Impaired loans | $ 6,355 | $ 6,389 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 6,355 | $ 6,389 |
Note 9 - Fair Value Accountin_6
Note 9 - Fair Value Accounting and Measurement - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total investment securities, estimated fair value | $ 369,111 | $ 315,580 |
Accrued interest receivable | 7,367 | 3,931 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 16,776 | 48,739 |
Total investment securities, estimated fair value | 369,111 | 315,580 |
Loans held for sale | 4,754 | 503 |
Loans receivable, net | 1,061,417 | 878,437 |
FHLB stock | 5,944 | 6,034 |
Accrued interest receivable | 7,367 | 3,931 |
Mortgage servicing rights, net | 1,545 | 871 |
Borrowings | 109,150 | 112,930 |
Accrued interest payable | 51 | 373 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 960,916 | 693,565 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 293,540 | 308,080 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 16,776 | 48,739 |
Total investment securities, estimated fair value | 369,111 | 315,580 |
Loans held for sale | 4,754 | 503 |
Loans receivable, net | 858,101 | |
FHLB stock | 5,944 | 6,034 |
Accrued interest receivable | 7,367 | 3,931 |
Mortgage servicing rights, net | 1,710 | 1,486 |
Borrowings | 113,076 | |
Accrued interest payable | 51 | 373 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 960,916 | 693,565 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 308,819 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 16,776 | 48,739 |
Total investment securities, estimated fair value | 0 | |
Loans held for sale | 0 | |
Loans receivable, net | 0 | |
FHLB stock | 0 | |
Accrued interest receivable | 0 | |
Mortgage servicing rights, net | 0 | |
Borrowings | 0 | |
Accrued interest payable | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
Demand deposits | 960,916 | 693,565 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||
Demand deposits | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | |
Total investment securities, estimated fair value | 369,111 | 315,580 |
Loans held for sale | 4,754 | 503 |
Loans receivable, net | 0 | |
FHLB stock | 5,944 | 6,034 |
Accrued interest receivable | 7,367 | 3,931 |
Mortgage servicing rights, net | 0 | |
Borrowings | 113,076 | |
Accrued interest payable | 51 | 373 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
Demand deposits | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Demand deposits | 308,819 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | |
Total investment securities, estimated fair value | 0 | |
Loans held for sale | 0 | |
Loans receivable, net | 858,101 | |
FHLB stock | 0 | |
Accrued interest receivable | 0 | |
Mortgage servicing rights, net | $ 1,710 | 1,486 |
Borrowings | 0 | |
Accrued interest payable | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
Demand deposits | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
Demand deposits | $ 0 |