Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,218,878 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 15,827 | $ 13,508 |
Interest-bearing deposits in banks | 83,444 | 51,647 |
Investment securities available for sale, at fair value | 393,495 | 364,296 |
Loans held for sale | 4,037 | 3,753 |
Loans receivable (net of allowance for loan losses of $14,265 and $13,847) | 1,156,439 | 1,141,969 |
Federal Home Loan Bank (FHLB) stock, at cost | 3,997 | 5,977 |
Accrued interest receivable | 6,251 | 6,966 |
Premises and equipment, net | 14,795 | 14,785 |
Mortgage servicing rights, net | 2,309 | 2,120 |
Bank-owned life insurance, net | 38,596 | 38,353 |
Prepaid expenses and other assets | 17,103 | 10,975 |
Total assets | 1,736,293 | 1,654,349 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,434,807 | 1,333,517 |
FHLB advances | 50,000 | 109,977 |
Subordinated debt, net | 39,310 | 0 |
Accrued interest payable | 84 | 53 |
Accrued expenses and other liabilities | 27,994 | 23,303 |
Advances from borrowers for taxes and insurance | 2,000 | 1,116 |
Total liabilities | 1,554,195 | 1,467,966 |
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 10,195,644 shares at March 31, 2021, and 10,247,185 shares at December 31, 2020 | 102 | 102 |
Additional paid-in capital | 96,499 | 97,412 |
Retained earnings | 94,363 | 92,657 |
Accumulated other comprehensive income, net of tax | 199 | 5,442 |
Unearned employee stock ownership plan (ESOP) shares | (9,065) | (9,230) |
Total shareholders' equity | 182,098 | 186,383 |
Total liabilities and shareholders' equity | $ 1,736,293 | $ 1,654,349 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 14,265 | $ 13,847 |
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) | 10,195,644 | 10,247,185 |
Common stock, shares outstanding (in shares) | 10,195,644 | 10,247,185 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 12,541 | $ 9,836 |
Interest on mortgage-backed securities | 464 | 959 |
Interest on investment securities | 1,570 | 1,069 |
Interest on deposits and other | 13 | 68 |
FHLB dividends | 45 | 47 |
Total interest income | 14,633 | 11,979 |
INTEREST EXPENSE | ||
Deposits | 934 | 2,138 |
Borrowings | 191 | 434 |
Subordinated debt | 25 | 0 |
Total interest expense | 1,150 | 2,572 |
Net interest income | 13,483 | 9,407 |
Provision for loan losses | 500 | 1,266 |
Net interest income after provision for loan losses | 12,983 | 8,141 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 837 | 881 |
Mortgage servicing fees, net of amortization | 30 | 15 |
Net gain on sale of loans | 1,337 | 383 |
Net gain on sale of investment securities | 0 | 605 |
Increase in cash surrender value of bank-owned life insurance | 244 | 328 |
Other income | 256 | 106 |
Total noninterest income | 2,704 | 2,318 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 7,295 | 5,361 |
Data processing | 739 | 690 |
Occupancy and equipment | 1,623 | 1,351 |
Supplies, postage, and telephone | 242 | 211 |
Regulatory assessments and state taxes | 261 | 174 |
Advertising | 445 | 272 |
Professional fees | 522 | 400 |
FDIC insurance premium | 148 | 0 |
FHLB prepayment penalty | 0 | 210 |
Other expense | 819 | 713 |
Total noninterest expense | 12,094 | 9,382 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,593 | 1,077 |
PROVISION FOR INCOME TAXES | 473 | 204 |
NET INCOME | $ 3,120 | $ 873 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.34 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 3,120 | $ 873 |
Other comprehensive loss: | ||
Unrealized holding losses on investments available for sale arising during the period | (4,428) | (7,897) |
Income tax benefit related to unrealized holding losses | 930 | 1,658 |
Unrecognized defined benefit ("DB") plan prior service cost | (2,210) | 0 |
Income tax benefit related to DB plan prior service cost | 465 | 0 |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | 0 | (605) |
Income tax benefit related to reclassification adjustment on sales of securities | 0 | 127 |
Other comprehensive loss, net of tax | (5,243) | (6,717) |
COMPREHENSIVE LOSS | $ (2,123) | $ (5,844) |
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, 2019 | 10,731,639 | |||||
BALANCE at Dec. 31, 2019 | $ 107 | $ 102,017 | $ 86,156 | $ (9,890) | $ (1,539) | $ 176,851 |
Net income | 873 | 873 | ||||
Common stock repurchased (in shares) | (288,276) | |||||
Common stock repurchased | $ (3) | (2,880) | (947) | (3,830) | ||
Restricted stock award forfeitures net of grants (in shares) | (10,400) | |||||
Other comprehensive loss, net of tax | (6,717) | (6,717) | ||||
Share-based compensation expense | 304 | 304 | ||||
ESOP shares committed to be released | 38 | 165 | 203 | |||
Cash dividends declared and paid | (533) | (533) | ||||
Restricted stock award grants net of forfeitures (in shares) | (10,400) | |||||
BALANCE (in shares) at Mar. 31, 2020 | 10,432,963 | |||||
BALANCE at Mar. 31, 2020 | $ 104 | 99,479 | 85,549 | (9,725) | (8,256) | $ 167,151 |
BALANCE (in shares) at Dec. 31, 2020 | 10,247,185 | 10,247,185 | ||||
BALANCE at Dec. 31, 2020 | $ 102 | 97,412 | 92,657 | (9,230) | 5,442 | $ 186,383 |
Net income | 3,120 | 3,120 | ||||
Common stock repurchased (in shares) | (135,837) | |||||
Common stock repurchased | $ 0 | (1,358) | (805) | (2,163) | ||
Restricted stock award forfeitures net of grants (in shares) | 84,896 | |||||
Other comprehensive loss, net of tax | (5,243) | (5,243) | ||||
Share-based compensation expense | 404 | 404 | ||||
ESOP shares committed to be released | 52 | 165 | 217 | |||
Cash dividends declared and paid | (609) | (609) | ||||
Restricted stock award grants net of forfeitures (in shares) | 84,896 | |||||
Restricted stock awards canceled (in shares) | (600) | |||||
Restricted stock awards canceled | $ 0 | (11) | $ (11) | |||
BALANCE (in shares) at Mar. 31, 2021 | 10,195,644 | 10,195,644 | ||||
BALANCE at Mar. 31, 2021 | $ 102 | $ 96,499 | $ 94,363 | $ (9,065) | $ 199 | $ 182,098 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends paid, per share (in dollars per share) | $ 0.06 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,120 | $ 873 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 338 | 338 |
Amortization and accretion of premiums and discounts on investments, net | 270 | 477 |
Amortization (accretion) of deferred loan fees, net | 160 | (436) |
Amortization of mortgage servicing rights, net | 124 | 82 |
Additions to mortgage servicing rights, net | (332) | (54) |
Net increase on the valuation allowance on mortgage servicing rights | 19 | 0 |
Provision for loan losses | 500 | 1,266 |
Allocation of ESOP shares | 154 | 203 |
Share-based compensation expense | 404 | 304 |
Gain on sale of loans, net | (1,337) | (383) |
Gain on sale of securities available for sale, net | 0 | (605) |
Increase in cash surrender value of life insurance, net | (244) | (328) |
Origination of loans held for sale | (37,287) | (20,027) |
Proceeds from loans held for sale | 38,340 | 16,382 |
Change in assets and liabilities: | ||
Decrease (increase) in accrued interest receivable | 715 | (193) |
Increase in prepaid expenses and other assets | (8,326) | (382) |
Increase (decrease) in accrued interest payable | 31 | (179) |
Increase in accrued expenses and other liabilities | 6,138 | 833 |
Net cash from operating activities | 2,787 | (1,829) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (53,290) | (66,372) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 19,393 | 15,984 |
Proceeds from sales of securities available for sale | 0 | 40,073 |
Redemption (purchase) of FHLB stock | 1,980 | (1,547) |
Net increase in loans receivable | (15,130) | (21,943) |
Purchase of premises and equipment, net | (348) | (227) |
Net cash from investing activities | (47,395) | (34,032) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 101,290 | 62,260 |
Proceeds from long-term FHLB advances | 10,000 | 30,000 |
Repayment of long-term FHLB advances | (10,000) | (25,000) |
Net (decrease) increase in short-term FHLB advances | (59,977) | 32,091 |
Proceeds from issuance of subordinated debt, net | 39,310 | 0 |
Net increase (decrease) in advances from borrowers for taxes and insurance | 884 | (702) |
Dividends paid | (609) | (533) |
Restricted stock awards canceled | (11) | 0 |
Repurchase of common stock | (2,163) | (3,830) |
Net cash from financing activities | 78,724 | 94,286 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 34,116 | 58,425 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,155 | 48,739 |
CASH AND CASH EQUIVALENTS, end of period | 99,271 | 107,164 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 1,119 | 2,751 |
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan | 2,718 | 0 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized loss on securities available for sale | (4,428) | (8,502) |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | 0 | 396 |
Lease liabilities arising from obtaining right-of-use assets | $ 672 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and 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 Fed. 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, 2020 three March 31, 2021 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 10 Recently adopted accounting 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 Recently issued accounting pronouncements 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 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 131,788 $ 2,560 $ (1,856 ) $ 132,492 U.S. government and agency issued bonds (Agency bonds) 1,940 — (27 ) 1,913 U.S. government agency issued asset-backed securities (ABS agency) 64,355 1,637 (82 ) 65,910 Corporate issued asset-backed securities (ABS corporate) 17,620 — (115 ) 17,505 Corporate issued debt securities (Corporate debt) 43,305 920 (335 ) 43,890 U.S. Small Business Administration securities (SBA) 17,399 167 — 17,566 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 74,214 581 (779 ) 74,016 Corporate issued mortgage-backed securities (MBS corporate) 40,413 96 (306 ) 40,203 Total securities available for sale $ 391,034 $ 5,961 $ (3,500 ) $ 393,495 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2020 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 122,667 $ 5,212 $ (17 ) $ 127,862 ABS agency 62,934 1,240 (354 ) 63,820 ABS corporate 29,661 37 (418 ) 29,280 Corporate debt 35,408 687 (585 ) 35,510 SBA 18,420 144 — 18,564 Mortgage-backed securities: MBS agency 61,859 876 (52 ) 62,683 MBS corporate 26,458 162 (43 ) 26,577 Total securities available for sale $ 357,407 $ 8,358 $ (1,469 ) $ 364,296 There were no securities classified as held-to-maturity at March 31, 2021 December 31, 2020 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 March 31, 2021 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 $ (1,727 ) $ 57,025 $ (129 ) $ 3,507 $ (1,856 ) $ 60,532 Agency bonds (27 ) 1,913 — — (27 ) 1,913 ABS agency — — (82 ) 1,938 (82 ) 1,938 ABS corporate — — (115 ) 17,505 (115 ) 17,505 Corporate debt (250 ) 16,746 (85 ) 4,915 (335 ) 21,661 SBA — 53 — 43 — 96 Mortgage-backed securities: MBS agency (777 ) 33,330 (2 ) 1,760 (779 ) 35,090 MBS corporate (306 ) 23,671 — — (306 ) 23,671 Total available for sale $ (3,087 ) $ 132,738 $ (413 ) $ 29,668 $ (3,500 ) $ 162,406 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, 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 $ (15 ) $ 5,214 $ (2 ) $ 1,319 $ (17 ) $ 6,533 ABS agency — — (354 ) 21,430 (354 ) 21,430 ABS corporate — — (418 ) 27,283 (418 ) 27,283 Corporate debt (8 ) 5,892 (577 ) 9,409 (585 ) 15,301 SBA — 63 — 47 — 110 Mortgage-backed securities: MBS agency (52 ) 18,516 — 261 (52 ) 18,777 MBS corporate (43 ) 10,003 — — (43 ) 10,003 Total available for sale $ (118 ) $ 39,688 $ (1,351 ) $ 59,749 $ (1,469 ) $ 99,437 The Company may not March 31, 2021 December 31, 2020 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 March 31, 2021 2020 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 March 31, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 48 $ 50 Due after one through five years 21,235 21,207 Due after five through ten years 1,994 1,953 Due after ten years 91,350 91,009 Total mortgage-backed securities 114,627 114,219 All other investment securities: Due within one year — — Due after one through five years 1,344 1,344 Due after five through ten years 75,507 76,038 Due after ten years 199,556 201,894 Total all other investment securities 276,407 279,276 Total investment securities $ 391,034 $ 393,495 December 31, 2020 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 80 $ 84 Due after one through five years 12,446 12,402 Due after five through ten years — — Due after ten years 75,791 76,774 Total mortgage-backed securities 88,317 89,260 All other investment securities: Due within one year — — Due after one through five years 2,210 2,328 Due after five through ten years 74,568 74,351 Due after ten years 192,312 198,357 Total all other investment securities 269,090 275,036 Total investment securities $ 357,407 $ 364,296 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended March 31, 2021 2020 (In thousands) Proceeds from sales $ — $ 40,073 Gross realized gains — 637 Gross realized losses — (32 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (In thousands) Real Estate: One-to-four family $ 295,831 $ 309,828 Multi-family 162,487 162,467 Commercial real estate 296,826 296,574 Construction and land 157,316 123,627 Total real estate loans 912,460 892,496 Consumer: Home equity 33,713 33,103 Auto and other consumer 139,134 128,233 Total consumer loans 172,847 161,336 Commercial business loans 83,033 100,201 Total loans 1,168,340 1,154,033 Less: Net deferred loan fees 4,983 4,346 Premium on purchased loans, net (7,347 ) (6,129 ) Allowance for loan losses 14,265 13,847 Total loans receivable, net $ 1,156,439 $ 1,141,969 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 March 31, 2021 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 $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 (Recapture of) provision for loan losses (59 ) 58 209 426 (6 ) (197 ) 54 15 500 Charge-offs — — — — — (229 ) — — (229 ) Recoveries 6 — — 3 17 121 — — 147 Ending balance $ 3,416 $ 1,822 $ 3,629 $ 1,890 $ 379 $ 2,337 $ 483 $ 309 $ 14,265 At March 31, 2021 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 $ 3,416 $ 1,822 $ 3,629 $ 1,890 $ 379 $ 2,337 $ 483 $ 309 $ 14,265 General reserve 3,384 1,822 3,628 1,890 374 2,126 483 309 14,016 Specific reserve 32 — 1 — 5 211 — — 249 Total loans $ 295,831 $ 162,487 $ 296,826 $ 157,316 $ 33,713 $ 139,134 $ 83,033 $ — $ 1,168,340 Loans collectively evaluated (1) 293,228 162,206 295,560 157,291 33,560 138,059 83,033 — 1,162,937 Loans individually evaluated (2) 2,603 281 1,266 25 153 1,075 — — 5,403 ( 1 ( 2 At or For the Three Months Ended March 31, 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 319 35 479 191 (6 ) 176 42 30 1,266 Charge-offs — — — — — (134 ) — — (134 ) Recoveries 53 — — 2 1 14 — — 70 Ending balance $ 3,396 $ 923 $ 2,722 $ 592 $ 449 $ 2,317 $ 250 $ 181 $ 10,830 At December 31, 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 $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 General reserve 3,433 1,764 3,419 1,461 364 2,366 429 294 13,530 Specific reserve 36 — 1 — 4 276 — — 317 Total loans $ 309,828 $ 162,467 $ 296,574 $ 123,627 $ 33,103 $ 128,233 $ 100,201 $ — $ 1,154,033 Loans collectively evaluated (1) 306,862 162,183 295,296 123,601 32,968 127,411 100,201 — 1,148,522 Loans individually evaluated (2) 2,966 284 1,278 26 135 822 — — 5,511 ( 1 ( 2 Impaired loans. may The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: March 31, 2021 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 223 $ 254 $ — $ 227 $ 257 $ — Multi-family 281 281 — 284 284 — Commercial real estate 1,209 1,306 — 1,216 1,308 — Construction and land — — — — 29 — Home equity 36 68 — 37 94 — Auto and other consumer 105 227 — — 224 — Commercial business — — — — — — Total 1,854 2,136 — 1,764 2,196 — With an allowance recorded: One-to-four family 2,380 2,560 32 2,739 2,941 36 Multi-family — — — — — — Commercial real estate 57 57 1 62 62 1 Construction and land 25 52 — 26 26 — Home equity 117 175 5 98 157 4 Auto and other consumer 970 1,021 211 822 953 276 Commercial business — — — — — — Total 3,549 3,865 249 3,747 4,139 317 Total impaired loans: One-to-four family 2,603 2,814 32 2,966 3,198 36 Multi-family 281 281 — 284 284 — Commercial real estate 1,266 1,363 1 1,278 1,370 1 Construction and land 25 52 — 26 55 — Home equity 153 243 5 135 251 4 Auto and other consumer 1,075 1,248 211 822 1,177 276 Commercial business — — — — — — Total $ 5,403 $ 6,001 $ 249 $ 5,511 $ 6,335 $ 317 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the period shown: Three Months Ended March 31, 2021 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 226 $ 4 Multi-family 282 5 Commercial real estate 1,212 18 Construction and land — — Home equity 36 — Auto and other consumer 35 8 Commercial business — — Total 1,791 35 With an allowance recorded: One-to-four family 2,507 51 Multi-family — — Commercial real estate 58 1 Construction and land 26 2 Home equity 111 3 Auto and other consumer 865 12 Commercial business — — Total 3,567 69 Total impaired loans: One-to-four family 2,733 55 Multi-family 282 5 Commercial real estate 1,270 19 Construction and land 26 2 Home equity 147 3 Auto and other consumer 900 20 Commercial business — — Total $ 5,358 $ 104 Interest income recognized on a cash basis on impaired loans for the three March 31, 2021 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the period shown: Three Months Ended March 31, 2020 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 108 $ 1 Multi-family 99 — Commercial real estate 1,231 15 Home equity 42 3 Auto and other consumer — 10 Commercial business — — Total 1,480 29 With an allowance recorded: One-to-four family 2,676 64 Multi-family 305 — Commercial real estate 643 — Construction and land 28 2 Home equity 248 6 Auto and other consumer 689 17 Commercial business 263 — Total 4,852 89 Total impaired loans: One-to-four family 2,784 65 Multi-family 404 — Commercial real estate 1,874 15 Construction and land 28 2 Home equity 290 9 Auto and other consumer 689 27 Commercial business 263 — Total $ 6,332 $ 118 Interest income recognized on a cash basis on impaired loans for the three March 31, 2020 The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) One-to-four family $ 796 $ 912 Multi-family — 284 Commercial real estate 145 157 Construction and land 25 26 Home equity 93 73 Auto and other consumer 1,076 821 Commercial business — — Total nonaccrual loans $ 2,135 $ 2,273 Past due loans. not 90 March 31, 2021 December 31, 2020 The following table presents past due loans, net of partial loan charge-offs, by class, as of March 31, 2021 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 $ 585 $ — $ — $ 585 $ 295,246 $ 295,831 Multi-family — — — — 162,487 162,487 Commercial real estate — — — — 296,826 296,826 Construction and land 53 — — 53 157,263 157,316 Total real estate loans 638 — — 638 911,822 912,460 Consumer: Home equity 80 12 21 113 33,600 33,713 Auto and other consumer 288 208 239 735 138,399 139,134 Total consumer loans 368 220 260 848 171,999 172,847 Commercial business loans — — — — 83,033 83,033 Total loans $ 1,006 $ 220 $ 260 $ 1,486 $ 1,166,854 $ 1,168,340 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 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 $ 406 $ 132 $ 29 $ 567 $ 309,261 $ 309,828 Multi-family — — — — 162,467 162,467 Commercial real estate — — — — 296,574 296,574 Construction and land 56 — 26 82 123,545 123,627 Total real estate loans 462 132 55 649 891,847 892,496 Consumer: Home equity 94 — — 94 33,009 33,103 Auto and other consumer 815 138 137 1,090 127,143 128,233 Total consumer loans 909 138 137 1,184 160,152 161,336 Commercial business loans — — — — 100,201 100,201 Total loans $ 1,371 $ 270 $ 192 $ 1,833 $ 1,152,200 $ 1,154,033 Credit quality indicator. 6, 7, 8 8 not not When the Bank classifies problem assets as either substandard or doubtful, it may not not 4 5 not 1 3 Additionally, the Bank 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 March 31, 2021 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 291,735 $ 866 $ 1,715 $ 1,515 $ 295,831 Multi-family 146,318 16,169 — — 162,487 Commercial real estate 235,018 36,256 14,453 11,099 296,826 Construction and land 146,451 9,930 874 61 157,316 Total real estate loans 819,522 63,221 17,042 12,675 912,460 Consumer: Home equity 33,236 259 100 118 33,713 Auto and other consumer 135,471 1,808 740 1,115 139,134 Total consumer loans 168,707 2,067 840 1,233 172,847 Commercial business loans 73,154 9,647 — 232 83,033 Total loans $ 1,061,383 $ 74,935 $ 17,882 $ 14,140 $ 1,168,340 The following table represents the internally assigned grade as of December 31, 2020 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 303,840 $ 2,487 $ 1,730 $ 1,771 $ 309,828 Multi-family 146,536 15,647 — 284 162,467 Commercial real estate 250,970 20,759 20,690 4,155 296,574 Construction and land 114,575 8,914 74 64 123,627 Total real estate loans 815,921 47,807 22,494 6,274 892,496 Consumer: Home equity 32,500 349 100 154 33,103 Auto and other consumer 124,115 2,034 1,216 868 128,233 Total consumer loans 156,615 2,383 1,316 1,022 161,336 Commercial business loans 92,010 7,791 168 232 100,201 Total loans $ 1,064,546 $ 57,981 $ 23,978 $ 7,528 $ 1,154,033 The following table represents the credit risk profile based on payment activity as of March 31, 2021 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 796 $ 295,035 $ 295,831 Multi-family — 162,487 162,487 Commercial real estate 145 296,681 296,826 Construction and land 25 157,291 157,316 Consumer: Home equity 93 33,620 33,713 Auto and other consumer 1,076 138,058 139,134 Commercial business — 83,033 83,033 Total loans $ 2,135 $ 1,166,205 $ 1,168,340 The following table represents the credit risk profile based on payment activity as of December 31, 2020 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 912 $ 308,916 $ 309,828 Multi-family 284 162,183 162,467 Commercial real estate 157 296,417 296,574 Construction and land 26 123,601 123,627 Consumer: Home equity 73 33,030 33,103 Auto and other consumer 821 127,412 128,233 Commercial business — 100,201 100,201 Total loans $ 2,273 $ 1,151,760 $ 1,154,033 Troubled debt restructuring. The Coronavirus Aid, Relief, and Economic Security Act of 2020 March 27, 2020 ( 19 not six 30 2021, 60 19 January 1, 2022. March 31, 2021 19 not The following table is a summary of COVID- 19 March 31, 2021 Count Balance Percent (Dollars in Thousands) Real Estate: One-to-four family — $ — 0.0 % Multi-family 1 918 11.4 Commercial real estate 2 7,122 88.5 Construction and land — — — Total real estate loans 3 8,040 99.9 Consumer: Home equity — — — Auto and other consumer 1 12 0.1 Total consumer loans 1 12 0.1 Commercial business loans — — — Total loans 4 $ 8,052 100.0 % The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,973 $ 2,224 Allowance for loan losses related to TDR loans 24 26 Total nonaccrual TDR loans 107 108 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the three March 31, 2021 2020 There were no TDR loans which incurred a payment default within 12 three March 31, 2021 2020 No additional funds were committed to be advanced in connection with impaired loans at March 31, 2021 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. March 31, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,807 $ 107 $ 1,914 $ 2,054 $ 108 $ 2,162 Home equity 59 — 59 62 — 62 Total TDR loans $ 1,866 $ 107 $ 1,973 $ 2,116 $ 108 $ 2,224 |
Note 4 - Deposits
Note 4 - Deposits | 3 Months Ended |
Mar. 31, 2021 | |
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, March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 186,173 0.27 % $ 164,434 0.17 % Transaction accounts 466,143 0.00 % 431,171 0.01 % Money market accounts 495,265 0.23 % 429,143 0.31 % Certificates of deposit 287,226 0.80 % 308,769 1.00 % $ 1,434,807 0.28 % $ 1,333,517 0.36 % Maturities of certificates at the dates indicated are as follows: March 31, 2021 December 31, 2020 (In thousands) Within one year or less $ 184,108 $ 185,804 After one year through two years 51,647 70,705 After two years through three years 37,591 37,417 After three years through four years 7,227 6,938 After four years through five years 6,653 7,905 After five years — — $ 287,226 $ 308,769 Brokered certificates of deposits of $85.9 million and $89.6 million are included in the March 31, 2021 December 31, 2020 At March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Interest on deposits by type for the periods shown was as follows: Three Months Ended March 31, 2021 2020 (In thousands) Savings $ 40 $ 340 Transaction accounts 7 19 Money market accounts 286 356 Certificates of deposit 601 1,423 $ 934 $ 2,138 |
Note 5 - Federal Taxes on Incom
Note 5 - Federal Taxes on Income | 3 Months Ended |
Mar. 31, 2021 | |
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 13.2% and 18.9% for the three March 31, 2021 2020 2021 2020 21% first 2021. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 Three Months Ended March 31, 2021 2020 (In thousands, except share data) Numerator: Net income $ 3,120 $ 873 Denominator: Basic weighted average common shares outstanding 9,094,354 9,624,727 Dilutive restricted stock grants 91,371 51,650 Diluted weighted average common shares outstanding 9,185,725 9,676,377 Basic earnings per share $ 0.34 $ 0.09 Diluted earnings per share $ 0.34 $ 0.09 Unallocated ESOP shares are not March 31, 2021 2020 |
Note 7 - Employee Benefits
Note 7 - Employee Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 7 Change from Multi-employer to Single-employer Pension Plan Effective March 23, 2021, March 23, 2021, The Bank DB Plan is a defined benefit pension plan covering current and former employees. Benefits available under the plan are frozen. The plan provides defined benefits based on years of service and final average salary prior to the freeze. The Company uses December 31 March 23, 2021 – December 31, 2021. The fair value of plan assets and projected benefit obligation on the March 23, 2021, $2,717,599 March 2021 March 31, 2021 Weighted-average assumptions used to determine pension benefit obligations at year-end include a 2.95% discount rate and a 0% rate of compensation increase. The weighted average assumptions used to determine net periodic pension cost include 2.95% discount rate, 5.75% expected return on plan assets and a 0% rate of compensation increase. The 5.75% 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 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. No three March 31, 2021 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 March 31, 2021 2020 Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 306,949 306,949 Committed to be released shares 13,221 — Unallocated shares 727,859 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,097 $ 11,561 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 In May 2020, 2020 "2020 May 2030. 2020 may 2020 March 31, 2021 2020 As a result of the approval of the 2020 2015 "2015 March 31, 2021 2015 2015 2015 There were 84,896 and 35,100 shares of restricted stock awarded, respectively, during the three March 31, 2021 2020 three five For the three March 31, 2021 2020 Included in the above compensation expense for the three March 31, 2021 2020 The following table provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended March 31, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 84,896 18.60 Vested (5,620 ) 16.42 Canceled (1) (600 ) 16.42 Non-vested at March 31, 2021 371,568 $ 14.98 (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 participant's share of tax on the vested shares. The surrendered shares are canceled and are unavailable for reissue. As of March 31, 2021 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting and Measurement | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 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 $ — $ 132,492 $ — $ 132,492 Agency bonds — 1,913 — 1,913 ABS agency — 65,910 — 65,910 ABS corporate — 17,505 — 17,505 Corporate debt — 43,890 — 43,890 SBA — 17,566 — 17,566 MBS agency — 74,016 — 74,016 MBS corporate — 40,203 — 40,203 $ — $ 393,495 $ — $ 393,495 December 31, 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 $ — $ 127,862 $ — $ 127,862 ABS agency — 63,820 — 63,820 ABS corporate — 29,280 — 29,280 Corporate debt — 32,970 2,540 35,510 SBA — 18,564 — 18,564 MBS agency — 62,683 — 62,683 MBS corporate — 20,205 6,372 26,577 $ — $ 355,384 $ 8,912 $ 364,296 The significant unobservable inputs in the fair value measurement of the Company's Level 3 3 December 31, 2020 Fair Value (In thousands) Valuation Technique Unobservable Input Range (a) Corporate debt $ 1,540 Consensus pricing Offered quotes 89 - 91 Comparability adjustments (%) -0.7% - +1.3% 1,000 Consensus pricing Offered quotes 92 100 Comparability adjustments (%) -7.4% - 0% MBS corporate 6,372 Consensus pricing Offered quotes 104 107 Comparability adjustments (%) -1.5% - +1.5% (a) Unobservable inputs were weighted by the relative fair value of the instruments. The following tables summarize the changes in Level 3 March 31, 2021 Balance at Beginning of Period Transfers Out of Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS corporate 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. December 31, 2020 Balance at Beginning of Period Transfers Into Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ — $ 1,540 $ 1,000 $ — $ 2,540 MBS corporate — — 6,372 — 6,372 $ — $ 1,540 $ 7,372 $ — $ 8,912 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. 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: March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,403 $ 5,403 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,511 $ 5,511 At March 31, 2021 December 31, 2020 The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: March 31, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 15,827 $ 15,827 $ 15,827 $ — $ — Investment securities available for sale 393,495 393,495 — 393,495 — Loans held for sale 4,037 4,037 — 4,037 — Loans receivable, net 1,156,439 1,147,018 — — 1,147,018 FHLB stock 3,997 3,997 — 3,997 — Accrued interest receivable 6,251 6,251 — 6,251 — Mortgage servicing rights, net 2,309 2,499 — — 2,499 Financial liabilities Demand deposits $ 1,147,581 $ 1,147,581 $ 1,147,581 $ — $ — Time deposits 287,226 288,807 — 288,807 — FHLB Borrowings 50,000 50,447 — 50,447 — Subordinated debt 39,310 39,310 — 39,310 — Accrued interest payable 84 84 — 84 — December 31, 2020 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 65,155 $ 65,155 $ 65,155 $ — $ — Investment securities available for sale 364,296 364,296 — 355,384 8,912 Loans held for sale 3,753 3,753 — 3,753 — Loans receivable, net 1,141,969 1,129,570 — — 1,129,570 FHLB stock 5,977 5,977 — 5,977 — Accrued interest receivable 6,966 6,966 — 6,966 — Mortgage servicing rights, net 2,120 2,189 — — 2,189 Financial liabilities Demand deposits $ 1,024,748 $ 1,024,748 $ 1,024,748 $ — $ — Time deposits 308,769 310,992 — 310,992 — FHLB Borrowings 109,977 111,462 — 111,462 — Accrued interest payable 53 53 — 53 — 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 March 31, 2021 820 Mortgage servicing rights, net no |
Note 10 - Subsequent Event
Note 10 - Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 10 On April 15, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation not 10 December 31, 2020 three March 31, 2021 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 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting 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 Recently issued accounting pronouncements 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 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) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation [Table Text Block] | Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 131,788 $ 2,560 $ (1,856 ) $ 132,492 U.S. government and agency issued bonds (Agency bonds) 1,940 — (27 ) 1,913 U.S. government agency issued asset-backed securities (ABS agency) 64,355 1,637 (82 ) 65,910 Corporate issued asset-backed securities (ABS corporate) 17,620 — (115 ) 17,505 Corporate issued debt securities (Corporate debt) 43,305 920 (335 ) 43,890 U.S. Small Business Administration securities (SBA) 17,399 167 — 17,566 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 74,214 581 (779 ) 74,016 Corporate issued mortgage-backed securities (MBS corporate) 40,413 96 (306 ) 40,203 Total securities available for sale $ 391,034 $ 5,961 $ (3,500 ) $ 393,495 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 122,667 $ 5,212 $ (17 ) $ 127,862 ABS agency 62,934 1,240 (354 ) 63,820 ABS corporate 29,661 37 (418 ) 29,280 Corporate debt 35,408 687 (585 ) 35,510 SBA 18,420 144 — 18,564 Mortgage-backed securities: MBS agency 61,859 876 (52 ) 62,683 MBS corporate 26,458 162 (43 ) 26,577 Total securities available for sale $ 357,407 $ 8,358 $ (1,469 ) $ 364,296 |
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 $ (1,727 ) $ 57,025 $ (129 ) $ 3,507 $ (1,856 ) $ 60,532 Agency bonds (27 ) 1,913 — — (27 ) 1,913 ABS agency — — (82 ) 1,938 (82 ) 1,938 ABS corporate — — (115 ) 17,505 (115 ) 17,505 Corporate debt (250 ) 16,746 (85 ) 4,915 (335 ) 21,661 SBA — 53 — 43 — 96 Mortgage-backed securities: MBS agency (777 ) 33,330 (2 ) 1,760 (779 ) 35,090 MBS corporate (306 ) 23,671 — — (306 ) 23,671 Total available for sale $ (3,087 ) $ 132,738 $ (413 ) $ 29,668 $ (3,500 ) $ 162,406 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 $ (15 ) $ 5,214 $ (2 ) $ 1,319 $ (17 ) $ 6,533 ABS agency — — (354 ) 21,430 (354 ) 21,430 ABS corporate — — (418 ) 27,283 (418 ) 27,283 Corporate debt (8 ) 5,892 (577 ) 9,409 (585 ) 15,301 SBA — 63 — 47 — 110 Mortgage-backed securities: MBS agency (52 ) 18,516 — 261 (52 ) 18,777 MBS corporate (43 ) 10,003 — — (43 ) 10,003 Total available for sale $ (118 ) $ 39,688 $ (1,351 ) $ 59,749 $ (1,469 ) $ 99,437 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 48 $ 50 Due after one through five years 21,235 21,207 Due after five through ten years 1,994 1,953 Due after ten years 91,350 91,009 Total mortgage-backed securities 114,627 114,219 All other investment securities: Due within one year — — Due after one through five years 1,344 1,344 Due after five through ten years 75,507 76,038 Due after ten years 199,556 201,894 Total all other investment securities 276,407 279,276 Total investment securities $ 391,034 $ 393,495 December 31, 2020 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 80 $ 84 Due after one through five years 12,446 12,402 Due after five through ten years — — Due after ten years 75,791 76,774 Total mortgage-backed securities 88,317 89,260 All other investment securities: Due within one year — — Due after one through five years 2,210 2,328 Due after five through ten years 74,568 74,351 Due after ten years 192,312 198,357 Total all other investment securities 269,090 275,036 Total investment securities $ 357,407 $ 364,296 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2021 2020 (In thousands) Proceeds from sales $ — $ 40,073 Gross realized gains — 637 Gross realized losses — (32 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) Real Estate: One-to-four family $ 295,831 $ 309,828 Multi-family 162,487 162,467 Commercial real estate 296,826 296,574 Construction and land 157,316 123,627 Total real estate loans 912,460 892,496 Consumer: Home equity 33,713 33,103 Auto and other consumer 139,134 128,233 Total consumer loans 172,847 161,336 Commercial business loans 83,033 100,201 Total loans 1,168,340 1,154,033 Less: Net deferred loan fees 4,983 4,346 Premium on purchased loans, net (7,347 ) (6,129 ) Allowance for loan losses 14,265 13,847 Total loans receivable, net $ 1,156,439 $ 1,141,969 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended March 31, 2021 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 $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 (Recapture of) provision for loan losses (59 ) 58 209 426 (6 ) (197 ) 54 15 500 Charge-offs — — — — — (229 ) — — (229 ) Recoveries 6 — — 3 17 121 — — 147 Ending balance $ 3,416 $ 1,822 $ 3,629 $ 1,890 $ 379 $ 2,337 $ 483 $ 309 $ 14,265 At March 31, 2021 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 $ 3,416 $ 1,822 $ 3,629 $ 1,890 $ 379 $ 2,337 $ 483 $ 309 $ 14,265 General reserve 3,384 1,822 3,628 1,890 374 2,126 483 309 14,016 Specific reserve 32 — 1 — 5 211 — — 249 Total loans $ 295,831 $ 162,487 $ 296,826 $ 157,316 $ 33,713 $ 139,134 $ 83,033 $ — $ 1,168,340 Loans collectively evaluated (1) 293,228 162,206 295,560 157,291 33,560 138,059 83,033 — 1,162,937 Loans individually evaluated (2) 2,603 281 1,266 25 153 1,075 — — 5,403 At or For the Three Months Ended March 31, 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 319 35 479 191 (6 ) 176 42 30 1,266 Charge-offs — — — — — (134 ) — — (134 ) Recoveries 53 — — 2 1 14 — — 70 Ending balance $ 3,396 $ 923 $ 2,722 $ 592 $ 449 $ 2,317 $ 250 $ 181 $ 10,830 At December 31, 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 $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 General reserve 3,433 1,764 3,419 1,461 364 2,366 429 294 13,530 Specific reserve 36 — 1 — 4 276 — — 317 Total loans $ 309,828 $ 162,467 $ 296,574 $ 123,627 $ 33,103 $ 128,233 $ 100,201 $ — $ 1,154,033 Loans collectively evaluated (1) 306,862 162,183 295,296 123,601 32,968 127,411 100,201 — 1,148,522 Loans individually evaluated (2) 2,966 284 1,278 26 135 822 — — 5,511 |
Impaired Financing Receivables [Table Text Block] | March 31, 2021 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 223 $ 254 $ — $ 227 $ 257 $ — Multi-family 281 281 — 284 284 — Commercial real estate 1,209 1,306 — 1,216 1,308 — Construction and land — — — — 29 — Home equity 36 68 — 37 94 — Auto and other consumer 105 227 — — 224 — Commercial business — — — — — — Total 1,854 2,136 — 1,764 2,196 — With an allowance recorded: One-to-four family 2,380 2,560 32 2,739 2,941 36 Multi-family — — — — — — Commercial real estate 57 57 1 62 62 1 Construction and land 25 52 — 26 26 — Home equity 117 175 5 98 157 4 Auto and other consumer 970 1,021 211 822 953 276 Commercial business — — — — — — Total 3,549 3,865 249 3,747 4,139 317 Total impaired loans: One-to-four family 2,603 2,814 32 2,966 3,198 36 Multi-family 281 281 — 284 284 — Commercial real estate 1,266 1,363 1 1,278 1,370 1 Construction and land 25 52 — 26 55 — Home equity 153 243 5 135 251 4 Auto and other consumer 1,075 1,248 211 822 1,177 276 Commercial business — — — — — — Total $ 5,403 $ 6,001 $ 249 $ 5,511 $ 6,335 $ 317 Three Months Ended March 31, 2021 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 226 $ 4 Multi-family 282 5 Commercial real estate 1,212 18 Construction and land — — Home equity 36 — Auto and other consumer 35 8 Commercial business — — Total 1,791 35 With an allowance recorded: One-to-four family 2,507 51 Multi-family — — Commercial real estate 58 1 Construction and land 26 2 Home equity 111 3 Auto and other consumer 865 12 Commercial business — — Total 3,567 69 Total impaired loans: One-to-four family 2,733 55 Multi-family 282 5 Commercial real estate 1,270 19 Construction and land 26 2 Home equity 147 3 Auto and other consumer 900 20 Commercial business — — Total $ 5,358 $ 104 Three Months Ended March 31, 2020 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 108 $ 1 Multi-family 99 — Commercial real estate 1,231 15 Home equity 42 3 Auto and other consumer — 10 Commercial business — — Total 1,480 29 With an allowance recorded: One-to-four family 2,676 64 Multi-family 305 — Commercial real estate 643 — Construction and land 28 2 Home equity 248 6 Auto and other consumer 689 17 Commercial business 263 — Total 4,852 89 Total impaired loans: One-to-four family 2,784 65 Multi-family 404 — Commercial real estate 1,874 15 Construction and land 28 2 Home equity 290 9 Auto and other consumer 689 27 Commercial business 263 — Total $ 6,332 $ 118 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) One-to-four family $ 796 $ 912 Multi-family — 284 Commercial real estate 145 157 Construction and land 25 26 Home equity 93 73 Auto and other consumer 1,076 821 Commercial business — — Total nonaccrual loans $ 2,135 $ 2,273 |
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 $ 585 $ — $ — $ 585 $ 295,246 $ 295,831 Multi-family — — — — 162,487 162,487 Commercial real estate — — — — 296,826 296,826 Construction and land 53 — — 53 157,263 157,316 Total real estate loans 638 — — 638 911,822 912,460 Consumer: Home equity 80 12 21 113 33,600 33,713 Auto and other consumer 288 208 239 735 138,399 139,134 Total consumer loans 368 220 260 848 171,999 172,847 Commercial business loans — — — — 83,033 83,033 Total loans $ 1,006 $ 220 $ 260 $ 1,486 $ 1,166,854 $ 1,168,340 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 $ 406 $ 132 $ 29 $ 567 $ 309,261 $ 309,828 Multi-family — — — — 162,467 162,467 Commercial real estate — — — — 296,574 296,574 Construction and land 56 — 26 82 123,545 123,627 Total real estate loans 462 132 55 649 891,847 892,496 Consumer: Home equity 94 — — 94 33,009 33,103 Auto and other consumer 815 138 137 1,090 127,143 128,233 Total consumer loans 909 138 137 1,184 160,152 161,336 Commercial business loans — — — — 100,201 100,201 Total loans $ 1,371 $ 270 $ 192 $ 1,833 $ 1,152,200 $ 1,154,033 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 291,735 $ 866 $ 1,715 $ 1,515 $ 295,831 Multi-family 146,318 16,169 — — 162,487 Commercial real estate 235,018 36,256 14,453 11,099 296,826 Construction and land 146,451 9,930 874 61 157,316 Total real estate loans 819,522 63,221 17,042 12,675 912,460 Consumer: Home equity 33,236 259 100 118 33,713 Auto and other consumer 135,471 1,808 740 1,115 139,134 Total consumer loans 168,707 2,067 840 1,233 172,847 Commercial business loans 73,154 9,647 — 232 83,033 Total loans $ 1,061,383 $ 74,935 $ 17,882 $ 14,140 $ 1,168,340 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 303,840 $ 2,487 $ 1,730 $ 1,771 $ 309,828 Multi-family 146,536 15,647 — 284 162,467 Commercial real estate 250,970 20,759 20,690 4,155 296,574 Construction and land 114,575 8,914 74 64 123,627 Total real estate loans 815,921 47,807 22,494 6,274 892,496 Consumer: Home equity 32,500 349 100 154 33,103 Auto and other consumer 124,115 2,034 1,216 868 128,233 Total consumer loans 156,615 2,383 1,316 1,022 161,336 Commercial business loans 92,010 7,791 168 232 100,201 Total loans $ 1,064,546 $ 57,981 $ 23,978 $ 7,528 $ 1,154,033 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 796 $ 295,035 $ 295,831 Multi-family — 162,487 162,487 Commercial real estate 145 296,681 296,826 Construction and land 25 157,291 157,316 Consumer: Home equity 93 33,620 33,713 Auto and other consumer 1,076 138,058 139,134 Commercial business — 83,033 83,033 Total loans $ 2,135 $ 1,166,205 $ 1,168,340 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 912 $ 308,916 $ 309,828 Multi-family 284 162,183 162,467 Commercial real estate 157 296,417 296,574 Construction and land 26 123,601 123,627 Consumer: Home equity 73 33,030 33,103 Auto and other consumer 821 127,412 128,233 Commercial business — 100,201 100,201 Total loans $ 2,273 $ 1,151,760 $ 1,154,033 |
Financing Receivable, COVID-19 Modifications [Table Text Block] | Count Balance Percent (Dollars in Thousands) Real Estate: One-to-four family — $ — 0.0 % Multi-family 1 918 11.4 Commercial real estate 2 7,122 88.5 Construction and land — — — Total real estate loans 3 8,040 99.9 Consumer: Home equity — — — Auto and other consumer 1 12 0.1 Total consumer loans 1 12 0.1 Commercial business loans — — — Total loans 4 $ 8,052 100.0 % |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,973 $ 2,224 Allowance for loan losses related to TDR loans 24 26 Total nonaccrual TDR loans 107 108 March 31, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,807 $ 107 $ 1,914 $ 2,054 $ 108 $ 2,162 Home equity 59 — 59 62 — 62 Total TDR loans $ 1,866 $ 107 $ 1,973 $ 2,116 $ 108 $ 2,224 |
Note 4 - Deposits (Tables)
Note 4 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, 2021 December 31, 2020 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 186,173 0.27 % $ 164,434 0.17 % Transaction accounts 466,143 0.00 % 431,171 0.01 % Money market accounts 495,265 0.23 % 429,143 0.31 % Certificates of deposit 287,226 0.80 % 308,769 1.00 % $ 1,434,807 0.28 % $ 1,333,517 0.36 % |
Time Deposit Maturities [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) Within one year or less $ 184,108 $ 185,804 After one year through two years 51,647 70,705 After two years through three years 37,591 37,417 After three years through four years 7,227 6,938 After four years through five years 6,653 7,905 After five years — — $ 287,226 $ 308,769 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended March 31, 2021 2020 (In thousands) Savings $ 40 $ 340 Transaction accounts 7 19 Money market accounts 286 356 Certificates of deposit 601 1,423 $ 934 $ 2,138 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 (In thousands, except share data) Numerator: Net income $ 3,120 $ 873 Denominator: Basic weighted average common shares outstanding 9,094,354 9,624,727 Dilutive restricted stock grants 91,371 51,650 Diluted weighted average common shares outstanding 9,185,725 9,676,377 Basic earnings per share $ 0.34 $ 0.09 Diluted earnings per share $ 0.34 $ 0.09 |
Note 7 - Employee Benefits (Tab
Note 7 - Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | March 31, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 306,949 306,949 Committed to be released shares 13,221 — Unallocated shares 727,859 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,097 $ 11,561 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended March 31, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 84,896 18.60 Vested (5,620 ) 16.42 Canceled (1) (600 ) 16.42 Non-vested at March 31, 2021 371,568 $ 14.98 (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 participant's share of tax on 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) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2021 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 $ — $ 132,492 $ — $ 132,492 Agency bonds — 1,913 — 1,913 ABS agency — 65,910 — 65,910 ABS corporate — 17,505 — 17,505 Corporate debt — 43,890 — 43,890 SBA — 17,566 — 17,566 MBS agency — 74,016 — 74,016 MBS corporate — 40,203 — 40,203 $ — $ 393,495 $ — $ 393,495 December 31, 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 $ — $ 127,862 $ — $ 127,862 ABS agency — 63,820 — 63,820 ABS corporate — 29,280 — 29,280 Corporate debt — 32,970 2,540 35,510 SBA — 18,564 — 18,564 MBS agency — 62,683 — 62,683 MBS corporate — 20,205 6,372 26,577 $ — $ 355,384 $ 8,912 $ 364,296 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2020 Fair Value (In thousands) Valuation Technique Unobservable Input Range (a) Corporate debt $ 1,540 Consensus pricing Offered quotes 89 - 91 Comparability adjustments (%) -0.7% - +1.3% 1,000 Consensus pricing Offered quotes 92 100 Comparability adjustments (%) -7.4% - 0% MBS corporate 6,372 Consensus pricing Offered quotes 104 107 Comparability adjustments (%) -1.5% - +1.5% (a) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | March 31, 2021 Balance at Beginning of Period Transfers Out of Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS corporate 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. December 31, 2020 Balance at Beginning of Period Transfers Into Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ — $ 1,540 $ 1,000 $ — $ 2,540 MBS corporate — — 6,372 — 6,372 $ — $ 1,540 $ 7,372 $ — $ 8,912 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,403 $ 5,403 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,511 $ 5,511 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 15,827 $ 15,827 $ 15,827 $ — $ — Investment securities available for sale 393,495 393,495 — 393,495 — Loans held for sale 4,037 4,037 — 4,037 — Loans receivable, net 1,156,439 1,147,018 — — 1,147,018 FHLB stock 3,997 3,997 — 3,997 — Accrued interest receivable 6,251 6,251 — 6,251 — Mortgage servicing rights, net 2,309 2,499 — — 2,499 Financial liabilities Demand deposits $ 1,147,581 $ 1,147,581 $ 1,147,581 $ — $ — Time deposits 287,226 288,807 — 288,807 — FHLB Borrowings 50,000 50,447 — 50,447 — Subordinated debt 39,310 39,310 — 39,310 — Accrued interest payable 84 84 — 84 — December 31, 2020 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 65,155 $ 65,155 $ 65,155 $ — $ — Investment securities available for sale 364,296 364,296 — 355,384 8,912 Loans held for sale 3,753 3,753 — 3,753 — Loans receivable, net 1,141,969 1,129,570 — — 1,129,570 FHLB stock 5,977 5,977 — 5,977 — Accrued interest receivable 6,966 6,966 — 6,966 — Mortgage servicing rights, net 2,120 2,189 — — 2,189 Financial liabilities Demand deposits $ 1,024,748 $ 1,024,748 $ 1,024,748 $ — $ — Time deposits 308,769 310,992 — 310,992 — FHLB Borrowings 109,977 111,462 — 111,462 — Accrued interest payable 53 53 — 53 — |
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 | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Held-to-maturity, Total | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 71 | 36 | |
Other than Temporary Impairment Losses, Investments, Total | $ 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 391,034 | $ 357,407 |
Securities available for sale, gross unrealized gains | 5,961 | 8,358 |
Securities available for sale, gross unrealized losses | (3,500) | (1,469) |
Investment securities available for sale, at fair value | 393,495 | 364,296 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 131,788 | 122,667 |
Securities available for sale, gross unrealized gains | 2,560 | 5,212 |
Securities available for sale, gross unrealized losses | (1,856) | (17) |
Investment securities available for sale, at fair value | 132,492 | 127,862 |
US Government-sponsored Enterprises Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 1,940 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (27) | |
Investment securities available for sale, at fair value | 1,913 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 64,355 | 62,934 |
Securities available for sale, gross unrealized gains | 1,637 | 1,240 |
Securities available for sale, gross unrealized losses | (82) | (354) |
Investment securities available for sale, at fair value | 65,910 | 63,820 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 17,620 | 29,661 |
Securities available for sale, gross unrealized gains | 0 | 37 |
Securities available for sale, gross unrealized losses | (115) | (418) |
Investment securities available for sale, at fair value | 17,505 | 29,280 |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 43,305 | 35,408 |
Securities available for sale, gross unrealized gains | 920 | 687 |
Securities available for sale, gross unrealized losses | (335) | (585) |
Investment securities available for sale, at fair value | 43,890 | 35,510 |
US Small Business Administration Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 17,399 | 18,420 |
Securities available for sale, gross unrealized gains | 167 | 144 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 17,566 | 18,564 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 74,214 | 61,859 |
Securities available for sale, gross unrealized gains | 581 | 876 |
Securities available for sale, gross unrealized losses | (779) | (52) |
Investment securities available for sale, at fair value | 74,016 | 62,683 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 40,413 | 26,458 |
Securities available for sale, gross unrealized gains | 96 | 162 |
Securities available for sale, gross unrealized losses | (306) | (43) |
Investment securities available for sale, at fair value | $ 40,203 | $ 26,577 |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gross Losses and Fair Value of Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (3,087) | $ (118) |
Securities available for sale, fair value, less than twelve months | 132,738 | 39,688 |
Securities available for sale, gross unrealized losses, twelve months or longer | (413) | (1,351) |
Securities available for sale, fair value, twelve months or longer | 29,668 | 59,749 |
Securities available for sale, gross unrealized losses, total | (3,500) | (1,469) |
Securities available for sale, fair value, total | 162,406 | 99,437 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (1,727) | (15) |
Securities available for sale, fair value, less than twelve months | 57,025 | 5,214 |
Securities available for sale, gross unrealized losses, twelve months or longer | (129) | (2) |
Securities available for sale, fair value, twelve months or longer | 3,507 | 1,319 |
Securities available for sale, gross unrealized losses, total | (1,856) | (17) |
Securities available for sale, fair value, total | 60,532 | 6,533 |
US Government-sponsored Enterprises Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (27) | |
Securities available for sale, fair value, less than twelve months | 1,913 | |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | |
Securities available for sale, fair value, twelve months or longer | 0 | |
Securities available for sale, gross unrealized losses, total | (27) | |
Securities available for sale, fair value, total | 1,913 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 0 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (82) | (354) |
Securities available for sale, fair value, twelve months or longer | 1,938 | 21,430 |
Securities available for sale, gross unrealized losses, total | (82) | (354) |
Securities available for sale, fair value, total | 1,938 | 21,430 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 0 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (115) | (418) |
Securities available for sale, fair value, twelve months or longer | 17,505 | 27,283 |
Securities available for sale, gross unrealized losses, total | (115) | (418) |
Securities available for sale, fair value, total | 17,505 | 27,283 |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (250) | (8) |
Securities available for sale, fair value, less than twelve months | 16,746 | 5,892 |
Securities available for sale, gross unrealized losses, twelve months or longer | (85) | (577) |
Securities available for sale, fair value, twelve months or longer | 4,915 | 9,409 |
Securities available for sale, gross unrealized losses, total | (335) | (585) |
Securities available for sale, fair value, total | 21,661 | 15,301 |
US Small Business Administration Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 53 | 63 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 43 | 47 |
Securities available for sale, gross unrealized losses, total | 0 | 0 |
Securities available for sale, fair value, total | 96 | 110 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (777) | (52) |
Securities available for sale, fair value, less than twelve months | 33,330 | 18,516 |
Securities available for sale, gross unrealized losses, twelve months or longer | (2) | 0 |
Securities available for sale, fair value, twelve months or longer | 1,760 | 261 |
Securities available for sale, gross unrealized losses, total | (779) | (52) |
Securities available for sale, fair value, total | 35,090 | 18,777 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (306) | (43) |
Securities available for sale, fair value, less than twelve months | 23,671 | 10,003 |
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 | (306) | (43) |
Securities available for sale, fair value, total | $ 23,671 | $ 10,003 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 391,034 | $ 357,407 |
Investment securities available for sale, at fair value | 393,495 | 364,296 |
Collateralized Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 48 | 80 |
Due within one year, estimated fair value | 50 | 84 |
Due after one through five years, amortized cost | 21,235 | 12,446 |
Due after one through five years, estimated fair value | 21,207 | 12,402 |
Due after five through ten years, amortized cost | 1,994 | 0 |
Due after five through ten years, estimated fair value | 1,953 | 0 |
Due after ten years, amortized cost | 91,350 | 75,791 |
Due after ten years, estimated fair value | 91,009 | 76,774 |
Securities available for sale, amortized cost | 114,627 | 88,317 |
Investment securities available for sale, at fair value | 114,219 | 89,260 |
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 | 1,344 | 2,210 |
Due after one through five years, estimated fair value | 1,344 | 2,328 |
Due after five through ten years, amortized cost | 75,507 | 74,568 |
Due after five through ten years, estimated fair value | 76,038 | 74,351 |
Due after ten years, amortized cost | 199,556 | 192,312 |
Due after ten years, estimated fair value | 201,894 | 198,357 |
Securities available for sale, amortized cost | 276,407 | 269,090 |
Investment securities available for sale, at fair value | $ 279,276 | $ 275,036 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from sales of securities available for sale | $ 0 | $ 40,073 |
Gross realized gains | 0 | 637 |
Gross realized losses | $ 0 | $ (32) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 76,000 | $ 76,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Number of Temporary Loan Modifications | 357 | ||
Financing Receivable, Temporary Loan Modifications | $ 175,000,000 | ||
Financing Receivable, Customers with Deferred Loan Payments, Percentage of Total Loans | 15.00% | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans receivable, gross | $ 1,168,340 | $ 1,154,033 | ||
Net deferred loan fees | 4,983 | 4,346 | ||
Premium on purchased loans, net | (7,347) | (6,129) | ||
Allowance for loan losses | 14,265 | 13,847 | $ 10,830 | $ 9,628 |
Total loans receivable, net | 1,156,439 | 1,141,969 | ||
Real Estate Portfolio Segment [Member] | ||||
Loans receivable, gross | 912,460 | 892,496 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||
Loans receivable, gross | 295,831 | 309,828 | ||
Allowance for loan losses | 3,416 | 3,469 | 3,396 | 3,024 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||
Loans receivable, gross | 162,487 | 162,467 | ||
Allowance for loan losses | 1,822 | 1,764 | 923 | 888 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||
Loans receivable, gross | 296,826 | 296,574 | ||
Allowance for loan losses | 3,629 | 3,420 | 2,722 | 2,243 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans receivable, gross | 157,316 | 123,627 | ||
Allowance for loan losses | 1,890 | 1,461 | 592 | 399 |
Consumer Portfolio Segment [Member] | ||||
Loans receivable, gross | 172,847 | 161,336 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Loans receivable, gross | 33,713 | 33,103 | ||
Allowance for loan losses | 379 | 368 | 449 | 454 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||
Loans receivable, gross | 139,134 | 128,233 | ||
Allowance for loan losses | 2,337 | 2,642 | 2,317 | 2,261 |
Commercial Portfolio Segment [Member] | ||||
Loans receivable, gross | 83,033 | 100,201 | ||
Allowance for loan losses | $ 483 | $ 429 | $ 250 | $ 208 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Beginning balance | $ 13,847 | $ 9,628 | |||
Provision for loan losses | 500 | 1,266 | |||
Charge-offs | (229) | (134) | |||
Recoveries | 147 | 70 | |||
Ending balance | 14,265 | 10,830 | |||
Allowance for loan losses | 13,847 | 10,830 | $ 14,265 | $ 13,847 | |
General reserve | 14,016 | 13,530 | |||
Specific reserve | 249 | 317 | |||
Total loans | 1,168,340 | 1,154,033 | |||
Loans collectively evaluated (1) | 1,162,937 | [1] | 1,148,522 | ||
Loans individually evaluated (2) | 5,403 | [2] | 5,511 | ||
Real Estate Portfolio Segment [Member] | |||||
Total loans | 912,460 | 892,496 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Beginning balance | 3,469 | 3,024 | |||
Provision for loan losses | (59) | 319 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 6 | 53 | |||
Ending balance | 3,416 | 3,396 | |||
Allowance for loan losses | 3,416 | 3,396 | 3,416 | 3,469 | |
General reserve | 3,384 | 3,433 | |||
Specific reserve | 32 | 36 | |||
Total loans | 295,831 | 309,828 | |||
Loans collectively evaluated (1) | 293,228 | [1] | 306,862 | ||
Loans individually evaluated (2) | 2,603 | [2] | 2,966 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Beginning balance | 1,764 | 888 | |||
Provision for loan losses | 58 | 35 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 1,822 | 923 | |||
Allowance for loan losses | 1,822 | 923 | 1,822 | 1,764 | |
General reserve | 1,822 | 1,764 | |||
Specific reserve | 0 | 0 | |||
Total loans | 162,487 | 162,467 | |||
Loans collectively evaluated (1) | 162,206 | [1] | 162,183 | ||
Loans individually evaluated (2) | 281 | [2] | 284 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Beginning balance | 3,420 | 2,243 | |||
Provision for loan losses | 209 | 479 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 3,629 | 2,722 | |||
Allowance for loan losses | 3,629 | 2,722 | 3,629 | 3,420 | |
General reserve | 3,628 | 3,419 | |||
Specific reserve | 1 | 1 | |||
Total loans | 296,826 | 296,574 | |||
Loans collectively evaluated (1) | 295,560 | [1] | 295,296 | ||
Loans individually evaluated (2) | 1,266 | [2] | 1,278 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Beginning balance | 1,461 | 399 | |||
Provision for loan losses | 426 | 191 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 3 | 2 | |||
Ending balance | 1,890 | 592 | |||
Allowance for loan losses | 1,890 | 592 | 1,890 | 1,461 | |
General reserve | 1,890 | 1,461 | |||
Specific reserve | 0 | 0 | |||
Total loans | 157,316 | 123,627 | |||
Loans collectively evaluated (1) | 157,291 | [1] | 123,601 | ||
Loans individually evaluated (2) | 25 | [2] | 26 | ||
Consumer Portfolio Segment [Member] | |||||
Total loans | 172,847 | 161,336 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Beginning balance | 368 | 454 | |||
Provision for loan losses | (6) | (6) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 17 | 1 | |||
Ending balance | 379 | 449 | |||
Allowance for loan losses | 379 | 449 | 379 | 368 | |
General reserve | 374 | 364 | |||
Specific reserve | 5 | 4 | |||
Total loans | 33,713 | 33,103 | |||
Loans collectively evaluated (1) | 33,560 | [1] | 32,968 | ||
Loans individually evaluated (2) | 153 | [2] | 135 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Beginning balance | 2,642 | 2,261 | |||
Provision for loan losses | (197) | 176 | |||
Charge-offs | (229) | (134) | |||
Recoveries | 121 | 14 | |||
Ending balance | 2,337 | 2,317 | |||
Allowance for loan losses | 2,337 | 2,317 | 2,337 | 2,642 | |
General reserve | 2,126 | 2,366 | |||
Specific reserve | 211 | 276 | |||
Total loans | 139,134 | 128,233 | |||
Loans collectively evaluated (1) | 138,059 | [1] | 127,411 | ||
Loans individually evaluated (2) | 1,075 | [2] | 822 | ||
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 429 | 208 | |||
Provision for loan losses | 54 | 42 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 483 | 250 | |||
Allowance for loan losses | 483 | 250 | 483 | 429 | |
General reserve | 483 | 429 | |||
Specific reserve | 0 | 0 | |||
Total loans | 83,033 | 100,201 | |||
Loans collectively evaluated (1) | 83,033 | [1] | 100,201 | ||
Loans individually evaluated (2) | 0 | [2] | 0 | ||
Unallocated Financing Receivables [Member] | |||||
Beginning balance | 294 | 151 | |||
Provision for loan losses | 15 | 30 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 309 | 181 | |||
Allowance for loan losses | $ 309 | $ 181 | 309 | 294 | |
General reserve | 309 | 294 | |||
Specific reserve | 0 | 0 | |||
Total loans | 0 | 0 | |||
Loans collectively evaluated (1) | 0 | [1] | 0 | ||
Loans individually evaluated (2) | $ 0 | [2] | $ 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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Recorded investment, with no allowance recorded | $ 1,854 | $ 1,764 | |
Unpaid principal balance, with no allowance recorded | 2,136 | 2,196 | |
Recorded investment, with an allowance recorded | 3,549 | 3,747 | |
Unpaid principal balance, with an allowance recorded | 3,865 | 4,139 | |
Related allowance | 249 | 317 | |
Recorded investment, total | 5,403 | 5,511 | |
Unpaid principal balance, total | 6,001 | 6,335 | |
Average recorded investment, with no allowance recorded | 1,791 | $ 1,480 | |
Interest income recognized, with no allowance recorded | 35 | 29 | |
Average recorded investment, with an allowance recorded | 3,567 | 4,852 | |
Interest income recognized, with an allowance recorded | 69 | 89 | |
Average recorded investment, total | 5,358 | 6,332 | |
Interest income recognized, total | 104 | 118 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Recorded investment, with no allowance recorded | 223 | 227 | |
Unpaid principal balance, with no allowance recorded | 254 | 257 | |
Recorded investment, with an allowance recorded | 2,380 | 2,739 | |
Unpaid principal balance, with an allowance recorded | 2,560 | 2,941 | |
Related allowance | 32 | 36 | |
Recorded investment, total | 2,603 | 2,966 | |
Unpaid principal balance, total | 2,814 | 3,198 | |
Average recorded investment, with no allowance recorded | 226 | 108 | |
Interest income recognized, with no allowance recorded | 4 | 1 | |
Average recorded investment, with an allowance recorded | 2,507 | 2,676 | |
Interest income recognized, with an allowance recorded | 51 | 64 | |
Average recorded investment, total | 2,733 | 2,784 | |
Interest income recognized, total | 55 | 65 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Recorded investment, with no allowance recorded | 281 | 284 | |
Unpaid principal balance, with no allowance recorded | 281 | 284 | |
Recorded investment, with an allowance recorded | 0 | 0 | |
Unpaid principal balance, with an allowance recorded | 0 | 0 | |
Related allowance | 0 | 0 | |
Recorded investment, total | 281 | 284 | |
Unpaid principal balance, total | 281 | 284 | |
Average recorded investment, with no allowance recorded | 282 | 99 | |
Interest income recognized, with no allowance recorded | 5 | 0 | |
Average recorded investment, with an allowance recorded | 0 | 305 | |
Interest income recognized, with an allowance recorded | 0 | 0 | |
Average recorded investment, total | 282 | 404 | |
Interest income recognized, total | 5 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Recorded investment, with no allowance recorded | 1,209 | 1,216 | |
Unpaid principal balance, with no allowance recorded | 1,306 | 1,308 | |
Recorded investment, with an allowance recorded | 57 | 62 | |
Unpaid principal balance, with an allowance recorded | 57 | 62 | |
Related allowance | 1 | 1 | |
Recorded investment, total | 1,266 | 1,278 | |
Unpaid principal balance, total | 1,363 | 1,370 | |
Average recorded investment, with no allowance recorded | 1,212 | 1,231 | |
Interest income recognized, with no allowance recorded | 18 | 15 | |
Average recorded investment, with an allowance recorded | 58 | 643 | |
Interest income recognized, with an allowance recorded | 1 | 0 | |
Average recorded investment, total | 1,270 | 1,874 | |
Interest income recognized, total | 19 | 15 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no allowance recorded | 0 | 0 | |
Unpaid principal balance, with no allowance recorded | 0 | 29 | |
Recorded investment, with an allowance recorded | 25 | 26 | |
Unpaid principal balance, with an allowance recorded | 52 | 26 | |
Related allowance | 0 | 0 | |
Recorded investment, total | 25 | 26 | |
Unpaid principal balance, total | 52 | 55 | |
Average recorded investment, with no allowance recorded | 0 | 28 | |
Interest income recognized, with no allowance recorded | 0 | 2 | |
Average recorded investment, with an allowance recorded | 26 | 28 | |
Interest income recognized, with an allowance recorded | 2 | 2 | |
Average recorded investment, total | 26 | ||
Interest income recognized, total | 2 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Recorded investment, with no allowance recorded | 36 | 37 | |
Unpaid principal balance, with no allowance recorded | 68 | 94 | |
Recorded investment, with an allowance recorded | 117 | 98 | |
Unpaid principal balance, with an allowance recorded | 175 | 157 | |
Related allowance | 5 | 4 | |
Recorded investment, total | 153 | 135 | |
Unpaid principal balance, total | 243 | 251 | |
Average recorded investment, with no allowance recorded | 36 | 42 | |
Interest income recognized, with no allowance recorded | 0 | 3 | |
Average recorded investment, with an allowance recorded | 111 | 248 | |
Interest income recognized, with an allowance recorded | 3 | 6 | |
Average recorded investment, total | 147 | 290 | |
Interest income recognized, total | 3 | 9 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Recorded investment, with no allowance recorded | 105 | 0 | |
Unpaid principal balance, with no allowance recorded | 227 | 224 | |
Recorded investment, with an allowance recorded | 970 | 822 | |
Unpaid principal balance, with an allowance recorded | 1,021 | 953 | |
Related allowance | 211 | 276 | |
Recorded investment, total | 1,075 | 822 | |
Unpaid principal balance, total | 1,248 | 1,177 | |
Average recorded investment, with no allowance recorded | 35 | 0 | |
Interest income recognized, with no allowance recorded | 8 | 10 | |
Average recorded investment, with an allowance recorded | 865 | 689 | |
Interest income recognized, with an allowance recorded | 12 | 17 | |
Average recorded investment, total | 900 | 689 | |
Interest income recognized, total | 20 | 27 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no allowance recorded | 0 | 0 | |
Unpaid principal balance, with no allowance recorded | 0 | 0 | |
Recorded investment, with an allowance recorded | 0 | 0 | |
Unpaid principal balance, with an allowance recorded | 0 | 0 | |
Related allowance | 0 | 0 | |
Recorded investment, total | 0 | 0 | |
Unpaid principal balance, total | 0 | $ 0 | |
Average recorded investment, with no allowance recorded | 0 | 0 | |
Interest income recognized, with no allowance recorded | 0 | 0 | |
Average recorded investment, with an allowance recorded | 0 | 263 | |
Interest income recognized, with an allowance recorded | 0 | 0 | |
Average recorded investment, total | 0 | 263 | |
Interest income recognized, total | $ 0 | $ 0 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Total nonaccrual loans | $ 2,135 | $ 2,273 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 796 | 912 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total nonaccrual loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 145 | 157 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 25 | 26 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 93 | 73 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | 1,076 | 821 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Past due | $ 1,486 | $ 1,833 |
Current | 1,166,854 | 1,152,200 |
Total loans | 1,168,340 | 1,154,033 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 1,006 | 1,371 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 220 | 270 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 260 | 192 |
Real Estate Portfolio Segment [Member] | ||
Past due | 638 | 649 |
Current | 911,822 | 891,847 |
Total loans | 912,460 | 892,496 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 638 | 462 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 132 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 55 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Past due | 585 | 567 |
Current | 295,246 | 309,261 |
Total loans | 295,831 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 585 | 406 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 132 |
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 | 0 | 29 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Past due | 0 | 0 |
Current | 162,487 | 162,467 |
Total loans | 162,487 | 162,467 |
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 | 296,826 | 296,574 |
Total loans | 296,826 | 296,574 |
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 | 53 | 82 |
Current | 157,263 | 123,545 |
Total loans | 157,316 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 53 | 56 |
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 | 0 | 26 |
Consumer Portfolio Segment [Member] | ||
Past due | 848 | 1,184 |
Current | 171,999 | 160,152 |
Total loans | 172,847 | 161,336 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 368 | 909 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 220 | 138 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 260 | 137 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Past due | 113 | 94 |
Current | 33,600 | 33,009 |
Total loans | 33,713 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 80 | 94 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 12 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 21 | 0 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Past due | 735 | 1,090 |
Current | 138,399 | 127,143 |
Total loans | 139,134 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 288 | 815 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 208 | 138 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 239 | 137 |
Commercial Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Current | 83,033 | 100,201 |
Total loans | 83,033 | 100,201 |
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 | 0 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Total loans | $ 1,168,340 | $ 1,154,033 |
Pass [Member] | ||
Total loans | 1,061,383 | 1,064,546 |
Watch [Member] | ||
Total loans | 74,935 | 57,981 |
Special Mention [Member] | ||
Total loans | 17,882 | 23,978 |
Substandard [Member] | ||
Total loans | 14,140 | 7,528 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 2,135 | 2,273 |
Performing Financial Instruments [Member] | ||
Total loans | 1,166,205 | 1,151,760 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 912,460 | 892,496 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 819,522 | 815,921 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 63,221 | 47,807 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 17,042 | 22,494 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 12,675 | 6,274 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 295,831 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 291,735 | 303,840 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 866 | 2,487 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 1,715 | 1,730 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 1,515 | 1,771 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 796 | 912 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 295,035 | 308,916 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 162,487 | 162,467 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 146,318 | 146,536 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 16,169 | 15,647 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Special Mention [Member] | ||
Total loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Substandard [Member] | ||
Total loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 162,487 | 162,183 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total loans | 296,826 | 296,574 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 235,018 | 250,970 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 36,256 | 20,759 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 14,453 | 20,690 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 11,099 | 4,155 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 145 | 157 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 296,681 | 296,417 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 157,316 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 146,451 | 114,575 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 9,930 | 8,914 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 874 | 74 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 61 | 64 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 25 | 26 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 157,291 | 123,601 |
Consumer Portfolio Segment [Member] | ||
Total loans | 172,847 | 161,336 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 168,707 | 156,615 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 2,067 | 2,383 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 840 | 1,316 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 1,233 | 1,022 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 33,713 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 33,236 | 32,500 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 259 | 349 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 100 | 100 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 118 | 154 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 93 | 73 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 33,620 | 33,030 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 139,134 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 135,471 | 124,115 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 1,808 | 2,034 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 740 | 1,216 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 1,115 | 868 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 1,076 | 821 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 138,058 | 127,412 |
Commercial Portfolio Segment [Member] | ||
Total loans | 83,033 | 100,201 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 73,154 | 92,010 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 9,647 | 7,791 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 0 | 168 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 232 | 232 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | $ 83,033 | $ 100,201 |
Note 3 - Loans Receivable - COV
Note 3 - Loans Receivable - COVID-19 Loan Modifications (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Count | 4 |
Balance | $ 8,052 |
Percent | 100.00% |
Real Estate Portfolio Segment [Member] | |
Count | 3 |
Balance | $ 8,040 |
Percent | 99.90% |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |
Count | 0 |
Balance | $ 0 |
Percent | 0.00% |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |
Count | 1 |
Balance | $ 918 |
Percent | 11.40% |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Count | 2 |
Balance | $ 7,122 |
Percent | 88.50% |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |
Count | 0 |
Balance | $ 0 |
Percent | 0.00% |
Consumer Portfolio Segment [Member] | |
Count | 1 |
Balance | $ 12 |
Percent | 0.10% |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |
Count | 0 |
Balance | $ 0 |
Percent | 0.00% |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |
Count | 1 |
Balance | $ 12 |
Percent | 0.10% |
Commercial Portfolio Segment [Member] | |
Count | 0 |
Balance | $ 0 |
Percent | 0.00% |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Total TDR loans | $ 1,973 | $ 2,224 |
Total nonaccrual TDR loans | 107 | 108 |
Total accrual TDR loans | 1,866 | 2,116 |
Troubled Debt Restructurings [Member] | ||
Allowance for loan losses related to TDR loans | 24 | 26 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Total TDR loans | 1,914 | 2,162 |
Total nonaccrual TDR loans | 107 | 108 |
Total accrual TDR loans | 1,807 | 2,054 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Total TDR loans | 59 | 62 |
Total nonaccrual TDR loans | 0 | 0 |
Total accrual TDR loans | $ 59 | $ 62 |
Note 4 - Deposits (Details Text
Note 4 - Deposits (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 80.1 | $ 91.7 |
Interest-bearing Domestic Deposit, Brokered | 85.9 | 89.6 |
Deposits, Public Fund | 98.4 | 80.9 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 51.8 | $ 48.1 |
Note 4 - Deposits - Deposits (D
Note 4 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Savings | $ 186,173 | $ 164,434 |
Savings, weighted-average interest rate | 0.27% | 0.17% |
Transaction accounts | $ 466,143 | $ 431,171 |
Transaction accounts, weighted-average interest rate | 0.00% | 0.01% |
Money market accounts | $ 495,265 | $ 429,143 |
Money market accounts, weighted-average interest rate | 0.23% | 0.31% |
Certificates of deposit | $ 287,226 | $ 308,769 |
Certificates of deposit, weighted-average interest rate | 0.80% | 1.00% |
Deposits, Total | $ 1,434,807 | $ 1,333,517 |
Weighted Average Rate, Interest-bearing Domestic Deposits, Point in Time | 0.28% | 0.36% |
Note 4 - Deposits - Maturities
Note 4 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Within one year or less | $ 184,108 | $ 185,804 |
After one year through two years | 51,647 | 70,705 |
After two years through three years | 37,591 | 37,417 |
After three years through four years | 7,227 | 6,938 |
After four years through five years | 6,653 | 7,905 |
After five years | 0 | 0 |
Time Deposits, Total | $ 287,226 | $ 308,769 |
Note 4 - Deposits - Interest on
Note 4 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Savings | $ 40 | $ 340 |
Transaction accounts | 7 | 19 |
Money market accounts | 286 | 356 |
Certificates of deposit | 601 | 1,423 |
Interest Expense, Deposits, Total | $ 934 | $ 2,138 |
Note 5 - Federal Taxes on Inc_2
Note 5 - Federal Taxes on Income (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 13.20% | 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 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares) | 727,859 | 741,080 | 780,785 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 3,120 | $ 873 |
Basic weighted average common shares outstanding (in shares) | 9,094,354 | 9,624,727 |
Dilutive restricted stock grants (in shares) | 91,371 | 51,650 |
Diluted weighted average common shares outstanding (in shares) | 9,185,725 | 9,676,377 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.09 |
Diluted earnings per share (in dollars per share) | $ 0.34 | $ 0.09 |
Note 7 - Employee Benefits (Det
Note 7 - Employee Benefits (Details Textual) | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 22, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 23, 2021USD ($) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit), Period (Year) | 15 years | ||||
Employee Stock Ownership Plan (ESOP), Minimum Service Period, Hours | 1,000 | ||||
Employee Stock Ownership Plan (ESOP), Requisite Service Period (Month) | 12 months | ||||
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), Compensation Expense, Net of Dividends Received | $ 217,000 | $ 151,000 | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $ 1,745,519 | $ 1,745,519 | |||
Pentegra Defined Benefit Plan for Financial Institutions [Member] | |||||
Multiemployer Plan, Employer Contribution, Cost, Total | $ 2,717,599 | ||||
Pension Plan [Member] | First Federal Defined Benefit Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 14,705,000 | ||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 14,197,000 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.95% | 2.95% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.95% | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.75% | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% |
Note 7 - Employee Benefits - Sh
Note 7 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Allocated shares (in shares) | 306,949 | 306,949 | |
Committed to be released shares (in shares) | 13,221 | 0 | |
Unallocated shares (in shares) | 727,859 | 741,080 | 780,785 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 | |
Fair value of unallocated shares | $ 12,097 | $ 11,561 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 371,568 | 292,892 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 84,896 | 35,100 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,600,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 17 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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 336,480 | ||
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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 189,500 | ||
The Equity Incentive Plans [Member] | |||
Share-based Payment Arrangement, Expense | $ 404,000 | $ 304,000 | |
The Equity Incentive Plans [Member] | Director [Member] | |||
Share-based Payment Arrangement, Expense | $ 91,000 | $ 85,000 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Non-vested, shares (in shares) | 292,892 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 13.96 | ||
Granted, shares (in shares) | 84,896 | 35,100 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 18.60 | ||
Vested, shares (in shares) | (5,620) | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 16.42 | ||
Canceled, shares (in shares) | [1] | (600) | |
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 16.42 | |
Non-vested, shares (in shares) | 371,568 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 14.98 | ||
[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 participant's share of tax on 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 | Mar. 31, 2021 | Dec. 31, 2020 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale, at fair value | $ 393,495 | $ 364,296 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 393,495 | 364,296 |
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 | 393,495 | 355,384 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 8,912 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 132,492 | 127,862 |
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 | 132,492 | 127,862 |
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 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,913 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,913 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 65,910 | 63,820 |
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 | 65,910 | 63,820 |
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] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 17,505 | 29,280 |
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 | 17,505 | 29,280 |
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] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 43,890 | 35,510 |
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 | 43,890 | 32,970 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 2,540 |
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 17,566 | 18,564 |
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 | 17,566 | 18,564 |
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] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 74,016 | 62,683 |
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 | 74,016 | 62,683 |
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] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 40,203 | 26,577 |
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 | 40,203 | 20,205 |
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 | $ 6,372 |
Note 9 - Fair Value Accountin_5
Note 9 - Fair Value Accounting and Measurement - Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - Valuation, Market Approach [Member] $ in Thousands | Dec. 31, 2020USD ($) | |
Assets, fair value | $ 1,000 | |
Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 92 | [1] |
Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Measurement input | (0.074) | [1] |
Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 100 | [1] |
Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Measurement input | 0 | [1] |
Corporate Debt Securities [Member] | ||
Assets, fair value | $ 1,540 | |
Corporate Debt Securities [Member] | Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 89 | [1] |
Corporate Debt Securities [Member] | Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 91 | [1] |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets, fair value | $ 6,372 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 104 | [1] |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 107 | [1] |
[1] | Unobservable inputs were weighted by the relative fair value of the instruments. |
Note 9 - Fair Value Accountin_6
Note 9 - Fair Value Accounting and Measurement - Changes in Level 3 Assets (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | |||
Balance at Beginning of Period | $ 8,912 | $ 0 | ||
Transfers Into Level 3 | (8,912) | [1] | 1,540 | [2] |
Purchases | 0 | 7,372 | ||
Unrealized | 0 | 0 | ||
Total | 0 | 8,912 | ||
Corporate Debt Securities [Member] | ||||
Balance at Beginning of Period | 2,540 | 0 | ||
Transfers Into Level 3 | (2,540) | [1] | 1,540 | [2] |
Purchases | 0 | 1,000 | ||
Unrealized | 0 | 0 | ||
Total | 0 | 2,540 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Balance at Beginning of Period | 6,372 | 0 | ||
Transfers Into Level 3 | (6,372) | [1] | 0 | [2] |
Purchases | 0 | 6,372 | ||
Unrealized | 0 | 0 | ||
Total | $ 0 | $ 6,372 | ||
[1] | Transferred from Level 3 to Level 2 after obtaining observable market data. | |||
[2] | Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. |
Note 9 - Fair Value Accountin_7
Note 9 - Fair Value Accounting and Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Impaired loans | $ 5,403 | $ 5,511 |
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 | $ 5,403 | $ 5,511 |
Note 9 - Fair Value Accountin_8
Note 9 - Fair Value Accounting and Measurement - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale | $ 393,495 | $ 364,296 |
Accrued interest receivable | 6,251 | 6,966 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 15,827 | 65,155 |
Investment securities available for sale | 393,495 | 364,296 |
Loans held for sale | 4,037 | 3,753 |
Loans receivable, net | 1,156,439 | 1,141,969 |
FHLB stock | 3,997 | 5,977 |
Accrued interest receivable | 6,251 | 6,966 |
Mortgage servicing rights, net | 2,309 | 2,120 |
FHLB Borrowings | 50,000 | 109,977 |
Subordinated debt | 39,310 | |
Accrued interest payable | 84 | 53 |
Loans held for sale | 4,037 | 3,753 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 1,147,581 | 1,024,748 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 287,226 | 308,769 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 15,827 | 65,155 |
Investment securities available for sale | 393,495 | 364,296 |
Loans held for sale | 4,037 | 3,753 |
Loans receivable, net | 1,147,018 | 1,129,570 |
FHLB stock | 3,997 | 5,977 |
Accrued interest receivable | 6,251 | 6,966 |
Mortgage servicing rights, net | 2,499 | 2,189 |
FHLB Borrowings | 50,447 | 111,462 |
Subordinated debt | 39,310 | |
Accrued interest payable | 84 | 53 |
Loans held for sale | 4,037 | 3,753 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 1,147,581 | 1,024,748 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 288,807 | 310,992 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 15,827 | 65,155 |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
FHLB Borrowings | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Loans held for sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
Demand deposits | 1,147,581 | 1,024,748 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||
Demand deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 393,495 | 355,384 |
Loans held for sale | 4,037 | 3,753 |
Loans receivable, net | 0 | 0 |
FHLB stock | 3,997 | 5,977 |
Accrued interest receivable | 6,251 | 6,966 |
Mortgage servicing rights, net | 0 | 0 |
FHLB Borrowings | 50,447 | 111,462 |
Subordinated debt | 39,310 | |
Accrued interest payable | 84 | 53 |
Loans held for sale | 4,037 | 3,753 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
Demand deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Demand deposits | 288,807 | 310,992 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 8,912 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 1,147,018 | 1,129,570 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 2,499 | 2,189 |
FHLB Borrowings | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Loans held for sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
Demand deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
Demand deposits | $ 0 | $ 0 |
Note 10 - Subsequent Event (Det
Note 10 - Subsequent Event (Details Textual) - USD ($) | Jan. 29, 2015 | May 14, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Net Amount, Total | $ 1,156,439,000 | $ 1,141,969,000 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 13,100,360 | |||
Quin Ventures, Inc [Member] | Subsequent Event [Member] | Joint Venture Agreement [Member] | Partially Unfunded Loan Commitment [Member] | ||||
Loans and Leases Receivable, Net Amount, Total | $ 15,000,000 | |||
POM Peace of Mind, Inc [Member] | Subsequent Event [Member] | Joint Venture Agreement [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 29,719 | |||
Stock Issued During Period, Value, New Issues | $ 500,000 |