Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,026,076 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 17,012 | $ 13,508 |
Interest-bearing deposits in banks | 59,108 | 51,647 |
Investment securities available for sale, at fair value | 325,890 | 364,296 |
Loans held for sale | 2,231 | 3,753 |
Loans receivable (net of allowance for loan losses of $15,243 and $13,847) | 1,345,126 | 1,141,969 |
Federal Home Loan Bank (FHLB) stock, at cost | 4,397 | 5,977 |
Accrued interest receivable | 5,775 | 6,966 |
Premises and equipment, net | 18,188 | 14,785 |
Servicing rights on sold loans, net | 2,934 | 2,120 |
Bank-owned life insurance, net | 39,080 | 38,353 |
Goodwill and other intangible assets | 1,186 | 0 |
Prepaid expenses and other assets | 24,210 | 10,975 |
Total assets | 1,845,137 | 1,654,349 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,522,916 | 1,333,517 |
FHLB advances | 60,000 | 109,977 |
Subordinated debt, net | 39,261 | 0 |
Accrued interest payable | 29 | 53 |
Accrued expenses and other liabilities | 33,369 | 23,303 |
Advances from borrowers for taxes and insurance | 2,118 | 1,116 |
Total liabilities | 1,657,693 | 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 10,050,877 shares at September 30, 2021, and 10,247,185 shares at December 31, 2020 | 102 | 102 |
Additional paid-in capital | 96,396 | 97,412 |
Retained earnings | 99,058 | 92,657 |
Accumulated other comprehensive income, net of tax | 934 | 5,442 |
Unearned employee stock ownership plan (ESOP) shares | (8,736) | (9,230) |
Total parent's shareholders' equity | 187,754 | 186,383 |
Noncontrolling interest in Quin Ventures, Inc. | (310) | 0 |
Total shareholders' equity | 187,444 | 186,383 |
Total liabilities and shareholders' equity | $ 1,845,137 | $ 1,654,349 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 15,243 | $ 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) | 10,050,877 | 10,247,185 |
Common stock, shares outstanding (in shares) | 10,050,877 | 10,247,185 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
INTEREST INCOME | ||||
Interest and fees on loans receivable | $ 14,581 | $ 11,097 | $ 39,988 | $ 31,169 |
Interest on mortgage-backed securities | 715 | 565 | 1,823 | 2,264 |
Interest on investment securities | 1,423 | 1,603 | 4,473 | 3,988 |
Interest on deposits and other | 18 | 9 | 46 | 85 |
FHLB dividends | 41 | 97 | 132 | 199 |
Total interest income | 16,778 | 13,371 | 46,462 | 37,705 |
INTEREST EXPENSE | ||||
Deposits | 850 | 1,405 | 2,609 | 5,584 |
Borrowings | 186 | 205 | 560 | 840 |
Subordinated debt | 390 | 0 | 809 | 0 |
Total interest expense | 1,426 | 1,610 | 3,978 | 6,424 |
Net interest income | 15,352 | 11,761 | 42,484 | 31,281 |
Provision for loan losses | 700 | 1,350 | 1,500 | 4,116 |
Net interest income after provision for loan losses | 14,652 | 10,411 | 40,984 | 27,165 |
NONINTEREST INCOME | ||||
Loan and deposit service fees | 1,015 | 868 | 2,853 | 2,514 |
Sold loan servicing fees, net of amortization | 815 | 148 | 858 | (9) |
Net gain on sale of loans | 663 | 1,725 | 2,921 | 4,109 |
Net gain on sale of investment securities | 1,286 | 969 | 2,410 | 2,235 |
Increase in cash surrender value of bank-owned life insurance | 241 | 622 | 727 | 1,577 |
Other income | 266 | 449 | 1,093 | 782 |
Total noninterest income | 4,286 | 4,781 | 10,862 | 11,208 |
NONINTEREST EXPENSE | ||||
Compensation and benefits | 8,713 | 6,070 | 24,567 | 17,397 |
Data processing | 826 | 640 | 2,291 | 2,099 |
Occupancy and equipment | 1,848 | 1,367 | 5,274 | 4,063 |
Supplies, postage, and telephone | 279 | 254 | 876 | 749 |
Regulatory assessments and state taxes | 335 | 262 | 897 | 659 |
Advertising | 547 | 285 | 1,484 | 934 |
Professional fees | 422 | 361 | 1,588 | 1,115 |
FDIC insurance premium | 134 | 86 | 450 | 156 |
FHLB prepayment penalty | 0 | 0 | 0 | 210 |
Other expense | 830 | 756 | 2,308 | 2,363 |
Total noninterest expense | 13,934 | 10,081 | 39,735 | 29,745 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 5,004 | 5,111 | 12,111 | 8,628 |
PROVISION FOR INCOME TAXES | 946 | 1,436 | 2,082 | 2,104 |
NET INCOME | 4,058 | 3,675 | 10,029 | 6,524 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 120 | 0 | 265 | 0 |
NET INCOME ATTRIBUTABLE TO PARENT | $ 4,178 | $ 3,675 | $ 10,294 | $ 6,524 |
Basic earnings per common share (in dollars per share) | $ 0.45 | $ 0.40 | $ 1.12 | $ 0.69 |
Diluted earnings per common share (in dollars per share) | $ 0.45 | $ 0.40 | $ 1.11 | $ 0.69 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income before noncontrolling interest | $ 4,058 | $ 3,675 | $ 10,029 | $ 6,524 |
Other comprehensive income: | ||||
Unrealized holding (losses) gains on investments available for sale arising during the period | (2,057) | 4,094 | (1,164) | 8,215 |
Income tax benefit (provision) related to unrealized holding (losses) gains | 432 | (859) | 245 | (1,724) |
Unrecognized defined benefit ("DB") plan prior service cost, net of amortization | 36 | 0 | (2,132) | 0 |
Income tax benefit (provision) related to DB plan prior service cost, net of amortization | (7) | 0 | 447 | 0 |
Reclassification adjustment for net gains on sales of securities realized in income | (1,286) | (969) | (2,410) | (2,235) |
Income tax benefit related to reclassification adjustment on sales of securities | 270 | 203 | 506 | 469 |
Other comprehensive (loss) income, net of tax | (2,612) | 2,469 | (4,508) | 4,725 |
COMPREHENSIVE INCOME | 1,446 | 6,144 | 5,521 | 11,249 |
Comprehensive loss attributable to noncontrolling interest | (120) | 0 | (265) | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO PARENT | $ 1,566 | $ 6,144 | $ 5,786 | $ 11,249 |
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] | Noncontrolling Interest [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) | $ 0 | $ 176,851 |
Net Income before noncontrolling interest | 6,524 | 0 | 6,524 | ||||
Common stock repurchased (in shares) | (560,306) | ||||||
Common stock repurchased | $ (5) | (5,599) | (1,565) | (7,169) | |||
Restricted stock award grants net of forfeitures (in shares) | 72,959 | ||||||
Restricted stock awards canceled | $ 0 | (123) | (123) | ||||
Other comprehensive income, net of tax | 4,725 | 4,725 | |||||
Share-based compensation expense | 917 | 917 | |||||
Cash dividends declared and paid | (1,569) | (1,569) | |||||
ESOP shares committed to be released | 17 | 495 | 512 | ||||
BALANCE (in shares) at Sep. 30, 2020 | 10,234,204 | ||||||
BALANCE at Sep. 30, 2020 | $ 102 | 97,229 | 89,546 | (9,395) | 3,186 | 0 | 180,668 |
BALANCE (in shares) at Jun. 30, 2020 | 10,326,226 | ||||||
BALANCE at Jun. 30, 2020 | $ 103 | 98,421 | 86,633 | (9,559) | 717 | 0 | 176,315 |
Net Income before noncontrolling interest | 3,675 | 0 | 3,675 | ||||
Common stock repurchased (in shares) | (141,793) | ||||||
Common stock repurchased | $ (1) | (1,418) | (248) | (1,667) | |||
Restricted stock award grants net of forfeitures (in shares) | 59,859 | ||||||
Restricted stock awards canceled | $ 0 | (123) | (123) | ||||
Other comprehensive income, net of tax | 2,469 | 2,469 | |||||
Share-based compensation expense | 362 | 362 | |||||
ESOP shares committed to be released | (13) | 164 | 151 | ||||
Cash dividends declared and paid | (514) | (514) | |||||
BALANCE (in shares) at Sep. 30, 2020 | 10,234,204 | ||||||
BALANCE at Sep. 30, 2020 | $ 102 | 97,229 | 89,546 | (9,395) | 3,186 | 0 | $ 180,668 |
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 | 0 | $ 186,383 |
Net Income before noncontrolling interest | 10,294 | (265) | 10,029 | ||||
Common stock repurchased (in shares) | (291,932) | ||||||
Common stock repurchased | $ (2) | (2,916) | (2,018) | (4,936) | |||
Restricted stock award grants net of forfeitures (in shares) | 78,993 | ||||||
Restricted stock awards canceled | $ 0 | (232) | (232) | ||||
Other comprehensive income, net of tax | (4,508) | (4,508) | |||||
Share-based compensation expense | 1,443 | 1,443 | |||||
Cash dividends declared and paid | (1,831) | (1,831) | |||||
Restricted stock awards canceled (in shares) | (13,088) | ||||||
ESOP shares committed to be released | 192 | 494 | 686 | ||||
Common stock issued and initial investment in Quin Ventures (in shares) | 29,719 | ||||||
Common stock issued and initial investment in Quin Ventures | $ 1 | 498 | (44) | (45) | 410 | ||
Restricted stock award grants net of forfeitures | $ 1 | (1) | $ 0 | ||||
BALANCE (in shares) at Sep. 30, 2021 | 10,050,877 | 10,050,877 | |||||
BALANCE at Sep. 30, 2021 | $ 102 | 96,396 | 99,058 | (8,736) | 934 | (310) | $ 187,444 |
BALANCE (in shares) at Jun. 30, 2021 | 10,205,867 | ||||||
BALANCE at Jun. 30, 2021 | $ 102 | 97,463 | 96,573 | (8,901) | 3,546 | (190) | 188,593 |
Net Income before noncontrolling interest | 4,178 | (120) | 4,058 | ||||
Common stock repurchased (in shares) | (137,953) | ||||||
Common stock repurchased | $ 0 | (1,378) | (1,084) | (2,462) | |||
Restricted stock award grants net of forfeitures (in shares) | (5,903) | ||||||
Restricted stock awards canceled | $ 0 | (199) | (199) | ||||
Other comprehensive income, net of tax | (2,612) | (2,612) | |||||
Share-based compensation expense | 433 | 433 | |||||
Cash dividends declared and paid | (609) | (609) | |||||
Restricted stock awards canceled (in shares) | (11,134) | ||||||
ESOP shares committed to be released | 77 | 165 | $ 242 | ||||
BALANCE (in shares) at Sep. 30, 2021 | 10,050,877 | 10,050,877 | |||||
BALANCE at Sep. 30, 2021 | $ 102 | $ 96,396 | $ 99,058 | $ (8,736) | $ 934 | $ (310) | $ 187,444 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.18 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income before noncontrolling interest | $ 10,029 | $ 6,524 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,032 | 1,034 |
Amortization of core deposit intangible | 2 | 0 |
Amortization and accretion of premiums and discounts on investments, net | 1,252 | 1,251 |
Amortization (accretion) of deferred loan fees and purchased premiums, net | 754 | (1,003) |
Amortization of debt issuance costs | 38 | 0 |
Amortization of mortgage servicing rights, net | (90) | 315 |
Additions to mortgage servicing rights, net | (720) | (989) |
Net (decrease) increase on the valuation allowance on mortgage servicing rights | (4) | 0 |
Provision for loan losses | 1,500 | 4,116 |
Allocation of ESOP shares | 503 | 512 |
Share-based compensation expense | 1,943 | 917 |
Gain on sale of loans, net | (2,921) | (4,109) |
Gain on sale of securities available for sale, net | (2,410) | (2,235) |
Increase in cash surrender value of life insurance, net | (727) | (1,577) |
Origination of loans held for sale | (86,456) | (129,495) |
Proceeds from loans held for sale | 90,899 | 129,353 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 265 | 0 |
Change in assets and liabilities: | ||
Decrease (increase) in accrued interest receivable | 1,191 | (3,436) |
Increase in prepaid expenses and other assets | (14,831) | (1,500) |
Decrease in accrued interest payable | (24) | (322) |
Increase in accrued expenses and other liabilities | 10,230 | 3,967 |
Net cash from operating activities | 11,455 | 3,323 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (125,909) | (234,527) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 52,071 | 45,684 |
Proceeds from sales of securities available for sale | 109,829 | 142,276 |
Redemption of FHLB stock | 1,580 | 90 |
Purchase of bank-owned life insurance, net of surrenders | 0 | (6,500) |
Net increase in loans receivable | (205,411) | (186,588) |
Purchase of premises and equipment, net | (3,976) | (1,429) |
Net cash paid for branch acquisition | 63,545 | 0 |
Net cash from investing activities | (108,271) | (240,994) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 124,532 | 252,811 |
Proceeds from long-term FHLB advances | 10,000 | 30,000 |
Repayment of long-term FHLB advances | (10,000) | (30,000) |
Net decrease in short-term FHLB advances | (49,977) | (3,780) |
Proceeds from issuance of subordinated debt, net | 39,223 | 0 |
Net increase in advances from borrowers for taxes and insurance | 1,002 | 841 |
Dividends paid | (1,831) | (1,569) |
Restricted stock awards canceled | (232) | (123) |
Repurchase of common stock | (4,936) | (7,169) |
Net cash from financing activities | 107,781 | 241,011 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 10,965 | 3,340 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,155 | 48,739 |
CASH AND CASH EQUIVALENTS, end of period | 76,120 | 52,079 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 4,002 | 6,746 |
Income taxes | 2,890 | 1,400 |
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan | 2,718 | 0 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized (loss) gain on securities available for sale | (3,573) | 5,980 |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | 0 | 495 |
Lease liabilities arising from obtaining right-of-use assets | 1,412 | 902 |
BUSINESS COMBINATION (see Note 11) | ||
Fair value of assets acquired | 1,340 | 0 |
Fair value of liabilities assumed | $ 65,947 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1 Organization and Nature of business January 29, 2015, In connection with the Conversion, the Company issued an aggregate of 12,167,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $121.7 million. An additional 933,360 shares of Company common stock and $400,000 in cash were contributed to the First Federal Community Foundation ("Foundation"), a charitable foundation that was established in connection with the Conversion, resulting in the issuance of a total of 13,100,360 shares. The Company received $117.6 million in net proceeds from the stock offering of which $58.4 million were contributed to the Bank upon Conversion. 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, In April 2021, On October 31, 2021, First Northwest, the Bank, and Quin Ventures are collectively referred to as the "Company." First Northwest's business activities generally are limited to passive investment activities and oversight of its investments in First Fed and Quin Ventures. 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 bor rowing and investing activities. Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not 10 December 31, 2020 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. Operating results for the three nine September 30, 2021 , are 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 - The accompanying consolidated financial statements include the accounts of First Northwest; its wholly owned subsidiary, First Fed, and its controlling interest in Quin Ventures, Inc. All material intercompany accounts and transactions have been eliminated in consolidation. While First Northwest and POM share equal ownership in Quin Ventures, it has been determined that First Northwest has a controlling interest for financial reporting purposes under Accounting Standards Codification 810. Subsequent Events 10 Recently adopted accounting pronouncements In November 2019, 2019 10 2016 13, 2019 04, 2019 05. December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. 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 No. 2016 13, No. 2019 04 No. 2019 05, third January 1, 2023. 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 107,964 $ 2,697 $ (396 ) $ 110,265 U.S. government and agency issued bonds (Agency bonds) 1,945 — (5 ) 1,940 Corporate issued asset-backed securities (ABS corporate) 11,047 — (31 ) 11,016 Corporate issued debt securities (Corporate debt) 54,876 1,536 (466 ) 55,946 U.S. Small Business Administration securities (SBA) 15,545 297 — 15,842 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 75,394 406 (709 ) 75,091 Corporate issued mortgage-backed securities (MBS corporate) 55,804 146 (160 ) 55,790 Total securities available for sale $ 322,575 $ 5,082 $ (1,767 ) $ 325,890 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 U.S. government agency issued asset-backed securities (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 September 30, 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 September 30, 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 $ (336 ) $ 24,237 $ (60 ) $ 6,375 $ (396 ) $ 30,612 Agency bonds (5 ) 1,939 — — (5 ) 1,939 ABS corporate (31 ) 11,016 — — (31 ) 11,016 Corporate debt (238 ) 16,197 (228 ) 9,758 (466 ) 25,955 SBA — — — 85 — 85 Mortgage-backed securities: MBS agency (709 ) 42,690 — 4 (709 ) 42,694 MBS corporate (160 ) 20,282 — — (160 ) 20,282 Total available for sale $ (1,479 ) $ 116,361 $ (288 ) $ 16,222 $ (1,767 ) $ 132,583 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 September 30, 2021 December 31, 2020 62 We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates, market demand, and related volatility, rather than credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level and market fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not not There were no OTTI losses during the three nine September 30, 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 September 30, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 3,512 $ 3,517 Due after one through five years 28,689 28,782 Due after five through ten years 6,476 6,463 Due after ten years 92,521 92,119 Total mortgage-backed securities 131,198 130,881 All other investment securities: Due within one year — — Due after one through five years 5,362 5,266 Due after five through ten years 74,584 76,013 Due after ten years 111,431 113,730 Total all other investment securities 191,377 195,009 Total investment securities $ 322,575 $ 325,890 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Proceeds from sales $ 64,394 $ 47,844 $ 109,829 $ 142,276 Gross realized gains 1,627 1,593 2,827 3,097 Gross realized losses (341 ) (624 ) (417 ) (862 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 (In thousands) Real Estate: One-to-four family $ 294,432 $ 309,828 Multi-family 177,560 162,467 Commercial real estate 353,356 296,574 Construction and land 214,472 123,627 Total real estate loans 1,039,820 892,496 Consumer: Home equity 38,881 33,103 Auto and other consumer 182,238 128,233 Total consumer loans 221,119 161,336 Commercial business loans 91,939 100,201 Total loans 1,352,878 1,154,033 Less: Net deferred loan fees 5,274 4,346 Premium on purchased loans, net (12,765 ) (6,129 ) Allowance for loan losses 15,243 13,847 Total loans receivable, net $ 1,345,126 $ 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 September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,356 $ 1,816 $ 3,674 $ 2,221 $ 393 $ 2,368 $ 464 $ 296 $ 14,588 (Recapture of) provision for loan losses (117 ) 101 278 260 24 58 26 70 700 Charge-offs — — — — — (421 ) — — (421 ) Recoveries — — — 2 — 374 — — 376 Ending balance $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 At or For the Nine Months Ended September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial 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 (236 ) 153 532 1,016 44 (142 ) 61 72 1,500 Charge-offs — — — — (12 ) (801 ) — — (813 ) Recoveries 6 — — 6 17 680 — — 709 Ending balance $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 At September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 General reserve 3,212 1,917 3,952 2,483 414 2,272 490 366 15,106 Specific reserve 27 — — — 3 107 — — 137 Total loans $ 294,432 $ 177,560 $ 353,356 $ 214,472 $ 38,881 $ 182,238 $ 91,939 $ — $ 1,352,878 Loans collectively evaluated (1) 292,094 177,560 352,158 214,448 38,699 181,846 91,939 — 1,348,744 Loans individually evaluated (2) 2,338 — 1,198 24 182 392 — — 4,134 ( 1 ( 2 At or For the Three Months Ended September 30, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,780 $ 1,128 $ 3,021 $ 738 $ 429 $ 2,252 $ 463 $ 298 $ 12,109 Provision for (recapture of) loan losses 62 307 319 240 (4 ) 427 — (1 ) 1,350 Charge-offs — — — — — (479 ) — — (479 ) Recoveries 2 — — 1 — 24 — — 27 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At or For the Nine Months Ended September 30, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 764 547 1,097 577 (30 ) 760 255 146 4,116 Charge-offs — — — — — (853 ) — — (853 ) Recoveries 56 — — 3 1 56 — — 116 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At December 31, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial 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: September 30, 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 $ 215 $ 249 $ — $ 227 $ 257 $ — Multi-family — — — 284 284 — Commercial real estate 1,198 1,300 — 1,216 1,308 — Construction and land — — — — 29 — Home equity 30 64 — 37 94 — Auto and other consumer — 84 — — 224 — Total 1,443 1,697 — 1,764 2,196 — With an allowance recorded: One-to-four family 2,123 2,326 27 2,739 2,941 36 Commercial real estate — — — 62 62 1 Construction and land 24 24 — 26 26 — Home equity 152 175 3 98 157 4 Auto and other consumer 392 406 107 822 953 276 Total 2,691 2,931 137 3,747 4,139 317 Total impaired loans: One-to-four family 2,338 2,575 27 2,966 3,198 36 Multi-family — — — 284 284 — Commercial real estate 1,198 1,300 — 1,278 1,370 1 Construction and land 24 24 — 26 55 — Home equity 182 239 3 135 251 4 Auto and other consumer 392 490 107 822 1,177 276 Total $ 4,134 $ 4,628 $ 137 $ 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 periods shown: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 217 $ 3 $ 221 $ 9 Multi-family — — 125 — Commercial real estate 1,200 18 1,081 55 Home equity 31 — 34 1 Auto and other consumer 47 3 39 5 Total 1,495 24 1,500 70 With an allowance recorded: One-to-four family 2,199 46 2,357 110 Commercial real estate 17 — 162 — Construction and land 24 2 25 3 Home equity 122 3 117 — Auto and other consumer 464 6 715 17 Total 2,826 57 3,376 130 Total impaired loans: One-to-four family 2,416 49 2,578 119 Multi-family — — 125 — Commercial real estate 1,217 18 1,243 55 Construction and land 24 2 25 3 Home equity 153 3 151 1 Auto and other consumer 511 9 754 22 Total $ 4,321 $ 81 $ 4,876 $ 200 Interest income recognized on a cash basis on impaired loans for the three nine September 30, 2021 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 203 $ 6 $ 154 $ 6 Multi-family 294 1 197 — Commercial real estate 1,200 1 1,211 15 Construction and land — — 12 — Home equity 38 1 43 1 Auto and other consumer — 13 — 16 Commercial business 168 — 90 — Total 1,903 22 1,707 38 With an allowance recorded: One-to-four family 4,397 91 3,335 158 Multi-family — — 158 — Commercial real estate 67 2 380 2 Construction and land 26 2 28 3 Home equity 140 3 212 7 Auto and other consumer 702 24 718 33 Commercial business — — 146 — Total 5,332 122 4,977 203 Total impaired loans: One-to-four family 4,600 97 3,489 164 Multi-family 294 1 355 — Commercial real estate 1,267 3 1,591 17 Construction and land 26 2 40 3 Home equity 178 4 255 8 Auto and other consumer 702 37 718 49 Commercial business 168 — 236 — Total $ 7,235 $ 144 $ 6,684 $ 241 Interest income recognized on a cash basis on impaired loans for the three nine September 30, 2020 The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2021 December 31, 2020 (In thousands) One-to-four family $ 561 $ 912 Multi-family — 284 Commercial real estate 76 157 Construction and land 24 26 Home equity 130 73 Auto and other consumer 392 821 Commercial business — — Total nonaccrual loans $ 1,183 $ 2,273 Past due loans. not 90 September 30, 2021 December 31, 2020 The following table presents the recorded investment in past due loans, by class, as of September 30, 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 $ — $ 60 $ — $ 60 $ 294,372 $ 294,432 Multi-family — — — — 177,560 177,560 Commercial real estate — — — — 353,356 353,356 Construction and land — — — — 214,472 214,472 Total real estate loans — 60 — 60 1,039,760 1,039,820 Consumer: Home equity 53 29 — 82 38,799 38,881 Auto and other consumer 283 69 32 384 181,854 182,238 Total consumer loans 336 98 32 466 220,653 221,119 Commercial business loans 17 — — 17 91,922 91,939 Total loans $ 353 $ 158 $ 32 $ 543 $ 1,352,335 $ 1,352,878 The following table presents the recorded investment in past due loans, 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 September 30, 2021 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 290,889 $ 2,653 $ 57 $ 833 $ 294,432 Multi-family 161,525 16,035 — — 177,560 Commercial real estate 307,347 21,534 13,464 11,011 353,356 Construction and land 203,512 2,058 8,878 24 214,472 Total real estate loans 963,273 42,280 22,399 11,868 1,039,820 Consumer: Home equity 38,486 136 61 198 38,881 Auto and other consumer 180,486 1,245 115 392 182,238 Total consumer loans 218,972 1,381 176 590 221,119 Commercial business loans 90,795 912 — 232 91,939 Total loans $ 1,273,040 $ 44,573 $ 22,575 $ 12,690 $ 1,352,878 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 September 30, 2021 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 561 $ 293,871 $ 294,432 Multi-family — 177,560 177,560 Commercial real estate 76 353,280 353,356 Construction and land 24 214,448 214,472 Consumer: Home equity 130 38,751 38,881 Auto and other consumer 392 181,846 182,238 Commercial business — 91,939 91,939 Total loans $ 1,183 $ 1,351,695 $ 1,352,878 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. September 30, 2021 19 not September 30, 2021 The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: September 30, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,858 $ 2,224 Allowance for loan losses related to TDR loans 21 26 Total nonaccrual TDR loans 29 108 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the three nine September 30, 2021 2020 There were no TDR loans which incurred a payment default within 12 three nine September 30, 2021 2020 No additional funds were committed to be advanced in connection with TDR loans at September 30, 2021 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status: September 30, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,777 $ 29 $ 1,806 $ 2,054 $ 108 $ 2,162 Home equity 52 — 52 62 — 62 Total TDR loans $ 1,829 $ 29 $ 1,858 $ 2,116 $ 108 $ 2,224 |
Note 4 - Deposits
Note 4 - Deposits | 9 Months Ended |
Sep. 30, 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, September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 328,463 0.00 % $ 274,930 0.00 % Interest-bearing demand deposits 182,181 0.01 % 156,241 0.01 % Money market accounts 573,713 0.21 % 429,143 0.31 % Savings accounts 193,479 0.06 % 164,434 0.17 % Certificates of deposit 245,080 0.70 % 308,769 1.00 % Total deposits $ 1,522,916 0.20 % $ 1,333,517 0.36 % Maturities of certificates at the dates indicated are as follows: September 30, 2021 December 31, 2020 (In thousands) Within one year or less $ 156,988 $ 185,804 After one year through two years 50,169 70,705 After two years through three years 23,815 37,417 After three years through four years 7,616 6,938 After four years through five years 6,492 7,905 Total certificates of deposit $ 245,080 $ 308,769 Brokered certificates of deposits of $55.1 million and $89.6 million are included in the September 30, 2021 December 31, 2020 At September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Interest on deposits by type for the periods shown was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Demand deposits $ 11 $ 5 $ 28 $ 28 Money market accounts 291 362 852 1,118 Savings accounts 28 176 102 785 Certificates of deposit 520 862 1,627 3,653 Total interest expense on deposits $ 850 $ 1,405 $ 2,609 $ 5,584 |
Note 5 - Federal Taxes on Incom
Note 5 - Federal Taxes on Income | 9 Months Ended |
Sep. 30, 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 17.2% and 24.3% for the nine September 30, 2021 2020 2021 2020 first 2021, 2020 2020 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 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, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three nine September 30, 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except share data) Numerator: Net Income Attributable to Parent $ 4,178 $ 3,675 $ 10,294 $ 6,524 Denominator: Basic weighted average common shares outstanding 9,184,568 9,257,252 9,196,729 9,409,754 Dilutive restricted stock grants 83,508 6,723 97,527 29,484 Diluted weighted average common shares outstanding 9,268,076 9,263,975 9,294,256 9,439,238 Basic earnings per share $ 0.45 $ 0.40 $ 1.12 $ 0.69 Diluted earnings per share $ 0.45 $ 0.40 $ 1.11 $ 0.69 Unallocated ESOP shares are not September 30, 2021 2020 |
Note 7 - Employee Benefits
Note 7 - Employee Benefits | 9 Months Ended |
Sep. 30, 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 on. A prior service cost of , net of September 30, 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. An $835,000 principal and interest payment was made by the ESOP during the nine September 30, 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 September 30, 2021 2020 nine September 30, 2021 2020 Shares issued to the ESOP as of the dates indicated are as follows: September 30, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 333,396 306,949 Committed to be released shares 13,221 — Unallocated shares 701,412 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,317 $ 11,561 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 In May 2020, 2020 "2020 May 2030. 2020 may 2020 September 30, 2021 2020 As a result of the approval of the 2020 2015 "2015 September 30, 2021 2015 2015 2015 There were 96,205 and 126,059 shares of restricted stock awarded, respectively, during the nine September 30, 2021 2020 one five For the three September 30, 2021 2020 nine September 30, 2021 2020 Included in the above compensation expense for the three September 30, 2021 2020 nine September 30, 2021 2020 The following tables provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended September 30, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2021 366,068 $ 15.03 Granted 11,309 17.76 Vested (71,049 ) 13.27 Canceled (1) (11,134 ) 13.27 Forfeited (17,212 ) 12.89 Non-vested at September 30, 2021 277,982 $ 15.80 (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. For the Nine Months Ended September 30, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 96,205 18.50 Vested (80,815 ) 13.36 Canceled (1) (13,088 ) 13.36 Forfeited (17,212 ) 12.89 Non-vested at September 30, 2021 277,982 $ 15.80 (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 September 30, 2021 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting and Measurement | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ — $ 110,265 $ — $ 110,265 Agency bonds — 1,940 — 1,940 ABS corporate — 11,016 — 11,016 Corporate debt — 55,946 — 55,946 SBA — 15,842 — 15,842 MBS agency — 75,091 — 75,091 MBS corporate — 55,790 — 55,790 $ — $ 325,890 $ — $ 325,890 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 September 30, 2021 Balance at January 1, 2021 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 January 1, 2020 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: September 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 4,134 $ 4,134 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,511 $ 5,511 At September 30, 2021 December 31, 2020 no The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: September 30, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 76,120 $ 76,120 $ 76,120 $ — $ — Investment securities available for sale 325,890 325,890 — 325,890 — Loans held for sale 2,231 2,231 — 2,231 — Loans receivable, net 1,345,126 1,326,567 — — 1,326,567 FHLB stock 4,397 4,397 — 4,397 — Accrued interest receivable 5,775 5,775 — 5,775 — Mortgage servicing rights, net 2,934 3,270 — — 3,270 Financial liabilities Demand deposits $ 1,277,836 $ 1,277,836 $ 1,277,836 $ — $ — Time deposits 245,080 245,937 — 245,937 — FHLB Borrowings 60,000 60,882 — 60,882 — Subordinated debt 39,261 39,493 — 39,493 — Accrued interest payable 29 29 — 29 — 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 September 30, 2021 820 Mortgage servicing rights, net no |
Note 10 - Change in Accumulated
Note 10 - Change in Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 10 Our AOCI includes unrealized gain (loss) on available-for-sale securities and an unrecognized defined benefit plan prior service cost. The following table presents changes to accumulated other comprehensive income after-tax for the periods shown: Unrealized Gains and Losses on Available-for-Sale Securities Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Total (In thousands) BALANCE, June 30, 2020 $ 717 $ — $ 717 Other comprehensive income before reclassification 3,235 — 3,235 Amounts reclassified from accumulated other comprehensive income (766 ) — (766 ) Net other comprehensive income 2,469 — 2,469 BALANCE, September 30, 2020 $ 3,186 $ — $ 3,186 BALANCE, June 30, 2021 $ 5,260 $ (1,714 ) $ 3,546 Other comprehensive (loss) income before reclassification (1,625 ) 29 (1,596 ) Amounts reclassified from accumulated other comprehensive income (1,016 ) — (1,016 ) Net other comprehensive (loss) income (2,641 ) 29 (2,612 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, December 31, 2019 $ (1,539 ) $ — $ (1,539 ) Other comprehensive income before reclassification 6,491 — 6,491 Amounts reclassified from accumulated other comprehensive income (1,766 ) — (1,766 ) Net other comprehensive income 4,725 — 4,725 BALANCE, September 30, 2020 $ 3,186 $ — $ 3,186 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (919 ) (1,685 ) (2,604 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) — (1,904 ) Net other comprehensive loss (2,823 ) (1,685 ) (4,508 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 |
Note 11 - Business Combination
Note 11 - Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | N ote 11 On July 23, 2021, Bank and Trust of Southfield, Michigan no not The acquired assets and assumed liabilities were recorded in the Company's consolidated balance sheets at their estimated fair value as of the July 23, 2021, In most instances, determining the estimated fair values of the acquired assets and assumed liabilities required the Bank to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may not The following table summarizes the fair value of consideration transferred, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction (in thousands): At July 23, 2021 Book Value Fair Value Adjustment Estimated Fair Value (In thousands) Cash consideration transferred $ 63,545 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Core deposit intangible ("CDI") $ — $ 126 $ 126 Premises and equipment 459 — 459 Accrued interest receivable and other assets 755 — 755 Total identifiable assets acquired 1,214 126 1,340 Liabilities assumed Deposits $ 65,096 $ (229 ) $ 64,867 Accrued expenses and other liabilities 1,080 — 1,080 Total liabilities assumed 66,176 (229 ) 65,947 Total identifiable net liabilities assumed (64,962 ) 355 (64,607 ) Goodwill recognized $ 1,062 CDI represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period o f ten may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not 10 December 31, 2020 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. Operating results for the three nine September 30, 2021 , are 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 - The accompanying consolidated financial statements include the accounts of First Northwest; its wholly owned subsidiary, First Fed, and its controlling interest in Quin Ventures, Inc. All material intercompany accounts and transactions have been eliminated in consolidation. While First Northwest and POM share equal ownership in Quin Ventures, it has been determined that First Northwest has a controlling interest for financial reporting purposes under Accounting Standards Codification 810. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In November 2019, 2019 10 2016 13, 2019 04, 2019 05. December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. 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 No. 2016 13, No. 2019 04 No. 2019 05, third January 1, 2023. 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) | 9 Months Ended |
Sep. 30, 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 $ 107,964 $ 2,697 $ (396 ) $ 110,265 U.S. government and agency issued bonds (Agency bonds) 1,945 — (5 ) 1,940 Corporate issued asset-backed securities (ABS corporate) 11,047 — (31 ) 11,016 Corporate issued debt securities (Corporate debt) 54,876 1,536 (466 ) 55,946 U.S. Small Business Administration securities (SBA) 15,545 297 — 15,842 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 75,394 406 (709 ) 75,091 Corporate issued mortgage-backed securities (MBS corporate) 55,804 146 (160 ) 55,790 Total securities available for sale $ 322,575 $ 5,082 $ (1,767 ) $ 325,890 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 U.S. government agency issued asset-backed securities (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 |
Debt Securities, Available-for-sale, 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 $ (336 ) $ 24,237 $ (60 ) $ 6,375 $ (396 ) $ 30,612 Agency bonds (5 ) 1,939 — — (5 ) 1,939 ABS corporate (31 ) 11,016 — — (31 ) 11,016 Corporate debt (238 ) 16,197 (228 ) 9,758 (466 ) 25,955 SBA — — — 85 — 85 Mortgage-backed securities: MBS agency (709 ) 42,690 — 4 (709 ) 42,694 MBS corporate (160 ) 20,282 — — (160 ) 20,282 Total available for sale $ (1,479 ) $ 116,361 $ (288 ) $ 16,222 $ (1,767 ) $ 132,583 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] | September 30, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 3,512 $ 3,517 Due after one through five years 28,689 28,782 Due after five through ten years 6,476 6,463 Due after ten years 92,521 92,119 Total mortgage-backed securities 131,198 130,881 All other investment securities: Due within one year — — Due after one through five years 5,362 5,266 Due after five through ten years 74,584 76,013 Due after ten years 111,431 113,730 Total all other investment securities 191,377 195,009 Total investment securities $ 322,575 $ 325,890 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Proceeds from sales $ 64,394 $ 47,844 $ 109,829 $ 142,276 Gross realized gains 1,627 1,593 2,827 3,097 Gross realized losses (341 ) (624 ) (417 ) (862 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2021 December 31, 2020 (In thousands) Real Estate: One-to-four family $ 294,432 $ 309,828 Multi-family 177,560 162,467 Commercial real estate 353,356 296,574 Construction and land 214,472 123,627 Total real estate loans 1,039,820 892,496 Consumer: Home equity 38,881 33,103 Auto and other consumer 182,238 128,233 Total consumer loans 221,119 161,336 Commercial business loans 91,939 100,201 Total loans 1,352,878 1,154,033 Less: Net deferred loan fees 5,274 4,346 Premium on purchased loans, net (12,765 ) (6,129 ) Allowance for loan losses 15,243 13,847 Total loans receivable, net $ 1,345,126 $ 1,141,969 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,356 $ 1,816 $ 3,674 $ 2,221 $ 393 $ 2,368 $ 464 $ 296 $ 14,588 (Recapture of) provision for loan losses (117 ) 101 278 260 24 58 26 70 700 Charge-offs — — — — — (421 ) — — (421 ) Recoveries — — — 2 — 374 — — 376 Ending balance $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 At or For the Nine Months Ended September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial 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 (236 ) 153 532 1,016 44 (142 ) 61 72 1,500 Charge-offs — — — — (12 ) (801 ) — — (813 ) Recoveries 6 — — 6 17 680 — — 709 Ending balance $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 At September 30, 2021 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,239 $ 1,917 $ 3,952 $ 2,483 $ 417 $ 2,379 $ 490 $ 366 $ 15,243 General reserve 3,212 1,917 3,952 2,483 414 2,272 490 366 15,106 Specific reserve 27 — — — 3 107 — — 137 Total loans $ 294,432 $ 177,560 $ 353,356 $ 214,472 $ 38,881 $ 182,238 $ 91,939 $ — $ 1,352,878 Loans collectively evaluated (1) 292,094 177,560 352,158 214,448 38,699 181,846 91,939 — 1,348,744 Loans individually evaluated (2) 2,338 — 1,198 24 182 392 — — 4,134 At or For the Three Months Ended September 30, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,780 $ 1,128 $ 3,021 $ 738 $ 429 $ 2,252 $ 463 $ 298 $ 12,109 Provision for (recapture of) loan losses 62 307 319 240 (4 ) 427 — (1 ) 1,350 Charge-offs — — — — — (479 ) — — (479 ) Recoveries 2 — — 1 — 24 — — 27 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At or For the Nine Months Ended September 30, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 764 547 1,097 577 (30 ) 760 255 146 4,116 Charge-offs — — — — — (853 ) — — (853 ) Recoveries 56 — — 3 1 56 — — 116 Ending balance $ 3,844 $ 1,435 $ 3,340 $ 979 $ 425 $ 2,224 $ 463 $ 297 $ 13,007 At December 31, 2020 One-to-four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial 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] | September 30, 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 $ 215 $ 249 $ — $ 227 $ 257 $ — Multi-family — — — 284 284 — Commercial real estate 1,198 1,300 — 1,216 1,308 — Construction and land — — — — 29 — Home equity 30 64 — 37 94 — Auto and other consumer — 84 — — 224 — Total 1,443 1,697 — 1,764 2,196 — With an allowance recorded: One-to-four family 2,123 2,326 27 2,739 2,941 36 Commercial real estate — — — 62 62 1 Construction and land 24 24 — 26 26 — Home equity 152 175 3 98 157 4 Auto and other consumer 392 406 107 822 953 276 Total 2,691 2,931 137 3,747 4,139 317 Total impaired loans: One-to-four family 2,338 2,575 27 2,966 3,198 36 Multi-family — — — 284 284 — Commercial real estate 1,198 1,300 — 1,278 1,370 1 Construction and land 24 24 — 26 55 — Home equity 182 239 3 135 251 4 Auto and other consumer 392 490 107 822 1,177 276 Total $ 4,134 $ 4,628 $ 137 $ 5,511 $ 6,335 $ 317 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 217 $ 3 $ 221 $ 9 Multi-family — — 125 — Commercial real estate 1,200 18 1,081 55 Home equity 31 — 34 1 Auto and other consumer 47 3 39 5 Total 1,495 24 1,500 70 With an allowance recorded: One-to-four family 2,199 46 2,357 110 Commercial real estate 17 — 162 — Construction and land 24 2 25 3 Home equity 122 3 117 — Auto and other consumer 464 6 715 17 Total 2,826 57 3,376 130 Total impaired loans: One-to-four family 2,416 49 2,578 119 Multi-family — — 125 — Commercial real estate 1,217 18 1,243 55 Construction and land 24 2 25 3 Home equity 153 3 151 1 Auto and other consumer 511 9 754 22 Total $ 4,321 $ 81 $ 4,876 $ 200 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 203 $ 6 $ 154 $ 6 Multi-family 294 1 197 — Commercial real estate 1,200 1 1,211 15 Construction and land — — 12 — Home equity 38 1 43 1 Auto and other consumer — 13 — 16 Commercial business 168 — 90 — Total 1,903 22 1,707 38 With an allowance recorded: One-to-four family 4,397 91 3,335 158 Multi-family — — 158 — Commercial real estate 67 2 380 2 Construction and land 26 2 28 3 Home equity 140 3 212 7 Auto and other consumer 702 24 718 33 Commercial business — — 146 — Total 5,332 122 4,977 203 Total impaired loans: One-to-four family 4,600 97 3,489 164 Multi-family 294 1 355 — Commercial real estate 1,267 3 1,591 17 Construction and land 26 2 40 3 Home equity 178 4 255 8 Auto and other consumer 702 37 718 49 Commercial business 168 — 236 — Total $ 7,235 $ 144 $ 6,684 $ 241 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2021 December 31, 2020 (In thousands) One-to-four family $ 561 $ 912 Multi-family — 284 Commercial real estate 76 157 Construction and land 24 26 Home equity 130 73 Auto and other consumer 392 821 Commercial business — — Total nonaccrual loans $ 1,183 $ 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 $ — $ 60 $ — $ 60 $ 294,372 $ 294,432 Multi-family — — — — 177,560 177,560 Commercial real estate — — — — 353,356 353,356 Construction and land — — — — 214,472 214,472 Total real estate loans — 60 — 60 1,039,760 1,039,820 Consumer: Home equity 53 29 — 82 38,799 38,881 Auto and other consumer 283 69 32 384 181,854 182,238 Total consumer loans 336 98 32 466 220,653 221,119 Commercial business loans 17 — — 17 91,922 91,939 Total loans $ 353 $ 158 $ 32 $ 543 $ 1,352,335 $ 1,352,878 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 $ 290,889 $ 2,653 $ 57 $ 833 $ 294,432 Multi-family 161,525 16,035 — — 177,560 Commercial real estate 307,347 21,534 13,464 11,011 353,356 Construction and land 203,512 2,058 8,878 24 214,472 Total real estate loans 963,273 42,280 22,399 11,868 1,039,820 Consumer: Home equity 38,486 136 61 198 38,881 Auto and other consumer 180,486 1,245 115 392 182,238 Total consumer loans 218,972 1,381 176 590 221,119 Commercial business loans 90,795 912 — 232 91,939 Total loans $ 1,273,040 $ 44,573 $ 22,575 $ 12,690 $ 1,352,878 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 $ 561 $ 293,871 $ 294,432 Multi-family — 177,560 177,560 Commercial real estate 76 353,280 353,356 Construction and land 24 214,448 214,472 Consumer: Home equity 130 38,751 38,881 Auto and other consumer 392 181,846 182,238 Commercial business — 91,939 91,939 Total loans $ 1,183 $ 1,351,695 $ 1,352,878 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, Troubled Debt Restructuring [Table Text Block] | September 30, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,858 $ 2,224 Allowance for loan losses related to TDR loans 21 26 Total nonaccrual TDR loans 29 108 September 30, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,777 $ 29 $ 1,806 $ 2,054 $ 108 $ 2,162 Home equity 52 — 52 62 — 62 Total TDR loans $ 1,829 $ 29 $ 1,858 $ 2,116 $ 108 $ 2,224 |
Note 4 - Deposits (Tables)
Note 4 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, 2021 December 31, 2020 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 328,463 0.00 % $ 274,930 0.00 % Interest-bearing demand deposits 182,181 0.01 % 156,241 0.01 % Money market accounts 573,713 0.21 % 429,143 0.31 % Savings accounts 193,479 0.06 % 164,434 0.17 % Certificates of deposit 245,080 0.70 % 308,769 1.00 % Total deposits $ 1,522,916 0.20 % $ 1,333,517 0.36 % |
Time Deposit Maturities [Table Text Block] | September 30, 2021 December 31, 2020 (In thousands) Within one year or less $ 156,988 $ 185,804 After one year through two years 50,169 70,705 After two years through three years 23,815 37,417 After three years through four years 7,616 6,938 After four years through five years 6,492 7,905 Total certificates of deposit $ 245,080 $ 308,769 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Demand deposits $ 11 $ 5 $ 28 $ 28 Money market accounts 291 362 852 1,118 Savings accounts 28 176 102 785 Certificates of deposit 520 862 1,627 3,653 Total interest expense on deposits $ 850 $ 1,405 $ 2,609 $ 5,584 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except share data) Numerator: Net Income Attributable to Parent $ 4,178 $ 3,675 $ 10,294 $ 6,524 Denominator: Basic weighted average common shares outstanding 9,184,568 9,257,252 9,196,729 9,409,754 Dilutive restricted stock grants 83,508 6,723 97,527 29,484 Diluted weighted average common shares outstanding 9,268,076 9,263,975 9,294,256 9,439,238 Basic earnings per share $ 0.45 $ 0.40 $ 1.12 $ 0.69 Diluted earnings per share $ 0.45 $ 0.40 $ 1.11 $ 0.69 |
Note 7 - Employee Benefits (Tab
Note 7 - Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | September 30, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 333,396 306,949 Committed to be released shares 13,221 — Unallocated shares 701,412 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,317 $ 11,561 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended September 30, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2021 366,068 $ 15.03 Granted 11,309 17.76 Vested (71,049 ) 13.27 Canceled (1) (11,134 ) 13.27 Forfeited (17,212 ) 12.89 Non-vested at September 30, 2021 277,982 $ 15.80 (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. For the Nine Months Ended September 30, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 96,205 18.50 Vested (80,815 ) 13.36 Canceled (1) (13,088 ) 13.36 Forfeited (17,212 ) 12.89 Non-vested at September 30, 2021 277,982 $ 15.80 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 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 $ — $ 110,265 $ — $ 110,265 Agency bonds — 1,940 — 1,940 ABS corporate — 11,016 — 11,016 Corporate debt — 55,946 — 55,946 SBA — 15,842 — 15,842 MBS agency — 75,091 — 75,091 MBS corporate — 55,790 — 55,790 $ — $ 325,890 $ — $ 325,890 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] | September 30, 2021 Balance at January 1, 2021 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 January 1, 2020 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] | September 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 4,134 $ 4,134 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] | September 30, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 76,120 $ 76,120 $ 76,120 $ — $ — Investment securities available for sale 325,890 325,890 — 325,890 — Loans held for sale 2,231 2,231 — 2,231 — Loans receivable, net 1,345,126 1,326,567 — — 1,326,567 FHLB stock 4,397 4,397 — 4,397 — Accrued interest receivable 5,775 5,775 — 5,775 — Mortgage servicing rights, net 2,934 3,270 — — 3,270 Financial liabilities Demand deposits $ 1,277,836 $ 1,277,836 $ 1,277,836 $ — $ — Time deposits 245,080 245,937 — 245,937 — FHLB Borrowings 60,000 60,882 — 60,882 — Subordinated debt 39,261 39,493 — 39,493 — Accrued interest payable 29 29 — 29 — 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 10 - Change in Accumulat_2
Note 10 - Change in Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains and Losses on Available-for-Sale Securities Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Total (In thousands) BALANCE, June 30, 2020 $ 717 $ — $ 717 Other comprehensive income before reclassification 3,235 — 3,235 Amounts reclassified from accumulated other comprehensive income (766 ) — (766 ) Net other comprehensive income 2,469 — 2,469 BALANCE, September 30, 2020 $ 3,186 $ — $ 3,186 BALANCE, June 30, 2021 $ 5,260 $ (1,714 ) $ 3,546 Other comprehensive (loss) income before reclassification (1,625 ) 29 (1,596 ) Amounts reclassified from accumulated other comprehensive income (1,016 ) — (1,016 ) Net other comprehensive (loss) income (2,641 ) 29 (2,612 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, December 31, 2019 $ (1,539 ) $ — $ (1,539 ) Other comprehensive income before reclassification 6,491 — 6,491 Amounts reclassified from accumulated other comprehensive income (1,766 ) — (1,766 ) Net other comprehensive income 4,725 — 4,725 BALANCE, September 30, 2020 $ 3,186 $ — $ 3,186 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (919 ) (1,685 ) (2,604 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) — (1,904 ) Net other comprehensive loss (2,823 ) (1,685 ) (4,508 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 |
Note 11 - Business Combination
Note 11 - Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | At July 23, 2021 Book Value Fair Value Adjustment Estimated Fair Value (In thousands) Cash consideration transferred $ 63,545 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Core deposit intangible ("CDI") $ — $ 126 $ 126 Premises and equipment 459 — 459 Accrued interest receivable and other assets 755 — 755 Total identifiable assets acquired 1,214 126 1,340 Liabilities assumed Deposits $ 65,096 $ (229 ) $ 64,867 Accrued expenses and other liabilities 1,080 — 1,080 Total liabilities assumed 66,176 (229 ) 65,947 Total identifiable net liabilities assumed (64,962 ) 355 (64,607 ) Goodwill recognized $ 1,062 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Critical Accounting Policies (Details Textual) - USD ($) | May 14, 2021 | Dec. 18, 2015 | Jan. 29, 2015 | Sep. 30, 2021 | Dec. 31, 2020 |
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 | ||||
Loans and Leases Receivable, Net Amount, Total | $ 1,345,126,000 | $ 1,141,969,000 | |||
First Federal Community Foundation [Member] | |||||
Payments for Contributions to Charity | $ 400,000 | ||||
Quin Ventures, Inc [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] | Joint Venture Agreement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 29,719 | ||||
Stock Issued During Period, Value, New Issues | $ 500,000 | ||||
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 | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Held-to-maturity, Total | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 36 | ||||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 322,575 | $ 357,407 |
Securities available for sale, gross unrealized gains | 5,082 | 8,358 |
Securities available for sale, gross unrealized losses | (1,767) | (1,469) |
Investment securities available for sale, at fair value | 325,890 | 364,296 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 107,964 | 122,667 |
Securities available for sale, gross unrealized gains | 2,697 | 5,212 |
Securities available for sale, gross unrealized losses | (396) | (17) |
Investment securities available for sale, at fair value | 110,265 | 127,862 |
US Government-sponsored Enterprises Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 1,945 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (5) | |
Investment securities available for sale, at fair value | 1,940 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 62,934 | |
Securities available for sale, gross unrealized gains | 1,240 | |
Securities available for sale, gross unrealized losses | (354) | |
Investment securities available for sale, at fair value | 63,820 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 11,047 | 29,661 |
Securities available for sale, gross unrealized gains | 0 | 37 |
Securities available for sale, gross unrealized losses | (31) | (418) |
Investment securities available for sale, at fair value | 11,016 | 29,280 |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 54,876 | 35,408 |
Securities available for sale, gross unrealized gains | 1,536 | 687 |
Securities available for sale, gross unrealized losses | (466) | (585) |
Investment securities available for sale, at fair value | 55,946 | 35,510 |
US Small Business Administration Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 15,545 | 18,420 |
Securities available for sale, gross unrealized gains | 297 | 144 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 15,842 | 18,564 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 75,394 | 61,859 |
Securities available for sale, gross unrealized gains | 406 | 876 |
Securities available for sale, gross unrealized losses | (709) | (52) |
Investment securities available for sale, at fair value | 75,091 | 62,683 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 55,804 | 26,458 |
Securities available for sale, gross unrealized gains | 146 | 162 |
Securities available for sale, gross unrealized losses | (160) | (43) |
Investment securities available for sale, at fair value | $ 55,790 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (1,479) | $ (118) |
Securities available for sale, fair value, less than twelve months | 116,361 | 39,688 |
Securities available for sale, gross unrealized losses, twelve months or longer | (288) | (1,351) |
Securities available for sale, fair value, twelve months or longer | 16,222 | 59,749 |
Securities available for sale, gross unrealized losses, total | (1,767) | (1,469) |
Securities available for sale, fair value, total | 132,583 | 99,437 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (336) | (15) |
Securities available for sale, fair value, less than twelve months | 24,237 | 5,214 |
Securities available for sale, gross unrealized losses, twelve months or longer | (60) | (2) |
Securities available for sale, fair value, twelve months or longer | 6,375 | 1,319 |
Securities available for sale, gross unrealized losses, total | (396) | (17) |
Securities available for sale, fair value, total | 30,612 | 6,533 |
US Government-sponsored Enterprises Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (5) | |
Securities available for sale, fair value, less than twelve months | 1,939 | |
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 | (5) | |
Securities available for sale, fair value, total | 1,939 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | |
Securities available for sale, fair value, less than twelve months | 0 | |
Securities available for sale, gross unrealized losses, twelve months or longer | (354) | |
Securities available for sale, fair value, twelve months or longer | 21,430 | |
Securities available for sale, gross unrealized losses, total | (354) | |
Securities available for sale, fair value, total | 21,430 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (31) | 0 |
Securities available for sale, fair value, less than twelve months | 11,016 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | (418) |
Securities available for sale, fair value, twelve months or longer | 0 | 27,283 |
Securities available for sale, gross unrealized losses, total | (31) | (418) |
Securities available for sale, fair value, total | 11,016 | 27,283 |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (238) | (8) |
Securities available for sale, fair value, less than twelve months | 16,197 | 5,892 |
Securities available for sale, gross unrealized losses, twelve months or longer | (228) | (577) |
Securities available for sale, fair value, twelve months or longer | 9,758 | 9,409 |
Securities available for sale, gross unrealized losses, total | (466) | (585) |
Securities available for sale, fair value, total | 25,955 | 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 | 0 | 63 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 85 | 47 |
Securities available for sale, gross unrealized losses, total | 0 | 0 |
Securities available for sale, fair value, total | 85 | 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 | (709) | (52) |
Securities available for sale, fair value, less than twelve months | 42,690 | 18,516 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 4 | 261 |
Securities available for sale, gross unrealized losses, total | (709) | (52) |
Securities available for sale, fair value, total | 42,694 | 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 | (160) | (43) |
Securities available for sale, fair value, less than twelve months | 20,282 | 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 | (160) | (43) |
Securities available for sale, fair value, total | $ 20,282 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 322,575 | $ 357,407 |
Investment securities available for sale, at fair value | 325,890 | 364,296 |
Collateralized Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 3,512 | 80 |
Due within one year, estimated fair value | 3,517 | 84 |
Due after one through five years, amortized cost | 28,689 | 12,446 |
Due after one through five years, estimated fair value | 28,782 | 12,402 |
Due after five through ten years, amortized cost | 6,476 | 0 |
Due after five through ten years, estimated fair value | 6,463 | 0 |
Due after ten years, amortized cost | 92,521 | 75,791 |
Due after ten years, estimated fair value | 92,119 | 76,774 |
Securities available for sale, amortized cost | 131,198 | 88,317 |
Investment securities available for sale, at fair value | 130,881 | 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 | 5,362 | 2,210 |
Due after one through five years, estimated fair value | 5,266 | 2,328 |
Due after five through ten years, amortized cost | 74,584 | 74,568 |
Due after five through ten years, estimated fair value | 76,013 | 74,351 |
Due after ten years, amortized cost | 111,431 | 192,312 |
Due after ten years, estimated fair value | 113,730 | 198,357 |
Securities available for sale, amortized cost | 191,377 | 269,090 |
Investment securities available for sale, at fair value | $ 195,009 | $ 275,036 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from sales of securities available for sale | $ 64,394 | $ 47,844 | $ 109,829 | $ 142,276 |
Gross realized gains | 1,627 | 1,593 | 2,827 | 3,097 |
Gross realized losses | $ (341) | $ (624) | $ (417) | $ (862) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 65,000 | $ 84,000 | $ 183,000 | $ 181,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | $ 0 | ||
Financing Receivable, Number of Temporary Loan Modifications | 357 | 357 | |||
Financing Receivable, Temporary Loan Modifications | $ 175,000,000 | $ 175,000,000 | |||
Financing Receivable, Customers with Deferred Loan Payments, Percentage of Total Loans | 12.90% | 12.90% | |||
Financing Receivable, Number of Payment Deferrals | 0 | 0 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Loans receivable, gross | $ 1,352,878 | $ 1,154,033 | ||||
Net deferred loan fees | 5,274 | 4,346 | ||||
Premium on purchased loans, net | (12,765) | (6,129) | ||||
Allowance for loan losses | 15,243 | $ 14,588 | 13,847 | $ 13,007 | $ 12,109 | $ 9,628 |
Total loans receivable, net | 1,345,126 | 1,141,969 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans receivable, gross | 1,039,820 | 892,496 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Loans receivable, gross | 294,432 | 309,828 | ||||
Allowance for loan losses | 3,239 | 3,356 | 3,469 | 3,844 | 3,780 | 3,024 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Loans receivable, gross | 177,560 | 162,467 | ||||
Allowance for loan losses | 1,917 | 1,816 | 1,764 | 1,435 | 1,128 | 888 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loans receivable, gross | 353,356 | 296,574 | ||||
Allowance for loan losses | 3,952 | 3,674 | 3,420 | 3,340 | 3,021 | 2,243 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans receivable, gross | 214,472 | 123,627 | ||||
Allowance for loan losses | 2,483 | 2,221 | 1,461 | 979 | 738 | 399 |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable, gross | 221,119 | 161,336 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans receivable, gross | 38,881 | 33,103 | ||||
Allowance for loan losses | 417 | 393 | 368 | 425 | 429 | 454 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Loans receivable, gross | 182,238 | 128,233 | ||||
Allowance for loan losses | 2,379 | 2,368 | 2,642 | 2,224 | 2,252 | 2,261 |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable, gross | 91,939 | 100,201 | ||||
Allowance for loan losses | $ 490 | $ 464 | $ 429 | $ 463 | $ 463 | $ 208 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Beginning balance | $ 14,588 | $ 12,109 | $ 13,847 | $ 9,628 | ||
Provision for loan losses | 700 | 1,350 | 1,500 | 4,116 | ||
Charge-offs | (421) | (479) | (813) | (853) | ||
Recoveries | 376 | 27 | 709 | 116 | ||
Ending balance | 15,243 | 13,007 | 15,243 | 13,007 | ||
Allowance for loan losses | 15,243 | 13,007 | 15,243 | 13,007 | $ 13,847 | |
General reserve | 15,106 | 15,106 | 13,530 | |||
Specific reserve | 137 | 137 | 317 | |||
Total loans | 1,352,878 | 1,352,878 | 1,154,033 | |||
Loans collectively evaluated (1) | [1] | 1,348,744 | 1,348,744 | 1,148,522 | ||
Loans individually evaluated (2) | [2] | 4,134 | 4,134 | 5,511 | ||
Real Estate Portfolio Segment [Member] | ||||||
Total loans | 1,039,820 | 1,039,820 | 892,496 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Beginning balance | 3,356 | 3,780 | 3,469 | 3,024 | ||
Provision for loan losses | (117) | 62 | (236) | 764 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 2 | 6 | 56 | ||
Ending balance | 3,239 | 3,844 | 3,239 | 3,844 | ||
Allowance for loan losses | 3,239 | 3,844 | 3,239 | 3,844 | 3,469 | |
General reserve | 3,212 | 3,212 | 3,433 | |||
Specific reserve | 27 | 27 | 36 | |||
Total loans | 294,432 | 294,432 | 309,828 | |||
Loans collectively evaluated (1) | [1] | 292,094 | 292,094 | 306,862 | ||
Loans individually evaluated (2) | [2] | 2,338 | 2,338 | 2,966 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Beginning balance | 1,816 | 1,128 | 1,764 | 888 | ||
Provision for loan losses | 101 | 307 | 153 | 547 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 1,917 | 1,435 | 1,917 | 1,435 | ||
Allowance for loan losses | 1,917 | 1,435 | 1,917 | 1,435 | 1,764 | |
General reserve | 1,917 | 1,917 | 1,764 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 177,560 | 177,560 | 162,467 | |||
Loans collectively evaluated (1) | [1] | 177,560 | 177,560 | 162,183 | ||
Loans individually evaluated (2) | [2] | 0 | 0 | 284 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Beginning balance | 3,674 | 3,021 | 3,420 | 2,243 | ||
Provision for loan losses | 278 | 319 | 532 | 1,097 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 3,952 | 3,340 | 3,952 | 3,340 | ||
Allowance for loan losses | 3,952 | 3,340 | 3,952 | 3,340 | 3,420 | |
General reserve | 3,952 | 3,952 | 3,419 | |||
Specific reserve | 0 | 0 | 1 | |||
Total loans | 353,356 | 353,356 | 296,574 | |||
Loans collectively evaluated (1) | [1] | 352,158 | 352,158 | 295,296 | ||
Loans individually evaluated (2) | [2] | 1,198 | 1,198 | 1,278 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Beginning balance | 2,221 | 738 | 1,461 | 399 | ||
Provision for loan losses | 260 | 240 | 1,016 | 577 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 2 | 1 | 6 | 3 | ||
Ending balance | 2,483 | 979 | 2,483 | 979 | ||
Allowance for loan losses | 2,483 | 979 | 2,483 | 979 | 1,461 | |
General reserve | 2,483 | 2,483 | 1,461 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 214,472 | 214,472 | 123,627 | |||
Loans collectively evaluated (1) | [1] | 214,448 | 214,448 | 123,601 | ||
Loans individually evaluated (2) | [2] | 24 | 24 | 26 | ||
Consumer Portfolio Segment [Member] | ||||||
Total loans | 221,119 | 221,119 | 161,336 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Beginning balance | 393 | 429 | 368 | 454 | ||
Provision for loan losses | 24 | (4) | 44 | (30) | ||
Charge-offs | 0 | 0 | (12) | 0 | ||
Recoveries | 0 | 0 | 17 | 1 | ||
Ending balance | 417 | 425 | 417 | 425 | ||
Allowance for loan losses | 417 | 425 | 417 | 425 | 368 | |
General reserve | 414 | 414 | 364 | |||
Specific reserve | 3 | 3 | 4 | |||
Total loans | 38,881 | 38,881 | 33,103 | |||
Loans collectively evaluated (1) | [1] | 38,699 | 38,699 | 32,968 | ||
Loans individually evaluated (2) | [2] | 182 | 182 | 135 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Beginning balance | 2,368 | 2,252 | 2,642 | 2,261 | ||
Provision for loan losses | 58 | 427 | (142) | 760 | ||
Charge-offs | (421) | (479) | (801) | (853) | ||
Recoveries | 374 | 24 | 680 | 56 | ||
Ending balance | 2,379 | 2,224 | 2,379 | 2,224 | ||
Allowance for loan losses | 2,379 | 2,224 | 2,379 | 2,224 | 2,642 | |
General reserve | 2,272 | 2,272 | 2,366 | |||
Specific reserve | 107 | 107 | 276 | |||
Total loans | 182,238 | 182,238 | 128,233 | |||
Loans collectively evaluated (1) | [1] | 181,846 | 181,846 | 127,411 | ||
Loans individually evaluated (2) | [2] | 392 | 392 | 822 | ||
Commercial Portfolio Segment [Member] | ||||||
Beginning balance | 464 | 463 | 429 | 208 | ||
Provision for loan losses | 26 | 0 | 61 | 255 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 490 | 463 | 490 | 463 | ||
Allowance for loan losses | 490 | 463 | 490 | 463 | 429 | |
General reserve | 490 | 490 | 429 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 91,939 | 91,939 | 100,201 | |||
Loans collectively evaluated (1) | [1] | 91,939 | 91,939 | 100,201 | ||
Loans individually evaluated (2) | [2] | 0 | 0 | 0 | ||
Unallocated Financing Receivables [Member] | ||||||
Beginning balance | 296 | 298 | 294 | 151 | ||
Provision for loan losses | 70 | (1) | 72 | 146 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 366 | 297 | 366 | 297 | ||
Allowance for loan losses | 366 | $ 297 | 366 | $ 297 | 294 | |
General reserve | 366 | 366 | 294 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 0 | 0 | 0 | |||
Loans collectively evaluated (1) | [1] | 0 | 0 | 0 | ||
Loans individually evaluated (2) | [2] | $ 0 | $ 0 | $ 0 | ||
[1] | Loans collectively evaluated for general reserves. | |||||
[2] | Loans individually evaluated for specific reserves. |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Recorded investment, with no allowance recorded | $ 1,443 | $ 1,443 | $ 1,764 | ||
Unpaid principal balance, with no allowance recorded | 1,697 | 1,697 | 2,196 | ||
Recorded investment, with an allowance recorded | 2,691 | 2,691 | 3,747 | ||
Unpaid principal balance, with an allowance recorded | 2,931 | 2,931 | 4,139 | ||
Related allowance | 137 | 137 | 317 | ||
Recorded investment, total | 4,134 | 4,134 | 5,511 | ||
Unpaid principal balance, total | 4,628 | 4,628 | 6,335 | ||
Average recorded investment, with no allowance recorded | 1,495 | $ 1,903 | 1,500 | $ 1,707 | |
Interest income recognized, with no allowance recorded | 24 | 22 | 70 | 38 | |
Average recorded investment, with an allowance recorded | 2,826 | 5,332 | 3,376 | 4,977 | |
Interest income recognized, with an allowance recorded | 57 | 122 | 130 | 203 | |
Average recorded investment, total | 4,321 | 7,235 | 4,876 | 6,684 | |
Interest income recognized, total | 81 | 144 | 200 | 241 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Recorded investment, with no allowance recorded | 215 | 215 | 227 | ||
Unpaid principal balance, with no allowance recorded | 249 | 249 | 257 | ||
Recorded investment, with an allowance recorded | 2,123 | 2,123 | 2,739 | ||
Unpaid principal balance, with an allowance recorded | 2,326 | 2,326 | 2,941 | ||
Related allowance | 27 | 27 | 36 | ||
Recorded investment, total | 2,338 | 2,338 | 2,966 | ||
Unpaid principal balance, total | 2,575 | 2,575 | 3,198 | ||
Average recorded investment, with no allowance recorded | 217 | 203 | 221 | 154 | |
Interest income recognized, with no allowance recorded | 3 | 6 | 9 | 6 | |
Average recorded investment, with an allowance recorded | 2,199 | 4,397 | 2,357 | 3,335 | |
Interest income recognized, with an allowance recorded | 46 | 91 | 110 | 158 | |
Average recorded investment, total | 2,416 | 4,600 | 2,578 | 3,489 | |
Interest income recognized, total | 49 | 97 | 119 | 164 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 284 | ||
Unpaid principal balance, with no allowance recorded | 0 | 0 | 284 | ||
Recorded investment, with an allowance recorded | 0 | 0 | 284 | ||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 284 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment, with no allowance recorded | 0 | 294 | 125 | 197 | |
Interest income recognized, with no allowance recorded | 0 | 1 | 0 | 0 | |
Average recorded investment, with an allowance recorded | 0 | 0 | 125 | 158 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 0 | |
Average recorded investment, total | 294 | 355 | |||
Interest income recognized, total | 1 | 0 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Recorded investment, with no allowance recorded | 1,198 | 1,198 | 1,216 | ||
Unpaid principal balance, with no allowance recorded | 1,300 | 1,300 | 1,308 | ||
Recorded investment, with an allowance recorded | 0 | 0 | 62 | ||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 62 | ||
Related allowance | 0 | 0 | 1 | ||
Recorded investment, total | 1,198 | 1,198 | 1,278 | ||
Unpaid principal balance, total | 1,300 | 1,300 | 1,370 | ||
Average recorded investment, with no allowance recorded | 1,200 | 1,200 | 1,081 | 1,211 | |
Interest income recognized, with no allowance recorded | 18 | 1 | 55 | 15 | |
Average recorded investment, with an allowance recorded | 17 | 67 | 162 | 380 | |
Interest income recognized, with an allowance recorded | 0 | 2 | 0 | 2 | |
Average recorded investment, total | 1,217 | 1,267 | 1,243 | 1,591 | |
Interest income recognized, total | 18 | 3 | 55 | 17 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 0 | ||
Unpaid principal balance, with no allowance recorded | 0 | 0 | 29 | ||
Recorded investment, with an allowance recorded | 24 | 24 | 26 | ||
Unpaid principal balance, with an allowance recorded | 24 | 24 | 26 | ||
Related allowance | 0 | 0 | 0 | ||
Recorded investment, total | 24 | 24 | 26 | ||
Unpaid principal balance, total | 24 | 24 | 55 | ||
Average recorded investment, with no allowance recorded | 24 | 0 | 25 | 12 | |
Interest income recognized, with no allowance recorded | 2 | 0 | 3 | 0 | |
Average recorded investment, with an allowance recorded | 24 | 26 | 25 | 28 | |
Interest income recognized, with an allowance recorded | 2 | 2 | 3 | 3 | |
Average recorded investment, total | 26 | 40 | |||
Interest income recognized, total | 2 | 3 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Recorded investment, with no allowance recorded | 30 | 30 | 37 | ||
Unpaid principal balance, with no allowance recorded | 64 | 64 | 94 | ||
Recorded investment, with an allowance recorded | 152 | 152 | 98 | ||
Unpaid principal balance, with an allowance recorded | 175 | 175 | 157 | ||
Related allowance | 3 | 3 | 4 | ||
Recorded investment, total | 182 | 182 | 135 | ||
Unpaid principal balance, total | 239 | 239 | 251 | ||
Average recorded investment, with no allowance recorded | 31 | 38 | 34 | 43 | |
Interest income recognized, with no allowance recorded | 0 | 1 | 1 | 1 | |
Average recorded investment, with an allowance recorded | 122 | 140 | 117 | 212 | |
Interest income recognized, with an allowance recorded | 3 | 3 | 0 | 7 | |
Average recorded investment, total | 153 | 178 | 151 | 255 | |
Interest income recognized, total | 3 | 4 | 1 | 8 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 0 | ||
Unpaid principal balance, with no allowance recorded | 84 | 84 | 224 | ||
Recorded investment, with an allowance recorded | 392 | 392 | 822 | ||
Unpaid principal balance, with an allowance recorded | 406 | 406 | 953 | ||
Related allowance | 107 | 107 | 276 | ||
Recorded investment, total | 392 | 392 | 822 | ||
Unpaid principal balance, total | 490 | 490 | $ 1,177 | ||
Average recorded investment, with no allowance recorded | 47 | 0 | 39 | 0 | |
Interest income recognized, with no allowance recorded | 3 | 13 | 5 | 16 | |
Average recorded investment, with an allowance recorded | 464 | 702 | 715 | 718 | |
Interest income recognized, with an allowance recorded | 6 | 24 | 17 | 33 | |
Average recorded investment, total | 511 | 702 | 754 | 718 | |
Interest income recognized, total | $ 9 | 37 | $ 22 | 49 | |
Commercial Portfolio Segment [Member] | |||||
Average recorded investment, with no allowance recorded | 168 | 90 | |||
Interest income recognized, with no allowance recorded | 0 | 0 | |||
Average recorded investment, with an allowance recorded | 0 | 146 | |||
Interest income recognized, with an allowance recorded | 0 | 0 | |||
Average recorded investment, total | 168 | 236 | |||
Interest income recognized, total | $ 0 | $ 0 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total nonaccrual loans | $ 1,183 | $ 2,273 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 561 | 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 | 76 | 157 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 24 | 26 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 130 | 73 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | 392 | 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Loans receivable, gross | $ 1,352,878 | $ 1,154,033 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 353 | 1,371 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 158 | 270 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 32 | 192 |
Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 543 | 1,833 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,352,335 | 1,152,200 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, gross | 1,039,820 | 892,496 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 462 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 60 | 132 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 55 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 60 | 649 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,039,760 | 891,847 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans receivable, gross | 294,432 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 406 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 60 | 132 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 29 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 60 | 567 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 294,372 | 309,261 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loans receivable, gross | 177,560 | 162,467 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 177,560 | 162,467 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans receivable, gross | 353,356 | 296,574 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 353,356 | 296,574 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable, gross | 214,472 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 56 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 26 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 0 | 82 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 214,472 | 123,545 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, gross | 221,119 | 161,336 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 336 | 909 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 98 | 138 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 32 | 137 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 466 | 1,184 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 220,653 | 160,152 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable, gross | 38,881 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 53 | 94 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 29 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 82 | 94 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 38,799 | 33,009 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loans receivable, gross | 182,238 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 283 | 815 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 69 | 138 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 32 | 137 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 384 | 1,090 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 181,854 | 127,143 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, gross | 91,939 | 100,201 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 17 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 17 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | $ 91,922 | $ 100,201 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total loans | $ 1,352,878 | $ 1,154,033 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 1,183 | 2,273 |
Performing Financial Instruments [Member] | ||
Total loans | 1,351,695 | 1,151,760 |
Pass [Member] | ||
Total loans | 1,273,040 | 1,064,546 |
Watch [Member] | ||
Total loans | 44,573 | 57,981 |
Special Mention [Member] | ||
Total loans | 22,575 | 23,978 |
Substandard [Member] | ||
Total loans | 12,690 | 7,528 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 1,039,820 | 892,496 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 963,273 | 815,921 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 42,280 | 47,807 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 22,399 | 22,494 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 11,868 | 6,274 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 294,432 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 561 | 912 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 293,871 | 308,916 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 290,889 | 303,840 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 2,653 | 2,487 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 57 | 1,730 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 833 | 1,771 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 177,560 | 162,467 |
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 | 177,560 | 162,183 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 161,525 | 146,536 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 16,035 | 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] | Commercial Real Estate [Member] | ||
Total loans | 353,356 | 296,574 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 76 | 157 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 353,280 | 296,417 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 307,347 | 250,970 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 21,534 | 20,759 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 13,464 | 20,690 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 11,011 | 4,155 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 214,472 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 24 | 26 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 214,448 | 123,601 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 203,512 | 114,575 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 2,058 | 8,914 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 8,878 | 74 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 24 | 64 |
Consumer Portfolio Segment [Member] | ||
Total loans | 221,119 | 161,336 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 218,972 | 156,615 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 1,381 | 2,383 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 176 | 1,316 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 590 | 1,022 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 38,881 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 130 | 73 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 38,751 | 33,030 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 38,486 | 32,500 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 136 | 349 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 61 | 100 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 198 | 154 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 182,238 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 392 | 821 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 181,846 | 127,412 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 180,486 | 124,115 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 1,245 | 2,034 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 115 | 1,216 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 392 | 868 |
Commercial Portfolio Segment [Member] | ||
Total loans | 91,939 | 100,201 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | 91,939 | 100,201 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 90,795 | 92,010 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 912 | 7,791 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 0 | 168 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | $ 232 | $ 232 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total TDR loans | $ 1,858 | $ 2,224 |
Total nonaccrual TDR loans | 29 | 108 |
Total accrual TDR loans | 1,829 | 2,116 |
Troubled Debt Restructurings [Member] | ||
Allowance for loan losses related to TDR loans | 21 | 26 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Total TDR loans | 1,806 | 2,162 |
Total nonaccrual TDR loans | 29 | 108 |
Total accrual TDR loans | 1,777 | 2,054 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Total TDR loans | 52 | 62 |
Total nonaccrual TDR loans | 0 | 0 |
Total accrual TDR loans | $ 52 | $ 62 |
Note 4 - Deposits (Details Text
Note 4 - Deposits (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 75.4 | $ 91.7 |
Interest-bearing Domestic Deposit, Brokered | 55.1 | 89.6 |
Deposits, Public Fund | 117.7 | 80.9 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 60.5 | $ 48.1 |
Note 4 - Deposits - Deposits (D
Note 4 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Noninterest-bearing demand deposits | $ 328,463 | $ 274,930 |
Interest-bearing demand deposits | $ 182,181 | $ 156,241 |
Interest-bearing demand deposits, weighted-average interest rate | 0.01% | 0.01% |
Money market accounts | $ 573,713 | $ 429,143 |
Money market accounts, weighted-average interest rate | 0.21% | 0.31% |
Savings accounts | $ 193,479 | $ 164,434 |
Savings accounts, weighted-average interest rate | 0.06% | 0.17% |
Certificates of deposit | $ 245,080 | $ 308,769 |
Certificates of deposit, weighted-average interest rate | 0.70% | 1.00% |
Deposits | $ 1,522,916 | $ 1,333,517 |
Total deposits, weighted-average interest rate | 0.20% | 0.36% |
Note 4 - Deposits - Maturities
Note 4 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Within one year or less | $ 156,988 | $ 185,804 |
After one year through two years | 50,169 | 70,705 |
After two years through three years | 23,815 | 37,417 |
After three years through four years | 7,616 | 6,938 |
After four years through five years | 6,492 | 7,905 |
Total certificates of deposit | $ 245,080 | $ 308,769 |
Note 4 - Deposits - Interest on
Note 4 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Demand deposits | $ 11 | $ 5 | $ 28 | $ 28 |
Money market accounts | 291 | 362 | 852 | 1,118 |
Savings accounts | 28 | 176 | 102 | 785 |
Certificates of deposit | 520 | 862 | 1,627 | 3,653 |
Total interest expense on deposits | $ 850 | $ 1,405 | $ 2,609 | $ 5,584 |
Note 5 - Federal Taxes on Inc_2
Note 5 - Federal Taxes on Income (Details Textual) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.20% | 24.30% |
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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares) | 701,412 | 741,080 | 754,301 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Components Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income Attributable to Parent | $ 4,178 | $ 3,675 | $ 10,294 | $ 6,524 |
Basic weighted average common shares outstanding (in shares) | 9,184,568 | 9,257,252 | 9,196,729 | 9,409,754 |
Dilutive restricted stock grants (in shares) | 83,508 | 6,723 | 97,527 | 29,484 |
Diluted weighted average common shares outstanding (in shares) | 9,268,076 | 9,263,975 | 9,294,256 | 9,439,238 |
Basic earnings per common share (in dollars per share) | $ 0.45 | $ 0.40 | $ 1.12 | $ 0.69 |
Diluted earnings per common share (in dollars per share) | $ 0.45 | $ 0.40 | $ 1.11 | $ 0.69 |
Note 7 - Employee Benefits (Det
Note 7 - Employee Benefits (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Mar. 22, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | 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% | 2.46% | ||||
Employee Stock Ownership Plan (ESOP), Principal and Interest Payments from ESOP | $ 835,000 | ||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 179,000 | $ 99,000 | 503,000 | $ 359,000 | |||
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 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||||
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% | 2.95% | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Allocated shares (in shares) | 333,396 | 306,949 | |
Committed to be released shares (in shares) | 13,221 | 0 | |
Unallocated shares (in shares) | 701,412 | 741,080 | 754,301 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 | |
Fair value of unallocated shares | $ 12,317 | $ 11,561 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | 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) | 277,982 | 277,982 | 366,068 | 292,892 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,309 | 96,205 | 126,059 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,600,000 | $ 3,600,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 5 months 15 days | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
First Northwest Bancorp 2020 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 520,000 | 520,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 336,383 | 336,383 | ||||
First Northwest Bancorp 2015 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 125,720 | 125,720 | ||||
The Equity Incentive Plans [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 433,000 | $ 362,000 | $ 1,400,000 | $ 917,000 | ||
The Equity Incentive Plans [Member] | Director [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 64,000 | $ 102,000 | $ 324,000 | $ 273,000 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Non-vested, shares (in shares) | 366,068 | 292,892 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 15.03 | $ 13.96 | ||
Granted, shares (in shares) | 11,309 | 96,205 | 126,059 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 17.76 | $ 18.50 | ||
Vested, shares (in shares) | (71,049) | (80,815) | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 13.27 | $ 13.36 | ||
Canceled, shares (in shares) | [1] | (11,134) | (13,088) | |
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 13.27 | $ 13.36 | |
Forfeited, shares (in shares) | (17,212) | (17,212) | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 12.89 | $ 12.89 | ||
Non-vested, shares (in shares) | 277,982 | 277,982 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 15.80 | $ 15.80 | ||
[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 - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment securities available for sale, at fair value | $ 325,890 | $ 364,296 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 325,890 | 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 | 325,890 | 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 | 110,265 | 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 | 110,265 | 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 | 1,940 | |
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 | 1,940 | |
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 | 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 | |
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 | 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 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 11,016 | 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 | 11,016 | 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 | 55,946 | 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 | 55,946 | 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 | 15,842 | 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 | 15,842 | 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 | 75,091 | 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 | 75,091 | 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 | 55,790 | 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 | 55,790 | 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_4
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_5
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 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_6
Note 9 - Fair Value Accounting and Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Impaired loans | $ 4,134 | $ 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 | $ 4,134 | $ 5,511 |
Note 9 - Fair Value Accountin_7
Note 9 - Fair Value Accounting and Measurement - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment securities available for sale | $ 325,890 | $ 364,296 |
Accrued interest receivable | 5,775 | 6,966 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 76,120 | 65,155 |
Investment securities available for sale | 325,890 | 364,296 |
Loans held for sale | 2,231 | 3,753 |
Loans receivable, net | 1,345,126 | 1,141,969 |
FHLB stock | 4,397 | 5,977 |
Accrued interest receivable | 5,775 | 6,966 |
Mortgage servicing rights, net | 2,934 | 2,120 |
FHLB Borrowings | 60,000 | 109,977 |
Subordinated debt | 39,261 | |
Accrued interest payable | 29 | 53 |
Loans held for sale | 2,231 | 3,753 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 1,277,836 | 1,024,748 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 245,080 | 308,769 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 76,120 | 65,155 |
Investment securities available for sale | 325,890 | 364,296 |
Loans held for sale | 2,231 | 3,753 |
Loans receivable, net | 1,326,567 | 1,129,570 |
FHLB stock | 4,397 | 5,977 |
Accrued interest receivable | 5,775 | 6,966 |
Mortgage servicing rights, net | 3,270 | 2,189 |
FHLB Borrowings | 60,882 | 111,462 |
Subordinated debt | 39,493 | |
Accrued interest payable | 29 | 53 |
Loans held for sale | 2,231 | 3,753 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
Demand deposits | 1,277,836 | 1,024,748 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Demand deposits | 245,937 | 310,992 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 76,120 | 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 | 1,277,836 | 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 | 325,890 | 355,384 |
Loans held for sale | 2,231 | 3,753 |
Loans receivable, net | 0 | 0 |
FHLB stock | 4,397 | 5,977 |
Accrued interest receivable | 5,775 | 6,966 |
Mortgage servicing rights, net | 0 | 0 |
FHLB Borrowings | 60,882 | 111,462 |
Subordinated debt | 39,493 | |
Accrued interest payable | 29 | 53 |
Loans held for sale | 2,231 | 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 | 245,937 | 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 | 1,326,567 | 1,129,570 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 3,270 | 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 - Change in Accumulat_3
Note 10 - Change in Accumulated Other Comprehensive Income ("AOCI") - Change in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
BALANCE | $ 188,593 | $ 176,315 | $ 186,383 | $ 176,851 |
Other comprehensive (loss) income, net of tax | (2,612) | 2,469 | (4,508) | 4,725 |
BALANCE | 187,444 | 180,668 | 187,444 | 180,668 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
BALANCE | 5,260 | 717 | 5,442 | (1,539) |
Other comprehensive income before reclassification | (1,625) | 3,235 | (919) | 6,491 |
Amounts reclassified from accumulated other comprehensive income | (1,016) | (766) | (1,904) | (1,766) |
Other comprehensive (loss) income, net of tax | (2,641) | 2,469 | (2,823) | 4,725 |
BALANCE | 2,619 | 3,186 | 2,619 | 3,186 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
BALANCE | (1,714) | 0 | 0 | 0 |
Other comprehensive income before reclassification | 29 | 0 | (1,685) | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | 29 | 0 | (1,685) | 0 |
BALANCE | (1,685) | 0 | (1,685) | 0 |
AOCI Attributable to Parent [Member] | ||||
BALANCE | 3,546 | 717 | 5,442 | (1,539) |
Other comprehensive income before reclassification | (1,596) | 3,235 | (2,604) | 6,491 |
Amounts reclassified from accumulated other comprehensive income | (1,016) | (766) | (1,904) | (1,766) |
Other comprehensive (loss) income, net of tax | (2,612) | 2,469 | (4,508) | 4,725 |
BALANCE | $ 934 | $ 3,186 | $ 934 | $ 3,186 |
Note 11 - Business Combinatio_2
Note 11 - Business Combination (Details Textual) $ in Thousands | Jul. 23, 2021USD ($) |
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years |
Acquisition Of Sterling Branch [Member] | |
Payments to Acquire Businesses, Gross | $ 63,545 |
Note 11 - Business Combinatio_3
Note 11 - Business Combination - Fair Value of Consideration Transferred and Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Total identifiable assets acquired | $ 1,340 | $ 0 | |
Total liabilities assumed | $ 65,947 | $ 0 | |
Acquisition Of Sterling Branch [Member] | |||
Cash consideration transferred | $ 63,545 | ||
Premises and equipment | 459 | ||
Accrued interest receivable and other assets | 755 | ||
Total identifiable assets acquired | 1,340 | ||
Deposits | 64,867 | ||
Accrued expenses and other liabilities | 1,080 | ||
Total liabilities assumed | 65,947 | ||
Total identifiable net liabilities assumed | (64,607) | ||
Goodwill recognized | 1,062 | ||
Acquisition Of Sterling Branch [Member] | Reported Value by Acquiree [Member] | |||
Premises and equipment | 459 | ||
Accrued interest receivable and other assets | 755 | ||
Total identifiable assets acquired | 1,214 | ||
Deposits | 65,096 | ||
Accrued expenses and other liabilities | 1,080 | ||
Total liabilities assumed | 66,176 | ||
Total identifiable net liabilities assumed | (64,962) | ||
Acquisition Of Sterling Branch [Member] | Fair Value Adjustments [Member] | |||
Total identifiable assets acquired | 126 | ||
Deposits | (229) | ||
Total liabilities assumed | (229) | ||
Total identifiable net liabilities assumed | 355 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | |||
Core deposit intangible ("CDI") | 126 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | Reported Value by Acquiree [Member] | |||
Core deposit intangible ("CDI") | 0 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | Fair Value Adjustments [Member] | |||
Core deposit intangible ("CDI") | $ 126 |