Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 03, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36741 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 46-1259100 | |
Entity Address, Address Line One | 105 West 8th Street | |
Entity Address, City or Town | Port Angeles | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98362 | |
City Area Code | 360 | |
Local Phone Number | 457-0461 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,949,057 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 22,784 | $ 13,868 |
Interest-earning deposits in banks | 80,879 | 112,148 |
Investment securities available for sale, at fair value | 329,436 | 344,212 |
Loans held for sale | 263 | 760 |
Loans receivable (net of allowance for loan losses of $16,273 and $15,124) | 1,521,118 | 1,350,260 |
Federal Home Loan Bank (FHLB) stock, at cost | 11,961 | 5,196 |
Accrued interest receivable | 6,655 | 5,289 |
Premises and equipment, net | 20,841 | 19,830 |
Servicing rights on sold loans, net | 0 | 3,282 |
Servicing rights on sold loans, at fair value | 3,872 | 0 |
Bank-owned life insurance, net | 40,003 | 39,318 |
Equity and partnership investments | 13,990 | 3,571 |
Goodwill and other intangible assets, net | 1,173 | 1,183 |
Prepaid expenses and other assets | 38,466 | 22,164 |
Total assets | 2,091,441 | 1,921,081 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,605,235 | 1,580,580 |
Borrowings | 292,338 | 119,280 |
Accrued interest payable | 105 | 393 |
Accrued expenses and other liabilities | 34,940 | 29,240 |
Advances from borrowers for taxes and insurance | 2,224 | 1,108 |
Total liabilities | 1,934,842 | 1,730,601 |
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 9,978,041 shares at September 30, 2022, and 9,972,698 shares at December 31, 2021 | 100 | 100 |
Additional paid-in capital | 97,924 | 96,131 |
Retained earnings | 110,107 | 103,014 |
Accumulated other comprehensive (loss) income, net of tax | (41,023) | 288 |
Unearned employee stock ownership plan (ESOP) shares | (8,077) | (8,572) |
Total parent's shareholders' equity | 159,031 | 190,961 |
Noncontrolling interest in Quin Ventures, Inc. | (2,432) | (481) |
Total shareholders' equity | 156,599 | 190,480 |
Total liabilities and shareholders' equity | $ 2,091,441 | $ 1,921,081 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 16,273 | $ 15,124 |
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) | 9,978,041 | 9,972,698 |
Common stock, shares outstanding (in shares) | 9,978,041 | 9,972,698 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST INCOME | ||||
Interest and fees on loans receivable | $ 17,778 | $ 14,581 | $ 48,395 | $ 39,988 |
Interest on investment securities | 2,817 | 2,138 | 7,807 | 6,296 |
Interest on deposits and other | 118 | 18 | 202 | 46 |
FHLB dividends | 142 | 41 | 313 | 132 |
Total interest income | 20,855 | 16,778 | 56,717 | 46,462 |
INTEREST EXPENSE | ||||
Deposits | 1,251 | 850 | 2,764 | 2,609 |
Borrowings | 1,400 | 576 | 3,020 | 1,369 |
Total interest expense | 2,651 | 1,426 | 5,784 | 3,978 |
Net interest income | 18,204 | 15,352 | 50,933 | 42,484 |
Provision for loan losses | 750 | 700 | 1,250 | 1,500 |
Net interest income after provision for loan losses | 17,454 | 14,652 | 49,683 | 40,984 |
NONINTEREST INCOME | ||||
Loan and deposit service fees | 1,302 | 1,015 | 3,566 | 2,853 |
Sold loan servicing fees | 206 | 815 | 665 | 858 |
Net gain on sale of loans | 285 | 660 | 769 | 3,014 |
Net gain on sale of investment securities | 0 | 1,286 | 118 | 2,410 |
Increase in cash surrender value of bank-owned life insurance | 221 | 241 | 686 | 727 |
Other income | 320 | 269 | 1,155 | 1,000 |
Total noninterest income | 2,334 | 4,286 | 6,959 | 10,862 |
NONINTEREST EXPENSE | ||||
Compensation and benefits | 9,045 | 8,713 | 27,583 | 24,567 |
Data processing | 1,778 | 1,568 | 5,420 | 4,426 |
Occupancy and equipment | 1,499 | 1,106 | 4,098 | 3,139 |
Supplies, postage, and telephone | 322 | 279 | 1,043 | 876 |
Regulatory assessments and state taxes | 365 | 335 | 1,167 | 897 |
Advertising | 645 | 547 | 2,802 | 1,484 |
Professional fees | 695 | 422 | 1,883 | 1,588 |
FDIC insurance premium | 219 | 134 | 653 | 450 |
Other expense | 807 | 830 | 2,520 | 2,308 |
Total noninterest expense | 15,375 | 13,934 | 47,169 | 39,735 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 4,413 | 5,004 | 9,473 | 12,111 |
PROVISION FOR INCOME TAXES | 818 | 946 | 1,839 | 2,082 |
NET INCOME | 3,595 | 4,058 | 7,634 | 10,029 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 696 | 120 | 1,951 | 265 |
NET INCOME ATTRIBUTABLE TO PARENT | $ 4,291 | $ 4,178 | $ 9,585 | $ 10,294 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.47 | $ 0.44 | $ 1.04 | $ 1.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 3,595 | $ 4,058 | $ 7,634 | $ 10,029 |
Other comprehensive (loss) income: | ||||
Unrealized holding losses on investments available for sale arising during the period | (15,954) | (2,057) | (52,283) | (1,164) |
Income tax benefit related to unrealized holding losses | 3,350 | 432 | 10,979 | 245 |
Unrecognized defined benefit ("DB") plan prior service cost | 0 | 0 | 0 | (2,210) |
Income tax benefit related to DB plan prior service cost | 0 | 0 | 0 | 465 |
Amortization of unrecognized DB plan prior service cost | 37 | 36 | 110 | 78 |
Income tax provision related to amortization of DB plan prior service cost | (9) | (7) | (24) | (18) |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | 0 | (1,286) | (118) | (2,410) |
Income tax benefit related to reclassification adjustment on sales of securities | 0 | 270 | 25 | 506 |
Other comprehensive loss, net of tax | (12,576) | (2,612) | (41,311) | (4,508) |
COMPREHENSIVE (LOSS) INCOME | (8,981) | 1,446 | (33,677) | 5,521 |
Comprehensive loss attributable to noncontrolling interest | (696) | (120) | (1,951) | (265) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO PARENT | $ (8,285) | $ 1,566 | $ (31,726) | $ 5,786 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unearned ESOP Shares [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2020 | 10,247,185 | |||||||||||||
BALANCE at Dec. 31, 2020 | $ 102 | $ 97,412 | $ 92,657 | $ (9,230) | $ 5,442 | $ 0 | $ 186,383 | |||||||
Net income | 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 forfeitures net of grants (in shares) | (78,993) | |||||||||||||
Restricted stock award forfeitures net of grants | $ 1 | (1) | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (13,088) | |||||||||||||
Restricted stock awards canceled | $ 0 | (232) | (232) | |||||||||||
Other comprehensive loss, net of tax | (4,508) | (4,508) | ||||||||||||
Share-based compensation expense | 1,443 | 1,443 | ||||||||||||
ESOP shares committed to be released | 192 | 494 | 686 | |||||||||||
Cash dividends declared | (1,831) | (1,831) | ||||||||||||
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 (in shares) | 78,993 | |||||||||||||
BALANCE (in shares) at Sep. 30, 2021 | 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 | 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 forfeitures net of grants (in shares) | (5,903) | |||||||||||||
Restricted stock award forfeitures net of grants | $ 0 | 0 | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (11,134) | |||||||||||||
Restricted stock awards canceled | $ 0 | (199) | (199) | |||||||||||
Other comprehensive loss, net of tax | (2,612) | (2,612) | ||||||||||||
Share-based compensation expense | 433 | 433 | ||||||||||||
ESOP shares committed to be released | 77 | 165 | 242 | |||||||||||
Cash dividends declared | (609) | (609) | ||||||||||||
Restricted stock award grants net of forfeitures (in shares) | 5,903 | |||||||||||||
BALANCE (in shares) at Sep. 30, 2021 | 10,050,877 | |||||||||||||
BALANCE at Sep. 30, 2021 | $ 102 | 96,396 | 99,058 | (8,736) | 934 | (310) | $ 187,444 | |||||||
BALANCE (in shares) at Dec. 31, 2021 | 9,972,698 | 9,972,698 | ||||||||||||
BALANCE at Dec. 31, 2021 | $ 424 | $ 424 | $ 100 | 96,131 | 103,014 | (8,572) | 288 | (481) | $ 190,480 | |||||
Net income | 9,585 | (1,951) | 7,634 | |||||||||||
Common stock repurchased (in shares) | (131,672) | |||||||||||||
Common stock repurchased | $ (1) | (1,315) | (824) | (2,140) | ||||||||||
Restricted stock award forfeitures net of grants (in shares) | (37,068) | |||||||||||||
Restricted stock award forfeitures net of grants | $ 0 | 0 | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (15,830) | |||||||||||||
Restricted stock awards canceled | $ 0 | (311) | (311) | |||||||||||
Other comprehensive loss, net of tax | (41,311) | (41,311) | ||||||||||||
Share-based compensation expense | 1,294 | 1,294 | ||||||||||||
ESOP shares committed to be released | 257 | 495 | 752 | |||||||||||
Cash dividends declared | (2,092) | (2,092) | ||||||||||||
Common stock issued (in shares) | 115,777 | |||||||||||||
Common stock issued | $ 1 | 1,868 | 0 | $ 1,869 | ||||||||||
Restricted stock award grants net of forfeitures (in shares) | 37,068 | |||||||||||||
BALANCE (in shares) at Sep. 30, 2022 | 9,978,041 | 9,978,041 | ||||||||||||
BALANCE at Sep. 30, 2022 | $ 100 | 97,924 | 110,107 | (8,077) | (41,023) | (2,432) | $ 156,599 | |||||||
BALANCE (in shares) at Jun. 30, 2022 | 9,950,172 | |||||||||||||
BALANCE at Jun. 30, 2022 | $ 100 | 96,479 | 107,000 | (8,242) | (28,447) | (1,736) | 165,154 | |||||||
Net income | 4,291 | (696) | 3,595 | |||||||||||
Common stock repurchased (in shares) | (79,054) | |||||||||||||
Common stock repurchased | $ 0 | (790) | (491) | (1,281) | ||||||||||
Restricted stock award forfeitures net of grants (in shares) | (3,350) | |||||||||||||
Restricted stock award forfeitures net of grants | $ (1) | 1 | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (5,504) | |||||||||||||
Restricted stock awards canceled | $ 0 | (89) | (89) | |||||||||||
Other comprehensive loss, net of tax | (12,576) | (12,576) | ||||||||||||
Share-based compensation expense | 404 | 404 | ||||||||||||
ESOP shares committed to be released | 51 | 165 | 216 | |||||||||||
Cash dividends declared | (693) | (693) | ||||||||||||
Common stock issued (in shares) | 115,777 | |||||||||||||
Common stock issued | $ 1 | 1,868 | 0 | $ 1,869 | ||||||||||
Restricted stock award grants net of forfeitures (in shares) | 3,350 | |||||||||||||
BALANCE (in shares) at Sep. 30, 2022 | 9,978,041 | 9,978,041 | ||||||||||||
BALANCE at Sep. 30, 2022 | $ 100 | $ 97,924 | $ 110,107 | $ (8,077) | $ (41,023) | $ (2,432) | $ 156,599 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash dividends declared, per share (in dollars per share) | $ 0.07 | $ 0.06 | $ 0.21 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income before noncontrolling interest | $ 7,634 | $ 10,029 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,547 | 1,032 |
Amortization of core deposit intangible | 10 | 2 |
Amortization and accretion of premiums and discounts on investments, net | 1,280 | 1,252 |
Accretion of deferred loan fees and purchased premiums, net | 619 | 754 |
Amortization of debt issuance costs | 58 | 38 |
Change in fair value of sold loan servicing rights | 91 | 0 |
Additions to servicing rights on sold loans, net | (143) | (720) |
Amortization of servicing rights on sold loans, net | 0 | (90) |
Net (decrease) increase in the valuation allowance on servicing rights on sold loans | 0 | (4) |
Provision for loan losses | 1,250 | 1,500 |
Allocation of ESOP shares | 546 | 503 |
Share-based compensation expense | 1,294 | 1,943 |
Gain on sale of loans, net | (769) | (3,014) |
Gain on sale of securities available for sale, net | (118) | (2,410) |
Increase in cash surrender value of life insurance, net | (686) | (727) |
Origination of loans held for sale | (22,272) | (86,456) |
Proceeds from loans held for sale | 23,538 | 90,899 |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | (1,366) | 1,191 |
Increase in prepaid expenses and other assets | (4,191) | (14,473) |
Decrease in accrued interest payable | (288) | (24) |
Increase in accrued expenses and other liabilities | 5,680 | 10,230 |
Net cash from operating activities | 13,714 | 11,455 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (78,409) | (125,909) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 26,937 | 52,071 |
Proceeds from sales of securities available for sale | 12,685 | 109,829 |
(Purchase) redemption of FHLB stock | (6,765) | 1,580 |
Net increase in loans receivable | (172,727) | (205,411) |
Purchase of premises and equipment, net | (2,556) | (3,976) |
Capital contributions to equity and partnership investments | (7,628) | 0 |
Capital contributions to low-income housing tax credit partnerships | (23) | 0 |
Capital contributions to historic tax credit partnerships | (1,829) | 0 |
Net cash acquired from branch acquisition | 0 | 63,545 |
Net cash from investing activities | (230,315) | (108,271) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 24,655 | 124,532 |
Proceeds from long-term FHLB advances | 0 | 10,000 |
Repayment of long-term FHLB advances | 0 | (10,000) |
Net increase (decrease) in short-term FHLB advances | 161,000 | (49,977) |
Proceeds from issuance of subordinated debt, net | 0 | 39,223 |
Net increase (decrease) in line of credit | 12,000 | 0 |
Net increase in advances from borrowers for taxes and insurance | 1,116 | 1,002 |
Dividends paid | (2,072) | (1,831) |
Restricted stock awards canceled | (311) | (232) |
Repurchase of common stock | (2,140) | (4,936) |
Net cash from financing activities | 194,248 | 107,781 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (22,353) | 10,965 |
CASH AND CASH EQUIVALENTS, beginning of period | 126,016 | 65,155 |
CASH AND CASH EQUIVALENTS, end of period | 103,663 | 76,120 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 6,072 | 4,002 |
Income taxes | 2,954 | 2,890 |
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan | 0 | 2,718 |
NONCASH INVESTING ACTIVITIES | ||
Change in unrealized loss on securities available for sale | (52,401) | (3,573) |
Cumulative adjustment to servicing right asset due to election of fair value option | 538 | 0 |
Lease liabilities arising from obtaining right-of-use assets | 0 | 1,412 |
BUSINESS COMBINATION (see Note 12) | ||
Fair value of assets acquired | 0 | 1,340 |
Fair value of liabilities assumed | $ 0 | $ 65,947 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, On August 5, 2022, 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 for balance sheet related disclosures and the Bank and Quin Ventures for income statement related disclosures. 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, 2021 . 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, 2022 , 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 810. Subsequent events 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 January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 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. June 2022 2022. Other Pronouncements In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 no In March 2022, No. 2022 01, Derivatives and Hedging (Topic 815 2022 01 No. 2017 12 December 15, 2022. 2022 01 In March 2022, No. 2022 02, Financial Instruments—Credit Losses (Topic 326 2022 02 310 40, 2016 13, 326 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 Reclassifications no |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 120,380 $ — $ (24,250 ) $ 96,130 U.S. Treasury notes 2,465 — (110 ) 2,355 International agency issued bonds (Agency bonds) 1,953 — (270 ) 1,683 Corporate issued debt securities (Corporate debt) 60,754 — (4,589 ) 56,165 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 90,940 2 (12,711 ) 78,231 Non-agency issued mortgage-backed securities (MBS non-agency) 102,637 — (7,765 ) 94,872 Total securities available for sale $ 379,129 $ 2 $ (49,695 ) $ 329,436 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2021 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 Agency bonds 1,947 — (27 ) 1,920 Corporate issued asset-backed securities (ABS corporate) 14,556 — (67 ) 14,489 Corporate debt 58,906 1,450 (567 ) 59,789 U.S. Small Business Administration securities (SBA) 14,404 276 — 14,680 Mortgage-backed securities: MBS agency 80,877 248 (1,163 ) 79,962 MBS non-agency 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 There were no securities classified as held-to-maturity at September 30, 2022 December 31, 2021 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, 2022 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 $ (16,638 ) $ 72,717 $ (7,612 ) $ 23,113 $ (24,250 ) $ 95,830 U.S. Treasury notes (110 ) 2,355 — — (110 ) 2,355 Agency bonds — — (270 ) 1,683 (270 ) 1,683 Corporate debt (2,272 ) 33,701 (2,317 ) 22,464 (4,589 ) 56,165 Mortgage-backed securities: MBS agency (5,896 ) 47,543 (6,815 ) 27,891 (12,711 ) 75,434 MBS non-agency (4,894 ) 66,940 (2,871 ) 27,932 (7,765 ) 94,872 Total available for sale $ (29,810 ) $ 223,256 $ (19,885 ) $ 103,083 $ (49,695 ) $ 326,339 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, 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 $ (306 ) $ 23,125 $ (34 ) $ 1,475 $ (340 ) $ 24,600 Agency bonds (27 ) 1,920 — — (27 ) 1,920 ABS corporate (67 ) 10,976 — — (67 ) 10,976 Corporate debt (333 ) 18,890 (234 ) 9,752 (567 ) 28,642 SBA — — — 69 — 69 Mortgage-backed securities: MBS agency (713 ) 39,029 (450 ) 12,802 (1,163 ) 51,831 MBS non-agency (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total available for sale $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 The Company may not September 30, 2022 December 31, 2021 We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates, market demand, and related volatility 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. We do not not There were no OTTI losses during the three nine September 30, 2022 2021 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, 2022 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 6,316 $ 6,239 Due after one through five years 37,243 35,999 Due after five through ten years 13,549 12,252 Due after ten years 136,469 118,613 Total mortgage-backed securities 193,577 173,103 All other investment securities: Due within one year — — Due after one through five years 18,741 16,999 Due after five through ten years 66,251 60,092 Due after ten years 100,560 79,242 Total all other investment securities 185,552 156,333 Total investment securities $ 379,129 $ 329,436 December 31, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 7,827 $ 7,832 Due after one through five years 24,347 24,371 Due after five through ten years 8,466 8,391 Due after ten years 100,554 99,376 Total mortgage-backed securities 141,194 139,970 All other investment securities: Due within one year — — Due after one through five years 6,391 6,289 Due after five through ten years 79,679 80,807 Due after ten years 114,240 117,146 Total all other investment securities 200,310 204,242 Total investment securities $ 341,504 $ 344,212 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Proceeds from sales $ — $ 64,394 $ 12,685 $ 109,829 Gross realized gains — 1,627 128 2,827 Gross realized losses — (341 ) (10 ) (417 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 (In thousands) Real Estate: One-to-four family $ 335,067 $ 294,965 Multi-family 243,256 172,409 Commercial real estate 385,272 363,299 Construction and land 217,175 224,709 Total real estate loans 1,180,770 1,055,382 Consumer: Home equity 50,066 39,172 Auto and other consumer 223,100 182,769 Total consumer loans 273,166 221,941 Commercial business loans 71,269 79,838 Total loans 1,525,205 1,357,161 Less: Net deferred loan fees 3,519 4,772 Premium on purchased loans, net (15,705 ) (12,995 ) Allowance for loan losses 16,273 15,124 Total loans receivable, net $ 1,521,118 $ 1,350,260 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, 2022 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 $ 3,026 $ 2,168 $ 4,154 $ 2,550 $ 486 $ 2,367 $ 680 $ 316 $ 15,747 Provision for (recapture of) loan losses 188 164 (45 ) (36 ) 9 428 14 28 750 Charge-offs — — — — — (265 ) — — (265 ) Recoveries — — — — 12 29 — — 41 Ending balance $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 At or For the Nine Months Ended September 30, 2022 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 (Recapture of) provision for loan losses (2 ) 516 113 (160 ) 71 644 82 (14 ) 1,250 Charge-offs — — — — — (475 ) — — (475 ) Recoveries 32 — — 2 29 169 142 — 374 Ending balance $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 At September 30, 2022 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 $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 General reserve 3,182 2,332 4,109 2,513 504 2,552 694 344 16,230 Specific reserve 32 — — 1 3 7 — — 43 Total loans $ 335,067 $ 243,256 $ 385,272 $ 217,175 $ 50,066 $ 223,100 $ 71,269 $ — $ 1,525,205 Loans collectively evaluated (1) 332,263 243,256 385,218 215,408 49,852 222,834 71,269 — 1,520,100 Loans individually evaluated (2) 2,804 — 54 1,767 214 266 — — 5,105 ( 1 ( 2 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 December 31, 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 General reserve 3,159 1,816 3,996 2,672 402 2,138 470 358 15,011 Specific reserve 25 — — — 5 83 — — 113 Total loans $ 294,965 $ 172,409 $ 363,299 $ 224,709 $ 39,172 $ 182,769 $ 79,838 $ — $ 1,357,161 Loans collectively evaluated (1) 292,708 172,409 363,228 224,687 38,839 182,257 79,838 — 1,353,966 Loans individually evaluated (2) 2,257 — 71 22 333 512 — — 3,195 ( 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, 2022 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 77 $ 115 $ — $ 212 $ 247 $ — Commercial real estate 54 151 — 71 177 — Construction and land 1,748 1,765 — — 24 — Home equity — — — 26 59 — Auto and other consumer 238 243 — — 77 — Total 2,117 2,274 — 309 584 — With an allowance recorded: One-to-four family 2,727 2,871 32 2,045 2,245 25 Construction and land 19 19 1 22 22 — Home equity 214 216 3 307 329 5 Auto and other consumer 28 28 7 512 512 83 Total 2,988 3,134 43 2,886 3,108 113 Total impaired loans: One-to-four family 2,804 2,986 32 2,257 2,492 25 Commercial real estate 54 151 — 71 177 — Construction and land 1,767 1,784 1 22 46 — Home equity 214 216 3 333 388 5 Auto and other consumer 266 271 7 512 589 83 Total $ 5,105 $ 5,408 $ 43 $ 3,195 $ 3,692 $ 113 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, 2022 September 30, 2022 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 211 $ 1 $ 259 $ 1 Commercial real estate 56 — 63 — Construction and land 583 1 194 1 Home equity — — 3 — Auto and other consumer 239 5 246 14 Total 1,089 7 765 16 With an allowance recorded: One-to-four family 2,258 51 2,138 120 Commercial real estate — — 7 — Construction and land 18 — 21 — Home equity 232 3 273 8 Auto and other consumer 33 1 104 2 Total 2,541 55 2,543 130 Total impaired loans: One-to-four family 2,469 52 2,397 121 Commercial real estate 56 — 70 — Construction and land 601 1 215 1 Home equity 232 3 276 8 Auto and other consumer 272 6 350 16 Total $ 3,630 $ 62 $ 3,308 $ 146 Interest income recognized on a cash basis on impaired loans for the three nine September 30, 2022 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 recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2022 December 31, 2021 (In thousands) One-to-four family $ 1,089 $ 494 Commercial real estate 54 71 Construction and land 1,767 22 Home equity 187 282 Auto and other consumer 266 512 Total nonaccrual loans $ 3,363 $ 1,381 Past due loans. not September 30, 2022 90 90 December 31, 2021 The following table presents the recorded investment in past due loans, by class, as of September 30, 2022 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 $ 1,529 $ — $ 623 $ 2,152 $ 332,915 $ 335,067 Multi-family — — — — 243,256 243,256 Commercial real estate — — — — 385,272 385,272 Construction and land — — 1,750 1,750 215,425 217,175 Total real estate loans 1,529 — 2,373 3,902 1,176,868 1,180,770 Consumer: Home equity — — — — 50,066 50,066 Auto and other consumer 1,514 366 154 2,034 221,066 223,100 Total consumer loans 1,514 366 154 2,034 271,132 273,166 Commercial business loans 4 — — 4 71,265 71,269 Total loans $ 3,047 $ 366 $ 2,527 $ 5,940 $ 1,519,265 $ 1,525,205 The following table presents the recorded investment in past due loans, by class, as of December 31, 2021 30-59 Days 60-89 Days 90 Days or More Total Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 786 $ — $ — $ 786 $ 294,179 $ 294,965 Multi-family — — — — 172,409 172,409 Commercial real estate — — — — 363,299 363,299 Construction and land 293 — — 293 224,416 224,709 Total real estate loans 1,079 — — 1,079 1,054,303 1,055,382 Consumer: Home equity 83 — — 83 39,089 39,172 Auto and other consumer 469 368 99 936 181,833 182,769 Total consumer loans 552 368 99 1,019 220,922 221,941 Commercial business loans 7 — — 7 79,831 79,838 Total loans $ 1,638 $ 368 $ 99 $ 2,105 $ 1,355,056 $ 1,357,161 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, 2022 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 330,386 $ 3,358 $ — $ 1,323 $ 335,067 Multi-family 227,505 15,751 — — 243,256 Commercial real estate 344,907 28,514 10,526 1,325 385,272 Construction and land 201,238 402 13,465 2,070 217,175 Total real estate loans 1,104,036 48,025 23,991 4,718 1,180,770 Consumer: Home equity 49,558 307 14 187 50,066 Auto and other consumer 221,890 847 107 256 223,100 Total consumer loans 271,448 1,154 121 443 273,166 Commercial business loans 64,308 6,610 351 — 71,269 Total loans $ 1,439,792 $ 55,789 $ 24,463 $ 5,161 $ 1,525,205 The following table represents the internally assigned grade as of December 31, 2021 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 291,421 $ 2,727 $ 53 $ 764 $ 294,965 Multi-family 153,704 18,705 — — 172,409 Commercial real estate 326,444 22,850 3,057 10,948 363,299 Construction and land 215,262 295 9,130 22 224,709 Total real estate loans 986,831 44,577 12,240 11,734 1,055,382 Consumer: Home equity 38,739 83 — 350 39,172 Auto and other consumer 181,356 835 65 513 182,769 Total consumer loans 220,095 918 65 863 221,941 Commercial business loans 79,616 222 — — 79,838 Total loans $ 1,286,542 $ 45,717 $ 12,305 $ 12,597 $ 1,357,161 The following table represents the credit risk profile based on payment activity as of September 30, 2022 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 1,089 $ 333,978 $ 335,067 Multi-family — 243,256 243,256 Commercial real estate 54 385,218 385,272 Construction and land 1,767 215,408 217,175 Consumer: Home equity 187 49,879 50,066 Auto and other consumer 420 222,680 223,100 Commercial business — 71,269 71,269 Total loans $ 3,517 $ 1,521,688 $ 1,525,205 The following table represents the credit risk profile based on payment activity as of December 31, 2021 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 494 $ 294,471 $ 294,965 Multi-family — 172,409 172,409 Commercial real estate 71 363,228 363,299 Construction and land 22 224,687 224,709 Consumer: Home equity 282 38,890 39,172 Auto and other consumer 512 182,257 182,769 Commercial business — 79,838 79,838 Total loans $ 1,381 $ 1,355,780 $ 1,357,161 Troubled debt restructuring. The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: September 30, 2022 December 31, 2021 (In thousands) Total TDR loans $ 1,771 $ 1,843 Allowance for loan losses related to TDR loans 18 21 Total nonaccrual TDR loans 29 29 There were no newly restructured, renewals, or modifications of existing TDR loans that occurred during the three nine September 30, 2022 2021 There were no TDR loans that incurred a payment default within 12 three nine September 30, 2022 2021 No additional funds were committed to be advanced in connection with TDR loans at September 30, 2022 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status: September 30, 2022 Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,714 $ 29 $ 1,743 Home equity 28 — 28 Total TDR loans $ 1,742 $ 29 $ 1,771 |
Note 4 - Deposits
Note 4 - Deposits | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 342,808 0.00 % $ 343,932 0.00 % Interest-bearing demand deposits 192,504 0.01 % 196,970 0.01 % Money market accounts 519,018 0.37 % 597,815 0.21 % Savings accounts 196,780 0.05 % 194,620 0.05 % Certificates of deposit 354,125 1.62 % 247,243 0.62 % Total deposits $ 1,605,235 0.48 % $ 1,580,580 0.19 % Brokered certificates of deposits of $129.6 million and $65.7 million are included in the September 30, 2022 December 31, 2021 Maturities of certificates at the dates indicated are as follows: September 30, 2022 December 31, 2021 (In thousands) Within one year or less $ 242,591 $ 153,472 After one year through two years 51,403 54,970 After two years through three years 43,563 17,620 After three years through four years 8,374 14,358 After four years through five years 8,194 6,823 Total certificates of deposit $ 354,125 $ 247,243 At September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest on deposits by type for the periods shown was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Demand deposits $ 16 $ 11 $ 58 $ 28 Money market accounts 468 291 1,089 852 Savings accounts 24 28 76 102 Certificates of deposit 743 520 1,541 1,627 Total interest expense on deposits $ 1,251 $ 850 $ 2,764 $ 2,609 |
Note 5 - Borrowings
Note 5 - Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 5 First Fed is a member of the FHLB. As a member, First Fed has a committed line of credit of up to 40% of total assets, subject to the amount of FHLB stock ownership and certain collateral requirements. First Fed maintains borrowing arrangements with the FHLB to borrow funds primarily under long-term, fixed-rate advance agreements. First Fed also has overnight borrowings through FHLB which renew daily until paid. First Fed periodically uses fixed-rate advances maturing in less than one September 30, 2022 December 31, 2021 First Fed also has an established borrowing arrangement with the Federal Reserve Board of San Francisco ("FRB") to utilize the discount window for short-term borrowing. Available borrowing capacity was $8.6 million and $17.3 million at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 On March 25, 2021, 2031 2 1 On May 20, 2022, May 19, 2023 The following table sets forth information regarding our borrowings at the end of and during the nine September 30, 2022 FHLB Long-Term Advances FHLB Overnight Variable-Rate Advances FHLB Short-Term Fixed-Rate Advances Line of Credit Subordinated Debt, net (Dollars in thousands) Balance outstanding $ 80,000 $ 141,000 $ 20,000 $ 12,000 $ 39,338 Maximum outstanding at any month-end 80,000 141,000 30,000 12,000 39,338 Average monthly outstanding during the period 80,000 39,993 14,689 3,788 39,301 Weighted-average daily interest rates Annual 1.52 % 1.85 % 1.76 % 5.67 % 4.03 % Period End 1.52 % 2.85 % 1.93 % 6.75 % 4.02 % The amounts by year of maturity and weighted-average interest rate of FHLB long-term, fixed-rate advances at September 30, 2022 Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.54 % After one year through two years 15,000 1.47 After two years through three years 15,000 1.35 After three years through four years 15,000 1.49 After four years through five years 10,000 1.63 After five years 10,000 1.76 Total FHLB long-term advances $ 80,000 1.52 % The following table sets forth information regarding our borrowings at the end of and during the year ended December 31, 2021 FHLB Long-Term Advances FHLB Overnight Variable-Rate Advances Subordinated Debt, net (Dollars in thousands) Balance outstanding $ 80,000 $ — $ 39,280 Maximum outstanding at any month-end 80,000 40,000 40,000 Average monthly outstanding during the period 52,500 5,207 30,370 Weighted-average daily interest rates Annual 1.46 % 0.30 % 3.96 % Period End 1.52 % 0.31 % 3.01 % |
Note 6 - Federal Taxes on Incom
Note 6 - Federal Taxes on Income | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 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 19.4% and 17.2% for the nine September 30, 2022 2021 2022 2021 first 2021, second 2022, |
Note 7 - Earnings Per Common Sh
Note 7 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7 The two two The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands, except share data) Net income: Net income available to common shareholders $ 4,291 $ 4,178 $ 9,585 $ 10,294 Earnings allocated to participating securities (35 ) (130 ) (92 ) (352 ) Earnings allocated to common shareholders $ 4,256 $ 4,048 $ 9,493 $ 9,942 Basic: Weighted average common shares outstanding 9,955,322 10,168,417 9,979,152 10,193,680 Weighted average unvested restricted stock awards (212,930 ) (296,563 ) (231,253 ) (324,159 ) Weighted average unallocated ESOP shares (648,571 ) (701,530 ) (661,670 ) (714,768 ) Total basic weighted average common shares outstanding 9,093,821 9,170,324 9,086,229 9,154,753 Diluted: Basic weighted average common shares outstanding 9,093,821 9,170,324 9,086,229 9,154,753 Dilutive restricted stock awards 44,302 83,508 69,584 97,527 Total diluted weighted average common shares outstanding 9,138,123 9,253,832 9,155,813 9,252,280 Basic earnings per common share $ 0.47 $ 0.44 $ 1.04 $ 1.09 Diluted earnings per common share $ 0.47 $ 0.44 $ 1.04 $ 1.09 Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At September 30, 2022 2021 |
Note 8 - Employee Benefits
Note 8 - Employee Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 8 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. A principal and interest payment of $835,000 nine September 30, 2022 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, 2022 2021 nine September 30, 2022 2021 Shares issued to the ESOP as of the dates indicated are as follows: September 30, 2022 December 31, 2021 (Dollars in thousands) Allocated shares 386,285 333,396 Committed to be released shares 13,221 26,442 Unallocated shares 648,523 688,191 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 10,441 $ 13,901 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 In May 2020, 2020 "2020 May 2030. 2020 may 2020 September 30, 2022 2020 As a result of the approval of the 2020 2015 "2015 no September 30, 2022 2015 2015 2015 There were 55,443 and 96,205 shares of restricted stock awarded, respectively, during the nine September 30, 2022 2021 one five For the three September 30, 2022 2021 three September 30, 2022 2021 For the nine September 30, 2022 2021 nine September 30, 2022 2021 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, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2022 240,054 $ 17.13 Granted 2,100 16.20 Vested (25,972 ) 15.48 Canceled (1) (5,504 ) 15.48 Forfeited (5,450 ) 14.85 Non-vested at September 30, 2022 205,228 $ 17.43 (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 tax obligation on the vested shares. The surrendered shares are canceled and are unavailable for reissue. For the Nine Months Ended September 30, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2022 236,432 $ 16.19 Granted 55,443 21.28 Vested (52,442 ) 16.50 Canceled (1) (15,830 ) 16.50 Forfeited (18,375 ) 16.54 Non-vested at September 30, 2022 205,228 $ 17.43 (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 tax obligation on the vested shares. The surrendered shares are canceled and are unavailable for reissue. As of September 30, 2022 |
Note 10 - Fair Value Accounting
Note 10 - Fair Value Accounting and Measurement | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 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 The Company used the following methods to measure fair value on a recurring and nonrecurring basis. Securities available for sale and partnership investments 1. 1 not 2, 3. Sold loan servicing rights, at fair value 3 Assets and liabilities measured at fair value on a recurring basis September 30, 2022 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 $ 4,602 $ 91,528 $ — $ 96,130 U.S. Treasury notes 2,355 — — 2,355 Agency bonds — 1,683 — 1,683 Corporate debt 5,208 50,957 — 56,165 MBS agency — 78,231 — 78,231 MBS non-agency — 94,872 — 94,872 Sold loan servicing rights — — 3,872 3,872 Partnership investments — 12,490 — 12,490 $ 12,165 $ 329,761 $ 3,872 $ 345,798 December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ 5,902 $ 107,462 $ — $ 113,364 Agency bonds — 1,920 — 1,920 ABS corporate — 14,489 — 14,489 Corporate debt 6,061 53,728 — 59,789 SBA — 14,680 — 14,680 MBS agency — 79,962 — 79,962 MBS non-agency — 60,008 — 60,008 Partnership investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 September 30, 2022 Fair Value (In thousands) Valuation Technique Unobservable Input Range (Weighted Average) Sold loan servicing rights $3,872 Discounted cash flow Constant prepayment rate 6.20% - 16.07% (8.06%) Discount rate 11.88% - 16.38% (13.51%) The following tables summarize the changes in Level 3 As of or For the Three Months Ended September 30, 2022 Balance at July 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Total (In thousands) Sold loan servicing rights $ 3,865 $ 45 $ (38 ) $ 3,872 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Nine Months Ended September 30, 2022 Election of Fair Value Option for Servicing Rights at January 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Total (In thousands) Sold loan servicing rights $ 3,820 $ 143 $ (91 ) $ 3,872 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Nine Months Ended 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 non-agency 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. 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, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,105 $ 5,105 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 At September 30, 2022 December 31, 2021 The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: September 30, 2022 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 103,663 $ 103,663 $ 103,663 $ — $ — Investment securities available for sale 329,436 329,436 12,165 317,271 — Loans held for sale 263 263 — 263 — Loans receivable, net 1,521,118 1,460,472 — — 1,460,472 FHLB stock 11,961 11,961 — 11,961 — Accrued interest receivable 6,655 6,655 — 6,655 — Sold loan servicing rights, at fair value 3,872 3,872 — — 3,872 Partnership investments 12,490 12,490 — 12,490 — Financial liabilities Demand deposits $ 1,251,110 $ 1,251,110 $ 1,251,110 $ — $ — Time deposits 354,125 344,911 — — 344,911 FHLB Borrowings 241,000 234,470 — — 234,470 Line of Credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,338 37,192 — — 37,192 Accrued interest payable 105 105 — 105 — December 31, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 126,016 $ 126,016 $ 126,016 $ — $ — Investment securities available for sale 344,212 344,212 11,963 332,249 — Loans held for sale 760 760 — 760 — Loans receivable, net 1,350,260 1,328,589 — — 1,328,589 FHLB stock 5,196 5,196 — 5,196 — Accrued interest receivable 5,289 5,289 — 5,289 — Sold loan servicing rights, net 3,282 3,820 — — 3,820 Partnership investments 3,071 3,071 — 3,071 — Financial liabilities Demand deposits 1,333,337 $ 1,333,337 $ 1,333,337 $ — $ — Time deposits 247,243 247,217 — — 247,217 FHLB Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,144 — — 39,144 Accrued interest payable 393 393 — 393 — Financial assets and liabilities other than investment securities are not not 825, Financial Instruments 2016 01 January 1, 2018, Loans receivable, net September 30, 2022 820 |
Note 11 - Change in Accumulated
Note 11 - Change in Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 11 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, 2021 $ 5,260 $ (1,714 ) $ 3,546 Other comprehensive loss before reclassification (1,625 ) — (1,625 ) Amounts reclassified from accumulated other comprehensive income (1,016 ) 29 (987 ) Net other comprehensive (loss) income (2,641 ) 29 (2,612 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, June 30, 2022 $ (26,653 ) $ (1,794 ) $ (28,447 ) Other comprehensive loss before reclassification (12,604 ) — (12,604 ) Amounts reclassified from accumulated other comprehensive income — 28 28 Net other comprehensive (loss) income (12,604 ) 28 (12,576 ) BALANCE, September 30, 2022 $ (39,257 ) $ (1,766 ) $ (41,023 ) BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (919 ) (1,745 ) (2,664 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) 60 (1,844 ) Net other comprehensive loss (2,823 ) (1,685 ) (4,508 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 Other comprehensive loss before reclassification (41,304 ) — (41,304 ) Amounts reclassified from accumulated other comprehensive income (93 ) 86 (7 ) Net other comprehensive (loss) income (41,397 ) 86 (41,311 ) BALANCE, September 30, 2022 $ (39,257 ) $ (1,766 ) $ (41,023 ) |
Note 12 - Business Combination
Note 12 - Business Combination | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | N ote 12 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, 2022 | |
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, 2021 . 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, 2022 , 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 810. |
Subsequent Events, Policy [Policy Text Block] | Subsequent events |
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 January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 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. June 2022 2022. Other Pronouncements In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 no In March 2022, No. 2022 01, Derivatives and Hedging (Topic 815 2022 01 No. 2017 12 December 15, 2022. 2022 01 In March 2022, No. 2022 02, Financial Instruments—Credit Losses (Topic 326 2022 02 310 40, 2016 13, 326 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 120,380 $ — $ (24,250 ) $ 96,130 U.S. Treasury notes 2,465 — (110 ) 2,355 International agency issued bonds (Agency bonds) 1,953 — (270 ) 1,683 Corporate issued debt securities (Corporate debt) 60,754 — (4,589 ) 56,165 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 90,940 2 (12,711 ) 78,231 Non-agency issued mortgage-backed securities (MBS non-agency) 102,637 — (7,765 ) 94,872 Total securities available for sale $ 379,129 $ 2 $ (49,695 ) $ 329,436 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 Agency bonds 1,947 — (27 ) 1,920 Corporate issued asset-backed securities (ABS corporate) 14,556 — (67 ) 14,489 Corporate debt 58,906 1,450 (567 ) 59,789 U.S. Small Business Administration securities (SBA) 14,404 276 — 14,680 Mortgage-backed securities: MBS agency 80,877 248 (1,163 ) 79,962 MBS non-agency 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 |
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 $ (16,638 ) $ 72,717 $ (7,612 ) $ 23,113 $ (24,250 ) $ 95,830 U.S. Treasury notes (110 ) 2,355 — — (110 ) 2,355 Agency bonds — — (270 ) 1,683 (270 ) 1,683 Corporate debt (2,272 ) 33,701 (2,317 ) 22,464 (4,589 ) 56,165 Mortgage-backed securities: MBS agency (5,896 ) 47,543 (6,815 ) 27,891 (12,711 ) 75,434 MBS non-agency (4,894 ) 66,940 (2,871 ) 27,932 (7,765 ) 94,872 Total available for sale $ (29,810 ) $ 223,256 $ (19,885 ) $ 103,083 $ (49,695 ) $ 326,339 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 $ (306 ) $ 23,125 $ (34 ) $ 1,475 $ (340 ) $ 24,600 Agency bonds (27 ) 1,920 — — (27 ) 1,920 ABS corporate (67 ) 10,976 — — (67 ) 10,976 Corporate debt (333 ) 18,890 (234 ) 9,752 (567 ) 28,642 SBA — — — 69 — 69 Mortgage-backed securities: MBS agency (713 ) 39,029 (450 ) 12,802 (1,163 ) 51,831 MBS non-agency (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total available for sale $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2022 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 6,316 $ 6,239 Due after one through five years 37,243 35,999 Due after five through ten years 13,549 12,252 Due after ten years 136,469 118,613 Total mortgage-backed securities 193,577 173,103 All other investment securities: Due within one year — — Due after one through five years 18,741 16,999 Due after five through ten years 66,251 60,092 Due after ten years 100,560 79,242 Total all other investment securities 185,552 156,333 Total investment securities $ 379,129 $ 329,436 December 31, 2021 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 7,827 $ 7,832 Due after one through five years 24,347 24,371 Due after five through ten years 8,466 8,391 Due after ten years 100,554 99,376 Total mortgage-backed securities 141,194 139,970 All other investment securities: Due within one year — — Due after one through five years 6,391 6,289 Due after five through ten years 79,679 80,807 Due after ten years 114,240 117,146 Total all other investment securities 200,310 204,242 Total investment securities $ 341,504 $ 344,212 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Proceeds from sales $ — $ 64,394 $ 12,685 $ 109,829 Gross realized gains — 1,627 128 2,827 Gross realized losses — (341 ) (10 ) (417 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) Real Estate: One-to-four family $ 335,067 $ 294,965 Multi-family 243,256 172,409 Commercial real estate 385,272 363,299 Construction and land 217,175 224,709 Total real estate loans 1,180,770 1,055,382 Consumer: Home equity 50,066 39,172 Auto and other consumer 223,100 182,769 Total consumer loans 273,166 221,941 Commercial business loans 71,269 79,838 Total loans 1,525,205 1,357,161 Less: Net deferred loan fees 3,519 4,772 Premium on purchased loans, net (15,705 ) (12,995 ) Allowance for loan losses 16,273 15,124 Total loans receivable, net $ 1,521,118 $ 1,350,260 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended September 30, 2022 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 $ 3,026 $ 2,168 $ 4,154 $ 2,550 $ 486 $ 2,367 $ 680 $ 316 $ 15,747 Provision for (recapture of) loan losses 188 164 (45 ) (36 ) 9 428 14 28 750 Charge-offs — — — — — (265 ) — — (265 ) Recoveries — — — — 12 29 — — 41 Ending balance $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 At or For the Nine Months Ended September 30, 2022 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 (Recapture of) provision for loan losses (2 ) 516 113 (160 ) 71 644 82 (14 ) 1,250 Charge-offs — — — — — (475 ) — — (475 ) Recoveries 32 — — 2 29 169 142 — 374 Ending balance $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 At September 30, 2022 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 $ 3,214 $ 2,332 $ 4,109 $ 2,514 $ 507 $ 2,559 $ 694 $ 344 $ 16,273 General reserve 3,182 2,332 4,109 2,513 504 2,552 694 344 16,230 Specific reserve 32 — — 1 3 7 — — 43 Total loans $ 335,067 $ 243,256 $ 385,272 $ 217,175 $ 50,066 $ 223,100 $ 71,269 $ — $ 1,525,205 Loans collectively evaluated (1) 332,263 243,256 385,218 215,408 49,852 222,834 71,269 — 1,520,100 Loans individually evaluated (2) 2,804 — 54 1,767 214 266 — — 5,105 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 December 31, 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 General reserve 3,159 1,816 3,996 2,672 402 2,138 470 358 15,011 Specific reserve 25 — — — 5 83 — — 113 Total loans $ 294,965 $ 172,409 $ 363,299 $ 224,709 $ 39,172 $ 182,769 $ 79,838 $ — $ 1,357,161 Loans collectively evaluated (1) 292,708 172,409 363,228 224,687 38,839 182,257 79,838 — 1,353,966 Loans individually evaluated (2) 2,257 — 71 22 333 512 — — 3,195 |
Impaired Financing Receivables [Table Text Block] | September 30, 2022 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 77 $ 115 $ — $ 212 $ 247 $ — Commercial real estate 54 151 — 71 177 — Construction and land 1,748 1,765 — — 24 — Home equity — — — 26 59 — Auto and other consumer 238 243 — — 77 — Total 2,117 2,274 — 309 584 — With an allowance recorded: One-to-four family 2,727 2,871 32 2,045 2,245 25 Construction and land 19 19 1 22 22 — Home equity 214 216 3 307 329 5 Auto and other consumer 28 28 7 512 512 83 Total 2,988 3,134 43 2,886 3,108 113 Total impaired loans: One-to-four family 2,804 2,986 32 2,257 2,492 25 Commercial real estate 54 151 — 71 177 — Construction and land 1,767 1,784 1 22 46 — Home equity 214 216 3 333 388 5 Auto and other consumer 266 271 7 512 589 83 Total $ 5,105 $ 5,408 $ 43 $ 3,195 $ 3,692 $ 113 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 211 $ 1 $ 259 $ 1 Commercial real estate 56 — 63 — Construction and land 583 1 194 1 Home equity — — 3 — Auto and other consumer 239 5 246 14 Total 1,089 7 765 16 With an allowance recorded: One-to-four family 2,258 51 2,138 120 Commercial real estate — — 7 — Construction and land 18 — 21 — Home equity 232 3 273 8 Auto and other consumer 33 1 104 2 Total 2,541 55 2,543 130 Total impaired loans: One-to-four family 2,469 52 2,397 121 Commercial real estate 56 — 70 — Construction and land 601 1 215 1 Home equity 232 3 276 8 Auto and other consumer 272 6 350 16 Total $ 3,630 $ 62 $ 3,308 $ 146 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 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) One-to-four family $ 1,089 $ 494 Commercial real estate 54 71 Construction and land 1,767 22 Home equity 187 282 Auto and other consumer 266 512 Total nonaccrual loans $ 3,363 $ 1,381 |
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 $ 1,529 $ — $ 623 $ 2,152 $ 332,915 $ 335,067 Multi-family — — — — 243,256 243,256 Commercial real estate — — — — 385,272 385,272 Construction and land — — 1,750 1,750 215,425 217,175 Total real estate loans 1,529 — 2,373 3,902 1,176,868 1,180,770 Consumer: Home equity — — — — 50,066 50,066 Auto and other consumer 1,514 366 154 2,034 221,066 223,100 Total consumer loans 1,514 366 154 2,034 271,132 273,166 Commercial business loans 4 — — 4 71,265 71,269 Total loans $ 3,047 $ 366 $ 2,527 $ 5,940 $ 1,519,265 $ 1,525,205 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 $ 786 $ — $ — $ 786 $ 294,179 $ 294,965 Multi-family — — — — 172,409 172,409 Commercial real estate — — — — 363,299 363,299 Construction and land 293 — — 293 224,416 224,709 Total real estate loans 1,079 — — 1,079 1,054,303 1,055,382 Consumer: Home equity 83 — — 83 39,089 39,172 Auto and other consumer 469 368 99 936 181,833 182,769 Total consumer loans 552 368 99 1,019 220,922 221,941 Commercial business loans 7 — — 7 79,831 79,838 Total loans $ 1,638 $ 368 $ 99 $ 2,105 $ 1,355,056 $ 1,357,161 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 330,386 $ 3,358 $ — $ 1,323 $ 335,067 Multi-family 227,505 15,751 — — 243,256 Commercial real estate 344,907 28,514 10,526 1,325 385,272 Construction and land 201,238 402 13,465 2,070 217,175 Total real estate loans 1,104,036 48,025 23,991 4,718 1,180,770 Consumer: Home equity 49,558 307 14 187 50,066 Auto and other consumer 221,890 847 107 256 223,100 Total consumer loans 271,448 1,154 121 443 273,166 Commercial business loans 64,308 6,610 351 — 71,269 Total loans $ 1,439,792 $ 55,789 $ 24,463 $ 5,161 $ 1,525,205 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 291,421 $ 2,727 $ 53 $ 764 $ 294,965 Multi-family 153,704 18,705 — — 172,409 Commercial real estate 326,444 22,850 3,057 10,948 363,299 Construction and land 215,262 295 9,130 22 224,709 Total real estate loans 986,831 44,577 12,240 11,734 1,055,382 Consumer: Home equity 38,739 83 — 350 39,172 Auto and other consumer 181,356 835 65 513 182,769 Total consumer loans 220,095 918 65 863 221,941 Commercial business loans 79,616 222 — — 79,838 Total loans $ 1,286,542 $ 45,717 $ 12,305 $ 12,597 $ 1,357,161 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 1,089 $ 333,978 $ 335,067 Multi-family — 243,256 243,256 Commercial real estate 54 385,218 385,272 Construction and land 1,767 215,408 217,175 Consumer: Home equity 187 49,879 50,066 Auto and other consumer 420 222,680 223,100 Commercial business — 71,269 71,269 Total loans $ 3,517 $ 1,521,688 $ 1,525,205 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 494 $ 294,471 $ 294,965 Multi-family — 172,409 172,409 Commercial real estate 71 363,228 363,299 Construction and land 22 224,687 224,709 Consumer: Home equity 282 38,890 39,172 Auto and other consumer 512 182,257 182,769 Commercial business — 79,838 79,838 Total loans $ 1,381 $ 1,355,780 $ 1,357,161 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) Total TDR loans $ 1,771 $ 1,843 Allowance for loan losses related to TDR loans 18 21 Total nonaccrual TDR loans 29 29 September 30, 2022 Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,714 $ 29 $ 1,743 Home equity 28 — 28 Total TDR loans $ 1,742 $ 29 $ 1,771 |
Note 4 - Deposits (Tables)
Note 4 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, 2022 December 31, 2021 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 342,808 0.00 % $ 343,932 0.00 % Interest-bearing demand deposits 192,504 0.01 % 196,970 0.01 % Money market accounts 519,018 0.37 % 597,815 0.21 % Savings accounts 196,780 0.05 % 194,620 0.05 % Certificates of deposit 354,125 1.62 % 247,243 0.62 % Total deposits $ 1,605,235 0.48 % $ 1,580,580 0.19 % |
Time Deposit Maturities [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) Within one year or less $ 242,591 $ 153,472 After one year through two years 51,403 54,970 After two years through three years 43,563 17,620 After three years through four years 8,374 14,358 After four years through five years 8,194 6,823 Total certificates of deposit $ 354,125 $ 247,243 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Demand deposits $ 16 $ 11 $ 58 $ 28 Money market accounts 468 291 1,089 852 Savings accounts 24 28 76 102 Certificates of deposit 743 520 1,541 1,627 Total interest expense on deposits $ 1,251 $ 850 $ 2,764 $ 2,609 |
Note 5 - Borrowings (Tables)
Note 5 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | FHLB Long-Term Advances FHLB Overnight Variable-Rate Advances FHLB Short-Term Fixed-Rate Advances Line of Credit Subordinated Debt, net (Dollars in thousands) Balance outstanding $ 80,000 $ 141,000 $ 20,000 $ 12,000 $ 39,338 Maximum outstanding at any month-end 80,000 141,000 30,000 12,000 39,338 Average monthly outstanding during the period 80,000 39,993 14,689 3,788 39,301 Weighted-average daily interest rates Annual 1.52 % 1.85 % 1.76 % 5.67 % 4.03 % Period End 1.52 % 2.85 % 1.93 % 6.75 % 4.02 % Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.54 % After one year through two years 15,000 1.47 After two years through three years 15,000 1.35 After three years through four years 15,000 1.49 After four years through five years 10,000 1.63 After five years 10,000 1.76 Total FHLB long-term advances $ 80,000 1.52 % FHLB Long-Term Advances FHLB Overnight Variable-Rate Advances Subordinated Debt, net (Dollars in thousands) Balance outstanding $ 80,000 $ — $ 39,280 Maximum outstanding at any month-end 80,000 40,000 40,000 Average monthly outstanding during the period 52,500 5,207 30,370 Weighted-average daily interest rates Annual 1.46 % 0.30 % 3.96 % Period End 1.52 % 0.31 % 3.01 % |
Note 7 - Earnings Per Common _2
Note 7 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands, except share data) Net income: Net income available to common shareholders $ 4,291 $ 4,178 $ 9,585 $ 10,294 Earnings allocated to participating securities (35 ) (130 ) (92 ) (352 ) Earnings allocated to common shareholders $ 4,256 $ 4,048 $ 9,493 $ 9,942 Basic: Weighted average common shares outstanding 9,955,322 10,168,417 9,979,152 10,193,680 Weighted average unvested restricted stock awards (212,930 ) (296,563 ) (231,253 ) (324,159 ) Weighted average unallocated ESOP shares (648,571 ) (701,530 ) (661,670 ) (714,768 ) Total basic weighted average common shares outstanding 9,093,821 9,170,324 9,086,229 9,154,753 Diluted: Basic weighted average common shares outstanding 9,093,821 9,170,324 9,086,229 9,154,753 Dilutive restricted stock awards 44,302 83,508 69,584 97,527 Total diluted weighted average common shares outstanding 9,138,123 9,253,832 9,155,813 9,252,280 Basic earnings per common share $ 0.47 $ 0.44 $ 1.04 $ 1.09 Diluted earnings per common share $ 0.47 $ 0.44 $ 1.04 $ 1.09 |
Note 8 - Employee Benefits (Tab
Note 8 - Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | September 30, 2022 December 31, 2021 (Dollars in thousands) Allocated shares 386,285 333,396 Committed to be released shares 13,221 26,442 Unallocated shares 648,523 688,191 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 10,441 $ 13,901 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended September 30, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at July 1, 2022 240,054 $ 17.13 Granted 2,100 16.20 Vested (25,972 ) 15.48 Canceled (1) (5,504 ) 15.48 Forfeited (5,450 ) 14.85 Non-vested at September 30, 2022 205,228 $ 17.43 (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 tax obligation on the vested shares. The surrendered shares are canceled and are unavailable for reissue. For the Nine Months Ended September 30, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2022 236,432 $ 16.19 Granted 55,443 21.28 Vested (52,442 ) 16.50 Canceled (1) (15,830 ) 16.50 Forfeited (18,375 ) 16.54 Non-vested at September 30, 2022 205,228 $ 17.43 (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 tax obligation on the vested shares. The surrendered shares are canceled and are unavailable for reissue. |
Note 10 - Fair Value Accounti_2
Note 10 - Fair Value Accounting and Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 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 $ 4,602 $ 91,528 $ — $ 96,130 U.S. Treasury notes 2,355 — — 2,355 Agency bonds — 1,683 — 1,683 Corporate debt 5,208 50,957 — 56,165 MBS agency — 78,231 — 78,231 MBS non-agency — 94,872 — 94,872 Sold loan servicing rights — — 3,872 3,872 Partnership investments — 12,490 — 12,490 $ 12,165 $ 329,761 $ 3,872 $ 345,798 December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ 5,902 $ 107,462 $ — $ 113,364 Agency bonds — 1,920 — 1,920 ABS corporate — 14,489 — 14,489 Corporate debt 6,061 53,728 — 59,789 SBA — 14,680 — 14,680 MBS agency — 79,962 — 79,962 MBS non-agency — 60,008 — 60,008 Partnership investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2022 Fair Value (In thousands) Valuation Technique Unobservable Input Range (Weighted Average) Sold loan servicing rights $3,872 Discounted cash flow Constant prepayment rate 6.20% - 16.07% (8.06%) Discount rate 11.88% - 16.38% (13.51%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | As of or For the Three Months Ended September 30, 2022 Balance at July 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Total (In thousands) Sold loan servicing rights $ 3,865 $ 45 $ (38 ) $ 3,872 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Nine Months Ended September 30, 2022 Election of Fair Value Option for Servicing Rights at January 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Total (In thousands) Sold loan servicing rights $ 3,820 $ 143 $ (91 ) $ 3,872 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Nine Months Ended 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 non-agency 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,105 $ 5,105 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 103,663 $ 103,663 $ 103,663 $ — $ — Investment securities available for sale 329,436 329,436 12,165 317,271 — Loans held for sale 263 263 — 263 — Loans receivable, net 1,521,118 1,460,472 — — 1,460,472 FHLB stock 11,961 11,961 — 11,961 — Accrued interest receivable 6,655 6,655 — 6,655 — Sold loan servicing rights, at fair value 3,872 3,872 — — 3,872 Partnership investments 12,490 12,490 — 12,490 — Financial liabilities Demand deposits $ 1,251,110 $ 1,251,110 $ 1,251,110 $ — $ — Time deposits 354,125 344,911 — — 344,911 FHLB Borrowings 241,000 234,470 — — 234,470 Line of Credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,338 37,192 — — 37,192 Accrued interest payable 105 105 — 105 — December 31, 2021 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 126,016 $ 126,016 $ 126,016 $ — $ — Investment securities available for sale 344,212 344,212 11,963 332,249 — Loans held for sale 760 760 — 760 — Loans receivable, net 1,350,260 1,328,589 — — 1,328,589 FHLB stock 5,196 5,196 — 5,196 — Accrued interest receivable 5,289 5,289 — 5,289 — Sold loan servicing rights, net 3,282 3,820 — — 3,820 Partnership investments 3,071 3,071 — 3,071 — Financial liabilities Demand deposits 1,333,337 $ 1,333,337 $ 1,333,337 $ — $ — Time deposits 247,243 247,217 — — 247,217 FHLB Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,144 — — 39,144 Accrued interest payable 393 393 — 393 — |
Note 11 - Change in Accumulat_2
Note 11 - Change in Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 $ 5,260 $ (1,714 ) $ 3,546 Other comprehensive loss before reclassification (1,625 ) — (1,625 ) Amounts reclassified from accumulated other comprehensive income (1,016 ) 29 (987 ) Net other comprehensive (loss) income (2,641 ) 29 (2,612 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, June 30, 2022 $ (26,653 ) $ (1,794 ) $ (28,447 ) Other comprehensive loss before reclassification (12,604 ) — (12,604 ) Amounts reclassified from accumulated other comprehensive income — 28 28 Net other comprehensive (loss) income (12,604 ) 28 (12,576 ) BALANCE, September 30, 2022 $ (39,257 ) $ (1,766 ) $ (41,023 ) BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (919 ) (1,745 ) (2,664 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) 60 (1,844 ) Net other comprehensive loss (2,823 ) (1,685 ) (4,508 ) BALANCE, September 30, 2021 $ 2,619 $ (1,685 ) $ 934 BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 Other comprehensive loss before reclassification (41,304 ) — (41,304 ) Amounts reclassified from accumulated other comprehensive income (93 ) 86 (7 ) Net other comprehensive (loss) income (41,397 ) 86 (41,311 ) BALANCE, September 30, 2022 $ (39,257 ) $ (1,766 ) $ (41,023 ) |
Note 12 - Business Combination
Note 12 - Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 ($) | 3 Months Ended | 9 Months Ended | ||||
May 14, 2021 | Dec. 18, 2015 | Jan. 29, 2015 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
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% | |||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 1,048,029 | |||||
Loans and Leases Receivable, Net Amount, Total | $ 1,521,118,000 | $ 1,521,118,000 | $ 1,350,260,000 | |||
Stock Issued During Period, Value, New Issues | $ 1,869,000 | $ 1,869,000 | ||||
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 | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 183 | 183 | 76 | ||
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, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 379,129 | $ 341,504 |
Securities available for sale, gross unrealized gains | 2 | 5,252 |
Securities available for sale, gross unrealized losses | (49,695) | (2,544) |
Investment securities available for sale, at fair value | 329,436 | 344,212 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 120,380 | 110,497 |
Securities available for sale, gross unrealized gains | 0 | 3,207 |
Securities available for sale, gross unrealized losses | (24,250) | (340) |
Investment securities available for sale, at fair value | 96,130 | 113,364 |
US Treasury Securities [Member] | ||
Securities available for sale, amortized cost | 2,465 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (110) | |
Investment securities available for sale, at fair value | 2,355 | |
International Agency Bonds [Member] | ||
Securities available for sale, amortized cost | 1,953 | 1,947 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (270) | (27) |
Investment securities available for sale, at fair value | 1,683 | 1,920 |
Corporate Issued Asset-backed Securities [Member] | ||
Securities available for sale, amortized cost | 14,556 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (67) | |
Investment securities available for sale, at fair value | 14,489 | |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 60,754 | 58,906 |
Securities available for sale, gross unrealized gains | 0 | 1,450 |
Securities available for sale, gross unrealized losses | (4,589) | (567) |
Investment securities available for sale, at fair value | 56,165 | 59,789 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, amortized cost | 14,404 | |
Securities available for sale, gross unrealized gains | 276 | |
Investment securities available for sale, at fair value | 14,680 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 90,940 | 80,877 |
Securities available for sale, gross unrealized gains | 2 | 248 |
Securities available for sale, gross unrealized losses | (12,711) | (1,163) |
Investment securities available for sale, at fair value | 78,231 | 79,962 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 102,637 | 60,317 |
Securities available for sale, gross unrealized gains | 71 | |
Securities available for sale, gross unrealized losses | (7,765) | (380) |
Investment securities available for sale, at fair value | $ 94,872 | $ 60,008 |
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, 2022 | Dec. 31, 2021 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (29,810) | $ (1,820) |
Securities available for sale, fair value, less than twelve months | 223,256 | 126,789 |
Securities available for sale, gross unrealized losses, twelve months or longer | (19,885) | (724) |
Securities available for sale, fair value, twelve months or longer | 103,083 | 29,603 |
Securities available for sale, gross unrealized losses, total | (49,695) | (2,544) |
Securities available for sale, fair value, total | 326,339 | 156,392 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (16,638) | (306) |
Securities available for sale, fair value, less than twelve months | 72,717 | 23,125 |
Securities available for sale, gross unrealized losses, twelve months or longer | (7,612) | (34) |
Securities available for sale, fair value, twelve months or longer | 23,113 | 1,475 |
Securities available for sale, gross unrealized losses, total | (24,250) | (340) |
Securities available for sale, fair value, total | 95,830 | 24,600 |
US Treasury Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (110) | |
Securities available for sale, fair value, less than twelve months | 2,355 | |
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 | (110) | |
Securities available for sale, fair value, total | 2,355 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | (27) |
Securities available for sale, fair value, less than twelve months | 0 | 1,920 |
Securities available for sale, gross unrealized losses, twelve months or longer | (270) | 0 |
Securities available for sale, fair value, twelve months or longer | 1,683 | 0 |
Securities available for sale, gross unrealized losses, total | (270) | (27) |
Securities available for sale, fair value, total | 1,683 | 1,920 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (67) | |
Securities available for sale, fair value, less than twelve months | 10,976 | |
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 | (67) | |
Securities available for sale, fair value, total | 10,976 | |
Corporate Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (2,272) | (333) |
Securities available for sale, fair value, less than twelve months | 33,701 | 18,890 |
Securities available for sale, gross unrealized losses, twelve months or longer | (2,317) | (234) |
Securities available for sale, fair value, twelve months or longer | 22,464 | 9,752 |
Securities available for sale, gross unrealized losses, total | (4,589) | (567) |
Securities available for sale, fair value, total | 56,165 | 28,642 |
US Small Business Administration Securities [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 | 0 | |
Securities available for sale, fair value, twelve months or longer | 69 | |
Securities available for sale, gross unrealized losses, total | 0 | |
Securities available for sale, fair value, total | 69 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (5,896) | (713) |
Securities available for sale, fair value, less than twelve months | 47,543 | 39,029 |
Securities available for sale, gross unrealized losses, twelve months or longer | (6,815) | (450) |
Securities available for sale, fair value, twelve months or longer | 27,891 | 12,802 |
Securities available for sale, gross unrealized losses, total | (12,711) | (1,163) |
Securities available for sale, fair value, total | 75,434 | 51,831 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (4,894) | (374) |
Securities available for sale, fair value, less than twelve months | 66,940 | 32,849 |
Securities available for sale, gross unrealized losses, twelve months or longer | (2,871) | (6) |
Securities available for sale, fair value, twelve months or longer | 27,932 | 5,505 |
Securities available for sale, gross unrealized losses, total | (7,765) | (380) |
Securities available for sale, fair value, total | $ 94,872 | $ 38,354 |
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, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 379,129 | $ 341,504 |
Investment securities available for sale, at fair value | 329,436 | 344,212 |
Collateralized Mortgage-Backed Securities [Member] | ||
Due within one year, amortized cost | 6,316 | 7,827 |
Due within one year, estimated fair value | 6,239 | 7,832 |
Due after one through five years, amortized cost | 37,243 | 24,347 |
Due after one through five years, estimated fair value | 35,999 | 24,371 |
Due after five through ten years, amortized cost | 13,549 | 8,466 |
Due after five through ten years, estimated fair value | 12,252 | 8,391 |
Due after ten years, amortized cost | 136,469 | 100,554 |
Due after ten years, estimated fair value | 118,613 | 99,376 |
Securities available for sale, amortized cost | 193,577 | 141,194 |
Investment securities available for sale, at fair value | 173,103 | 139,970 |
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 | 18,741 | 6,391 |
Due after one through five years, estimated fair value | 16,999 | 6,289 |
Due after five through ten years, amortized cost | 66,251 | 79,679 |
Due after five through ten years, estimated fair value | 60,092 | 80,807 |
Due after ten years, amortized cost | 100,560 | 114,240 |
Due after ten years, estimated fair value | 79,242 | 117,146 |
Securities available for sale, amortized cost | 185,552 | 200,310 |
Investment securities available for sale, at fair value | $ 156,333 | $ 204,242 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from sales | $ 0 | $ 64,394 | $ 12,685 | $ 109,829 |
Gross realized gains | 0 | 1,627 | 128 | 2,827 |
Gross realized losses | $ 0 | $ (341) | $ (10) | $ (417) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) Pure in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 42,000 | $ 65,000 | $ 126,000 | $ 183,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 154,000 | $ 154,000 | $ 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, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans receivable, gross | $ 1,525,205 | $ 1,357,161 | ||||
Net deferred loan fees | 3,519 | 4,772 | ||||
Premium on purchased loans, net | (15,705) | (12,995) | ||||
Allowance for loan losses | 16,273 | $ 15,747 | 15,124 | $ 15,243 | $ 14,588 | $ 13,847 |
Total loans receivable, net | 1,521,118 | 1,350,260 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans receivable, gross | 1,180,770 | 1,055,382 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Loans receivable, gross | 335,067 | 294,965 | ||||
Allowance for loan losses | 3,214 | 3,026 | 3,184 | 3,239 | 3,356 | 3,469 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Loans receivable, gross | 243,256 | 172,409 | ||||
Allowance for loan losses | 2,332 | 2,168 | 1,816 | 1,917 | 1,816 | 1,764 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loans receivable, gross | 385,272 | 363,299 | ||||
Allowance for loan losses | 4,109 | 4,154 | 3,996 | 3,952 | 3,674 | 3,420 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans receivable, gross | 217,175 | 224,709 | ||||
Allowance for loan losses | 2,514 | 2,550 | 2,672 | 2,483 | 2,221 | 1,461 |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable, gross | 273,166 | 221,941 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans receivable, gross | 50,066 | 39,172 | ||||
Allowance for loan losses | 507 | 486 | 407 | 417 | 393 | 368 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Loans receivable, gross | 223,100 | 182,769 | ||||
Allowance for loan losses | 2,559 | 2,367 | 2,221 | 2,379 | 2,368 | 2,642 |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable, gross | 71,269 | 79,838 | ||||
Allowance for loan losses | $ 694 | $ 680 | $ 470 | $ 490 | $ 464 | $ 429 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Beginning balance | $ 15,747 | $ 14,588 | $ 15,124 | $ 13,847 | ||
Provision for loan losses | 750 | 700 | 1,250 | 1,500 | ||
Charge-offs | (265) | (421) | (475) | (813) | ||
Recoveries | 41 | 376 | 374 | 709 | ||
Ending balance | 16,273 | 15,243 | 16,273 | 15,243 | ||
Allowance for loan losses | 16,273 | 15,243 | 16,273 | 15,243 | $ 15,124 | |
General reserve | 16,230 | 16,230 | 15,011 | |||
Specific reserve | 43 | 43 | 113 | |||
Total loans | 1,525,205 | 1,525,205 | 1,357,161 | |||
Loans collectively evaluated (1) | [1] | 1,520,100 | 1,520,100 | 1,353,966 | ||
Loans individually evaluated (2) | [2] | 5,105 | 5,105 | 3,195 | ||
Real Estate Portfolio Segment [Member] | ||||||
Total loans | 1,180,770 | 1,180,770 | 1,055,382 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Beginning balance | 3,026 | 3,356 | 3,184 | 3,469 | ||
Provision for loan losses | 188 | (117) | (2) | (236) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 32 | 6 | ||
Ending balance | 3,214 | 3,239 | 3,214 | 3,239 | ||
Allowance for loan losses | 3,214 | 3,239 | 3,214 | 3,239 | 3,184 | |
General reserve | 3,182 | 3,182 | 3,159 | |||
Specific reserve | 32 | 32 | 25 | |||
Total loans | 335,067 | 335,067 | 294,965 | |||
Loans collectively evaluated (1) | [1] | 332,263 | 332,263 | 292,708 | ||
Loans individually evaluated (2) | [2] | 2,804 | 2,804 | 2,257 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Beginning balance | 2,168 | 1,816 | 1,816 | 1,764 | ||
Provision for loan losses | 164 | 101 | 516 | 153 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 2,332 | 1,917 | 2,332 | 1,917 | ||
Allowance for loan losses | 2,332 | 1,917 | 2,332 | 1,917 | 1,816 | |
General reserve | 2,332 | 2,332 | 1,816 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 243,256 | 243,256 | 172,409 | |||
Loans collectively evaluated (1) | [1] | 243,256 | 243,256 | 172,409 | ||
Loans individually evaluated (2) | [2] | 0 | 0 | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Beginning balance | 4,154 | 3,674 | 3,996 | 3,420 | ||
Provision for loan losses | (45) | 278 | 113 | 532 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 4,109 | 3,952 | 4,109 | 3,952 | ||
Allowance for loan losses | 4,109 | 3,952 | 4,109 | 3,952 | 3,996 | |
General reserve | 4,109 | 4,109 | 3,996 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 385,272 | 385,272 | 363,299 | |||
Loans collectively evaluated (1) | [1] | 385,218 | 385,218 | 363,228 | ||
Loans individually evaluated (2) | [2] | 54 | 54 | 71 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Beginning balance | 2,550 | 2,221 | 2,672 | 1,461 | ||
Provision for loan losses | (36) | 260 | (160) | 1,016 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 2 | 2 | 6 | ||
Ending balance | 2,514 | 2,483 | 2,514 | 2,483 | ||
Allowance for loan losses | 2,514 | 2,483 | 2,514 | 2,483 | 2,672 | |
General reserve | 2,513 | 2,513 | 2,672 | |||
Specific reserve | 1 | 1 | 0 | |||
Total loans | 217,175 | 217,175 | 224,709 | |||
Loans collectively evaluated (1) | [1] | 215,408 | 215,408 | 224,687 | ||
Loans individually evaluated (2) | [2] | 1,767 | 1,767 | 22 | ||
Consumer Portfolio Segment [Member] | ||||||
Total loans | 273,166 | 273,166 | 221,941 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Beginning balance | 486 | 393 | 407 | 368 | ||
Provision for loan losses | 9 | 24 | 71 | 44 | ||
Charge-offs | 0 | 0 | 0 | (12) | ||
Recoveries | 12 | 0 | 29 | 17 | ||
Ending balance | 507 | 417 | 507 | 417 | ||
Allowance for loan losses | 507 | 417 | 507 | 417 | 407 | |
General reserve | 504 | 504 | 402 | |||
Specific reserve | 3 | 3 | 5 | |||
Total loans | 50,066 | 50,066 | 39,172 | |||
Loans collectively evaluated (1) | [1] | 49,852 | 49,852 | 38,839 | ||
Loans individually evaluated (2) | [2] | 214 | 214 | 333 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Beginning balance | 2,367 | 2,368 | 2,221 | 2,642 | ||
Provision for loan losses | 428 | 58 | 644 | (142) | ||
Charge-offs | (265) | (421) | (475) | (801) | ||
Recoveries | 29 | 374 | 169 | 680 | ||
Ending balance | 2,559 | 2,379 | 2,559 | 2,379 | ||
Allowance for loan losses | 2,559 | 2,379 | 2,559 | 2,379 | 2,221 | |
General reserve | 2,552 | 2,552 | 2,138 | |||
Specific reserve | 7 | 7 | 83 | |||
Total loans | 223,100 | 223,100 | 182,769 | |||
Loans collectively evaluated (1) | [1] | 222,834 | 222,834 | 182,257 | ||
Loans individually evaluated (2) | [2] | 266 | 266 | 512 | ||
Commercial Portfolio Segment [Member] | ||||||
Beginning balance | 680 | 464 | 470 | 429 | ||
Provision for loan losses | 14 | 26 | 82 | 61 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 142 | 0 | ||
Ending balance | 694 | 490 | 694 | 490 | ||
Allowance for loan losses | 694 | 490 | 694 | 490 | 470 | |
General reserve | 694 | 694 | 470 | |||
Specific reserve | 0 | 0 | 0 | |||
Total loans | 71,269 | 71,269 | 79,838 | |||
Loans collectively evaluated (1) | [1] | 71,269 | 71,269 | 79,838 | ||
Loans individually evaluated (2) | [2] | 0 | 0 | 0 | ||
Unallocated Financing Receivables [Member] | ||||||
Beginning balance | 316 | 296 | 358 | 294 | ||
Provision for loan losses | 28 | 70 | (14) | 72 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 344 | 366 | 344 | 366 | ||
Allowance for loan losses | 344 | $ 366 | 344 | $ 366 | 358 | |
General reserve | 344 | 344 | 358 | |||
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Recorded investment, with no allowance recorded | $ 2,117 | $ 2,117 | $ 309 | ||
Unpaid principal balance, with no allowance recorded | 2,274 | 2,274 | 584 | ||
Recorded investment, with an allowance recorded | 2,988 | 2,988 | 2,886 | ||
Unpaid principal balance, with an allowance recorded | 3,134 | 3,134 | 3,108 | ||
Related allowance | 43 | 43 | 113 | ||
Recorded investment, total | 5,105 | 5,105 | 3,195 | ||
Unpaid principal balance, total | 5,408 | 5,408 | 3,692 | ||
Average recorded investment, with no allowance recorded | 1,089 | $ 1,495 | 765 | $ 1,500 | |
Interest income recognized, with no allowance recorded | 7 | 24 | 16 | 70 | |
Average recorded investment, with an allowance recorded | 2,541 | 2,826 | 2,543 | 3,376 | |
Interest income recognized, with an allowance recorded | 55 | 57 | 130 | 130 | |
Average recorded investment, total | 3,630 | 4,321 | 3,308 | 4,876 | |
Interest income recognized, total | 62 | 81 | 146 | 200 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Recorded investment, with no allowance recorded | 77 | 77 | 212 | ||
Unpaid principal balance, with no allowance recorded | 115 | 115 | 247 | ||
Recorded investment, with an allowance recorded | 2,727 | 2,727 | 2,045 | ||
Unpaid principal balance, with an allowance recorded | 2,871 | 2,871 | 2,245 | ||
Related allowance | 32 | 32 | 25 | ||
Recorded investment, total | 2,804 | 2,804 | 2,257 | ||
Unpaid principal balance, total | 2,986 | 2,986 | 2,492 | ||
Average recorded investment, with no allowance recorded | 211 | 217 | 259 | 221 | |
Interest income recognized, with no allowance recorded | 1 | 3 | 1 | 9 | |
Average recorded investment, with an allowance recorded | 2,258 | 2,199 | 2,138 | 2,357 | |
Interest income recognized, with an allowance recorded | 51 | 46 | 120 | 110 | |
Average recorded investment, total | 2,469 | 2,416 | 2,397 | 2,578 | |
Interest income recognized, total | 52 | 49 | 121 | 119 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Recorded investment, with no allowance recorded | 54 | 54 | 71 | ||
Unpaid principal balance, with no allowance recorded | 151 | 151 | 177 | ||
Related allowance | 0 | 0 | 0 | ||
Recorded investment, total | 54 | 54 | 71 | ||
Unpaid principal balance, total | 151 | 151 | 177 | ||
Average recorded investment, with no allowance recorded | 56 | 1,200 | 63 | 1,081 | |
Interest income recognized, with no allowance recorded | 0 | 18 | 0 | 55 | |
Average recorded investment, with an allowance recorded | 0 | 17 | 7 | 162 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 0 | |
Average recorded investment, total | 56 | 1,217 | 70 | 1,243 | |
Interest income recognized, total | 0 | 18 | 0 | 55 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Recorded investment, with no allowance recorded | 1,748 | 1,748 | 0 | ||
Unpaid principal balance, with no allowance recorded | 1,765 | 1,765 | 24 | ||
Recorded investment, with an allowance recorded | 19 | 19 | 22 | ||
Unpaid principal balance, with an allowance recorded | 19 | 19 | 22 | ||
Related allowance | 1 | 1 | 0 | ||
Recorded investment, total | 1,767 | 1,767 | 22 | ||
Unpaid principal balance, total | 1,784 | 1,784 | 46 | ||
Average recorded investment, with no allowance recorded | 583 | 24 | 194 | 25 | |
Interest income recognized, with no allowance recorded | 1 | 2 | 1 | 3 | |
Average recorded investment, with an allowance recorded | 18 | 24 | 21 | 25 | |
Interest income recognized, with an allowance recorded | 0 | 2 | 0 | 3 | |
Average recorded investment, total | 601 | 215 | |||
Interest income recognized, total | 1 | 1 | |||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Average recorded investment, with no allowance recorded | 0 | 125 | |||
Interest income recognized, with no allowance recorded | 0 | 0 | |||
Average recorded investment, total | 0 | 125 | |||
Interest income recognized, total | 0 | 0 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Recorded investment, with no allowance recorded | 0 | 0 | 26 | ||
Unpaid principal balance, with no allowance recorded | 0 | 0 | 59 | ||
Recorded investment, with an allowance recorded | 214 | 214 | 307 | ||
Unpaid principal balance, with an allowance recorded | 216 | 216 | 329 | ||
Related allowance | 3 | 3 | 5 | ||
Recorded investment, total | 214 | 214 | 333 | ||
Unpaid principal balance, total | 216 | 216 | 388 | ||
Average recorded investment, with no allowance recorded | 0 | 31 | 3 | 34 | |
Interest income recognized, with no allowance recorded | 0 | 0 | 0 | 1 | |
Average recorded investment, with an allowance recorded | 232 | 122 | 273 | 117 | |
Interest income recognized, with an allowance recorded | 3 | 3 | 8 | 0 | |
Average recorded investment, total | 232 | 153 | 276 | 151 | |
Interest income recognized, total | 3 | 3 | 8 | 1 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Recorded investment, with no allowance recorded | 238 | 238 | 0 | ||
Unpaid principal balance, with no allowance recorded | 243 | 243 | 77 | ||
Recorded investment, with an allowance recorded | 28 | 28 | 512 | ||
Unpaid principal balance, with an allowance recorded | 28 | 28 | 512 | ||
Related allowance | 7 | 7 | 83 | ||
Recorded investment, total | 266 | 266 | 512 | ||
Unpaid principal balance, total | 271 | 271 | $ 589 | ||
Average recorded investment, with no allowance recorded | 239 | 47 | 246 | 39 | |
Interest income recognized, with no allowance recorded | 5 | 3 | 14 | 5 | |
Average recorded investment, with an allowance recorded | 33 | 464 | 104 | 715 | |
Interest income recognized, with an allowance recorded | 1 | 6 | 2 | 17 | |
Average recorded investment, total | 272 | 511 | 350 | 754 | |
Interest income recognized, total | $ 6 | $ 9 | $ 16 | $ 22 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total nonaccrual loans | $ 3,363 | $ 1,381 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 1,089 | 494 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 54 | 71 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 1,767 | 22 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 187 | 282 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | $ 266 | $ 512 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans receivable, gross | $ 1,525,205 | $ 1,357,161 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 3,047 | 1,638 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 366 | 368 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 2,527 | 99 |
Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 5,940 | 2,105 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,519,265 | 1,355,056 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, gross | 1,180,770 | 1,055,382 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,529 | 1,079 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 2,373 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 3,902 | 1,079 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,176,868 | 1,054,303 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans receivable, gross | 335,067 | 294,965 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,529 | 786 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 623 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,152 | 786 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 332,915 | 294,179 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loans receivable, gross | 243,256 | 172,409 |
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 | 243,256 | 172,409 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans receivable, gross | 385,272 | 363,299 |
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 | 385,272 | 363,299 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable, gross | 217,175 | 224,709 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 293 |
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 | 1,750 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 1,750 | 293 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 215,425 | 224,416 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, gross | 273,166 | 221,941 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,514 | 552 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 366 | 368 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 154 | 99 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,034 | 1,019 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 271,132 | 220,922 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable, gross | 50,066 | 39,172 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 83 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 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 | 0 | 83 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 50,066 | 39,089 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loans receivable, gross | 223,100 | 182,769 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,514 | 469 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 366 | 368 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 154 | 99 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,034 | 936 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 221,066 | 181,833 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, gross | 71,269 | 79,838 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 4 | 7 |
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 | 4 | 7 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | $ 71,265 | $ 79,831 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total loans | $ 1,525,205 | $ 1,357,161 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 3,517 | 1,381 |
Performing Financial Instruments [Member] | ||
Total loans | 1,521,688 | 1,355,780 |
Pass [Member] | ||
Total loans | 1,439,792 | 1,286,542 |
Watch [Member] | ||
Total loans | 55,789 | 45,717 |
Special Mention [Member] | ||
Total loans | 24,463 | 12,305 |
Substandard [Member] | ||
Total loans | 5,161 | 12,597 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 1,180,770 | 1,055,382 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 1,104,036 | 986,831 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 48,025 | 44,577 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 23,991 | 12,240 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 4,718 | 11,734 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 335,067 | 294,965 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 1,089 | 494 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 333,978 | 294,471 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 330,386 | 291,421 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 3,358 | 2,727 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 0 | 53 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 1,323 | 764 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 243,256 | 172,409 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 243,256 | 172,409 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 227,505 | 153,704 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 15,751 | 18,705 |
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 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total loans | 385,272 | 363,299 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 54 | 71 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 385,218 | 363,228 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 344,907 | 326,444 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 28,514 | 22,850 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 10,526 | 3,057 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 1,325 | 10,948 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 217,175 | 224,709 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 1,767 | 22 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 215,408 | 224,687 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 201,238 | 215,262 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 402 | 295 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 13,465 | 9,130 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 2,070 | 22 |
Consumer Portfolio Segment [Member] | ||
Total loans | 273,166 | 221,941 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 271,448 | 220,095 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 1,154 | 918 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 121 | 65 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 443 | 863 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 50,066 | 39,172 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 187 | 282 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 49,879 | 38,890 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 49,558 | 38,739 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 307 | 83 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 14 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 187 | 350 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 223,100 | 182,769 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 420 | 512 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 222,680 | 182,257 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 221,890 | 181,356 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 847 | 835 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 107 | 65 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 256 | 513 |
Commercial Portfolio Segment [Member] | ||
Total loans | 71,269 | 79,838 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | 71,269 | 79,838 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 64,308 | 79,616 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 6,610 | 222 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 351 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | $ 0 | $ 0 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total TDR loans | $ 1,771 | $ 1,843 |
Total nonaccrual TDR loans | 29 | 29 |
Total accrual TDR loans | 1,742 | |
Troubled Debt Restructurings [Member] | ||
Allowance for loan losses related to TDR loans | 18 | $ 21 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Total TDR loans | 1,743 | |
Total nonaccrual TDR loans | 29 | |
Total accrual TDR loans | 1,714 | |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Total TDR loans | 28 | |
Total nonaccrual TDR loans | 0 | |
Total accrual TDR loans | $ 28 |
Note 4 - Deposits (Details Text
Note 4 - Deposits (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 96.4 | $ 75.1 |
Interest-Bearing Domestic Deposit, Brokered | 129.6 | 65.7 |
Deposits, Public Fund | 99.3 | 134.1 |
Deposits, Funds Held by Federally Recognized Tribes | 14.4 | 33.4 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Total | 55.4 | 67.9 |
Asset Pledged as Collateral [Member] | Funds Held by Federally Recognized Tribes [Member] | ||
Debt Securities, Total | $ 29.3 | $ 40.9 |
Note 4 - Deposits - Deposits (D
Note 4 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Noninterest-bearing demand deposits | $ 342,808 | $ 343,932 |
Interest-bearing demand deposits | $ 192,504 | $ 196,970 |
Interest-bearing demand deposits, weighted-average interest rate | 0.01% | 0.01% |
Money market accounts | $ 519,018 | $ 597,815 |
Money market accounts, weighted-average interest rate | 0.37% | 0.21% |
Savings accounts | $ 196,780 | $ 194,620 |
Savings accounts, weighted-average interest rate | 0.05% | 0.05% |
Certificates of deposit | $ 354,125 | $ 247,243 |
Certificates of deposit, weighted-average interest rate | 1.62% | 0.62% |
Deposits | $ 1,605,235 | $ 1,580,580 |
Total deposits, weighted-average interest rate | 0.48% | 0.19% |
Note 4 - Deposits - Maturities
Note 4 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Within one year or less | $ 242,591 | $ 153,472 |
After one year through two years | 51,403 | 54,970 |
After two years through three years | 43,563 | 17,620 |
After three years through four years | 8,374 | 14,358 |
After four years through five years | 8,194 | 6,823 |
Total certificates of deposit | $ 354,125 | $ 247,243 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Demand deposits | $ 16 | $ 11 | $ 58 | $ 28 |
Money market accounts | 468 | 291 | 1,089 | 852 |
Savings accounts | 24 | 28 | 76 | 102 |
Certificates of deposit | 743 | 520 | 1,541 | 1,627 |
Total interest expense on deposits | $ 1,251 | $ 850 | $ 2,764 | $ 2,609 |
Note 5 - Borrowings (Details Te
Note 5 - Borrowings (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||||
Mar. 25, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 20, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Maximum Available Credit to Bank Assets, Percentage | 40% | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 711,000 | $ 699,600 | |||
Proceeds from Issuance of Subordinated Long-Term Debt | 0 | $ 39,223 | |||
Revolving Credit Facility [Member] | NexBank [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||
Debt Instrument, Notes Due 2031 [Member] | |||||
Subordinated Debt, Ending Balance | $ 40,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||
Proceeds from Issuance of Subordinated Long-Term Debt | $ 39,300 | ||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 20,000 | ||||
Federal Home Loan Bank of San Francisco [Member] | |||||
Federal Reserve Bank Advances, Available Amount | 8,600 | 17,300 | |||
Federal Reserve Bank Advances | 0 | ||||
Federal Home Loan Bank of San Francisco [Member] | Securities Investment [Member] | |||||
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 9,000 | $ 17,200 |
Note 5 - Borrowings - Advances
Note 5 - Borrowings - Advances from FHLB (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Balance outstanding | $ 12,000 | |
Maximum outstanding at any month-end | 12,000 | |
Average monthly outstanding during the period | $ 3,788 | |
Annual | 5.67% | |
Period End | 6.75% | |
Subordinated Debt [Member] | ||
Balance outstanding | $ 39,338 | $ 39,280 |
Maximum outstanding at any month-end | 39,338 | 40,000 |
Average monthly outstanding during the period | $ 39,301 | $ 30,370 |
Annual | 4.03% | 3.96% |
Period End | 4.02% | 3.01% |
Federal Home Loan Bank, Long-term Advances [Member] | ||
Balance outstanding | $ 80,000 | $ 80,000 |
Maximum outstanding at any month-end | 80,000 | 80,000 |
Average monthly outstanding during the period | $ 80,000 | $ 52,500 |
Annual | 1.52% | 1.46% |
Period End | 1.52% | 1.52% |
Within one year or less | $ 15,000 | |
Within one year or less, weighted-average interest rate | 1.54% | |
After one year through two years | $ 15,000 | |
After one year through two years, weighted-average interest rate | 1.47% | |
After two years through three years | $ 15,000 | |
After two years through three years, weighted-average interest rate | 1.35% | |
After three years through four years | $ 15,000 | |
After three years through four years, weighted-average interest rate | 1.49% | |
After four years through five years | $ 10,000 | |
After four years through five years, weighted-average interest rate | 1.63% | |
After five years | $ 10,000 | |
After five years, weighted-average interest rate | 1.76% | |
Total FHLB long-term advances | $ 80,000 | |
Total FHLB long-term advances, weighted-average interest rate | 1.52% | |
Federal Home Loan Bank, Overnight Variable-rate Advances [Member] | ||
Balance outstanding | $ 141,000 | $ 0 |
Maximum outstanding at any month-end | 141,000 | 40,000 |
Average monthly outstanding during the period | $ 39,993 | $ 5,207 |
Annual | 1.85% | 0.30% |
Period End | 2.85% | 0.31% |
Federal Home Loan Bank, Short-term, Fixed-rate Advances [Member] | ||
Balance outstanding | $ 20,000 | |
Maximum outstanding at any month-end | 30,000 | |
Average monthly outstanding during the period | $ 14,689 | |
Annual | 1.76% | |
Period End | 1.93% |
Note 6 - Federal Taxes on Inc_2
Note 6 - Federal Taxes on Income (Details Textual) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.40% | 17.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 7 - Earnings Per Common _3
Note 7 - Earnings Per Common Share (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,617 | 0 |
Note 7 - Earnings per Common _4
Note 7 - Earnings per Common 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income available to common shareholders | $ 4,291 | $ 4,178 | $ 9,585 | $ 10,294 |
Earnings allocated to participating securities | (35) | (130) | (92) | (352) |
Earnings allocated to common shareholders | $ 4,256 | $ 4,048 | $ 9,493 | $ 9,942 |
Weighted average common shares outstanding (in shares) | 9,955,322 | 10,168,417 | 9,979,152 | 10,193,680 |
Weighted average unvested restricted stock awards (in shares) | (212,930) | (296,563) | (231,253) | (324,159) |
Weighted average unallocated ESOP shares (in shares) | (648,571) | (701,530) | (661,670) | (714,768) |
Total basic weighted average common shares outstanding (in shares) | 9,093,821 | 9,170,324 | 9,086,229 | 9,154,753 |
Basic weighted average common shares outstanding (in shares) | 9,093,821 | 9,170,324 | 9,086,229 | 9,154,753 |
Dilutive restricted stock awards (in shares) | 44,302 | 83,508 | 69,584 | 97,527 |
Total diluted weighted average common shares outstanding (in shares) | 9,138,123 | 9,253,832 | 9,155,813 | 9,252,280 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.47 | $ 0.44 | $ 1.04 | $ 1.09 |
Diluted earnings per common share (in dollars per share) | $ 0.47 | $ 0.44 | $ 1.04 | $ 1.09 |
Note 8 - Employee Benefits (Det
Note 8 - Employee Benefits (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Employee Stock Ownership Plan (ESOP), Minimum Service Period, Hours | 1,000 | |||
Employee Stock Ownership Plan (ESOP), Requisite Service Period (Month) | 12 months | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Amortization Period (Year) | 20 years | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Estimated Interest Rate | 2.46% | 2.46% | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 216,000 | $ 242,000 | $ 752,000 | $ 686,000 |
Note 8 - Employee Benefits - Sh
Note 8 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allocated shares (in shares) | 386,285 | 333,396 |
Committed to be released shares (in shares) | 13,221 | 26,442 |
Unallocated shares (in shares) | 648,523 | 688,191 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 |
Fair value of unallocated shares | $ 10,441 | $ 13,901 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | May 31, 2020 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 216,000 | $ 242,000 | $ 752,000 | $ 686,000 | |||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 205,228 | 205,228 | 240,054 | 236,432 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,100 | 55,443 | 96,205 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,600,000 | $ 2,600,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 13 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 | ||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 300,869 | ||||||
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) | 72,520 | 72,520 | |||||
The Equity Incentive Plans [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 404,000 | 433,000 | $ 1,300,000 | $ 1,400,000 | |||
The Equity Incentive Plans [Member] | Director [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 50,000 | $ 64,000 | $ 189,000 | $ 324,000 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Non-vested, shares (in shares) | 240,054 | 236,432 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 17.13 | $ 16.19 | ||
Granted, shares (in shares) | 2,100 | 55,443 | 96,205 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 16.20 | $ 21.28 | ||
Vested, shares (in shares) | (25,972) | (52,442) | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 15.48 | $ 16.50 | ||
Canceled, shares (in shares) | [1] | (5,504) | (15,830) | |
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 15.48 | $ 16.50 | |
Forfeited, shares (in shares) | (5,450) | (18,375) | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 14.85 | $ 16.54 | ||
Non-vested, shares (in shares) | 205,228 | 205,228 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 17.43 | $ 17.43 | ||
[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 tax obligation on the vested shares. The surrendered shares are canceled and are unavailable for reissue. |
Note 10 - Fair Value Accounti_3
Note 10 - Fair Value Accounting and Measurement (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Discount | $ 0 | $ 0 |
Note 10 - Fair Value Accounti_4
Note 10 - Fair Value Accounting and Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Investment securities available for sale, at fair value | $ 329,436 | $ 344,212 | |
Sold loan servicing rights | 3,872 | 0 | |
Fair Value, Recurring [Member] | |||
Sold loan servicing rights | 3,872 | ||
Partnership investments | 12,490 | 3,071 | |
Investments, Fair Value Disclosure, Total | 345,798 | 347,283 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Sold loan servicing rights | 0 | ||
Partnership investments | 0 | 0 | |
Investments, Fair Value Disclosure, Total | 12,165 | 11,963 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Sold loan servicing rights | 0 | ||
Partnership investments | 12,490 | 3,071 | |
Investments, Fair Value Disclosure, Total | 329,761 | 335,320 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Sold loan servicing rights | 3,872 | $ 3,865 | 3,820 |
Partnership investments | 0 | 0 | |
Investments, Fair Value Disclosure, Total | 3,872 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale, at fair value | 96,130 | 113,364 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 96,130 | 113,364 | |
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 | 4,602 | 5,902 | |
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 | 91,528 | 107,462 | |
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 Treasury Securities [Member] | |||
Investment securities available for sale, at fair value | 2,355 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 2,355 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 2,355 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 0 | ||
International Agency Bonds [Member] | |||
Investment securities available for sale, at fair value | 1,683 | 1,920 | |
International Agency Bonds [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 1,920 | ||
International Agency Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 0 | ||
International Agency Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 1,920 | ||
International Agency Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 0 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 1,683 | ||
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 | 1,683 | ||
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 Private Enterprises [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 14,489 | ||
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 | ||
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 | 14,489 | ||
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 | ||
Corporate Debt Securities [Member] | |||
Investment securities available for sale, at fair value | 56,165 | 59,789 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 56,165 | 59,789 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 5,208 | 6,061 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 50,957 | 53,728 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 0 | 0 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Investment securities available for sale, at fair value | 78,231 | 79,962 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 78,231 | 79,962 | |
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 | 78,231 | 79,962 | |
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 | |
US Small Business Administration Securities [Member] | |||
Investment securities available for sale, at fair value | 14,680 | ||
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 14,680 | ||
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 | ||
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 14,680 | ||
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 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | |||
Investment securities available for sale, at fair value | 94,872 | 60,008 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | 94,872 | 60,008 | |
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 | 94,872 | 60,008 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Note 10 - Fair Value Accounti_5
Note 10 - Fair Value Accounting and Measurement - Quantitative Information (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Servicing rights on sold loans, at fair value | $ 3,872 | $ 0 | |
Fair Value, Recurring [Member] | |||
Servicing rights on sold loans, at fair value | 3,872 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Servicing rights on sold loans, at fair value | $ 3,872 | $ 3,865 | $ 3,820 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Sold loan servicing rights, measurement input | 11.88 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Sold loan servicing rights, measurement input | 16.38 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Sold loan servicing rights, measurement input | 13.51 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Servicing rights on sold loans, at fair value | $ 3,872 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | |||
Sold loan servicing rights, measurement input | 6.20 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | |||
Sold loan servicing rights, measurement input | 16.07 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | |||
Sold loan servicing rights, measurement input | 8.06 |
Note 10 - Fair Value Accounti_6
Note 10 - Fair Value Accounting and Measurement - Changes in Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Sold loan servicing rights | $ 0 | |||
Sold loan servicing rights | $ 3,872 | 3,872 | ||
Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 3,872 | 3,872 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Sold loan servicing rights | 3,865 | 3,820 | ||
Servicing rights that result from transfers and sale of financial assets | 45 | 143 | ||
Changes in fair value due to changes in model inputs or assumptions | (38) | (91) | ||
Sold loan servicing rights | $ 3,872 | $ 3,872 | ||
Balance at Beginning of Period | $ 8,912 | |||
Transfers Into Level 3 | [1] | (8,912) | ||
Purchases | 0 | |||
Unrealized | 0 | |||
Total | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Balance at Beginning of Period | 2,540 | |||
Transfers Into Level 3 | [1] | (2,540) | ||
Purchases | 0 | |||
Unrealized | 0 | |||
Total | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Balance at Beginning of Period | 6,372 | |||
Transfers Into Level 3 | (6,372) | |||
Purchases | 0 | |||
Unrealized | 0 | |||
Total | $ 0 | |||
[1]Transferred from Level 3 to Level 2 after obtaining observable market data. |
Note 10 - Fair Value Accounti_7
Note 10 - Fair Value Accounting and Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Impaired loans | $ 5,105 | $ 3,195 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 5,105 | $ 3,195 |
Note 10 - Fair Value Accounti_8
Note 10 - Fair Value Accounting and Measurement - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investment securities available for sale | $ 329,436 | $ 344,212 |
Accrued interest receivable | 6,655 | 5,289 |
Sold loan servicing rights | 3,872 | 0 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 103,663 | 126,016 |
Investment securities available for sale | 329,436 | 344,212 |
Loans held for sale | 263 | 760 |
Loans receivable, net | 1,521,118 | 1,350,260 |
FHLB stock | 11,961 | 5,196 |
Accrued interest receivable | 6,655 | 5,289 |
Sold loan servicing rights | 3,872 | 3,282 |
Partnership investments | 12,490 | 3,071 |
FHLB Borrowings | 241,000 | 80,000 |
Line of Credit | 12,000 | |
Subordinated debt, net | 39,338 | 39,280 |
Accrued interest payable | 105 | 393 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,251,110 | 1,333,337 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 354,125 | 247,243 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 103,663 | 126,016 |
Investment securities available for sale | 329,436 | 344,212 |
Loans held for sale | 263 | 760 |
Loans receivable, net | 1,460,472 | 1,328,589 |
FHLB stock | 11,961 | 5,196 |
Accrued interest receivable | 6,655 | 5,289 |
Sold loan servicing rights | 3,872 | 3,820 |
Partnership investments | 12,490 | 3,071 |
FHLB Borrowings | 234,470 | 80,192 |
Line of Credit | 12,034 | |
Subordinated debt, net | 37,192 | 39,144 |
Accrued interest payable | 105 | 393 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,251,110 | 1,333,337 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 344,911 | 247,217 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 103,663 | 126,016 |
Investment securities available for sale | 12,165 | 11,963 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Sold loan servicing rights | 0 | 0 |
Partnership investments | 0 | 0 |
FHLB Borrowings | 0 | 0 |
Line of Credit | 0 | |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
deposits | 1,251,110 | 1,333,337 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||
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 | 317,271 | 332,249 |
Loans held for sale | 263 | 760 |
Loans receivable, net | 0 | 0 |
FHLB stock | 11,961 | 5,196 |
Accrued interest receivable | 6,655 | 5,289 |
Sold loan servicing rights | 0 | 0 |
Partnership investments | 12,490 | 3,071 |
FHLB Borrowings | 0 | 0 |
Line of Credit | 0 | |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 105 | 393 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 1,460,472 | 1,328,589 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Sold loan servicing rights | 3,872 | 3,820 |
Partnership investments | 0 | 0 |
FHLB Borrowings | 234,470 | 80,192 |
Line of Credit | 12,034 | |
Subordinated debt, net | 37,192 | 39,144 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
deposits | $ 344,911 | $ 247,217 |
Note 11 - Change in Accumulat_3
Note 11 - 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
BALANCE | $ 190,961 | |||
Other comprehensive loss, net of tax | $ (12,576) | $ (2,612) | (41,311) | $ (4,508) |
BALANCE | 159,031 | 159,031 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
BALANCE | (26,653) | 5,260 | 2,140 | 5,442 |
Other comprehensive loss before reclassification | (12,604) | (1,625) | (41,304) | (919) |
Amounts reclassified from accumulated other comprehensive income | 0 | (1,016) | (93) | (1,904) |
Other comprehensive loss, net of tax | (12,604) | (2,641) | (41,397) | (2,823) |
Amounts reclassified from accumulated other comprehensive income | 0 | 1,016 | 93 | 1,904 |
BALANCE | (39,257) | 2,619 | (39,257) | 2,619 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
BALANCE | (1,794) | (1,714) | (1,852) | 0 |
Other comprehensive loss before reclassification | 0 | 0 | 0 | (1,745) |
Amounts reclassified from accumulated other comprehensive income | (28) | 29 | 86 | 60 |
Other comprehensive loss, net of tax | 28 | 29 | 86 | (1,685) |
Amounts reclassified from accumulated other comprehensive income | 28 | (29) | (86) | (60) |
BALANCE | (1,766) | (1,685) | (1,766) | (1,685) |
AOCI Attributable to Parent [Member] | ||||
BALANCE | (28,447) | 3,546 | 288 | 5,442 |
Other comprehensive loss before reclassification | (12,604) | (1,625) | (41,304) | (2,664) |
Amounts reclassified from accumulated other comprehensive income | (28) | (987) | (7) | (1,844) |
Other comprehensive loss, net of tax | (12,576) | (2,612) | (41,311) | (4,508) |
Amounts reclassified from accumulated other comprehensive income | 28 | 987 | 7 | 1,844 |
BALANCE | $ (41,023) | $ 934 | $ (41,023) | $ 934 |
Note 12 - Business Combinatio_2
Note 12 - Business Combination (Details Textual) $ in Thousands | Jul. 23, 2021 USD ($) |
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 12 - Business Combinatio_3
Note 12 - Business Combination - Fair Value of Consideration Transferred and Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 23, 2021 | Sep. 30, 2022 | Sep. 30, 2021 |
Total identifiable assets acquired | $ 0 | $ 1,340 | |
Total liabilities assumed | $ 0 | $ 65,947 | |
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 |