Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001556727 | |
Entity Registrant Name | First Northwest Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,667,671 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 17,844 | $ 17,104 |
Interest-earning deposits in banks | 122,773 | 28,492 |
Investment securities available for sale, at fair value | 329,086 | 326,569 |
Loans held for sale | 0 | 597 |
Loans receivable (net of allowance for credit losses on loans of $17,396 and $16,116) | 1,562,068 | 1,531,435 |
Federal Home Loan Bank (FHLB) stock, at cost | 15,602 | 11,681 |
Accrued interest receivable | 7,205 | 6,743 |
Premises and equipment, net | 18,252 | 18,089 |
Servicing rights on sold loans, at fair value | 4,224 | 3,887 |
Bank-owned life insurance, net | 39,878 | 39,665 |
Equity and partnership investments | 14,392 | 14,289 |
Goodwill and other intangible assets, net | 1,088 | 1,089 |
Deferred tax asset, net | 14,211 | 14,091 |
Prepaid expenses and other assets | 25,471 | 28,339 |
Total assets | 2,172,094 | 2,042,070 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,594,208 | 1,564,255 |
Borrowings | 379,377 | 285,358 |
Accrued interest payable | 508 | 455 |
Accrued expenses and other liabilities | 35,255 | 32,344 |
Advances from borrowers for taxes and insurance | 2,410 | 1,376 |
Total liabilities | 2,011,758 | 1,883,788 |
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 9,674,055 shares at March 31, 2023, and 9,703,581 shares at December 31, 2022 | 97 | 97 |
Additional paid-in capital | 95,333 | 95,508 |
Retained earnings | 114,139 | 114,424 |
Accumulated other comprehensive loss, net of tax | (38,108) | (40,543) |
Unearned employee stock ownership plan (ESOP) shares | (7,749) | (7,913) |
Total parent's shareholders' equity | 163,712 | 161,573 |
Noncontrolling interest in Quin Ventures, Inc. | (3,376) | (3,291) |
Total shareholders' equity | 160,336 | 158,282 |
Total liabilities and shareholders' equity | $ 2,172,094 | $ 2,042,070 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Allowance for Credit Loss | [1] | $ 17,396 | $ 16,116 |
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) | 9,674,055 | 9,703,581 | |
Common stock, shares outstanding (in shares) | 9,674,055 | 9,703,581 | |
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 19,504 | $ 14,536 |
Interest on investment securities | 3,182 | 2,275 |
Interest on deposits and other | 404 | 38 |
FHLB dividends | 192 | 52 |
Total interest income | 23,282 | 16,901 |
INTEREST EXPENSE | ||
Deposits | 4,353 | 717 |
Borrowings | 2,624 | 698 |
Total interest expense | 6,977 | 1,415 |
Net interest income | 16,305 | 15,486 |
Recapture of provision for credit losses | (500) | 0 |
Net interest income after recapture of credit losses | 16,805 | 15,486 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 1,141 | 1,173 |
Sold loan servicing fees and servicing right mark-to-market | 493 | 432 |
Net gain on sale of loans | 176 | 253 |
Net gain on sale of investment securities | 0 | 126 |
Increase in cash surrender value of bank-owned life insurance | 226 | 252 |
Other income | 298 | 167 |
Total noninterest income | 2,334 | 2,403 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 7,837 | 8,803 |
Data processing | 2,038 | 1,772 |
Occupancy and equipment | 1,209 | 1,167 |
Supplies, postage, and telephone | 355 | 313 |
Regulatory assessments and state taxes | 389 | 361 |
Advertising | 1,041 | 752 |
Professional fees | 806 | 559 |
FDIC insurance premium | 257 | 223 |
Other expense | 939 | 881 |
Total noninterest expense | 14,871 | 14,831 |
Income before provision for income taxes | 4,268 | 3,058 |
Provision for income taxes | 825 | 554 |
Net income | 3,443 | 2,504 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 85 | 302 |
Net income attributable to parent | $ 3,528 | $ 2,806 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.39 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 3,443 | $ 2,504 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on investments available for sale arising during the period | (4,791) | 19,454 |
Income tax (provision) benefit related to unrealized holding gains (losses) on investments | (1,029) | 4,084 |
Amortization of unrecognized DB plan prior service cost | 38 | 37 |
Income tax provision related to amortization of DB plan prior service cost | (8) | (8) |
Unrealized holding (losses) gains on derivatives | (1,728) | 0 |
Income tax benefit (provision) related to unrealized holding (losses) gains on derivatives | 371 | 0 |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | 0 | (126) |
Income tax benefit related to reclassification adjustment on sales of securities | 0 | 26 |
Other comprehensive income (loss), net of tax | 2,435 | (15,441) |
Comprehensive income (loss) | 5,878 | (12,937) |
Comprehensive loss attributable to noncontrolling interest | (85) | (302) |
Comprehensive income (loss) attributable to parent | $ 5,963 | $ (12,635) |
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, 2021 | 9,972,698 | |||||||||||||
BALANCE at Dec. 31, 2021 | $ 424 | $ 424 | $ 100 | $ 96,131 | $ 103,014 | $ (8,572) | $ 288 | $ (481) | $ 190,480 | |||||
Net income | 2,806 | (302) | 2,504 | |||||||||||
Restricted stock award grants net of forfeitures (in shares) | 39,843 | |||||||||||||
Restricted stock award grants net of forfeitures | $ 0 | 0 | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (8,919) | |||||||||||||
Restricted stock awards canceled | $ 0 | (195) | (195) | |||||||||||
Other comprehensive loss, net of tax | (15,441) | (15,441) | ||||||||||||
Share-based compensation expense | 411 | 411 | ||||||||||||
ESOP shares committed to be released | 126 | 165 | 291 | |||||||||||
Cash dividends declared ($0.07 per share) | (698) | (698) | ||||||||||||
BALANCE (in shares) at Mar. 31, 2022 | 10,003,622 | |||||||||||||
BALANCE at Mar. 31, 2022 | $ 100 | 96,473 | 105,546 | (8,407) | (15,153) | (783) | $ 177,776 | |||||||
BALANCE (in shares) (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | ||||||||||||||
BALANCE (in shares) at Dec. 31, 2022 | 9,703,581 | 9,703,581 | ||||||||||||
BALANCE (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ (2,951) | $ (2,951) | ||||||||||||
BALANCE at Dec. 31, 2022 | $ 97 | 95,508 | 114,424 | (7,913) | (40,543) | (3,291) | $ 158,282 | |||||||
Net income | 3,528 | (85) | 3,443 | |||||||||||
Restricted stock award grants net of forfeitures (in shares) | 25,249 | |||||||||||||
Restricted stock award grants net of forfeitures | $ 0 | 0 | 0 | |||||||||||
Restricted stock awards canceled (in shares) | (10,334) | |||||||||||||
Restricted stock awards canceled | $ 0 | (145) | (145) | |||||||||||
Other comprehensive loss, net of tax | 2,435 | 2,435 | ||||||||||||
Share-based compensation expense | 391 | 391 | ||||||||||||
ESOP shares committed to be released | 23 | 164 | 187 | |||||||||||
Cash dividends declared ($0.07 per share) | (679) | (679) | ||||||||||||
Common stock repurchased (in shares) | (44,441) | |||||||||||||
Common stock repurchased | $ 0 | (444) | (183) | $ (627) | ||||||||||
BALANCE (in shares) at Mar. 31, 2023 | 9,674,055 | 9,674,055 | ||||||||||||
BALANCE at Mar. 31, 2023 | $ 97 | $ 95,333 | $ 114,139 | $ (7,749) | $ (38,108) | $ (3,376) | $ 160,336 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.07 | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interest | $ 3,443 | $ 2,504 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 396 | 372 |
Amortization of core deposit intangible | 1 | 3 |
Amortization and accretion of premiums and discounts on investments, net | 361 | 472 |
(Accretion) amortization of deferred loan fees and purchased premiums, net | (111) | 279 |
Amortization of debt issuance costs | 19 | 20 |
Change in fair value of sold loan servicing rights | (269) | (170) |
Additions to servicing rights on sold loans, net | (68) | (169) |
Recapture of provision for credit losses | (500) | 0 |
Allocation of ESOP shares | 187 | 217 |
Share-based compensation expense | 391 | 411 |
Gain on sale of loans, net | (176) | (253) |
Gain on sale of securities available for sale, net | 0 | (126) |
Increase in cash surrender value of life insurance, net | (226) | (252) |
Origination of loans held for sale | (4,812) | (10,878) |
Proceeds from sale of loans held for sale | 5,586 | 10,557 |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (462) | (407) |
Decrease (increase) in prepaid expenses and other assets | 2,806 | (400) |
Increase (decrease) in accrued interest payable | 53 | (380) |
Increase in accrued expenses and other liabilities | 171 | 1,451 |
Net cash provided by operating activities | 6,790 | 3,251 |
Cash flows from investing activities: | ||
Purchase of securities available for sale | 0 | (74,655) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 1,913 | 10,718 |
Proceeds from sales of securities available for sale | 0 | 10,452 |
Purchase of FHLB stock | (3,921) | (2,926) |
Net increase in loans receivable | (32,746) | (20,608) |
Purchase of premises and equipment, net | (559) | (1,590) |
Capital contributions to equity and partnership investments | 0 | (272) |
Capital contributions to historic tax credit partnerships | 0 | (1,829) |
Net cash used by investing activities | (35,313) | (80,710) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 29,953 | (31,166) |
Proceeds from long-term FHLB advances | 15,000 | 0 |
Repayment of long-term FHLB advances | (10,000) | 0 |
Net increase in short-term FHLB advances | 90,000 | 65,000 |
Net (decrease) increase in line of credit | (1,000) | 0 |
Net increase in advances from borrowers for taxes and insurance | 1,034 | 1,030 |
Payment of dividends | (671) | (698) |
Restricted stock awards canceled | (145) | (195) |
Repurchase of common stock | (627) | 0 |
Net cash provided by financing activities | 123,544 | 33,971 |
Net increase (decrease) in cash and cash equivalents | 95,021 | (43,488) |
Cash and cash equivalents at beginning of period | 45,596 | 126,016 |
Cash and cash equivalents at end of period | 140,617 | 82,528 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 6,924 | 1,795 |
Supplemental disclosures of noncash investing activities: | ||
Change in unrealized gain (loss) on securities available for sale | 4,791 | (19,580) |
Change in unrealized (loss) gain on cash flow hedges | (1,728) | 0 |
Cumulative adjustment to servicing right asset due to election of fair value option | 0 | 538 |
Cumulative effect of adoption of ASU 2016-13 Financial Instruments - Credit Losses on January 1, 2023 | $ (3,735) | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 was 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, December 2022 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, 2022 . 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 March 31, 2023 , 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 credit losses ("ACL"), fair value of financial instruments and derivatives, and deferred tax assets and liabilities. Principles of consolidation 810. Subsequent events Recently adopted accounting pronouncements Credit Losses On January 1, 2023, 2016 13 Credit Losses (Topic 326 The Company adopted ASU 2016 13 2023 no not Results for the reporting period beginning after January 1, 2023, 2016 13, not 10 December 31, 2022. The accounting policies for all financial instruments impacted by the CECL adoption are as follows: Investment Securities A debt security is placed on nonaccrual status at the time any principal or payments become more than 90 not Allowance for Credit Losses on Investment Securities Management evaluates the need for an ACL on investment securities ("ACLI") on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For investment securities available for sale in an unrealized loss position, the Company first not not not Changes in the ACLI are recorded as provision, or reversal of provision, for credit losses expense. Losses are charged against the allowance when management believes the uncollectibility of an investment security available for sale is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on investment securities available for sale is excluded from the estimate of credit losses as interest accrued, but not Loans Receivable Loans receivable include loans originated and indirect loans purchased by the Bank as well as loans acquired in business combinations. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the outstanding principal balance, net of purchased premiums and discounts, unearned discounts, and net deferred loan origination fees and costs. Accrued interest receivable for loans receivable is reported in prepaid expenses and other assets on the Consolidated Balance Sheets. Allowance for Credit Losses on Loans The ACL on loans ("ACLL") is a valuation account that is deducted from the amortized cost of loans receivable to present the net amount expected to be collected. Loans are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Bank records the changes in the ACLL through earnings, as a provision for credit losses on the Consolidated Statements of Income. Accrued interest receivable on loans receivable is excluded from the estimate of credit losses. Instead, interest accrued, but not The Company has identified segments of loans with similar risk characteristics for which it then applies one two not For each loan segment collectively measured, the baseline loss rates are calculated using the Bank's own data and peer institution data from FFIEC Call Report filings. The Bank evaluates the historical period on a quarterly basis. The baseline loss rates are applied to each loan's estimated cash flows over the life of the loan to determine the baseline loss estimate for each loan. Estimated cash flows consider the principal and interest in accordance with the contractual term of the loan and estimated prepayments. Contractual cash flows are based on the amortized cost, as adjusted for balances guaranteed by governmental entities, such as the Small Business Administration ("SBA") or the United States Department of Agriculture ("USDA"), or the unguaranteed amortized cost. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: 1 2 not The CECL methodology includes consideration of the forecasted direction of the economic and business environment and its likely impact to the estimated allowance as compared to the historical losses over the reasonable and supportable time frame. Economic forecast models for the current period are uploaded to the model, which targets two The Bank uses the Federal Open Market Committee ("FOMC") forecast via an application programming interface with our CECL software. FOMC provides various forecast scenarios used to determine the loan portfolio’s expected credit loss. Based on known/knowable information at the measurement date, management has determined that the FOMC scenarios and the underlying assumptions most closely align with current and expected conditions. The Bank has elected to forecast the first four 326 20 30 9. In general, management's estimate of the ACLL uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for loan losses evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. While management utilizes its best judgment and information available to recognize losses on loans, future additions to the allowance may may Allowance for Credit Losses on Unfunded Commitments The Bank estimates expected credit losses on unfunded, off-balance sheet commitments over the contractual period in which the Bank is exposed to credit risk from a contractual obligation to extend credit, unless the obligation is unconditionally cancellable by the Company. The Bank has determined that no The allowance methodology is similar to the ACLL, but additionally includes an estimate of the future utilization of the commitment as determined by historical commitment utilization. The credit risks associated with the unfunded commitments are consistent with the risks outlined for each loan class. The allowance is recognized in accrued expenses and other liabilities on the Consolidated Balance Sheets and is adjusted as a provision (reversal of provision) for credit losses on the Consolidated Statements of Income. Provision for Credit Losses The provision for credit losses as presented in the Company's Consolidated Statements of Income includes the provision for credit losses on loans and the provision for credit losses on unfunded commitments. Summary of CECL Impact: Investment Securities - December 31, 2022, no not 2016 13, March 31, 2023, no 2 Loan Receivable - 2016 13 The Bank recorded a pretax increase to the ACLL of $2.2 million to increase the reserve to the estimated credit losses at January 1, 2023 December 31, 2022 March 31, 2023, See Note 4 Unfunded Commitments 2016 13 Overall CECL Impact - 2016 13, January 1, 2023 Derivative Instruments and Hedging Activities On March 28, 2022, 2022 01, 815 Fair Value Hedging Portfolio Layer Method first 2017 12, 815 2022 01 December 15, 2022, 2017 12, 2022 01 January 1, 2023 no Accounting Policy for Derivative Instruments and Hedging Activities - 815, Derivatives and Hedging 815" As required by ASC 815, may may not not In accordance with the FASB’s fair value measurement guidance in ASU 2011 04, Recently issued accounting pronouncements not Other Pronouncements In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. December 31, 2022, 2022 06, 848 December 31, 2024. No. 2020 04 no June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 In March 2023, 2023 02, Investments - Equity Method and Joint Ventures (Topic 323 2023 02 323 740 25 3, not no not 323 10: Investments - Equity Method and Joint Ventures - Overall not 321: Investments - Equity Securities 2023 02 December 15, 2023, 2023 02 Reclassifications no |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at March 31, 2023 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 119,761 $ 1 $ (17,852 ) $ 101,910 U.S. Treasury notes 2,472 — (82 ) 2,390 International agency issued bonds (Agency bonds) 1,957 — (212 ) 1,745 Corporate issued debt securities (Corporate debt) 60,648 — (5,531 ) 55,117 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 87,398 — (12,452 ) 74,946 Non-agency issued mortgage-backed securities (MBS non-agency) 100,673 — (7,695 ) 92,978 Total securities available for sale $ 372,909 $ 1 $ (43,824 ) $ 329,086 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2022 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 119,990 $ — $ (21,940 ) $ 98,050 U.S. Treasury notes 2,469 — (105 ) 2,364 Agency bonds 1,955 — (253 ) 1,702 Corporate debt 60,700 — (5,201 ) 55,499 Mortgage-backed securities: MBS agency 88,930 1 (13,283 ) 75,648 MBS non-agency 101,139 — (7,833 ) 93,306 Total securities available for sale $ 375,183 $ 1 $ (48,615 ) $ 326,569 There were no securities classified as held-to-maturity at March 31, 2023 December 31, 2022 Accrued interest receivable on available-for-sale debt securities totaled $2.2 million and $2.0 million as of March 31, 2023 December 31, 2022 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of March 31, 2023 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 $ (581 ) $ 5,092 $ (17,271 ) $ 96,517 $ (17,852 ) $ 101,609 U.S. Treasury notes — — (82 ) 2,390 (82 ) 2,390 Agency bonds — — (212 ) 1,745 (212 ) 1,745 Corporate debt (1,562 ) 23,015 (3,969 ) 32,102 (5,531 ) 55,117 Mortgage-backed securities: MBS agency (369 ) 7,279 (12,083 ) 67,667 (12,452 ) 74,946 MBS non-agency (963 ) 12,629 (6,732 ) 80,349 (7,695 ) 92,978 Total available for sale $ (3,475 ) $ 48,015 $ (40,349 ) $ 280,770 $ (43,824 ) $ 328,785 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, 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 $ (15,749 ) $ 79,129 $ (6,191 ) $ 18,621 $ (21,940 ) $ 97,750 U.S. Treasury notes (105 ) 2,364 — — (105 ) 2,364 Agency bonds — — (253 ) 1,702 (253 ) 1,702 Corporate debt (2,570 ) 30,555 (2,631 ) 24,944 (5,201 ) 55,499 Mortgage-backed securities: MBS agency (5,079 ) 40,099 (8,204 ) 33,064 (13,283 ) 73,163 MBS non-agency (3,956 ) 51,994 (3,877 ) 41,311 (7,833 ) 93,305 Total available for sale $ (27,459 ) $ 204,141 $ (21,156 ) $ 119,642 $ (48,615 ) $ 323,783 There were 32 available-for-sale securities with unrealized losses of less than one one March 31, 2023 one one December 31, 2022 not not no March 31, 2023 December 31, 2022 The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may may March 31, 2023 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 22,543 $ 22,169 Due after one through five years 20,065 19,321 Due after five through ten years 13,349 12,238 Due after ten years 132,114 114,196 Total mortgage-backed securities 188,071 167,924 All other investment securities: Due within one year — — Due after one through five years 20,705 19,173 Due after five through ten years 64,126 57,465 Due after ten years 100,007 84,524 Total all other investment securities 184,838 161,162 Total investment securities $ 372,909 $ 329,086 December 31, 2022 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 13,762 $ 13,490 Due after one through five years 28,890 27,808 Due after five through ten years 13,436 12,165 Due after ten years 133,981 115,491 Total mortgage-backed securities 190,069 168,954 All other investment securities: Due within one year — — Due after one through five years 20,700 18,957 Due after five through ten years 64,211 57,523 Due after ten years 100,203 81,135 Total all other investment securities 185,114 157,615 Total investment securities $ 375,183 $ 326,569 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended March 31, 2023 2022 (In thousands) Proceeds from sales $ — $ 10,452 Gross realized gains — 128 Gross realized losses — (2 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 The Company has defined its loan portfolio into three three Loan amounts are net of unearned loan fees in excess of unamortized costs and premiums of $13.8 million as of March 31, 2023 December 31, 2022 not March 31, 2023 December 31, 2022 The amortized cost of loans receivable, net of ACLL, consisted of the following at the dates indicated: March 31, 2023 December 31, 2022 (In thousands) Real Estate: One-to-four family $ 354,522 $ 343,559 Multi-family 284,863 252,745 Commercial real estate 373,013 388,884 Construction and land 161,662 193,646 Total real estate loans 1,174,060 1,178,834 Consumer: Home equity 54,116 52,877 Auto and other consumer 251,302 238,913 Total consumer loans 305,418 291,790 Commercial business loans 99,986 76,927 Total loans receivable 1,579,464 1,547,551 Less: Allowance for credit losses on loans (1) 17,396 16,116 Total loans receivable, net $ 1,562,068 $ 1,531,435 ( 1 2023 2022 Nonaccrual Loans. 90 not not not six The following table presents the amortized cost of nonaccrual loans by class of loan at the dates indicated: March 31, 2023 December 31, 2022 Collateral Dependent Loans Non-Collateral Dependent Loans Total Nonaccrual Loans Nonaccrual (1) (In thousands) One-to-four family $ 1,154 $ 332 $ 1,486 $ 954 Commercial real estate 46 — 46 53 Construction and land — 14 14 15 Home equity 32 274 306 196 Auto and other consumer — 781 781 575 Total nonaccrual loans $ 1,232 $ 1,401 $ 2,633 $ 1,793 (1) Presentation of December 31, 2022, balances is in accordance with pre-CECL disclosure requirements. Interest income recognized on a cash basis on nonaccrual loans for the three March 31, 2023 Prior to the implementation of CECL, the Bank categorized loans as performing or nonperforming based on payment activity. Loans that were more than 90 The following table represents the credit risk profile based on payment activity by class of loans as of December 31, 2022 Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 954 $ 342,605 $ 343,559 Multi-family — 252,745 252,745 Commercial real estate 53 388,831 388,884 Construction and land 15 193,631 193,646 Consumer: Home equity 196 52,681 52,877 Auto and other consumer 575 238,338 238,913 Commercial business — 76,927 76,927 Total loans $ 1,793 $ 1,545,758 $ 1,547,551 Past due loans. not no 90 March 31, 2023 December 31, 2022 The following table presents the amortized cost of past due loans by segment and class as of March 31, 2023 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 $ 403 $ 492 $ 620 $ 1,515 $ 353,007 $ 354,522 Multi-family — — — — 284,863 284,863 Commercial real estate — — — — 373,013 373,013 Construction and land 18 — 18 36 161,626 161,662 Total real estate loans 421 492 638 1,551 1,172,509 1,174,060 Consumer: Home equity 63 — 92 155 53,961 54,116 Auto and other consumer 1,127 291 766 2,184 249,118 251,302 Total consumer loans 1,190 291 858 2,339 303,079 305,418 Commercial business loans — — — — 99,986 99,986 Total loans $ 1,611 $ 783 $ 1,496 $ 3,890 $ 1,575,574 $ 1,579,464 The following table presents the amortized cost of past due loans by segment and class as of December 31, 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 $ 1,449 $ 155 $ 652 $ 2,256 $ 341,303 $ 343,559 Multi-family — — — — 252,745 252,745 Commercial real estate — — — — 388,884 388,884 Construction and land — 18 — 18 193,628 193,646 Total real estate loans 1,449 173 652 2,274 1,176,560 1,178,834 Consumer: Home equity 153 — 11 164 52,713 52,877 Auto and other consumer 1,390 698 557 2,645 236,268 238,913 Total consumer loans 1,543 698 568 2,809 288,981 291,790 Commercial business loans — — — — 76,927 76,927 Total loans $ 2,992 $ 871 $ 1,220 $ 5,083 $ 1,542,468 $ 1,547,551 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 The following table presents the amortized cost of loans receivable by internally assigned risk grade and class of loans as of March 31, 2023 90 Term Loans by Year of Origination (1) Revolving Total 2023 2022 2021 2020 2019 Prior Loans Loans (In thousands) One-to-four family Pass $ 1,093 $ 71,982 $ 112,627 $ 76,012 $ 14,469 $ 74,187 $ — $ 350,370 Watch — — — 951 — 829 — 1,780 Special Mention — — — 330 — 26 — 356 Substandard — — — 304 492 1,220 — 2,016 Total one-to-four family 1,093 71,982 112,627 77,597 14,961 76,262 — 354,522 Gross charge-offs during the period — — — — — — — — Multi-family Pass 9,145 103,424 82,664 59,124 2,313 6,468 — 263,138 Watch — — 15,337 — 6,388 — — 21,725 Total multi-family 9,145 103,424 98,001 59,124 8,701 6,468 — 284,863 Gross charge-offs during the period — — — — — — — — Commercial Real Estate Pass 5,428 90,446 108,425 89,639 13,797 31,640 — 339,375 Watch 3,934 — 14,007 3,288 3,627 1,034 — 25,890 Special Mention — — 6,627 — — — — 6,627 Substandard — 46 — 1,075 — — — 1,121 Total commercial real estate 9,362 90,492 129,059 94,002 17,424 32,674 — 373,013 Gross charge-offs during the period — — — — — — — — Construction and Land Pass 9,024 60,673 72,087 1,840 579 2,622 — 146,825 Watch 819 — — — — 18 — 837 Substandard 13,986 — — — — 14 — 14,000 Total construction and land 23,829 60,673 72,087 1,840 579 2,654 — 161,662 Gross charge-offs during the period — — — — — — — — Home Equity Pass 934 7,932 5,315 3,675 1,718 4,302 29,844 53,720 Watch — — — — — 14 3 17 Special Mention — — — — — 73 — 73 Substandard — — 90 63 — — 153 306 Total home equity 934 7,932 5,405 3,738 1,718 4,389 30,000 54,116 Gross charge-offs during the period — — — — — 11 — 11 Other Consumer Pass 14,479 86,920 73,549 34,458 18,091 21,028 418 248,943 Watch — 342 357 272 213 73 — 1,257 Special Mention — 281 — 9 — 30 — 320 Substandard — 438 171 6 1 166 — 782 Total other consumer 14,479 87,981 74,077 34,745 18,305 21,297 418 251,302 Gross charge-offs during the period — 835 — — 11 85 23 954 Commercial business Pass 10,681 31,913 12,301 4,149 540 4,283 27,529 91,396 Watch — 11 399 1,107 — (3 ) — 1,514 Special Mention — — — 312 — 2,975 3,789 7,076 Total commercial business 10,681 31,924 12,700 5,568 540 7,255 31,318 99,986 Gross charge-offs during the period — — — — — — — — Total loans Pass 50,784 453,290 466,968 268,897 51,507 144,530 57,791 1,493,767 Watch 4,753 353 30,100 5,618 10,228 1,965 3 53,020 Special Mention — 281 6,627 651 — 3,104 3,789 14,452 Substandard 13,986 484 261 1,448 493 1,400 153 18,225 Total loans $ 69,523 $ 454,408 $ 503,956 $ 276,614 $ 62,228 $ 150,999 $ 61,736 $ 1,579,464 Total gross charge-offs during the period $ — $ 835 $ — $ — $ 11 $ 96 $ 23 $ 965 ( 1 90 The following table presents the amortized cost of loans receivable by internally assigned risk grade and class of loans as of December 31, 2022 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 339,812 $ 2,234 $ 27 $ 1,486 $ 343,559 Multi-family 237,077 15,668 — — 252,745 Commercial real estate 350,001 25,586 12,161 1,136 388,884 Construction and land 179,116 529 — 14,001 193,646 Total real estate loans 1,106,006 44,017 12,188 16,623 1,178,834 Consumer: Home equity 52,295 372 14 196 52,877 Auto and other consumer 238,522 222 75 94 238,913 Total consumer loans 290,817 594 89 290 291,790 Commercial business loans 66,276 2,234 8,417 — 76,927 Total loans $ 1,463,099 $ 46,845 $ 20,694 $ 16,913 $ 1,547,551 Individually Evaluated Loans. 326. may no no may March 31, 2023 no March 31, 2023 none March 31, 2023 Collateral Dependent Loans. no March 31, 2023 Collateral Type Single Family Residence Warehouse Total (In thousands) One-to-four family $ 1,154 $ — $ 1,154 Commercial real estate — 46 46 Home equity 32 — 32 Total collateral dependent loans $ 1,186 $ 46 $ 1,232 Troubled debt restructuring. January 1, 2023, The following table is a summary of information pertaining to TDR loans included in impaired loans at the date indicated, in accordance with pre-CECL disclosure requirements: December 31, 2022 (In thousands) Total TDR loans $ 1,753 Allowance for credit losses on loans related to TDR loans 21 Total nonaccrual TDR loans 29 There were no three March 31, 2022 There were no 12 three March 31, 2022 The following table presents TDR loans by class by accrual and nonaccrual status at the date indicated, in accordance with pre-CECL disclosure requirements: December 31, 2022 Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,697 $ 29 $ 1,726 Home equity 27 — 27 Total TDR loans $ 1,724 $ 29 $ 1,753 Modified Loans to Troubled Borrowers. January 1, 2023, 2022 02, no During the three March 31, 2023, |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | Note 4 The Company maintains an ACLL and an ACLU in accordance with ASC 326: Financial Instruments - Credit Losses 326 2016 13 January 1, 2023, 1. 2016 13. The Company has identified segments of loans with similar risk characteristics for which it then applies one two not For each loan segment collectively measured, the baseline loss rates are calculated using the Bank's own data and peer institution data from FFIEC Call Report filings. The Bank evaluates the historical period on a quarterly basis. The baseline loss rates are applied to each loan's estimated cash flows over the life of the loan to determine the baseline loss estimate for each loan. Estimated cash flows consider the principal and interest in accordance with the contractual term of the loan and estimated prepayments. Contractual cash flows are based on the amortized cost, as adjusted for balances guaranteed by governmental entities, such as the SBA or the USDA, or the unguaranteed amortized cost. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: 1 2 not The CECL methodology includes consideration of the forecasted direction of the economic and business environment and its likely impact to the estimated allowance as compared to the historical losses over the reasonable and supportable time frame. Economic forecast models for the current period are uploaded to the model, which targets two The Company estimates expected credit losses on unfunded, off-balance sheet commitments over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit, unless the obligation is unconditionally cancellable by the Company. The Company has determined that no The following table details activity in the allowance for credit losses on loans by class for the period shown: At or For the Three Months Ended March 31, 2023 Beginning Balance Impact of Day 1 CECL Adoption Adjusted Beginning Balance Charge-offs Recoveries (Recapture of) Provision for Credit Losses Ending Balance (In thousands) One-to-four family $ 3,343 $ (429 ) $ 2,914 $ — $ — $ (11 ) $ 2,903 Multi-family 2,468 (1,449 ) 1,019 — — 26 1,045 Commercial real estate 4,217 (604 ) 3,613 — — (634 ) 2,979 Construction and land 2,344 1,555 3,899 — — (1,117 ) 2,782 Home equity 549 346 895 (11 ) — 200 1,084 Auto and other consumer 2,024 2,381 4,405 (954 ) 21 1,217 4,689 Commercial business 786 794 1,580 — — 334 1,914 Unallocated 385 (385 ) — — — — — Total $ 16,116 $ 2,209 $ 18,325 $ (965 ) $ 21 $ 15 $ 17,396 The decrease in the ACLL during the three March 31, 2023, three March 31, 2023, 2023. three March 31, 2023, The following table details activity in the ALLL by class for the period shown under the incurred loss methodology: At or For the Three Months Ended March 31, 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 (177 ) 276 42 (193 ) (19 ) 56 56 (41 ) — Charge-offs — — — — — (137 ) — — (137 ) Recoveries 32 — — 2 17 89 — — 140 Ending balance $ 3,039 $ 2,092 $ 4,038 $ 2,481 $ 405 $ 2,229 $ 526 $ 317 $ 15,127 The following table details the ALLL and loan portfolio by class and impairment method for the period shown under the incurred loss methodology: At December 31, 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 $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 General reserve 3,321 2,468 4,217 2,343 545 2,019 786 385 16,084 Specific reserve 22 — — 1 4 5 — — 32 Gross loans $ 343,825 $ 253,551 $ 390,246 $ 194,646 $ 52,322 $ 222,794 $ 76,996 $ — $ 1,534,380 Loans collectively evaluated (1) 341,171 253,551 390,196 194,630 52,100 222,702 76,996 — 1,531,346 Loans individually evaluated (2) 2,654 — 50 16 222 92 — — 3,034 ( 1 ( 2 Impaired loans incurred loss model. January 1, 2023, may The following table provides additional information on loans individually evaluated for impairment by portfolio class at the date indicated under the incurred loss methodology. Recorded investment includes the unpaid principal balance or carrying amount of loans less charge-offs. December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 666 $ 705 $ — Commercial real estate 50 149 — Construction and land — 14 — Auto and other consumer — 2 — Total 716 870 — With an allowance recorded: One-to-four family 1,988 2,129 22 Construction and land 16 19 1 Home equity 222 224 4 Auto and other consumer 92 95 5 Total 2,318 2,467 32 Total impaired loans: One-to-four family 2,654 2,834 22 Commercial real estate 50 149 — Construction and land 16 33 1 Home equity 222 224 4 Auto and other consumer 92 97 5 Total $ 3,034 $ 3,337 $ 32 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the period shown under the incurred loss methodology: Three Months Ended March 31, 2022 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 210 $ 4 Commercial real estate 69 — Construction and land — 1 Home equity 9 17 Auto and other consumer 252 7 Total 540 29 With an allowance recorded: One-to-four family 2,030 41 Construction and land 22 1 Home equity 303 4 Auto and other consumer 217 3 Total 2,572 49 Total impaired loans: One-to-four family 2,240 45 Commercial real estate 69 — Construction and land 22 2 Home equity 312 21 Auto and other consumer 469 10 Total $ 3,112 $ 78 Interest income recognized on a cash basis on impaired loans for the three March 31, 2022 Allowance for Credit Losses on Unfunded Loan Commitments. March 31, 2023 January 1, 2023. |
Note 5 - Deposits
Note 5 - Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5 Deposits and weighted-average interest rates at the dates indicated are as follows: March 31, 2023 December 31, 2022 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 292,119 — % $ 315,083 — % Interest-bearing demand deposits 189,187 0.47 % 193,558 0.01 % Money market accounts 402,760 0.86 % 473,009 0.58 % Savings accounts 242,117 1.00 % 200,920 0.26 % Certificates of deposit 468,025 3.02 % 381,685 2.19 % Total deposits $ 1,594,208 1.31 % $ 1,564,255 0.74 % Brokered certificates of deposit of $134.5 million and $133.9 million are included in the March 31, 2023 December 31, 2022 $250,000, March 31, 2023 December 31, 2022 Maturities of certificates at the dates indicated are as follows: March 31, 2023 December 31, 2022 (In thousands) Within one year or less $ 317,003 $ 262,189 After one year through two years 120,850 69,967 After two years through three years 19,213 37,032 After three years through four years 6,814 7,409 After four years through five years 4,145 5,088 Total certificates of deposit $ 468,025 $ 381,685 At March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Interest on deposits by type for the periods shown was as follows: Three Months Ended March 31, 2023 2022 (In thousands) Demand deposits $ 194 $ 17 Money market accounts 776 298 Savings accounts 376 26 Certificates of deposit 3,007 376 Total interest expense on deposits $ 4,353 $ 717 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 6 First Fed is a member of the FHLB. As a member, First Fed has a committed line of credit of up to 45% 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 March 31, 2023 December 31, 2022 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 $8.7 million and $8.6 million at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 On March 25, 2021, 2031 2 On May 20, 2022, May 19, 2023 two 364 The following table sets forth information regarding our borrowings at the end of and during the three March 31, 2023 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 $ 85,000 $ 189,000 $ 55,000 $ 11,000 $ 39,377 Maximum outstanding at any month-end 85,000 189,000 55,000 11,000 39,377 Average monthly outstanding during the period 80,000 158,667 26,667 10,933 39,365 Weighted-average daily interest rates Annual 1.72 % 4.77 % 4.64 % 8.74 % 4.06 % Period End 2.08 % 4.91 % 5.05 % 8.50 % 4.06 % The amounts by year of maturity and weighted-average interest rate of FHLB long-term, fixed-rate advances at March 31, 2023 Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.47 % After one year through two years 35,000 2.81 After two years through three years 15,000 1.49 After three years through four years 10,000 1.63 After four years through five years 10,000 1.76 Total FHLB long-term advances $ 85,000 2.08 % The following table sets forth information regarding our borrowings at the end of and during the year ended December 31, 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 $ 144,000 $ 10,000 $ 12,000 $ 39,358 Maximum outstanding at any month-end 80,000 206,000 42,500 12,000 39,358 Average monthly outstanding during the period 80,000 90,983 15,208 5,770 39,312 Weighted-average daily interest rates Annual 1.52 % 2.83 % 1.82 % 6.76 % 4.01 % Period End 1.52 % 4.30 % 2.12 % 8.00 % 4.01 % |
Note 7 - Income Tax
Note 7 - Income Tax | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 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 19.3% and 18.1% for the three March 31, 2023 2022 2023 2022 second 2022, |
Note 8 - Earnings Per Common Sh
Note 8 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 The two two The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 (In thousands, except share data) Net income: Net income available to common shareholders $ 3,528 $ 2,806 Earnings allocated to participating securities (20 ) (70 ) Earnings allocated to common shareholders $ 3,508 $ 2,736 Basic: Weighted average common shares outstanding 9,703,115 10,040,090 Weighted average unvested restricted stock awards (165,333 ) (234,953 ) Weighted average unallocated ESOP shares (626,488 ) (674,969 ) Total basic weighted average common shares outstanding 8,911,294 9,130,168 Diluted: Basic weighted average common shares outstanding 8,911,294 9,130,168 Dilutive restricted stock awards 28,307 95,200 Total diluted weighted average common shares outstanding 8,939,601 9,225,368 Basic earnings per common share $ 0.39 $ 0.30 Diluted earnings per common share $ 0.39 $ 0.30 Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At March 31, 2023 2022 |
Note 9 - Employee Benefits
Note 9 - Employee Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 9 Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46%. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. No three March 31, 2023 As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three March 31, 2023 2022 Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2023 December 31, 2022 (Dollars in thousands) Allocated shares 386,285 386,285 Committed to be released shares 39,663 26,442 Unallocated shares 622,081 635,302 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 7,154 $ 9,758 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 In May 2020, 2020 "2020 May 2030. 2020 may 2020 March 31, 2023 2020 As a result of the approval of the 2020 2015 "2015 no March 31, 2023 2015 2015 2015 There were 27,049 and 42,243 shares of restricted stock awarded, respectively, during the three March 31, 2023 2022 one five For the three March 31, 2023 2022 three March 31, 2023 2022 The following tables provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended March 31, 2023 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2023 166,839 $ 17.78 Granted 27,049 14.38 Vested (32,700 ) 19.85 Canceled (1) (10,334 ) 19.85 Forfeited (1,800 ) 18.17 Non-vested at March 31, 2023 149,054 $ 16.56 (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 March 31, 2023 |
Note 11 - Fair Value Accounting
Note 11 - Fair Value Accounting and Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 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 1. 1 not 2, 3. Partnership investments 2, 3. Sold loan servicing rights, at fair value 3 Loans receivable, net 820 Interest rate swap derivative 2 not third third Assets and liabilities measured at fair value on a recurring basis March 31, 2023 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Financial Assets (In thousands) Securities available-for-sale Municipal bonds $ 5,027 $ 96,883 $ — $ 101,910 U.S. Treasury notes 2,390 — — 2,390 Agency bonds — 1,745 — 1,745 Corporate debt 5,452 49,665 — 55,117 MBS agency — 74,946 — 74,946 MBS non-agency — 63,356 29,622 92,978 Sold loan servicing rights — — 4,224 4,224 Partnership investments — — 12,556 12,556 Total assets measured at fair value $ 12,869 $ 286,595 $ 46,402 $ 345,866 Financial Liabilities Interest rate swap derivative $ — $ 1,697 $ — $ 1,697 December 31, 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 Financial Assets (In thousands) Securities available-for-sale Municipal bonds $ 4,913 $ 93,137 $ — $ 98,050 U.S. Treasury notes 2,364 — — 2,364 Agency bonds — 1,702 — 1,702 Corporate debt 5,326 50,173 — 55,499 MBS agency — 75,648 — 75,648 MBS non-agency — 63,707 29,599 93,306 Sold loan servicing rights — — 3,887 3,887 Partnership investments — — 12,563 12,563 Total assets measured at fair value $ 12,603 $ 284,367 $ 46,049 $ 343,019 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 March 31, 2023 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $4,224 Discounted cash flow Constant prepayment rate 4.61% - 22.63% (6.65%) Discount rate 11.38% - 14.41% (12.48%) MBS non-agency $29,622 Consensus pricing Offered quotes 97 99 Comparability adjustments (%) -1.2% - +1.0% (1) Unobservable inputs were weighted by the relative fair value of the instruments. The following tables summarize the changes in Level 3 As of or For the Three Months Ended March 31, 2023 Balance at beginning of period Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Balance at end of period (In thousands) Sold loan servicing rights $ 3,887 $ 68 $ 269 $ 4,224 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Three Months Ended March 31, 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) Balance at end of period (In thousands) Sold loan servicing rights $ 3,820 $ 56 $ 170 $ 4,046 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Three Months Ended March 31, 2023 Balance at beginning of period Transfers Into Level 3 Purchases Unrealized Gains (Losses) Balance at end of period (In thousands) Securities available for sale: MBS non-agency $ 29,599 $ — $ — $ 23 $ 29,622 Partnership investments 12,563 — — (7 ) 12,556 As of or For the Year Ended December 31, 2022 Balance at beginning of period Transfers Into Level 3 (1) Purchases Unrealized Gains Balance at end of period (In thousands) Securities available for sale: MBS non-agency $ — $ 29,599 $ — $ — $ 29,599 Sold loan servicing rights — 12,490 — 73 12,563 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the investments. 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 date indicated: December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,034 $ 3,034 At March 31, 2023 December 31, 2022 The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: March 31, 2023 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 140,617 $ 140,617 $ 140,617 $ — $ — Investment securities available for sale 329,086 329,086 12,869 286,595 29,622 Loans receivable, net 1,562,068 1,468,281 — — 1,468,281 FHLB stock 15,602 15,602 — 15,602 — Accrued interest receivable 7,205 7,205 — 7,205 — Sold loan servicing rights, at fair value 4,224 4,224 — — 4,224 Partnership investments 12,556 12,556 — — 12,556 Financial liabilities Demand deposits $ 1,126,183 $ 1,126,183 $ 1,126,183 $ — $ — Time deposits 468,025 460,747 — — 460,747 FHLB Borrowings 329,000 324,086 — — 324,086 Line of Credit 11,000 11,039 — — 11,039 Subordinated debt, net 39,377 40,819 — — 40,819 Accrued interest payable 508 508 — 508 — Interest rate swap derivative 1,697 1,697 — 1,697 — December 31, 2022 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,596 $ 45,596 $ 45,596 $ — $ — Investment securities available for sale 326,569 326,569 12,603 284,367 29,599 Loans held for sale 597 597 — 597 — Loans receivable, net 1,531,435 1,461,470 — — 1,461,470 FHLB stock 11,681 11,681 — 11,681 — Accrued interest receivable 6,743 6,743 — 6,743 — Sold loan servicing rights, at fair value 3,887 3,887 — — 3,887 Partnership investments 12,563 12,563 — — 12,563 Financial liabilities Demand deposits 1,182,570 $ 1,182,570 $ 1,182,570 $ — $ — Time deposits 381,685 372,865 — — 372,865 FHLB Borrowings 234,000 229,103 — — 229,103 Line of Credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,358 38,841 — — 38,841 Accrued interest payable 455 455 — 455 — |
Note 12 - Change in Accumulated
Note 12 - Change in Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 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 Unrealized Gains and Losses on Derivatives Total (In thousands) Balance at December 31, 2021 $ 2,140 $ (1,852 ) $ — $ 288 Other comprehensive loss before reclassification (15,370 ) — — (15,370 ) Amounts reclassified from accumulated other comprehensive income (100 ) 29 — (71 ) Net other comprehensive (loss) income (15,470 ) 29 — (15,441 ) Balance at March 31, 2022 $ (13,330 ) $ (1,823 ) $ — $ (15,153 ) Balance at December 31, 2022 $ (38,404 ) $ (2,139 ) $ — $ (40,543 ) Other comprehensive income before reclassification 3,762 — (1,357 ) 2,405 Amounts reclassified from accumulated other comprehensive income — 30 — 30 Net other comprehensive income 3,762 30 (1,357 ) 2,435 Balance at March 31, 2023 $ (34,642 ) $ (2,109 ) $ (1,357 ) $ (38,108 ) |
Note 13 - Derivatives and Hedgi
Note 13 - Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | N ote 13 The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. As of March 31, 2023 Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) as of March 31, 2023 as of March 31, 2023 (In thousands) AFS Securities (1) $ 51,728 $ 1,728 Total $ 51,728 $ 1,728 (1) These amounts include the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At March 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $59.8 million, the cumulative basis adjustments associated with these hedging relationships was $1.7 million, and the amounts of the designated hedged items were $50 million. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2023 Derivative Liabilities As of March 31, 2023 Notional Amount Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Products $ 50,000 Other Liabilities $ 1,697 Total derivatives designated as hedging instruments $ 1,697 The table below presents the effect of the Company’s derivative financial instruments on the Income Statement as of March 31, 2023 no three March 31, 2022 Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2023 Interest Income (In thousands) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 31 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ 1,728 Derivatives designated as hedging instruments $ (1,697 ) Credit Risk-related Contingent Features The Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The counterparties to all derivative transactions are major financial institutions with investment grade credit ratings. However, this does not The Company’s derivative contracts contain credit risk-related contingent features designed to protect against significant deterioration in counterparties’ creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal course of business. The Company’s bilateral credit related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could also trigger collateral requirements. As of March 31, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 . 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 March 31, 2023 , 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 credit losses ("ACL"), fair value of financial instruments and derivatives, 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 Credit Losses On January 1, 2023, 2016 13 Credit Losses (Topic 326 The Company adopted ASU 2016 13 2023 no not Results for the reporting period beginning after January 1, 2023, 2016 13, not 10 December 31, 2022. The accounting policies for all financial instruments impacted by the CECL adoption are as follows: Investment Securities A debt security is placed on nonaccrual status at the time any principal or payments become more than 90 not Allowance for Credit Losses on Investment Securities Management evaluates the need for an ACL on investment securities ("ACLI") on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For investment securities available for sale in an unrealized loss position, the Company first not not not Changes in the ACLI are recorded as provision, or reversal of provision, for credit losses expense. Losses are charged against the allowance when management believes the uncollectibility of an investment security available for sale is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on investment securities available for sale is excluded from the estimate of credit losses as interest accrued, but not Loans Receivable Loans receivable include loans originated and indirect loans purchased by the Bank as well as loans acquired in business combinations. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the outstanding principal balance, net of purchased premiums and discounts, unearned discounts, and net deferred loan origination fees and costs. Accrued interest receivable for loans receivable is reported in prepaid expenses and other assets on the Consolidated Balance Sheets. Allowance for Credit Losses on Loans The ACL on loans ("ACLL") is a valuation account that is deducted from the amortized cost of loans receivable to present the net amount expected to be collected. Loans are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Bank records the changes in the ACLL through earnings, as a provision for credit losses on the Consolidated Statements of Income. Accrued interest receivable on loans receivable is excluded from the estimate of credit losses. Instead, interest accrued, but not The Company has identified segments of loans with similar risk characteristics for which it then applies one two not For each loan segment collectively measured, the baseline loss rates are calculated using the Bank's own data and peer institution data from FFIEC Call Report filings. The Bank evaluates the historical period on a quarterly basis. The baseline loss rates are applied to each loan's estimated cash flows over the life of the loan to determine the baseline loss estimate for each loan. Estimated cash flows consider the principal and interest in accordance with the contractual term of the loan and estimated prepayments. Contractual cash flows are based on the amortized cost, as adjusted for balances guaranteed by governmental entities, such as the Small Business Administration ("SBA") or the United States Department of Agriculture ("USDA"), or the unguaranteed amortized cost. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: 1 2 not The CECL methodology includes consideration of the forecasted direction of the economic and business environment and its likely impact to the estimated allowance as compared to the historical losses over the reasonable and supportable time frame. Economic forecast models for the current period are uploaded to the model, which targets two The Bank uses the Federal Open Market Committee ("FOMC") forecast via an application programming interface with our CECL software. FOMC provides various forecast scenarios used to determine the loan portfolio’s expected credit loss. Based on known/knowable information at the measurement date, management has determined that the FOMC scenarios and the underlying assumptions most closely align with current and expected conditions. The Bank has elected to forecast the first four 326 20 30 9. In general, management's estimate of the ACLL uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for loan losses evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. While management utilizes its best judgment and information available to recognize losses on loans, future additions to the allowance may may Allowance for Credit Losses on Unfunded Commitments The Bank estimates expected credit losses on unfunded, off-balance sheet commitments over the contractual period in which the Bank is exposed to credit risk from a contractual obligation to extend credit, unless the obligation is unconditionally cancellable by the Company. The Bank has determined that no The allowance methodology is similar to the ACLL, but additionally includes an estimate of the future utilization of the commitment as determined by historical commitment utilization. The credit risks associated with the unfunded commitments are consistent with the risks outlined for each loan class. The allowance is recognized in accrued expenses and other liabilities on the Consolidated Balance Sheets and is adjusted as a provision (reversal of provision) for credit losses on the Consolidated Statements of Income. Provision for Credit Losses The provision for credit losses as presented in the Company's Consolidated Statements of Income includes the provision for credit losses on loans and the provision for credit losses on unfunded commitments. Summary of CECL Impact: Investment Securities - December 31, 2022, no not 2016 13, March 31, 2023, no 2 Loan Receivable - 2016 13 The Bank recorded a pretax increase to the ACLL of $2.2 million to increase the reserve to the estimated credit losses at January 1, 2023 December 31, 2022 March 31, 2023, See Note 4 Unfunded Commitments 2016 13 Overall CECL Impact - 2016 13, January 1, 2023 Derivative Instruments and Hedging Activities On March 28, 2022, 2022 01, 815 Fair Value Hedging Portfolio Layer Method first 2017 12, 815 2022 01 December 15, 2022, 2017 12, 2022 01 January 1, 2023 no Accounting Policy for Derivative Instruments and Hedging Activities - 815, Derivatives and Hedging 815" As required by ASC 815, may may not not In accordance with the FASB’s fair value measurement guidance in ASU 2011 04, Recently issued accounting pronouncements not Other Pronouncements In March 2020, No. 2020 04 Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. December 31, 2022, 2022 06, 848 December 31, 2024. No. 2020 04 no June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, 2022 03 In March 2023, 2023 02, Investments - Equity Method and Joint Ventures (Topic 323 2023 02 323 740 25 3, not no not 323 10: Investments - Equity Method and Joint Ventures - Overall not 321: Investments - Equity Securities 2023 02 December 15, 2023, 2023 02 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 119,761 $ 1 $ (17,852 ) $ 101,910 U.S. Treasury notes 2,472 — (82 ) 2,390 International agency issued bonds (Agency bonds) 1,957 — (212 ) 1,745 Corporate issued debt securities (Corporate debt) 60,648 — (5,531 ) 55,117 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 87,398 — (12,452 ) 74,946 Non-agency issued mortgage-backed securities (MBS non-agency) 100,673 — (7,695 ) 92,978 Total securities available for sale $ 372,909 $ 1 $ (43,824 ) $ 329,086 Gross Gross Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ 119,990 $ — $ (21,940 ) $ 98,050 U.S. Treasury notes 2,469 — (105 ) 2,364 Agency bonds 1,955 — (253 ) 1,702 Corporate debt 60,700 — (5,201 ) 55,499 Mortgage-backed securities: MBS agency 88,930 1 (13,283 ) 75,648 MBS non-agency 101,139 — (7,833 ) 93,306 Total securities available for sale $ 375,183 $ 1 $ (48,615 ) $ 326,569 |
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 $ (581 ) $ 5,092 $ (17,271 ) $ 96,517 $ (17,852 ) $ 101,609 U.S. Treasury notes — — (82 ) 2,390 (82 ) 2,390 Agency bonds — — (212 ) 1,745 (212 ) 1,745 Corporate debt (1,562 ) 23,015 (3,969 ) 32,102 (5,531 ) 55,117 Mortgage-backed securities: MBS agency (369 ) 7,279 (12,083 ) 67,667 (12,452 ) 74,946 MBS non-agency (963 ) 12,629 (6,732 ) 80,349 (7,695 ) 92,978 Total available for sale $ (3,475 ) $ 48,015 $ (40,349 ) $ 280,770 $ (43,824 ) $ 328,785 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (15,749 ) $ 79,129 $ (6,191 ) $ 18,621 $ (21,940 ) $ 97,750 U.S. Treasury notes (105 ) 2,364 — — (105 ) 2,364 Agency bonds — — (253 ) 1,702 (253 ) 1,702 Corporate debt (2,570 ) 30,555 (2,631 ) 24,944 (5,201 ) 55,499 Mortgage-backed securities: MBS agency (5,079 ) 40,099 (8,204 ) 33,064 (13,283 ) 73,163 MBS non-agency (3,956 ) 51,994 (3,877 ) 41,311 (7,833 ) 93,305 Total available for sale $ (27,459 ) $ 204,141 $ (21,156 ) $ 119,642 $ (48,615 ) $ 323,783 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2023 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 22,543 $ 22,169 Due after one through five years 20,065 19,321 Due after five through ten years 13,349 12,238 Due after ten years 132,114 114,196 Total mortgage-backed securities 188,071 167,924 All other investment securities: Due within one year — — Due after one through five years 20,705 19,173 Due after five through ten years 64,126 57,465 Due after ten years 100,007 84,524 Total all other investment securities 184,838 161,162 Total investment securities $ 372,909 $ 329,086 December 31, 2022 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 13,762 $ 13,490 Due after one through five years 28,890 27,808 Due after five through ten years 13,436 12,165 Due after ten years 133,981 115,491 Total mortgage-backed securities 190,069 168,954 All other investment securities: Due within one year — — Due after one through five years 20,700 18,957 Due after five through ten years 64,211 57,523 Due after ten years 100,203 81,135 Total all other investment securities 185,114 157,615 Total investment securities $ 375,183 $ 326,569 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2023 2022 (In thousands) Proceeds from sales $ — $ 10,452 Gross realized gains — 128 Gross realized losses — (2 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2023 December 31, 2022 (In thousands) Real Estate: One-to-four family $ 354,522 $ 343,559 Multi-family 284,863 252,745 Commercial real estate 373,013 388,884 Construction and land 161,662 193,646 Total real estate loans 1,174,060 1,178,834 Consumer: Home equity 54,116 52,877 Auto and other consumer 251,302 238,913 Total consumer loans 305,418 291,790 Commercial business loans 99,986 76,927 Total loans receivable 1,579,464 1,547,551 Less: Allowance for credit losses on loans (1) 17,396 16,116 Total loans receivable, net $ 1,562,068 $ 1,531,435 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2023 December 31, 2022 Collateral Dependent Loans Non-Collateral Dependent Loans Total Nonaccrual Loans Nonaccrual (1) (In thousands) One-to-four family $ 1,154 $ 332 $ 1,486 $ 954 Commercial real estate 46 — 46 53 Construction and land — 14 14 15 Home equity 32 274 306 196 Auto and other consumer — 781 781 575 Total nonaccrual loans $ 1,232 $ 1,401 $ 2,633 $ 1,793 (1) Presentation of December 31, 2022, balances is in accordance with pre-CECL disclosure requirements. Collateral Type Single Family Residence Warehouse Total (In thousands) One-to-four family $ 1,154 $ — $ 1,154 Commercial real estate — 46 46 Home equity 32 — 32 Total collateral dependent loans $ 1,186 $ 46 $ 1,232 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 954 $ 342,605 $ 343,559 Multi-family — 252,745 252,745 Commercial real estate 53 388,831 388,884 Construction and land 15 193,631 193,646 Consumer: Home equity 196 52,681 52,877 Auto and other consumer 575 238,338 238,913 Commercial business — 76,927 76,927 Total loans $ 1,793 $ 1,545,758 $ 1,547,551 Term Loans by Year of Origination (1) Revolving Total 2023 2022 2021 2020 2019 Prior Loans Loans (In thousands) One-to-four family Pass $ 1,093 $ 71,982 $ 112,627 $ 76,012 $ 14,469 $ 74,187 $ — $ 350,370 Watch — — — 951 — 829 — 1,780 Special Mention — — — 330 — 26 — 356 Substandard — — — 304 492 1,220 — 2,016 Total one-to-four family 1,093 71,982 112,627 77,597 14,961 76,262 — 354,522 Gross charge-offs during the period — — — — — — — — Multi-family Pass 9,145 103,424 82,664 59,124 2,313 6,468 — 263,138 Watch — — 15,337 — 6,388 — — 21,725 Total multi-family 9,145 103,424 98,001 59,124 8,701 6,468 — 284,863 Gross charge-offs during the period — — — — — — — — Commercial Real Estate Pass 5,428 90,446 108,425 89,639 13,797 31,640 — 339,375 Watch 3,934 — 14,007 3,288 3,627 1,034 — 25,890 Special Mention — — 6,627 — — — — 6,627 Substandard — 46 — 1,075 — — — 1,121 Total commercial real estate 9,362 90,492 129,059 94,002 17,424 32,674 — 373,013 Gross charge-offs during the period — — — — — — — — Construction and Land Pass 9,024 60,673 72,087 1,840 579 2,622 — 146,825 Watch 819 — — — — 18 — 837 Substandard 13,986 — — — — 14 — 14,000 Total construction and land 23,829 60,673 72,087 1,840 579 2,654 — 161,662 Gross charge-offs during the period — — — — — — — — Home Equity Pass 934 7,932 5,315 3,675 1,718 4,302 29,844 53,720 Watch — — — — — 14 3 17 Special Mention — — — — — 73 — 73 Substandard — — 90 63 — — 153 306 Total home equity 934 7,932 5,405 3,738 1,718 4,389 30,000 54,116 Gross charge-offs during the period — — — — — 11 — 11 Other Consumer Pass 14,479 86,920 73,549 34,458 18,091 21,028 418 248,943 Watch — 342 357 272 213 73 — 1,257 Special Mention — 281 — 9 — 30 — 320 Substandard — 438 171 6 1 166 — 782 Total other consumer 14,479 87,981 74,077 34,745 18,305 21,297 418 251,302 Gross charge-offs during the period — 835 — — 11 85 23 954 Commercial business Pass 10,681 31,913 12,301 4,149 540 4,283 27,529 91,396 Watch — 11 399 1,107 — (3 ) — 1,514 Special Mention — — — 312 — 2,975 3,789 7,076 Total commercial business 10,681 31,924 12,700 5,568 540 7,255 31,318 99,986 Gross charge-offs during the period — — — — — — — — Total loans Pass 50,784 453,290 466,968 268,897 51,507 144,530 57,791 1,493,767 Watch 4,753 353 30,100 5,618 10,228 1,965 3 53,020 Special Mention — 281 6,627 651 — 3,104 3,789 14,452 Substandard 13,986 484 261 1,448 493 1,400 153 18,225 Total loans $ 69,523 $ 454,408 $ 503,956 $ 276,614 $ 62,228 $ 150,999 $ 61,736 $ 1,579,464 Total gross charge-offs during the period $ — $ 835 $ — $ — $ 11 $ 96 $ 23 $ 965 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 339,812 $ 2,234 $ 27 $ 1,486 $ 343,559 Multi-family 237,077 15,668 — — 252,745 Commercial real estate 350,001 25,586 12,161 1,136 388,884 Construction and land 179,116 529 — 14,001 193,646 Total real estate loans 1,106,006 44,017 12,188 16,623 1,178,834 Consumer: Home equity 52,295 372 14 196 52,877 Auto and other consumer 238,522 222 75 94 238,913 Total consumer loans 290,817 594 89 290 291,790 Commercial business loans 66,276 2,234 8,417 — 76,927 Total loans $ 1,463,099 $ 46,845 $ 20,694 $ 16,913 $ 1,547,551 |
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 $ 403 $ 492 $ 620 $ 1,515 $ 353,007 $ 354,522 Multi-family — — — — 284,863 284,863 Commercial real estate — — — — 373,013 373,013 Construction and land 18 — 18 36 161,626 161,662 Total real estate loans 421 492 638 1,551 1,172,509 1,174,060 Consumer: Home equity 63 — 92 155 53,961 54,116 Auto and other consumer 1,127 291 766 2,184 249,118 251,302 Total consumer loans 1,190 291 858 2,339 303,079 305,418 Commercial business loans — — — — 99,986 99,986 Total loans $ 1,611 $ 783 $ 1,496 $ 3,890 $ 1,575,574 $ 1,579,464 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 $ 1,449 $ 155 $ 652 $ 2,256 $ 341,303 $ 343,559 Multi-family — — — — 252,745 252,745 Commercial real estate — — — — 388,884 388,884 Construction and land — 18 — 18 193,628 193,646 Total real estate loans 1,449 173 652 2,274 1,176,560 1,178,834 Consumer: Home equity 153 — 11 164 52,713 52,877 Auto and other consumer 1,390 698 557 2,645 236,268 238,913 Total consumer loans 1,543 698 568 2,809 288,981 291,790 Commercial business loans — — — — 76,927 76,927 Total loans $ 2,992 $ 871 $ 1,220 $ 5,083 $ 1,542,468 $ 1,547,551 |
Financing Receivable, Modified [Table Text Block] | December 31, 2022 (In thousands) Total TDR loans $ 1,753 Allowance for credit losses on loans related to TDR loans 21 Total nonaccrual TDR loans 29 December 31, 2022 Accrual Nonaccrual Total (In thousands) One-to-four family $ 1,697 $ 29 $ 1,726 Home equity 27 — 27 Total TDR loans $ 1,724 $ 29 $ 1,753 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended March 31, 2023 Beginning Balance Impact of Day 1 CECL Adoption Adjusted Beginning Balance Charge-offs Recoveries (Recapture of) Provision for Credit Losses Ending Balance (In thousands) One-to-four family $ 3,343 $ (429 ) $ 2,914 $ — $ — $ (11 ) $ 2,903 Multi-family 2,468 (1,449 ) 1,019 — — 26 1,045 Commercial real estate 4,217 (604 ) 3,613 — — (634 ) 2,979 Construction and land 2,344 1,555 3,899 — — (1,117 ) 2,782 Home equity 549 346 895 (11 ) — 200 1,084 Auto and other consumer 2,024 2,381 4,405 (954 ) 21 1,217 4,689 Commercial business 786 794 1,580 — — 334 1,914 Unallocated 385 (385 ) — — — — — Total $ 16,116 $ 2,209 $ 18,325 $ (965 ) $ 21 $ 15 $ 17,396 At or For the Three Months Ended March 31, 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 (177 ) 276 42 (193 ) (19 ) 56 56 (41 ) — Charge-offs — — — — — (137 ) — — (137 ) Recoveries 32 — — 2 17 89 — — 140 Ending balance $ 3,039 $ 2,092 $ 4,038 $ 2,481 $ 405 $ 2,229 $ 526 $ 317 $ 15,127 At December 31, 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 $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 General reserve 3,321 2,468 4,217 2,343 545 2,019 786 385 16,084 Specific reserve 22 — — 1 4 5 — — 32 Gross loans $ 343,825 $ 253,551 $ 390,246 $ 194,646 $ 52,322 $ 222,794 $ 76,996 $ — $ 1,534,380 Loans collectively evaluated (1) 341,171 253,551 390,196 194,630 52,100 222,702 76,996 — 1,531,346 Loans individually evaluated (2) 2,654 — 50 16 222 92 — — 3,034 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 666 $ 705 $ — Commercial real estate 50 149 — Construction and land — 14 — Auto and other consumer — 2 — Total 716 870 — With an allowance recorded: One-to-four family 1,988 2,129 22 Construction and land 16 19 1 Home equity 222 224 4 Auto and other consumer 92 95 5 Total 2,318 2,467 32 Total impaired loans: One-to-four family 2,654 2,834 22 Commercial real estate 50 149 — Construction and land 16 33 1 Home equity 222 224 4 Auto and other consumer 92 97 5 Total $ 3,034 $ 3,337 $ 32 Three Months Ended March 31, 2022 Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 210 $ 4 Commercial real estate 69 — Construction and land — 1 Home equity 9 17 Auto and other consumer 252 7 Total 540 29 With an allowance recorded: One-to-four family 2,030 41 Construction and land 22 1 Home equity 303 4 Auto and other consumer 217 3 Total 2,572 49 Total impaired loans: One-to-four family 2,240 45 Commercial real estate 69 — Construction and land 22 2 Home equity 312 21 Auto and other consumer 469 10 Total $ 3,112 $ 78 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, 2023 December 31, 2022 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 292,119 — % $ 315,083 — % Interest-bearing demand deposits 189,187 0.47 % 193,558 0.01 % Money market accounts 402,760 0.86 % 473,009 0.58 % Savings accounts 242,117 1.00 % 200,920 0.26 % Certificates of deposit 468,025 3.02 % 381,685 2.19 % Total deposits $ 1,594,208 1.31 % $ 1,564,255 0.74 % |
Time Deposit Maturities [Table Text Block] | March 31, 2023 December 31, 2022 (In thousands) Within one year or less $ 317,003 $ 262,189 After one year through two years 120,850 69,967 After two years through three years 19,213 37,032 After three years through four years 6,814 7,409 After four years through five years 4,145 5,088 Total certificates of deposit $ 468,025 $ 381,685 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended March 31, 2023 2022 (In thousands) Demand deposits $ 194 $ 17 Money market accounts 776 298 Savings accounts 376 26 Certificates of deposit 3,007 376 Total interest expense on deposits $ 4,353 $ 717 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 85,000 $ 189,000 $ 55,000 $ 11,000 $ 39,377 Maximum outstanding at any month-end 85,000 189,000 55,000 11,000 39,377 Average monthly outstanding during the period 80,000 158,667 26,667 10,933 39,365 Weighted-average daily interest rates Annual 1.72 % 4.77 % 4.64 % 8.74 % 4.06 % Period End 2.08 % 4.91 % 5.05 % 8.50 % 4.06 % Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.47 % After one year through two years 35,000 2.81 After two years through three years 15,000 1.49 After three years through four years 10,000 1.63 After four years through five years 10,000 1.76 Total FHLB long-term advances $ 85,000 2.08 % 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 $ 144,000 $ 10,000 $ 12,000 $ 39,358 Maximum outstanding at any month-end 80,000 206,000 42,500 12,000 39,358 Average monthly outstanding during the period 80,000 90,983 15,208 5,770 39,312 Weighted-average daily interest rates Annual 1.52 % 2.83 % 1.82 % 6.76 % 4.01 % Period End 1.52 % 4.30 % 2.12 % 8.00 % 4.01 % |
Note 8 - Earnings Per Common _2
Note 8 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 (In thousands, except share data) Net income: Net income available to common shareholders $ 3,528 $ 2,806 Earnings allocated to participating securities (20 ) (70 ) Earnings allocated to common shareholders $ 3,508 $ 2,736 Basic: Weighted average common shares outstanding 9,703,115 10,040,090 Weighted average unvested restricted stock awards (165,333 ) (234,953 ) Weighted average unallocated ESOP shares (626,488 ) (674,969 ) Total basic weighted average common shares outstanding 8,911,294 9,130,168 Diluted: Basic weighted average common shares outstanding 8,911,294 9,130,168 Dilutive restricted stock awards 28,307 95,200 Total diluted weighted average common shares outstanding 8,939,601 9,225,368 Basic earnings per common share $ 0.39 $ 0.30 Diluted earnings per common share $ 0.39 $ 0.30 |
Note 9 - Employee Benefits (Tab
Note 9 - Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | March 31, 2023 December 31, 2022 (Dollars in thousands) Allocated shares 386,285 386,285 Committed to be released shares 39,663 26,442 Unallocated shares 622,081 635,302 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 7,154 $ 9,758 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended March 31, 2023 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2023 166,839 $ 17.78 Granted 27,049 14.38 Vested (32,700 ) 19.85 Canceled (1) (10,334 ) 19.85 Forfeited (1,800 ) 18.17 Non-vested at March 31, 2023 149,054 $ 16.56 (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 11 - Fair Value Accounti_2
Note 11 - Fair Value Accounting and Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2023 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Financial Assets (In thousands) Securities available-for-sale Municipal bonds $ 5,027 $ 96,883 $ — $ 101,910 U.S. Treasury notes 2,390 — — 2,390 Agency bonds — 1,745 — 1,745 Corporate debt 5,452 49,665 — 55,117 MBS agency — 74,946 — 74,946 MBS non-agency — 63,356 29,622 92,978 Sold loan servicing rights — — 4,224 4,224 Partnership investments — — 12,556 12,556 Total assets measured at fair value $ 12,869 $ 286,595 $ 46,402 $ 345,866 Financial Liabilities Interest rate swap derivative $ — $ 1,697 $ — $ 1,697 December 31, 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 Financial Assets (In thousands) Securities available-for-sale Municipal bonds $ 4,913 $ 93,137 $ — $ 98,050 U.S. Treasury notes 2,364 — — 2,364 Agency bonds — 1,702 — 1,702 Corporate debt 5,326 50,173 — 55,499 MBS agency — 75,648 — 75,648 MBS non-agency — 63,707 29,599 93,306 Sold loan servicing rights — — 3,887 3,887 Partnership investments — — 12,563 12,563 Total assets measured at fair value $ 12,603 $ 284,367 $ 46,049 $ 343,019 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2023 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $4,224 Discounted cash flow Constant prepayment rate 4.61% - 22.63% (6.65%) Discount rate 11.38% - 14.41% (12.48%) MBS non-agency $29,622 Consensus pricing Offered quotes 97 99 Comparability adjustments (%) -1.2% - +1.0% (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | As of or For the Three Months Ended March 31, 2023 Balance at beginning of period Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Balance at end of period (In thousands) Sold loan servicing rights $ 3,887 $ 68 $ 269 $ 4,224 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Three Months Ended March 31, 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) Balance at end of period (In thousands) Sold loan servicing rights $ 3,820 $ 56 $ 170 $ 4,046 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Three Months Ended March 31, 2023 Balance at beginning of period Transfers Into Level 3 Purchases Unrealized Gains (Losses) Balance at end of period (In thousands) Securities available for sale: MBS non-agency $ 29,599 $ — $ — $ 23 $ 29,622 Partnership investments 12,563 — — (7 ) 12,556 As of or For the Year Ended December 31, 2022 Balance at beginning of period Transfers Into Level 3 (1) Purchases Unrealized Gains Balance at end of period (In thousands) Securities available for sale: MBS non-agency $ — $ 29,599 $ — $ — $ 29,599 Sold loan servicing rights — 12,490 — 73 12,563 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the investments. |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,034 $ 3,034 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 140,617 $ 140,617 $ 140,617 $ — $ — Investment securities available for sale 329,086 329,086 12,869 286,595 29,622 Loans receivable, net 1,562,068 1,468,281 — — 1,468,281 FHLB stock 15,602 15,602 — 15,602 — Accrued interest receivable 7,205 7,205 — 7,205 — Sold loan servicing rights, at fair value 4,224 4,224 — — 4,224 Partnership investments 12,556 12,556 — — 12,556 Financial liabilities Demand deposits $ 1,126,183 $ 1,126,183 $ 1,126,183 $ — $ — Time deposits 468,025 460,747 — — 460,747 FHLB Borrowings 329,000 324,086 — — 324,086 Line of Credit 11,000 11,039 — — 11,039 Subordinated debt, net 39,377 40,819 — — 40,819 Accrued interest payable 508 508 — 508 — Interest rate swap derivative 1,697 1,697 — 1,697 — December 31, 2022 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,596 $ 45,596 $ 45,596 $ — $ — Investment securities available for sale 326,569 326,569 12,603 284,367 29,599 Loans held for sale 597 597 — 597 — Loans receivable, net 1,531,435 1,461,470 — — 1,461,470 FHLB stock 11,681 11,681 — 11,681 — Accrued interest receivable 6,743 6,743 — 6,743 — Sold loan servicing rights, at fair value 3,887 3,887 — — 3,887 Partnership investments 12,563 12,563 — — 12,563 Financial liabilities Demand deposits 1,182,570 $ 1,182,570 $ 1,182,570 $ — $ — Time deposits 381,685 372,865 — — 372,865 FHLB Borrowings 234,000 229,103 — — 229,103 Line of Credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,358 38,841 — — 38,841 Accrued interest payable 455 455 — 455 — |
Note 12 - Change in Accumulat_2
Note 12 - Change in Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Unrealized Gains and Losses on Derivatives Total (In thousands) Balance at December 31, 2021 $ 2,140 $ (1,852 ) $ — $ 288 Other comprehensive loss before reclassification (15,370 ) — — (15,370 ) Amounts reclassified from accumulated other comprehensive income (100 ) 29 — (71 ) Net other comprehensive (loss) income (15,470 ) 29 — (15,441 ) Balance at March 31, 2022 $ (13,330 ) $ (1,823 ) $ — $ (15,153 ) Balance at December 31, 2022 $ (38,404 ) $ (2,139 ) $ — $ (40,543 ) Other comprehensive income before reclassification 3,762 — (1,357 ) 2,405 Amounts reclassified from accumulated other comprehensive income — 30 — 30 Net other comprehensive income 3,762 30 (1,357 ) 2,435 Balance at March 31, 2023 $ (34,642 ) $ (2,109 ) $ (1,357 ) $ (38,108 ) |
Note 13 - Derivatives and Hed_2
Note 13 - Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) as of March 31, 2023 as of March 31, 2023 (In thousands) AFS Securities (1) $ 51,728 $ 1,728 Total $ 51,728 $ 1,728 (1) These amounts include the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At March 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $59.8 million, the cumulative basis adjustments associated with these hedging relationships was $1.7 million, and the amounts of the designated hedged items were $50 million. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivative Liabilities As of March 31, 2023 Notional Amount Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Products $ 50,000 Other Liabilities $ 1,697 Total derivatives designated as hedging instruments $ 1,697 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2023 Interest Income (In thousands) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 31 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ 1,728 Derivatives designated as hedging instruments $ (1,697 ) |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Critical Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Jan. 01, 2023 | Dec. 18, 2015 | Jan. 29, 2015 | Dec. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 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 | |||||||||
Financing Receivable, after Allowance for Credit Loss | $ 1,531,435,000 | $ 1,562,068,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | $ 16,116,000 | [1] | $ 17,396,000 | [1] | $ 15,127,000 | $ 15,124,000 | ||||
Financing Receivable, Allowance for Credit Loss to Outstanding, Percent | 1.18% | 1.04% | 1.10% | |||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (930,000) | |||||||||
Cumulative Effect of Adoption of New Accounting Standard | (3,735,000) | $ 0 | ||||||||
Retained Earnings (Accumulated Deficit) | $ 114,424,000 | 114,139,000 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss | $ 2,209,000 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss | $ 2,200,000 | |||||||||
Cumulative Effect of Adoption of New Accounting Standard | $ 3,700,000 | |||||||||
Retained Earnings (Accumulated Deficit) | 3,000,000 | |||||||||
Government Contracts Concentration Risk [Member] | Investment Concentration Risk [Member] | US Government Agencies Debt Securities [Member] | ||||||||||
Concentration Risk, Percentage | 23.50% | |||||||||
Government Contracts Concentration Risk [Member] | Investment Concentration Risk [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||||||||
Concentration Risk, Percentage | 31% | |||||||||
Quil Ventures, Inc. [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | |||||||||
Investments, Total | $ 225,000 | |||||||||
Commitment Receivable | $ 1,500,000 | |||||||||
Unfunded Loan Commitment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss | 1,900,000 | $ 1,300,000 | ||||||||
Unfunded Loan Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 1,500,000 | |||||||||
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] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 8,000,000 | |||||||||
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 | |||||||||
Stock Returned During Period, Shares (in shares) | 29,719 | |||||||||
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 | |||||||||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,200 | $ 2,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 32 | 113 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 151 | 69 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, amortized cost | $ 372,909 | $ 375,183 |
Securities available for sale, gross unrealized gains | 1 | 1 |
Securities available for sale, gross unrealized losses | (43,824) | (48,615) |
Investment securities available for sale, at fair value | 329,086 | 326,569 |
Securities available for sale, gross unrealized losses | (43,824) | (48,615) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 119,761 | 119,990 |
Securities available for sale, gross unrealized gains | 1 | 0 |
Securities available for sale, gross unrealized losses | (17,852) | (21,940) |
Investment securities available for sale, at fair value | 101,910 | 98,050 |
Securities available for sale, gross unrealized losses | (17,852) | (21,940) |
US Treasury Securities [Member] | ||
Securities available for sale, amortized cost | 2,472 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (82) | |
Investment securities available for sale, at fair value | 2,390 | |
Securities available for sale, gross unrealized losses | (82) | |
US Treasury Notes Securities [Member] | ||
Securities available for sale, amortized cost | 2,469 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (105) | |
Investment securities available for sale, at fair value | 2,364 | |
Securities available for sale, gross unrealized losses | (105) | |
International Agency Bonds [Member] | ||
Securities available for sale, amortized cost | 1,957 | 1,955 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (212) | (253) |
Investment securities available for sale, at fair value | 1,745 | 1,702 |
Securities available for sale, gross unrealized losses | (212) | (253) |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 60,648 | 60,700 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (5,531) | (5,201) |
Investment securities available for sale, at fair value | 55,117 | 55,499 |
Securities available for sale, gross unrealized losses | (5,531) | (5,201) |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 87,398 | 88,930 |
Securities available for sale, gross unrealized gains | 0 | 1 |
Securities available for sale, gross unrealized losses | (12,452) | (13,283) |
Investment securities available for sale, at fair value | 74,946 | 75,648 |
Securities available for sale, gross unrealized losses | (12,452) | (13,283) |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 100,673 | 101,139 |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (7,695) | (7,833) |
Investment securities available for sale, at fair value | 92,978 | 93,306 |
Securities available for sale, gross unrealized losses | $ (7,695) | $ (7,833) |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gross Losses and Fair Value of Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (3,475) | $ (27,459) |
Securities available for sale, fair value, less than twelve months | 48,015 | 204,141 |
Securities available for sale, gross unrealized losses, twelve months or longer | (40,349) | (21,156) |
Securities available for sale, fair value, twelve months or longer | 280,770 | 119,642 |
Securities available for sale, gross unrealized losses, total | (43,824) | (48,615) |
Securities available for sale, fair value, total | 328,785 | 323,783 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (581) | (15,749) |
Securities available for sale, fair value, less than twelve months | 5,092 | 79,129 |
Securities available for sale, gross unrealized losses, twelve months or longer | (17,271) | (6,191) |
Securities available for sale, fair value, twelve months or longer | 96,517 | 18,621 |
Securities available for sale, gross unrealized losses, total | (17,852) | (21,940) |
Securities available for sale, fair value, total | 101,609 | 97,750 |
US Treasury Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | (105) |
Securities available for sale, fair value, less than twelve months | 0 | 2,364 |
Securities available for sale, gross unrealized losses, twelve months or longer | (82) | 0 |
Securities available for sale, fair value, twelve months or longer | 2,390 | 0 |
Securities available for sale, gross unrealized losses, total | (82) | (105) |
Securities available for sale, fair value, total | 2,390 | 2,364 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 0 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (212) | (253) |
Securities available for sale, fair value, twelve months or longer | 1,745 | 1,702 |
Securities available for sale, gross unrealized losses, total | (212) | (253) |
Securities available for sale, fair value, total | 1,745 | 1,702 |
Corporate Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (1,562) | (2,570) |
Securities available for sale, fair value, less than twelve months | 23,015 | 30,555 |
Securities available for sale, gross unrealized losses, twelve months or longer | (3,969) | (2,631) |
Securities available for sale, fair value, twelve months or longer | 32,102 | 24,944 |
Securities available for sale, gross unrealized losses, total | (5,531) | (5,201) |
Securities available for sale, fair value, total | 55,117 | 55,499 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (369) | (5,079) |
Securities available for sale, fair value, less than twelve months | 7,279 | 40,099 |
Securities available for sale, gross unrealized losses, twelve months or longer | (12,083) | (8,204) |
Securities available for sale, fair value, twelve months or longer | 67,667 | 33,064 |
Securities available for sale, gross unrealized losses, total | (12,452) | (13,283) |
Securities available for sale, fair value, total | 74,946 | 73,163 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (963) | (3,956) |
Securities available for sale, fair value, less than twelve months | 12,629 | 51,994 |
Securities available for sale, gross unrealized losses, twelve months or longer | (6,732) | (3,877) |
Securities available for sale, fair value, twelve months or longer | 80,349 | 41,311 |
Securities available for sale, gross unrealized losses, total | (7,695) | (7,833) |
Securities available for sale, fair value, total | $ 92,978 | $ 93,305 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, amortized cost | $ 372,909 | $ 375,183 |
Investment securities available for sale, at fair value | 329,086 | 326,569 |
Collateralized Mortgage-Backed Securities [Member] | ||
Due within one year, amortized cost | 22,543 | 13,762 |
Due within one year, estimated fair value | 22,169 | 13,490 |
Due after one through five years, amortized cost | 20,065 | 28,890 |
Due after one through five years, estimated fair value | 19,321 | 27,808 |
Due after five through ten years, amortized cost | 13,349 | 13,436 |
Due after five through ten years, estimated fair value | 12,238 | 12,165 |
Due after ten years, amortized cost | 132,114 | 133,981 |
Due after ten years, estimated fair value | 114,196 | 115,491 |
Securities available for sale, amortized cost | 188,071 | 190,069 |
Investment securities available for sale, at fair value | 167,924 | 168,954 |
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 | 20,705 | 20,700 |
Due after one through five years, estimated fair value | 19,173 | 18,957 |
Due after five through ten years, amortized cost | 64,126 | 64,211 |
Due after five through ten years, estimated fair value | 57,465 | 57,523 |
Due after ten years, amortized cost | 100,007 | 100,203 |
Due after ten years, estimated fair value | 84,524 | 81,135 |
Securities available for sale, amortized cost | 184,838 | 185,114 |
Investment securities available for sale, at fair value | $ 161,162 | $ 157,615 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds from sales of securities available for sale | $ 0 | $ 10,452 |
Gross realized gains | 0 | 128 |
Gross realized losses | $ 0 | $ (2) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) Pure in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 13,800,000 | $ 13,200,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 4,900,000 | 4,700,000 | |
Financing Receivable, Nonaccrual, Interest Income | 9,000 | $ 66,000 | |
Financing Receivable, Individually Evaluated for Impairment | $ 1,200,000 | $ 3,034,000 | |
Financing Receivable, Modified, Number of Contracts | 0 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Loan receivable, gross | $ 1,579,464 | $ 1,547,551 | ||||
Allowance for Credit Loss | 17,396 | [1] | 16,116 | [1] | $ 15,127 | $ 15,124 |
Total loans receivable, net | 1,562,068 | 1,531,435 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loan receivable, gross | 1,174,060 | 1,178,834 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Loan receivable, gross | 354,522 | 343,559 | ||||
Allowance for Credit Loss | 2,903 | 3,343 | 3,039 | 3,184 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Loan receivable, gross | 284,863 | 252,745 | ||||
Allowance for Credit Loss | 1,045 | 2,468 | 2,092 | 1,816 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loan receivable, gross | 373,013 | 388,884 | ||||
Allowance for Credit Loss | 2,979 | 4,217 | 4,038 | 3,996 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loan receivable, gross | 161,662 | 193,646 | ||||
Allowance for Credit Loss | 2,782 | 2,344 | 2,481 | 2,672 | ||
Consumer Portfolio Segment [Member] | ||||||
Loan receivable, gross | 305,418 | 291,790 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loan receivable, gross | 54,116 | 52,877 | ||||
Allowance for Credit Loss | 1,084 | 549 | 405 | 407 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Loan receivable, gross | 251,302 | 238,913 | ||||
Allowance for Credit Loss | 4,689 | 2,024 | 2,229 | 2,221 | ||
Commercial Portfolio Segment [Member] | ||||||
Loan receivable, gross | 99,986 | 76,927 | ||||
Allowance for Credit Loss | $ 1,914 | $ 786 | $ 526 | $ 470 | ||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total nonaccrual loans | $ 2,633 | $ 1,793 |
Collateral Pledged [Member] | ||
Total nonaccrual loans | 1,232 | |
Uncollateralized [Member] | ||
Total nonaccrual loans | 1,401 | |
Residential Real Estate [Member] | ||
Total nonaccrual loans | 1,186 | |
Commercial Real Estate [Member] | ||
Total nonaccrual loans | 46 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 1,486 | 954 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Collateral Pledged [Member] | ||
Total nonaccrual loans | 1,154 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Uncollateralized [Member] | ||
Total nonaccrual loans | 332 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Residential Real Estate [Member] | ||
Total nonaccrual loans | 1,154 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 14 | 15 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Pledged [Member] | ||
Total nonaccrual loans | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Uncollateralized [Member] | ||
Total nonaccrual loans | 14 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Total nonaccrual loans | 46 | 53 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Total nonaccrual loans | 46 | |
Commercial Real Estate Portfolio Segment [Member] | Uncollateralized [Member] | ||
Total nonaccrual loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Total nonaccrual loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 46 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 306 | 196 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged [Member] | ||
Total nonaccrual loans | 32 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Uncollateralized [Member] | ||
Total nonaccrual loans | 274 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Residential Real Estate [Member] | ||
Total nonaccrual loans | 32 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 0 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | 781 | $ 575 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Collateral Pledged [Member] | ||
Total nonaccrual loans | 0 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Uncollateralized [Member] | ||
Total nonaccrual loans | $ 781 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total Loans | $ 1,547,551 | ||
Originated current year | $ 69,523 | ||
Originated prior year | 454,408 | ||
Originated two years prior | 503,956 | ||
Originated three years prior | 276,614 | ||
Originated four years prior | 62,228 | ||
Originated years prior | 150,999 | ||
Revolving | 61,736 | ||
Loan receivable, gross | 1,579,464 | 1,547,551 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 835 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 11 | ||
Originated years prior, write offs | 96 | ||
Revolving, write offs | 23 | ||
Gross charge-offs during the period | 965 | $ 137 | |
Pass [Member] | |||
Originated current year | 50,784 | ||
Originated prior year | 453,290 | ||
Originated two years prior | 466,968 | ||
Originated three years prior | 268,897 | ||
Originated four years prior | 51,507 | ||
Originated years prior | 144,530 | ||
Revolving | 57,791 | ||
Loan receivable, gross | 1,493,767 | 1,463,099 | |
Watch [Member] | |||
Originated current year | 4,753 | ||
Originated prior year | 353 | ||
Originated two years prior | 30,100 | ||
Originated three years prior | 5,618 | ||
Originated four years prior | 10,228 | ||
Originated years prior | 1,965 | ||
Revolving | 3 | ||
Loan receivable, gross | 53,020 | 46,845 | |
Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 281 | ||
Originated two years prior | 6,627 | ||
Originated three years prior | 651 | ||
Originated four years prior | 0 | ||
Originated years prior | 3,104 | ||
Revolving | 3,789 | ||
Loan receivable, gross | 14,452 | 20,694 | |
Substandard [Member] | |||
Originated current year | 13,986 | ||
Originated prior year | 484 | ||
Originated two years prior | 261 | ||
Originated three years prior | 1,448 | ||
Originated four years prior | 493 | ||
Originated years prior | 1,400 | ||
Revolving | 153 | ||
Loan receivable, gross | 18,225 | 16,913 | |
Nonperforming Financial Instruments [Member] | |||
Total Loans | 1,793 | ||
Performing Financial Instruments [Member] | |||
Total Loans | 1,545,758 | ||
Real Estate Portfolio Segment [Member] | |||
Loan receivable, gross | 1,174,060 | 1,178,834 | |
Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loan receivable, gross | 1,106,006 | ||
Real Estate Portfolio Segment [Member] | Watch [Member] | |||
Loan receivable, gross | 44,017 | ||
Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loan receivable, gross | 12,188 | ||
Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loan receivable, gross | 16,623 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Total Loans | 343,559 | ||
Originated current year | 1,093 | ||
Originated prior year | 71,982 | ||
Originated two years prior | 112,627 | ||
Originated three years prior | 77,597 | ||
Originated four years prior | 14,961 | ||
Originated years prior | 76,262 | ||
Revolving | 0 | ||
Loan receivable, gross | 354,522 | 343,559 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 0 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 0 | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | |||
Originated current year | 1,093 | ||
Originated prior year | 71,982 | ||
Originated two years prior | 112,627 | ||
Originated three years prior | 76,012 | ||
Originated four years prior | 14,469 | ||
Originated years prior | 74,187 | ||
Revolving | 0 | ||
Loan receivable, gross | 350,370 | 339,812 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 951 | ||
Originated four years prior | 0 | ||
Originated years prior | 829 | ||
Revolving | 0 | ||
Loan receivable, gross | 1,780 | 2,234 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 330 | ||
Originated four years prior | 0 | ||
Originated years prior | 26 | ||
Revolving | 0 | ||
Loan receivable, gross | 356 | 27 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 304 | ||
Originated four years prior | 492 | ||
Originated years prior | 1,220 | ||
Revolving | 0 | ||
Loan receivable, gross | 2,016 | 1,486 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 954 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 342,605 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Total Loans | 252,745 | ||
Originated current year | 9,145 | ||
Originated prior year | 103,424 | ||
Originated two years prior | 98,001 | ||
Originated three years prior | 59,124 | ||
Originated four years prior | 8,701 | ||
Originated years prior | 6,468 | ||
Revolving | 0 | ||
Loan receivable, gross | 284,863 | 252,745 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 0 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | |||
Originated current year | 9,145 | ||
Originated prior year | 103,424 | ||
Originated two years prior | 82,664 | ||
Originated three years prior | 59,124 | ||
Originated four years prior | 2,313 | ||
Originated years prior | 6,468 | ||
Revolving | 0 | ||
Loan receivable, gross | 263,138 | 237,077 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 15,337 | ||
Originated three years prior | 0 | ||
Originated four years prior | 6,388 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 21,725 | 15,668 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Special Mention [Member] | |||
Loan receivable, gross | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Substandard [Member] | |||
Loan receivable, gross | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 252,745 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Total Loans | 388,884 | ||
Originated current year | 9,362 | ||
Originated prior year | 90,492 | ||
Originated two years prior | 129,059 | ||
Originated three years prior | 94,002 | ||
Originated four years prior | 17,424 | ||
Originated years prior | 32,674 | ||
Revolving | 0 | ||
Loan receivable, gross | 373,013 | 388,884 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 0 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Originated current year | 5,428 | ||
Originated prior year | 90,446 | ||
Originated two years prior | 108,425 | ||
Originated three years prior | 89,639 | ||
Originated four years prior | 13,797 | ||
Originated years prior | 31,640 | ||
Revolving | 0 | ||
Loan receivable, gross | 339,375 | 350,001 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | |||
Originated current year | 3,934 | ||
Originated prior year | 0 | ||
Originated two years prior | 14,007 | ||
Originated three years prior | 3,288 | ||
Originated four years prior | 3,627 | ||
Originated years prior | 1,034 | ||
Revolving | 0 | ||
Loan receivable, gross | 25,890 | 25,586 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 6,627 | ||
Originated three years prior | 0 | ||
Originated four years prior | 0 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 6,627 | 12,161 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Originated current year | 0 | ||
Originated prior year | 46 | ||
Originated two years prior | 0 | ||
Originated three years prior | 1,075 | ||
Originated four years prior | 0 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 1,121 | 1,136 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 53 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 388,831 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Total Loans | 193,646 | ||
Originated current year | 23,829 | ||
Originated prior year | 60,673 | ||
Originated two years prior | 72,087 | ||
Originated three years prior | 1,840 | ||
Originated four years prior | 579 | ||
Originated years prior | 2,654 | ||
Revolving | 0 | ||
Loan receivable, gross | 161,662 | 193,646 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 0 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Originated current year | 9,024 | ||
Originated prior year | 60,673 | ||
Originated two years prior | 72,087 | ||
Originated three years prior | 1,840 | ||
Originated four years prior | 579 | ||
Originated years prior | 2,622 | ||
Revolving | 0 | ||
Loan receivable, gross | 146,825 | 179,116 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | |||
Originated current year | 819 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 0 | ||
Originated years prior | 18 | ||
Revolving | 0 | ||
Loan receivable, gross | 837 | 529 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Loan receivable, gross | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Originated current year | 13,986 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 0 | ||
Originated years prior | 14 | ||
Revolving | 0 | ||
Loan receivable, gross | 14,000 | 14,001 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 15 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 193,631 | ||
Consumer Portfolio Segment [Member] | |||
Loan receivable, gross | 305,418 | 291,790 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loan receivable, gross | 290,817 | ||
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Loan receivable, gross | 594 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Loan receivable, gross | 89 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loan receivable, gross | 290 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total Loans | 52,877 | ||
Originated current year | 934 | ||
Originated prior year | 7,932 | ||
Originated two years prior | 5,405 | ||
Originated three years prior | 3,738 | ||
Originated four years prior | 1,718 | ||
Originated years prior | 4,389 | ||
Revolving | 30,000 | ||
Loan receivable, gross | 54,116 | 52,877 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 11 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 11 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Originated current year | 934 | ||
Originated prior year | 7,932 | ||
Originated two years prior | 5,315 | ||
Originated three years prior | 3,675 | ||
Originated four years prior | 1,718 | ||
Originated years prior | 4,302 | ||
Revolving | 29,844 | ||
Loan receivable, gross | 53,720 | 52,295 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 0 | ||
Originated years prior | 14 | ||
Revolving | 3 | ||
Loan receivable, gross | 17 | 372 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 0 | ||
Originated years prior | 73 | ||
Revolving | 0 | ||
Loan receivable, gross | 73 | 14 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 90 | ||
Originated three years prior | 63 | ||
Originated four years prior | 0 | ||
Originated years prior | 0 | ||
Revolving | 153 | ||
Loan receivable, gross | 306 | 196 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 196 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 52,681 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Total Loans | 238,913 | ||
Loan receivable, gross | 251,302 | 238,913 | |
Gross charge-offs during the period | 954 | 137 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | |||
Loan receivable, gross | 238,522 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | |||
Loan receivable, gross | 222 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | |||
Loan receivable, gross | 75 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | |||
Loan receivable, gross | 94 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 575 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | |||
Total Loans | 238,338 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | |||
Originated current year | 14,479 | ||
Originated prior year | 87,981 | ||
Originated two years prior | 74,077 | ||
Originated three years prior | 34,745 | ||
Originated four years prior | 18,305 | ||
Originated years prior | 21,297 | ||
Revolving | 418 | ||
Loan receivable, gross | 251,302 | ||
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 835 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 11 | ||
Originated years prior, write offs | 85 | ||
Revolving, write offs | 23 | ||
Gross charge-offs during the period | 954 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Pass [Member] | |||
Originated current year | 14,479 | ||
Originated prior year | 86,920 | ||
Originated two years prior | 73,549 | ||
Originated three years prior | 34,458 | ||
Originated four years prior | 18,091 | ||
Originated years prior | 21,028 | ||
Revolving | 418 | ||
Loan receivable, gross | 248,943 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Watch [Member] | |||
Originated current year | 0 | ||
Originated prior year | 342 | ||
Originated two years prior | 357 | ||
Originated three years prior | 272 | ||
Originated four years prior | 213 | ||
Originated years prior | 73 | ||
Revolving | 0 | ||
Loan receivable, gross | 1,257 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 281 | ||
Originated two years prior | 0 | ||
Originated three years prior | 9 | ||
Originated four years prior | 0 | ||
Originated years prior | 30 | ||
Revolving | 0 | ||
Loan receivable, gross | 320 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Substandard [Member] | |||
Originated current year | 0 | ||
Originated prior year | 438 | ||
Originated two years prior | 171 | ||
Originated three years prior | 6 | ||
Originated four years prior | 1 | ||
Originated years prior | 166 | ||
Revolving | 0 | ||
Loan receivable, gross | 782 | ||
Commercial Portfolio Segment [Member] | |||
Total Loans | 76,927 | ||
Originated current year | 10,681 | ||
Originated prior year | 31,924 | ||
Originated two years prior | 12,700 | ||
Originated three years prior | 5,568 | ||
Originated four years prior | 540 | ||
Originated years prior | 7,255 | ||
Revolving | 31,318 | ||
Loan receivable, gross | 99,986 | 76,927 | |
Originated current year, writeoffs | 0 | ||
Originated prior year, write offs | 0 | ||
Originated two years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Originated years prior, write offs | 0 | ||
Revolving, write offs | 0 | ||
Gross charge-offs during the period | 0 | $ 0 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Originated current year | 10,681 | ||
Originated prior year | 31,913 | ||
Originated two years prior | 12,301 | ||
Originated three years prior | 4,149 | ||
Originated four years prior | 540 | ||
Originated years prior | 4,283 | ||
Revolving | 27,529 | ||
Loan receivable, gross | 91,396 | 66,276 | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Originated current year | 0 | ||
Originated prior year | 11 | ||
Originated two years prior | 399 | ||
Originated three years prior | 1,107 | ||
Originated four years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 1,514 | 2,234 | |
Originated years prior, net of deferred fees | (3) | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 312 | ||
Originated four years prior | 0 | ||
Originated years prior | 2,975 | ||
Revolving | 3,789 | ||
Loan receivable, gross | $ 7,076 | 8,417 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loan receivable, gross | 0 | ||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Total Loans | 0 | ||
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Total Loans | $ 76,927 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loan receivable, gross | $ 1,579,464 | $ 1,547,551 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 1,611 | 2,992 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 783 | 871 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 1,496 | 1,220 |
Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 3,890 | 5,083 |
Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 1,575,574 | 1,542,468 |
Real Estate Portfolio Segment [Member] | ||
Loan receivable, gross | 1,174,060 | 1,178,834 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 421 | 1,449 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 492 | 173 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 638 | 652 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 1,551 | 2,274 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 1,172,509 | 1,176,560 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loan receivable, gross | 354,522 | 343,559 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 403 | 1,449 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 492 | 155 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 620 | 652 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 1,515 | 2,256 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 353,007 | 341,303 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loan receivable, gross | 284,863 | 252,745 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan 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] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 284,863 | 252,745 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loan receivable, gross | 373,013 | 388,884 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan 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] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 373,013 | 388,884 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loan receivable, gross | 161,662 | 193,646 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 18 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 18 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 18 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 36 | 18 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 161,626 | 193,628 |
Consumer Portfolio Segment [Member] | ||
Loan receivable, gross | 305,418 | 291,790 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 1,190 | 1,543 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 291 | 698 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 858 | 568 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 2,339 | 2,809 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 303,079 | 288,981 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loan receivable, gross | 54,116 | 52,877 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 63 | 153 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 92 | 11 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 155 | 164 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 53,961 | 52,713 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loan receivable, gross | 251,302 | 238,913 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 1,127 | 1,390 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 291 | 698 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 766 | 557 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 2,184 | 2,645 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 249,118 | 236,268 |
Commercial Portfolio Segment [Member] | ||
Loan receivable, gross | 99,986 | 76,927 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | $ 99,986 | $ 76,927 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Total TDR loans | $ 1,753 | |||||
Allowance for credit losses on loans related to TDR loans | $ 17,396 | [1] | 16,116 | [1] | $ 15,127 | $ 15,124 |
Total nonaccrual TDR loans | 29 | |||||
Total accrual TDR loans | 1,724 | |||||
Troubled Debt Restructurings [Member] | ||||||
Allowance for credit losses on loans related to TDR loans | 21 | |||||
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||||||
Total TDR loans | 1,726 | |||||
Allowance for credit losses on loans related to TDR loans | 2,903 | 3,343 | 3,039 | 3,184 | ||
Total nonaccrual TDR loans | 29 | |||||
Total accrual TDR loans | 1,697 | |||||
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||||||
Total TDR loans | 27 | |||||
Allowance for credit losses on loans related to TDR loans | $ 1,084 | 549 | $ 405 | $ 407 | ||
Total nonaccrual TDR loans | 0 | |||||
Total accrual TDR loans | $ 27 | |||||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses on Loans (Details Textual) - USD ($) | 3 Months Ended | ||||||||
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (930,000) | ||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery | 944,000 | ||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | 15,000 | $ 0 | |||||||
Financing Receivable, Nonaccrual, Interest Income | 9,000 | 66,000 | |||||||
Financing Receivable, Allowance for Credit Loss | $ 17,396,000 | [1] | 17,396,000 | [1] | $ 15,127,000 | $ 16,116,000 | $ 15,124,000 | ||
Unfunded Loan Commitment [Member] | |||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | 515,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | $ 1,300,000 | $ 1,300,000 | $ 1,900,000 | ||||||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 4 - Allowance for Credit_4
Note 4 - Allowance for Credit Losses on Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||
Balance | $ 16,116,000 | [1] | $ 15,124,000 | ||
Write-offs | 965,000 | 137,000 | |||
Recoveries | 21,000 | 140,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 15,000 | 0 | |||
Balance | 17,396,000 | [1] | 15,127,000 | ||
Provision for loan losses | 15,000 | 0 | |||
Charge-offs | (965,000) | (137,000) | |||
Allowance for Credit Loss | 17,396,000 | [1] | 15,127,000 | $ 16,116,000 | [1] |
General reserve | 16,084,000 | ||||
Specific reserve | 32,000 | ||||
Gross loans | 1,534,380,000 | ||||
Loans collectively evaluated (1) | 1,531,346,000 | ||||
Loans individually evaluated (2) | 1,200,000 | 3,034,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 2,209,000 | ||||
Allowance for Credit Loss | 2,209,000 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 18,325,000 | ||||
Allowance for Credit Loss | 18,325,000 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Balance | 3,343,000 | 3,184,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 32,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | (11,000) | (177,000) | |||
Balance | 2,903,000 | 3,039,000 | |||
Provision for loan losses | (11,000) | (177,000) | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 2,903,000 | 3,039,000 | 3,343,000 | ||
General reserve | 3,321,000 | ||||
Specific reserve | 22,000 | ||||
Gross loans | 343,825,000 | ||||
Loans collectively evaluated (1) | 341,171,000 | ||||
Loans individually evaluated (2) | 2,654,000 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (429,000) | ||||
Allowance for Credit Loss | (429,000) | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 2,914,000 | ||||
Allowance for Credit Loss | 2,914,000 | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Balance | 2,468,000 | 1,816,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 26,000 | 276,000 | |||
Balance | 1,045,000 | 2,092,000 | |||
Provision for loan losses | 26,000 | 276,000 | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 1,045,000 | 2,092,000 | 2,468,000 | ||
General reserve | 2,468,000 | ||||
Specific reserve | 0 | ||||
Gross loans | 253,551,000 | ||||
Loans collectively evaluated (1) | 253,551,000 | ||||
Loans individually evaluated (2) | 0 | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (1,449,000) | ||||
Allowance for Credit Loss | (1,449,000) | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 1,019,000 | ||||
Allowance for Credit Loss | 1,019,000 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Balance | 4,217,000 | 3,996,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | (634,000) | 42,000 | |||
Balance | 2,979,000 | 4,038,000 | |||
Provision for loan losses | (634,000) | 42,000 | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 2,979,000 | 4,038,000 | 4,217,000 | ||
General reserve | 4,217,000 | ||||
Specific reserve | 0 | ||||
Gross loans | 390,246,000 | ||||
Loans collectively evaluated (1) | 390,196,000 | ||||
Loans individually evaluated (2) | 50,000 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (604,000) | ||||
Allowance for Credit Loss | (604,000) | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 3,613,000 | ||||
Allowance for Credit Loss | 3,613,000 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Balance | 2,344,000 | 2,672,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 2,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | (1,117,000) | (193,000) | |||
Balance | 2,782,000 | 2,481,000 | |||
Provision for loan losses | (1,117,000) | (193,000) | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 2,782,000 | 2,481,000 | 2,344,000 | ||
General reserve | 2,343,000 | ||||
Specific reserve | 1,000 | ||||
Gross loans | 194,646,000 | ||||
Loans collectively evaluated (1) | 194,630,000 | ||||
Loans individually evaluated (2) | 16,000 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 1,555,000 | ||||
Allowance for Credit Loss | 1,555,000 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 3,899,000 | ||||
Allowance for Credit Loss | 3,899,000 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Balance | 549,000 | 407,000 | |||
Write-offs | 11,000 | 0 | |||
Recoveries | 0 | 17,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 200,000 | (19,000) | |||
Balance | 1,084,000 | 405,000 | |||
Provision for loan losses | 200,000 | (19,000) | |||
Charge-offs | (11,000) | 0 | |||
Allowance for Credit Loss | 1,084,000 | 405,000 | 549,000 | ||
General reserve | 545,000 | ||||
Specific reserve | 4,000 | ||||
Gross loans | 52,322,000 | ||||
Loans collectively evaluated (1) | 52,100,000 | ||||
Loans individually evaluated (2) | 222,000 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 346,000 | ||||
Allowance for Credit Loss | 346,000 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 895,000 | ||||
Allowance for Credit Loss | 895,000 | ||||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Balance | 2,024,000 | 2,221,000 | |||
Write-offs | 954,000 | 137,000 | |||
Recoveries | 21,000 | 89,000 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 1,217,000 | 56,000 | |||
Balance | 4,689,000 | 2,229,000 | |||
Provision for loan losses | 1,217,000 | 56,000 | |||
Charge-offs | (954,000) | (137,000) | |||
Allowance for Credit Loss | 4,689,000 | 2,229,000 | 2,024,000 | ||
General reserve | 2,019,000 | ||||
Specific reserve | 5,000 | ||||
Gross loans | 222,794,000 | ||||
Loans collectively evaluated (1) | 222,702,000 | ||||
Loans individually evaluated (2) | 92,000 | ||||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 2,381,000 | ||||
Allowance for Credit Loss | 2,381,000 | ||||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 4,405,000 | ||||
Allowance for Credit Loss | 4,405,000 | ||||
Commercial Portfolio Segment [Member] | |||||
Balance | 786,000 | 470,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 334,000 | 56,000 | |||
Balance | 1,914,000 | 526,000 | |||
Provision for loan losses | 334,000 | 56,000 | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 1,914,000 | 526,000 | 786,000 | ||
General reserve | 786,000 | ||||
Specific reserve | 0 | ||||
Gross loans | 76,996,000 | ||||
Loans collectively evaluated (1) | 76,996,000 | ||||
Loans individually evaluated (2) | 0 | ||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 794,000 | ||||
Allowance for Credit Loss | 794,000 | ||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 1,580,000 | ||||
Allowance for Credit Loss | 1,580,000 | ||||
Unallocated Financing Receivables [Member] | |||||
Balance | 385,000 | 358,000 | |||
Write-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | (41,000) | |||
Balance | 0 | 317,000 | |||
Provision for loan losses | 0 | (41,000) | |||
Charge-offs | 0 | 0 | |||
Allowance for Credit Loss | 0 | $ 317,000 | 385,000 | ||
General reserve | 385,000 | ||||
Specific reserve | 0 | ||||
Gross loans | 0 | ||||
Loans collectively evaluated (1) | 0 | ||||
Loans individually evaluated (2) | 0 | ||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (385,000) | ||||
Allowance for Credit Loss | (385,000) | ||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | $ 0 | ||||
Allowance for Credit Loss | $ 0 | ||||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 4 - Allowance for Credit_5
Note 4 - Allowance for Credit Losses on Loans - Impaired Loans by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Recorded investment, with no allowance recorded | $ 716 | $ 540 |
Unpaid principal balance, with no allowance recorded | 870 | 29 |
Recorded investment, with an allowance recorded | 2,318 | 2,572 |
Unpaid principal balance, with an allowance recorded | 2,467 | 49 |
Related allowance | 32 | |
Recorded investment, total | 3,034 | 3,112 |
Unpaid principal balance, total | 3,337 | 78 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Recorded investment, with no allowance recorded | 666 | 210 |
Unpaid principal balance, with no allowance recorded | 705 | 4 |
Recorded investment, with an allowance recorded | 1,988 | 2,030 |
Unpaid principal balance, with an allowance recorded | 2,129 | 41 |
Related allowance | 22 | |
Recorded investment, total | 2,654 | 2,240 |
Unpaid principal balance, total | 2,834 | 45 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Recorded investment, with no allowance recorded | 50 | 69 |
Unpaid principal balance, with no allowance recorded | 149 | 0 |
Recorded investment, with an allowance recorded | 50 | 69 |
Unpaid principal balance, with an allowance recorded | 149 | 0 |
Related allowance | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 14 | 1 |
Recorded investment, with an allowance recorded | 16 | 22 |
Unpaid principal balance, with an allowance recorded | 19 | 1 |
Related allowance | 1 | |
Recorded investment, total | 16 | 22 |
Unpaid principal balance, total | 33 | 2 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Recorded investment, with no allowance recorded | 0 | 252 |
Unpaid principal balance, with no allowance recorded | 2 | 7 |
Recorded investment, with an allowance recorded | 92 | 217 |
Unpaid principal balance, with an allowance recorded | 95 | 3 |
Related allowance | 5 | |
Recorded investment, total | 92 | 469 |
Unpaid principal balance, total | 97 | 10 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no allowance recorded | 222 | 9 |
Unpaid principal balance, with no allowance recorded | 224 | 17 |
Recorded investment, with an allowance recorded | 222 | 303 |
Unpaid principal balance, with an allowance recorded | 224 | 4 |
Related allowance | $ 4 | |
Recorded investment, total | 312 | |
Unpaid principal balance, total | $ 21 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Interest-Bearing Domestic Deposit, Brokered | $ 134.5 | $ 133.9 |
Time Deposits, at or Above FDIC Insurance Limit | 137.7 | 96.6 |
Deposits, Public Fund | 101.4 | 93.3 |
Deposits, Funds Held by Federally Recognized Tribes | 18.6 | 10.3 |
Asset Pledged as Collateral [Member] | ||
Debt Securities | 59.2 | 57.1 |
Asset Pledged as Collateral [Member] | Funds Held by Federally Recognized Tribes [Member] | ||
Debt Securities | $ 23.2 | $ 23.6 |
Note 5 - Deposits - Deposits (D
Note 5 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Noninterest-bearing demand deposits | $ 292,119 | $ 315,083 | |
Interest-bearing demand deposits | $ 189,187 | $ 193,558 | |
Interest-bearing demand deposits, weighted-average interest rate | 0.47% | 0.01% | |
Money market accounts | $ 402,760 | $ 473,009 | |
Money market accounts, weighted-average interest rate | 0.86% | 0.58% | |
Savings accounts | $ 242,117 | $ 200,920 | |
Savings accounts, weighted-average interest rate | 1% | 0.26% | |
Certificates of deposit | $ 468,025 | $ 381,685 | $ 381,685 |
Certificates of deposit, weighted-average interest rate | 3.02% | 2.19% | |
Deposits | $ 1,594,208 | $ 1,564,255 | |
Total deposits, weighted-average interest rate | 1.31% | 0.74% |
Note 5 - Deposits - Maturities
Note 5 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Within one year or less | $ 317,003 | $ 262,189 | |
After one year through two years | 120,850 | 69,967 | |
After two years through three years | 19,213 | 37,032 | |
After three years through four years | 6,814 | 7,409 | |
After four years through five years | 4,145 | 5,088 | |
Total certificates of deposit | $ 468,025 | $ 381,685 | $ 381,685 |
Note 5 - Deposits - Interest on
Note 5 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Demand deposits | $ 194 | $ 17 |
Money market accounts | 776 | 298 |
Savings accounts | 376 | 26 |
Certificates of deposit | 3,007 | 376 |
Total interest expense on deposits | $ 4,353 | $ 717 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - USD ($) $ in Thousands | Mar. 25, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | May 20, 2022 |
Federal Home Loan Bank, Advances, Maximum Available Credit to Bank Assets, Percentage | 45% | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 765,300 | $ 753,700 | ||
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 | |||
Federal Home Loan Bank of San Francisco [Member] | ||||
Federal Reserve Bank Advances, Available Amount | 8,700 | 8,600 | ||
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 | $ 9,100 | $ 9,000 |
Note 6 - Borrowings - Advances
Note 6 - Borrowings - Advances from FHLB (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Balance outstanding | $ 11,000 | |
Maximum outstanding at any month-end | 11,000 | |
Average monthly outstanding during the period | $ 10,933 | |
Annual | 8.74% | |
Period End | 8.50% | |
Line of Credit [Member] | ||
Balance outstanding | $ 12,000 | |
Maximum outstanding at any month-end | 12,000 | |
Average monthly outstanding during the period | $ 5,770 | |
Annual | 6.76% | |
Period End | 8% | |
Subordinated Debt [Member] | ||
Balance outstanding | $ 39,377 | $ 39,358 |
Maximum outstanding at any month-end | 39,377 | 39,358 |
Average monthly outstanding during the period | $ 39,365 | $ 39,312 |
Annual | 4.06% | 4.01% |
Period End | 4.06% | 4.01% |
Federal Home Loan Bank, Long-term Advances [Member] | ||
Balance outstanding | $ 85,000 | $ 80,000 |
Maximum outstanding at any month-end | 85,000 | 80,000 |
Average monthly outstanding during the period | $ 80,000 | $ 80,000 |
Annual | 1.72% | 1.52% |
Period End | 2.08% | 1.52% |
Within one year or less | $ 15,000 | |
Within one year or less, weighted-average interest rate | 1.47% | |
After one year through two years | $ 35,000 | |
After one year through two years, weighted-average interest rate | 2.81% | |
After two years through three years | $ 15,000 | |
After two years through three years, weighted-average interest rate | 1.49% | |
After three years through four years | $ 10,000 | |
After three years through four years, weighted-average interest rate | 1.63% | |
After four years through five years | $ 10,000 | |
After four years through five years, weighted-average interest rate | 1.76% | |
Total FHLB long-term advances | $ 85,000 | |
Total FHLB long-term advances, weighted-average interest rate | 2.08% | |
Federal Home Loan Bank, Overnight Variable-rate Advances [Member] | ||
Balance outstanding | $ 189,000 | $ 144,000 |
Maximum outstanding at any month-end | 189,000 | 206,000 |
Average monthly outstanding during the period | $ 158,667 | $ 90,983 |
Annual | 4.77% | 2.83% |
Period End | 4.91% | 4.30% |
Federal Home Loan Bank, Short-term, Fixed-rate Advances [Member] | ||
Balance outstanding | $ 55,000 | $ 10,000 |
Maximum outstanding at any month-end | 55,000 | 42,500 |
Average monthly outstanding during the period | $ 26,667 | $ 15,208 |
Annual | 4.64% | 1.82% |
Period End | 5.05% | 2.12% |
Note 7 - Income Tax (Details Te
Note 7 - Income Tax (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 19.30% | 18.10% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 8 - Earnings Per Common _3
Note 8 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7,934 | 17 |
Note 8 - Earnings Per Common _4
Note 8 - Earnings Per Common Share - Components Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income available to common shareholders | $ 3,528 | $ 2,806 |
Earnings allocated to participating securities | (20) | (70) |
Earnings allocated to common shareholders | $ 3,508 | $ 2,736 |
Weighted average common shares outstanding (in shares) | 9,703,115 | 10,040,090 |
Weighted average unvested restricted stock awards (in shares) | (165,333) | (234,953) |
Weighted average unallocated ESOP shares (in shares) | (626,488) | (674,969) |
Total basic weighted average common shares outstanding (in shares) | 8,911,294 | 9,130,168 |
Basic weighted average common shares outstanding (in shares) | 8,911,294 | 9,130,168 |
Dilutive restricted stock awards (in shares) | 28,307 | 95,200 |
Total diluted weighted average common shares outstanding (in shares) | 8,939,601 | 9,225,368 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.39 | $ 0.30 |
Diluted earnings per common share (in dollars per share) | $ 0.39 | $ 0.30 |
Note 9 - Employee Benefits (Det
Note 9 - Employee Benefits (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
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% | |
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 187,000 | $ 291,000 |
Note 9 - Employee Benefits - Sh
Note 9 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allocated shares (in shares) | 386,285 | 386,285 |
Committed to be released shares (in shares) | 39,663 | 26,442 |
Unallocated shares (in shares) | 622,081 | 635,302 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 |
Fair value of unallocated shares | $ 7,154 | $ 9,758 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | May 31, 2020 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 187,000 | $ 291,000 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 149,054 | 166,839 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,049 | 42,243 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,000,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months 29 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 | $ 282,718 | |||
First Northwest Bancorp 2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 46,500 | |||
The Equity Incentive Plans [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 391,000 | $ 411,000 | ||
The Equity Incentive Plans [Member] | Director [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 58,000 | $ 55,000 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Non-vested, shares (in shares) | 166,839 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 17.78 | ||
Granted, shares (in shares) | 27,049 | 42,243 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 14.38 | ||
Vested, shares (in shares) | (32,700) | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 19.85 | ||
Canceled, shares (in shares) | [1] | (10,334) | |
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 19.85 | |
Forfeited, shares (in shares) | (1,800) | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 18.17 | ||
Non-vested, shares (in shares) | 149,054 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 16.56 | ||
[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 11 - Fair Value Accounti_3
Note 11 - Fair Value Accounting and Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Discount | $ 0 | $ 0 |
Note 11 - Fair Value Accounti_4
Note 11 - Fair Value Accounting and Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities available for sale, at fair value | $ 329,086 | $ 326,569 | ||
Sold loan servicing rights | 4,224 | 3,887 | ||
Servicing rights on sold loans, at fair value | 4,224 | 3,887 | ||
Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 4,224 | 3,887 | ||
Partnership investments | 12,556 | 12,563 | ||
Total assets measured at fair value | 345,866 | 343,019 | ||
Servicing rights on sold loans, at fair value | 4,224 | 3,887 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 1,697 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 0 | 0 | ||
Partnership investments | 0 | 0 | ||
Total assets measured at fair value | 12,869 | 12,603 | ||
Servicing rights on sold loans, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 0 | 0 | ||
Partnership investments | 0 | 0 | ||
Total assets measured at fair value | 286,595 | 284,367 | ||
Servicing rights on sold loans, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 1,697 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 4,224 | 3,887 | $ 4,046 | $ 3,820 |
Partnership investments | 12,556 | 12,563 | ||
Total assets measured at fair value | 46,402 | 46,049 | ||
Servicing rights on sold loans, at fair value | 4,224 | 3,887 | $ 4,046 | $ 3,820 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 101,910 | 98,050 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 101,910 | 98,050 | ||
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 | 5,027 | 4,913 | ||
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 | 96,883 | 93,137 | ||
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 | 2,390 | |||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 2,390 | 2,364 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 2,390 | 2,364 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 1,745 | |||
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 | 1,745 | |||
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 | |||
International Agency Bonds [Member] | ||||
Investment securities available for sale, at fair value | 1,745 | 1,702 | ||
International Agency Bonds [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 1,702 | |||
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 | 1,702 | |||
International Agency Bonds [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 | 55,117 | 55,499 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 55,117 | 55,499 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 5,452 | 5,326 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 49,665 | 50,173 | ||
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 | 74,946 | 75,648 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 74,946 | 75,648 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 74,946 | 75,648 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Investment securities available for sale, at fair value | 92,978 | 93,306 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 92,978 | 93,306 | ||
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 | 63,356 | 63,707 | ||
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 | $ 29,622 | $ 29,599 |
Note 11 - Fair Value Accounti_5
Note 11 - Fair Value Accounting and Measurements - Quantitative Information (Details) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Servicing rights on sold loans, at fair value | $ 4,224,000 | $ 3,887,000 | ||
Fair Value, Recurring [Member] | ||||
Servicing rights on sold loans, at fair value | 4,224,000 | 3,887,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Servicing rights on sold loans, at fair value | $ 4,224,000 | $ 3,887,000 | $ 4,046,000 | $ 3,820,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Sold loan servicing rights, measurement input | 0.1248 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Sold Loan Servicing Rights [Member] | ||||
Servicing rights on sold loans, at fair value | $ 4,224,000 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Assets, fair value | $ 29,622 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Measurement Input, Offered Price [Member] | Minimum [Member] | ||||
Measurement input | 97 | |||
Debt Securities, Available-for-Sale, Measurement Input | 97 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Measurement Input, Offered Price [Member] | Maximum [Member] | ||||
Measurement input | 99 | |||
Debt Securities, Available-for-Sale, Measurement Input | 99 |
Note 11 - Fair Value Accounti_6
Note 11 - Fair Value Accounting and Measurements - Changes in Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Sold loan servicing rights | $ 3,887 | |||
Sold loan servicing rights | 4,224 | $ 3,887 | ||
Balance at Beginning of Period | 12,563 | $ 0 | 0 | |
Transfers Into Level 3 | 12,490 | |||
Purchases | 0 | |||
Unrealized | 73 | |||
Total | 12,563 | |||
Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 3,887 | |||
Sold loan servicing rights | 4,224 | 3,887 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Sold loan servicing rights | 3,887 | 3,820 | 3,820 | |
Servicing rights that result from transfers and sale of financial assets | 68 | 56 | ||
Changes in fair value due to changes in model inputs or assumptions | [1] | 269 | 170 | |
Sold loan servicing rights | 4,224 | 4,046 | 3,887 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Balance at Beginning of Period | 29,599 | $ 0 | 0 | |
Transfers Into Level 3 | 0 | 29,599 | ||
Purchases | 0 | 0 | ||
Unrealized | 23 | 0 | ||
Total | 29,622 | 29,599 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Partnership Investments [Member] | ||||
Balance at Beginning of Period | 12,563 | |||
Transfers Into Level 3 | 0 | |||
Purchases | 0 | |||
Unrealized | (7) | |||
Total | $ 12,556 | $ 12,563 | ||
[1]Represents changes due to collection/realization of expected cash flows and curtailments. |
Note 11 - Fair Value Accounti_7
Note 11 - Fair Value Accounting and Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Impaired loans | $ 3,034 |
Fair Value, Inputs, Level 1 [Member] | |
Impaired loans | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Impaired loans | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Impaired loans | $ 3,034 |
Note 11 - Fair Value Accounti_8
Note 11 - Fair Value Accounting and Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment securities available for sale | $ 329,086 | $ 326,569 |
Accrued interest receivable | 7,205 | 6,743 |
Sold loan servicing rights | 4,224 | 3,887 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 140,617 | 45,596 |
Investment securities available for sale | 329,086 | 326,569 |
Loans receivable, net | 1,562,068 | 1,531,435 |
FHLB stock | 15,602 | 11,681 |
Accrued interest receivable | 7,205 | 6,743 |
Sold loan servicing rights | 4,224 | 3,887 |
Partnership investments | 12,556 | 12,563 |
FHLB Borrowings | 329,000 | 234,000 |
Line of Credit | 11,000 | 12,000 |
Subordinated debt, net | 39,377 | 39,358 |
Accrued interest payable | 508 | 455 |
Interest rate swap derivative | 1,697 | |
Loans held for sale | 597 | |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,126,183 | 1,182,570 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 468,025 | 381,685 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 140,617 | 45,596 |
Investment securities available for sale | 329,086 | 326,569 |
Loans receivable, net | 1,468,281 | 1,461,470 |
FHLB stock | 15,602 | 11,681 |
Accrued interest receivable | 7,205 | 6,743 |
Sold loan servicing rights | 4,224 | 3,887 |
Partnership investments | 12,556 | 12,563 |
FHLB Borrowings | 324,086 | 229,103 |
Line of Credit | 11,039 | 12,034 |
Subordinated debt, net | 40,819 | 38,841 |
Accrued interest payable | 508 | 455 |
Interest rate swap derivative | 1,697 | |
Loans held for sale | 597 | |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,126,183 | 1,182,570 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 460,747 | 372,865 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 140,617 | 45,596 |
Investment securities available for sale | 12,869 | 12,603 |
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 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swap derivative | 0 | |
Loans held for sale | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
deposits | 1,126,183 | 1,182,570 |
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 | 286,595 | 284,367 |
Loans receivable, net | 0 | 0 |
FHLB stock | 15,602 | 11,681 |
Accrued interest receivable | 7,205 | 6,743 |
Sold loan servicing rights | 0 | 0 |
Partnership investments | 0 | 0 |
FHLB Borrowings | 0 | 0 |
Line of Credit | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 508 | 455 |
Interest rate swap derivative | 1,697 | |
Loans held for sale | 597 | |
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 | 29,622 | 29,599 |
Loans receivable, net | 1,468,281 | 1,461,470 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Sold loan servicing rights | 4,224 | 3,887 |
Partnership investments | 12,556 | 12,563 |
FHLB Borrowings | 324,086 | 229,103 |
Line of Credit | 11,039 | 12,034 |
Subordinated debt, net | 40,819 | 38,841 |
Accrued interest payable | 0 | 0 |
Interest rate swap derivative | 0 | |
Loans held for sale | 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 | $ 460,747 | $ 372,865 |
Note 12 - Change in Accumulat_3
Note 12 - Change in Accumulated Other Comprehensive Income ("AOCI") - Change in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
BALANCE | $ 161,573 | |
Other comprehensive loss, net of tax | 2,435 | $ (15,441) |
BALANCE | 163,712 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
BALANCE | (38,404) | 2,140 |
Other comprehensive loss before reclassification | 3,762 | (15,370) |
Amounts reclassified from accumulated other comprehensive income | 0 | (100) |
Other comprehensive loss, net of tax | 3,762 | (15,470) |
BALANCE | (34,642) | (13,330) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
BALANCE | (2,139) | (1,852) |
Other comprehensive loss before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 30 | 29 |
Other comprehensive loss, net of tax | 30 | 29 |
BALANCE | (2,109) | (1,823) |
Accumulated Gain (Loss), Net, Fair Value Hedge, Parent [Member] | ||
BALANCE | 0 | 0 |
Other comprehensive loss before reclassification | (1,357) | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive loss, net of tax | (1,357) | 0 |
BALANCE | (1,357) | 0 |
AOCI Attributable to Parent [Member] | ||
BALANCE | (40,543) | 288 |
Other comprehensive loss before reclassification | 2,405 | (15,370) |
Amounts reclassified from accumulated other comprehensive income | 30 | (71) |
Other comprehensive loss, net of tax | 2,435 | (15,441) |
BALANCE | $ (38,108) | $ (15,153) |
Note 13 - Derivatives and Hed_3
Note 13 - Derivatives and Hedging Activities (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
Derivative Credit Risk Valuation, Amount of Collateral Posted On Credit Deterioration | $ 50 |
Credit Risk Derivative Liabilities, at Fair Value | 1.7 |
Derivative Liability, Fair Value of Collateral | $ 1.9 |
Note 13 - Derivatives and Hed_4
Note 13 - Derivatives and Hedging Activities - Derivatives (Details) - Designated as Hedging Instrument [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Derivative, carrying amount | $ 51,728 |
Derivative, fair value | 1,728 |
Interest Rate Contract [Member] | |
Derivative, carrying amount | 51,728 |
Derivative, fair value | $ 1,728 |
Note 13 - Derivatives and Hed_5
Note 13 - Derivatives and Hedging Activities - Derivatives in Statement of Financial Position (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Total derivatives designated as hedging instruments | $ 1,697 |
Interest Rate Contract [Member] | Other Liabilities [Member] | |
Derivative, carrying amount | 50,000 |
Total derivatives designated as hedging instruments | $ 1,697 |
Note 13 - Derivatives and Hed_6
Note 13 - Derivatives and Hedging Activities - Derivatives on the Income Statement (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Designated as Hedging Instrument [Member] | |
Derivative, gain (loss) | $ (1,697) |
Interest Rate Contract [Member] | |
Interest income | 31 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |
Derivative, gain (loss) | $ 1,728 |