Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2025 | |
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | FNWB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,442,187 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 15,562 | $ 19,845 |
Interest-earning deposits in banks | 61,784 | 103,324 |
Investment securities available for sale, at fair value | 325,955 | 295,623 |
Loans held for sale | 988 | 753 |
Loans receivable (net of allowance for credit losses on loans of $17,958 and $17,510) | 1,692,774 | 1,642,518 |
Federal Home Loan Bank (FHLB) stock, at cost | 15,876 | 13,664 |
Accrued interest receivable | 8,909 | 7,894 |
Premises held for sale at cost, net | 6,751 | 0 |
Premises and equipment, net | 11,028 | 18,049 |
Servicing rights on sold loans, at fair value | 3,820 | 3,793 |
Bank-owned life insurance, net | 34,681 | 40,578 |
Equity and partnership investments | 15,121 | 14,794 |
Goodwill and other intangible assets, net | 1,085 | 1,086 |
Deferred tax asset, net | 12,704 | 13,001 |
Prepaid expenses and other assets | 32,982 | 26,875 |
Total assets | 2,240,020 | 2,201,797 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,666,624 | 1,676,892 |
Borrowings | 371,455 | 320,936 |
Accrued interest payable | 2,830 | 3,396 |
Accrued expenses and other liabilities | 36,207 | 35,973 |
Advances from borrowers for taxes and insurance | 2,398 | 1,260 |
Total liabilities | 2,079,514 | 2,038,457 |
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 9,442,796 shares at March 31, 2024, and 9,611,876 shares at December 31, 2023 | 94 | 96 |
Additional paid-in capital | 93,763 | 95,784 |
Retained earnings | 106,202 | 107,349 |
Accumulated other comprehensive loss, net of tax | (32,465) | (32,636) |
Unearned employee stock ownership plan (ESOP) shares | (7,088) | (7,253) |
Total shareholders' equity | 160,506 | 163,340 |
Total liabilities and shareholders' equity | $ 2,240,020 | $ 2,201,797 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Allowance for Credit Loss | [1] | $ 17,958 | $ 17,510 |
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) | 9,442,796 | 9,611,876 | |
Common stock, shares outstanding (in shares) | 9,442,796 | 9,611,876 | |
[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, 2024 | Mar. 31, 2023 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 22,767 | $ 19,504 |
Interest on investment securities | 3,632 | 3,182 |
Interest on deposits and other | 645 | 404 |
FHLB dividends | 282 | 192 |
Total interest income | 27,326 | 23,282 |
INTEREST EXPENSE | ||
Deposits | 10,112 | 4,353 |
Borrowings | 3,286 | 2,624 |
Total interest expense | 13,398 | 6,977 |
Net interest income | 13,928 | 16,305 |
Provision for (recapture of) credit losses on loans | 1,239 | (515) |
(Recapture of) provision for credit losses on unfunded commitments | (269) | 15 |
Provision for (recapture of) credit losses | 970 | (500) |
Net interest income after provision for (recapture of) credit losses | 12,958 | 16,805 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 1,102 | 1,141 |
Sold loan servicing fees and servicing rights mark-to-market | 219 | 493 |
Net gain on sale of loans | 52 | 176 |
Increase in cash surrender value of bank-owned life insurance | 243 | 226 |
Other income | 572 | 298 |
Total noninterest income | 2,188 | 2,334 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 8,128 | 7,837 |
Data processing | 1,944 | 2,038 |
Occupancy and equipment | 1,240 | 1,209 |
Supplies, postage, and telephone | 293 | 355 |
Regulatory assessments and state taxes | 513 | 389 |
Advertising | 309 | 1,041 |
Professional fees | 910 | 806 |
FDIC insurance premium | 386 | 257 |
Other expense | 580 | 939 |
Total noninterest expense | 14,303 | 14,871 |
Income before provision for income taxes | 843 | 4,268 |
Provision for income taxes | 447 | 825 |
Net income | 396 | 3,443 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 0 | 85 |
Net income attributable to parent | $ 396 | $ 3,528 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.04 | $ 0.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 396 | $ 3,443 |
Other comprehensive income: | ||
Unrealized holding (losses) gains on investments available for sale arising during the period | (747) | 4,791 |
Income tax benefit (provision) related to unrealized holding (losses) gains on investments | 159 | (1,029) |
Amortization of unrecognized DB plan prior service cost | 37 | 38 |
Income tax provision related to amortization of DB plan prior service cost | (8) | (8) |
Unrealized holding gains (losses) on derivatives | 929 | (1,728) |
Income tax (provision) benefit related to unrealized holding gains (losses) on derivatives | (199) | 371 |
Other comprehensive income, net of tax | 171 | 2,435 |
Comprehensive income | 567 | 5,878 |
Comprehensive loss attributable to noncontrolling interest | 0 | (85) |
Comprehensive income attributable to parent | $ 567 | $ 5,963 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [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, 2022 | 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 | ||||||
Common stock repurchased (in shares) | (44,441) | ||||||||
Common stock repurchased | $ 0 | (444) | (183) | (627) | |||||
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 income, 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) | |||||||
BALANCE (in shares) at Mar. 31, 2023 | 9,674,055 | ||||||||
BALANCE at Mar. 31, 2023 | $ 97 | 95,333 | 114,139 | (7,749) | (38,108) | (3,376) | $ 160,336 | ||
BALANCE (in shares) at Dec. 31, 2023 | 9,611,876 | 9,611,876 | |||||||
BALANCE at Dec. 31, 2023 | $ 96 | 95,784 | 107,349 | (7,253) | (32,636) | 0 | $ 163,340 | ||
Net income | 396 | 0 | 396 | ||||||
Common stock repurchased (in shares) | (214,132) | ||||||||
Common stock repurchased | $ (2) | (2,169) | (872) | (3,043) | |||||
Restricted stock award grants net of forfeitures (in shares) | 54,512 | ||||||||
Restricted stock award grants net of forfeitures | $ 0 | 0 | 0 | ||||||
Restricted stock awards canceled (in shares) | (9,460) | ||||||||
Restricted stock awards canceled | $ 0 | (148) | (148) | ||||||
Other comprehensive income, net of tax | 171 | 171 | |||||||
Share-based compensation expense | 264 | 264 | |||||||
ESOP shares committed to be released | 32 | 165 | 197 | ||||||
Cash dividends declared ($0.07 per share) | (671) | $ (671) | |||||||
BALANCE (in shares) at Mar. 31, 2024 | 9,442,796 | 9,442,796 | |||||||
BALANCE at Mar. 31, 2024 | $ 94 | $ 93,763 | $ 106,202 | $ (7,088) | $ (32,465) | $ 0 | $ 160,506 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interest | $ 396 | $ 3,443 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 382 | 396 |
Amortization of core deposit intangible | 1 | 1 |
Amortization and accretion of premiums and discounts on investments, net | 179 | 361 |
Accretion of deferred loan fees and purchased premiums, net | (353) | (111) |
Amortization of debt issuance costs | 19 | 19 |
Change in fair value of sold loan servicing rights | (17) | (269) |
Additions to servicing rights on sold loans, net | (10) | (68) |
Provision for (recapture of) credit losses on loans | 1,239 | (515) |
Allocation of ESOP shares | 197 | 187 |
Share-based compensation expense | 264 | 391 |
Gain on sale of loans, net | (52) | (176) |
Increase in cash surrender value of life insurance, net | (243) | (226) |
Origination of loans held for sale | (5,421) | (4,812) |
Proceeds from sale of loans held for sale | 5,238 | 5,586 |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (1,015) | (462) |
(Increase) decrease in prepaid expenses and other assets | (6,303) | 2,806 |
(Decrease) increase in accrued interest payable | (566) | 53 |
Increase in accrued expenses and other liabilities | 1,469 | 171 |
Net cash (used) provided by operating activities | (4,865) | 6,790 |
Cash flows from investing activities: | ||
Purchase of securities available for sale | (45,292) | 0 |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 14,031 | 1,913 |
Purchase of FHLB stock | (2,212) | (3,921) |
Early surrender of bank-owned life insurance policy | 6,140 | 0 |
Net increase in loans receivable | (51,142) | (32,746) |
Purchase of premises and equipment, net | (113) | (559) |
Capital contributions to equity and partnership investments | (50) | 0 |
Capital disbursements received from equity and partnership investments | 263 | 0 |
Capital contributions to low-income housing tax credit partnerships | (91) | 0 |
Net cash used by investing activities | (78,466) | (35,313) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (10,268) | 29,953 |
Proceeds from long-term FHLB advances | 30,000 | 15,000 |
Repayment of long-term FHLB advances | (15,000) | (10,000) |
Net increase in short-term FHLB advances | 32,000 | 90,000 |
Net increase (decrease) in line of credit | 3,500 | (1,000) |
Net increase in advances from borrowers for taxes and insurance | 1,138 | 1,034 |
Payment of dividends | (671) | (671) |
Restricted stock awards canceled | (148) | (145) |
Repurchase of common stock | (3,043) | (627) |
Net cash provided by financing activities | 37,508 | 123,544 |
Net (decrease) increase in cash and cash equivalents | (45,823) | 95,021 |
Cash and cash equivalents at beginning of period | 123,169 | 45,596 |
Cash and cash equivalents at end of period | 77,346 | 140,617 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 13,964 | 6,924 |
Supplemental disclosures of noncash investing activities: | ||
Change in unrealized (loss) gain on securities available for sale | (747) | 4,791 |
Change in unrealized gain (loss) on fair value hedge | 929 | (1,728) |
Amortization of unrecognized DB plan prior service cost | 37 | 38 |
Cumulative effect of adoption of ASU 2016-13 Financial Instruments - Credit Losses on January 1, 2023 | 0 | (3,735) |
Unfunded Loan Commitment [Member] | ||
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for (recapture of) credit losses on loans | $ (269) | $ 15 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 June 2023, no no December 2023, no fourth 2023, On October 31, 2021, On August 5, 2022, First Northwest and the Bank are collectively referred to as the "Company." For periods prior to June 30, 2023, First Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Fed and former controlling interest in 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, 2023 . 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, 2024 , 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 June 2023, 810. Subsequent events Recently adopted accounting pronouncements In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, not 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, not In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 one ASU 2023 07 December 15, 2023, not Recently issued accounting pronouncements not In March 2024, 2024 01, Compensation—Stock Compensation (Topic 718 2024 01 718 10 15 3 718. not 710. four 718 2024 01 December 15, 2024, not |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Allowance for Credit Losses (In thousands) Available for Sale Municipal bonds $ 102,820 $ — $ (15,816 ) $ 87,004 $ — U.S. government agency issued asset-backed securities (ABS agency) 14,859 3 (40 ) 14,822 — Corporate issued asset-backed securities (ABS corporate) 13,951 1 (23 ) 13,929 — Corporate issued debt securities (Corporate debt) 58,162 — (5,131 ) 53,031 — U.S. Small Business Administration securities (SBA) 7,925 5 (19 ) 7,911 — Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 96,381 1 (13,111 ) 83,271 — Non-agency issued mortgage-backed securities (MBS non-agency) 70,931 1 (4,945 ) 65,987 — Total securities available for sale $ 365,029 $ 11 $ (39,085 ) $ 325,955 $ — The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Allowance for Credit Losses (In thousands) Available for Sale Municipal bonds $ 102,998 $ — $ (15,237 ) $ 87,761 $ — ABS agency 11,847 — (65 ) 11,782 — ABS corporate 5,370 — (84 ) 5,286 — Corporate debt 56,515 — (5,061 ) 51,454 — Mortgage-backed securities: MBS agency 75,665 — (12,418 ) 63,247 — MBS non-agency 81,555 — (5,462 ) 76,093 — Total securities available for sale $ 333,950 $ — $ (38,327 ) $ 295,623 $ — There were no securities classified as held-to-maturity at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Accrued interest receivable on available-for-sale debt securities totaled $2.2 million and $1.9 million as of March 31, 2024 December 31, 2023 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, 2024 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 $ — $ — $ (15,816 ) $ 86,704 $ (15,816 ) $ 86,704 ABS agency (40 ) 11,158 — — (40 ) 11,158 ABS corporate (23 ) 9,912 — — (23 ) 9,912 Corporate debt (10 ) 1,662 (5,121 ) 51,369 (5,131 ) 53,031 SBA (19 ) 4,747 — — (19 ) 4,747 Mortgage-backed securities: MBS agency (338 ) 20,472 (12,773 ) 58,676 (13,111 ) 79,148 MBS non-agency (1 ) 1,024 (4,944 ) 62,955 (4,945 ) 63,979 Total available-for-sale in a loss position $ (431 ) $ 48,975 $ (38,654 ) $ 259,704 $ (39,085 ) $ 308,679 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, 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 $ — $ — $ (15,237 ) $ 87,461 $ (15,237 ) $ 87,461 ABS agency (65 ) 11,782 — — (65 ) 11,782 ABS corporate (84 ) 3,771 — — (84 ) 3,771 Corporate debt — — (5,061 ) 51,454 (5,061 ) 51,454 Mortgage-backed securities: MBS agency (27 ) 3,941 (12,391 ) 59,305 (12,418 ) 63,246 MBS non-agency — — (5,462 ) 76,086 (5,462 ) 76,086 Total available-for-sale in a loss position $ (176 ) $ 19,494 $ (38,151 ) $ 274,306 $ (38,327 ) $ 293,800 There were 22 available-for-sale securities with unrealized losses of less than one one March 31, 2024 one one December 31, 2023 not no March 31, 2024 December 31, 2023 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, 2024 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 19,531 $ 19,352 Due after one through five years 16,351 15,759 Due after five through ten years 8,266 7,722 Due after ten years 123,164 106,425 Total mortgage-backed securities 167,312 149,258 All other investment securities: Due within one year 1,300 1,230 Due after one through five years 17,180 16,502 Due after five through ten years 61,982 55,194 Due after ten years 117,255 103,771 Total all other investment securities 197,717 176,697 Total investment securities $ 365,029 $ 325,955 December 31, 2023 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 25,279 $ 25,017 Due after one through five years 16,622 16,029 Due after five through ten years 8,874 8,197 Due after ten years 106,445 90,097 Total mortgage-backed securities 157,220 139,340 All other investment securities: Due within one year 300 300 Due after one through five years 18,187 17,384 Due after five through ten years 57,328 50,768 Due after ten years 100,915 87,831 Total all other investment securities 176,730 156,283 Total investment securities $ 333,950 $ 295,623 There were no three March 31, 2024 2023. |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
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 presented at amortized cost which is comprised of the loan balance net of unearned loan fees in excess of unamortized costs and premiums of $17.2 million as of March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 The amortized cost of loans receivable, net of the allowance for credit losses on loans ("ACLL"), consisted of the following at the dates indicated: March 31, 2024 December 31, 2023 (In thousands) Real Estate: One-to-four family $ 383,905 $ 378,432 Multi-family 339,538 333,094 Commercial real estate 385,130 387,983 Construction and land 125,347 129,691 Total real estate loans 1,233,920 1,229,200 Consumer: Home equity 72,391 69,403 Auto and other consumer 268,834 249,130 Total consumer loans 341,225 318,533 Commercial business loans 136,297 112,295 Total loans receivable 1,711,442 1,660,028 Less: Derivative basis adjustment 710 — Allowance for credit losses on loans 17,958 17,510 Total loans receivable, net $ 1,692,774 $ 1,642,518 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, 2024 December 31, 2023 Nonaccrual Loans with ACLL Nonaccrual Loans with No ACLL Total Nonaccrual Loans Nonaccrual Loans with ACLL Nonaccrual Loans with No ACLL Total Nonaccrual Loans (In thousands) One-to-four family $ 407 $ 830 $ 1,237 $ 418 $ 1,426 $ 1,844 Multi-family — 708 708 — — — Commercial real estate 22 — 22 28 — 28 Construction and land 3 14,437 14,440 6 14,980 14,986 Home equity 91 30 121 92 31 123 Auto and other consumer 42 970 1,012 38 748 786 Commercial business 1,307 634 1,941 165 712 877 Total nonaccrual loans $ 1,872 $ 17,609 $ 19,481 $ 747 $ 17,897 $ 18,644 Interest income recognized on a cash basis on nonaccrual loans for the three March 31, 2024 2023 Past due loans. not three 90 March 31, 2024 no 90 December 31, 2023 The following tables present the amortized cost of past due loans by segment and class as of the periods shown: 30-59 Days 60-89 Days 90 Days or More Total March 31, 2024 Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 614 $ 866 $ 68 $ 1,548 $ 382,357 $ 383,905 Multi-family — 708 — 708 338,830 339,538 Commercial real estate — — 8,528 8,528 376,602 385,130 Construction and land 13 — 14,437 14,450 110,897 125,347 Total real estate loans 627 1,574 23,033 25,234 1,208,686 1,233,920 Consumer: Home equity 90 — — 90 72,301 72,391 Auto and other consumer 1,324 608 1,016 2,948 265,886 268,834 Total consumer loans 1,414 608 1,016 3,038 338,187 341,225 Commercial business loans 2,033 — 1,823 3,856 132,441 136,297 Total loans $ 4,074 $ 2,182 $ 25,872 $ 32,128 $ 1,679,314 $ 1,711,442 30-59 Days 60-89 Days 90 Days or More Total December 31, 2023 Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 802 $ — $ 1,010 $ 1,812 $ 376,620 $ 378,432 Multi-family — — — — 333,094 333,094 Commercial real estate — 8,526 — 8,526 379,457 387,983 Construction and land 14 — — 14 129,677 129,691 Total real estate loans 816 8,526 1,010 10,352 1,218,848 1,229,200 Consumer: Home equity 59 — — 59 69,344 69,403 Auto and other consumer 1,854 601 791 3,246 245,884 249,130 Total consumer loans 1,913 601 791 3,305 315,228 318,533 Commercial business loans 1,117 757 — 1,874 110,421 112,295 Total loans $ 3,846 $ 9,884 $ 1,801 $ 15,531 $ 1,644,497 $ 1,660,028 Credit quality indicator. 6, 7, 8 8 not not When First Fed classifies problem assets as either substandard or doubtful, it may may not 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, 2024 three March 31, 2024 90 Term Loans by Year of Origination (1) Revolving Total 2024 2023 2022 2021 2020 Prior Loans Loans (In thousands) One-to-four family Pass (Grades 1-3) $ — $ 1,991 $ 110,224 $ 119,355 $ 68,383 $ 77,265 $ — $ 377,218 Watch (Grade 4) — — 275 1,330 1,021 1,686 — 4,312 Special Mention (Grade 5) — — — — 840 80 — 920 Substandard (Grade 6) — — — — 325 1,130 — 1,455 Total one-to-four family — 1,991 110,499 120,685 70,569 80,161 — 383,905 Gross charge-offs year-to-date — — — — — — — — Multi-family Pass (Grades 1-3) 5,088 52,168 105,927 91,093 56,949 11,565 — 322,790 Watch (Grade 4) — — — 15,052 — 988 — 16,040 Substandard (Grade 6) — — — — 708 — — 708 Total multi-family 5,088 52,168 105,927 106,145 57,657 12,553 — 339,538 Gross charge-offs year-to-date — — — — — — — — Commercial Real Estate Pass (Grades 1-3) 751 52,559 86,745 99,663 75,997 35,186 — 350,901 Watch (Grade 4) — 4,406 1,159 — 8,777 3,537 — 17,879 Special Mention (Grade 5) — — — 6,516 — — — 6,516 Substandard (Grade 6) — — 22 8,528 1,284 — — 9,834 Total commercial real estate 751 56,965 87,926 114,707 86,058 38,723 — 385,130 Gross charge-offs year-to-date — — — — — — — — Construction and Land Pass (Grades 1-3) 3,011 24,556 42,424 18,841 719 667 — 90,218 Watch (Grade 4) 971 5,541 6,360 — — 14 — 12,886 Special Mention (Grade 5) 7,790 — — — — 13 — 7,803 Substandard (Grade 6) — 14,437 — — — 3 — 14,440 Total construction and land 11,772 44,534 48,784 18,841 719 697 — 125,347 Gross charge-offs year-to-date — — — — — — — — Home Equity Pass (Grades 1-3) 833 6,954 6,988 4,479 2,875 5,441 44,009 71,579 Watch (Grade 4) — — — — 37 79 504 620 Substandard (Grade 6) — — — 30 58 12 92 192 Total home equity 833 6,954 6,988 4,509 2,970 5,532 44,605 72,391 Gross charge-offs year-to-date — — — — — — — — Auto and Other Consumer Pass (Grades 1-3) 33,232 57,479 76,093 43,133 15,527 38,640 444 264,548 Watch (Grade 4) 110 679 940 182 216 214 2 2,343 Special Mention (Grade 5) 55 338 36 242 18 — — 689 Substandard (Grade 6) 178 270 — 241 329 232 4 1,254 Total auto and other consumer 33,575 58,766 77,069 43,798 16,090 39,086 450 268,834 Gross charge-offs year-to-date — 203 586 — — 2 15 806 Commercial business Pass (Grades 1-3) 14,905 23,085 13,003 4,555 2,390 19,570 39,522 117,030 Watch (Grade 4) — 39 4,740 6,190 — — — 10,969 Substandard (Grade 6) — 283 4,662 102 758 — 2,493 8,298 Total commercial business 14,905 23,407 22,405 10,847 3,148 19,570 42,015 136,297 Gross charge-offs year-to-date — — 33 — — — — 33 Total loans Pass (Grades 1-3) 57,820 218,792 441,404 381,119 222,840 188,334 83,975 1,594,284 Watch (Grade 4) 1,081 10,665 13,474 22,754 10,051 6,518 506 65,049 Special Mention (Grade 5) 7,845 338 36 6,758 858 93 — 15,928 Substandard (Grade 6) 178 14,990 4,684 8,901 3,462 1,377 2,589 36,181 Total loans $ 66,924 $ 244,785 $ 459,598 $ 419,532 $ 237,211 $ 196,322 $ 87,070 $ 1,711,442 Total gross charge-offs year-to-date $ — $ 203 $ 619 $ — $ — $ 2 $ 15 $ 839 ( 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, 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 (Grades 1-3) $ 2,282 $ 102,389 $ 118,028 $ 69,229 $ 13,882 $ 65,701 $ — $ 371,511 Watch (Grade 4) — 275 1,338 1,569 — 1,295 — 4,477 Special Mention (Grade 5) — — — 300 — 80 — 380 Substandard (Grade 6) — — — 327 482 1,255 — 2,064 Total one-to-four family 2,282 102,664 119,366 71,425 14,364 68,331 — 378,432 Gross charge-offs for the year — — — — — — — — Multi-family Pass (Grades 1-3) 52,208 105,902 88,293 57,588 6,922 5,356 — 316,269 Watch (Grade 4) — — 15,126 708 — 991 — 16,825 Total multi-family 52,208 105,902 103,419 58,296 6,922 6,347 — 333,094 Gross charge-offs for the year — — — — — — — — Commercial Real Estate Pass (Grades 1-3) 52,823 87,712 99,058 76,664 13,096 22,425 — 351,778 Watch (Grade 4) 4,433 1,168 1,340 8,829 3,561 496 — 19,827 Special Mention (Grade 5) — — 6,528 — — 2 — 6,530 Substandard (Grade 6) — 28 8,526 1,294 — — — 9,848 Total commercial real estate 57,256 88,908 115,452 86,787 16,657 22,923 — 387,983 Gross charge-offs for the year — — — — — — — — Construction and Land Pass (Grades 1-3) 20,772 49,508 23,988 727 344 464 — 95,803 Watch (Grade 4) 6,512 4,935 229 — — 15 — 11,691 Special Mention (Grade 5) 7,196 — — — — 14 — 7,210 Substandard (Grade 6) 14,981 — — — — 6 — 14,987 Total construction and land 49,461 54,443 24,217 727 344 499 — 129,691 Gross charge-offs for the year — — — — — — — — Home Equity Pass (Grades 1-3) 7,179 7,169 4,638 3,063 1,331 4,283 41,105 68,768 Watch (Grade 4) — — — — — 155 345 500 Substandard (Grade 6) — — 30 59 — 13 33 135 Total home equity 7,179 7,169 4,668 3,122 1,331 4,451 41,483 69,403 Gross charge-offs for the year — — — — — 10 — 10 Auto and Other Consumer Pass (Grades 1-3) 49,649 69,052 64,101 29,113 14,660 18,593 385 245,553 Watch (Grade 4) 270 919 579 204 138 59 4 2,173 Special Mention (Grade 5) 90 334 33 162 — — — 619 Substandard (Grade 6) 84 393 — — 30 278 — 785 Total auto and other consumer 50,093 70,698 64,713 29,479 14,828 18,930 389 249,130 Gross charge-offs for the year — 3,018 15 52 11 112 104 3,312 Commercial business Pass (Grades 1-3) 23,499 19,191 11,032 2,440 455 13,635 29,976 100,228 Watch (Grade 4) 340 62 275 270 — (1 ) 3,806 4,752 Substandard (Grade 6) 291 3,653 104 779 — (1 ) 2,489 7,315 Total commercial business 24,130 22,906 11,411 3,489 455 13,633 36,271 112,295 Gross charge-offs for the year — — — — — — — — Total loans Pass (Grades 1-3) 208,412 440,923 409,138 238,824 50,690 130,457 71,466 1,549,910 Watch (Grade 4) 11,555 7,359 18,887 11,580 3,699 3,010 4,155 60,245 Special Mention (Grade 5) 7,286 334 6,561 462 — 96 — 14,739 Substandard (Grade 6) 15,356 4,074 8,660 2,459 512 1,551 2,522 35,134 Total loans $ 242,609 $ 452,690 $ 443,246 $ 253,325 $ 54,901 $ 135,114 $ 78,143 $ 1,660,028 Total Gross charge-offs for the year $ — $ 3,018 $ 15 $ 52 $ 11 $ 122 $ 104 $ 3,322 ( 1 90 Individually Evaluated Loans. 326 no Loans that are deemed by management to possess unique risk characteristics are evaluated individually for purposes of determining an appropriate lifetime ACLL. The Company uses a discounted cash flow approach, using the loan’s effective interest rate, for determining the ACL on individually evaluated loans, unless the loan is deemed collateral dependent. Collateral dependent loans are evaluated based on the estimated fair value of the underlying collateral, less estimated costs to sell. The Company may no As of March 31, 2024 March 31, 2024 one one March 31, 2024 At December 31, 2023 December 31, 2023 one December 31, 2023. Collateral Dependent Loans. Collateral Type March 31, 2024 Single Family Residence Multi-family Housing Condominium Automobile Business Assets Total (In thousands) One-to-four family $ 830 $ — $ — $ — $ — $ 830 Multi-family — 707 — — — 707 Construction and land — — 14,437 — — 14,437 Home equity 30 — — — — 30 Auto and other consumer — — — 180 — 180 Commercial business — — 119 — 1,820 1,939 Total collateral dependent loans $ 860 $ 707 $ 14,556 $ 180 $ 1,820 $ 18,123 Collateral Type December 31, 2023 Single Family Residence Condominium Automobile Business Assets Total (In thousands) One-to-four family $ 1,426 $ — $ — $ — $ 1,426 Construction and land — 14,981 — — 14,981 Home equity 30 — — — 30 Auto and other consumer — — 180 — 180 Commercial business — 119 — 652 771 Total collateral dependent loans $ 1,456 $ 15,100 $ 180 $ 652 $ 17,388 Modified Loans to Troubled Borrowers. January 1, 2023, 2022 02, no During the three March 31, 2024 2023 During the year ended December 31, 2023, one |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | Note 4 The Company maintains an ACLL and an ACLUC in accordance with ASC 326: Financial Instruments - Credit Losses 326 2016 13 January 1, 2023, The Company has identified segments of loans with similar risk characteristics for which it then applies one two not At or For the Three Months Ended March 31, 2024 Beginning Balance Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance (In thousands) One-to-four family $ 2,975 $ — $ 2 $ 1,099 $ 4,076 Multi-family 1,154 — — 177 1,331 Commercial real estate 3,671 — — (289 ) 3,382 Construction and land 1,889 — — (899 ) 990 Home equity 1,077 — — 664 1,741 Auto and other consumer 4,409 (806 ) 46 (806 ) 2,843 Commercial business 2,335 (33 ) — 1,293 3,595 Total $ 17,510 $ (839 ) $ 48 $ 1,239 $ 17,958 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 Allowance for Credit Losses on Unfunded Loan Commitments. no March 31, 2024 December 31, 2023 |
Note 5 - Deposits
Note 5 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 252,761 — % $ 252,083 — % Interest-bearing demand deposits 170,729 0.56 % 169,418 0.56 % Money market accounts 395,480 2.21 % 362,205 1.78 % Savings accounts 236,550 1.66 % 242,148 1.62 % Certificates of deposit, retail 418,904 4.12 % 443,412 4.04 % Certificates of deposit, brokered 192,200 4.74 % 207,626 4.85 % Total deposits $ 1,666,624 2.40 % $ 1,676,892 2.34 % The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, March 31, 2024 December 31, 2023 Maturities of certificates at the dates indicated are as follows: March 31, 2024 December 31, 2023 (In thousands) Within one year or less $ 493,494 $ 495,605 After one year through two years 43,379 79,537 After two years through three years 28,716 24,777 After three years through four years 23,619 28,302 After four years through five years 21,896 22,817 Total certificates of deposit $ 611,104 $ 651,038 At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Interest on deposits by type for the periods shown was as follows: Three Months Ended March 31, 2024 2023 (In thousands) Demand deposits $ 187 $ 194 Money market accounts 1,949 776 Savings accounts 953 376 Certificates of deposit, retail 4,494 1,871 Certificates of deposit, brokered 2,529 1,136 Total interest expense on deposits $ 10,112 $ 4,353 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
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 35% 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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 First Fed also has an established borrowing arrangement with the Federal Reserve Bank of San Francisco ("FRB") to utilize the discount window for short-term borrowing. Available borrowing capacity was $17.4 million and $6.6 million at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 On March 25, 2021, 2031 2 On May 20, 2022, May 18, 2024 one 364 In June 2023, December 31, 2023. No March 2024, December 31, 2023. The following table sets forth information regarding our borrowings at the end of and during the three March 31, 2024 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 $ 95,000 $ 227,000 $ — $ 10,000 $ 39,455 Maximum outstanding at any month-end 110,000 227,000 — 10,000 39,455 Average monthly outstanding during the period 95,000 171,000 — 7,648 39,446 Weighted-average daily interest rates Annual 2.58 % 5.52 % — % 9.37 % 4.02 % Period End 2.79 % 5.52 % — % 9.30 % 4.02 % The amounts by year of maturity and weighted-average interest rate of FHLB long-term, fixed-rate advances at March 31, 2024 Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 30,000 2.48 % After one year through two years 30,000 3.03 After two years through three years 25,000 3.27 After three years through four years 10,000 1.76 Total FHLB long-term advances $ 95,000 2.79 % The following table sets forth information regarding our borrowings at the end of and during the year ended December 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 $ 80,000 $ 195,000 $ — $ 6,500 $ 39,436 Maximum outstanding at any month-end 85,000 195,000 95,000 11,000 39,436 Average monthly outstanding during the period 81,667 149,500 25,000 9,327 39,395 Weighted-average daily interest rates Annual 2.00 % 5.26 % 5.08 % 9.15 % 4.01 % Period End 2.09 % 5.52 % 5.27 % 9.00 % 4.00 % |
Note 7 - Income Tax
Note 7 - Income Tax | 3 Months Ended |
Mar. 31, 2024 | |
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 53.0% and 19.3% for the three March 31, 2024 2023 2024 2023 first 2024. |
Note 8 - Earnings Per Common Sh
Note 8 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
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 periods shown: Three Months Ended March 31, 2024 2023 (In thousands, except share data) Net income: Net income available to common shareholders $ 396 $ 3,528 Earnings allocated to participating securities (1 ) (20 ) Earnings allocated to common shareholders $ 395 $ 3,508 Basic: Weighted average common shares outstanding 9,542,514 9,703,115 Weighted average unvested restricted stock awards (92,774 ) (165,333 ) Weighted average unallocated ESOP shares (573,504 ) (626,488 ) Total basic weighted average common shares outstanding 8,876,236 8,911,294 Diluted: Basic weighted average common shares outstanding 8,876,236 8,911,294 Dilutive restricted stock awards 30,948 28,307 Total diluted weighted average common shares outstanding 8,907,184 8,939,601 Basic earnings per common share $ 0.04 $ 0.39 Diluted earnings per common share $ 0.04 $ 0.39 Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At March 31, 2024 2023 |
Note 9 - Employee Benefits
Note 9 - Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 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, 2024 2023 Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Allocated shares 439,174 439,174 Committed to be released shares 39,771 26,514 Unallocated shares 569,084 582,341 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 8,906 $ 9,283 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 In May 2020, 2020 "2020 May 2030. 2020 may 2020 March 31, 2024 2020 As a result of the approval of the 2020 2015 "2015 no March 31, 2024 2015 2015 2015 There were 55,987 and 27,049 shares of restricted stock awarded, respectively, during the three March 31, 2024 2023 one five For the three March 31, 2024 2023 three March 31, 2024 2023 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, 2024 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2024 96,022 $ 17.02 Granted 55,987 15.69 Vested (38,716 ) 17.48 Canceled (1) (9,460 ) 17.48 Forfeited (1,475 ) 13.50 Non-vested at March 31, 2024 102,358 $ 16.12 (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, 2024 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
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. Equity and 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, 2024 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 $ — $ 87,004 $ — $ 87,004 ABS agency — 14,822 — 14,822 ABS corporate — 13,929 — 13,929 Corporate debt 1,875 51,156 — 53,031 SBA — 7,911 — 7,911 MBS agency — 83,271 — 83,271 MBS non-agency — 48,636 17,351 65,987 Sold loan servicing rights — — 3,820 3,820 Equity and partnership investments — 1,762 12,860 14,622 Interest rate swap derivative — 801 — 801 Total assets measured at fair value $ 1,875 $ 309,292 $ 34,031 $ 345,198 Financial Liabilities Interest rate swap derivative $ — $ 44 $ — $ 44 December 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 $ 5,118 $ 82,643 $ — $ 87,761 ABS agency — 11,782 — 11,782 ABS corporate — 5,286 — 5,286 Corporate debt 1,883 49,571 — 51,454 MBS agency — 63,247 — 63,247 MBS non-agency — 48,624 27,469 76,093 Sold loan servicing rights — — 3,793 3,793 Partnership investments — — 13,183 13,183 Total assets measured at fair value $ 7,001 $ 261,153 $ 44,445 $ 312,599 Financial Liabilities Interest rate swap derivative $ — $ 1,002 $ — $ 1,002 The following tables provide 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, 2024 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $ 3,820 Discounted cash flow Constant prepayment rate 3.96% - 43.13% (6.81%) Discount rate 11.13% - 13.51% (11.85%) MBS non-agency $ 17,351 Consensus pricing Offered quotes 98 100 Partnership investments $ 12,860 Net asset value per share Net asset value n/a (1) Unobservable inputs were weighted by the relative fair value of the instruments. December 31, 2023 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $ 3,793 Discounted cash flow Constant prepayment rate 4.10% - 47.53% (7.39%) Discount rate 11.00% - 13.42% (11.74%) MBS non-agency $ 27,469 Consensus pricing Offered quotes 98 100 Partnership investments $ 13,183 Net asset value per share Net asset value n/a (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, 2024 2023 Sold loan servicing rights: (In thousands) Balance at beginning of period $ 3,793 $ 3,887 Servicing rights that result from transfers and sale of financial assets 10 68 Changes in fair value due to changes in model inputs or assumptions (1) 17 269 Balance at end of period $ 3,820 $ 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, 2024 2023 Securities available for sale: (In thousands) MBS non-agency Balance at beginning of period $ 27,469 $ 29,599 Principal payments received (10,248 ) — Unrealized Gains 130 23 Balance at end of period $ 17,351 $ 29,622 As of or For the Three Months Ended March 31, 2024 2023 (In thousands) Partnership investments Balance at beginning of period $ 13,183 $ 12,563 Funding contributions 50 — Distributions received (263 ) — Unrealized Losses (110 ) (7 ) Balance at end of period $ 12,860 $ 12,556 Assets and liabilities measured at fair value on a nonrecurring basis not The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Individually evaluated collateral dependent loans $ — $ — $ 18,123 $ 18,123 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Individually evaluated collateral dependent loans $ — $ — $ 17,388 $ 17,388 At March 31, 2024 December 31, 2023 no The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: March 31, 2024 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 77,346 $ 77,346 $ 77,346 $ — $ — Investment securities available for sale 325,955 325,955 1,875 306,729 17,351 Loans held for sale 988 988 — 988 — Loans receivable, net 1,692,774 1,555,221 — — 1,555,221 FHLB stock 15,876 15,876 — 15,876 — Accrued interest receivable 8,909 8,909 — 8,909 — Sold loan servicing rights, at fair value 3,820 3,820 — — 3,820 Equity and partnership investments 14,622 14,622 — 1,762 12,860 Interest rate swap derivative 801 801 — 801 — Financial liabilities Demand deposits $ 1,055,520 $ 1,055,520 $ 1,055,520 $ — $ — Time deposits 611,104 608,191 — — 608,191 FHLB Borrowings 322,000 318,137 — — 318,137 Line of Credit 10,000 10,193 — — 10,193 Subordinated debt, net 39,455 41,162 — — 41,162 Accrued interest payable 2,830 2,830 — 2,830 — Interest rate swap derivative 44 44 — 44 — December 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 $ 123,169 $ 123,169 $ 123,169 $ — $ — Investment securities available for sale 295,623 295,623 7,001 261,153 27,469 Loans held for sale 753 753 — 753 — Loans receivable, net 1,642,518 1,506,130 — — 1,506,130 FHLB stock 13,664 13,664 — 13,664 — Accrued interest receivable 7,894 7,894 — 7,894 — Sold loan servicing rights, at fair value 3,793 3,793 — — 3,793 Partnership investments 13,183 13,183 — — 13,183 Financial liabilities Demand deposits 1,025,854 $ 1,025,854 $ 1,025,854 $ — $ — Time deposits 651,038 648,428 — — 648,428 FHLB Borrowings 275,000 271,284 — — 271,284 Line of Credit 6,500 6,524 — — 6,524 Subordinated debt, net 39,436 42,116 — — 42,116 Accrued interest payable 3,396 3,396 — 3,396 — Interest rate swap derivative 1,002 1,002 — 1,002 — |
Note 12 - Change in Accumulated
Note 12 - Change in Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Our AOCI includes unrealized gains (losses) on available-for-sale securities, defined benefit plan assets and derivatives as well as 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 Net Actuarial Gains (Losses) on Defined Benefit Plan Assets Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Unrealized Gains and Losses on Derivatives Total (In thousands) Balance at December 31, 2022 $ (38,404 ) $ (600 ) $ (1,539 ) $ — $ (40,543 ) Other comprehensive income (loss) 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 ) $ (600 ) $ (1,509 ) $ (1,357 ) $ (38,108 ) Balance at December 31, 2023 $ (30,099 ) $ (288 ) $ (1,421 ) $ (828 ) $ (32,636 ) Other comprehensive (loss) income before reclassification (588 ) — — 730 142 Amounts reclassified from accumulated other comprehensive income — — 29 — 29 Net other comprehensive (loss) income (588 ) — 29 730 171 Balance at March 31, 2024 $ (30,687 ) $ (288 ) $ (1,392 ) $ (98 ) $ (32,465 ) |
Note 13 - Derivatives and Hedgi
Note 13 - Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 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, the Secured Overnight Financing 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 agreement without the exchange of the underlying notional amount. The fair value hedges are recorded as components of other assets and other liabilities in the Company’s consolidated balance sheets. The gain or loss on these derivatives, as well as the offsetting loss or gain on the hedged items attributable to the hedged risk, are recognized in interest income in the Company’s consolidated statements of income. The following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges for the periods shown. Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (In thousands) Line item in the Consolidated Balance Sheets where the hedged item is included: March 31, 2024 Investment securities (1) $ 50,125 $ 125 Loans receivable (2) 99,289 (711 ) Total $ 149,414 $ (586 ) December 31, 2023 Investment securities $ 51,054 $ 1,054 Total $ 51,054 $ 1,054 ( 1 March 31, 2024 December 31, 2023 $1.1 ( 2 March 31, 2024 $100.0 No 2024. The following table summarizes the Company’s derivative instruments at the date indicated. The Company has master netting agreements with derivative dealers with which it does business, but reflects gross assets and liabilities as “Other assets” and “Other liabilities,” respectively, on the Consolidated Balance Sheets, as follows: Fair Value Notional Amount Other Assets Other Liabilities (In thousands) March 31, 2024 Fair value hedges: Interest rate swaps - securities $ 50,000 $ — $ 44 Interest rate swaps - loans 100,000 801 — December 31, 2023 Fair value hedges: Interest rate swaps - securities $ 50,000 $ — $ 1,002 The following table summarizes the effect of fair value accounting on the Consolidated Statements of Income for the periods shown: Three Months Ended March 31, 2024 2023 (In thousands) Total amounts recognized in interest on investment securities $ 3,632 $ 3,182 Total amounts recognized in interest and fees on loans receivable 22,767 — Net gains (losses) on fair value hedging relationships Interest rate swaps - securities Recognized on hedged items $ (967 ) $ 1,728 Recognized on derivatives designated as hedging instruments 1,155 (1,697 ) Interest rate swaps - loans Recognized on hedged items (711 ) — Recognized on derivatives designated as hedging instruments 884 — Net income recognized on fair value $ 361 $ 31 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 has interest rate swap agreements with its derivative counterparties that contain provisions where if the Company either defaults or fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to terminate the contract or post additional collateral. At March 31, 2024 March 31, 2024 As of March 31, 2024 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14 First Fed is engaged in the business of attracting deposits and providing lending services. Substantially all income is derived from a diverse base of commercial, mortgage, and consumer lending activities and investments. The Company’s activities are considered to be a single industry segment for financial reporting purposes. The chief operating decision maker ("CODM") is comprised of the chief financial officer, chief operating officer and the chief executive officer. The accounting policies of the Bank are the same as those described in the summary of significant accounting policies in Note 1 10 December 31, 2023 2023 10 The CODM uses net income to evaluate income generated from the segment assets (return on assets) in deciding whether to reinvest profits into the Bank or into other parts of the entity, such as to pay dividends or a share repurchase plan. Net income is used to monitor budget versus actual results and assess the performance of the Bank. |
Note 15 - Premises Held for Sal
Note 15 - Premises Held for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 15 On January 30, 2024, six The sale of all six May 7, 2024, second 2024. Concurrent with the closing of the sale of the Properties, the Bank entered into triple net lease agreements (the "Lease Agreements") to lease back each of the Properties sold. Each Lease Agreement has an initial term of 15 years with one 2024. second 2024. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the fiscal quarter ended March 31, 2024 no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 . 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, 2024 , 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 June 2023, 810. |
Subsequent Events, Policy [Policy Text Block] | Subsequent events |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 2022 03 not 2022 03 December 15, 2023, not 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, not In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 one ASU 2023 07 December 15, 2023, not Recently issued accounting pronouncements not In March 2024, 2024 01, Compensation—Stock Compensation (Topic 718 2024 01 718 10 15 3 718. not 710. four 718 2024 01 December 15, 2024, not |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Allowance for Credit Losses (In thousands) Available for Sale Municipal bonds $ 102,820 $ — $ (15,816 ) $ 87,004 $ — U.S. government agency issued asset-backed securities (ABS agency) 14,859 3 (40 ) 14,822 — Corporate issued asset-backed securities (ABS corporate) 13,951 1 (23 ) 13,929 — Corporate issued debt securities (Corporate debt) 58,162 — (5,131 ) 53,031 — U.S. Small Business Administration securities (SBA) 7,925 5 (19 ) 7,911 — Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 96,381 1 (13,111 ) 83,271 — Non-agency issued mortgage-backed securities (MBS non-agency) 70,931 1 (4,945 ) 65,987 — Total securities available for sale $ 365,029 $ 11 $ (39,085 ) $ 325,955 $ — Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Allowance for Credit Losses (In thousands) Available for Sale Municipal bonds $ 102,998 $ — $ (15,237 ) $ 87,761 $ — ABS agency 11,847 — (65 ) 11,782 — ABS corporate 5,370 — (84 ) 5,286 — Corporate debt 56,515 — (5,061 ) 51,454 — Mortgage-backed securities: MBS agency 75,665 — (12,418 ) 63,247 — MBS non-agency 81,555 — (5,462 ) 76,093 — Total securities available for sale $ 333,950 $ — $ (38,327 ) $ 295,623 $ — |
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 $ — $ — $ (15,816 ) $ 86,704 $ (15,816 ) $ 86,704 ABS agency (40 ) 11,158 — — (40 ) 11,158 ABS corporate (23 ) 9,912 — — (23 ) 9,912 Corporate debt (10 ) 1,662 (5,121 ) 51,369 (5,131 ) 53,031 SBA (19 ) 4,747 — — (19 ) 4,747 Mortgage-backed securities: MBS agency (338 ) 20,472 (12,773 ) 58,676 (13,111 ) 79,148 MBS non-agency (1 ) 1,024 (4,944 ) 62,955 (4,945 ) 63,979 Total available-for-sale in a loss position $ (431 ) $ 48,975 $ (38,654 ) $ 259,704 $ (39,085 ) $ 308,679 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 $ — $ — $ (15,237 ) $ 87,461 $ (15,237 ) $ 87,461 ABS agency (65 ) 11,782 — — (65 ) 11,782 ABS corporate (84 ) 3,771 — — (84 ) 3,771 Corporate debt — — (5,061 ) 51,454 (5,061 ) 51,454 Mortgage-backed securities: MBS agency (27 ) 3,941 (12,391 ) 59,305 (12,418 ) 63,246 MBS non-agency — — (5,462 ) 76,086 (5,462 ) 76,086 Total available-for-sale in a loss position $ (176 ) $ 19,494 $ (38,151 ) $ 274,306 $ (38,327 ) $ 293,800 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2024 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 19,531 $ 19,352 Due after one through five years 16,351 15,759 Due after five through ten years 8,266 7,722 Due after ten years 123,164 106,425 Total mortgage-backed securities 167,312 149,258 All other investment securities: Due within one year 1,300 1,230 Due after one through five years 17,180 16,502 Due after five through ten years 61,982 55,194 Due after ten years 117,255 103,771 Total all other investment securities 197,717 176,697 Total investment securities $ 365,029 $ 325,955 December 31, 2023 Available-for-Sale Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 25,279 $ 25,017 Due after one through five years 16,622 16,029 Due after five through ten years 8,874 8,197 Due after ten years 106,445 90,097 Total mortgage-backed securities 157,220 139,340 All other investment securities: Due within one year 300 300 Due after one through five years 18,187 17,384 Due after five through ten years 57,328 50,768 Due after ten years 100,915 87,831 Total all other investment securities 176,730 156,283 Total investment securities $ 333,950 $ 295,623 |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (In thousands) Real Estate: One-to-four family $ 383,905 $ 378,432 Multi-family 339,538 333,094 Commercial real estate 385,130 387,983 Construction and land 125,347 129,691 Total real estate loans 1,233,920 1,229,200 Consumer: Home equity 72,391 69,403 Auto and other consumer 268,834 249,130 Total consumer loans 341,225 318,533 Commercial business loans 136,297 112,295 Total loans receivable 1,711,442 1,660,028 Less: Derivative basis adjustment 710 — Allowance for credit losses on loans 17,958 17,510 Total loans receivable, net $ 1,692,774 $ 1,642,518 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 December 31, 2023 Nonaccrual Loans with ACLL Nonaccrual Loans with No ACLL Total Nonaccrual Loans Nonaccrual Loans with ACLL Nonaccrual Loans with No ACLL Total Nonaccrual Loans (In thousands) One-to-four family $ 407 $ 830 $ 1,237 $ 418 $ 1,426 $ 1,844 Multi-family — 708 708 — — — Commercial real estate 22 — 22 28 — 28 Construction and land 3 14,437 14,440 6 14,980 14,986 Home equity 91 30 121 92 31 123 Auto and other consumer 42 970 1,012 38 748 786 Commercial business 1,307 634 1,941 165 712 877 Total nonaccrual loans $ 1,872 $ 17,609 $ 19,481 $ 747 $ 17,897 $ 18,644 |
Financing Receivable, Past Due [Table Text Block] | 30-59 Days 60-89 Days 90 Days or More Total March 31, 2024 Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 614 $ 866 $ 68 $ 1,548 $ 382,357 $ 383,905 Multi-family — 708 — 708 338,830 339,538 Commercial real estate — — 8,528 8,528 376,602 385,130 Construction and land 13 — 14,437 14,450 110,897 125,347 Total real estate loans 627 1,574 23,033 25,234 1,208,686 1,233,920 Consumer: Home equity 90 — — 90 72,301 72,391 Auto and other consumer 1,324 608 1,016 2,948 265,886 268,834 Total consumer loans 1,414 608 1,016 3,038 338,187 341,225 Commercial business loans 2,033 — 1,823 3,856 132,441 136,297 Total loans $ 4,074 $ 2,182 $ 25,872 $ 32,128 $ 1,679,314 $ 1,711,442 30-59 Days 60-89 Days 90 Days or More Total December 31, 2023 Past Due Past Due Past Due Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 802 $ — $ 1,010 $ 1,812 $ 376,620 $ 378,432 Multi-family — — — — 333,094 333,094 Commercial real estate — 8,526 — 8,526 379,457 387,983 Construction and land 14 — — 14 129,677 129,691 Total real estate loans 816 8,526 1,010 10,352 1,218,848 1,229,200 Consumer: Home equity 59 — — 59 69,344 69,403 Auto and other consumer 1,854 601 791 3,246 245,884 249,130 Total consumer loans 1,913 601 791 3,305 315,228 318,533 Commercial business loans 1,117 757 — 1,874 110,421 112,295 Total loans $ 3,846 $ 9,884 $ 1,801 $ 15,531 $ 1,644,497 $ 1,660,028 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans by Year of Origination (1) Revolving Total 2024 2023 2022 2021 2020 Prior Loans Loans (In thousands) One-to-four family Pass (Grades 1-3) $ — $ 1,991 $ 110,224 $ 119,355 $ 68,383 $ 77,265 $ — $ 377,218 Watch (Grade 4) — — 275 1,330 1,021 1,686 — 4,312 Special Mention (Grade 5) — — — — 840 80 — 920 Substandard (Grade 6) — — — — 325 1,130 — 1,455 Total one-to-four family — 1,991 110,499 120,685 70,569 80,161 — 383,905 Gross charge-offs year-to-date — — — — — — — — Multi-family Pass (Grades 1-3) 5,088 52,168 105,927 91,093 56,949 11,565 — 322,790 Watch (Grade 4) — — — 15,052 — 988 — 16,040 Substandard (Grade 6) — — — — 708 — — 708 Total multi-family 5,088 52,168 105,927 106,145 57,657 12,553 — 339,538 Gross charge-offs year-to-date — — — — — — — — Commercial Real Estate Pass (Grades 1-3) 751 52,559 86,745 99,663 75,997 35,186 — 350,901 Watch (Grade 4) — 4,406 1,159 — 8,777 3,537 — 17,879 Special Mention (Grade 5) — — — 6,516 — — — 6,516 Substandard (Grade 6) — — 22 8,528 1,284 — — 9,834 Total commercial real estate 751 56,965 87,926 114,707 86,058 38,723 — 385,130 Gross charge-offs year-to-date — — — — — — — — Construction and Land Pass (Grades 1-3) 3,011 24,556 42,424 18,841 719 667 — 90,218 Watch (Grade 4) 971 5,541 6,360 — — 14 — 12,886 Special Mention (Grade 5) 7,790 — — — — 13 — 7,803 Substandard (Grade 6) — 14,437 — — — 3 — 14,440 Total construction and land 11,772 44,534 48,784 18,841 719 697 — 125,347 Gross charge-offs year-to-date — — — — — — — — Home Equity Pass (Grades 1-3) 833 6,954 6,988 4,479 2,875 5,441 44,009 71,579 Watch (Grade 4) — — — — 37 79 504 620 Substandard (Grade 6) — — — 30 58 12 92 192 Total home equity 833 6,954 6,988 4,509 2,970 5,532 44,605 72,391 Gross charge-offs year-to-date — — — — — — — — Auto and Other Consumer Pass (Grades 1-3) 33,232 57,479 76,093 43,133 15,527 38,640 444 264,548 Watch (Grade 4) 110 679 940 182 216 214 2 2,343 Special Mention (Grade 5) 55 338 36 242 18 — — 689 Substandard (Grade 6) 178 270 — 241 329 232 4 1,254 Total auto and other consumer 33,575 58,766 77,069 43,798 16,090 39,086 450 268,834 Gross charge-offs year-to-date — 203 586 — — 2 15 806 Commercial business Pass (Grades 1-3) 14,905 23,085 13,003 4,555 2,390 19,570 39,522 117,030 Watch (Grade 4) — 39 4,740 6,190 — — — 10,969 Substandard (Grade 6) — 283 4,662 102 758 — 2,493 8,298 Total commercial business 14,905 23,407 22,405 10,847 3,148 19,570 42,015 136,297 Gross charge-offs year-to-date — — 33 — — — — 33 Total loans Pass (Grades 1-3) 57,820 218,792 441,404 381,119 222,840 188,334 83,975 1,594,284 Watch (Grade 4) 1,081 10,665 13,474 22,754 10,051 6,518 506 65,049 Special Mention (Grade 5) 7,845 338 36 6,758 858 93 — 15,928 Substandard (Grade 6) 178 14,990 4,684 8,901 3,462 1,377 2,589 36,181 Total loans $ 66,924 $ 244,785 $ 459,598 $ 419,532 $ 237,211 $ 196,322 $ 87,070 $ 1,711,442 Total gross charge-offs year-to-date $ — $ 203 $ 619 $ — $ — $ 2 $ 15 $ 839 Term Loans by Year of Origination (1) Revolving Total 2023 2022 2021 2020 2019 Prior Loans Loans (In thousands) One-to-four family Pass (Grades 1-3) $ 2,282 $ 102,389 $ 118,028 $ 69,229 $ 13,882 $ 65,701 $ — $ 371,511 Watch (Grade 4) — 275 1,338 1,569 — 1,295 — 4,477 Special Mention (Grade 5) — — — 300 — 80 — 380 Substandard (Grade 6) — — — 327 482 1,255 — 2,064 Total one-to-four family 2,282 102,664 119,366 71,425 14,364 68,331 — 378,432 Gross charge-offs for the year — — — — — — — — Multi-family Pass (Grades 1-3) 52,208 105,902 88,293 57,588 6,922 5,356 — 316,269 Watch (Grade 4) — — 15,126 708 — 991 — 16,825 Total multi-family 52,208 105,902 103,419 58,296 6,922 6,347 — 333,094 Gross charge-offs for the year — — — — — — — — Commercial Real Estate Pass (Grades 1-3) 52,823 87,712 99,058 76,664 13,096 22,425 — 351,778 Watch (Grade 4) 4,433 1,168 1,340 8,829 3,561 496 — 19,827 Special Mention (Grade 5) — — 6,528 — — 2 — 6,530 Substandard (Grade 6) — 28 8,526 1,294 — — — 9,848 Total commercial real estate 57,256 88,908 115,452 86,787 16,657 22,923 — 387,983 Gross charge-offs for the year — — — — — — — — Construction and Land Pass (Grades 1-3) 20,772 49,508 23,988 727 344 464 — 95,803 Watch (Grade 4) 6,512 4,935 229 — — 15 — 11,691 Special Mention (Grade 5) 7,196 — — — — 14 — 7,210 Substandard (Grade 6) 14,981 — — — — 6 — 14,987 Total construction and land 49,461 54,443 24,217 727 344 499 — 129,691 Gross charge-offs for the year — — — — — — — — Home Equity Pass (Grades 1-3) 7,179 7,169 4,638 3,063 1,331 4,283 41,105 68,768 Watch (Grade 4) — — — — — 155 345 500 Substandard (Grade 6) — — 30 59 — 13 33 135 Total home equity 7,179 7,169 4,668 3,122 1,331 4,451 41,483 69,403 Gross charge-offs for the year — — — — — 10 — 10 Auto and Other Consumer Pass (Grades 1-3) 49,649 69,052 64,101 29,113 14,660 18,593 385 245,553 Watch (Grade 4) 270 919 579 204 138 59 4 2,173 Special Mention (Grade 5) 90 334 33 162 — — — 619 Substandard (Grade 6) 84 393 — — 30 278 — 785 Total auto and other consumer 50,093 70,698 64,713 29,479 14,828 18,930 389 249,130 Gross charge-offs for the year — 3,018 15 52 11 112 104 3,312 Commercial business Pass (Grades 1-3) 23,499 19,191 11,032 2,440 455 13,635 29,976 100,228 Watch (Grade 4) 340 62 275 270 — (1 ) 3,806 4,752 Substandard (Grade 6) 291 3,653 104 779 — (1 ) 2,489 7,315 Total commercial business 24,130 22,906 11,411 3,489 455 13,633 36,271 112,295 Gross charge-offs for the year — — — — — — — — Total loans Pass (Grades 1-3) 208,412 440,923 409,138 238,824 50,690 130,457 71,466 1,549,910 Watch (Grade 4) 11,555 7,359 18,887 11,580 3,699 3,010 4,155 60,245 Special Mention (Grade 5) 7,286 334 6,561 462 — 96 — 14,739 Substandard (Grade 6) 15,356 4,074 8,660 2,459 512 1,551 2,522 35,134 Total loans $ 242,609 $ 452,690 $ 443,246 $ 253,325 $ 54,901 $ 135,114 $ 78,143 $ 1,660,028 Total Gross charge-offs for the year $ — $ 3,018 $ 15 $ 52 $ 11 $ 122 $ 104 $ 3,322 |
Collateral Dependent Loans [Table Text Block] | Collateral Type March 31, 2024 Single Family Residence Multi-family Housing Condominium Automobile Business Assets Total (In thousands) One-to-four family $ 830 $ — $ — $ — $ — $ 830 Multi-family — 707 — — — 707 Construction and land — — 14,437 — — 14,437 Home equity 30 — — — — 30 Auto and other consumer — — — 180 — 180 Commercial business — — 119 — 1,820 1,939 Total collateral dependent loans $ 860 $ 707 $ 14,556 $ 180 $ 1,820 $ 18,123 Collateral Type December 31, 2023 Single Family Residence Condominium Automobile Business Assets Total (In thousands) One-to-four family $ 1,426 $ — $ — $ — $ 1,426 Construction and land — 14,981 — — 14,981 Home equity 30 — — — 30 Auto and other consumer — — 180 — 180 Commercial business — 119 — 652 771 Total collateral dependent loans $ 1,456 $ 15,100 $ 180 $ 652 $ 17,388 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Three Months Ended March 31, 2024 Beginning Balance Charge-offs Recoveries Provision for (Recapture of) Credit Losses Ending Balance (In thousands) One-to-four family $ 2,975 $ — $ 2 $ 1,099 $ 4,076 Multi-family 1,154 — — 177 1,331 Commercial real estate 3,671 — — (289 ) 3,382 Construction and land 1,889 — — (899 ) 990 Home equity 1,077 — — 664 1,741 Auto and other consumer 4,409 (806 ) 46 (806 ) 2,843 Commercial business 2,335 (33 ) — 1,293 3,595 Total $ 17,510 $ (839 ) $ 48 $ 1,239 $ 17,958 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 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, 2024 December 31, 2023 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 252,761 — % $ 252,083 — % Interest-bearing demand deposits 170,729 0.56 % 169,418 0.56 % Money market accounts 395,480 2.21 % 362,205 1.78 % Savings accounts 236,550 1.66 % 242,148 1.62 % Certificates of deposit, retail 418,904 4.12 % 443,412 4.04 % Certificates of deposit, brokered 192,200 4.74 % 207,626 4.85 % Total deposits $ 1,666,624 2.40 % $ 1,676,892 2.34 % |
Time Deposit Maturities [Table Text Block] | March 31, 2024 December 31, 2023 (In thousands) Within one year or less $ 493,494 $ 495,605 After one year through two years 43,379 79,537 After two years through three years 28,716 24,777 After three years through four years 23,619 28,302 After four years through five years 21,896 22,817 Total certificates of deposit $ 611,104 $ 651,038 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | Three Months Ended March 31, 2024 2023 (In thousands) Demand deposits $ 187 $ 194 Money market accounts 1,949 776 Savings accounts 953 376 Certificates of deposit, retail 4,494 1,871 Certificates of deposit, brokered 2,529 1,136 Total interest expense on deposits $ 10,112 $ 4,353 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 95,000 $ 227,000 $ — $ 10,000 $ 39,455 Maximum outstanding at any month-end 110,000 227,000 — 10,000 39,455 Average monthly outstanding during the period 95,000 171,000 — 7,648 39,446 Weighted-average daily interest rates Annual 2.58 % 5.52 % — % 9.37 % 4.02 % Period End 2.79 % 5.52 % — % 9.30 % 4.02 % Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 30,000 2.48 % After one year through two years 30,000 3.03 After two years through three years 25,000 3.27 After three years through four years 10,000 1.76 Total FHLB long-term advances $ 95,000 2.79 % 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 $ 195,000 $ — $ 6,500 $ 39,436 Maximum outstanding at any month-end 85,000 195,000 95,000 11,000 39,436 Average monthly outstanding during the period 81,667 149,500 25,000 9,327 39,395 Weighted-average daily interest rates Annual 2.00 % 5.26 % 5.08 % 9.15 % 4.01 % Period End 2.09 % 5.52 % 5.27 % 9.00 % 4.00 % |
Note 8 - Earnings Per Common _2
Note 8 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 (In thousands, except share data) Net income: Net income available to common shareholders $ 396 $ 3,528 Earnings allocated to participating securities (1 ) (20 ) Earnings allocated to common shareholders $ 395 $ 3,508 Basic: Weighted average common shares outstanding 9,542,514 9,703,115 Weighted average unvested restricted stock awards (92,774 ) (165,333 ) Weighted average unallocated ESOP shares (573,504 ) (626,488 ) Total basic weighted average common shares outstanding 8,876,236 8,911,294 Diluted: Basic weighted average common shares outstanding 8,876,236 8,911,294 Dilutive restricted stock awards 30,948 28,307 Total diluted weighted average common shares outstanding 8,907,184 8,939,601 Basic earnings per common share $ 0.04 $ 0.39 Diluted earnings per common share $ 0.04 $ 0.39 |
Note 9 - Employee Benefits (Tab
Note 9 - Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | March 31, 2024 December 31, 2023 (Dollars in thousands) Allocated shares 439,174 439,174 Committed to be released shares 39,771 26,514 Unallocated shares 569,084 582,341 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 8,906 $ 9,283 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Three Months Ended March 31, 2024 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2024 96,022 $ 17.02 Granted 55,987 15.69 Vested (38,716 ) 17.48 Canceled (1) (9,460 ) 17.48 Forfeited (1,475 ) 13.50 Non-vested at March 31, 2024 102,358 $ 16.12 (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 Measurem_2
Note 11 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2024 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 $ — $ 87,004 $ — $ 87,004 ABS agency — 14,822 — 14,822 ABS corporate — 13,929 — 13,929 Corporate debt 1,875 51,156 — 53,031 SBA — 7,911 — 7,911 MBS agency — 83,271 — 83,271 MBS non-agency — 48,636 17,351 65,987 Sold loan servicing rights — — 3,820 3,820 Equity and partnership investments — 1,762 12,860 14,622 Interest rate swap derivative — 801 — 801 Total assets measured at fair value $ 1,875 $ 309,292 $ 34,031 $ 345,198 Financial Liabilities Interest rate swap derivative $ — $ 44 $ — $ 44 December 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 $ 5,118 $ 82,643 $ — $ 87,761 ABS agency — 11,782 — 11,782 ABS corporate — 5,286 — 5,286 Corporate debt 1,883 49,571 — 51,454 MBS agency — 63,247 — 63,247 MBS non-agency — 48,624 27,469 76,093 Sold loan servicing rights — — 3,793 3,793 Partnership investments — — 13,183 13,183 Total assets measured at fair value $ 7,001 $ 261,153 $ 44,445 $ 312,599 Financial Liabilities Interest rate swap derivative $ — $ 1,002 $ — $ 1,002 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2024 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $ 3,820 Discounted cash flow Constant prepayment rate 3.96% - 43.13% (6.81%) Discount rate 11.13% - 13.51% (11.85%) MBS non-agency $ 17,351 Consensus pricing Offered quotes 98 100 Partnership investments $ 12,860 Net asset value per share Net asset value n/a (1) Unobservable inputs were weighted by the relative fair value of the instruments. December 31, 2023 Fair Value (In thousands) Valuation Technique Unobservable Input (1) Range (Weighted Average) Sold loan servicing rights $ 3,793 Discounted cash flow Constant prepayment rate 4.10% - 47.53% (7.39%) Discount rate 11.00% - 13.42% (11.74%) MBS non-agency $ 27,469 Consensus pricing Offered quotes 98 100 Partnership investments $ 13,183 Net asset value per share Net asset value n/a (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, 2024 2023 Sold loan servicing rights: (In thousands) Balance at beginning of period $ 3,793 $ 3,887 Servicing rights that result from transfers and sale of financial assets 10 68 Changes in fair value due to changes in model inputs or assumptions (1) 17 269 Balance at end of period $ 3,820 $ 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, 2024 2023 Securities available for sale: (In thousands) MBS non-agency Balance at beginning of period $ 27,469 $ 29,599 Principal payments received (10,248 ) — Unrealized Gains 130 23 Balance at end of period $ 17,351 $ 29,622 As of or For the Three Months Ended March 31, 2024 2023 (In thousands) Partnership investments Balance at beginning of period $ 13,183 $ 12,563 Funding contributions 50 — Distributions received (263 ) — Unrealized Losses (110 ) (7 ) Balance at end of period $ 12,860 $ 12,556 |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Individually evaluated collateral dependent loans $ — $ — $ 18,123 $ 18,123 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Individually evaluated collateral dependent loans $ — $ — $ 17,388 $ 17,388 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 Fair Value Measurements Using: Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 77,346 $ 77,346 $ 77,346 $ — $ — Investment securities available for sale 325,955 325,955 1,875 306,729 17,351 Loans held for sale 988 988 — 988 — Loans receivable, net 1,692,774 1,555,221 — — 1,555,221 FHLB stock 15,876 15,876 — 15,876 — Accrued interest receivable 8,909 8,909 — 8,909 — Sold loan servicing rights, at fair value 3,820 3,820 — — 3,820 Equity and partnership investments 14,622 14,622 — 1,762 12,860 Interest rate swap derivative 801 801 — 801 — Financial liabilities Demand deposits $ 1,055,520 $ 1,055,520 $ 1,055,520 $ — $ — Time deposits 611,104 608,191 — — 608,191 FHLB Borrowings 322,000 318,137 — — 318,137 Line of Credit 10,000 10,193 — — 10,193 Subordinated debt, net 39,455 41,162 — — 41,162 Accrued interest payable 2,830 2,830 — 2,830 — Interest rate swap derivative 44 44 — 44 — December 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 $ 123,169 $ 123,169 $ 123,169 $ — $ — Investment securities available for sale 295,623 295,623 7,001 261,153 27,469 Loans held for sale 753 753 — 753 — Loans receivable, net 1,642,518 1,506,130 — — 1,506,130 FHLB stock 13,664 13,664 — 13,664 — Accrued interest receivable 7,894 7,894 — 7,894 — Sold loan servicing rights, at fair value 3,793 3,793 — — 3,793 Partnership investments 13,183 13,183 — — 13,183 Financial liabilities Demand deposits 1,025,854 $ 1,025,854 $ 1,025,854 $ — $ — Time deposits 651,038 648,428 — — 648,428 FHLB Borrowings 275,000 271,284 — — 271,284 Line of Credit 6,500 6,524 — — 6,524 Subordinated debt, net 39,436 42,116 — — 42,116 Accrued interest payable 3,396 3,396 — 3,396 — Interest rate swap derivative 1,002 1,002 — 1,002 — |
Note 12 - Change in Accumulat_2
Note 12 - Change in Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains and Losses on Available-for-Sale Securities Net Actuarial Gains (Losses) on Defined Benefit Plan Assets Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Unrealized Gains and Losses on Derivatives Total (In thousands) Balance at December 31, 2022 $ (38,404 ) $ (600 ) $ (1,539 ) $ — $ (40,543 ) Other comprehensive income (loss) 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 ) $ (600 ) $ (1,509 ) $ (1,357 ) $ (38,108 ) Balance at December 31, 2023 $ (30,099 ) $ (288 ) $ (1,421 ) $ (828 ) $ (32,636 ) Other comprehensive (loss) income before reclassification (588 ) — — 730 142 Amounts reclassified from accumulated other comprehensive income — — 29 — 29 Net other comprehensive (loss) income (588 ) — 29 730 171 Balance at March 31, 2024 $ (30,687 ) $ (288 ) $ (1,392 ) $ (98 ) $ (32,465 ) |
Note 13 - Derivatives and Hed_2
Note 13 - Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (In thousands) Line item in the Consolidated Balance Sheets where the hedged item is included: March 31, 2024 Investment securities (1) $ 50,125 $ 125 Loans receivable (2) 99,289 (711 ) Total $ 149,414 $ (586 ) December 31, 2023 Investment securities $ 51,054 $ 1,054 Total $ 51,054 $ 1,054 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value Notional Amount Other Assets Other Liabilities (In thousands) March 31, 2024 Fair value hedges: Interest rate swaps - securities $ 50,000 $ — $ 44 Interest rate swaps - loans 100,000 801 — December 31, 2023 Fair value hedges: Interest rate swaps - securities $ 50,000 $ — $ 1,002 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Three Months Ended March 31, 2024 2023 (In thousands) Total amounts recognized in interest on investment securities $ 3,632 $ 3,182 Total amounts recognized in interest and fees on loans receivable 22,767 — Net gains (losses) on fair value hedging relationships Interest rate swaps - securities Recognized on hedged items $ (967 ) $ 1,728 Recognized on derivatives designated as hedging instruments 1,155 (1,697 ) Interest rate swaps - loans Recognized on hedged items (711 ) — Recognized on derivatives designated as hedging instruments 884 — Net income recognized on fair value $ 361 $ 31 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Critical Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | |||||
Dec. 18, 2015 | Jan. 29, 2015 | Dec. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 1,692,774,000 | $ 1,642,518,000 | ||||
Quil Ventures, Inc. [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | |||||
Investments | $ 225,000 | 225,000 | ||||
Commitment Receivable | $ 1,500,000 | $ 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 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,200 | $ 1,900 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 22 | 6 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 155 | 156 |
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, 2024 | Dec. 31, 2023 |
Securities available for sale, amortized cost | $ 365,029 | $ 333,950 |
Securities available for sale, gross unrealized gains | 11 | 0 |
Securities available for sale, gross unrealized losses | (39,085) | (38,327) |
Investment securities available for sale, at fair value | 325,955 | 295,623 |
Securities available for sale, allowance for credit losses | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 102,820 | 102,998 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (15,816) | (15,237) |
Investment securities available for sale, at fair value | 87,004 | 87,761 |
Securities available for sale, allowance for credit losses | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 14,859 | 11,847 |
Securities available for sale, gross unrealized gains | 3 | 0 |
Securities available for sale, gross unrealized losses | (40) | (65) |
Investment securities available for sale, at fair value | 14,822 | 11,782 |
Securities available for sale, allowance for credit losses | 0 | 0 |
Corporate Issued Asset-backed Securities [Member] | ||
Securities available for sale, amortized cost | 13,951 | 5,370 |
Securities available for sale, gross unrealized gains | 1 | 0 |
Securities available for sale, gross unrealized losses | (23) | (84) |
Investment securities available for sale, at fair value | 13,929 | 5,286 |
Securities available for sale, allowance for credit losses | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 58,162 | 56,515 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (5,131) | (5,061) |
Investment securities available for sale, at fair value | 53,031 | 51,454 |
Securities available for sale, allowance for credit losses | 0 | 0 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, amortized cost | 7,925 | |
Securities available for sale, gross unrealized gains | 5 | |
Securities available for sale, gross unrealized losses | (19) | |
Investment securities available for sale, at fair value | 7,911 | |
Securities available for sale, allowance for credit losses | 0 | |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, amortized cost | 96,381 | 75,665 |
Securities available for sale, gross unrealized gains | 1 | 0 |
Securities available for sale, gross unrealized losses | (13,111) | (12,418) |
Investment securities available for sale, at fair value | 83,271 | 63,247 |
Securities available for sale, allowance for credit losses | 0 | 0 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 70,931 | 81,555 |
Securities available for sale, gross unrealized gains | 1 | 0 |
Securities available for sale, gross unrealized losses | (4,945) | (5,462) |
Investment securities available for sale, at fair value | 65,987 | 76,093 |
Securities available for sale, allowance for credit losses | $ 0 | $ 0 |
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, 2024 | Dec. 31, 2023 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (431) | $ (176) |
Securities available for sale, fair value, less than twelve months | 48,975 | 19,494 |
Securities available for sale, gross unrealized losses, twelve months or longer | (38,654) | (38,151) |
Securities available for sale, fair value, twelve months or longer | 259,704 | 274,306 |
Securities available for sale, gross unrealized losses, total | (39,085) | (38,327) |
Securities available for sale, fair value, total | 308,679 | 293,800 |
US States and Political Subdivisions 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 | (15,816) | (15,237) |
Securities available for sale, fair value, twelve months or longer | 86,704 | 87,461 |
Securities available for sale, gross unrealized losses, total | (15,816) | (15,237) |
Securities available for sale, fair value, total | 86,704 | 87,461 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (40) | (65) |
Securities available for sale, fair value, less than twelve months | 11,158 | 11,782 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 0 | 0 |
Securities available for sale, gross unrealized losses, total | (40) | (65) |
Securities available for sale, fair value, total | 11,158 | 11,782 |
Corporate Issued Asset-backed Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (23) | (84) |
Securities available for sale, fair value, less than twelve months | 9,912 | 3,771 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 0 | 0 |
Securities available for sale, gross unrealized losses, total | (23) | (84) |
Securities available for sale, fair value, total | 9,912 | 3,771 |
Corporate Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (10) | 0 |
Securities available for sale, fair value, less than twelve months | 1,662 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (5,121) | (5,061) |
Securities available for sale, fair value, twelve months or longer | 51,369 | 51,454 |
Securities available for sale, gross unrealized losses, total | (5,131) | (5,061) |
Securities available for sale, fair value, total | 53,031 | 51,454 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (19) | |
Securities available for sale, fair value, less than twelve months | 4,747 | |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | |
Securities available for sale, fair value, twelve months or longer | 0 | |
Securities available for sale, gross unrealized losses, total | (19) | |
Securities available for sale, fair value, total | 4,747 | |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (338) | (27) |
Securities available for sale, fair value, less than twelve months | 20,472 | 3,941 |
Securities available for sale, gross unrealized losses, twelve months or longer | (12,773) | (12,391) |
Securities available for sale, fair value, twelve months or longer | 58,676 | 59,305 |
Securities available for sale, gross unrealized losses, total | (13,111) | (12,418) |
Securities available for sale, fair value, total | 79,148 | 63,246 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (1) | 0 |
Securities available for sale, fair value, less than twelve months | 1,024 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | (4,944) | (5,462) |
Securities available for sale, fair value, twelve months or longer | 62,955 | 76,086 |
Securities available for sale, gross unrealized losses, total | (4,945) | (5,462) |
Securities available for sale, fair value, total | $ 63,979 | $ 76,086 |
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, 2024 | Dec. 31, 2023 |
Securities available for sale, amortized cost | $ 365,029 | $ 333,950 |
Investment securities available for sale, at fair value | 325,955 | 295,623 |
Collateralized Mortgage-Backed Securities [Member] | ||
Due within one year, amortized cost | 19,531 | 25,279 |
Due within one year, estimated fair value | 19,352 | 25,017 |
Due after one through five years, amortized cost | 16,351 | 16,622 |
Due after one through five years, estimated fair value | 15,759 | 16,029 |
Due after five through ten years, amortized cost | 8,266 | 8,874 |
Due after five through ten years, estimated fair value | 7,722 | 8,197 |
Due after ten years, amortized cost | 123,164 | 106,445 |
Due after ten years, estimated fair value | 106,425 | 90,097 |
Securities available for sale, amortized cost | 167,312 | 157,220 |
Investment securities available for sale, at fair value | 149,258 | 139,340 |
Investment Securities, Excluding Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 1,300 | 300 |
Due within one year, estimated fair value | 1,230 | 300 |
Due after one through five years, amortized cost | 17,180 | 18,187 |
Due after one through five years, estimated fair value | 16,502 | 17,384 |
Due after five through ten years, amortized cost | 61,982 | 57,328 |
Due after five through ten years, estimated fair value | 55,194 | 50,768 |
Due after ten years, amortized cost | 117,255 | 100,915 |
Due after ten years, estimated fair value | 103,771 | 87,831 |
Securities available for sale, amortized cost | 197,717 | 176,730 |
Investment securities available for sale, at fair value | $ 176,697 | $ 156,283 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 17,200,000 | $ 14,800,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 6,600,000 | 6,000,000 | |
Financing Receivable, Nonaccrual, Interest Income | 75,000 | $ 9,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 8,500,000 | ||
Financing Receivable, Individually Evaluated for Credit Loss | 20,600,000 | 20,000,000 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 500,000 | $ 165,000 | |
Financing Receivable, Modified, Number of Contracts | 0 | 0 | |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | |||
Financing Receivable, Modified, Number of Contracts | 1 | ||
Financing Receivable, Modified, Accumulated | $ 119,000 | ||
Valuation Technique, Discounted Cash Flow [Member] | |||
Financing Receivable, Individually Evaluated for Credit Loss | $ 2,500,000 | 2,500,000 | |
Valuation Technique, Underlying Value of Collateral [Member] | |||
Financing Receivable, Individually Evaluated for Credit Loss | $ 18,100,000 | $ 17,500,000 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Loan receivable, gross | $ 1,711,442 | $ 1,660,028 | ||||
Derivative basis adjustment | 710 | 0 | ||||
Allowance for Credit Loss | 17,958 | [1] | 17,510 | [1] | $ 17,396 | $ 16,116 |
Total loans receivable, net | 1,692,774 | 1,642,518 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loan receivable, gross | 1,233,920 | 1,229,200 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||||
Loan receivable, gross | 383,905 | 378,432 | ||||
Allowance for Credit Loss | 4,076 | 2,903 | 3,343 | |||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||||||
Loan receivable, gross | 339,538 | 333,094 | ||||
Allowance for Credit Loss | 1,331 | 1,045 | 2,468 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loan receivable, gross | 385,130 | 387,983 | ||||
Allowance for Credit Loss | 3,382 | 2,979 | 4,217 | |||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loan receivable, gross | 125,347 | 129,691 | ||||
Allowance for Credit Loss | 990 | 2,782 | 2,344 | |||
Consumer Portfolio Segment [Member] | ||||||
Loan receivable, gross | 341,225 | 318,533 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loan receivable, gross | 72,391 | 69,403 | ||||
Allowance for Credit Loss | 1,741 | 1,084 | 549 | |||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||||||
Loan receivable, gross | 268,834 | 249,130 | ||||
Allowance for Credit Loss | 2,843 | 4,689 | 2,024 | |||
Commercial Portfolio Segment [Member] | ||||||
Loan receivable, gross | 136,297 | $ 112,295 | ||||
Allowance for Credit Loss | $ 3,595 | $ 1,914 | $ 786 | |||
[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, 2024 | Dec. 31, 2023 |
Nonaccrual loans with allowance | $ 1,872 | $ 747 |
Nonaccrual loans without allowance | 17,609 | 17,897 |
Nonaccrual loans | 19,481 | 18,644 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Nonaccrual loans with allowance | 407 | 418 |
Nonaccrual loans without allowance | 830 | 1,426 |
Nonaccrual loans | 1,237 | 1,844 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Nonaccrual loans with allowance | 0 | 0 |
Nonaccrual loans without allowance | 708 | 0 |
Nonaccrual loans | 708 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual loans with allowance | 22 | 28 |
Nonaccrual loans without allowance | 0 | 0 |
Nonaccrual loans | 22 | 28 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual loans with allowance | 3 | 6 |
Nonaccrual loans without allowance | 14,437 | 14,980 |
Nonaccrual loans | 14,440 | 14,986 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Nonaccrual loans with allowance | 91 | 92 |
Nonaccrual loans without allowance | 30 | 31 |
Nonaccrual loans | 121 | 123 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Nonaccrual loans with allowance | 42 | 38 |
Nonaccrual loans without allowance | 970 | 748 |
Nonaccrual loans | 1,012 | 786 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans with allowance | 1,307 | 165 |
Nonaccrual loans without allowance | 634 | 712 |
Nonaccrual loans | $ 1,941 | $ 877 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loan receivable, gross | $ 1,711,442 | $ 1,660,028 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 4,074 | 3,846 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 2,182 | 9,884 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 25,872 | 1,801 |
Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 32,128 | 15,531 |
Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 1,679,314 | 1,644,497 |
Real Estate Portfolio Segment [Member] | ||
Loan receivable, gross | 1,233,920 | 1,229,200 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 627 | 816 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 1,574 | 8,526 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 23,033 | 1,010 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 25,234 | 10,352 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 1,208,686 | 1,218,848 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loan receivable, gross | 383,905 | 378,432 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 614 | 802 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 866 | 0 |
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 | 68 | 1,010 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 1,548 | 1,812 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 382,357 | 376,620 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loan receivable, gross | 339,538 | 333,094 |
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 | 708 | 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 | 708 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 338,830 | 333,094 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loan receivable, gross | 385,130 | 387,983 |
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 | 8,526 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 8,528 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 8,528 | 8,526 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 376,602 | 379,457 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loan receivable, gross | 125,347 | 129,691 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 13 | 14 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 14,437 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 14,450 | 14 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 110,897 | 129,677 |
Consumer Portfolio Segment [Member] | ||
Loan receivable, gross | 341,225 | 318,533 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 1,414 | 1,913 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 608 | 601 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 1,016 | 791 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 3,038 | 3,305 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 338,187 | 315,228 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loan receivable, gross | 72,391 | 69,403 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 90 | 59 |
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 | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 90 | 59 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 72,301 | 69,344 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loan receivable, gross | 268,834 | 249,130 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 1,324 | 1,854 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 608 | 601 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 1,016 | 791 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 2,948 | 3,246 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | 265,886 | 245,884 |
Commercial Portfolio Segment [Member] | ||
Loan receivable, gross | 136,297 | 112,295 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loan receivable, gross | 2,033 | 1,117 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loan receivable, gross | 0 | 757 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loan receivable, gross | 1,823 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loan receivable, gross | 3,856 | 1,874 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loan receivable, gross | $ 132,441 | $ 110,421 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Originated current year | $ 66,924 | $ 242,609 | |
Originated prior year | 244,785 | 452,690 | |
Originated two years prior | 459,598 | 443,246 | |
Originated three years prior | 419,532 | 253,325 | |
Originated four years prior | 237,211 | 54,901 | |
Originated years prior | 196,322 | 135,114 | |
Revolving | 87,070 | 78,143 | |
Loan receivable, gross | 1,711,442 | 1,660,028 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 203 | 3,018 | |
Originated two years prior, write offs | 619 | 15 | |
Originated three years prior, write offs | 0 | 52 | |
Originated four years prior, write offs | 0 | 11 | |
Originated years prior, write offs | 2 | 122 | |
Revolving, write offs | 15 | 104 | |
Gross charge-offs during the period | 839 | $ 965 | 3,322 |
Originated years prior | (196,322) | (135,114) | |
Pass [Member] | |||
Originated current year | 57,820 | 208,412 | |
Originated prior year | 218,792 | 440,923 | |
Originated two years prior | 441,404 | 409,138 | |
Originated three years prior | 381,119 | 238,824 | |
Originated four years prior | 222,840 | 50,690 | |
Originated years prior | 188,334 | 130,457 | |
Revolving | 83,975 | 71,466 | |
Loan receivable, gross | 1,594,284 | 1,549,910 | |
Originated years prior | (188,334) | (130,457) | |
Watch [Member] | |||
Originated current year | 1,081 | 11,555 | |
Originated prior year | 10,665 | 7,359 | |
Originated two years prior | 13,474 | 18,887 | |
Originated three years prior | 22,754 | 11,580 | |
Originated four years prior | 10,051 | 3,699 | |
Originated years prior | 6,518 | 3,010 | |
Revolving | 506 | 4,155 | |
Loan receivable, gross | 65,049 | 60,245 | |
Originated years prior | (6,518) | (3,010) | |
Special Mention [Member] | |||
Originated current year | 7,845 | 7,286 | |
Originated prior year | 338 | 334 | |
Originated two years prior | 36 | 6,561 | |
Originated three years prior | 6,758 | 462 | |
Originated four years prior | 858 | 0 | |
Originated years prior | 93 | 96 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 15,928 | 14,739 | |
Originated years prior | (93) | (96) | |
Substandard [Member] | |||
Originated current year | 178 | 15,356 | |
Originated prior year | 14,990 | 4,074 | |
Originated two years prior | 4,684 | 8,660 | |
Originated three years prior | 8,901 | 2,459 | |
Originated four years prior | 3,462 | 512 | |
Originated years prior | 1,377 | 1,551 | |
Revolving | 2,589 | 2,522 | |
Loan receivable, gross | 36,181 | 35,134 | |
Originated years prior | (1,377) | (1,551) | |
Real Estate Portfolio Segment [Member] | |||
Loan receivable, gross | 1,233,920 | 1,229,200 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Originated current year | 0 | 2,282 | |
Originated prior year | 1,991 | 102,664 | |
Originated two years prior | 110,499 | 119,366 | |
Originated three years prior | 120,685 | 71,425 | |
Originated four years prior | 70,569 | 14,364 | |
Originated years prior | 80,161 | 68,331 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 383,905 | 378,432 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 0 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 0 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 0 | 0 | 0 |
Originated years prior | (80,161) | (68,331) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | |||
Originated current year | 0 | 2,282 | |
Originated prior year | 1,991 | 102,389 | |
Originated two years prior | 110,224 | 118,028 | |
Originated three years prior | 119,355 | 69,229 | |
Originated four years prior | 68,383 | 13,882 | |
Originated years prior | 77,265 | 65,701 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 377,218 | 371,511 | |
Originated years prior | (77,265) | (65,701) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 275 | |
Originated two years prior | 275 | 1,338 | |
Originated three years prior | 1,330 | 1,569 | |
Originated four years prior | 1,021 | 0 | |
Originated years prior | 1,686 | 1,295 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 4,312 | 4,477 | |
Originated years prior | (1,686) | (1,295) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 300 | |
Originated four years prior | 840 | 0 | |
Originated years prior | 80 | 80 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 920 | 380 | |
Originated years prior | (80) | (80) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 327 | |
Originated four years prior | 325 | 482 | |
Originated years prior | 1,130 | 1,255 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 1,455 | 2,064 | |
Originated years prior | (1,130) | (1,255) | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Originated current year | 5,088 | 52,208 | |
Originated prior year | 52,168 | 105,902 | |
Originated two years prior | 105,927 | 103,419 | |
Originated three years prior | 106,145 | 58,296 | |
Originated four years prior | 57,657 | 6,922 | |
Originated years prior | 12,553 | 6,347 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 339,538 | 333,094 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 0 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 0 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 0 | 0 | 0 |
Originated years prior | (12,553) | (6,347) | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | |||
Originated current year | 5,088 | 52,208 | |
Originated prior year | 52,168 | 105,902 | |
Originated two years prior | 105,927 | 88,293 | |
Originated three years prior | 91,093 | 57,588 | |
Originated four years prior | 56,949 | 6,922 | |
Originated years prior | 11,565 | 5,356 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 322,790 | 316,269 | |
Originated years prior | (11,565) | (5,356) | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 15,126 | |
Originated three years prior | 15,052 | 708 | |
Originated four years prior | 0 | 0 | |
Originated years prior | 988 | 991 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 16,040 | 16,825 | |
Originated years prior | (988) | (991) | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Substandard [Member] | |||
Originated current year | 0 | ||
Originated prior year | 0 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 708 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 708 | ||
Originated years prior | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Originated current year | 751 | 57,256 | |
Originated prior year | 56,965 | 88,908 | |
Originated two years prior | 87,926 | 115,452 | |
Originated three years prior | 114,707 | 86,787 | |
Originated four years prior | 86,058 | 16,657 | |
Originated years prior | 38,723 | 22,923 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 385,130 | 387,983 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 0 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 0 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 0 | 0 | 0 |
Originated years prior | (38,723) | (22,923) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Originated current year | 751 | 52,823 | |
Originated prior year | 52,559 | 87,712 | |
Originated two years prior | 86,745 | 99,058 | |
Originated three years prior | 99,663 | 76,664 | |
Originated four years prior | 75,997 | 13,096 | |
Originated years prior | 35,186 | 22,425 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 350,901 | 351,778 | |
Originated years prior | (35,186) | (22,425) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | |||
Originated current year | 0 | 4,433 | |
Originated prior year | 4,406 | 1,168 | |
Originated two years prior | 1,159 | 1,340 | |
Originated three years prior | 0 | 8,829 | |
Originated four years prior | 8,777 | 3,561 | |
Originated years prior | 3,537 | 496 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 17,879 | 19,827 | |
Originated years prior | (3,537) | (496) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 6,528 | |
Originated three years prior | 6,516 | 0 | |
Originated four years prior | 0 | 0 | |
Originated years prior | 0 | 2 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 6,516 | 6,530 | |
Originated years prior | 0 | (2) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 28 | |
Originated two years prior | 22 | 8,526 | |
Originated three years prior | 8,528 | 1,294 | |
Originated four years prior | 1,284 | 0 | |
Originated years prior | 0 | 0 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 9,834 | 9,848 | |
Originated years prior | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Originated current year | 11,772 | 49,461 | |
Originated prior year | 44,534 | 54,443 | |
Originated two years prior | 48,784 | 24,217 | |
Originated three years prior | 18,841 | 727 | |
Originated four years prior | 719 | 344 | |
Originated years prior | 697 | 499 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 125,347 | 129,691 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 0 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 0 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 0 | 0 | 0 |
Originated years prior | (697) | (499) | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Originated current year | 3,011 | 20,772 | |
Originated prior year | 24,556 | 49,508 | |
Originated two years prior | 42,424 | 23,988 | |
Originated three years prior | 18,841 | 727 | |
Originated four years prior | 719 | 344 | |
Originated years prior | 667 | 464 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 90,218 | 95,803 | |
Originated years prior | (667) | (464) | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | |||
Originated current year | 971 | 6,512 | |
Originated prior year | 5,541 | 4,935 | |
Originated two years prior | 6,360 | 229 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated years prior | 14 | 15 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 12,886 | 11,691 | |
Originated years prior | (14) | (15) | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Originated current year | 7,790 | 7,196 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated years prior | 13 | 14 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 7,803 | 7,210 | |
Originated years prior | (13) | (14) | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Originated current year | 0 | 14,981 | |
Originated prior year | 14,437 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated years prior | 3 | 6 | |
Revolving | 0 | 0 | |
Loan receivable, gross | 14,440 | 14,987 | |
Originated years prior | (3) | (6) | |
Consumer Portfolio Segment [Member] | |||
Loan receivable, gross | 341,225 | 318,533 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Originated current year | 833 | 7,179 | |
Originated prior year | 6,954 | 7,169 | |
Originated two years prior | 6,988 | 4,668 | |
Originated three years prior | 4,509 | 3,122 | |
Originated four years prior | 2,970 | 1,331 | |
Originated years prior | 5,532 | 4,451 | |
Revolving | 44,605 | 41,483 | |
Loan receivable, gross | 72,391 | 69,403 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 0 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 10 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 0 | 11 | 10 |
Originated years prior | (5,532) | (4,451) | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Originated current year | 833 | 7,179 | |
Originated prior year | 6,954 | 7,169 | |
Originated two years prior | 6,988 | 4,638 | |
Originated three years prior | 4,479 | 3,063 | |
Originated four years prior | 2,875 | 1,331 | |
Originated years prior | 5,441 | 4,283 | |
Revolving | 44,009 | 41,105 | |
Loan receivable, gross | 71,579 | 68,768 | |
Originated years prior | (5,441) | (4,283) | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 37 | 0 | |
Originated years prior | 79 | 155 | |
Revolving | 504 | 345 | |
Loan receivable, gross | 620 | 500 | |
Originated years prior | (79) | (155) | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior | 0 | 30 | |
Originated three years prior | 30 | 59 | |
Originated four years prior | 58 | 0 | |
Originated years prior | 12 | 13 | |
Revolving | 92 | 33 | |
Loan receivable, gross | 192 | 135 | |
Originated years prior | (12) | (13) | |
Consumer Portfolio Segment [Member] | Other Consumer [Member] | |||
Originated current year | 50,093 | ||
Originated prior year | 70,698 | ||
Originated two years prior | 64,713 | ||
Originated three years prior | 29,479 | ||
Originated four years prior | 14,828 | ||
Originated years prior | 18,930 | ||
Revolving | 389 | ||
Loan receivable, gross | 249,130 | ||
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 203 | 3,018 | |
Originated two years prior, write offs | 586 | 15 | |
Originated three years prior, write offs | 0 | 52 | |
Originated four years prior, write offs | 0 | 11 | |
Originated years prior, write offs | 2 | 112 | |
Revolving, write offs | 15 | 104 | |
Gross charge-offs during the period | 806 | 3,312 | |
Originated years prior | (18,930) | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Pass [Member] | |||
Originated current year | 49,649 | ||
Originated prior year | 69,052 | ||
Originated two years prior | 64,101 | ||
Originated three years prior | 29,113 | ||
Originated four years prior | 14,660 | ||
Originated years prior | 18,593 | ||
Revolving | 385 | ||
Loan receivable, gross | 245,553 | ||
Originated years prior | (18,593) | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Watch [Member] | |||
Originated current year | 270 | ||
Originated prior year | 919 | ||
Originated two years prior | 579 | ||
Originated three years prior | 204 | ||
Originated four years prior | 138 | ||
Originated years prior | 59 | ||
Revolving | 4 | ||
Loan receivable, gross | 2,173 | ||
Originated years prior | (59) | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Originated current year | 90 | ||
Originated prior year | 334 | ||
Originated two years prior | 33 | ||
Originated three years prior | 162 | ||
Originated four years prior | 0 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 619 | ||
Originated years prior | 0 | ||
Consumer Portfolio Segment [Member] | Other Consumer [Member] | Substandard [Member] | |||
Originated current year | 84 | ||
Originated prior year | 393 | ||
Originated two years prior | 0 | ||
Originated three years prior | 0 | ||
Originated four years prior | 30 | ||
Originated years prior | 278 | ||
Revolving | 0 | ||
Loan receivable, gross | 785 | ||
Originated years prior | (278) | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Originated current year | 33,575 | ||
Originated prior year | 58,766 | ||
Originated two years prior | 77,069 | ||
Originated three years prior | 43,798 | ||
Originated four years prior | 16,090 | ||
Originated years prior | 39,086 | ||
Revolving | 450 | ||
Loan receivable, gross | 268,834 | 249,130 | |
Gross charge-offs during the period | 806 | 954 | |
Originated years prior | (39,086) | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | |||
Originated current year | 33,232 | ||
Originated prior year | 57,479 | ||
Originated two years prior | 76,093 | ||
Originated three years prior | 43,133 | ||
Originated four years prior | 15,527 | ||
Originated years prior | 38,640 | ||
Revolving | 444 | ||
Loan receivable, gross | 264,548 | ||
Originated years prior | (38,640) | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | |||
Originated current year | 110 | ||
Originated prior year | 679 | ||
Originated two years prior | 940 | ||
Originated three years prior | 182 | ||
Originated four years prior | 216 | ||
Originated years prior | 214 | ||
Revolving | 2 | ||
Loan receivable, gross | 2,343 | ||
Originated years prior | (214) | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | |||
Originated current year | 55 | ||
Originated prior year | 338 | ||
Originated two years prior | 36 | ||
Originated three years prior | 242 | ||
Originated four years prior | 18 | ||
Originated years prior | 0 | ||
Revolving | 0 | ||
Loan receivable, gross | 689 | ||
Originated years prior | 0 | ||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | |||
Originated current year | 178 | ||
Originated prior year | 270 | ||
Originated two years prior | 0 | ||
Originated three years prior | 241 | ||
Originated four years prior | 329 | ||
Originated years prior | 232 | ||
Revolving | 4 | ||
Loan receivable, gross | 1,254 | ||
Originated years prior | (232) | ||
Commercial Portfolio Segment [Member] | |||
Originated current year | 14,905 | 24,130 | |
Originated prior year | 23,407 | 22,906 | |
Originated two years prior | 22,405 | 11,411 | |
Originated three years prior | 10,847 | 3,489 | |
Originated four years prior | 3,148 | 455 | |
Originated years prior | 19,570 | 13,633 | |
Revolving | 42,015 | 36,271 | |
Loan receivable, gross | 136,297 | 112,295 | |
Originated current year, writeoffs | 0 | 0 | |
Originated prior year, write offs | 0 | 0 | |
Originated two years prior, write offs | 33 | 0 | |
Originated three years prior, write offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Originated years prior, write offs | 0 | 0 | |
Revolving, write offs | 0 | 0 | |
Gross charge-offs during the period | 33 | $ 0 | 0 |
Originated years prior | (19,570) | (13,633) | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Originated current year | 14,905 | 23,499 | |
Originated prior year | 23,085 | 19,191 | |
Originated two years prior | 13,003 | 11,032 | |
Originated three years prior | 4,555 | 2,440 | |
Originated four years prior | 2,390 | 455 | |
Originated years prior | 19,570 | 13,635 | |
Revolving | 39,522 | 29,976 | |
Loan receivable, gross | 117,030 | 100,228 | |
Originated years prior | (19,570) | (13,635) | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Originated current year | 0 | 340 | |
Originated prior year | 39 | 62 | |
Originated two years prior | 4,740 | 275 | |
Originated three years prior | 6,190 | 270 | |
Originated four years prior | 0 | 0 | |
Revolving | 0 | 3,806 | |
Loan receivable, gross | 10,969 | 4,752 | |
Originated years prior, net of deferred fees | 0 | (1) | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Originated current year | 0 | 291 | |
Originated prior year | 283 | 3,653 | |
Originated two years prior | 4,662 | 104 | |
Originated three years prior | 102 | 779 | |
Originated four years prior | 758 | 0 | |
Originated years prior | 0 | 1 | |
Revolving | 2,493 | 2,489 | |
Loan receivable, gross | 8,298 | 7,315 | |
Originated years prior | $ 0 | $ (1) |
Note 3 - Loans Receivable - Col
Note 3 - Loans Receivable - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans, individually evaluated | $ 20,600 | $ 20,000 |
Single Family Residence [Member] | ||
Loans, individually evaluated | 860 | 1,456 |
Multi Family Housing [Member] | ||
Loans, individually evaluated | 707 | |
Condominium [Member] | ||
Loans, individually evaluated | 14,556 | 15,100 |
Automobiles [Member] | ||
Loans, individually evaluated | 180 | 180 |
Business Assets [Member] | ||
Loans, individually evaluated | 1,820 | 652 |
Collateral Pledged [Member] | ||
Loans, individually evaluated | 18,123 | 17,388 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 830 | 1,426 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Condominium [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | 830 | 1,426 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 707 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Condominium [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | 707 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Condominium [Member] | ||
Loans, individually evaluated | 14,437 | 14,981 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | 14,437 | 14,981 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 30 | 30 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Condominium [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | 30 | 30 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 0 | |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Condominium [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 180 | 180 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 0 | 0 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | 180 | 180 |
Commercial Portfolio Segment [Member] | Single Family Residence [Member] | ||
Loans, individually evaluated | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi Family Housing [Member] | ||
Loans, individually evaluated | 0 | |
Commercial Portfolio Segment [Member] | Condominium [Member] | ||
Loans, individually evaluated | 119 | 119 |
Commercial Portfolio Segment [Member] | Automobiles [Member] | ||
Loans, individually evaluated | 0 | 0 |
Commercial Portfolio Segment [Member] | Business Assets [Member] | ||
Loans, individually evaluated | 1,820 | 652 |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Loans, individually evaluated | $ 1,939 | $ 771 |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses on Loans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ 1,239,000 | $ 15,000 | |
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 548,000 | $ 817,000 |
Note 4 - Allowance for Credit_4
Note 4 - Allowance for Credit Losses on Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Balance | $ 17,510 | [1] | $ 16,116 | $ 16,116 | |
Write-offs | (839) | (965) | (3,322) | ||
Recoveries | 48 | 21 | |||
Provision for credit losses | 1,239 | 15 | |||
Balance | 17,958 | [1] | 17,396 | 17,510 | [1] |
Recoveries | (48) | (21) | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 17,510 | 18,325 | 18,325 | ||
Balance | 17,510 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 2,209 | 2,209 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Balance | 3,343 | 3,343 | |||
Write-offs | 0 | 0 | 0 | ||
Recoveries | 2 | 0 | |||
Provision for credit losses | 1,099 | (11) | |||
Balance | 4,076 | 2,903 | |||
Recoveries | (2) | 0 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 2,975 | 2,914 | 2,914 | ||
Balance | 2,975 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (429) | (429) | |||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||||
Balance | 2,468 | 2,468 | |||
Write-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | |||
Provision for credit losses | 177 | 26 | |||
Balance | 1,331 | 1,045 | |||
Recoveries | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 1,154 | 1,019 | 1,019 | ||
Balance | 1,154 | ||||
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (1,449) | (1,449) | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Balance | 4,217 | 4,217 | |||
Write-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | |||
Provision for credit losses | (289) | (634) | |||
Balance | 3,382 | 2,979 | |||
Recoveries | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 3,671 | 3,613 | 3,613 | ||
Balance | 3,671 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (604) | (604) | |||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Balance | 2,344 | 2,344 | |||
Write-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | |||
Provision for credit losses | (899) | (1,117) | |||
Balance | 990 | 2,782 | |||
Recoveries | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 1,889 | 3,899 | 3,899 | ||
Balance | 1,889 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 1,555 | 1,555 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Balance | 549 | 549 | |||
Write-offs | 0 | (11) | (10) | ||
Recoveries | 0 | 0 | |||
Provision for credit losses | 664 | 200 | |||
Balance | 1,741 | 1,084 | |||
Recoveries | 0 | 0 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 1,077 | 895 | 895 | ||
Balance | 1,077 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 346 | 346 | |||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||||
Balance | 2,024 | 2,024 | |||
Write-offs | (806) | (954) | |||
Recoveries | 46 | 21 | |||
Provision for credit losses | (806) | 1,217 | |||
Balance | 2,843 | 4,689 | |||
Recoveries | (46) | (21) | |||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 4,409 | 4,405 | 4,405 | ||
Balance | 4,409 | ||||
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 2,381 | 2,381 | |||
Commercial Portfolio Segment [Member] | |||||
Balance | 786 | 786 | |||
Write-offs | (33) | 0 | 0 | ||
Recoveries | 0 | 0 | |||
Provision for credit losses | 1,293 | 334 | |||
Balance | 3,595 | 1,914 | |||
Recoveries | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | $ 2,335 | 1,580 | 1,580 | ||
Balance | 2,335 | ||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 794 | 794 | |||
Unallocated Financing Receivables [Member] | |||||
Balance | 385 | 385 | |||
Write-offs | 0 | ||||
Recoveries | 0 | ||||
Provision for credit losses | 0 | ||||
Balance | 0 | ||||
Recoveries | 0 | ||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 0 | 0 | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | $ (385) | $ (385) | |||
[1]Allowance for credit losses on loans in 2023 reported using the CECL method and in 2022 reported using the incurred loss method. |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Time Deposits, at or Above FDIC Insurance Limit | $ 159.1 | $ 173.8 |
Deposits, Public Fund | 115.8 | 114.2 |
Letters of Credit Outstanding, Amount | 60 | |
Deposits, Funds Held by Federally Recognized Tribes | 18.3 | 18.4 |
Asset Pledged as Collateral [Member] | Funds Held by Federally Recognized Tribes [Member] | ||
Debt Securities | 23 | 23.8 |
Federal Home Loan Bank of Des Moines [Member] | ||
Letters of Credit Outstanding, Amount | $ 60 | $ 60 |
Note 5 - Deposits - Deposits (D
Note 5 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Noninterest-bearing demand deposits | $ 252,761 | $ 252,083 |
Interest-bearing demand deposits | $ 170,729 | $ 169,418 |
Interest-bearing demand deposits, weighted-average interest rate | 0.56% | 0.56% |
Money market accounts | $ 395,480 | $ 362,205 |
Money market accounts, weighted-average interest rate | 2.21% | 1.78% |
Savings accounts | $ 236,550 | $ 242,148 |
Savings accounts, weighted-average interest rate | 1.66% | 1.62% |
Certificates of deposit, retail | $ 418,904 | $ 443,412 |
Certificates of deposit, retail, weighted-average interest rate | 4.12% | 4.04% |
Certificates of deposit, brokered | $ 192,200 | $ 207,626 |
Certificates of deposit, brokered, weighted-average interest rate | 4.74% | 4.85% |
Deposits | $ 1,666,624 | $ 1,676,892 |
Total deposits, weighted-average interest rate | 2.40% | 2.34% |
Note 5 - Deposits - Maturities
Note 5 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Within one year or less | $ 493,494 | $ 495,605 |
After one year through two years | 43,379 | 79,537 |
After two years through three years | 28,716 | 24,777 |
After three years through four years | 23,619 | 28,302 |
After four years through five years | 21,896 | 22,817 |
Total certificates of deposit | $ 611,104 | $ 651,038 |
Note 5 - Deposits - Interest on
Note 5 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Demand deposits | $ 187 | $ 194 |
Money market accounts | 1,949 | 776 |
Savings accounts | 953 | 376 |
Certificates of deposit, retail | 4,494 | 1,871 |
Certificates of deposit, brokered | 2,529 | 1,136 |
Total interest expense on deposits | $ 10,112 | $ 4,353 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - USD ($) | Mar. 25, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | May 20, 2022 |
Federal Home Loan Bank, Advances, Maximum Available Credit to Bank Assets, Percentage | 35% | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 213,000,000 | $ 253,800,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 905,900,000 | 896,200,000 | ||
Letters of Credit Outstanding, Amount | 60,000,000 | |||
Asset Pledged as Collateral [Member] | Letter of Credit [Member] | ||||
Debt Securities | 12,900,000 | |||
Revolving Credit Facility [Member] | NexBank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |||
Revolving Credit Facility [Member] | Bank Term Funding [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,200,000 | |||
Line of Credit, Current | 0 | |||
Debt Instrument, Notes Due 2031 [Member] | ||||
Subordinated Debt, Ending Balance | $ 40,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Proceeds from Issuance of Subordinated Long-Term Debt | $ 39,300,000 | |||
Federal Home Loan Bank of San Francisco [Member] | ||||
Federal Reserve Bank Advances, Available Amount | 17,400,000 | 6,600,000 | ||
Federal Reserve Bank Advances | 0 | |||
Bellevue Washington Branch [Member] | ||||
Letters of Credit Outstanding, Amount | 772,000 | |||
Securities Investment [Member] | Federal Home Loan Bank of San Francisco [Member] | ||||
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 18,200,000 | $ 6,900,000 |
Note 6 - Borrowings - Advances
Note 6 - Borrowings - Advances from FHLB (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Balance outstanding | $ 10,000 | |
Maximum outstanding at any month-end | 10,000 | |
Average monthly outstanding during the period | $ 7,648 | |
Annual | 9.37% | |
Period End | 9.30% | |
Subordinated Debt [Member] | ||
Balance outstanding | $ 39,455 | $ 39,436 |
Maximum outstanding at any month-end | 39,455 | 39,436 |
Average monthly outstanding during the period | $ 39,446 | $ 39,395 |
Annual | 4.02% | 4.01% |
Period End | 4.02% | 4% |
Line of Credit [Member] | ||
Balance outstanding | $ 6,500 | |
Maximum outstanding at any month-end | 11,000 | |
Average monthly outstanding during the period | $ 9,327 | |
Annual | 9.15% | |
Period End | 9% | |
Federal Home Loan Bank, Long-term Advances [Member] | ||
Balance outstanding | $ 95,000 | $ 80,000 |
Maximum outstanding at any month-end | 110,000 | 85,000 |
Average monthly outstanding during the period | $ 95,000 | $ 81,667 |
Annual | 2.58% | 2% |
Period End | 2.79% | 2.09% |
Within one year or less | $ 30,000 | |
Within one year or less, weighted-average interest rate | 2.48% | |
After one year through two years | $ 30,000 | |
After one year through two years, weighted-average interest rate | 3.03% | |
After two years through three years | $ 25,000 | |
After two years through three years, weighted-average interest rate | 3.27% | |
After three years through four years | $ 10,000 | |
After three years through four years, weighted-average interest rate | 1.76% | |
Total FHLB long-term advances | $ 95,000 | |
Total FHLB long-term advances, weighted-average interest rate | 2.79% | |
Federal Home Loan Bank, Overnight Variable-rate Advances [Member] | ||
Balance outstanding | $ 227,000 | $ 195,000 |
Maximum outstanding at any month-end | 227,000 | 195,000 |
Average monthly outstanding during the period | $ 171,000 | $ 149,500 |
Annual | 5.52% | 5.26% |
Period End | 5.52% | 5.52% |
Federal Home Loan Bank, Short-term, Fixed-rate Advances [Member] | ||
Balance outstanding | $ 0 | $ 0 |
Maximum outstanding at any month-end | 0 | 95,000 |
Average monthly outstanding during the period | $ 0 | $ 25,000 |
Annual | 0% | 5.08% |
Period End | 0% | 5.27% |
Note 7 - Income Tax (Details Te
Note 7 - Income Tax (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 53% | 19.30% |
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, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 582 | 7,934 |
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, 2024 | Mar. 31, 2023 | |
Net income available to common shareholders | $ 396 | $ 3,528 |
Earnings allocated to participating securities | (1) | (20) |
Earnings allocated to common shareholders | $ 395 | $ 3,508 |
Weighted average common shares outstanding (in shares) | 9,542,514 | 9,703,115 |
Weighted average unvested restricted stock awards (in shares) | (92,774) | (165,333) |
Weighted average unallocated ESOP shares (in shares) | (573,504) | (626,488) |
Total basic weighted average common shares outstanding (in shares) | 8,876,236 | 8,911,294 |
Basic weighted average common shares outstanding (in shares) | 8,876,236 | 8,911,294 |
Dilutive restricted stock awards (in shares) | 30,948 | 28,307 |
Total diluted weighted average common shares outstanding (in shares) | 8,907,184 | 8,939,601 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.04 | $ 0.39 |
Diluted earnings per common share (in dollars per share) | $ 0.04 | $ 0.39 |
Note 9 - Employee Benefits (Det
Note 9 - Employee Benefits (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
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 | $ 197,000 | $ 187,000 |
Note 9 - Employee Benefits - Sh
Note 9 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allocated shares (in shares) | 439,174 | 439,174 |
Committed to be released shares (in shares) | 39,771 | 26,514 |
Unallocated shares (in shares) | 569,084 | 582,341 |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 |
Fair value of unallocated shares | $ 8,906 | $ 9,283 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | May 31, 2020 | |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 102,358 | 96,022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 55,987 | 27,049 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,400,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 11 months 23 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 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 234,599 | |||
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) | 16,800 | |||
The Equity Incentive Plans [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 264,000 | $ 391,000 | ||
The Equity Incentive Plans [Member] | Director [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 54,000 | $ 58,000 |
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, 2024 | Mar. 31, 2023 | ||
Non-vested, shares (in shares) | 96,022 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 17.02 | ||
Granted, shares (in shares) | 55,987 | 27,049 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ 15.69 | ||
Vested, shares (in shares) | (38,716) | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 17.48 | ||
Canceled, shares (in shares) | [1] | (9,460) | |
Canceled, weighted-average grant date fair value (in dollars per share) | [1] | $ 17.48 | |
Forfeited, shares (in shares) | (1,475) | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 13.5 | ||
Non-vested, shares (in shares) | 102,358 | ||
Non-vested, weighted-average grant date fair value (in dollars per share) | $ 16.12 | ||
[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 Measurem_3
Note 11 - Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Investment securities available for sale, at fair value | $ 325,955 | $ 295,623 | ||
Sold loan servicing rights | 3,820 | 3,793 | ||
Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 3,820 | 3,793 | ||
Equity and partnership investments | 14,622 | 13,183 | ||
Total assets measured at fair value | 345,198 | 312,599 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 44 | 1,002 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Interest rate swap derivative | 801 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 0 | 0 | ||
Equity and partnership investments | 0 | 0 | ||
Total assets measured at fair value | 1,875 | 7,001 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Interest rate swap derivative | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 0 | 0 | ||
Equity and partnership investments | 1,762 | 0 | ||
Total assets measured at fair value | 309,292 | 261,153 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 44 | 1,002 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Interest rate swap derivative | 801 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 3,820 | 3,793 | $ 4,224 | $ 3,887 |
Equity and partnership investments | 12,860 | 13,183 | ||
Total assets measured at fair value | 34,031 | 44,445 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Interest rate swap derivative | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Interest rate swap derivative | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 87,004 | 87,761 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 87,004 | 87,761 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 5,118 | ||
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 | 87,004 | 82,643 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 14,822 | 11,782 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 14,822 | 11,782 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 14,822 | 11,782 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Corporate Issued Asset-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 13,929 | 5,286 | ||
Corporate Issued Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 13,929 | 5,286 | ||
Corporate Issued Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Corporate Issued Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 13,929 | 5,286 | ||
Corporate Issued Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 53,031 | 51,454 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 53,031 | 51,454 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 1,875 | 1,883 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 51,156 | 49,571 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
US Small Business Administration Securities [Member] | ||||
Investment securities available for sale, at fair value | 7,911 | |||
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 7,911 | |||
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | |||
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 7,911 | |||
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | |||
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||||
Investment securities available for sale, at fair value | 83,271 | 63,247 | ||
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 83,271 | 63,247 | ||
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 83,271 | 63,247 | ||
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [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 | 65,987 | 76,093 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 65,987 | 76,093 | ||
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 | 48,636 | 48,624 | ||
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 | $ 17,351 | $ 27,469 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurement - Quantitative Information (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Servicing rights on sold loans, at fair value | $ 3,820 | $ 3,793 | ||
Fair Value, Recurring [Member] | ||||
Servicing rights on sold loans, at fair value | 3,820 | 3,793 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Servicing rights on sold loans, at fair value | 3,820 | 3,793 | $ 4,224 | $ 3,887 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Partnership investments | $ 17,351 | $ 27,469 | $ 29,622 | $ 29,599 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Sold loan servicing rights, measurement input | 11.85 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||||
Sold loan servicing rights, measurement input | 6.81 | 7.39 | ||
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 | $ 3,820 | $ 3,793 | ||
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 | 17,351 | 27,469 | ||
Partnership investments | $ 12,860 | $ 13,183 | ||
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 | 98 | 98 | ||
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 | 100 | 100 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurement - Changes in Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance at beginning of period | $ 3,793 | ||
Balance at end of period | 3,820 | ||
Fair Value, Recurring [Member] | |||
Balance at beginning of period | 3,793 | ||
Balance at end of period | 3,820 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Balance at beginning of period | 3,793 | $ 3,887 | |
Servicing rights that result from transfers and sale of financial assets | 10 | 68 | |
Changes in fair value due to changes in model inputs or assumptions (1) | 17 | 269 | |
Balance at end of period | 3,820 | 4,224 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | |||
Balance at beginning of period | 27,469 | 29,599 | |
Principal payments received | [1] | (10,248) | 0 |
Unrealized Gains | 130 | 23 | |
Total | 17,351 | 29,622 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Partnership Investments [Member] | |||
Balance at beginning of period | 13,183 | 12,563 | |
Principal payments received | 50 | 0 | |
Total | 12,860 | 12,556 | |
Distributions received | (263) | 0 | |
Unrealized Losses | $ (110) | $ (7) | |
[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. |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurement - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Individually evaluated collateral dependent loans | $ 18,123 | $ 17,388 |
Fair Value, Inputs, Level 1 [Member] | ||
Individually evaluated collateral dependent loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Individually evaluated collateral dependent loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Individually evaluated collateral dependent loans | $ 18,123 | $ 17,388 |
Note 11 - Fair Value Measurem_7
Note 11 - Fair Value Measurement - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment securities available for sale | $ 325,955 | $ 295,623 |
Accrued interest receivable | 8,909 | 7,894 |
Sold loan servicing rights | 3,820 | 3,793 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 77,346 | 123,169 |
Investment securities available for sale | 325,955 | 295,623 |
Loans held for sale | 988 | 753 |
Loans receivable, net | 1,692,774 | 1,642,518 |
FHLB stock | 15,876 | 13,664 |
Accrued interest receivable | 8,909 | 7,894 |
Sold loan servicing rights | 3,820 | 3,793 |
Equity and partnership investments | 14,622 | 13,183 |
Interest rate swap derivative | 801 | |
FHLB Borrowings | 322,000 | 275,000 |
Line of Credit | 10,000 | 6,500 |
Subordinated debt, net | 39,455 | 39,436 |
Accrued interest payable | 2,830 | 3,396 |
Interest rate swap derivative | 44 | 1,002 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,055,520 | 1,025,854 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 611,104 | 651,038 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 77,346 | 123,169 |
Investment securities available for sale | 325,955 | 295,623 |
Loans held for sale | 988 | 753 |
Loans receivable, net | 1,555,221 | 1,506,130 |
FHLB stock | 15,876 | 13,664 |
Accrued interest receivable | 8,909 | 7,894 |
Sold loan servicing rights | 3,820 | 3,793 |
Equity and partnership investments | 14,622 | 13,183 |
Interest rate swap derivative | 801 | |
FHLB Borrowings | 318,137 | 271,284 |
Line of Credit | 10,193 | 6,524 |
Subordinated debt, net | 41,162 | 42,116 |
Accrued interest payable | 2,830 | 3,396 |
Interest rate swap derivative | 44 | 1,002 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,055,520 | 1,025,854 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 608,191 | 648,428 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 77,346 | 123,169 |
Investment securities available for sale | 1,875 | 7,001 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Sold loan servicing rights | 0 | 0 |
Equity and partnership investments | 0 | 0 |
Interest rate swap derivative | 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 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
deposits | 1,055,520 | 1,025,854 |
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 | 306,729 | 261,153 |
Loans held for sale | 988 | 753 |
Loans receivable, net | 0 | 0 |
FHLB stock | 15,876 | 13,664 |
Accrued interest receivable | 8,909 | 7,894 |
Sold loan servicing rights | 0 | 0 |
Equity and partnership investments | 1,762 | 0 |
Interest rate swap derivative | 801 | |
FHLB Borrowings | 0 | 0 |
Line of Credit | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 2,830 | 3,396 |
Interest rate swap derivative | 44 | 1,002 |
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 | 17,351 | 27,469 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 1,555,221 | 1,506,130 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Sold loan servicing rights | 3,820 | 3,793 |
Equity and partnership investments | 12,860 | 13,183 |
Interest rate swap derivative | 0 | |
FHLB Borrowings | 318,137 | 271,284 |
Line of Credit | 10,193 | 6,524 |
Subordinated debt, net | 41,162 | 42,116 |
Accrued interest payable | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
deposits | $ 608,191 | $ 648,428 |
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, 2024 | Mar. 31, 2023 | |
Other comprehensive income, net of tax | $ 171 | $ 2,435 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
BALANCE | (30,099) | (38,404) |
Other comprehensive income (loss) before reclassification | (588) | 3,762 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | (588) | 3,762 |
BALANCE | (30,687) | (34,642) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
BALANCE | (288) | (600) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | 0 | 0 |
BALANCE | (288) | (600) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
BALANCE | (1,421) | (1,539) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 29 | 30 |
Other comprehensive income, net of tax | 29 | 30 |
BALANCE | (1,392) | (1,509) |
Accumulated Gain (Loss), Net, Fair Value Hedge, Parent [Member] | ||
BALANCE | (828) | 0 |
Other comprehensive income (loss) before reclassification | 730 | (1,357) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | 730 | (1,357) |
BALANCE | (98) | (1,357) |
AOCI Attributable to Parent [Member] | ||
BALANCE | (32,636) | (40,543) |
Other comprehensive income (loss) before reclassification | 142 | 2,405 |
Amounts reclassified from accumulated other comprehensive income | 29 | 30 |
Other comprehensive income, net of tax | 171 | 2,435 |
BALANCE | $ (32,465) | $ (38,108) |
Note 13 - Derivatives and Hed_3
Note 13 - Derivatives and Hedging Activities (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Amortized Cost | $ 365,029,000 | $ 333,950,000 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,711,442,000 | 1,660,028,000 |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | 50,000,000 | |
Derivative Liability | 44,000 | |
Derivative Liability, Fair Value of Collateral | 1,100,000 | |
Asset-Backed Securities [Member] | ||
Credit Risk Derivatives, at Fair Value, Net | 125,000 | 1,100,000 |
Asset-Backed Securities [Member] | Interest Rate Swap [Member] | ||
Derivative, Notional Amount | 50,000,000 | 50,000,000 |
Derivative Liability | 44,000 | 1,002,000 |
Closed Portfolio of Loans Receivable [Member] | ||
Credit Risk Derivatives, at Fair Value, Net | 711,000 | |
Closed Portfolio of Loans Receivable [Member] | Interest Rate Swap [Member] | ||
Derivative, Notional Amount | 100,000,000 | |
Derivative Liability | 0 | |
Designated as Hedging Instrument [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 57,100,000 | 57,400,000 |
Credit Risk Derivatives, at Fair Value, Net | (586,000) | 1,054,000 |
Derivative, Notional Amount | 149,414,000 | $ 51,054,000 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 297,200,000 |
Note 13 - Derivatives and Hed_4
Note 13 - Derivatives and Hedging Activities - Derivatives (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Asset-Backed Securities [Member] | |||
Derivative, fair value | $ 125,000 | $ 1,100,000 | |
Closed Portfolio of Loans Receivable [Member] | |||
Derivative, fair value | 711,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative, carrying amount | 149,414,000 | 51,054,000 | |
Derivative, fair value | (586,000) | 1,054,000 | |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Asset-Backed Securities [Member] | |||
Derivative, carrying amount | 50,125,000 | [1] | 51,054,000 |
Derivative, fair value | 125,000 | [1] | $ 1,054,000 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Closed Portfolio of Loans Receivable [Member] | |||
Derivative, carrying amount | 99,289,000 | ||
Derivative, fair value | $ (711,000) | ||
[1]These amounts include the amortized cost basis of a closed portfolio 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, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $59.5 million, the cumulative basis adjustments associated with this hedging relationship was ($929,000), and the amount of the designated hedged items was $50.0 million. |
Note 13 - Derivatives and Hed_5
Note 13 - Derivatives and Hedging Activities - Derivatives in Statement of Financial Position (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Prepaid expenses and other assets | $ 32,982,000 | $ 26,875,000 |
Liabilities [Abstract] | ||
Accrued expenses and other liabilities | $ 36,207,000 | 35,973,000 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other assets | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 50,000,000 | |
Interest rate swaps - securities | 44,000 | |
Interest Rate Swap [Member] | Asset-Backed Securities [Member] | ||
Derivative, Notional Amount | 50,000,000 | 50,000,000 |
Interest rate swaps - securities | 0 | 0 |
Interest rate swaps - securities | 44,000 | $ 1,002,000 |
Interest Rate Swap [Member] | Closed Portfolio of Loans Receivable [Member] | ||
Derivative, Notional Amount | 100,000,000 | |
Interest rate swaps - securities | 801,000 | |
Interest rate swaps - securities | $ 0 |
Note 13 - Derivatives and Hed_6
Note 13 - Derivatives and Hedging Activities - Derivatives on the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total amounts recognized in interest on investment securities | $ 3,632 | $ 3,182 |
Total amounts recognized in interest and fees on loans receivable | 22,767 | 19,504 |
Recognized on hedged items | 929 | (1,728) |
Designated as Hedging Instrument [Member] | ||
Derivative, gain (loss) | 361 | 31 |
Interest Rate Swap [Member] | ||
Total amounts recognized in interest on investment securities | 3,632 | 3,182 |
Total amounts recognized in interest and fees on loans receivable | 22,767 | 0 |
Interest Rate Swap [Member] | Asset-Backed Securities [Member] | ||
Recognized on hedged items | (967) | 1,728 |
Interest Rate Swap [Member] | Asset-Backed Securities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative, gain (loss) | 1,155 | (1,697) |
Interest Rate Swap [Member] | Closed Portfolio of Loans Receivable [Member] | ||
Recognized on hedged items | (711) | 0 |
Interest Rate Swap [Member] | Closed Portfolio of Loans Receivable [Member] | Designated as Hedging Instrument [Member] | ||
Derivative, gain (loss) | $ 884 | $ 0 |
Note 15 - Premises Held for S_2
Note 15 - Premises Held for Sale (Details Textual) - Properties in Clallam County or Jefferson County [Member] - Subsequent Event [Member] | May 07, 2024 USD ($) |
Lessee, Operating Lease, Term of Contract (Year) | 15 years |
Lessee, Operating Lease, Renewal Term (Year) | 15 years |
Monthly Rent Expense | $ 130,000 |
Operating Leases, Rent Expense | 1,000,000 |
Depreciation | 204,000 |
Operating Lease, Right-of-Use Asset | 12,200,000 |
Operating Lease, Liability | 12,200,000 |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | |
Disposal Group, Including Discontinued Operation, Consideration | 14,700,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 7,900,000 |