Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001569994 | |
Entity Registrant Name | Waterstone Financial, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36271 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 90-1026709 | |
Entity Address, Address Line One | 11200 W. Plank Court | |
Entity Address, City or Town | Wauwatosa | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53226 | |
City Area Code | 414 | |
Local Phone Number | 761-1000 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | WSBF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,615,166 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 87,393 | $ 343,016 |
Federal funds sold | 15,093 | 13,981 |
Interest-earning deposits in other financial institutions and other short term investments | 19,707 | 19,725 |
Cash and cash equivalents | 122,193 | 376,722 |
Securities available for sale (at fair value) | 200,545 | 179,016 |
Loans held for sale (at fair value) | 206,702 | 312,738 |
Loans receivable | 1,276,560 | 1,205,785 |
Less: Allowance for credit losses ("ACL") - loans | 17,271 | 15,778 |
Loans receivable, net | 1,259,289 | 1,190,007 |
Office properties and equipment, net | 21,781 | 22,273 |
Federal Home Loan Bank stock (at cost) | 16,301 | 24,438 |
Cash surrender value of life insurance | 65,745 | 65,368 |
Real estate owned, net | 148 | 148 |
Prepaid expenses and other assets | 48,393 | 45,148 |
Total assets | 1,941,097 | 2,215,858 |
Liabilities: | ||
Demand deposits | 230,003 | 214,409 |
Money market and savings deposits | 395,229 | 392,314 |
Time deposits | 587,998 | 626,663 |
Total deposits | 1,213,230 | 1,233,386 |
Borrowings | 281,100 | 477,127 |
Advance payments by borrowers for taxes | 17,302 | 4,094 |
Other liabilities | 43,085 | 68,478 |
Total liabilities | 1,554,717 | 1,783,085 |
Commitments and contingencies (Note 9) | ||
Shareholders’ equity: | ||
Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at June 30, 2022 and at December 31, 2021, no shares issued | 0 | 0 |
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at June 30, 2022 and at December 31, 2021, Issued - 22,733,766 at June 30, 2022 and 24,795,124 at December 31, 2021, Outstanding - 22,733,766 at June 30, 2022 and 24,795,124 at December 31, 2021 | 227 | 248 |
Additional paid-in capital | 137,547 | 174,505 |
Retained earnings | 276,444 | 273,398 |
Unearned ESOP shares | (13,650) | (14,243) |
Accumulated other comprehensive loss, net of taxes | (14,188) | (1,135) |
Total shareholders’ equity | 386,380 | 432,773 |
Total liabilities and shareholders’ equity | $ 1,941,097 | $ 2,215,858 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 22,733,766 | 24,795,124 |
Common stock, shares outstanding (in shares) | 22,733,766 | 24,795,124 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Loans | $ 14,546 | $ 16,480 | $ 28,046 | $ 33,083 |
Mortgage-related securities | 821 | 486 | 1,423 | 977 |
Debt securities, federal funds sold and short-term investments | 1,049 | 858 | 1,977 | 1,733 |
Total interest income | 16,416 | 17,824 | 31,446 | 35,793 |
Interest expense: | ||||
Deposits | 751 | 1,078 | 1,530 | 2,595 |
Borrowings | 1,584 | 2,469 | 3,971 | 4,969 |
Total interest expense | 2,335 | 3,547 | 5,501 | 7,564 |
Net interest income | 14,081 | 14,277 | 25,945 | 28,229 |
Provision (credit) for credit losses | 48 | (750) | (28) | (1,820) |
Net interest income after provision for loan losses | 14,033 | 15,027 | 25,973 | 30,049 |
Service charges on loans and deposits | 666 | 657 | 1,176 | 1,347 |
Increase in cash surrender value of life insurance | 724 | 684 | 1,040 | 985 |
Mortgage banking income | 29,410 | 49,649 | 57,685 | 104,040 |
Other | 438 | 1,054 | 1,155 | 1,871 |
Total noninterest income | 31,238 | 52,044 | 61,056 | 108,243 |
Noninterest expenses: | ||||
Compensation, payroll taxes, and other employee benefits | 25,793 | 33,926 | 51,328 | 68,049 |
Occupancy, office furniture, and equipment | 2,056 | 2,293 | 4,244 | 4,858 |
Advertising | 962 | 911 | 1,867 | 1,735 |
Data processing | 1,144 | 914 | 2,346 | 1,885 |
Communications | 258 | 326 | 598 | 657 |
Professional fees | 349 | 569 | 810 | 254 |
Real estate owned | 0 | 0 | 5 | (12) |
Loan processing expense | 1,134 | 1,200 | 2,565 | 2,535 |
Other | 3,354 | 3,158 | 6,221 | 6,336 |
Total noninterest expenses | 35,050 | 43,297 | 69,984 | 86,297 |
Income before income taxes | 10,221 | 23,774 | 17,045 | 51,995 |
Income tax expense | 2,231 | 5,880 | 3,763 | 12,757 |
Net income | $ 7,990 | $ 17,894 | $ 13,282 | $ 39,238 |
Income per share: | ||||
Basic (in dollars per share) | $ 0.36 | $ 0.75 | $ 0.59 | $ 1.65 |
Diluted (in dollars per share) | $ 0.36 | $ 0.74 | $ 0.58 | $ 1.64 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 22,126 | 23,848 | 22,626 | 23,792 |
Diluted (in shares) | 22,229 | 24,029 | 22,768 | 23,996 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 7,990 | $ 17,894 | $ 13,282 | $ 39,238 |
Other comprehensive loss, net of tax: | ||||
Net unrealized holding loss arising during the period, net of tax benefit of $2,266, $89, $4,888 and $521, respectively | (6,051) | (241) | (13,053) | (1,397) |
Total other comprehensive loss | (6,051) | (241) | (13,053) | (1,397) |
Comprehensive income | $ 1,939 | $ 17,653 | $ 229 | $ 37,841 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net unrealized holding (loss) gains arising during the period, tax | $ 2,266 | $ 89 | $ 4,888 | $ 521 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unearned ESOP Shares [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 25,088 | |||||||||||
Balances at Dec. 31, 2020 | $ 251 | $ 180,684 | $ 245,287 | $ (15,430) | $ 2,326 | $ 413,118 | ||||||
Net income | 0 | 0 | 39,238 | 0 | 0 | 39,238 | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (1,397) | (1,397) | ||||||
Total comprehensive income (loss) | 37,841 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 455 | 0 | 593 | 0 | 1,048 | ||||||
Cash dividend | $ 0 | 0 | (21,477) | 0 | 0 | (21,477) | ||||||
Proceeds from stock option exercises (in shares) | 184 | |||||||||||
Proceeds from stock option exercises | $ 2 | 1,992 | 0 | 0 | 0 | 1,994 | ||||||
Stock compensation expense | $ 0 | 370 | 0 | 0 | 0 | 370 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (59) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (1) | (1,155) | 0 | 0 | 0 | (1,156) | ||||||
Balances (in shares) at Jun. 30, 2021 | 25,213 | |||||||||||
Balances at Jun. 30, 2021 | $ 252 | 182,346 | 263,048 | (14,837) | 929 | 431,738 | ||||||
Balances (in shares) at Mar. 31, 2021 | 25,230 | |||||||||||
Balances at Mar. 31, 2021 | $ 252 | 182,533 | 261,859 | (15,133) | 1,170 | 430,681 | ||||||
Net income | 0 | 0 | 17,894 | 0 | 0 | 17,894 | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (241) | (241) | ||||||
Total comprehensive income (loss) | 17,653 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 232 | 0 | 296 | 0 | 528 | ||||||
Cash dividend | 0 | 0 | (16,705) | 0 | 0 | (16,705) | ||||||
Stock compensation expense | $ 0 | 195 | 0 | 0 | 0 | 195 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (59) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (1) | (1,148) | 0 | 0 | 0 | (1,149) | ||||||
Stock compensation activity, net of tax (in shares) | 42 | |||||||||||
Stock compensation activity, net of tax | $ 1 | 534 | 0 | 0 | 0 | 535 | ||||||
Balances (in shares) at Jun. 30, 2021 | 25,213 | |||||||||||
Balances at Jun. 30, 2021 | $ 252 | 182,346 | 263,048 | (14,837) | 929 | 431,738 | ||||||
Balances (in shares) at Dec. 31, 2021 | 24,795 | |||||||||||
Balances at Dec. 31, 2021 | $ 0 | $ 0 | $ (1,392) | $ 0 | $ 0 | $ (1,392) | $ 248 | 174,505 | 273,398 | (14,243) | (1,135) | 432,773 |
Net income | 0 | 0 | 13,282 | 0 | 0 | 13,282 | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (13,053) | (13,053) | ||||||
Total comprehensive income (loss) | 229 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 391 | 0 | 593 | 0 | 984 | ||||||
Cash dividend | $ 0 | 0 | (8,844) | 0 | 0 | (8,844) | ||||||
Proceeds from stock option exercises (in shares) | 38 | |||||||||||
Proceeds from stock option exercises | $ 0 | 246 | 0 | 0 | 0 | 246 | ||||||
Stock compensation expense | $ 0 | 330 | 0 | 0 | 0 | 330 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (2,099) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (21) | (37,925) | 0 | 0 | 0 | (37,946) | ||||||
Balances (in shares) at Jun. 30, 2022 | 22,734 | |||||||||||
Balances at Jun. 30, 2022 | $ 227 | 137,547 | 276,444 | (13,650) | (14,188) | 386,380 | ||||||
Balances (in shares) at Mar. 31, 2022 | 24,147 | |||||||||||
Balances at Mar. 31, 2022 | $ 241 | 161,354 | 272,740 | (13,946) | (8,137) | 412,252 | ||||||
Net income | 0 | 0 | 7,990 | 0 | 0 | 7,990 | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (6,051) | (6,051) | ||||||
Total comprehensive income (loss) | 1,939 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 155 | 0 | 296 | 0 | 451 | ||||||
Cash dividend | 0 | 0 | (4,286) | 0 | 0 | (4,286) | ||||||
Stock compensation expense | $ 0 | 160 | 0 | 0 | 0 | 160 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (1,418) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (14) | (24,177) | 0 | 0 | 0 | (24,191) | ||||||
Stock compensation activity, net of tax (in shares) | 5 | |||||||||||
Stock compensation activity, net of tax | $ 0 | 55 | 0 | 0 | 0 | 55 | ||||||
Balances (in shares) at Jun. 30, 2022 | 22,734 | |||||||||||
Balances at Jun. 30, 2022 | $ 227 | $ 137,547 | $ 276,444 | $ (13,650) | $ (14,188) | $ 386,380 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash dividend, price per share (in dollars per share) | $ 0.20 | $ 0.70 | $ 0.40 | $ 0.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 13,282 | $ 39,238 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for credit losses | (28) | (1,820) |
Depreciation, amortization, accretion | 2,071 | 3,518 |
Deferred taxes | (251) | 2,464 |
Stock based compensation | 330 | 370 |
Origination of mortgage servicing rights | (1,521) | (4,664) |
Gain on sale of loans held for sale | (40,977) | (103,666) |
Loans originated for sale | (1,445,824) | (2,164,317) |
Proceeds on sales of loans originated for sale | 1,592,837 | 2,317,359 |
Gain on death benefit on bank owned life insurance | (340) | 0 |
(Increase) decrease in accrued interest receivable | (355) | 449 |
Increase in cash surrender value of life insurance | (1,040) | (985) |
Decrease in derivative assets | 1,528 | 3,568 |
Decrease in accrued interest on deposits and borrowings | (368) | (191) |
Decrease (increase) in prepaid tax expense | 605 | (578) |
Legal settlement | 0 | (4,250) |
Increase (decrease) in derivative liabilities | 2,985 | (5,140) |
Net gain related to real estate owned | 0 | (12) |
Change in other assets and other liabilities, net | (4,771) | (4,430) |
Net cash provided by operating activities | 118,163 | 76,913 |
Investing activities: | ||
Net (increase) decrease in loans receivable | (70,052) | 79,103 |
Mortgage related securities | (68,157) | (39,894) |
Bank Owned Life Insurance | (180) | (180) |
Premises and equipment, net | (450) | (635) |
Principal repayments on mortgage-related securities | 17,382 | 21,134 |
Maturities of debt securities | 11,385 | 4,215 |
Sales of FHLB stock | 8,137 | 182 |
Sales of real estate owned | 0 | 183 |
Death benefit | 1,183 | 0 |
Net cash (used in) provided by investing activities | (100,752) | 64,108 |
Financing activities: | ||
Net (decrease) increase in deposits | (20,156) | 46,190 |
Net change in short-term borrowings | (1,027) | (33,074) |
Repayment of long-term debt | (195,000) | 0 |
Net change in advance payments by borrowers for taxes | 3,714 | 517 |
Cash dividends on common stock | (21,771) | (21,520) |
Purchase of common stock returned to authorized but unissued | (37,946) | (1,156) |
Proceeds from stock option exercises | 246 | 1,994 |
Net cash used in financing activities | (271,940) | (7,049) |
(Decrease) increase in cash and cash equivalents | (254,529) | 133,972 |
Cash and cash equivalents at beginning of period | 376,722 | 94,767 |
Cash and cash equivalents at end of period | 122,193 | 228,739 |
Supplemental information: | ||
Income tax payments | 3,000 | 10,871 |
Interest payments | 5,133 | 7,755 |
Noncash activities: | ||
Dividends declared but not paid in other liabilities | $ 4,597 | $ 5,190 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1 Basis of Presentation The unaudited interim consolidated financial statements include the accounts of Waterstone Financial, Inc. (the “Company”) and the Company’s subsidiaries. WaterStone Bank SSB (the "Bank") is a community bank that has served the banking needs of its customers since 1921. WaterStone Bank conducts its community banking business from 14 banking offices located in Milwaukee, Washington and Waukesha Counties, Wisconsin. WaterStone Bank's principal lending activity is originating one four WaterStone Bank's mortgage banking operations are conducted through its wholly-owned subsidiary, Waterstone Mortgage Corporation. Waterstone Mortgage Corporation originates single-family residential real estate loans for sale into the secondary market. Waterstone Mortgage Corporation utilizes lines of credit provided by WaterStone Bank as a primary source of funds, and also utilizes a line of credit with another financial institution as needed. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, Rule 10 01 X 10 not The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s December 31, 2021 10 three six June 30, 2022 not may December 31, 2022 The preparation of the unaudited consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the allowance for loan losses, income taxes, and fair value measurements. Actual results could differ from those estimates. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10 no three six June 30, 2022 Impact of Recent Accounting Pronouncements ASC Topic 326 326, On March 27, 2020, 326 December 31, 2021 19, 326 326. December 27, 2020, 2021 326 first 19 January 1, 2022. ASC Topic 326 326, December 15, 2022, Accounting Standards Adopted in 2022 The Company adopted ASC Topic 326 January 1, 2022, January 1, 2022 ( January 1, 2022. The Company did not January 1, 2022 2 3 |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Securities Available for Sale The amortized cost and fair values of the Company’s investment in securities available for sale follow: June 30, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 16,535 $ 15 $ (1,388 ) $ 15,162 Collateralized mortgage obligations: Government sponsored enterprise issued 147,202 - (14,614 ) 132,588 Private-label issued 9,725 1 (545 ) 9,181 Mortgage-related securities 173,462 16 (16,547 ) 156,931 Government sponsored enterprise bonds 2,500 - (200 ) 2,300 Municipal securities 30,892 308 (1,065 ) 30,135 Other debt securities 12,500 - (1,321 ) 11,179 Debt securities 45,892 308 (2,586 ) 43,614 Total $ 219,354 $ 324 $ (19,133 ) $ 200,545 December 31, 2021 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 19,133 $ 542 $ (187 ) $ 19,488 Collateralized mortgage obligations Government sponsored enterprise issued 100,543 503 (1,744 ) 99,302 Private-label issued 2,913 30 - 2,943 Mortgage related securities 122,589 1,075 (1,931 ) 121,733 Government sponsored enterprise bonds 2,500 - (52 ) 2,448 Municipal securities 42,295 1,206 (7 ) 43,494 Other debt securities 12,500 41 (1,200 ) 11,341 Debt securities 57,295 1,247 (1,259 ) 57,283 Total $ 179,884 $ 2,322 $ (3,190 ) $ 179,016 The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At June 30, 2022 December 31, 2021 The amortized cost and fair values of investment securities by contractual maturity at June 30, 2022 may may Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 7,900 $ 7,918 Due after one year through five years 19,683 19,730 Due after five years through ten years 13,206 11,926 Due after ten years 5,103 4,040 Mortgage-related securities 173,462 156,931 Total $ 219,354 $ 200,545 Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: June 30, 2022 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized value loss value loss value loss (In Thousands) Mortgage-backed securities $ 11,391 $ (750 ) $ 3,187 $ (638 ) $ 14,578 $ (1,388 ) Collateralized mortgage obligations: Government sponsored enterprise issued 112,824 (10,689 ) 19,763 (3,925 ) 132,587 (14,614 ) Private-label issued 6,886 (545 ) - - 6,886 (545 ) Government sponsored enterprise bonds 2,300 (200 ) - - 2,300 (200 ) Municipal securities 4,637 (1,065 ) - - 4,637 (1,065 ) Other debt securities 2,379 (121 ) 8,800 (1,200 ) 11,179 (1,321 ) Total $ 140,417 $ (13,370 ) $ 31,750 $ (5,763 ) $ 172,167 $ (19,133 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized value loss value loss value loss (In Thousands) Mortgage-backed securities $ 4,042 $ (101 ) $ 1,956 $ (86 ) $ 5,998 $ (187 ) Collateralized mortgage obligations: Government sponsored enterprise issued 66,254 (1,589 ) 4,371 (155 ) 70,625 (1,744 ) Government sponsored enterprise bonds 2,448 (52 ) - - 2,448 (52 ) Municipal securities 1,471 (7 ) - - 1,471 (7 ) Other debt securities - - 8,800 (1,200 ) 8,800 (1,200 ) Total $ 74,215 $ (1,749 ) $ 15,127 $ (1,441 ) $ 89,342 $ (3,190 ) The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of June 30, 2022 December 31, 2021 not not not not not During the three six June 30, 2022 June 30, 2021 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans receivable at June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 312,657 $ 300,523 Multi-family 597,304 537,956 Home equity 10,552 11,012 Construction and land 70,075 82,588 Commercial real estate 266,375 250,676 Consumer 740 732 Commercial loans 18,857 22,298 Total $ 1,276,560 $ 1,205,785 The Company provides several types of loans to its customers, including residential, construction, commercial and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one no Qualifying loans receivable totaling $776.4 million and $886.7 million at June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. Loans outstanding to such parties were approximately $2.7 million as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 An analysis of past due loans receivable as of June 30, 2022 December 31, 2021 As of June 30, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 1,269 $ 170 $ 6,165 $ 7,604 $ 305,053 $ 312,657 Multi-family - - - - 597,304 597,304 Home equity - - 68 68 10,484 10,552 Construction and land - - - - 70,075 70,075 Commercial real estate - - - - 266,375 266,375 Consumer - - - - 740 740 Commercial loans - - - - 18,857 18,857 Total $ 1,269 $ 170 $ 6,233 $ 7,672 $ 1,268,888 $ 1,276,560 As of December 31, 2021 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 622 $ 2,028 $ 4,214 $ 6,864 $ 293,659 $ 300,523 Multi-family - - 128 128 537,828 537,956 Home equity 14 23 26 63 10,949 11,012 Construction and land - - - - 82,588 82,588 Commercial real estate - - - - 250,676 250,676 Consumer - - - - 732 732 Commercial loans 7 - - 7 22,291 22,298 Total $ 643 $ 2,051 $ 4,368 $ 7,062 $ 1,198,723 $ 1,205,785 ( 1 June 30, 2022 December 31, 2021 ( 2 - June 30, 2022 December 31, 2021 ( 3 June 30, 2022 December 31, 2021 The following tables present the activity in the allowance for credit losses by portfolio segment for the three six June 30, 2022 three six June 30, 2021 One- to Four-Family Multi-Family Home Equity Land and Construction Commercial Real Estate Consumer Commercial Total (In Thousands) Six months ended June 30, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption 88 100 58 886 (640 ) 7 (69 ) 430 Provision (credit) for credit losses - loans 600 1,167 6 (584 ) (694 ) 7 (162 ) 340 Charge-offs (65 ) - - - - (5 ) - (70 ) Recoveries 43 726 10 2 12 - - 793 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Six months ended June 30, 2021 Balance at beginning of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 Provision (credit) for loan losses (1,745 ) 393 (46 ) (487 ) 44 (1 ) 22 $ (1,820 ) Charge-offs (39 ) - - - - - - $ (39 ) Recoveries 350 35 8 51 2 - - $ 446 Balance at end of period $ 4,025 $ 6,028 $ 156 $ 1,319 $ 5,184 $ 34 $ 664 $ 17,410 One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended June 30, 2022 Balance at beginning of period $ 4,415 $ 6,562 $ 185 $ 1,831 $ 3,631 $ 41 $ 240 $ 16,905 Provision (credit) for credit losses - loans 264 675 (27 ) (142 ) (472 ) 5 (44 ) 259 Charge-offs (65 ) - - - - (4 ) - (69 ) Recoveries 15 154 5 1 1 - - 176 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Three months ended June 30, 2021 Balance at beginning of period $ 4,596 $ 6,044 $ 183 $ 1,251 $ 5,017 $ 33 $ 658 $ 17,782 Provision for loan losses (883 ) (28 ) (31 ) 18 167 1 6 (750 ) Charge-offs (25 ) - - - - - - (25 ) Recoveries 337 12 4 50 - - - 403 Balance at end of period $ 4,025 $ 6,028 $ 156 $ 1,319 $ 5,184 $ 34 $ 664 $ 17,410 The Company utilized the Vintage Loss Rate method in determining expected future credit losses. This technique considers losses over the full life cycle of loan pools. A vintage is a group of loans originated in the same annual time period. The loss rate method measures the amount of loan charge–offs, net of recoveries, (“loan losses”) recognized over the life of a pool by loan segment and vintage and compares those loan losses to the original loan balance of that pool as of a similar vintage. To estimate a CECL loss rate for the pool, management first The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company's historical look–back period includes January 2012 not may Additionally, the weighted average remaining maturity ("WARM") method is used for the Construction and Consumer loan pools. The WARM method considers an estimate of expected credit losses over the remaining life of the financial assets and uses average annual charge-off rates to estimate the allowance for credit losses. For amortizing assets, the remaining contractual life is adjusted by the expected scheduled payments and prepayments. The average annual charge-off rate is applied to the amortization-adjusted remaining life to determine the unadjusted lifetime historical charge-off rate. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management, along with other credit–related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible. The CECL methodology applied focuses on evaluation of qualitative and environmental factors, including but not x The Company’s CECL estimate applies a forecast that incorporates macroeconomic trends and other environmental factors. Management utilized national, regional and local leading economic indexes, as well as management judgment, as the basis for the forecast period. The historical loss rate was utilized as the base rate, and qualitative adjustments were utilized to reflect the forecast and other relevant factors. The Company segments the loan portfolio into pools based on the following risk characteristics: collateral type, credit characteristics, loan origination balance, and outstanding loan balances. Allowance for Credit Losses-Unfunded Commitments : In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in other liabilities on the consolidated statements of financial condition. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The allowance for unfunded commitments at June 30, 2022 Provision for Credit Losses : The provision for credit losses is determined by the Company as the amount to be added to the ACL loss accounts for various types of financial instruments including loans, investment securities, and off-balance sheet credit exposures after net charge-offs have been deducted to bring the ACL to a level that, in management's judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. See Note 2 Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 (In Thousands) Provision for credit losses on: Loans $ 259 $ (750 ) $ 340 $ (1,820 ) Unfunded commitments (211 ) - (368 ) - Investment securities - - - - Total $ 48 $ (750 ) $ (28 ) $ (1,820 ) Collateral Dependent Loans : A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation. The following tables present collateral dependent loans by portfolio segment and collateral type as of June 30, 2022 One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,629 7,391 163 1,690 3,160 42 196 17,271 Allowance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Collateral dependent loans $ 5,870 $ - $ 45 $ - $ 5,530 $ - $ - $ 11,445 Pooled loans 306,787 597,304 10,507 70,075 260,845 740 18,857 1,265,115 Total gross loans $ 312,657 $ 597,304 $ 10,552 $ 70,075 $ 266,375 $ 740 $ 18,857 $ 1,276,560 The Company's procedures dictate that an updated valuation must be obtained with respect to underlying collateral at the time a loan is deemed impaired. Updated valuations may Estimated fair values are reduced to account for sales commissions, broker fees, unpaid property taxes and additional selling expenses to arrive at an estimated net realizable value. The adjustment factor is based upon the Company's actual experience with respect to sales of real estate owned over the prior two one With respect to multi-family income-producing real estate, appraisals are reviewed and estimated collateral values are adjusted by updating significant appraisal assumptions to reflect current real estate market conditions. Significant assumptions reviewed and updated include the capitalization rate, rental income and operating expenses. These adjusted assumptions are based upon recent appraisals received on similar properties as well as on actual experience related to real estate owned and currently under Company management. A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of December 31, 2021 One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to loans individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to loans collectively evaluated for impairment 3,963 5,398 89 1,386 4,482 33 427 15,778 Balance at end of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Loans individually evaluated for impairment $ 5,420 $ 128 $ 26 $ - $ 1,222 $ - $ 1,097 $ 7,893 Loans collectively evaluated for impairment 295,103 537,828 10,986 82,588 249,454 732 21,201 1,197,892 Total gross loans $ 300,523 $ 537,956 $ 11,012 $ 82,588 $ 250,676 $ 732 $ 22,298 $ 1,205,785 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company establishes a risk rating at origination for all commercial loan and commercial real estate relationships. For relationships over $1 million, management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt. Management also affirms the risk ratings for the loans in their respective portfolios on an annual basis. The Company uses the following definitions for risk ratings: Watch. may not not Substandard. not Loans not The following table presents information relating to the Company’s internal risk ratings of its loans receivable as of June 30, 2022 December 31, 2021 One to Four-Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At June 30, 2022 Substandard $ 7,466 $ - $ 89 $ - $ 5,530 $ - $ - $ 13,085 Watch 7,912 - - 2,268 5,286 - 3,604 19,070 Pass 297,279 597,304 10,463 67,807 255,559 740 15,253 1,244,405 $ 312,657 $ 597,304 $ 10,552 $ 70,075 $ 266,375 $ 740 $ 18,857 $ 1,276,560 At December 31, 2021 Substandard $ 5,420 $ 128 $ 26 $ - $ 6,827 $ - $ 1,097 $ 13,498 Watch 7,937 - 37 4,212 5,870 - 3,194 21,250 Pass 287,166 537,828 10,949 78,376 237,979 732 18,007 1,171,037 $ 300,523 $ 537,956 $ 11,012 $ 82,588 $ 250,676 $ 732 $ 22,298 $ 1,205,785 The following tables present data on impaired loans at December 31, 2021 As of December 31, 2021 Recorded Unpaid Cumulative Investment Principal Reserve Charge-Offs (In Thousands) Total Impaired with Reserve One- to four-family $ - $ - $ - $ - Multi-family - - - - Home equity - - - - Construction and land - - - - Commercial real estate - - - - Consumer - - - - Commercial - - - - - - - - Total Impaired with no Reserve One- to four-family 5,420 5,450 - 30 Multi-family 128 128 - - Home equity 26 26 - - Construction and land - - - - Commercial real estate 1,222 1,222 - - Consumer - - - - Commercial 1,097 1,097 - - 7,893 7,923 - 30 Total Impaired One- to four-family 5,420 5,450 - 30 Multi-family 128 128 - - Home equity 26 26 - - Construction and land - - - - Commercial real estate 1,222 1,222 - - Consumer - - - - Commercial 1,097 1,097 - - $ 7,893 $ 7,923 $ - $ 30 The difference between a loan’s recorded investment and the unpaid principal balance represents a partial charge-off resulting from a confirmed loss when the value of the collateral securing the loan is below the loan balance and management’s assessment that the full collection of the loan balance is not The following tables present data on impaired loans for the six June 30, 2021. 2021 Average Recorded Interest Investment Paid (In Thousands) Total Impaired with Reserve One- to four-family $ - $ - Multi-family - - Home equity - - Construction and land - - Commercial real estate - - Consumer - - Commercial - - - - Total Impaired with no Reserve One- to four-family 5,109 105 Multi-family 315 1 Home equity 79 2 Construction and land 43 - Commercial real estate 1,251 28 Consumer - - Commercial 1,097 25 7,894 161 Total Impaired One- to four-family 5,109 105 Multi-family 315 1 Home equity 79 2 Construction and land 43 - Commercial real estate 1,251 28 Consumer - - Commercial 1,097 25 $ 7,894 $ 161 Credit Quality Information: The following tables present total loans by risk categories and year of origination as of June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Total (In Thousands) 1-4 Family Pass $ 58,540 $ 41,404 $ 49,862 $ 28,043 $ 26,593 $ 89,955 $ 2,882 $ 297,279 Watch 7,730 - - - - 182 - 7,912 Substandard 450 2,180 679 1,918 - 2,239 - 7,466 Total 66,720 43,584 50,541 29,961 26,593 92,376 2,882 312,657 Multi-family Pass 156,501 147,138 144,810 48,090 22,999 77,205 561 597,304 Watch - - - - - - - - Substandard - - - - - - - - Total 156,501 147,138 144,810 48,090 22,999 77,205 561 597,304 Home equity Pass 128 207 1,005 132 179 115 8,697 10,463 Watch - - - - - - - - Substandard 46 - - - - 9 34 89 Total 174 207 1,005 132 179 124 8,731 10,552 Construction and land Pass 1,729 46,464 14,307 5,028 124 155 - 67,807 Watch - - - 2,268 - - - 2,268 Substandard - - - - - - - - Total 1,729 46,464 14,307 7,296 124 155 - 70,075 Commercial Real Estate Pass 57,932 56,303 40,292 38,678 22,340 39,142 872 255,559 Watch 1,250 194 - 2,278 1,296 268 - 5,286 Substandard - - - - 5,530 - - 5,530 Total 59,182 56,497 40,292 40,956 29,166 39,410 872 266,375 Consumer Pass 46 - - - - - 694 740 Watch - - - - - - - - Substandard - - - - - - - - Total 46 - - - - - 694 740 Commercial Pass 1,515 1,435 1,407 484 993 5,869 3,550 15,253 Watch 1,470 - 2,028 - - 106 - 3,604 Substandard - - - - - - - - Total 2,985 1,435 3,435 484 993 5,975 3,550 18,857 Total Loans $ 287,337 $ 295,325 $ 254,390 $ 126,919 $ 80,054 $ 215,245 $ 17,290 $ 1,276,560 The following presents data on troubled debt restructurings: As of June 30, 2022 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 2,045 7 $ 2,045 7 $ - - $ 2,045 7 $ 2,045 7 As of December 31, 2021 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 1,670 5 $ 1,670 5 Commercial real estate 1,222 1 - - 1,222 1 Commercial 1,097 1 - - 1,097 1 $ 2,319 2 $ 1,670 5 $ 3,989 7 After a troubled debt restructuring reverts to market terms, a minimum of six consecutive contractual payments must be received prior to consideration for a return to accrual status. If an updated credit department review indicates no The following presents troubled debt restructurings by concession type: As of June 30, 2022 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 1,000 4 $ 345 1 $ 1,345 5 Interest reduction 21 1 - - 21 1 Principal forbearance 679 1 - - 679 1 $ 1,700 6 $ 345 1 $ 2,045 7 As of December 31, 2021 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 388 2 $ - - $ 388 2 Interest reduction 24 1 - - 24 1 Principal forbearance 3,577 4 - - 3,577 4 $ 3,989 7 $ - - $ 3,989 7 There were two one four six June 30, 2022 one four six June 30, 2021. three June 30, 2022 June 30, 2021, There were no troubled debt restructuring within the past twelve three six June 30, 2022 June 30, 2021 The following table presents data on non-accrual loans as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 7,404 $ 5,420 Multi-family - 128 Home equity 89 26 Construction and land - - Commercial real estate - - Commercial - - Consumer - - Total non-accrual loans $ 7,493 $ 5,574 Total non-accrual loans to total loans receivable 0.59 % 0.46 % Total non-accrual loans to total assets 0.39 % 0.25 % Residential one four June 30, 2022 December 31, 2021 |
Note 4 - Mortgage Servicing Rig
Note 4 - Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | Note 4 Mortgage Servicing Rights The following table presents the activity in the Company’s mortgage servicing rights: Six months ended June 30, 2022 2021 (In Thousands) Mortgage servicing rights at beginning of the period $ 1,555 $ 5,977 Additions 1,521 4,664 Amortization (248 ) (1,400 ) Sales - - Mortgage servicing rights at end of the period 2,828 9,241 Valuation allowance recovered during the period 7 2 Mortgage servicing rights at end of the period, net $ 2,835 $ 9,243 During the six June 30, 2022 June 30, 2022 December 31, 2021 not The fair value of mortgage servicing rights were $4.0 million at June 30, 2022 December 31, 2021 During the three six June 30, 2022 June 30, 2021 not The following table shows the estimated future amortization expense for mortgage servicing rights for the periods indicated: (In Thousands) Estimate for the annual period ended December 31: 2022 $ 239 2023 472 2024 387 2025 356 2026 315 Thereafter 1,066 Total $ 2,835 |
Note 5 - Deposits
Note 5 - Deposits | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5 Deposits At June 30, 2022 December 31, 2021 $250,000 not $250,000 A summary of the contractual maturities of time deposits at June 30, 2022 (In Thousands) Within one year $ 494,649 More than one to two years 85,523 More than two to three years 6,246 More than three to four years 894 More than four through five years 686 $ 587,998 Certain directors and executive officers, including their immediate families and companies in which they are principal owners, are depositors of the Corporation. Such deposits amounted to $23.6 million and $27.4 million at June 30, 2022 December 31, 2021 |
Note 6 - Borrowings
Note 6 - Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Borrowings Borrowings consist of the following: June 30, 2022 December 31, 2021 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 6,100 4.54 % $ 2,127 3.00 % Federal Home Loan Bank, Chicago advances - 0.00 % 5,000 0.00 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2027 50,000 1.73 % 50,000 1.73 % 2028 100,000 2.46 % 255,000 2.37 % 2029 125,000 1.80 % 165,000 1.61 % $ 281,100 2.08 % $ 477,127 2.02 % The short-term repurchase agreement represents the outstanding portion of a total $75.0 million commitment with one June 30, 2022 June 30, 2022 December 31, 2021 The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. In addition, the Company enters into agreements under which it sells loans held for sale subject to an obligation to repurchase the same loans. Under these arrangements, the Company may not no The $50.0 million advance due in 2027 December 2027. The $100.0 million in advances due in 2028 one one The $125.0 million in advances due in 2029 one one one The Company selects loans that meet underwriting criteria established by the FHLB as collateral for outstanding advances. The Company’s borrowings from the FHLB are limited to 80% of the carrying value of unencumbered one four June 30, 2022 December 31, 2021 |
Note 7 - Regulatory Capital
Note 7 - Regulatory Capital | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 7 Regulatory Capital The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements, or overall financial performance deemed by the regulators to be inadequate, can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Company's and Bank’s assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. The Company's and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. As required by applicable legislation, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 may The federal banking agencies must set the minimum capital for the new Community Bank Leverage Ratio at not 8% not 10%. 9%. second 2020. Prompt corrective action regulations provide five not The minimum capital ratios set forth in the Regulatory Capital Plans will be increased and other minimum capital requirements will be established if and as necessary. In accordance with the Regulatory Capital Plans, the Bank will not 1 2.5%. As of June 30, 2022 no The Bank is subject to regulatory restrictions on the amount of dividends it may not The actual and required capital amounts and ratios for the Bank as of June 30, 2022 December 31, 2021 June 30, 2022 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 417,219 26.85 % $ 124,300 8.00 % $ 163,143 10.50 % N/A N/A Waterstone Bank 362,028 23.32 % 124,188 8.00 % 162,997 10.50 % 155,235 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 399,948 25.74 % 93,225 6.00 % 132,068 8.50 % N/A N/A Waterstone Bank 344,757 22.21 % 93,141 6.00 % 131,950 8.50 % 124,188 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 399,948 25.74 % 69,919 4.50 % 108,762 7.00 % N/A N/A Waterstone Bank 344,757 22.21 % 69,856 4.50 % 108,664 7.00 % 100,903 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 399,948 20.12 % 79,516 4.00 % N/A N/A N/A N/A Waterstone Bank 344,757 17.34 % 79,516 4.00 % N/A N/A 99,395 5.00 % State of Wisconsin (to total assets) Waterstone Bank 344,757 17.82 % 116,092 6.00 % N/A N/A N/A N/A December 31, 2021 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 448,818 29.01 % $ 123,766 8.00 % $ 162,443 10.50 % N/A N/A Waterstone Bank 394,540 25.52 % 123,695 8.00 % 162,350 10.50 % 154,619 10.00 % Tier I capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 433,040 27.99 % 92,825 6.00 % 131,502 8.50 % N/A N/A Waterstone Bank 378,762 24.50 % 92,771 6.00 % 131,426 8.50 % 123,695 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 433,040 27.99 % 69,619 4.50 % 108,296 7.00 % N/A N/A Waterstone Bank 378,762 24.50 % 69,579 4.50 % 108,233 7.00 % 100,502 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 433,040 19.29 % 89,774 4.00 % N/A N/A N/A N/A Waterstone Bank 378,762 16.88 % 89,774 4.00 % N/A N/A 112,218 5.00 % State of Wisconsin (to total assets) Waterstone Bank 378,762 17.14 % 132,572 6.00 % N/A N/A N/A N/A |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 Income Taxes Income tax expense totaled $3.8 million for the six June 30, 2022 six June 30, 2021 six June 30, 2022 six June 30, 2021 |
Note 9 - Commitments, Off-Balan
Note 9 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. June 30, 2022 December 31, 2021 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 66,820 $ 48,686 Commitments to extend credit under home equity lines of credit (2) 11,369 11,990 Unused portion of construction loans (3) 29,499 50,303 Unused portion of business lines of credit 17,857 17,916 Standby letters of credit 1,315 1,379 ( 1 Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote. ( 2 Unused portions of home equity loans are available to the borrower for up to 10 years. ( 3 Unused portions of construction loans are available to the borrower for up to one Commitments to extend credit are agreements to lend to a customer as long as there is no may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third The Company has determined that there are no probable losses related to commitments to extend credit or the standby letters of credit as of December 31, 2021 3 Residential mortgage loans sold to others are predominantly conventional residential first first June 30, 2022 December 31, 2021 In the normal course of business, the Company, or its subsidiaries, are involved in various legal proceedings. In the opinion of management, any liability resulting from pending proceedings would not |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 10 Derivative Financial Instruments Mortgage Banking Derivatives In connection with its mortgage banking activities, the Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Mortgage banking derivatives include interest rate lock commitments provided to customers to fund mortgage loans to be sold in the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not not 815. not not Derivative Loan Commitments Mortgage loan commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of a rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the number of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Interest Rate Swaps The Company may third not The following tables presents the outstanding notional balances and fair values of outstanding derivative instruments: June 30, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 559.5 Other assets $ 1.4 Other liabilities $ 0.6 Interest rate locks 436.9 Other assets 1.5 Other liabilities 2.4 Interest rate swaps 104.0 Other assets 1.6 Other liabilities 1.6 December 31, 2021 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 571.5 Other assets $ 1.3 Other liabilities $ - Interest rate locks 345.2 Other assets 3.1 Other liabilities - Interest rate swaps 105.2 Other assets 1.6 Other liabilities 1.6 In determining the fair value of its derivative loan commitments, the Company considers the value that would be generated by the loan arising from exercise of the loan commitment when sold in the secondary mortgage market. That value includes the price that the loan is expected to be sold for in the secondary mortgage market. The fair value of these commitments is recorded on the consolidated statements of financial condition with the changes in fair value recorded as a component of mortgage banking income. The significant unobservable input used in the fair value measurement of the Company's mortgage banking derivatives, including interest rate lock commitments, is the loan pull through rate. This represents the percentage of loans currently in a lock position which the Company estimates will ultimately close. Generally, the fair value of an interest rate lock commitment will be positively (negatively) impacted when the prevailing interest rate is lower (higher) than the interest rate lock commitment. Generally, an increase in the pull through rate will result in the fair value of the interest rate lock increasing when in a gain position, or decreasing when in a loss position. The pull through rate is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock. The pull through rate is computed using historical data and the ratio is periodically reviewed by the Company. Interest Rate Swaps The Company may third not The back-to-back swaps mature in December 2029 June 2037. not June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 Earnings Per Share Earnings per share are computed using the two There were 186,000 and 36,100 antidilutive shares of common stock for the three June 30, 2022 2021 six June 30, 2021 2020, Presented below are the calculations for basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In Thousands, except per share amounts) Net income $ 7,990 $ 17,894 $ 13,282 $ 39,238 Weighted average shares outstanding 22,126 23,848 22,626 23,792 Effect of dilutive potential common shares 103 181 142 204 Diluted weighted average shares outstanding $ 22,229 $ 24,029 $ 22,768 $ 23,996 Basic earnings per share $ 0.36 $ 0.75 $ 0.59 $ 1.65 Diluted earnings per share $ 0.36 $ 0.74 $ 0.58 $ 1.64 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12 Fair Value Measurements ASC Topic 820, not not 1 2 3 The fair value hierarchy prioritizes inputs used to measure fair value into three Level 1 1 Level 2 2 1 2 Level 3 3 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following table presents information about our assets recorded in our consolidated statements of financial condition at their fair value on a recurring basis as of June 30, 2022 December 31, 2021 Fair Value Measurements Using June 30, 2022 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 15,162 $ - $ 15,162 $ - Collateralized mortgage obligations Government sponsored enterprise issued 132,588 - 132,588 - Private-label issued 9,181 - 9,181 - Government sponsored enterprise bonds 2,300 - 2,300 - Municipal securities 30,135 - 30,135 - Other debt securities 11,179 - 11,179 - Loans held for sale 206,702 - 206,702 - Mortgage banking derivative assets 2,842 - - 2,842 Interest rate swap assets 1,560 - 1,560 - Liabilities Mortgage banking derivative liabilities 2,985 - - 2,985 Interest rate swap liabilities 1,560 - 1,560 - Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 19,488 $ - $ 19,488 $ - Collateralized mortgage obligations Government sponsored enterprise issued 99,302 - 99,302 - Private-label issued 2,943 - 2,943 - Government sponsored enterprise bonds 2,448 - 2,448 - Municipal securities 43,494 - 43,494 - Other debt securities 11,341 - 11,341 - Loans held for sale 312,738 - 312,738 - Mortgage banking derivative assets 4,369 - - 4,369 Interest rate swap assets 1,578 - 1,578 - Liabilities Mortgage banking derivative liabilities - - - - Interest rate swap liabilities 1,578 - 1,578 - The following summarizes the valuation techniques for assets recorded in our consolidated statements of financial condition at their fair value on a recurring basis: Available-for-sale securities – The Company’s investment securities classified as available for sale include: mortgage-backed securities, collateralized mortgage obligations, government sponsored enterprise bonds, municipal securities and other debt securities. The fair value of mortgage-backed securities, collateralized mortgage obligations and government sponsored enterprise bonds are determined by a third 2 third 2 Loans held for sale – The Company carries loans held for sale at fair value under the fair value option model. Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the secondary market, principally from observable prices for forward sale commitments. Loans held-for-sale are considered to be Level 2 Mortgage banking derivatives - Mortgage banking derivatives include interest rate lock commitments to originate residential loans held for sale to individual customers and forward commitments to sell residential mortgage loans to various investors. The Company utilizes a valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale, which includes applying a pull through rate based upon historical experience and the current interest rate environment and then multiplying by quoted investor prices. The Company also utilizes a valuation model to estimate the fair value of its forward commitments to sell residential loans, which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available. While there are Level 2 3 one 3 Interest rate swap assets/liabilities - The Company offers loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Our derivatives are traded in an over-the-counter market where quoted market prices are not third 2 The table below presents reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 2022 2021. Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In Thousands) (In Thousands) Mortgage derivative, net balance at the beginning of the period $ 5,573 $ 11,601 $ 4,369 $ 5,917 Mortgage derivative (loss) gain, net (5,716 ) (4,112 ) (4,512 ) 1,572 Mortgage derivative, net balance at the end of the period $ (143 ) $ 7,489 $ (143 ) $ 7,489 There were no transfers in or out of Level 1, 2 3 Assets Recorded at Fair Value on a Non-recurring Basis The following tables present information about our assets recorded in our consolidated statements of financial condition at their fair value on a non-recurring basis as of June 30, 2022 December 31, 2021 Fair Value Measurements Using June 30, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned 148 - - 148 Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 (In Thousands) Real estate owned 148 - - 148 Impaired mortgage servicing rights - - - - Real estate owned – On a non-recurring basis, real estate owned is recorded in our consolidated statements of financial condition at the lower of cost or fair value. Fair value is determined based on third 3 Mortgage servicing rights – The Company utilizes an independent valuation from a third 3 For Level 3 June 30, 2022 Significant Unobservable Input Value Fair Value at Significant June 30, Valuation Unobservable Minimum Maximum Weighted 2022 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ (143 ) Pricing models Pull through rate 28.4 % 99.9 % 87.2 % Real estate owned 148 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % December 31, 2021 Mortgage banking derivatives 4,369 Pricing models Pull through rate 26.0 % 99.8 % 88.2 % Real estate owned 148 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % Mortgage servicing rights - Pricing models Prepayment rate 9.8 % 43.4 % 11.8 % Discount rate 0.0 % 12.0 % 10.2 % Cost to service $ 84.06 $ 839.53 108.37 A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Fair value information about financial instruments follows, whether or not not not not The carrying amounts and fair values of the Company’s financial instruments consist of the following: June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value amount Total Level 1 Level 2 Level 3 amount Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 122,193 $ 122,193 $ 122,193 $ - $ - $ 376,722 $ 376,722 $ 376,722 $ - $ - Loans receivable 1,276,560 1,250,690 - - 1,250,690 1,205,785 1,210,854 - - 1,210,854 FHLB stock 16,301 16,301 - 16,301 - 24,438 24,438 - 24,438 - Accrued interest receivable 4,368 4,368 4,368 - - 4,013 4,013 4,013 - - Mortgage servicing rights 2,835 4,007 - - 4,007 1,555 1,808 - - 1,808 Financial Liabilities Deposits 1,213,230 1,212,564 625,232 587,332 - 1,233,386 1,233,478 606,723 626,755 - Advance payments by borrowers for taxes 17,302 17,302 17,302 - - 4,094 4,094 4,094 - - Borrowings 281,100 271,807 - 271,807 - 477,127 499,120 - 499,120 - Accrued interest payable 591 591 591 - - 959 959 959 - - The following methods and assumptions were used by the Company in determining its fair value disclosures for financial instruments. Cash and Cash Equivalents The carrying amount reported in the consolidated statements of financial condition for cash and cash equivalents is a reasonable estimate of fair value. Loans Receivable The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the market place. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as one four FHLB Stock For FHLB stock, the carrying amount is the amount at which shares can be redeemed with the FHLB and is a reasonable estimate of fair value. Deposits and Advance Payments by Borrowers for Taxes The fair values for interest-bearing and noninterest-bearing negotiable order of withdrawal accounts, savings accounts, and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of similar remaining maturities to a schedule of aggregated expected monthly maturities of the outstanding certificates of deposit. The advance payments by borrowers for taxes are equal to their carrying amounts at the reporting date. Borrowings Fair values for borrowings are estimated using a discounted cash flow calculation that applies current interest rates to estimated future cash flows of the borrowings. Accrued Interest Payable and Accrued Interest Receivable For accrued interest payable and accrued interest receivable, the carrying amount is a reasonable estimate of fair value. Commitments to Extend Credit and Standby Letters of Credit Commitments to extend credit and standby letters of credit are generally not not June 30, 2022 December 31, 2021 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13 Segment Reporting Selected financial and descriptive information is required to be provided about reportable operating segments, considering a "management approach" concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the enterprise for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the enterprise's internal organization, focusing on financial information that an enterprise's chief operating decision-makers use to make decisions about the enterprise's operating matters. The Company has determined that it has two reportable segments: community banking and mortgage banking. The Company's operating segments are presented based on its management structure and management accounting practices. The structure and practices are specific to the Company and therefore, the financial results of the Company's business segments are not Community Banking The community banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin. Within this segment, the following products and services are provided: ( 1 2 3 4 Consumer products include loan and deposit products: mortgage, home equity loans and lines, personal term loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Consumer products also include personal investment services. Business banking products include secured and unsecured lines and term loans for working capital, inventory and general corporate use, commercial real estate construction loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Mortgage Banking The mortgage banking segment provides residential mortgage loans for the primary purpose of sale on the secondary market. Mortgage banking products and services are provided by offices in 26 Presented below is the segment information: As of or for the three months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income $ 13,710 $ 370 $ 1 $ 14,081 Provision (credit) for credit losses (41 ) 89 - 48 Net interest income after provision for credit losses 13,751 281 1 14,033 Noninterest income: 1,640 30,126 (528 ) 31,238 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,596 21,311 (114 ) 25,793 Occupancy, office furniture and equipment 876 1,180 - 2,056 Advertising 244 718 - 962 Data processing 531 613 - 1,144 Communications 63 195 - 258 Professional fees 118 222 9 349 Real estate owned - - - - Loan processing expense - 1,134 - 1,134 Other 1,006 2,733 (385 ) 3,354 Total noninterest expenses 7,434 28,106 (490 ) 35,050 Income (loss) before income taxes (benefit) 7,957 2,301 (37 ) 10,221 Income tax expense (benefit) 1,658 578 (5 ) 2,231 Net income (loss) $ 6,299 $ 1,723 $ (32 ) $ 7,990 Total Assets $ 1,896,227 $ 269,584 $ (224,714 ) $ 1,941,097 As of or for the three months ended June 30, 2021 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 14,517 $ (251 ) $ 11 $ 14,277 Provision (credit) for loan losses (750 ) - - (750 ) Net interest income (expense) after provision for loan losses 15,267 (251 ) 11 15,027 Noninterest income: 1,630 50,556 (142 ) 52,044 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,874 29,170 (118 ) 33,926 Occupancy, office furniture and equipment 887 1,406 - 2,293 Advertising 260 651 - 911 Data processing 466 443 5 914 Communications 86 240 - 326 Professional fees 198 361 10 569 Real estate owned - - - - Loan processing expense - 1,200 - 1,200 Other 461 2,678 19 3,158 Total noninterest expenses 7,232 36,149 (84 ) 43,297 Income (loss) before income taxes 9,665 14,156 (47 ) 23,774 Income tax expense (benefit) 2,128 3,761 (9 ) 5,880 Net income (loss) $ 7,537 $ 10,395 $ (38 ) $ 17,894 Total Assets $ 2,135,895 $ 406,534 $ (340,476 ) $ 2,201,953 As of or for the six months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 25,362 $ 553 $ 30 $ 25,945 Provision (credit) for credit losses (181 ) 153 - (28 ) Net interest income (expense) after provision for credit losses 25,543 400 30 25,973 Noninterest income: 3,072 58,730 (746 ) 61,056 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,808 41,749 (229 ) 51,328 Occupancy, office furniture and equipment 1,813 2,431 - 4,244 Advertising 471 1,396 - 1,867 Data processing 1,139 1,201 6 2,346 Communications 157 441 - 598 Professional fees 232 560 18 810 Real estate owned 5 - - 5 Loan processing expense - 2,565 - 2,565 Other 1,606 5,042 (427 ) 6,221 Total noninterest expenses 15,231 55,385 (632 ) 69,984 Income (loss) before income taxes (benefit) 13,384 3,745 (84 ) 17,045 Income tax expense (benefit) 2,825 955 (17 ) 3,763 Net income (loss) $ 10,559 $ 2,790 $ (67 ) $ 13,282 As of or for the six months ended June 30, 2021 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 28,764 $ (601 ) $ 66 $ 28,229 Provision (credit) for loan losses (1,850 ) 30 - (1,820 ) Net interest income (expense) after provision for loan losses 30,614 (631 ) 66 30,049 Noninterest income: 2,873 105,591 (221 ) 108,243 Noninterest expenses: - Compensation, payroll taxes, and other employee benefits 9,849 58,432 (232 ) 68,049 Occupancy, office furniture and equipment 1,912 2,946 - 4,858 Advertising 469 1,266 - 1,735 Data processing 977 897 11 1,885 Communications 205 452 - 657 Professional fees 392 (163 ) 25 254 Real estate owned (12 ) - - (12 ) Loan processing expense - 2,535 - 2,535 Other 901 5,359 76 6,336 Total noninterest expenses 14,693 71,724 (120 ) 86,297 Income (loss) before income taxes 18,794 33,236 (35 ) 51,995 Income tax expense (benefit) 3,914 8,857 (14 ) 12,757 Net income (loss) 14,880 24,379 (21 ) 39,238 |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 16,535 $ 15 $ (1,388 ) $ 15,162 Collateralized mortgage obligations: Government sponsored enterprise issued 147,202 - (14,614 ) 132,588 Private-label issued 9,725 1 (545 ) 9,181 Mortgage-related securities 173,462 16 (16,547 ) 156,931 Government sponsored enterprise bonds 2,500 - (200 ) 2,300 Municipal securities 30,892 308 (1,065 ) 30,135 Other debt securities 12,500 - (1,321 ) 11,179 Debt securities 45,892 308 (2,586 ) 43,614 Total $ 219,354 $ 324 $ (19,133 ) $ 200,545 December 31, 2021 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 19,133 $ 542 $ (187 ) $ 19,488 Collateralized mortgage obligations Government sponsored enterprise issued 100,543 503 (1,744 ) 99,302 Private-label issued 2,913 30 - 2,943 Mortgage related securities 122,589 1,075 (1,931 ) 121,733 Government sponsored enterprise bonds 2,500 - (52 ) 2,448 Municipal securities 42,295 1,206 (7 ) 43,494 Other debt securities 12,500 41 (1,200 ) 11,341 Debt securities 57,295 1,247 (1,259 ) 57,283 Total $ 179,884 $ 2,322 $ (3,190 ) $ 179,016 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 7,900 $ 7,918 Due after one year through five years 19,683 19,730 Due after five years through ten years 13,206 11,926 Due after ten years 5,103 4,040 Mortgage-related securities 173,462 156,931 Total $ 219,354 $ 200,545 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | June 30, 2022 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized value loss value loss value loss (In Thousands) Mortgage-backed securities $ 11,391 $ (750 ) $ 3,187 $ (638 ) $ 14,578 $ (1,388 ) Collateralized mortgage obligations: Government sponsored enterprise issued 112,824 (10,689 ) 19,763 (3,925 ) 132,587 (14,614 ) Private-label issued 6,886 (545 ) - - 6,886 (545 ) Government sponsored enterprise bonds 2,300 (200 ) - - 2,300 (200 ) Municipal securities 4,637 (1,065 ) - - 4,637 (1,065 ) Other debt securities 2,379 (121 ) 8,800 (1,200 ) 11,179 (1,321 ) Total $ 140,417 $ (13,370 ) $ 31,750 $ (5,763 ) $ 172,167 $ (19,133 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized value loss value loss value loss (In Thousands) Mortgage-backed securities $ 4,042 $ (101 ) $ 1,956 $ (86 ) $ 5,998 $ (187 ) Collateralized mortgage obligations: Government sponsored enterprise issued 66,254 (1,589 ) 4,371 (155 ) 70,625 (1,744 ) Government sponsored enterprise bonds 2,448 (52 ) - - 2,448 (52 ) Municipal securities 1,471 (7 ) - - 1,471 (7 ) Other debt securities - - 8,800 (1,200 ) 8,800 (1,200 ) Total $ 74,215 $ (1,749 ) $ 15,127 $ (1,441 ) $ 89,342 $ (3,190 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2022 December 31, 2021 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 312,657 $ 300,523 Multi-family 597,304 537,956 Home equity 10,552 11,012 Construction and land 70,075 82,588 Commercial real estate 266,375 250,676 Consumer 740 732 Commercial loans 18,857 22,298 Total $ 1,276,560 $ 1,205,785 |
Financing Receivable, Past Due [Table Text Block] | As of June 30, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 1,269 $ 170 $ 6,165 $ 7,604 $ 305,053 $ 312,657 Multi-family - - - - 597,304 597,304 Home equity - - 68 68 10,484 10,552 Construction and land - - - - 70,075 70,075 Commercial real estate - - - - 266,375 266,375 Consumer - - - - 740 740 Commercial loans - - - - 18,857 18,857 Total $ 1,269 $ 170 $ 6,233 $ 7,672 $ 1,268,888 $ 1,276,560 As of December 31, 2021 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 622 $ 2,028 $ 4,214 $ 6,864 $ 293,659 $ 300,523 Multi-family - - 128 128 537,828 537,956 Home equity 14 23 26 63 10,949 11,012 Construction and land - - - - 82,588 82,588 Commercial real estate - - - - 250,676 250,676 Consumer - - - - 732 732 Commercial loans 7 - - 7 22,291 22,298 Total $ 643 $ 2,051 $ 4,368 $ 7,062 $ 1,198,723 $ 1,205,785 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | One- to Four-Family Multi-Family Home Equity Land and Construction Commercial Real Estate Consumer Commercial Total (In Thousands) Six months ended June 30, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption 88 100 58 886 (640 ) 7 (69 ) 430 Provision (credit) for credit losses - loans 600 1,167 6 (584 ) (694 ) 7 (162 ) 340 Charge-offs (65 ) - - - - (5 ) - (70 ) Recoveries 43 726 10 2 12 - - 793 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Six months ended June 30, 2021 Balance at beginning of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 Provision (credit) for loan losses (1,745 ) 393 (46 ) (487 ) 44 (1 ) 22 $ (1,820 ) Charge-offs (39 ) - - - - - - $ (39 ) Recoveries 350 35 8 51 2 - - $ 446 Balance at end of period $ 4,025 $ 6,028 $ 156 $ 1,319 $ 5,184 $ 34 $ 664 $ 17,410 One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended June 30, 2022 Balance at beginning of period $ 4,415 $ 6,562 $ 185 $ 1,831 $ 3,631 $ 41 $ 240 $ 16,905 Provision (credit) for credit losses - loans 264 675 (27 ) (142 ) (472 ) 5 (44 ) 259 Charge-offs (65 ) - - - - (4 ) - (69 ) Recoveries 15 154 5 1 1 - - 176 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Three months ended June 30, 2021 Balance at beginning of period $ 4,596 $ 6,044 $ 183 $ 1,251 $ 5,017 $ 33 $ 658 $ 17,782 Provision for loan losses (883 ) (28 ) (31 ) 18 167 1 6 (750 ) Charge-offs (25 ) - - - - - - (25 ) Recoveries 337 12 4 50 - - - 403 Balance at end of period $ 4,025 $ 6,028 $ 156 $ 1,319 $ 5,184 $ 34 $ 664 $ 17,410 |
Schedule of Allowance for Credit Losses [Table Text Block] | Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 (In Thousands) Provision for credit losses on: Loans $ 259 $ (750 ) $ 340 $ (1,820 ) Unfunded commitments (211 ) - (368 ) - Investment securities - - - - Total $ 48 $ (750 ) $ (28 ) $ (1,820 ) |
Schedule of Collateral Dependent Loans [Table Text Block] | One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,629 7,391 163 1,690 3,160 42 196 17,271 Allowance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 Collateral dependent loans $ 5,870 $ - $ 45 $ - $ 5,530 $ - $ - $ 11,445 Pooled loans 306,787 597,304 10,507 70,075 260,845 740 18,857 1,265,115 Total gross loans $ 312,657 $ 597,304 $ 10,552 $ 70,075 $ 266,375 $ 740 $ 18,857 $ 1,276,560 |
Schedule of Allowance for Loan Loss for Loans Evaluated Individually and Collectively for Impairment [Table Text Block] | One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to loans individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to loans collectively evaluated for impairment 3,963 5,398 89 1,386 4,482 33 427 15,778 Balance at end of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Loans individually evaluated for impairment $ 5,420 $ 128 $ 26 $ - $ 1,222 $ - $ 1,097 $ 7,893 Loans collectively evaluated for impairment 295,103 537,828 10,986 82,588 249,454 732 21,201 1,197,892 Total gross loans $ 300,523 $ 537,956 $ 11,012 $ 82,588 $ 250,676 $ 732 $ 22,298 $ 1,205,785 |
Financing Receivable Credit Quality Indicators [Table Text Block] | One to Four-Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At June 30, 2022 Substandard $ 7,466 $ - $ 89 $ - $ 5,530 $ - $ - $ 13,085 Watch 7,912 - - 2,268 5,286 - 3,604 19,070 Pass 297,279 597,304 10,463 67,807 255,559 740 15,253 1,244,405 $ 312,657 $ 597,304 $ 10,552 $ 70,075 $ 266,375 $ 740 $ 18,857 $ 1,276,560 At December 31, 2021 Substandard $ 5,420 $ 128 $ 26 $ - $ 6,827 $ - $ 1,097 $ 13,498 Watch 7,937 - 37 4,212 5,870 - 3,194 21,250 Pass 287,166 537,828 10,949 78,376 237,979 732 18,007 1,171,037 $ 300,523 $ 537,956 $ 11,012 $ 82,588 $ 250,676 $ 732 $ 22,298 $ 1,205,785 2022 2021 2020 2019 2018 Prior Revolving Total (In Thousands) 1-4 Family Pass $ 58,540 $ 41,404 $ 49,862 $ 28,043 $ 26,593 $ 89,955 $ 2,882 $ 297,279 Watch 7,730 - - - - 182 - 7,912 Substandard 450 2,180 679 1,918 - 2,239 - 7,466 Total 66,720 43,584 50,541 29,961 26,593 92,376 2,882 312,657 Multi-family Pass 156,501 147,138 144,810 48,090 22,999 77,205 561 597,304 Watch - - - - - - - - Substandard - - - - - - - - Total 156,501 147,138 144,810 48,090 22,999 77,205 561 597,304 Home equity Pass 128 207 1,005 132 179 115 8,697 10,463 Watch - - - - - - - - Substandard 46 - - - - 9 34 89 Total 174 207 1,005 132 179 124 8,731 10,552 Construction and land Pass 1,729 46,464 14,307 5,028 124 155 - 67,807 Watch - - - 2,268 - - - 2,268 Substandard - - - - - - - - Total 1,729 46,464 14,307 7,296 124 155 - 70,075 Commercial Real Estate Pass 57,932 56,303 40,292 38,678 22,340 39,142 872 255,559 Watch 1,250 194 - 2,278 1,296 268 - 5,286 Substandard - - - - 5,530 - - 5,530 Total 59,182 56,497 40,292 40,956 29,166 39,410 872 266,375 Consumer Pass 46 - - - - - 694 740 Watch - - - - - - - - Substandard - - - - - - - - Total 46 - - - - - 694 740 Commercial Pass 1,515 1,435 1,407 484 993 5,869 3,550 15,253 Watch 1,470 - 2,028 - - 106 - 3,604 Substandard - - - - - - - - Total 2,985 1,435 3,435 484 993 5,975 3,550 18,857 Total Loans $ 287,337 $ 295,325 $ 254,390 $ 126,919 $ 80,054 $ 215,245 $ 17,290 $ 1,276,560 |
Impaired Financing Receivables [Table Text Block] | As of December 31, 2021 Recorded Unpaid Cumulative Investment Principal Reserve Charge-Offs (In Thousands) Total Impaired with Reserve One- to four-family $ - $ - $ - $ - Multi-family - - - - Home equity - - - - Construction and land - - - - Commercial real estate - - - - Consumer - - - - Commercial - - - - - - - - Total Impaired with no Reserve One- to four-family 5,420 5,450 - 30 Multi-family 128 128 - - Home equity 26 26 - - Construction and land - - - - Commercial real estate 1,222 1,222 - - Consumer - - - - Commercial 1,097 1,097 - - 7,893 7,923 - 30 Total Impaired One- to four-family 5,420 5,450 - 30 Multi-family 128 128 - - Home equity 26 26 - - Construction and land - - - - Commercial real estate 1,222 1,222 - - Consumer - - - - Commercial 1,097 1,097 - - $ 7,893 $ 7,923 $ - $ 30 2021 Average Recorded Interest Investment Paid (In Thousands) Total Impaired with Reserve One- to four-family $ - $ - Multi-family - - Home equity - - Construction and land - - Commercial real estate - - Consumer - - Commercial - - - - Total Impaired with no Reserve One- to four-family 5,109 105 Multi-family 315 1 Home equity 79 2 Construction and land 43 - Commercial real estate 1,251 28 Consumer - - Commercial 1,097 25 7,894 161 Total Impaired One- to four-family 5,109 105 Multi-family 315 1 Home equity 79 2 Construction and land 43 - Commercial real estate 1,251 28 Consumer - - Commercial 1,097 25 $ 7,894 $ 161 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | As of June 30, 2022 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 2,045 7 $ 2,045 7 $ - - $ 2,045 7 $ 2,045 7 As of December 31, 2021 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 1,670 5 $ 1,670 5 Commercial real estate 1,222 1 - - 1,222 1 Commercial 1,097 1 - - 1,097 1 $ 2,319 2 $ 1,670 5 $ 3,989 7 As of June 30, 2022 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 1,000 4 $ 345 1 $ 1,345 5 Interest reduction 21 1 - - 21 1 Principal forbearance 679 1 - - 679 1 $ 1,700 6 $ 345 1 $ 2,045 7 As of December 31, 2021 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 388 2 $ - - $ 388 2 Interest reduction 24 1 - - 24 1 Principal forbearance 3,577 4 - - 3,577 4 $ 3,989 7 $ - - $ 3,989 7 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30, 2022 December 31, 2021 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 7,404 $ 5,420 Multi-family - 128 Home equity 89 26 Construction and land - - Commercial real estate - - Commercial - - Consumer - - Total non-accrual loans $ 7,493 $ 5,574 Total non-accrual loans to total loans receivable 0.59 % 0.46 % Total non-accrual loans to total assets 0.39 % 0.25 % |
Note 4 - Mortgage Servicing R_2
Note 4 - Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | Six months ended June 30, 2022 2021 (In Thousands) Mortgage servicing rights at beginning of the period $ 1,555 $ 5,977 Additions 1,521 4,664 Amortization (248 ) (1,400 ) Sales - - Mortgage servicing rights at end of the period 2,828 9,241 Valuation allowance recovered during the period 7 2 Mortgage servicing rights at end of the period, net $ 2,835 $ 9,243 |
Future Amortization Expenses for Mortgage Servicing Rights [Table Text Block] | (In Thousands) Estimate for the annual period ended December 31: 2022 $ 239 2023 472 2024 387 2025 356 2026 315 Thereafter 1,066 Total $ 2,835 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (In Thousands) Within one year $ 494,649 More than one to two years 85,523 More than two to three years 6,246 More than three to four years 894 More than four through five years 686 $ 587,998 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2022 December 31, 2021 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 6,100 4.54 % $ 2,127 3.00 % Federal Home Loan Bank, Chicago advances - 0.00 % 5,000 0.00 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2027 50,000 1.73 % 50,000 1.73 % 2028 100,000 2.46 % 255,000 2.37 % 2029 125,000 1.80 % 165,000 1.61 % $ 281,100 2.08 % $ 477,127 2.02 % |
Note 7 - Regulatory Capital (Ta
Note 7 - Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | June 30, 2022 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 417,219 26.85 % $ 124,300 8.00 % $ 163,143 10.50 % N/A N/A Waterstone Bank 362,028 23.32 % 124,188 8.00 % 162,997 10.50 % 155,235 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 399,948 25.74 % 93,225 6.00 % 132,068 8.50 % N/A N/A Waterstone Bank 344,757 22.21 % 93,141 6.00 % 131,950 8.50 % 124,188 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 399,948 25.74 % 69,919 4.50 % 108,762 7.00 % N/A N/A Waterstone Bank 344,757 22.21 % 69,856 4.50 % 108,664 7.00 % 100,903 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 399,948 20.12 % 79,516 4.00 % N/A N/A N/A N/A Waterstone Bank 344,757 17.34 % 79,516 4.00 % N/A N/A 99,395 5.00 % State of Wisconsin (to total assets) Waterstone Bank 344,757 17.82 % 116,092 6.00 % N/A N/A N/A N/A December 31, 2021 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 448,818 29.01 % $ 123,766 8.00 % $ 162,443 10.50 % N/A N/A Waterstone Bank 394,540 25.52 % 123,695 8.00 % 162,350 10.50 % 154,619 10.00 % Tier I capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 433,040 27.99 % 92,825 6.00 % 131,502 8.50 % N/A N/A Waterstone Bank 378,762 24.50 % 92,771 6.00 % 131,426 8.50 % 123,695 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 433,040 27.99 % 69,619 4.50 % 108,296 7.00 % N/A N/A Waterstone Bank 378,762 24.50 % 69,579 4.50 % 108,233 7.00 % 100,502 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 433,040 19.29 % 89,774 4.00 % N/A N/A N/A N/A Waterstone Bank 378,762 16.88 % 89,774 4.00 % N/A N/A 112,218 5.00 % State of Wisconsin (to total assets) Waterstone Bank 378,762 17.14 % 132,572 6.00 % N/A N/A N/A N/A |
Note 9 - Commitments, Off-Bal_2
Note 9 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | June 30, 2022 December 31, 2021 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 66,820 $ 48,686 Commitments to extend credit under home equity lines of credit (2) 11,369 11,990 Unused portion of construction loans (3) 29,499 50,303 Unused portion of business lines of credit 17,857 17,916 Standby letters of credit 1,315 1,379 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | June 30, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 559.5 Other assets $ 1.4 Other liabilities $ 0.6 Interest rate locks 436.9 Other assets 1.5 Other liabilities 2.4 Interest rate swaps 104.0 Other assets 1.6 Other liabilities 1.6 December 31, 2021 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 571.5 Other assets $ 1.3 Other liabilities $ - Interest rate locks 345.2 Other assets 3.1 Other liabilities - Interest rate swaps 105.2 Other assets 1.6 Other liabilities 1.6 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In Thousands, except per share amounts) Net income $ 7,990 $ 17,894 $ 13,282 $ 39,238 Weighted average shares outstanding 22,126 23,848 22,626 23,792 Effect of dilutive potential common shares 103 181 142 204 Diluted weighted average shares outstanding $ 22,229 $ 24,029 $ 22,768 $ 23,996 Basic earnings per share $ 0.36 $ 0.75 $ 0.59 $ 1.65 Diluted earnings per share $ 0.36 $ 0.74 $ 0.58 $ 1.64 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using June 30, 2022 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 15,162 $ - $ 15,162 $ - Collateralized mortgage obligations Government sponsored enterprise issued 132,588 - 132,588 - Private-label issued 9,181 - 9,181 - Government sponsored enterprise bonds 2,300 - 2,300 - Municipal securities 30,135 - 30,135 - Other debt securities 11,179 - 11,179 - Loans held for sale 206,702 - 206,702 - Mortgage banking derivative assets 2,842 - - 2,842 Interest rate swap assets 1,560 - 1,560 - Liabilities Mortgage banking derivative liabilities 2,985 - - 2,985 Interest rate swap liabilities 1,560 - 1,560 - Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 19,488 $ - $ 19,488 $ - Collateralized mortgage obligations Government sponsored enterprise issued 99,302 - 99,302 - Private-label issued 2,943 - 2,943 - Government sponsored enterprise bonds 2,448 - 2,448 - Municipal securities 43,494 - 43,494 - Other debt securities 11,341 - 11,341 - Loans held for sale 312,738 - 312,738 - Mortgage banking derivative assets 4,369 - - 4,369 Interest rate swap assets 1,578 - 1,578 - Liabilities Mortgage banking derivative liabilities - - - - Interest rate swap liabilities 1,578 - 1,578 - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In Thousands) (In Thousands) Mortgage derivative, net balance at the beginning of the period $ 5,573 $ 11,601 $ 4,369 $ 5,917 Mortgage derivative (loss) gain, net (5,716 ) (4,112 ) (4,512 ) 1,572 Mortgage derivative, net balance at the end of the period $ (143 ) $ 7,489 $ (143 ) $ 7,489 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using June 30, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned 148 - - 148 Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 (In Thousands) Real estate owned 148 - - 148 Impaired mortgage servicing rights - - - - |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Input Value Fair Value at Significant June 30, Valuation Unobservable Minimum Maximum Weighted 2022 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ (143 ) Pricing models Pull through rate 28.4 % 99.9 % 87.2 % Real estate owned 148 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % December 31, 2021 Mortgage banking derivatives 4,369 Pricing models Pull through rate 26.0 % 99.8 % 88.2 % Real estate owned 148 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % Mortgage servicing rights - Pricing models Prepayment rate 9.8 % 43.4 % 11.8 % Discount rate 0.0 % 12.0 % 10.2 % Cost to service $ 84.06 $ 839.53 108.37 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value amount Total Level 1 Level 2 Level 3 amount Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 122,193 $ 122,193 $ 122,193 $ - $ - $ 376,722 $ 376,722 $ 376,722 $ - $ - Loans receivable 1,276,560 1,250,690 - - 1,250,690 1,205,785 1,210,854 - - 1,210,854 FHLB stock 16,301 16,301 - 16,301 - 24,438 24,438 - 24,438 - Accrued interest receivable 4,368 4,368 4,368 - - 4,013 4,013 4,013 - - Mortgage servicing rights 2,835 4,007 - - 4,007 1,555 1,808 - - 1,808 Financial Liabilities Deposits 1,213,230 1,212,564 625,232 587,332 - 1,233,386 1,233,478 606,723 626,755 - Advance payments by borrowers for taxes 17,302 17,302 17,302 - - 4,094 4,094 4,094 - - Borrowings 281,100 271,807 - 271,807 - 477,127 499,120 - 499,120 - Accrued interest payable 591 591 591 - - 959 959 959 - - |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | As of or for the three months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income $ 13,710 $ 370 $ 1 $ 14,081 Provision (credit) for credit losses (41 ) 89 - 48 Net interest income after provision for credit losses 13,751 281 1 14,033 Noninterest income: 1,640 30,126 (528 ) 31,238 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,596 21,311 (114 ) 25,793 Occupancy, office furniture and equipment 876 1,180 - 2,056 Advertising 244 718 - 962 Data processing 531 613 - 1,144 Communications 63 195 - 258 Professional fees 118 222 9 349 Real estate owned - - - - Loan processing expense - 1,134 - 1,134 Other 1,006 2,733 (385 ) 3,354 Total noninterest expenses 7,434 28,106 (490 ) 35,050 Income (loss) before income taxes (benefit) 7,957 2,301 (37 ) 10,221 Income tax expense (benefit) 1,658 578 (5 ) 2,231 Net income (loss) $ 6,299 $ 1,723 $ (32 ) $ 7,990 Total Assets $ 1,896,227 $ 269,584 $ (224,714 ) $ 1,941,097 As of or for the three months ended June 30, 2021 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 14,517 $ (251 ) $ 11 $ 14,277 Provision (credit) for loan losses (750 ) - - (750 ) Net interest income (expense) after provision for loan losses 15,267 (251 ) 11 15,027 Noninterest income: 1,630 50,556 (142 ) 52,044 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,874 29,170 (118 ) 33,926 Occupancy, office furniture and equipment 887 1,406 - 2,293 Advertising 260 651 - 911 Data processing 466 443 5 914 Communications 86 240 - 326 Professional fees 198 361 10 569 Real estate owned - - - - Loan processing expense - 1,200 - 1,200 Other 461 2,678 19 3,158 Total noninterest expenses 7,232 36,149 (84 ) 43,297 Income (loss) before income taxes 9,665 14,156 (47 ) 23,774 Income tax expense (benefit) 2,128 3,761 (9 ) 5,880 Net income (loss) $ 7,537 $ 10,395 $ (38 ) $ 17,894 Total Assets $ 2,135,895 $ 406,534 $ (340,476 ) $ 2,201,953 As of or for the six months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 25,362 $ 553 $ 30 $ 25,945 Provision (credit) for credit losses (181 ) 153 - (28 ) Net interest income (expense) after provision for credit losses 25,543 400 30 25,973 Noninterest income: 3,072 58,730 (746 ) 61,056 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,808 41,749 (229 ) 51,328 Occupancy, office furniture and equipment 1,813 2,431 - 4,244 Advertising 471 1,396 - 1,867 Data processing 1,139 1,201 6 2,346 Communications 157 441 - 598 Professional fees 232 560 18 810 Real estate owned 5 - - 5 Loan processing expense - 2,565 - 2,565 Other 1,606 5,042 (427 ) 6,221 Total noninterest expenses 15,231 55,385 (632 ) 69,984 Income (loss) before income taxes (benefit) 13,384 3,745 (84 ) 17,045 Income tax expense (benefit) 2,825 955 (17 ) 3,763 Net income (loss) $ 10,559 $ 2,790 $ (67 ) $ 13,282 As of or for the six months ended June 30, 2021 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 28,764 $ (601 ) $ 66 $ 28,229 Provision (credit) for loan losses (1,850 ) 30 - (1,820 ) Net interest income (expense) after provision for loan losses 30,614 (631 ) 66 30,049 Noninterest income: 2,873 105,591 (221 ) 108,243 Noninterest expenses: - Compensation, payroll taxes, and other employee benefits 9,849 58,432 (232 ) 68,049 Occupancy, office furniture and equipment 1,912 2,946 - 4,858 Advertising 469 1,266 - 1,735 Data processing 977 897 11 1,885 Communications 205 452 - 657 Professional fees 392 (163 ) 25 254 Real estate owned (12 ) - - (12 ) Loan processing expense - 2,535 - 2,535 Other 901 5,359 76 6,336 Total noninterest expenses 14,693 71,724 (120 ) 86,297 Income (loss) before income taxes 18,794 33,236 (35 ) 51,995 Income tax expense (benefit) 3,914 8,857 (14 ) 12,757 Net income (loss) 14,880 24,379 (21 ) 39,238 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Offices | 14 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 17,271,000 | $ 16,905,000 | $ 15,778,000 | $ 17,410,000 | $ 17,782,000 | $ 18,823,000 | |
Retained Earnings (Accumulated Deficit), Total | 276,444,000 | 273,398,000 | |||||
Unfunded Loan Commitment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 430,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 430,000 | ||||||
Retained Earnings (Accumulated Deficit), Total | (1,400,000) | ||||||
Deferred Income Tax Assets, Net | 439,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,400,000 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | $ 0 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | 0 | $ 0 | |
Mortgage-related Securities [Member] | Asset Pledged as Collateral [Member] | |||||
Debt Securities, Available-for-Sale, Restricted | $ 317,000 | $ 317,000 | $ 430,000 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Amortized Cost and Fair Values of Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost | $ 219,354 | $ 179,884 |
Gross unrealized gains | 324 | 2,322 |
Gross unrealized losses | (19,133) | (3,190) |
Fair value | 200,545 | 179,016 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost | 16,535 | 19,133 |
Gross unrealized gains | 15 | 542 |
Gross unrealized losses | (1,388) | (187) |
Fair value | 15,162 | 19,488 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 147,202 | 100,543 |
Gross unrealized gains | 0 | 503 |
Gross unrealized losses | (14,614) | (1,744) |
Fair value | 132,588 | 99,302 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Amortized cost | 9,725 | 2,913 |
Gross unrealized gains | 1 | 30 |
Gross unrealized losses | (545) | 0 |
Fair value | 9,181 | 2,943 |
Mortgage-related Securities [Member] | ||
Amortized cost | 173,462 | 122,589 |
Gross unrealized gains | 16 | 1,075 |
Gross unrealized losses | (16,547) | (1,931) |
Fair value | 156,931 | 121,733 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized cost | 2,500 | 2,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (200) | (52) |
Fair value | 2,300 | 2,448 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 30,892 | 42,295 |
Gross unrealized gains | 308 | 1,206 |
Gross unrealized losses | (1,065) | (7) |
Fair value | 30,135 | 43,494 |
Other Debt Obligations [Member] | ||
Amortized cost | 12,500 | 12,500 |
Gross unrealized gains | 0 | 41 |
Gross unrealized losses | (1,321) | (1,200) |
Fair value | 11,179 | 11,341 |
Debt Securities [Member] | ||
Amortized cost | 45,892 | 57,295 |
Debt [Member] | ||
Gross unrealized gains | 308 | 1,247 |
Gross unrealized losses | (2,586) | (1,259) |
Fair value | $ 43,614 | $ 57,283 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Due within one year, amortized cost | $ 7,900 | |
Due within one year, fair value | 7,918 | |
Due after one year through five years, amortized cost | 19,683 | |
Due after one year through five years, fair value | 19,730 | |
Due after five years through ten years, amortized cost | 13,206 | |
Due after five years through ten years, fair value | 11,926 | |
Due after ten years, amortized cost | 5,103 | |
Due after ten years, fair value | 4,040 | |
Mortgage-related securities, amortized cost | 173,462 | |
Mortgage-related securities, fair value | 156,931 | |
Amortized cost | 219,354 | $ 179,884 |
Fair value | $ 200,545 | $ 179,016 |
Note 2 - Securities Available_6
Note 2 - Securities Available for Sale - Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair value, less than 12 months | $ 140,417 | $ 74,215 |
Unrealized loss, less than 12 months | (13,370) | (1,749) |
Fair value, 12 months or longer | 31,750 | 15,127 |
Unrealized loss, 12 months or longer | (5,763) | (1,441) |
Total fair value | 172,167 | 89,342 |
Total unrealized loss | (19,133) | (3,190) |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months | 11,391 | 4,042 |
Unrealized loss, less than 12 months | (750) | (101) |
Fair value, 12 months or longer | 3,187 | 1,956 |
Unrealized loss, 12 months or longer | (638) | (86) |
Total fair value | 14,578 | 5,998 |
Total unrealized loss | (1,388) | (187) |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair value, less than 12 months | 112,824 | 66,254 |
Unrealized loss, less than 12 months | (10,689) | (1,589) |
Fair value, 12 months or longer | 19,763 | 4,371 |
Unrealized loss, 12 months or longer | (3,925) | (155) |
Total fair value | 132,587 | 70,625 |
Total unrealized loss | (14,614) | (1,744) |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Fair value, less than 12 months | 6,886 | 2,448 |
Unrealized loss, less than 12 months | (545) | (52) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized loss, 12 months or longer | 0 | 0 |
Total fair value | 6,886 | 2,448 |
Total unrealized loss | (545) | (52) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair value, less than 12 months | 2,300 | |
Unrealized loss, less than 12 months | (200) | |
Fair value, 12 months or longer | 0 | |
Unrealized loss, 12 months or longer | 0 | |
Total fair value | 2,300 | |
Total unrealized loss | (200) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 months | 4,637 | 1,471 |
Unrealized loss, less than 12 months | (1,065) | (7) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized loss, 12 months or longer | 0 | 0 |
Total fair value | 4,637 | 1,471 |
Total unrealized loss | (1,065) | (7) |
Other Debt Obligations [Member] | ||
Fair value, less than 12 months | 2,379 | 0 |
Unrealized loss, less than 12 months | (121) | 0 |
Fair value, 12 months or longer | 8,800 | 8,800 |
Unrealized loss, 12 months or longer | (1,200) | (1,200) |
Total fair value | 11,179 | 8,800 |
Total unrealized loss | $ (1,321) | $ (1,200) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 1,276,560,000 | $ 1,276,560,000 | $ 1,205,785,000 | ||||||
Loans and Leases Receivable, Related Parties, Ending Balance | 2,700,000 | 2,700,000 | 2,500,000 | ||||||
Loans and Leases Receivable, Related Parties, Past Due or Impaired | 0 | 0 | 0 | ||||||
Financing Receivable, Nonaccrual | 7,493,000 | 7,493,000 | 5,574,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 17,271,000 | $ 17,410,000 | $ 17,271,000 | $ 17,410,000 | $ 15,778,000 | $ 16,905,000 | $ 17,782,000 | $ 18,823,000 | |
Period of Time Sales of Real Estate Owned Fair Value is Based (Year) | 2 years | ||||||||
Minimum Amount of Potential Loan Exposure to be Reviewed by Credit Management Personnel | $ 1,000,000 | $ 1,000,000 | |||||||
Minimum Number of Consecutive Contractual Payments Received Prior to Consideration for a Return to Accrual Status | 6 | 6 | |||||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 7 | 7 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 2,045,000 | $ 2,045,000 | $ 3,989,000 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |||||
Unfunded Loan Commitment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,000,000 | $ 1,000,000 | |||||||
One to Four Family [Member] | |||||||||
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | |||||||
Financing Receivable, Troubled Debt Restructuring | 424,000 | $ 575,000 | $ 424,000 | $ 575,000 | |||||
One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 312,657,000 | 312,657,000 | 300,523,000 | ||||||
Financing Receivable, Nonaccrual | 7,404,000 | 7,404,000 | 5,420,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,629,000 | $ 4,025,000 | $ 4,629,000 | $ 4,025,000 | $ 3,963,000 | $ 4,415,000 | $ 4,596,000 | $ 5,459,000 | |
Financing Receivable, Modifications, Number of Contracts | 7 | 5 | |||||||
Financing Receivable, Troubled Debt Restructuring | 2,045,000 | $ 2,045,000 | $ 1,670,000 | ||||||
Mortgage Loans in Process of Foreclosure, Amount | 2,200,000 | 2,200,000 | 1,400,000 | ||||||
Financial Asset, 1 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,269,000 | 1,269,000 | 643,000 | |||||
Financing Receivable, Nonaccrual | 49,000 | 49,000 | 43,000 | ||||||
Financial Asset, 1 to 59 Days Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,269,000 | 1,269,000 | 622,000 | |||||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 170,000 | 170,000 | 2,051,000 | |||||
Financing Receivable, Nonaccrual | 0 | 0 | 347,000 | ||||||
Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 170,000 | 170,000 | 2,028,000 | |||||
Financial Asset, Not Past Due [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 1,268,888,000 | 1,268,888,000 | 1,198,723,000 | |||||
Financing Receivable, Nonaccrual | 1,200,000 | 1,200,000 | 816,000 | ||||||
Financial Asset, Not Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 305,053,000 | 305,053,000 | 293,659,000 | |||||
Federal Home Loan Bank of Chicago [Member] | |||||||||
Federal Home Loan Bank, Advance, Total | 275,000,000 | 275,000,000 | 475,000,000 | ||||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 776,400,000 | $ 776,400,000 | $ 886,700,000 | ||||||
[1]Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[2]Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[3]Includes $666,000 and $816,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. |
Note 3 - Loans Receivable - Sum
Note 3 - Loans Receivable - Summary of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans receivable | $ 1,276,560 | $ 1,205,785 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 312,657 | 300,523 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 597,304 | 537,956 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 10,552 | 11,012 |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 70,075 | 82,588 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 266,375 | 250,676 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 740 | 732 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 18,857 | $ 22,298 |
Note 3 - Loans Receivable - Ana
Note 3 - Loans Receivable - Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Loans receivable | $ 1,276,560 | $ 1,205,785 | |
Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 1,269 | 643 |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 170 | 2,051 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 6,233 | 4,368 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 7,672 | 7,062 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 1,268,888 | 1,198,723 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 312,657 | 300,523 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 1,269 | 622 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 170 | 2,028 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 6,165 | 4,214 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 7,604 | 6,864 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 305,053 | 293,659 |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 597,304 | 537,956 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 128 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 128 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 597,304 | 537,828 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 10,552 | 11,012 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 14 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 23 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 68 | 26 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 68 | 63 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 10,484 | 10,949 |
Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 70,075 | 82,588 | |
Construction and Land Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 0 |
Construction and Land Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Construction and Land Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Construction and Land Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Construction and Land Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 70,075 | 82,588 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 266,375 | 250,676 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 266,375 | 250,676 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 740 | 732 | |
Consumer Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 740 | 732 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 18,857 | 22,298 | |
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 7 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 7 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | $ 18,857 | $ 22,291 |
[1]Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[2]Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[3]Includes $666,000 and $816,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. |
Note 3 - Loans Receivable - Act
Note 3 - Loans Receivable - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance at beginning of period | $ 16,905 | $ 17,782 | $ 15,778 | $ 18,823 |
Provision (credit) for credit losses - loans | 259 | (750) | 340 | (1,820) |
Charge-offs | (69) | (25) | (70) | (39) |
Recoveries | 176 | 403 | 793 | 446 |
Balance at end of period | 17,271 | 17,410 | 17,271 | 17,410 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 430 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||
Balance at beginning of period | 4,415 | 4,596 | 3,963 | 5,459 |
Provision (credit) for credit losses - loans | 264 | (883) | 600 | (1,745) |
Charge-offs | (65) | (25) | (65) | (39) |
Recoveries | 15 | 337 | 43 | 350 |
Balance at end of period | 4,629 | 4,025 | 4,629 | 4,025 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 88 | |||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||
Balance at beginning of period | 6,562 | 6,044 | 5,398 | 5,600 |
Provision (credit) for credit losses - loans | 675 | (28) | 1,167 | 393 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 154 | 12 | 726 | 35 |
Balance at end of period | 7,391 | 6,028 | 7,391 | 6,028 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 100 | |||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Balance at beginning of period | 185 | 183 | 89 | 194 |
Provision (credit) for credit losses - loans | (27) | (31) | 6 | (46) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 5 | 4 | 10 | 8 |
Balance at end of period | 163 | 156 | 163 | 156 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 58 | |||
Construction and Land Portfolio Segment [Member] | ||||
Balance at beginning of period | 1,831 | 1,251 | 1,386 | 1,755 |
Provision (credit) for credit losses - loans | (142) | 18 | (584) | (487) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1 | 50 | 2 | 51 |
Balance at end of period | 1,690 | 1,319 | 1,690 | 1,319 |
Construction and Land Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 886 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance at beginning of period | 3,631 | 5,017 | 4,482 | 5,138 |
Provision (credit) for credit losses - loans | (472) | 167 | (694) | 44 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1 | 0 | 12 | 2 |
Balance at end of period | 3,160 | 5,184 | 3,160 | 5,184 |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | (640) | |||
Consumer Portfolio Segment [Member] | ||||
Balance at beginning of period | 41 | 33 | 33 | 35 |
Provision (credit) for credit losses - loans | 5 | 1 | 7 | (1) |
Charge-offs | (4) | 0 | (5) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 42 | 34 | 42 | 34 |
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | 7 | |||
Commercial Portfolio Segment [Member] | ||||
Balance at beginning of period | 240 | 658 | 427 | 642 |
Provision (credit) for credit losses - loans | (44) | 6 | (162) | 22 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 196 | $ 664 | 196 | $ 664 |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | $ (69) |
Note 3 - Loans Receivable - Com
Note 3 - Loans Receivable - Components of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Provision (credit) for credit losses - loans | $ 259 | $ (750) | $ 340 | $ (1,820) |
Investment securities, provision for credit losses | 0 | 0 | 0 | 0 |
Total, provision for credit losses | 48 | (750) | (28) | (1,820) |
Unfunded Loan Commitment [Member] | ||||
Provision (credit) for credit losses - loans | $ (211) | $ 0 | $ (368) | $ 0 |
Note 3 - Loans Receivable - Col
Note 3 - Loans Receivable - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance at end of period | $ 17,271 | $ 16,905 | $ 15,778 | $ 17,410 | $ 17,782 | $ 18,823 |
Loans receivable | 1,276,560 | 1,205,785 | ||||
Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 11,445 | |||||
Pooled Loans [Member] | ||||||
Allowance at end of period | 17,271 | |||||
Loans receivable | 1,265,115 | |||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||
Allowance at end of period | 4,629 | 4,415 | 3,963 | 4,025 | 4,596 | 5,459 |
Loans receivable | 312,657 | 300,523 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 5,870 | |||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 4,629 | |||||
Loans receivable | 306,787 | |||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||
Allowance at end of period | 7,391 | 6,562 | 5,398 | 6,028 | 6,044 | 5,600 |
Loans receivable | 597,304 | 537,956 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 0 | |||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 7,391 | |||||
Loans receivable | 597,304 | |||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Allowance at end of period | 163 | 185 | 89 | 156 | 183 | 194 |
Loans receivable | 10,552 | 11,012 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 45 | |||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 163 | |||||
Loans receivable | 10,507 | |||||
Construction and Land Portfolio Segment [Member] | ||||||
Allowance at end of period | 1,690 | 1,831 | 1,386 | 1,319 | 1,251 | 1,755 |
Loans receivable | 70,075 | 82,588 | ||||
Construction and Land Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 0 | |||||
Construction and Land Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 1,690 | |||||
Loans receivable | 70,075 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance at end of period | 3,160 | 3,631 | 4,482 | 5,184 | 5,017 | 5,138 |
Loans receivable | 266,375 | 250,676 | ||||
Commercial Real Estate Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 5,530 | |||||
Commercial Real Estate Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 3,160 | |||||
Loans receivable | 260,845 | |||||
Consumer Portfolio Segment [Member] | ||||||
Allowance at end of period | 42 | 41 | 33 | 34 | 33 | 35 |
Loans receivable | 740 | 732 | ||||
Consumer Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 0 | |||||
Consumer Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 42 | |||||
Loans receivable | 740 | |||||
Commercial Portfolio Segment [Member] | ||||||
Allowance at end of period | 196 | $ 240 | 427 | $ 664 | $ 658 | $ 642 |
Loans receivable | 18,857 | $ 22,298 | ||||
Commercial Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | |||||
Loans receivable | 0 | |||||
Commercial Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 196 | |||||
Loans receivable | $ 18,857 |
Note 3 - Loans Receivable - S_2
Note 3 - Loans Receivable - Summary of Allowance for Loan Loss Evaluated Collectively and Individually (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance related to loans individually evaluated for impairment | $ 0 | |||||
Allowance related to loans collectively evaluated for impairment | 15,778 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 17,271 | $ 16,905 | 15,778 | $ 17,410 | $ 17,782 | $ 18,823 |
Loans individually evaluated for impairment | 7,893 | |||||
Loans collectively evaluated for impairment | 1,197,892 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,276,560 | 1,205,785 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 3,963 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,629 | 4,415 | 3,963 | 4,025 | 4,596 | 5,459 |
Loans individually evaluated for impairment | 5,420 | |||||
Loans collectively evaluated for impairment | 295,103 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 312,657 | 300,523 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 5,398 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,391 | 6,562 | 5,398 | 6,028 | 6,044 | 5,600 |
Loans individually evaluated for impairment | 128 | |||||
Loans collectively evaluated for impairment | 537,828 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 597,304 | 537,956 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 89 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 163 | 185 | 89 | 156 | 183 | 194 |
Loans individually evaluated for impairment | 26 | |||||
Loans collectively evaluated for impairment | 10,986 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 10,552 | 11,012 | ||||
Construction and Land Portfolio Segment [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 1,386 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,690 | 1,831 | 1,386 | 1,319 | 1,251 | 1,755 |
Loans individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 82,588 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 70,075 | 82,588 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 4,482 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3,160 | 3,631 | 4,482 | 5,184 | 5,017 | 5,138 |
Loans individually evaluated for impairment | 1,222 | |||||
Loans collectively evaluated for impairment | 249,454 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 266,375 | 250,676 | ||||
Consumer Portfolio Segment [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 33 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 42 | 41 | 33 | 34 | 33 | 35 |
Loans individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 732 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 740 | 732 | ||||
Commercial Portfolio Segment [Member] | ||||||
Allowance related to loans individually evaluated for impairment | 0 | |||||
Allowance related to loans collectively evaluated for impairment | 427 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 196 | $ 240 | 427 | $ 664 | $ 658 | $ 642 |
Loans individually evaluated for impairment | 1,097 | |||||
Loans collectively evaluated for impairment | 21,201 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 18,857 | $ 22,298 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans receivable | $ 1,276,560 | $ 1,205,785 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 287,337 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 295,325 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 254,390 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 126,919 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 80,054 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 215,245 | |
Financing Receivable, Revolving | 17,290 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 312,657 | 300,523 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 66,720 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 43,584 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 50,541 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 29,961 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 26,593 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 92,376 | |
Financing Receivable, Revolving | 2,882 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 597,304 | 537,956 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 156,501 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 147,138 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 144,810 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 48,090 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22,999 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 77,205 | |
Financing Receivable, Revolving | 561 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 10,552 | 11,012 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 174 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 207 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,005 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 132 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 179 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 124 | |
Financing Receivable, Revolving | 8,731 | |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 70,075 | 82,588 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,729 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 46,464 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 14,307 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,296 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 124 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 155 | |
Financing Receivable, Revolving | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 266,375 | 250,676 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 59,182 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 56,497 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 40,292 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,956 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 29,166 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 39,410 | |
Financing Receivable, Revolving | 872 | |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 740 | 732 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 46 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 694 | |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 18,857 | 22,298 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,985 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,435 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,435 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 484 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 993 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,975 | |
Financing Receivable, Revolving | 3,550 | |
Substandard [Member] | ||
Loans receivable | 13,085 | 13,498 |
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 7,466 | 5,420 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 450 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,180 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 679 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,918 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,239 | |
Financing Receivable, Revolving | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 0 | 128 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 89 | 26 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 46 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | |
Financing Receivable, Revolving | 34 | |
Substandard [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 5,530 | 6,827 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,530 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 1,097 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Pass [Member] | ||
Loans receivable | 1,244,405 | 1,171,037 |
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 297,279 | 287,166 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 58,540 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 41,404 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 49,862 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 28,043 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 26,593 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 89,955 | |
Financing Receivable, Revolving | 2,882 | |
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 597,304 | 537,828 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 156,501 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 147,138 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 144,810 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 48,090 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22,999 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 77,205 | |
Financing Receivable, Revolving | 561 | |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 10,463 | 10,949 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 128 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 207 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,005 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 132 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 179 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 115 | |
Financing Receivable, Revolving | 8,697 | |
Pass [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 67,807 | 78,376 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,729 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 46,464 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 14,307 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,028 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 124 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 155 | |
Financing Receivable, Revolving | 0 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 255,559 | 237,979 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 57,932 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 56,303 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 40,292 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38,678 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22,340 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 39,142 | |
Financing Receivable, Revolving | 872 | |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 740 | 732 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 46 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 694 | |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 15,253 | 18,007 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,515 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,435 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,407 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 484 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 993 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,869 | |
Financing Receivable, Revolving | 3,550 | |
Watch [Member] | ||
Loans receivable | 19,070 | 21,250 |
Watch [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 7,912 | 7,937 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,730 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 182 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 0 | 37 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 2,268 | 4,212 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,268 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 5,286 | 5,870 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,250 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 194 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,278 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,296 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 268 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Watch [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 3,604 | $ 3,194 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,470 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,028 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 106 | |
Financing Receivable, Revolving | $ 0 |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans (Details) - Financial Asset with Credit Deterioration [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021 | |
Reserve | $ 0 | |
Cumulative Charge-offs | 30 | |
Recorded investment, no reserve | 7,893 | |
Unpaid Principal, no reserve | 7,923 | |
Recorded investment | 7,893 | |
Unpaid Principal | 7,923 | |
Average Recorded Investment, with reserve | $ 7,894 | |
Interest Paid, with reserve | 161 | |
Average Recorded Investment, no reserve | 7,894 | |
Interest Paid, no reserve | 161 | |
Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 30 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 30 | |
Recorded investment, no reserve | 5,420 | |
Unpaid Principal, no reserve | 5,450 | |
Recorded investment | 5,420 | |
Unpaid Principal | 5,450 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 5,109 | |
Interest Paid, no reserve | 105 | |
Average Recorded Investment | 5,109 | |
Interest Paid | 105 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 30 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 128 | |
Unpaid Principal, no reserve | 128 | |
Recorded investment | 128 | |
Unpaid Principal | 128 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 315 | |
Interest Paid, no reserve | 1 | |
Average Recorded Investment | 315 | |
Interest Paid | 1 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 26 | |
Unpaid Principal, no reserve | 26 | |
Recorded investment | 26 | |
Unpaid Principal | 26 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 79 | |
Interest Paid, no reserve | 2 | |
Average Recorded Investment | 79 | |
Interest Paid | 2 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Construction and Land Portfolio Segment [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 0 | |
Unpaid Principal, no reserve | 0 | |
Recorded investment | 0 | |
Unpaid Principal | 0 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 43 | |
Interest Paid, no reserve | 0 | |
Average Recorded Investment | 43 | |
Interest Paid | 0 | |
Construction and Land Portfolio Segment [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Construction and Land Portfolio Segment [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 1,222 | |
Unpaid Principal, no reserve | 1,222 | |
Recorded investment | 1,222 | |
Unpaid Principal | 1,222 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 1,251 | |
Interest Paid, no reserve | 28 | |
Average Recorded Investment | 1,251 | |
Interest Paid | 28 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 0 | |
Unpaid Principal, no reserve | 0 | |
Recorded investment | 0 | |
Unpaid Principal | 0 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 0 | |
Interest Paid, no reserve | 0 | |
Average Recorded Investment | 0 | |
Interest Paid | 0 | |
Consumer Portfolio Segment [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Consumer Portfolio Segment [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with reserve | 0 | |
Unpaid Principal, with reserve | 0 | |
Reserve | 0 | |
Cumulative Charge-offs | 0 | |
Recorded investment, no reserve | 1,097 | |
Unpaid Principal, no reserve | 1,097 | |
Recorded investment | 1,097 | |
Unpaid Principal | 1,097 | |
Average Recorded Investment, with reserve | 0 | |
Interest Paid, with reserve | 0 | |
Average Recorded Investment, no reserve | 1,097 | |
Interest Paid, no reserve | 25 | |
Average Recorded Investment | 1,097 | |
Interest Paid | $ 25 | |
Commercial Portfolio Segment [Member] | Financial Receiable Impaired with Reserve [Member] | ||
Cumulative Charge-offs | 0 | |
Commercial Portfolio Segment [Member] | Financial Receivable Impaired with no Reserve [Member] | ||
Cumulative Charge-offs | $ 0 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Trouble Debt Restrucurings (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Amount | $ 2,045,000 | $ 2,045,000 | $ 3,989,000 | ||
Number | 0 | 0 | 7 | 7 | |
Interest Reduction and Principal Forbearance [Member] | |||||
Amount | $ 1,345,000 | $ 1,345,000 | $ 388,000 | ||
Number | 5 | 2 | |||
Contractual Interest Rate Reduction [Member] | |||||
Amount | 21,000 | $ 21,000 | $ 24,000 | ||
Number | 1 | 1 | |||
Principal Forgiveness [Member] | |||||
Amount | 679,000 | $ 679,000 | $ 3,577,000 | ||
Number | 1 | 4 | |||
Accruing [Member] | |||||
Amount | $ 2,319,000 | ||||
Number | 2 | ||||
Non Accruing [Member] | |||||
Amount | $ 1,670,000 | ||||
Number | 5 | ||||
Performing Financial Instruments [Member] | |||||
Amount | 1,700,000 | $ 1,700,000 | $ 3,989,000 | ||
Number | 6 | 7 | |||
Performing Financial Instruments [Member] | Interest Reduction and Principal Forbearance [Member] | |||||
Amount | 1,000,000 | $ 1,000,000 | $ 388,000 | ||
Number | 4 | 2 | |||
Performing Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | |||||
Amount | 21,000 | $ 21,000 | $ 24,000 | ||
Number | 1 | 1 | |||
Performing Financial Instruments [Member] | Principal Forgiveness [Member] | |||||
Amount | 679,000 | $ 679,000 | $ 3,577,000 | ||
Number | 1 | 4 | |||
Nonperforming Financial Instruments [Member] | |||||
Amount | 345,000 | $ 345,000 | $ 0 | ||
Number | 1 | 0 | |||
Nonperforming Financial Instruments [Member] | Interest Reduction and Principal Forbearance [Member] | |||||
Amount | 345,000 | $ 345,000 | $ 0 | ||
Number | 1 | 0 | |||
Nonperforming Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | |||||
Amount | 0 | $ 0 | $ 0 | ||
Number | 0 | 0 | |||
Nonperforming Financial Instruments [Member] | Principal Forgiveness [Member] | |||||
Amount | 0 | $ 0 | $ 0 | ||
Number | 0 | 0 | |||
One to Four Family [Member] | |||||
Amount | 424,000 | $ 575,000 | $ 424,000 | $ 575,000 | |
Number | 2 | 1 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Amount | 2,045,000 | $ 2,045,000 | $ 1,670,000 | ||
Number | 7 | 5 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Accruing [Member] | |||||
Amount | 0 | $ 0 | $ 0 | ||
Number | 0 | 0 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Non Accruing [Member] | |||||
Amount | $ 2,045,000 | $ 2,045,000 | $ 1,670,000 | ||
Number | 7 | 5 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Amount | $ 1,222,000 | ||||
Number | 1 | ||||
Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Amount | $ 1,222,000 | ||||
Number | 1 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non Accruing [Member] | |||||
Amount | $ 0 | ||||
Number | 0 | ||||
Commercial Portfolio Segment [Member] | |||||
Amount | $ 1,097,000 | ||||
Number | 1 | ||||
Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Amount | $ 1,097,000 | ||||
Number | 1 | ||||
Commercial Portfolio Segment [Member] | Non Accruing [Member] | |||||
Amount | $ 0 | ||||
Number | 0 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Non-accrual loans | $ 7,493 | $ 5,574 |
Total non-accrual loans to total loans receivable | 0.59% | 0.46% |
Total non-accrual loans to total assets | 0.39% | 0.25% |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Non-accrual loans | $ 7,404 | $ 5,420 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Non-accrual loans | 0 | 128 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Non-accrual loans | 89 | 26 |
Construction and Land Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 4 - Mortgage Servicing R_3
Note 4 - Mortgage Servicing Rights (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Proceeds from Sale of Loans Held-for-sale, Total | $ 1,592,837 | $ 2,317,359 | |||
Fees and Commissions, Mortgage Banking and Servicing | $ 29,410 | $ 49,649 | 57,685 | 104,040 | |
Unpaid Principal Balance of Loans Serviced for Others | 345,800 | 345,800 | $ 204,800 | ||
Servicing Asset at Amortized Cost, Fair Value | 4,000 | 4,000 | $ 1,800 | ||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | $ 0 | $ 0 | 0 | $ 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Financial Receivable Originated for Sale | $ 1,450,000 |
Note 4 - Mortgage Servicing R_4
Note 4 - Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Mortgage servicing rights at beginning of the period | $ 1,555 | $ 5,977 |
Additions | 1,521 | 4,664 |
Amortization | (248) | (1,400) |
Sales | 0 | 0 |
Mortgage servicing rights at end of the period | 2,828 | 9,241 |
Valuation allowance recovered during the period | 7 | 2 |
Mortgage servicing rights at end of the period, net | $ 2,835 | $ 9,243 |
Note 4 - Mortgage Servicing R_5
Note 4 - Mortgage Servicing Rights - Future Amortization Expenses (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2022 | $ 239 |
2023 | 472 |
2024 | 387 |
2025 | 356 |
2026 | 315 |
Thereafter | 1,066 |
Total | $ 2,835 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deposit Liability, Uninsured | $ 332.4 | $ 314.2 |
Related Party Deposit Liabilities | $ 23.6 | $ 27.4 |
Note 5 - Deposits - Maturities
Note 5 - Deposits - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Within one year | $ 494,649 | |
More than one to two years | 85,523 | |
More than two to three years | 6,246 | |
More than three to four years | 894 | |
More than four through five years | 686 | |
Time Deposits, Total | $ 587,998 | $ 626,663 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 16,300 | $ 24,400 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 80% | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 75% | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 64% | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year Six | $ 50,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.73% | |
Federal Home Loan Bank, Advance, Maturity, Year Seven | $ 100,000 | |
Federal Home Loan Bank, Advance, Maturity, Year Eight | 125,000 | |
Federal Home Loan Bank Advances [Member] | Advance with FHLB Single Call Option [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year Seven | $ 50,000 | |
Federal Home Loan Bank Advances [Member] | Advance One with FHLB Single Call Optoin [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.34% | |
Federal Home Loan Bank Advances [Member] | Advance One with FHLB Quarterly Call Option [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year Seven | $ 50,000 | |
Federal Home Loan Bank Advances [Member] | Advance Two with FHLB Quarterly Call Option [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.57% | |
Federal Home Loan Bank Advances [Member] | Advance with FHLB Quarterly Call Option in May 2022 [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.98% | |
Federal Home Loan Bank, Advance, Maturity, Year Eight | $ 50,000 | |
Federal Home Loan Bank Advances [Member] | Advance with FHLB Quarterly Call Option in August 2022 [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.75% | |
Federal Home Loan Bank, Advance, Maturity, Year Eight | $ 50,000 | |
Federal Home Loan Bank Advances [Member] | Advance One with FHLB Quarterly Call Option Currently Available [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.52% | |
Federal Home Loan Bank, Advance, Maturity, Year Eight | $ 25,000 | |
Repurchase Agreements [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |
Short-Term Debt, Total | $ 6,100 | $ 2,127 |
Note 6 - Borrowings -Borrowing
Note 6 - Borrowings -Borrowing (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Borrowings | $ 281,100 | $ 477,127 |
Federal Home Loan Bank of Chicago [Member] | ||
Short term balance | $ 0 | $ 5,000 |
Short term balance, weighted average rate | 0% | 0% |
Borrowings | $ 281,100 | $ 477,127 |
Debt, weighted average rate | 2.08% | 2.02% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2027 [Member] | ||
Borrowings | $ 50,000 | $ 50,000 |
Long-term debt, weighted average rate | 1.73% | 1.73% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028 [Member] | ||
Borrowings | $ 100,000 | $ 255,000 |
Long-term debt, weighted average rate | 2.46% | 2.37% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2029 [Member] | ||
Borrowings | $ 125,000 | $ 165,000 |
Long-term debt, weighted average rate | 1.80% | 1.61% |
Repurchase Agreements [Member] | ||
Short term balance | $ 6,100 | $ 2,127 |
Short term balance, weighted average rate | 4.54% | 3% |
Note 7 - Regulatory Capital - A
Note 7 - Regulatory Capital - Actual and Required Capital Amount and Ratio (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Consolidated Waterstone Financial Inc [Member] | |
Total capital (to risk-weighted assets) | $ 448,818 |
Total capital (to risk-weighted assets) Ratio | 0.2901 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 123,766 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0800 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 162,443 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% |
Tier I capital (to risk-weighted assets) | $ 433,040 |
Tier I capital (to risk-weighted assets) Ratio | 0.2799 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 92,825 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0600 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 131,502 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 433,040 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2799 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 69,619 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 108,296 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% |
Tier I capital (to average assets) | $ 433,040 |
Tier I capital (to average assets) Ratio | 0.1929 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 89,774 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 |
Subsidiaries [Member] | |
Total capital (to risk-weighted assets) | $ 394,540 |
Total capital (to risk-weighted assets) Ratio | 0.2552 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 123,695 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0800 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 162,350 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 154,619 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 |
Tier I capital (to risk-weighted assets) | $ 378,762 |
Tier I capital (to risk-weighted assets) Ratio | 0.2450 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 92,771 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0600 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 131,426 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 123,695 |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 378,762 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2450 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 69,579 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 108,233 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% |
Common Equity Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 100,502 |
Common Equity Tier I capital (to risk-weighted) , To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 |
Tier I capital (to average assets) | $ 378,762 |
Tier I capital (to average assets) Ratio | 0.1688 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 89,774 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 |
Amount of minimum Tier 1 leverage capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. | $ 112,218 |
Tier I capital (to average assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 |
State of Wisconsin (to total assets) | $ 378,762 |
State of Wisconsin (to total assets) Ratio | 17.14% |
State of Wisconsin (to total assets), For Capital Adequacy Purposes | $ 132,572 |
State of Wisconsin (to total assets), For Capital Adequacy Ratio | 6% |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 2,231 | $ 5,880 | $ 3,763 | $ 12,757 |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.10% | 24.50% |
Note 9 - Commitments, Off-Bal_3
Note 9 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loss Contingency, Estimate of Possible Loss | $ 0 | |
Estimated Litigation Liability | $ 1,800 | $ 2,100 |
Maximum [Member] | ||
Period Of Commitments For Loans Extended To Customers (Day) | 90 days | |
Period Of Home Equity Loans Available To The Borrower (Year) | 10 years | |
Period of Construction Loans Available To The Borrower (Year) | 1 year |
Note 9 - Commitments, Off-Bal_4
Note 9 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments To Extend Credit Under Amortizing Loans [Member] | |||
Off-balance sheet risks liability amount | [1] | $ 66,820 | $ 48,686 |
Commitments To Extend Credit Under Home Equity Lines Of Credit [Member] | |||
Off-balance sheet risks liability amount | [2] | 11,369 | 11,990 |
Unused Portion of Construction Loans [Member] | |||
Off-balance sheet risks liability amount | [3] | 29,499 | 50,303 |
Unused lines of Credit [Member] | |||
Off-balance sheet risks liability amount | 17,857 | 17,916 | |
Standby Letters of Credit [Member] | |||
Off-balance sheet risks liability amount | $ 1,315 | $ 1,379 | |
[1]Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote.[2]Unused portions of home equity loans are available to the borrower for up to 10 years.[3]Unused portions of construction loans are available to the borrower for up to one year. |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member] Pure in Thousands, $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Number Of Back To Back Swaps In Default | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset, Total | $ 0 | $ 0 |
Derivative Liability, Fair Value of Collateral | $ 0 | $ 1,900 |
Note 10 - Derivative Financia_4
Note 10 - Derivative Financial Instruments - Interest Rate Swaps (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Forward Contracts [Member] | ||
Derivatives notional amount | $ 559.5 | $ 571.5 |
Forward Contracts [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 1.4 | 1.3 |
Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 0.6 | 0 |
Interest Rate Lock Commitments [Member] | ||
Derivatives notional amount | 436.9 | 345.2 |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 1.5 | 3.1 |
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 2.4 | 0 |
Interest Rate Swaption [Member] | ||
Derivatives notional amount | 104 | 105.2 |
Interest Rate Swaption [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 1.6 | 1.6 |
Interest Rate Swaption [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | $ 1.6 | $ 1.6 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 186,000 | 36,100 | 112,000 | 40,100 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 7,990 | $ 17,894 | $ 13,282 | $ 39,238 |
Basic (in shares) | 22,126 | 23,848 | 22,626 | 23,792 |
Effect of dilutive potential common shares (in shares) | 103 | 181 | 142 | 204 |
Diluted weighted average shares outstanding (in shares) | 22,229 | 24,029 | 22,768 | 23,996 |
Basic (in dollars per share) | $ 0.36 | $ 0.75 | $ 0.59 | $ 1.65 |
Diluted (in dollars per share) | $ 0.36 | $ 0.74 | $ 0.58 | $ 1.64 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Thousands | Jun. 30, 2022 USD ($) |
Fair Value, Transfers into (out of) Levels 1, 2 and 3, Amount | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities available for sale (at fair value) | $ 200,545 | $ 179,016 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale (at fair value) | 15,162 | 19,488 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale (at fair value) | 132,588 | 99,302 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale (at fair value) | 2,300 | 2,448 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (at fair value) | 30,135 | 43,494 |
Other Debt Obligations [Member] | ||
Securities available for sale (at fair value) | 11,179 | 11,341 |
Fair Value, Recurring [Member] | ||
Loans held for sale | 206,702 | 312,738 |
Fair Value, Recurring [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 2,842 | 4,369 |
Derivatives liabilities, fair value | 2,985 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 1,560 | 1,578 |
Derivatives liabilities, fair value | 1,560 | 1,578 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 0 | 0 |
Derivatives liabilities, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 0 | 0 |
Derivatives liabilities, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale | 206,702 | 312,738 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 0 | 0 |
Derivatives liabilities, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 1,560 | 1,578 |
Derivatives liabilities, fair value | 1,560 | 1,578 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 2,842 | 4,369 |
Derivatives liabilities, fair value | 2,985 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 0 | 0 |
Derivatives liabilities, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale (at fair value) | 15,162 | 19,488 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 15,162 | 19,488 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale (at fair value) | 132,588 | 99,302 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 132,588 | 99,302 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | ||
Securities available for sale (at fair value) | 9,181 | 2,943 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 9,181 | 2,943 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale (at fair value) | 2,300 | 2,448 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 2,300 | 2,448 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (at fair value) | 30,135 | 43,494 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 30,135 | 43,494 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Securities available for sale (at fair value) | 11,179 | 11,341 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 11,179 | 11,341 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements -Reconciliation for All Assets Measured at Fair Value Using Significant Unobservable Inputs (Details) - Mortgage Derivative [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Mortgage derivative, net balance at the beginning of the period | $ 5,573 | $ 11,601 | $ 4,369 | $ 5,917 |
Mortgage derivative (loss) gain, net | (5,716) | (4,112) | (4,512) | 1,572 |
Mortgage derivative, net balance at the end of the period | $ (143) | $ 7,489 | $ (143) | $ 7,489 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Assets Recorded at Fair Value on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real estate owned | $ 148 | $ 148 |
Impaired mortgage servicing rights | 0 | |
Fair Value, Inputs, Level 1 [Member] | ||
Real estate owned | 0 | 0 |
Impaired mortgage servicing rights | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Real estate owned | 0 | 0 |
Impaired mortgage servicing rights | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Real estate owned | $ 148 | 148 |
Impaired mortgage servicing rights | $ 0 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Valuation Technique, Pricing Model [Member] | ||
Impaired mortgage servicing rights | $ 0 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 0 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 12 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 10.2 | |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | ||
Real estate owned | $ 148 | $ 148 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Real estate owned measurement input | 34.8 | 34.8 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Real estate owned measurement input | 34.8 | 34.8 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Real estate owned measurement input | 34.8 | 34.8 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 9.8 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 43.4 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 11.8 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 84.06 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 839.53 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 108.37 | |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | ||
Mortgage banking derivatives, fair value | $ (143) | $ 4,369 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage banking derivatives, measurement input | 28.4 | 26 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage banking derivatives, measurement input | 99.9 | 99.8 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage banking derivatives, measurement input | 87.2 | 88.2 |
Note 12 - Fair Value Measurem_8
Note 12 - Fair Value Measurements - Carrying Amount and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Servicing Asset at Amortized Cost, Fair Value | $ 4,000 | $ 1,800 |
Advance payments by borrowers for taxes | 17,302 | 4,094 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 122,193 | 376,722 |
Loans receivable | 1,276,560 | 1,205,785 |
FHLB stock | 16,301 | 24,438 |
Accrued interest receivable | 4,368 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 2,835 | 1,555 |
Deposits | 1,213,230 | 1,233,386 |
Advance payments by borrowers for taxes | 17,302 | 4,094 |
Borrowings | 281,100 | 477,127 |
Accrued interest payable | 591 | 959 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 122,193 | 376,722 |
Loans receivable | 1,250,690 | 1,210,854 |
FHLB stock | 16,301 | 24,438 |
Accrued interest receivable | 4,368 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 4,007 | 1,808 |
Deposits | 1,212,564 | 1,233,478 |
Advance payments by borrowers for taxes | 17,302 | 4,094 |
Borrowings | 271,807 | 499,120 |
Accrued interest payable | 591 | 959 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 122,193 | 376,722 |
Loans receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 4,368 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 625,232 | 606,723 |
Advance payments by borrowers for taxes | 17,302 | 4,094 |
Borrowings | 0 | 0 |
Accrued interest payable | 591 | 959 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Loans receivable | 0 | 0 |
FHLB stock | 16,301 | 24,438 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 587,332 | 626,755 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 271,807 | 499,120 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Loans receivable | 1,250,690 | 1,210,854 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 4,007 | 1,808 |
Deposits | 0 | 0 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Operating Segments | 2 |
Number of States The Company Can Lend, State | 48 |
Note 13 - Segment Reporting - M
Note 13 - Segment Reporting - Mortgage Banking (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net interest income | $ 14,081 | $ 14,277 | $ 25,945 | $ 28,229 | |
Provision (credit) for credit losses | 48 | (750) | (28) | (1,820) | |
Net interest income after provision for loan losses | 14,033 | 15,027 | 25,973 | 30,049 | |
Noninterest income: | 31,238 | 52,044 | 61,056 | 108,243 | |
Compensation, payroll taxes, and other employee benefits | 25,793 | 33,926 | 51,328 | 68,049 | |
Occupancy, office furniture, and equipment | 2,056 | 2,293 | 4,244 | 4,858 | |
Advertising | 962 | 911 | 1,867 | 1,735 | |
Data processing | 1,144 | 914 | 2,346 | 1,885 | |
Communications | 258 | 326 | 598 | 657 | |
Professional fees | 349 | 810 | 254 | ||
Real estate owned | 0 | 0 | 5 | (12) | |
Loan processing expense | 1,134 | 1,200 | 2,565 | 2,535 | |
Other | 3,354 | 3,158 | 6,221 | 6,336 | |
Total noninterest expenses | 35,050 | 43,297 | 69,984 | 86,297 | |
Income (loss) before income taxes (benefit) | 10,221 | 23,774 | 17,045 | 51,995 | |
Income tax expense | 2,231 | 5,880 | 3,763 | 12,757 | |
Net income | 7,990 | 17,894 | 13,282 | 39,238 | |
Total Assets | 1,941,097 | 2,201,953 | 1,941,097 | 2,201,953 | $ 2,215,858 |
Provision (credit) for credit losses | 48 | (750) | (28) | (1,820) | |
Professional fees | 349 | 569 | 810 | 254 | |
Community Banking [Member] | |||||
Net interest income | 13,710 | 14,517 | 25,362 | 28,764 | |
Provision (credit) for credit losses | (41) | (750) | (181) | (1,850) | |
Net interest income after provision for loan losses | 13,751 | 15,267 | 25,543 | 30,614 | |
Noninterest income: | 1,640 | 1,630 | 3,072 | 2,873 | |
Compensation, payroll taxes, and other employee benefits | 4,596 | 4,874 | 9,808 | 9,849 | |
Occupancy, office furniture, and equipment | 876 | 887 | 1,813 | 1,912 | |
Advertising | 244 | 260 | 471 | 469 | |
Data processing | 531 | 466 | 1,139 | 977 | |
Communications | 63 | 86 | 157 | 205 | |
Professional fees | 118 | 232 | 392 | ||
Real estate owned | 0 | 0 | 5 | (12) | |
Loan processing expense | 0 | 0 | 0 | 0 | |
Other | 1,006 | 461 | 1,606 | 901 | |
Total noninterest expenses | 7,434 | 7,232 | 15,231 | 14,693 | |
Income (loss) before income taxes (benefit) | 7,957 | 9,665 | 13,384 | 18,794 | |
Income tax expense | 1,658 | 2,128 | 2,825 | 3,914 | |
Net income | 6,299 | 7,537 | 10,559 | 14,880 | |
Total Assets | 1,896,227 | 2,135,895 | 1,896,227 | 2,135,895 | |
Provision (credit) for credit losses | (41) | (750) | (181) | (1,850) | |
Professional fees | 198 | ||||
Mortgage Banking Segment [Member] | |||||
Net interest income | 370 | (251) | 553 | (601) | |
Provision (credit) for credit losses | 89 | 0 | 153 | 30 | |
Net interest income after provision for loan losses | 281 | (251) | 400 | (631) | |
Noninterest income: | 30,126 | 50,556 | 58,730 | 105,591 | |
Compensation, payroll taxes, and other employee benefits | 21,311 | 29,170 | 41,749 | 58,432 | |
Occupancy, office furniture, and equipment | 1,180 | 1,406 | 2,431 | 2,946 | |
Advertising | 718 | 651 | 1,396 | 1,266 | |
Data processing | 613 | 443 | 1,201 | 897 | |
Communications | 195 | 240 | 441 | 452 | |
Professional fees | 222 | 560 | (163) | ||
Real estate owned | 0 | 0 | 0 | 0 | |
Loan processing expense | 1,134 | 1,200 | 2,565 | 2,535 | |
Other | 2,733 | 2,678 | 5,042 | 5,359 | |
Total noninterest expenses | 28,106 | 36,149 | 55,385 | 71,724 | |
Income (loss) before income taxes (benefit) | 2,301 | 14,156 | 3,745 | 33,236 | |
Income tax expense | 578 | 3,761 | 955 | 8,857 | |
Net income | 1,723 | 10,395 | 2,790 | 24,379 | |
Total Assets | 269,584 | 406,534 | 269,584 | 406,534 | |
Provision (credit) for credit losses | 89 | 0 | 153 | 30 | |
Professional fees | 361 | ||||
Holding Community and Other [Member] | |||||
Net interest income | 1 | 11 | 30 | 66 | |
Provision (credit) for credit losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 1 | 11 | 30 | 66 | |
Noninterest income: | (528) | (142) | (746) | (221) | |
Compensation, payroll taxes, and other employee benefits | (114) | (118) | (229) | (232) | |
Occupancy, office furniture, and equipment | 0 | 0 | 0 | 0 | |
Advertising | 0 | 0 | 0 | 0 | |
Data processing | 0 | 5 | 6 | 11 | |
Communications | 0 | 0 | 0 | 0 | |
Professional fees | 9 | 18 | 25 | ||
Real estate owned | 0 | 0 | 0 | 0 | |
Loan processing expense | 0 | 0 | 0 | 0 | |
Other | (385) | 19 | (427) | 76 | |
Total noninterest expenses | (490) | (84) | (632) | (120) | |
Income (loss) before income taxes (benefit) | (37) | (47) | (84) | (35) | |
Income tax expense | (5) | (9) | (17) | (14) | |
Net income | (32) | (38) | (67) | (21) | |
Total Assets | (224,714) | (340,476) | (224,714) | (340,476) | |
Provision (credit) for credit losses | $ 0 | 0 | $ 0 | $ 0 | |
Professional fees | $ 10 |