Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2020 | Feb. 28, 2023 | Jun. 30, 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 | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 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 Ct, | |||
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 Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Entity Public Float | $ 387,400,000 | |||
Entity Common Stock, Shares Outstanding | 22,058,568 | |||
Auditor Name | CliftonLarsonAllen LLP | RSM US LLP | ||
Auditor Firm ID | 655 | 49 | ||
Auditor Location | Milwaukee, Wisconsin | Chicago, Illinois |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash | $ 33,700 | $ 343,016 | |
Federal funds sold | 10,683 | 13,981 | |
Interest-earning deposits in other financial institutions and other short term investments | 2,259 | 19,725 | |
Cash and cash equivalents | 46,642 | 376,722 | |
Securities available for sale (at fair value) | 196,588 | 179,016 | |
Loans held for sale (at fair value) | 131,188 | 312,738 | |
Loans receivable | 1,510,178 | 1,205,785 | |
Less: Allowance for credit losses ("ACL") - loans (1) | [1] | 17,757 | 15,778 |
Loans receivable, net | 1,492,421 | 1,190,007 | |
Office properties and equipment, net | 21,105 | 22,273 | |
Federal Home Loan Bank stock (at cost) | 17,357 | 24,438 | |
Cash surrender value of life insurance | 66,443 | 65,368 | |
Real estate owned, net | 145 | 148 | |
Prepaid expenses and other assets | 59,783 | 45,148 | |
Total assets | 2,031,672 | 2,215,858 | |
Liabilities: | |||
Demand deposits | 230,596 | 214,409 | |
Money market and savings deposits | 326,145 | 392,314 | |
Time deposits | 642,271 | 626,663 | |
Total deposits | 1,199,012 | 1,233,386 | |
Borrowings | 386,784 | 477,127 | |
Advance payments by borrowers for taxes | 5,334 | 4,094 | |
Other liabilities | 70,056 | 68,478 | |
Total liabilities | 1,661,186 | 1,783,085 | |
Commitments and contingencies (Note 14) | |||
Shareholders' equity: | |||
Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2022 and 2021, no shares issued | 0 | 0 | |
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2022 and at December 31, 2021, Issued and Outstanding - 22,174,225 at December 31, 2022 and 24,795,124 at December 31, 2021 | 222 | 248 | |
Additional paid-in capital | 128,550 | 174,505 | |
Retained earnings | 274,246 | 273,398 | |
Unearned ESOP shares | (13,056) | (14,243) | |
Accumulated other comprehensive loss, net of taxes | (19,476) | (1,135) | |
Total shareholders’ equity | 370,486 | 432,773 | |
Total liabilities and shareholders’ equity | $ 2,031,672 | $ 2,215,858 | |
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - $ / shares | Dec. 31, 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) | 22,174,225 | 24,795,124 |
Common stock, shares outstanding (in shares) | 22,174,225 | 24,795,124 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest income: | ||||
Loans | $ 62,935 | $ 64,366 | $ 72,633 | |
Mortgage-related securities | 3,241 | 1,954 | 2,488 | |
Debt securities, federal funds sold and short-term investments | 4,069 | 3,563 | 3,363 | |
Total interest income | 70,245 | 69,883 | 78,484 | |
Interest expense: | ||||
Deposits | 4,863 | 4,420 | 14,365 | |
Borrowings | 8,428 | 9,948 | 10,619 | |
Total interest expense | 13,291 | 14,368 | 24,984 | |
Net interest income | 56,954 | 55,515 | 53,500 | |
Provision (credit) for credit losses (1) | [1] | 968 | (3,990) | 6,340 |
Net interest income after provision (credit) for credit losses (1) | [1] | 55,986 | 59,505 | 47,160 |
Noninterest income: | ||||
Service charges on loans and deposits | 2,202 | 3,325 | 4,462 | |
Increase in cash surrender value of life insurance | 1,738 | 1,615 | 1,905 | |
Mortgage banking income | 99,560 | 191,035 | 233,245 | |
Other | 2,055 | 7,220 | 4,405 | |
Total noninterest income | 105,555 | 203,195 | 244,017 | |
Noninterest expenses: | ||||
Compensation, payroll taxes, and other employee benefits | 99,565 | 135,115 | 139,046 | |
Occupancy, office furniture, and equipment | 8,706 | 9,612 | 10,223 | |
Advertising | 3,976 | 3,528 | 3,691 | |
Data processing | 4,470 | 3,950 | 3,941 | |
Communications | 1,189 | 1,309 | 1,329 | |
Professional fees | 1,815 | 1,275 | 8,118 | |
Real estate owned | 19 | 3 | (8) | |
Loan processing expense | 4,744 | 4,610 | 4,646 | |
Other | 12,578 | 11,192 | 12,075 | |
Total noninterest expenses | 137,062 | 170,594 | 183,061 | |
Income before income taxes | 24,479 | 92,106 | 108,116 | |
Income tax expense | 4,992 | 21,315 | 26,971 | |
Net income | $ 19,487 | $ 70,791 | $ 81,145 | |
Income per share: | ||||
Basic (in dollars per share) | $ 0.89 | $ 2.98 | $ 3.32 | |
Diluted (in dollars per share) | $ 0.89 | $ 2.96 | $ 3.30 | |
Weighted average shares outstanding: | ||||
Basic (in shares) | 21,884 | 23,741 | 24,464 | |
Diluted (in shares) | 22,010 | 23,931 | 24,607 | |
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 19,487 | $ 70,791 | $ 81,145 |
Other comprehensive income (loss), net of tax: | |||
Net unrealized holding (loss) gain arising during the period, net of tax benefit (expense) of $6,868, $1,294, and ($630), respectively | (18,341) | (3,461) | 1,684 |
Total other comprehensive (loss) income | (18,341) | (3,461) | 1,684 |
Comprehensive income | $ 1,146 | $ 67,330 | $ 82,829 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net unrealized holding (loss) gains arising during the period, tax | $ 6,868 | $ 1,294 | $ (630) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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, 2019 | 27,148 | |||||||||||
Balances at Dec. 31, 2019 | $ 271 | $ 211,997 | $ 197,393 | $ (16,617) | $ 642 | $ 393,686 | ||||||
Net income | 0 | 0 | 81,145 | 0 | 0 | 81,145 | ||||||
Other comprehensive income: | 0 | 0 | 0 | 0 | 1,684 | 1,684 | ||||||
Total comprehensive income (loss) | 82,829 | |||||||||||
ESOP shares committed to be released to Plan participants | 0 | 489 | 0 | 1,187 | 0 | 1,676 | ||||||
Cash dividend | $ 0 | 0 | (33,251) | 0 | 0 | (33,251) | ||||||
Stock compensation activity, net of tax (in shares) | 293 | |||||||||||
Stock compensation activity, net of tax | $ 3 | 3,701 | 0 | 0 | 0 | 3,704 | ||||||
Stock based compensation expense | $ 0 | 716 | 0 | 0 | 0 | 716 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (2,353) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (23) | (36,219) | 0 | 0 | 0 | (36,242) | ||||||
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 | 70,791 | 0 | 0 | 70,791 | ||||||
Other comprehensive income: | (3,461) | |||||||||||
Total comprehensive income (loss) | 67,330 | |||||||||||
ESOP shares committed to be released to Plan participants | 0 | 942 | 0 | 1,187 | 0 | 2,129 | ||||||
Cash dividend | $ 0 | 0 | (42,680) | 0 | 0 | (42,680) | ||||||
Stock compensation activity, net of tax (in shares) | 208 | |||||||||||
Stock compensation activity, net of tax | $ 2 | 2,305 | 0 | 0 | 0 | 2,307 | ||||||
Stock based compensation expense | $ 0 | 745 | 0 | 0 | 0 | 745 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (501) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (5) | (10,171) | 0 | 0 | 0 | (10,176) | ||||||
Other comprehensive loss: | $ 0 | 0 | 0 | 0 | (3,461) | (3,461) | ||||||
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 | 19,487 | 0 | 0 | 19,487 | ||||||
Other comprehensive income: | 0 | 0 | 0 | 0 | (18,341) | (18,341) | ||||||
Total comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 1,146 | ||||||
ESOP shares committed to be released to Plan participants | 0 | 702 | 0 | 1,187 | 0 | 1,889 | ||||||
Cash dividend | $ 0 | 0 | (17,247) | 0 | 0 | (17,247) | ||||||
Stock compensation activity, net of tax (in shares) | 62 | |||||||||||
Stock compensation activity, net of tax | $ 1 | 563 | 0 | 0 | 0 | 564 | ||||||
Stock based compensation expense | $ 0 | 583 | 0 | 0 | 0 | 583 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (2,683) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (27) | (47,803) | 0 | 0 | 0 | (47,830) | ||||||
Balances (in shares) at Dec. 31, 2022 | 22,174 | |||||||||||
Balances at Dec. 31, 2022 | $ 222 | $ 128,550 | $ 274,246 | $ (13,056) | $ (19,476) | $ 370,486 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividend, price per share (in dollars per share) | $ 0.80 | $ 1.80 | $ 1.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating activities: | ||||
Net income | $ 19,487 | $ 70,791 | $ 81,145 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision (credit) for credit losses (1) | [1] | 968 | (3,990) | 6,340 |
Depreciation, amortization, accretion | 4,033 | 6,048 | 5,608 | |
Deferred taxes | (484) | 1,378 | (2,620) | |
Stock based compensation | 583 | 745 | 716 | |
Origination of mortgage servicing rights | (2,462) | (5,778) | (13,406) | |
Proceeds on sales of mortgage servicing rights | 0 | 12,448 | 6,985 | |
Gain on sale of loans held for sale | (76,156) | (193,399) | (245,358) | |
Loans originated for sale | (2,549,935) | (4,198,139) | (4,332,028) | |
Proceeds on sales of loans originated for sale | 2,807,641 | 4,480,804 | 4,395,505 | |
Gain on death benefit on bank owned life insurance | (340) | 0 | (1,456) | |
(Increase) decrease in accrued interest receivable | (1,712) | 944 | 387 | |
Increase in cash surrender value of life insurance | (1,738) | (1,615) | (1,905) | |
(Increase) decrease in derivative assets | (10,897) | 6,688 | (9,222) | |
Decrease in accrued interest on deposits and borrowings | 399 | (178) | (422) | |
Decrease (increase) in prepaid tax expense | 1,068 | (2,558) | 113 | |
Legal settlement | 0 | (4,250) | 4,250 | |
Increase (decrease) in derivative liabilities | 16,260 | (5,140) | 5,140 | |
Net gain related to real estate owned | 0 | (12) | (107) | |
Gain on sale of mortgage servicing rights | 0 | (4,032) | (600) | |
Change in other assets and other liabilities, net | (50) | (6,301) | 7,353 | |
Net cash provided (used) by operating activities | 206,665 | 154,454 | (93,582) | |
Investing activities: | ||||
Net (increase) decrease in loans receivable | (303,874) | 170,297 | 12,353 | |
FHLB Stock | (5,005) | 0 | (5,570) | |
Debt securities | (9,732) | 0 | (10,125) | |
Mortgage related securities | (80,265) | (73,687) | (19,372) | |
Bank owned life insurance | (180) | (180) | (180) | |
Premises and equipment | (701) | (778) | (1,225) | |
Principal repayments on mortgage-related securities | 33,191 | 40,445 | 45,254 | |
Maturities of debt securities | 17,555 | 9,055 | 5,290 | |
Sales of FHLB stock | 12,086 | 2,282 | 0 | |
Sales of real estate owned | 0 | 183 | 1,133 | |
Death benefit from bank owned life insurance | 1,183 | 0 | 9,633 | |
Net cash provided (used) by investing activities | (335,742) | 147,617 | 37,191 | |
Financing activities: | ||||
Net (decrease) increase in deposits | (34,374) | 48,516 | 117,094 | |
Net change in short-term borrowings | 179,657 | (30,947) | 24,512 | |
Repayment of long-term debt | (470,000) | 0 | 0 | |
Proceeds from long-term debt | 200,000 | 0 | 0 | |
Net change in advance payments by borrowers for taxes | 1,240 | 572 | (690) | |
Cash dividends on common stock | (30,260) | (30,388) | (31,520) | |
Proceeds from stock option exercises | 564 | 2,307 | 3,704 | |
Purchase of common stock returned to authorized but unissued | (47,830) | (10,176) | (36,242) | |
Net cash provided (used) by financing activities | (201,003) | (20,116) | 76,858 | |
(Decrease) increase in cash and cash equivalents | (330,080) | 281,955 | 20,467 | |
Cash and cash equivalents at beginning of period | 376,722 | 94,767 | 74,300 | |
Cash and cash equivalents at end of period | 46,642 | 376,722 | 94,767 | |
Supplemental information: | ||||
Income tax payments | 4,090 | 22,663 | 29,478 | |
Interest payments | 12,892 | 14,546 | 25,406 | |
Noncash investing activities: | ||||
Loans receivable transferred to other real estate | 0 | 0 | 637 | |
Dividends declared but not paid in other liabilities | $ 4,511 | $ 17,525 | $ 5,232 | |
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 Summary of Significant Accounting Policies The following significant accounting and reporting policies of Waterstone Financial, Inc. and subsidiaries (collectively, the “Company”), conform to U.S. generally accepted accounting principles, or (“GAAP”), and are used in preparing and presenting these consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not a) Nature of Operations The Company is a one The Bank provides a full range of financial services to customers through branch locations in southeastern Wisconsin. The Bank is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. The Bank owns a mortgage banking subsidiary that originates residential real estate loans held for sale at various branch offices across the country. Mortgage banking volume fluctuates widely in connection with movements in interest rates. Mortgage banking income is reported as a single line item in the statements of operations while mortgage banking expense is distributed among the various noninterest expense lines. Compensation, payroll taxes and other employee benefits expense fluctuates in relation to fluctuations in mortgage banking income. b) Principles of Consolidation The consolidated financial statements include the accounts and operations of Waterstone Financial, Inc. and its wholly owned subsidiary, WaterStone Bank. The Bank has the following wholly owned subsidiaries: Wauwatosa Investments, Inc., Waterstone Mortgage Corporation, and Main Street Real Estate Holdings, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. c) Use of Estimates The preparation of the 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 credit losses, income taxes, and fair value measurements. d) Cash and Cash Equivalents The Company considers federal funds sold and highly liquid debt instruments with a maturity of three e) Securities Available for Sale Securities At the time of purchase, investment debt securities are classified as available for sale, as management has the intent and ability to hold such securities for an indefinite period of time, but not not first Federal Home Loan Bank Stock Federal Home Loan Bank ("FHLB") stock is carried at cost, which is the amount that the stock is redeemable by tendering to the FHLB or the amount at which shares can be sold to other FHLB members. f) Loans Held for Sale The origination of residential real estate loans is an integral component of the business of the Company. The Company generally sells its originations of long-term fixed interest rate mortgage loans in the secondary market, and on a selective basis, retains the rights to service the loans sold. Gains and losses on the sales of these loans are determined using the specific identification method. Mortgage loans originated for sale are generally sold within 45 days after closing. The Company has elected to carry loans held for sale at fair value. Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the market. The amount by which cost differs from market value is accounted for as a valuation adjustment to the carrying value of the loans. Changes in value are included in mortgage banking income in the consolidated statements of operations. Costs to originate loans held for sale are expensed as incurred and are included on the appropriate noninterest expense lines of the statements of operations. Salaries, commissions and related payroll taxes are the primary costs to originate and comprised approximately 74.7% of total mortgage banking noninterest expense for 2022 The value of mortgage loans held for sale and other residential mortgage loan commitments to customers are hedged by utilizing both best efforts and mandatory forward commitments to sell loans to investors in the secondary market. Such forward commitments are generally entered into at the time when applications are taken to protect the value of the mortgage loans from increases in market interest rates during the period held. The Company recognizes revenue associated with the expected future cash flows of servicing loans at the time a forward loan commitment is made. g) Loans Receivable and Related Interest Income Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income, charge-offs and unamortized deferred fees and costs. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan yield. Amortization is based on a level-yield method over the contractual life of the related loans or until the loan is paid in full. Loan interest income is recognized on the accrual basis. Accrual of interest is generally discontinued either when reasonable doubt exists as to the full, timely collection of interest or principal, or when a loan becomes contractually past due 90 no A loan is accounted for as a troubled debt restructuring if the Company, for economic reasons related to the borrower’s financial condition, grants a concession to the borrower that it would not not h) Allowance for Credit Losses AFS Debt Securities The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL approach utilized by HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC Topic 326 may no first not not not not The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not no not Loans not may not no 180 may not not not 1 12 Collateral dependent loans not not not Troubled debt restructurings not Unfunded commitments i) Real Estate Owned Real estate owned consists of properties acquired through, or in lieu of, loan foreclosure. Real estate owned is transferred into the portfolio at estimated net realizable value. To the extent that the net carrying value of the loan exceeds the estimated fair value of the property at the date of transfer, the excess is charged to the allowance for loan losses within 90 j) Mortgage Servicing Rights The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold. Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights, when purchased, are initially recorded at fair value. Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated statements of financial condition. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Gains on sale of mortgage servicing rights are included in other noninterest income in the consolidated statements of operations. k) Cash Surrender Value of Life Insurance The Company purchases bank owned life insurance on the lives of certain employees. The Company is the beneficiary of the life insurance policies. The cash surrender value of life insurance is reported at the amount that would be received in cash if the polices were surrendered. Increases in the cash value of the policies and proceeds of death benefits received are recorded in noninterest income. The increase in cash surrender value of life insurance is not l) Office Properties and Equipment Office properties and equipment, including leasehold improvements and software, are stated at cost, net of depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term, if shorter than the estimated useful life. Maintenance and repairs are charged to expense as incurred, while additions or major improvements are capitalized and depreciated over their estimated useful lives. Estimated useful lives of the assets are 10 to 30 years for office properties, three three m) Income Taxes The Company and its subsidiaries file consolidated federal and combined state income tax returns. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax returns. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is “more likely than not” not Positions taken in the Company’s tax returns may not 50% n) Earnings Per Share Earnings per share (EPS) are computed using the two o) Comprehensive Income (Loss) Comprehensive income (loss) is the total of reported net income and changes in unrealized gains or losses, net of tax (or benefit), on securities available for sale. p) Employee Stock Ownership Plan (ESOP) Compensation expense under the ESOP is equal to the fair value of common shares released or committed to be released to participants in the ESOP in each respective period. Common stock purchased by the ESOP and not q) Share Repurchases The Company has a share repurchase program. Repurchases under the repurchase program may no may r) Revenue Recognition ASC 606, 606” The majority of our revenue-generating transactions are not 606, Descriptions of our revenue-generating activities that are within the scope of ASC 606, Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a stop payment). Payments for these activities are generally received at the time the performance obligations are satisfied. Wealth management fee income - this represents monthly fees due from wealth management customers as consideration for managing the customers' assets. Wealth management investment management and similar fiduciary activities. These fees are typically paid to us on a monthly basis and recognized as our performance obligation is satisfied each month. Other non-interest income includes items such as bank owned life insurance income, dividends on FHLB stock and other general operating income, none 606. s) Impact of Recent Accounting Pronouncements ASC Topic 326 "Financial Instruments - Credit Losses." 326, December 15, 2022, ASC Topic 848 848, December 31, 2022. not no 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
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2 Securities Securities Available for Sale The amortized cost and fair value of the Company’s investment in securities follow: December 31, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 15,134 $ 4 $ (1,824 ) $ 13,314 Collateralized mortgage obligations: Government sponsored enterprise issued 145,740 - (20,975 ) 124,765 Private-label issued 9,041 - (935 ) 8,106 Mortgage-related securities 169,915 4 (23,734 ) 146,185 Government sponsored enterprise bonds 2,500 - (244 ) 2,256 Municipal securities 37,699 428 (1,193 ) 36,934 Other debt securities 12,500 - (1,338 ) 11,162 Debt securities 52,699 428 (2,775 ) 50,352 Other securities 51 - - 51 Total $ 222,665 $ 432 $ (26,509 ) $ 196,588 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 one December 31, 2022 December 31, 2021 The amortized cost and fair value of securities at December 31, 2022 may may December 31, 2022 Amortized cost Fair value (In Thousands) Debt and other securities Due within one year $ 3,706 $ 3,695 Due after one year through five years 18,218 18,076 Due after five years through ten years 18,122 16,830 Due after ten years 12,653 11,751 Mortgage-related securities 169,915 146,185 Other securities 51 51 Total $ 222,665 $ 196,588 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: December 31, 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 $ 8,383 $ 655 $ 4,573 $ 1,169 $ 12,956 $ 1,824 Collateralized mortgage obligations: Government sponsored enterprise issued 65,270 6,400 59,495 14,575 124,765 20,975 Private-label issued 7,012 935 - - 7,012 935 Government sponsored enterprise bonds 2,256 244 - - 2,256 244 Municipal securities 18,648 192 4,095 1,001 22,743 1,193 Other debt securities 2,362 138 8,800 1,200 11,162 1,338 Total $ 103,931 $ 8,564 $ 76,963 $ 17,945 $ 180,894 $ 26,509 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 185 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 December 31, 2022 December 31, 2021 not not not not not During the years ended December 31, 2022 2021 2020 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3 Loans Receivable Loans receivable at December 31, 2022 2021 December 31, 2022 2021 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 469,567 $ 300,523 Multi family 677,981 537,956 Home equity 11,455 11,012 Construction and land 62,494 82,588 Commercial real estate 262,973 250,676 Consumer 774 732 Commercial loans 24,934 22,298 Total loans receivable $ 1,510,178 $ 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 $976.7 million were pledged as collateral against $385.7 million and $886.7 million were pledged as collateral against $475.0 million in outstanding Federal Home Loan Bank of Chicago advances under a blanket security agreement at December 31, 2022 December 31, 2021 Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. As of December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 An analysis of past due loans receivable as of December 31, 2022 2021 As of December 31, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Past Due Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 2,328 $ - $ 3,618 $ 5,946 $ 463,621 $ 469,567 Multi family - - - - 677,981 677,981 Home equity 14 - 65 79 11,376 11,455 Construction and land - - - - 62,494 62,494 Commercial real estate - 233 - 233 262,740 262,973 Consumer - - - - 774 774 Commercial loans 3 - - 3 24,931 24,934 Total $ 2,345 $ 233 $ 3,683 $ 6,261 $ 1,503,917 $ 1,510,178 As of December 31, 2021 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Past Due 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 Includes $- and $43,000 for December 31, 2022 2021 ( 2 Includes $- and $347,000 for December 31, 2022 2021 ( 3 Includes $624,000 and $816,000 for December 31, 2022 2021 We currently manage our loan portfolios and the respective exposure to credit losses (credit risk) by the following specific portfolio segments, which are levels at which we develop and document our systematic methodology to determine the allowance for credit losses attributable to each respective portfolio segment. These segments are as follows: One- to four Multi family residential real estate loans – Multi family real estate loans consist of multifamily rentals with a history of occupancy and cash flow. This segment includes both internally originated and purchased participation loans. These loans carry the risk of adverse changes in the local economy and a tenant’s deteriorating credit strength, lease expirations in soft markets and sustained vacancies, which can adversely impact cash flow. Home equity residential mortgage loans – This segment includes sub-segment for senior lien and subordinate lien lines of credit. Credit risk is similar to residential real estate loans described above as it is subject to the borrower’s continuing financial stability and the value of the collateral securing the loan. Construction and land loans – Construction and land loans are intended to finance the construction of commercial and residential properties, including the construction of single-family dwellings, and also includes loans for the acquisition and development of land. Construction lending generally involves a greater degree of risk than other residential mortgage lending. The repayment of the construction loan is, to a great degree, dependent upon the successful and timely completion of the construction of the subject property within specified cost limits. The Company completes inspections during the construction phase prior to any disbursements. The Company limits its risk during the construction as disbursements are not may Commercial real estate loans – Commercial real estate loans consist of non-owner occupied properties, such as investment properties for retail, and office with a history of occupancy and cash flow. This segment includes both internally originated loans. Commercial real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Payments on these loans depend to a large degree on the results of operations and management of the properties or underlying businesses, and may Consumer loans – This segment of loans includes primarily installment loans and personal lines of credit. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the nature of the underlying collateral. Repossessed collateral for a defaulted consumer loan may not not Commercial business loans – Commercial loans are made to provide funds for equipment and general corporate needs, as well as to finance owner-occupied real estate. Repayment of these loans primarily uses the funds obtained from the operation of the borrower’s business. Commercial loans also include lines of credit that are utilized to finance a borrower’s short-term credit needs and/or to finance a percentage of eligible receivables and inventory. This segment includes both internally originated and purchased participation loans. Credit risk arises from the successful operation of the business, which may As of December 31, 2022 December 31, 2021 90 A summary of the activity for the years ended December 31, 2022, 2021 2020 One- to Four- Family Multi Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Year ended December 31, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption of CECL 88 100 58 886 (640 ) 7 (69 ) 430 Provision (credit) for credit losses - loans (1) 918 1,750 9 (923 ) (656 ) 23 (91 ) 1,030 Charge-offs (304 ) - - - - (16 ) - (320 ) Recoveries 78 727 18 3 13 - - 839 Balance at end of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Year ended December 31, 2021 Balance at beginning of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 Provision (credt) for loan losses (2,294 ) (318 ) (121 ) (408 ) (650 ) 16 (215 ) (3,990 ) Charge-offs (151 ) - - (13 ) (10 ) (18 ) - (192 ) Recoveries 949 116 16 52 4 - - 1,137 Balance at end of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Year ended December 31, 2020 Balance at beginning of period $ 4,907 $ 4,138 $ 201 $ 610 $ 2,145 $ 14 $ 372 $ 12,387 Provision (credit) for loan losses 486 1,446 (21 ) 1,151 2,977 31 270 6,340 Charge-offs (82 ) (5 ) (13 ) (8 ) - (10 ) - (118 ) Recoveries 148 21 27 2 16 - - 214 Balance at end of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 ( 1 2016 13 January 1, 2022. The Company utilized the Vintage Loss Rate method in determining expected future credit losses for each of the loan categories except for the Construction and Consumer categories. 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. 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. 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 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 December 31, 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 unfunded commitment 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 Years ended December 31, 2022 2021 2020 (In Thousands) Provision (credit) for credit losses - loans (1) on: Loans $ 1,030 $ (3,990 ) $ 6,340 Unfunded commitments (62 ) - - Investment securities - - - Total $ 968 $ (3,990 ) $ 6,340 ( 1 2016 13 January 1, 2022. 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. A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of the year ended December 31, 2022 One- to Four- Family Multi Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total December 31, 2022 (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,743 7,975 174 1,352 3,199 47 267 17,757 Allowance at end of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Collateral dependent loans $ 2,584 $ - $ 40 $ - $ 5,455 $ - $ - $ 8,079 Pooled loans 466,983 677,981 11,415 62,494 257,518 774 24,934 1,502,099 Total gross loans $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 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 the year ended December 31, 2021 One- to Four- Family Multi Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total December 31, 2021 (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 $1.0 $1.0 one four one 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 December 31, 2022 2021 One- to Four- Family Multi Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At December 31, 2022 Substandard $ 4,209 $ - $ 98 $ - $ 5,454 $ - $ 61 $ 9,822 Watch 5,696 192 96 2,227 5,203 - 2,023 15,437 Pass 459,662 677,789 11,261 60,267 252,316 774 22,850 1,484,919 Total $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 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 Total 300,523 537,956 11,012 82,588 250,676 732 22,298 1,205,785 The following table presents data on impaired loans as of and for the year ended December 31, 2021 As of or for the Year Ended December 31, 2021 Recorded Investment Unpaid Principal Reserve Cumulative Charge-Offs Average Recorded Investment Int Paid YTD (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 $ 5,465 $ 186 Multi family 128 128 - - 129 4 Home equity 26 26 - - 29 2 Construction and land - - - - - - Commercial real estate 1,222 1,222 - - 1,222 56 Consumer - - - - - - Commercial 1,097 1,097 - - 1,097 50 $ 7,893 $ 7,923 $ - $ 30 $ 7,942 $ 298 Total Impaired One- to four-family $ 5,420 $ 5,450 $ - $ 30 $ 5,465 $ 186 Multi family 128 128 - - 129 4 Home equity 26 26 - - 29 2 Construction and land - - - - - - Commercial real estate 1,222 1,222 - - 1,222 56 Consumer - - - - - - Commercial 1,097 1,097 - - 1,097 50 $ 7,893 $ 7,923 $ - $ 30 $ 7,942 $ 298 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 Credit Quality Information: The following table presents total loans by risk categories and year of origination as of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total (In Thousands) One- to four-family Pass $ 246,437 $ 55,494 $ 37,438 $ 21,813 $ 20,580 $ 76,568 $ 1,332 $ 459,662 Watch 4,823 - - - - 873 - 5,696 Substandard 218 1,255 519 - - 2,217 - 4,209 Total 251,478 56,749 37,957 21,813 20,580 79,658 1,332 469,567 Multi-family Pass 255,100 144,731 139,386 44,221 22,689 70,905 757 677,789 Watch - - - - - 192 - 192 Substandard - - - - - - - - Total 255,100 144,731 139,386 44,221 22,689 71,097 757 677,981 Home equity Pass 290 81 865 104 174 82 9,665 11,261 Watch - 96 - - - - - 96 Substandard 22 18 - - - - 58 98 Total 312 195 865 104 174 82 9,723 11,455 Construction and land Pass 2,958 49,092 2,308 5,690 123 96 - 60,267 Watch - - - 2,227 - - - 2,227 Substandard - - - - - - - - Total 2,958 49,092 2,308 7,917 123 96 - 62,494 Commercial Real Estate Pass 87,971 53,788 39,015 24,795 21,467 24,595 685 252,316 Watch 1,616 - 95 2,226 1,266 - - 5,203 Substandard - - - - 5,454 - - 5,454 Total 89,587 53,788 39,110 27,021 28,187 24,595 685 262,973 Consumer Pass 19 - - - - - 755 774 Watch - - - - - - - - Substandard - - - - - - - - Total 19 - - - - - 755 774 Commercial Pass 9,385 1,228 1,256 240 936 5,622 4,183 22,850 Watch - - 1,928 - - 92 3 2,023 Substandard 61 - - - - - - 61 Total 9,446 1,228 3,184 240 936 5,714 4,186 24,934 Total Loans $ 608,900 $ 305,783 $ 222,810 $ 101,316 $ 72,689 $ 181,242 $ 17,438 $ 1,510,178 The following presents data on troubled debt restructurings: As of December 31, 2022 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 936 4 $ 936 4 $ - - $ 936 4 $ 936 4 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 Troubled debt restructurings involve granting concessions to a borrower experiencing financial difficulty by modifying the terms of the loan in an effort to avoid foreclosure. Typical restructured terms include six twelve no December 31, 2022 All loans that have been modified in a troubled debt restructuring are considered to be impaired. As such, an analysis has been performed with respect to all of these loans to determine the need for an ACL. When a loan is expected to perform in accordance with the restructured terms and ultimately return to and perform under contract terms, a valuation allowance is established equal to the excess of the present value of the expected future cash flows under the original contract terms as compared with the modified terms, including an estimated default rate. When there is doubt as to the borrower’s ability to perform under the restructured terms or ultimately return to and perform under market terms, an ACL is established equal to the impairment when the carrying amount exceeds fair value of the underlying collateral. If an updated credit department review indicates no The following presents troubled debt restructurings by concession type at December 31, 2022 2021 As of December 31, 2022 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forebearance $ 399 2 $ - - $ 399 2 Interest reduction 18 1 - - 18 1 Principal forebearance 519 1 - - 519 1 Total $ 936 4 $ - - $ 936 4 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 forebearance $ 388 2 $ - - $ 388 2 Interest reduction 24 1 - - 24 1 Principal forebearance 3,577 4 - - 3,577 4 Total $ 3,989 7 $ - - $ 3,989 7 The following presents data on troubled debt restructurings: For the Year Ended December 31, 2022 December 31, 2021 Amount Number Amount Number (Dollars in Thousands) Loans modified as a troubled debt restructure One- to four-family $ 63 1 $ 1,258 2 Total $ 63 1 $ 1,258 2 There were no troubled debt restructurings within the past twelve December 31, 2022 2021 The following table presents data on non-accrual loans: As of December 31, 2022 2021 (Dollars in Thousands) Residential One- to four-family $ 4,209 $ 5,420 Multi family - 128 Home equity 98 26 Construction and land - - Commercial real estate - - Commercial - - Consumer - - Total non-accrual loans $ 4,307 $ 5,574 Total non-accrual loans to total loans 0.29 % 0.46 % Total non-accrual loans to total assets 0.21 % 0.25 % Residential one four December 31, 2022 December 31, 2021 |
Note 4 - Office Properties and
Note 4 - Office Properties and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 Office Properties and Equipment Office properties and equipment are summarized as follows: December 31, 2022 2021 (In Thousands) Land $ 7,516 $ 7,516 Office buildings and improvements 34,084 34,273 Furniture and equipment 13,000 13,043 54,600 54,832 Less accumulated depreciation (33,495 ) (32,559 ) $ 21,105 $ 22,273 Depreciation of premises and equipment totaled $1.8 million, $2.1 million and $2.5 million for the years ended December 31, 2022, 2021 2020 |
Note 5 - Real Estate Owned
Note 5 - Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5 Real Estate Owned Real estate owned is summarized as follows: December 31, 2022 2021 (In Thousands) One- to four-family $ - $ - Multi family - - Construction and land 145 148 Commercial real estate - - Total real estate owned $ 145 $ 148 Valuation allowance at end of period - - Total real estate owned, net $ 145 $ 148 The following table presents the activity in real estate owned: Year Ended December 31, 2022 2021 (In Thousands) Real estate owned at beginning of period $ 148 $ 148 Transferred in from loans receivable - - Sales - - Write downs - - Other activity (3 ) - Real estate owned at end of period $ 145 $ 148 |
Note 6 - Mortgage Servicing Rig
Note 6 - Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | 6 Mortgage Servicing Rights The following table presents the activity related to the Company’s mortgage servicing rights included in prepaid and other assets on the consolidated statement of financial condition: Year ended December 31, 2022 2021 (In Thousands) Mortgage servicing rights at beginning of the year $ 1,555 $ 5,977 Additions 2,461 5,788 Amortization (579 ) (1,789 ) Sales - (8,444 ) Mortgage servicing rights at end of the year 3,437 1,532 Valuation allowance recovered during the year 7 23 Mortgage servicing rights at the end of the year, net $ 3,444 $ 1,555 During the year ended December 31, 2022 December 31, 2022 December 31, 2021 not The fair value of mortgage servicing rights was $5.0 million at December 31, 2022 December 31, 2021 During the year ended December 31, 2022 December 31, 2021 The following table shows the estimated future amortization expense for mortgage servicing rights at December 31, 2022 December 31 (In Thousands) 2023 $ 626 2024 564 2025 501 2026 438 2027 376 Thereafter 939 Total $ 3,444 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 7 Deposits The aggregate amount of time deposit accounts with balances greater than $250,000 December 31, 2022 2021 A summary of interest expense on deposits is as follows: Years ended December 31, 2022 2021 2020 (In Thousands) Interest-bearing demand deposits $ 61 $ 50 $ 38 Money market and savings deposits 1,201 904 1,768 Time deposits 3,601 3,466 12,559 $ 4,863 $ 4,420 $ 14,365 A summary of the contractual maturities of time deposits at December 31, 2022 (In Thousands) Within one year $ 502,254 More than one to two years 130,784 More than two to three years 7,608 More than three to four years 809 More than four through five years 816 $ 642,271 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 $9.2 million at December 31, 2022 December 31, 2021 |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 Borrowings Borrowings consist of the following: December 31, 2022 December 31, 2021 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 1,084 7.21 % $ 2,127 3.00 % Federal Home Loan Bank, Chicago 185,700 4.26 % 5,000 0.00 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2025 125,000 3.83 % - 0.00 % 2027 50,000 1.73 % 50,000 1.73 % 2028 - - 255,000 2.37 % 2029 - - 165,000 1.61 % 2032 25,000 2.35 % - - $ 386,784 3.68 % $ 477,127 2.02 % The short-term repurchase agreement represents the outstanding portion of a total $50.0 million commitment with one December 31, 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 $185.7 million FHLB short-term advances consist of a $7.7 million advance with a fixed rate of 4.16% and a maturity date of January 9, 2023, January 23, 2023, January 23, 2023, January 30, 2023, January 6, 2023, January 6, 2023, January 4, 2023. The $125.0 million in advances due in 2025 one September 2023, one November 2023, one November 2023, one May 2023. The $50.0 million advance due in 2027 December 2027. The $25.0 million advance due in 2032 December 2032. March 2023. The Company selects loans that meet underwriting criteria established by the Federal Home Loan Bank Chicago (FHLBC) as collateral for outstanding advances. The Company’s borrowings at the FHLBC are limited to 80% of the carrying value of unencumbered one four four December 31, 2022 December 31, 2021 |
Note 9 - Regulatory Capital
Note 9 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 9 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 condition and results of operations. 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 December 31, 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 as of December 31, 2022 2021 December 31, 2022 Minimum Capital To Be Well-Capitalized For Capital Adequacy with Under Prompt Corrective Actual Adequacy Purposes Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 407,099 24.36 % 133,709 8.00 % 175,493 10.50 % N/A N/A Waterstone Bank 359,623 21.52 % 133,690 8.00 % 175,468 10.50 % 167,112 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 389,342 23.29 % 100,281 6.00 % 142,065 8.50 % N/A N/A Waterstone Bank 341,866 20.46 % 100,267 6.00 % 142,045 8.50 % 133,690 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 389,342 23.29 % 75,211 4.50 % 116,995 7.00 % N/A N/A Waterstone Bank 341,866 20.46 % 75,200 4.50 % 116,978 7.00 % 108,623 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 389,342 19.45 % 80,080 4.00 % N/A N/A N/A N/A Waterstone Bank 341,866 17.08 % 80,080 4.00 % N/A N/A 100,100 5.00 % State of Wisconsin (to total assets) Waterstone Bank 341,866 16.87 % 121,624 6.00 % N/A N/A N/A N/A December 31, 2021 (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 10 - Stock Based Compensat
Note 10 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10 Stock Based Compensation Stock-Based Compensation Plan In 2020, 2020 ten not A total of 750,000 stock options and 500,000 restricted shares were approved for award. A total of 669,000 stock options and 453,613 restricted stock were available to be issued as of December 31, 2022 Accounting for Stock-Based Compensation Plan The fair value of stock options granted is estimated on the grant date using a Black-Scholes pricing model. The fair value of restricted shares is equal to the quoted NASDAQ market closing price on the date of grant. The fair value of stock grants is recognized as compensation expense on a straight-line basis over the vesting period of the grants. Compensation expense is included in compensation, payroll taxes and other employee benefits in the consolidated statements of income. Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock options represents the period of time that the options are expected to be outstanding and is based on the historical results from the previous awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the actual volatility of Waterstone Financial, Inc. stock for the weighted average life time period prior to issuance date. The following assumptions were used in estimating the fair value of options granted in the years ended December 31, 2022 2021 2022 2021 Minimum Maximum Minimum Maximum Dividend Yield 4.07 % 4.82 % 3.64 % 4.37 % Risk-free interest rate 1.80 % 3.92 % 0.41 % 1.27 % Expected volatility 23.14 % 23.97 % 22.83 % 23.84 % Weighted average expected life 5.5 5.6 5.1 5.7 Weighted average per share value of options 2.48 2.84 1.92 2.97 The Company's policy is to adjust compensation expense at the time of actual stock grant forfeiture. A summary of the Company’s stock option activity for the years ended December 31, 2022, 2021 2020 Weighted Average Aggregate Weighted Average Years Remaining in Intrinsic Value Stock Options Shares Exercise Price Contractual Term (000's) Outstanding December 31, 2019 1,025,771 $ 13.29 5.56 $ 5,887 Options exercisable at December 31, 2019 546,770 12.93 5.31 $ 3,335 Granted 35,000 16.06 $ 97 Exercised (291,944 ) 12.66 1,799 Forfeited (17,000 ) 17.17 28 Outstanding December 31, 2020 751,827 13.57 4.82 $ 3,945 Options exercisable at December 31, 2020 433,827 13.31 4.45 $ 2,392 Granted 45,000 20.44 $ 39 Exercised (179,517 ) 12.85 1,496 Forfeited (23,000 ) 16.50 108 Outstanding December 31, 2021 594,310 14.20 4.33 $ 4,158 Options exercisable at December 31, 2021 352,310 13.70 3.78 $ 2,636 Granted 35,000 18.38 $ 2 Exercised (44,690 ) 12.62 198 Forfeited (29,001 ) 18.82 1 Outstanding December 31, 2022 555,619 14.35 3.41 $ 1,708 Options exercisable at December 31, 2022 409,119 13.76 2.59 $ 1,408 The following table summarizes information about the Company's stock options outstanding at December 31, 2022 Options Outstanding Weighted Average Exercise Price Remaining Life (Years) Options Exercisable Weighted Average Exercise Price Remaining Life (Years) Range of Exercise Prices: $0.01 - $10.00 - $ - - - $ - - $10.01 - $15.00 409,619 $ 12.88 2.14 338,119 $ 12.88 2.00 $15.01 - $20.00 120,000 $ 17.93 6.63 65,000 $ 17.65 5.21 Over $20.01 26,000 $ 20.97 8.39 6,000 $ 20.88 7.29 Total 555,619 $ 14.35 3.41 409,119 $ 13.76 2.59 The following table summarizes information about the Company’s nonvested stock option activity for the years ended December 31, 2022 2021 Weighted Average Stock Options Shares Grant Date Fair Value Nonvested at December 31, 2020 318,000 $ 3.16 Granted 45,000 2.48 Vested (103,000 ) 3.26 Forfeited (18,000 ) 2.23 Nonvested at December 31, 2021 242,000 3.06 Nonvested at December 31, 2021 242,000 3.06 Granted 35,000 2.63 Vested (113,500 ) 2.66 Forfeited (17,000 ) 2.52 Nonvested at December 31, 2022 146,500 2.90 The Company amortizes the expense related to stock options as compensation expense over the vesting period. Expense for the stock options granted of $342,000, $329,000 and $398,000 was recognized during the years ended December 31, 2022, 2021 2020 December 31, 2022 The following table summarizes information about the Company’s restricted stock shares activity for the years ended December 31, 2022 2021 Weighted Average Restricted Stock Shares Grant Date Fair Value Nonvested at December 31, 2020 46,000 $ 12.75 Granted 28,722 20.09 Vested (23,000 ) 12.75 Forfeited - - Nonvested at December 31, 2021 51,722 16.82 Nonvested at December 31, 2021 51,722 16.82 Granted 17,665 19.43 Vested (24,288 ) 13.12 Forfeited - - Nonvested at December 31, 2022 45,099 19.84 The Company amortizes the expense related to restricted stock awards as compensation expense over the vesting period. Expense for the restricted stock awards of $242,000, $416,000 and $318,000 was recorded for the years ended December 31, 2022, 2021 2020 December 31, 2022 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11 Employee Benefit Plans The Company has two 401 18 18 first may December 31, 2022, 2021 2020 |
Note 12 - Employee Stock Owners
Note 12 - Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 12 Employee Stock Ownership Plan All WaterStone Bank employees are eligible to participate in the WaterStone Bank Employee Stock Ownership Plan (the “Plan”) after they attain 21 12 1,000 During the year ended December 31, 2005, December 31, 2014, 2005 not one twentieth 20 December 31, 2014. December 31, 2022, 2021 2020 The aggregate activity in the number of unearned ESOP shares, considering the allocation of those shares committed to be released as of December 31, 2022 2021 2022 2021 Beginning ESOP shares 1,264,537 1,369,915 Shares committed to be released (105,378 ) (105,378 ) Unreleased shares 1,159,159 1,264,537 Fair value of unreleased shares (in millions) $ 20.0 $ 29.9 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13 Income Taxes The provision for income taxes for the year ended December 31, 2022, 2021 2020 Years ended December 31, 2022 2021 2020 (In Thousands) Current: Federal $ 4,731 $ 17,387 $ 22,272 State 745 2,550 7,319 5,476 19,937 29,591 Deferred: Federal (460 ) 900 (2,171 ) State (24 ) 478 (449 ) (484 ) 1,378 (2,620 ) Total $ 4,992 $ 21,315 $ 26,971 The income tax provisions differ from that computed at the Federal statutory corporate tax rate for the years ended December 31, 2022, 2021 2020 Years ended December 31, 2022 2021 2020 (Dollars in Thousands) Income (loss) before income taxes $ 24,479 $ 92,106 $ 108,116 Tax at Federal statutory rate ( 21 5,141 19,342 22,704 Add (deduct) effect of: State income taxes net of Federal income tax benefit (expense) 570 2,392 5,428 Cash surrender value of life insurance (365 ) (339 ) (400 ) Non-deductible ESOP and stock option expense 167 216 133 Tax-exempt interest income (159 ) (208 ) (222 ) Non-deductible compensation 37 103 96 Death benefit on bank owned life insurance (71 ) - (306 ) Stock compensation (69 ) (251 ) (387 ) ESOP dividends (273 ) (245 ) (365 ) Other 14 305 290 Income tax provision (benefit) $ 4,992 $ 21,315 $ 26,971 Effective tax rate 20.4 % 23.1 % 24.9 % The significant components of the Company’s net deferred tax assets (liabilities) included in prepaid expenses and other assets are as follows at December 31, 2022 2021 December 31, 2022 2021 (In Thousands) Gross deferred tax assets: Depreciation $ 959 $ 886 Restricted stock and stock options 326 307 Allowance for credit losses 4,263 3,805 Allowance for unfunded commitments 321 - Repurchase reserve for loans sold 512 540 Interest recognized for tax but not books 209 185 Real estate owned 9 8 Unrealized loss on impaired securities - 23 Lease liability 1,148 1,498 Unrealized loss on securities available for sale, net 7,104 236 Other 186 109 Total gross deferred tax assets 15,037 7,597 Gross deferred tax liabilities: Depreciation - - Mortgage servicing rights (870 ) (390 ) FHLB stock dividends (24 ) (46 ) Lease Asset (1,138 ) (1,469 ) Deferred loan fees (333 ) (372 ) Deferred liabilities (2,365 ) (2,277 ) Net deferred tax assets $ 12,672 $ 5,320 The Company had a Wisconsin net operating loss carry forward of $17,000 at December 31, 2022 2028. December 31, 2022 Under the Internal Revenue Code and Wisconsin Statutes, the Company was permitted to deduct, for tax years beginning before 1988, not no December 31, 2022 no The Company and its subsidiaries file consolidated federal and combined state tax returns. One subsidiary also files separate state income tax returns in certain states. The Company is no 2019. |
Note 14 - Commitments, Off-Bala
Note 14 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 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 balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. December 31, 2022 2021 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under first mortgage loans (1) $ 61,223 48,626 Commitments to extend credit under home equity lines of credit 9,550 11,990 Unused portion of construction loans 48,530 50,303 Unused portion of business lines of credit 17,356 17,916 Standby letters of credit 1,516 1,379 ( 1 15 Commitments to extend credit are agreements to lend to a customer as long as there is no may not 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, 2022 2021 3 Residential mortgage loans sold to others are predominantly conventional residential first first December 31, 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 15 - Derivative Financial
Note 15 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15 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: December 31, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in millions) Forward commitments $ 296.0 Prepaid expenses and Other assets $ 1.9 Other liabilities $ 3.6 Interest rate locks 203.1 Prepaid expenses and Other assets 0.7 Other liabilities - Interest rate swaps 90.5 Prepaid expenses and Other assets 14.2 Other liabilities 14.2 December 31, 2021 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in millions) Forward commitments $ 571.5 Prepaid expenses and Other assets $ 1.3 Other liabilities $ - Interest rate locks 345.2 Prepaid expenses and Other assets 3.1 Other liabilities - Interest rate swaps 105.2 Prepaid expenses and 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 when the loan arising from exercise of the loan commitment is 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. The back-to-back swaps mature in December 2029 June 2037. not December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16 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 and liabilities recorded in our consolidated statement of financial position at their fair value on a recurring basis as of December 31, 2022 December 31, 2021 Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 13,314 $ - $ 13,314 $ - Collateralized mortgage obligations Government sponsored enterprise issued 124,765 - 124,765 - Private-label issued 8,106 - 8,106 - Government sponsored enterprise bonds 2,256 - 2,256 - Municipal securities 36,934 - 36,934 - Other debt securities 11,162 - 11,162 - Other securities 51 - 51 - Loans held for sale 131,188 - 131,188 - Mortgage banking derivative assets 2,619 - - 2,619 Interest rate swap assets 14,226 - 14,226 - Liabilities Mortgage banking derivative liabilities 3,613 - - 3,613 Interest rate swap liabilities 14,226 - 14,226 - 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 and liabilities 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 values 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 Mortgage banking derivatives, net (In Thousands) Balance at December 31, 2020 $ 5,917 Mortgage derivative loss, net (1,548 ) Balance at December 31, 2021 4,369 Mortgage derivative loss, net (5,363 ) Mortgage derivative, net balance at the end of the period $ (994 ) There were no transfers in or out of Level 1, 2 3 Assets Recorded at Fair Value on a Non-recurring Basis The following table presents information about our assets recorded in our consolidated statement of financial position at their fair value on a non-recurring basis as of December 31, 2022 December 31, 2021 Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 148 $ - $ - $ 148 Impaired mortgage servicing rights - - - - ( 1 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 Fair Value at Significant Significant Unobservable Input Value December 31, Valuation Unobservable Minimum Maximum Weighted 2022 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ (994 ) Pricing models Pull through rate 20.6 % 100.0 % 89.2 % Real estate owned 145 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 at December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Carrying Carrying amount Fair Value amount Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 46,642 $ 46,642 $ 46,642 $ - $ - $ 376,722 $ 376,722 $ 376,722 $ - $ - Loans receivable 1,510,178 1,403,429 - - 1,403,429 1,205,785 1,210,854 - - 1,210,854 FHLB stock 17,357 17,357 17,357 - - 24,438 24,438 - 24,438 - Accrued interest receivable 5,725 5,725 5,725 - - 4,013 4,013 4,013 - - Mortgage servicing rights 3,444 5,001 - - 5,001 1,555 1,808 - - 1,808 - Financial Liabilities Deposits 1,199,012 1,194,559 556,741 637,818 - 1,233,386 1,233,478 606,723 626,755 - Advance payments by borrowers for taxes 5,334 5,334 5,334 - - 4,094 4,094 4,094 - - Borrowings 386,784 377,275 - 377,275 - 477,127 499,120 - 499,120 - Accrued interest payable 1,358 1,358 1,358 - - 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. The commercial paper instruments with a maturity of less than 90 Securities The fair value of securities is determined by a third Loans Held for Sale Fair value is estimated using the prices of the Company’s existing commitments to sell such loans and/or the quoted market price for commitments to sell similar loans. 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 December 31, 2022 December 31, 2021 Mortgage Banking Derivative Assets and Liabilities 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 relies on 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 relies on 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. On the Company's Consolidated Statements of Condition, instruments that have a positive fair value are included in prepaid expenses and other assets, and those instruments that have a negative fair value are included in other liabilities. Interest Rate Swap Assets and Liabilities The carrying value and fair value of existing derivative financial instruments are based upon independent valuation models, which use widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative contract. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17 Earnings Per Share Earnings per share are computed using the two There were 128,000, 70,000, and 125,000 antidilutive shares of common stock (where the exercise price exceeds the average price of common stock for the period) for the years ended December 31, 2022 2021 2020 Presented below are the calculations for basic and diluted earnings per share: For the year ended December 31, 2022 2021 2020 (In Thousands, except for per share amounts) Net income $ 19,487 $ 70,791 $ 81,145 Weighted average shares outstanding 21,884 23,741 24,464 Effect of dilutive potential common shares 126 190 143 Diluted weighted average shares outstanding $ 22,010 $ 23,931 $ 24,607 Basic income per share $ 0.89 $ 2.98 $ 3.32 Diluted income per share $ 0.89 $ 2.96 $ 3.30 |
Note 18 - Condensed Parent Comp
Note 18 - Condensed Parent Company Only Statements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 18 Condensed Parent Company Only Statements Statements of Financial Condition December 31, 2022 2021 (In Thousands) Assets Cash and cash equivalents $ 51,767 $ 71,158 Investment in subsidiaries 323,010 378,247 Other assets 238 892 Total Assets $ 375,015 $ 450,297 Liabilities and shareholders' equity Liabilities: Other liabilities 4,529 17,524 Shareholders' equity Preferred Stock (par value $ .01 50,000,000 no - - Common stock (par value $ .01 100,000,000 22,174,225 24,795,124 222 248 Additional paid-in-capital 128,550 174,505 Retained earnings 274,246 273,398 Unearned ESOP shares (13,056 ) (14,243 ) Accumulated other comprehensive loss, net of taxes (19,476 ) (1,135 ) Total shareholders' equity 370,486 432,773 Total liabilities and shareholders' equity $ 375,015 $ 450,297 Statements of Operations For the year ended December 31, 2022 2021 2020 (In Thousands) Interest income $ 607 $ 549 $ 688 Equity in income of subsidiaries 19,507 70,862 81,122 Total income 20,114 71,411 81,810 Professional fees $ 30 38 47 Other expense 603 604 610 Total expense 633 642 657 Income (loss) before income tax expense 19,481 70,769 81,153 Income tax (benefit) expense (6 ) (22 ) 8 Net income $ 19,487 $ 70,791 $ 81,145 Statements of Cash Flows For the year ended December 31, 2022 2021 2020 (In Thousands) Cash flows from operating activities Net income (loss) $ 19,487 $ 70,791 $ 81,145 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Amortization of unearned ESOP 1,889 2,129 1,676 Stock based compensation 583 745 716 Deferred income taxes - 1 - Equity in (earnings) loss of subsidiaries (19,507 ) (70,862 ) (81,122 ) Change in other assets and liabilities 89 (1,339 ) (853 ) Net cash provided by operating activities 2,541 1,465 1,562 Net cash used in investing activities - - - Dividends received from subsidiary 55,594 63,564 52,152 Cash Dividends on Common Stock (30,260 ) (30,388 ) (31,520 ) Proceeds from stock option exercises 564 2,307 3,704 Purchase of common stock returned to authorized but unissued (47,830 ) (10,176 ) (36,242 ) Net cash provided by (used in) financing activities (21,932 ) 25,307 (11,906 ) Net increase (decrease) in cash (19,391 ) 26,772 (10,344 ) Cash and cash equivalents at beginning of year 71,158 44,386 54,730 Cash and cash equivalents at end of year $ 51,767 $ 71,158 $ 44,386 |
Note 19 - Segment Reporting
Note 19 - Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19 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 in the secondary market. Mortgage banking products and services are provided by offices in 26 As of or for the Year ended December 31, 2022 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 56,606 $ 157 $ 191 $ 56,954 Provision for credit losses (1) 677 291 - 968 Net interest income after provision for credit losses 55,929 (134 ) 191 55,986 Noninterest income 5,221 104,101 (3,767 ) 105,555 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 19,013 81,010 (458 ) 99,565 Occupancy, office furniture and equipment 3,645 5,061 - 8,706 Advertising 887 3,089 - 3,976 Data processing 2,229 2,234 7 4,470 Communications 357 832 - 1,189 Professional fees 508 1,278 29 1,815 Real estate owned 19 - - 19 Loan processing expense - 4,744 - 4,744 Other 5,551 10,197 (3,170 ) 12,578 Total noninterest expenses 32,209 108,445 (3,592 ) 137,062 Income (loss) before income taxes (benefit) 28,941 (4,478 ) 16 24,479 Income taxes (benefit) 6,116 (1,117 ) (7 ) 4,992 Net income (loss) $ 22,825 $ (3,361 ) $ 23 $ 19,487 Total Assets $ 2,009,727 $ 198,625 $ (176,680 ) $ 2,031,672 ( 1 2016 13 January 1, 2022. As of or for the Year ended December 31, 2021 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 56,051 $ (652 ) $ 116 $ 55,515 Provision (credit) for loan losses (4,100 ) 110 - (3,990 ) Net interest income after provision (credit) for loan losses 60,151 (762 ) 116 59,505 Noninterest income 6,058 197,573 (436 ) 203,195 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 20,294 115,279 (458 ) 135,115 Occupancy, office furniture and equipment 3,781 5,831 - 9,612 Advertising 980 2,548 - 3,528 Data processing 2,039 1,889 22 3,950 Communications 427 882 - 1,309 Professional fees 673 564 38 1,275 Real estate owned 3 - - 3 Loan processing expense - 4,610 - 4,610 Other 1,974 9,074 144 11,192 Total noninterest expenses 30,171 140,677 (254 ) 170,594 Income before income taxes (benefit) 36,038 56,134 (66 ) 92,106 Income taxes (benefit) 7,696 13,641 (22 ) 21,315 Net income $ 28,342 $ 42,493 $ (44 ) $ 70,791 Total Assets $ 2,162,360 $ 365,590 $ (312,092 ) $ 2,215,858 As of or for the Year ended December 31, 2020 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 54,616 $ (1,171 ) $ 55 $ 53,500 Provision for loan losses 6,075 265 - 6,340 Net interest income after provision for loan losses 48,541 (1,436 ) 55 47,160 Noninterest income 8,723 236,659 (1,365 ) 244,017 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 20,233 119,432 (619 ) 139,046 Occupancy, office furniture and equipment 3,688 6,535 - 10,223 Advertising 1,041 2,650 - 3,691 Data processing 2,284 1,636 21 3,941 Communications 411 918 - 1,329 Professional fees 695 7,376 47 8,118 Real estate owned (8 ) - - (8 ) Loan processing expense - 4,646 - 4,646 Other 2,507 10,345 (777 ) 12,075 Total noninterest expenses 30,851 153,538 (1,328 ) 183,061 Income before income taxes 26,413 81,685 18 108,116 Income taxes 5,219 21,744 8 26,971 Net income $ 21,194 $ 59,941 $ 10 $ 81,145 Total Assets $ 2,116,560 $ 456,076 $ (388,049 ) $ 2,184,587 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | a) Nature of Operations The Company is a one The Bank provides a full range of financial services to customers through branch locations in southeastern Wisconsin. The Bank is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. The Bank owns a mortgage banking subsidiary that originates residential real estate loans held for sale at various branch offices across the country. Mortgage banking volume fluctuates widely in connection with movements in interest rates. Mortgage banking income is reported as a single line item in the statements of operations while mortgage banking expense is distributed among the various noninterest expense lines. Compensation, payroll taxes and other employee benefits expense fluctuates in relation to fluctuations in mortgage banking income. |
Consolidation, Policy [Policy Text Block] | b) Principles of Consolidation The consolidated financial statements include the accounts and operations of Waterstone Financial, Inc. and its wholly owned subsidiary, WaterStone Bank. The Bank has the following wholly owned subsidiaries: Wauwatosa Investments, Inc., Waterstone Mortgage Corporation, and Main Street Real Estate Holdings, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | c) Use of Estimates The preparation of the 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 credit losses, income taxes, and fair value measurements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | d) Cash and Cash Equivalents The Company considers federal funds sold and highly liquid debt instruments with a maturity of three |
Marketable Securities, Policy [Policy Text Block] | e) Securities Available for Sale Securities At the time of purchase, investment debt securities are classified as available for sale, as management has the intent and ability to hold such securities for an indefinite period of time, but not not first Federal Home Loan Bank Stock Federal Home Loan Bank ("FHLB") stock is carried at cost, which is the amount that the stock is redeemable by tendering to the FHLB or the amount at which shares can be sold to other FHLB members. |
Financing Receivable, Held-for-sale [Policy Text Block] | f) Loans Held for Sale The origination of residential real estate loans is an integral component of the business of the Company. The Company generally sells its originations of long-term fixed interest rate mortgage loans in the secondary market, and on a selective basis, retains the rights to service the loans sold. Gains and losses on the sales of these loans are determined using the specific identification method. Mortgage loans originated for sale are generally sold within 45 days after closing. The Company has elected to carry loans held for sale at fair value. Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the market. The amount by which cost differs from market value is accounted for as a valuation adjustment to the carrying value of the loans. Changes in value are included in mortgage banking income in the consolidated statements of operations. Costs to originate loans held for sale are expensed as incurred and are included on the appropriate noninterest expense lines of the statements of operations. Salaries, commissions and related payroll taxes are the primary costs to originate and comprised approximately 74.7% of total mortgage banking noninterest expense for 2022 The value of mortgage loans held for sale and other residential mortgage loan commitments to customers are hedged by utilizing both best efforts and mandatory forward commitments to sell loans to investors in the secondary market. Such forward commitments are generally entered into at the time when applications are taken to protect the value of the mortgage loans from increases in market interest rates during the period held. The Company recognizes revenue associated with the expected future cash flows of servicing loans at the time a forward loan commitment is made. |
Policy Loans Receivable, Policy [Policy Text Block] | g) Loans Receivable and Related Interest Income Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income, charge-offs and unamortized deferred fees and costs. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan yield. Amortization is based on a level-yield method over the contractual life of the related loans or until the loan is paid in full. Loan interest income is recognized on the accrual basis. Accrual of interest is generally discontinued either when reasonable doubt exists as to the full, timely collection of interest or principal, or when a loan becomes contractually past due 90 no A loan is accounted for as a troubled debt restructuring if the Company, for economic reasons related to the borrower’s financial condition, grants a concession to the borrower that it would not not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | h) Allowance for Credit Losses AFS Debt Securities The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL approach utilized by HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC Topic 326 may no first not not not not The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not no not Loans not may not no 180 may not not not 1 12 Collateral dependent loans not not not Troubled debt restructurings not Unfunded commitments |
Real Estate, Policy [Policy Text Block] | i) Real Estate Owned Real estate owned consists of properties acquired through, or in lieu of, loan foreclosure. Real estate owned is transferred into the portfolio at estimated net realizable value. To the extent that the net carrying value of the loan exceeds the estimated fair value of the property at the date of transfer, the excess is charged to the allowance for loan losses within 90 |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | j) Mortgage Servicing Rights The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold. Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights, when purchased, are initially recorded at fair value. Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated statements of financial condition. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Gains on sale of mortgage servicing rights are included in other noninterest income in the consolidated statements of operations. |
Life Settlement Contracts, Policy [Policy Text Block] | k) Cash Surrender Value of Life Insurance The Company purchases bank owned life insurance on the lives of certain employees. The Company is the beneficiary of the life insurance policies. The cash surrender value of life insurance is reported at the amount that would be received in cash if the polices were surrendered. Increases in the cash value of the policies and proceeds of death benefits received are recorded in noninterest income. The increase in cash surrender value of life insurance is not |
Property, Plant and Equipment, Policy [Policy Text Block] | l) Office Properties and Equipment Office properties and equipment, including leasehold improvements and software, are stated at cost, net of depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term, if shorter than the estimated useful life. Maintenance and repairs are charged to expense as incurred, while additions or major improvements are capitalized and depreciated over their estimated useful lives. Estimated useful lives of the assets are 10 to 30 years for office properties, three three |
Income Tax, Policy [Policy Text Block] | m) Income Taxes The Company and its subsidiaries file consolidated federal and combined state income tax returns. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax returns. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is “more likely than not” not Positions taken in the Company’s tax returns may not 50% |
Earnings Per Share, Policy [Policy Text Block] | n) Earnings Per Share Earnings per share (EPS) are computed using the two |
Comprehensive Income, Policy [Policy Text Block] | o) Comprehensive Income (Loss) Comprehensive income (loss) is the total of reported net income and changes in unrealized gains or losses, net of tax (or benefit), on securities available for sale. |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | p) Employee Stock Ownership Plan (ESOP) Compensation expense under the ESOP is equal to the fair value of common shares released or committed to be released to participants in the ESOP in each respective period. Common stock purchased by the ESOP and not |
Stockholders' Equity, Policy [Policy Text Block] | q) Share Repurchases The Company has a share repurchase program. Repurchases under the repurchase program may no may |
Revenue from Contract with Customer [Policy Text Block] | r) Revenue Recognition ASC 606, 606” The majority of our revenue-generating transactions are not 606, Descriptions of our revenue-generating activities that are within the scope of ASC 606, Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a stop payment). Payments for these activities are generally received at the time the performance obligations are satisfied. Wealth management fee income - this represents monthly fees due from wealth management customers as consideration for managing the customers' assets. Wealth management investment management and similar fiduciary activities. These fees are typically paid to us on a monthly basis and recognized as our performance obligation is satisfied each month. Other non-interest income includes items such as bank owned life insurance income, dividends on FHLB stock and other general operating income, none 606. |
New Accounting Pronouncements, Policy [Policy Text Block] | s) Impact of Recent Accounting Pronouncements ASC Topic 326 "Financial Instruments - Credit Losses." 326, December 15, 2022, ASC Topic 848 848, December 31, 2022. not no 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 (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 15,134 $ 4 $ (1,824 ) $ 13,314 Collateralized mortgage obligations: Government sponsored enterprise issued 145,740 - (20,975 ) 124,765 Private-label issued 9,041 - (935 ) 8,106 Mortgage-related securities 169,915 4 (23,734 ) 146,185 Government sponsored enterprise bonds 2,500 - (244 ) 2,256 Municipal securities 37,699 428 (1,193 ) 36,934 Other debt securities 12,500 - (1,338 ) 11,162 Debt securities 52,699 428 (2,775 ) 50,352 Other securities 51 - - 51 Total $ 222,665 $ 432 $ (26,509 ) $ 196,588 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] | December 31, 2022 Amortized cost Fair value (In Thousands) Debt and other securities Due within one year $ 3,706 $ 3,695 Due after one year through five years 18,218 18,076 Due after five years through ten years 18,122 16,830 Due after ten years 12,653 11,751 Mortgage-related securities 169,915 146,185 Other securities 51 51 Total $ 222,665 $ 196,588 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 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 $ 8,383 $ 655 $ 4,573 $ 1,169 $ 12,956 $ 1,824 Collateralized mortgage obligations: Government sponsored enterprise issued 65,270 6,400 59,495 14,575 124,765 20,975 Private-label issued 7,012 935 - - 7,012 935 Government sponsored enterprise bonds 2,256 244 - - 2,256 244 Municipal securities 18,648 192 4,095 1,001 22,743 1,193 Other debt securities 2,362 138 8,800 1,200 11,162 1,338 Total $ 103,931 $ 8,564 $ 76,963 $ 17,945 $ 180,894 $ 26,509 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) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 469,567 $ 300,523 Multi family 677,981 537,956 Home equity 11,455 11,012 Construction and land 62,494 82,588 Commercial real estate 262,973 250,676 Consumer 774 732 Commercial loans 24,934 22,298 Total loans receivable $ 1,510,178 $ 1,205,785 |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Past Due Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 2,328 $ - $ 3,618 $ 5,946 $ 463,621 $ 469,567 Multi family - - - - 677,981 677,981 Home equity 14 - 65 79 11,376 11,455 Construction and land - - - - 62,494 62,494 Commercial real estate - 233 - 233 262,740 262,973 Consumer - - - - 774 774 Commercial loans 3 - - 3 24,931 24,934 Total $ 2,345 $ 233 $ 3,683 $ 6,261 $ 1,503,917 $ 1,510,178 As of December 31, 2021 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Past Due 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 Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Year ended December 31, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption of CECL 88 100 58 886 (640 ) 7 (69 ) 430 Provision (credit) for credit losses - loans (1) 918 1,750 9 (923 ) (656 ) 23 (91 ) 1,030 Charge-offs (304 ) - - - - (16 ) - (320 ) Recoveries 78 727 18 3 13 - - 839 Balance at end of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Year ended December 31, 2021 Balance at beginning of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 Provision (credt) for loan losses (2,294 ) (318 ) (121 ) (408 ) (650 ) 16 (215 ) (3,990 ) Charge-offs (151 ) - - (13 ) (10 ) (18 ) - (192 ) Recoveries 949 116 16 52 4 - - 1,137 Balance at end of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Year ended December 31, 2020 Balance at beginning of period $ 4,907 $ 4,138 $ 201 $ 610 $ 2,145 $ 14 $ 372 $ 12,387 Provision (credit) for loan losses 486 1,446 (21 ) 1,151 2,977 31 270 6,340 Charge-offs (82 ) (5 ) (13 ) (8 ) - (10 ) - (118 ) Recoveries 148 21 27 2 16 - - 214 Balance at end of period $ 5,459 $ 5,600 $ 194 $ 1,755 $ 5,138 $ 35 $ 642 $ 18,823 |
Schedule of Allowance for Credit Losses [Table Text Block] | Years ended December 31, 2022 2021 2020 (In Thousands) Provision (credit) for credit losses - loans (1) on: Loans $ 1,030 $ (3,990 ) $ 6,340 Unfunded commitments (62 ) - - Investment securities - - - Total $ 968 $ (3,990 ) $ 6,340 |
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 December 31, 2022 (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,743 7,975 174 1,352 3,199 47 267 17,757 Allowance at end of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Collateral dependent loans $ 2,584 $ - $ 40 $ - $ 5,455 $ - $ - $ 8,079 Pooled loans 466,983 677,981 11,415 62,494 257,518 774 24,934 1,502,099 Total gross loans $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 |
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 December 31, 2021 (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 December 31, 2022 Substandard $ 4,209 $ - $ 98 $ - $ 5,454 $ - $ 61 $ 9,822 Watch 5,696 192 96 2,227 5,203 - 2,023 15,437 Pass 459,662 677,789 11,261 60,267 252,316 774 22,850 1,484,919 Total $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 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 Total 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) One- to four-family Pass $ 246,437 $ 55,494 $ 37,438 $ 21,813 $ 20,580 $ 76,568 $ 1,332 $ 459,662 Watch 4,823 - - - - 873 - 5,696 Substandard 218 1,255 519 - - 2,217 - 4,209 Total 251,478 56,749 37,957 21,813 20,580 79,658 1,332 469,567 Multi-family Pass 255,100 144,731 139,386 44,221 22,689 70,905 757 677,789 Watch - - - - - 192 - 192 Substandard - - - - - - - - Total 255,100 144,731 139,386 44,221 22,689 71,097 757 677,981 Home equity Pass 290 81 865 104 174 82 9,665 11,261 Watch - 96 - - - - - 96 Substandard 22 18 - - - - 58 98 Total 312 195 865 104 174 82 9,723 11,455 Construction and land Pass 2,958 49,092 2,308 5,690 123 96 - 60,267 Watch - - - 2,227 - - - 2,227 Substandard - - - - - - - - Total 2,958 49,092 2,308 7,917 123 96 - 62,494 Commercial Real Estate Pass 87,971 53,788 39,015 24,795 21,467 24,595 685 252,316 Watch 1,616 - 95 2,226 1,266 - - 5,203 Substandard - - - - 5,454 - - 5,454 Total 89,587 53,788 39,110 27,021 28,187 24,595 685 262,973 Consumer Pass 19 - - - - - 755 774 Watch - - - - - - - - Substandard - - - - - - - - Total 19 - - - - - 755 774 Commercial Pass 9,385 1,228 1,256 240 936 5,622 4,183 22,850 Watch - - 1,928 - - 92 3 2,023 Substandard 61 - - - - - - 61 Total 9,446 1,228 3,184 240 936 5,714 4,186 24,934 Total Loans $ 608,900 $ 305,783 $ 222,810 $ 101,316 $ 72,689 $ 181,242 $ 17,438 $ 1,510,178 |
Impaired Financing Receivables [Table Text Block] | As of or for the Year Ended December 31, 2021 Recorded Investment Unpaid Principal Reserve Cumulative Charge-Offs Average Recorded Investment Int Paid YTD (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 $ 5,465 $ 186 Multi family 128 128 - - 129 4 Home equity 26 26 - - 29 2 Construction and land - - - - - - Commercial real estate 1,222 1,222 - - 1,222 56 Consumer - - - - - - Commercial 1,097 1,097 - - 1,097 50 $ 7,893 $ 7,923 $ - $ 30 $ 7,942 $ 298 Total Impaired One- to four-family $ 5,420 $ 5,450 $ - $ 30 $ 5,465 $ 186 Multi family 128 128 - - 129 4 Home equity 26 26 - - 29 2 Construction and land - - - - - - Commercial real estate 1,222 1,222 - - 1,222 56 Consumer - - - - - - Commercial 1,097 1,097 - - 1,097 50 $ 7,893 $ 7,923 $ - $ 30 $ 7,942 $ 298 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | As of December 31, 2022 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 936 4 $ 936 4 $ - - $ 936 4 $ 936 4 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 December 31, 2022 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forebearance $ 399 2 $ - - $ 399 2 Interest reduction 18 1 - - 18 1 Principal forebearance 519 1 - - 519 1 Total $ 936 4 $ - - $ 936 4 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 forebearance $ 388 2 $ - - $ 388 2 Interest reduction 24 1 - - 24 1 Principal forebearance 3,577 4 - - 3,577 4 Total $ 3,989 7 $ - - $ 3,989 7 For the Year Ended December 31, 2022 December 31, 2021 Amount Number Amount Number (Dollars in Thousands) Loans modified as a troubled debt restructure One- to four-family $ 63 1 $ 1,258 2 Total $ 63 1 $ 1,258 2 |
Financing Receivable, Nonaccrual [Table Text Block] | As of December 31, 2022 2021 (Dollars in Thousands) Residential One- to four-family $ 4,209 $ 5,420 Multi family - 128 Home equity 98 26 Construction and land - - Commercial real estate - - Commercial - - Consumer - - Total non-accrual loans $ 4,307 $ 5,574 Total non-accrual loans to total loans 0.29 % 0.46 % Total non-accrual loans to total assets 0.21 % 0.25 % |
Note 4 - Office Properties an_2
Note 4 - Office Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 (In Thousands) Land $ 7,516 $ 7,516 Office buildings and improvements 34,084 34,273 Furniture and equipment 13,000 13,043 54,600 54,832 Less accumulated depreciation (33,495 ) (32,559 ) $ 21,105 $ 22,273 |
Note 5 - Real Estate Owned (Tab
Note 5 - Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | December 31, 2022 2021 (In Thousands) One- to four-family $ - $ - Multi family - - Construction and land 145 148 Commercial real estate - - Total real estate owned $ 145 $ 148 Valuation allowance at end of period - - Total real estate owned, net $ 145 $ 148 Year Ended December 31, 2022 2021 (In Thousands) Real estate owned at beginning of period $ 148 $ 148 Transferred in from loans receivable - - Sales - - Write downs - - Other activity (3 ) - Real estate owned at end of period $ 145 $ 148 |
Note 6 - Mortgage Servicing R_2
Note 6 - Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | Year ended December 31, 2022 2021 (In Thousands) Mortgage servicing rights at beginning of the year $ 1,555 $ 5,977 Additions 2,461 5,788 Amortization (579 ) (1,789 ) Sales - (8,444 ) Mortgage servicing rights at end of the year 3,437 1,532 Valuation allowance recovered during the year 7 23 Mortgage servicing rights at the end of the year, net $ 3,444 $ 1,555 |
Future Amortization Expenses for Mortgage Servicing Rights [Table Text Block] | (In Thousands) 2023 $ 626 2024 564 2025 501 2026 438 2027 376 Thereafter 939 Total $ 3,444 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Interest Income and Interest Expense Disclosure [Table Text Block] | Years ended December 31, 2022 2021 2020 (In Thousands) Interest-bearing demand deposits $ 61 $ 50 $ 38 Money market and savings deposits 1,201 904 1,768 Time deposits 3,601 3,466 12,559 $ 4,863 $ 4,420 $ 14,365 |
Time Deposit Maturities [Table Text Block] | (In Thousands) Within one year $ 502,254 More than one to two years 130,784 More than two to three years 7,608 More than three to four years 809 More than four through five years 816 $ 642,271 |
Note 8 - Borrowings (Tables)
Note 8 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2022 December 31, 2021 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 1,084 7.21 % $ 2,127 3.00 % Federal Home Loan Bank, Chicago 185,700 4.26 % 5,000 0.00 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2025 125,000 3.83 % - 0.00 % 2027 50,000 1.73 % 50,000 1.73 % 2028 - - 255,000 2.37 % 2029 - - 165,000 1.61 % 2032 25,000 2.35 % - - $ 386,784 3.68 % $ 477,127 2.02 % |
Note 9 - Regulatory Capital (Ta
Note 9 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2022 Minimum Capital To Be Well-Capitalized For Capital Adequacy with Under Prompt Corrective Actual Adequacy Purposes Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 407,099 24.36 % 133,709 8.00 % 175,493 10.50 % N/A N/A Waterstone Bank 359,623 21.52 % 133,690 8.00 % 175,468 10.50 % 167,112 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 389,342 23.29 % 100,281 6.00 % 142,065 8.50 % N/A N/A Waterstone Bank 341,866 20.46 % 100,267 6.00 % 142,045 8.50 % 133,690 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 389,342 23.29 % 75,211 4.50 % 116,995 7.00 % N/A N/A Waterstone Bank 341,866 20.46 % 75,200 4.50 % 116,978 7.00 % 108,623 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 389,342 19.45 % 80,080 4.00 % N/A N/A N/A N/A Waterstone Bank 341,866 17.08 % 80,080 4.00 % N/A N/A 100,100 5.00 % State of Wisconsin (to total assets) Waterstone Bank 341,866 16.87 % 121,624 6.00 % N/A N/A N/A N/A December 31, 2021 (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 10 - Stock Based Compens_2
Note 10 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 Minimum Maximum Minimum Maximum Dividend Yield 4.07 % 4.82 % 3.64 % 4.37 % Risk-free interest rate 1.80 % 3.92 % 0.41 % 1.27 % Expected volatility 23.14 % 23.97 % 22.83 % 23.84 % Weighted average expected life 5.5 5.6 5.1 5.7 Weighted average per share value of options 2.48 2.84 1.92 2.97 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Aggregate Weighted Average Years Remaining in Intrinsic Value Stock Options Shares Exercise Price Contractual Term (000's) Outstanding December 31, 2019 1,025,771 $ 13.29 5.56 $ 5,887 Options exercisable at December 31, 2019 546,770 12.93 5.31 $ 3,335 Granted 35,000 16.06 $ 97 Exercised (291,944 ) 12.66 1,799 Forfeited (17,000 ) 17.17 28 Outstanding December 31, 2020 751,827 13.57 4.82 $ 3,945 Options exercisable at December 31, 2020 433,827 13.31 4.45 $ 2,392 Granted 45,000 20.44 $ 39 Exercised (179,517 ) 12.85 1,496 Forfeited (23,000 ) 16.50 108 Outstanding December 31, 2021 594,310 14.20 4.33 $ 4,158 Options exercisable at December 31, 2021 352,310 13.70 3.78 $ 2,636 Granted 35,000 18.38 $ 2 Exercised (44,690 ) 12.62 198 Forfeited (29,001 ) 18.82 1 Outstanding December 31, 2022 555,619 14.35 3.41 $ 1,708 Options exercisable at December 31, 2022 409,119 13.76 2.59 $ 1,408 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Weighted Average Exercise Price Remaining Life (Years) Options Exercisable Weighted Average Exercise Price Remaining Life (Years) Range of Exercise Prices: $0.01 - $10.00 - $ - - - $ - - $10.01 - $15.00 409,619 $ 12.88 2.14 338,119 $ 12.88 2.00 $15.01 - $20.00 120,000 $ 17.93 6.63 65,000 $ 17.65 5.21 Over $20.01 26,000 $ 20.97 8.39 6,000 $ 20.88 7.29 Total 555,619 $ 14.35 3.41 409,119 $ 13.76 2.59 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Stock Options Shares Grant Date Fair Value Nonvested at December 31, 2020 318,000 $ 3.16 Granted 45,000 2.48 Vested (103,000 ) 3.26 Forfeited (18,000 ) 2.23 Nonvested at December 31, 2021 242,000 3.06 Nonvested at December 31, 2021 242,000 3.06 Granted 35,000 2.63 Vested (113,500 ) 2.66 Forfeited (17,000 ) 2.52 Nonvested at December 31, 2022 146,500 2.90 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Restricted Stock Shares Grant Date Fair Value Nonvested at December 31, 2020 46,000 $ 12.75 Granted 28,722 20.09 Vested (23,000 ) 12.75 Forfeited - - Nonvested at December 31, 2021 51,722 16.82 Nonvested at December 31, 2021 51,722 16.82 Granted 17,665 19.43 Vested (24,288 ) 13.12 Forfeited - - Nonvested at December 31, 2022 45,099 19.84 |
Note 12 - Employee Stock Owne_2
Note 12 - Employee Stock Ownership Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 2022 2021 Beginning ESOP shares 1,264,537 1,369,915 Shares committed to be released (105,378 ) (105,378 ) Unreleased shares 1,159,159 1,264,537 Fair value of unreleased shares (in millions) $ 20.0 $ 29.9 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2022 2021 2020 (In Thousands) Current: Federal $ 4,731 $ 17,387 $ 22,272 State 745 2,550 7,319 5,476 19,937 29,591 Deferred: Federal (460 ) 900 (2,171 ) State (24 ) 478 (449 ) (484 ) 1,378 (2,620 ) Total $ 4,992 $ 21,315 $ 26,971 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2022 2021 2020 (Dollars in Thousands) Income (loss) before income taxes $ 24,479 $ 92,106 $ 108,116 Tax at Federal statutory rate ( 21 5,141 19,342 22,704 Add (deduct) effect of: State income taxes net of Federal income tax benefit (expense) 570 2,392 5,428 Cash surrender value of life insurance (365 ) (339 ) (400 ) Non-deductible ESOP and stock option expense 167 216 133 Tax-exempt interest income (159 ) (208 ) (222 ) Non-deductible compensation 37 103 96 Death benefit on bank owned life insurance (71 ) - (306 ) Stock compensation (69 ) (251 ) (387 ) ESOP dividends (273 ) (245 ) (365 ) Other 14 305 290 Income tax provision (benefit) $ 4,992 $ 21,315 $ 26,971 Effective tax rate 20.4 % 23.1 % 24.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 (In Thousands) Gross deferred tax assets: Depreciation $ 959 $ 886 Restricted stock and stock options 326 307 Allowance for credit losses 4,263 3,805 Allowance for unfunded commitments 321 - Repurchase reserve for loans sold 512 540 Interest recognized for tax but not books 209 185 Real estate owned 9 8 Unrealized loss on impaired securities - 23 Lease liability 1,148 1,498 Unrealized loss on securities available for sale, net 7,104 236 Other 186 109 Total gross deferred tax assets 15,037 7,597 Gross deferred tax liabilities: Depreciation - - Mortgage servicing rights (870 ) (390 ) FHLB stock dividends (24 ) (46 ) Lease Asset (1,138 ) (1,469 ) Deferred loan fees (333 ) (372 ) Deferred liabilities (2,365 ) (2,277 ) Net deferred tax assets $ 12,672 $ 5,320 |
Note 14 - Commitments, Off-Ba_2
Note 14 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2022 2021 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under first mortgage loans (1) $ 61,223 48,626 Commitments to extend credit under home equity lines of credit 9,550 11,990 Unused portion of construction loans 48,530 50,303 Unused portion of business lines of credit 17,356 17,916 Standby letters of credit 1,516 1,379 |
Note 15 - Derivative Financia_2
Note 15 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | December 31, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in millions) Forward commitments $ 296.0 Prepaid expenses and Other assets $ 1.9 Other liabilities $ 3.6 Interest rate locks 203.1 Prepaid expenses and Other assets 0.7 Other liabilities - Interest rate swaps 90.5 Prepaid expenses and Other assets 14.2 Other liabilities 14.2 December 31, 2021 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in millions) Forward commitments $ 571.5 Prepaid expenses and Other assets $ 1.3 Other liabilities $ - Interest rate locks 345.2 Prepaid expenses and Other assets 3.1 Other liabilities - Interest rate swaps 105.2 Prepaid expenses and Other assets 1.6 Other liabilities 1.6 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 13,314 $ - $ 13,314 $ - Collateralized mortgage obligations Government sponsored enterprise issued 124,765 - 124,765 - Private-label issued 8,106 - 8,106 - Government sponsored enterprise bonds 2,256 - 2,256 - Municipal securities 36,934 - 36,934 - Other debt securities 11,162 - 11,162 - Other securities 51 - 51 - Loans held for sale 131,188 - 131,188 - Mortgage banking derivative assets 2,619 - - 2,619 Interest rate swap assets 14,226 - 14,226 - Liabilities Mortgage banking derivative liabilities 3,613 - - 3,613 Interest rate swap liabilities 14,226 - 14,226 - 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] | Mortgage banking derivatives, net (In Thousands) Balance at December 31, 2020 $ 5,917 Mortgage derivative loss, net (1,548 ) Balance at December 31, 2021 4,369 Mortgage derivative loss, net (5,363 ) Mortgage derivative, net balance at the end of the period $ (994 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 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] | Fair Value at Significant Significant Unobservable Input Value December 31, Valuation Unobservable Minimum Maximum Weighted 2022 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ (994 ) Pricing models Pull through rate 20.6 % 100.0 % 89.2 % Real estate owned 145 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] | December 31, 2022 December 31, 2021 Carrying Carrying amount Fair Value amount Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 46,642 $ 46,642 $ 46,642 $ - $ - $ 376,722 $ 376,722 $ 376,722 $ - $ - Loans receivable 1,510,178 1,403,429 - - 1,403,429 1,205,785 1,210,854 - - 1,210,854 FHLB stock 17,357 17,357 17,357 - - 24,438 24,438 - 24,438 - Accrued interest receivable 5,725 5,725 5,725 - - 4,013 4,013 4,013 - - Mortgage servicing rights 3,444 5,001 - - 5,001 1,555 1,808 - - 1,808 - Financial Liabilities Deposits 1,199,012 1,194,559 556,741 637,818 - 1,233,386 1,233,478 606,723 626,755 - Advance payments by borrowers for taxes 5,334 5,334 5,334 - - 4,094 4,094 4,094 - - Borrowings 386,784 377,275 - 377,275 - 477,127 499,120 - 499,120 - Accrued interest payable 1,358 1,358 1,358 - - 959 959 959 - - |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended December 31, 2022 2021 2020 (In Thousands, except for per share amounts) Net income $ 19,487 $ 70,791 $ 81,145 Weighted average shares outstanding 21,884 23,741 24,464 Effect of dilutive potential common shares 126 190 143 Diluted weighted average shares outstanding $ 22,010 $ 23,931 $ 24,607 Basic income per share $ 0.89 $ 2.98 $ 3.32 Diluted income per share $ 0.89 $ 2.96 $ 3.30 |
Note 18 - Condensed Parent Co_2
Note 18 - Condensed Parent Company Only Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2022 2021 (In Thousands) Assets Cash and cash equivalents $ 51,767 $ 71,158 Investment in subsidiaries 323,010 378,247 Other assets 238 892 Total Assets $ 375,015 $ 450,297 Liabilities and shareholders' equity Liabilities: Other liabilities 4,529 17,524 Shareholders' equity Preferred Stock (par value $ .01 50,000,000 no - - Common stock (par value $ .01 100,000,000 22,174,225 24,795,124 222 248 Additional paid-in-capital 128,550 174,505 Retained earnings 274,246 273,398 Unearned ESOP shares (13,056 ) (14,243 ) Accumulated other comprehensive loss, net of taxes (19,476 ) (1,135 ) Total shareholders' equity 370,486 432,773 Total liabilities and shareholders' equity $ 375,015 $ 450,297 |
Condensed Income Statement [Table Text Block] | For the year ended December 31, 2022 2021 2020 (In Thousands) Interest income $ 607 $ 549 $ 688 Equity in income of subsidiaries 19,507 70,862 81,122 Total income 20,114 71,411 81,810 Professional fees $ 30 38 47 Other expense 603 604 610 Total expense 633 642 657 Income (loss) before income tax expense 19,481 70,769 81,153 Income tax (benefit) expense (6 ) (22 ) 8 Net income $ 19,487 $ 70,791 $ 81,145 |
Condensed Cash Flow Statement [Table Text Block] | For the year ended December 31, 2022 2021 2020 (In Thousands) Cash flows from operating activities Net income (loss) $ 19,487 $ 70,791 $ 81,145 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Amortization of unearned ESOP 1,889 2,129 1,676 Stock based compensation 583 745 716 Deferred income taxes - 1 - Equity in (earnings) loss of subsidiaries (19,507 ) (70,862 ) (81,122 ) Change in other assets and liabilities 89 (1,339 ) (853 ) Net cash provided by operating activities 2,541 1,465 1,562 Net cash used in investing activities - - - Dividends received from subsidiary 55,594 63,564 52,152 Cash Dividends on Common Stock (30,260 ) (30,388 ) (31,520 ) Proceeds from stock option exercises 564 2,307 3,704 Purchase of common stock returned to authorized but unissued (47,830 ) (10,176 ) (36,242 ) Net cash provided by (used in) financing activities (21,932 ) 25,307 (11,906 ) Net increase (decrease) in cash (19,391 ) 26,772 (10,344 ) Cash and cash equivalents at beginning of year 71,158 44,386 54,730 Cash and cash equivalents at end of year $ 51,767 $ 71,158 $ 44,386 |
Note 19 - Segment Reporting (Ta
Note 19 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | As of or for the Year ended December 31, 2022 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 56,606 $ 157 $ 191 $ 56,954 Provision for credit losses (1) 677 291 - 968 Net interest income after provision for credit losses 55,929 (134 ) 191 55,986 Noninterest income 5,221 104,101 (3,767 ) 105,555 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 19,013 81,010 (458 ) 99,565 Occupancy, office furniture and equipment 3,645 5,061 - 8,706 Advertising 887 3,089 - 3,976 Data processing 2,229 2,234 7 4,470 Communications 357 832 - 1,189 Professional fees 508 1,278 29 1,815 Real estate owned 19 - - 19 Loan processing expense - 4,744 - 4,744 Other 5,551 10,197 (3,170 ) 12,578 Total noninterest expenses 32,209 108,445 (3,592 ) 137,062 Income (loss) before income taxes (benefit) 28,941 (4,478 ) 16 24,479 Income taxes (benefit) 6,116 (1,117 ) (7 ) 4,992 Net income (loss) $ 22,825 $ (3,361 ) $ 23 $ 19,487 Total Assets $ 2,009,727 $ 198,625 $ (176,680 ) $ 2,031,672 As of or for the Year ended December 31, 2021 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 56,051 $ (652 ) $ 116 $ 55,515 Provision (credit) for loan losses (4,100 ) 110 - (3,990 ) Net interest income after provision (credit) for loan losses 60,151 (762 ) 116 59,505 Noninterest income 6,058 197,573 (436 ) 203,195 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 20,294 115,279 (458 ) 135,115 Occupancy, office furniture and equipment 3,781 5,831 - 9,612 Advertising 980 2,548 - 3,528 Data processing 2,039 1,889 22 3,950 Communications 427 882 - 1,309 Professional fees 673 564 38 1,275 Real estate owned 3 - - 3 Loan processing expense - 4,610 - 4,610 Other 1,974 9,074 144 11,192 Total noninterest expenses 30,171 140,677 (254 ) 170,594 Income before income taxes (benefit) 36,038 56,134 (66 ) 92,106 Income taxes (benefit) 7,696 13,641 (22 ) 21,315 Net income $ 28,342 $ 42,493 $ (44 ) $ 70,791 Total Assets $ 2,162,360 $ 365,590 $ (312,092 ) $ 2,215,858 As of or for the Year ended December 31, 2020 Community Banking Mortgage Banking Holding Company and Other Consolidated (In Thousands) Net interest income $ 54,616 $ (1,171 ) $ 55 $ 53,500 Provision for loan losses 6,075 265 - 6,340 Net interest income after provision for loan losses 48,541 (1,436 ) 55 47,160 Noninterest income 8,723 236,659 (1,365 ) 244,017 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 20,233 119,432 (619 ) 139,046 Occupancy, office furniture and equipment 3,688 6,535 - 10,223 Advertising 1,041 2,650 - 3,691 Data processing 2,284 1,636 21 3,941 Communications 411 918 - 1,329 Professional fees 695 7,376 47 8,118 Real estate owned (8 ) - - (8 ) Loan processing expense - 4,646 - 4,646 Other 2,507 10,345 (777 ) 12,075 Total noninterest expenses 30,851 153,538 (1,328 ) 183,061 Income before income taxes 26,413 81,685 18 108,116 Income taxes 5,219 21,744 8 26,971 Net income $ 21,194 $ 59,941 $ 10 $ 81,145 Total Assets $ 2,116,560 $ 456,076 $ (388,049 ) $ 2,184,587 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |||
Number of Operating Segments | 2 | ||||||
Mortgage Loans Selling Period (Day) | 45 days | ||||||
Percentage of Costs Expensed on Appropriate Noninterest Expense | 74.70% | ||||||
Minimum Number of Consecutive Contractual Payments | 6 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 17,757,000 | [1] | $ 15,778,000 | [1] | $ 18,823,000 | ||
Retained Earnings (Accumulated Deficit), Total | 274,246,000 | 273,398,000 | |||||
Unfunded Loan Commitment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,300,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 430,000 | $ 12,387,000 | |||||
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 | ||||||
Minimum [Member] | Accounting Standards Update 2019-04 [Member] | |||||||
Percentage Change in Allowance for Credit Losses | 0% | ||||||
Office Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||
Office Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||||
Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||
Computer Software, Intangible Asset [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Securities, Unrealized Loss Position, Number of Positions | 185 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 0 | $ 0 |
Mortgage-related Securities [Member] | Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale, Restricted | $ 259,000 | $ 430,000 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Values of Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized cost | $ 222,665 | $ 179,884 |
Gross unrealized gains | 432 | 2,322 |
Gross unrealized losses | (26,509) | (3,190) |
Fair value | 196,588 | 179,016 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost | 15,134 | 19,133 |
Gross unrealized gains | 4 | 542 |
Gross unrealized losses | (1,824) | (187) |
Fair value | 13,314 | 19,488 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 145,740 | 100,543 |
Gross unrealized gains | 0 | 503 |
Gross unrealized losses | (20,975) | (1,744) |
Fair value | 124,765 | 99,302 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Amortized cost | 9,041 | 2,913 |
Gross unrealized gains | 0 | 30 |
Gross unrealized losses | (935) | 0 |
Fair value | 8,106 | 2,943 |
Mortgage-related Securities [Member] | ||
Amortized cost | 169,915 | 122,589 |
Gross unrealized gains | 4 | 1,075 |
Gross unrealized losses | (23,734) | (1,931) |
Fair value | 146,185 | 121,733 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized cost | 2,500 | 2,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (244) | (52) |
Fair value | 2,256 | 2,448 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 37,699 | 42,295 |
Gross unrealized gains | 428 | 1,206 |
Gross unrealized losses | (1,193) | (7) |
Fair value | 36,934 | 43,494 |
Other Debt Obligations [Member] | ||
Amortized cost | 12,500 | 12,500 |
Gross unrealized gains | 0 | 41 |
Gross unrealized losses | (1,338) | (1,200) |
Fair value | 11,162 | 11,341 |
Debt Securities [Member] | ||
Amortized cost | 52,699 | 57,295 |
Debt [Member] | ||
Gross unrealized gains | 428 | 1,247 |
Gross unrealized losses | (2,775) | (1,259) |
Fair value | 50,352 | $ 57,283 |
Other Securities [Member] | ||
Amortized cost | 51 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | $ 51 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due within one year, amortized cost | $ 3,706 | |
Due within one year, fair value | 3,695 | |
Due after one year through five years, amortized cost | 18,218 | |
Due after one year through five years, fair value | 18,076 | |
Due after five years through ten years, amortized cost | 18,122 | |
Due after five years through ten years, fair value | 16,830 | |
Due after ten years, amortized cost | 12,653 | |
Due after ten years, fair value | 11,751 | |
Amortized cost | 222,665 | $ 179,884 |
Fair value | 196,588 | 179,016 |
Mortgage-related Securities [Member] | ||
Without single date securities | 169,915 | |
Without single date securities, fair value | 146,185 | |
Amortized cost | 169,915 | 122,589 |
Fair value | 146,185 | $ 121,733 |
Other Securities [Member] | ||
Without single date securities | 51 | |
Without single date securities, fair value | 51 | |
Amortized cost | 51 | |
Fair value | $ 51 |
Note 2 - Securities - Gross Unr
Note 2 - Securities - Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value, less than 12 months | $ 103,931 | $ 74,215 |
Unrealized loss, less than 12 months | 8,564 | 1,749 |
Fair value, 12 months or longer | 76,963 | 15,127 |
Unrealized loss, 12 months or longer | 17,945 | 1,441 |
Total fair value | 180,894 | 89,342 |
Total unrealized loss | 26,509 | 3,190 |
Unrealized loss, less than 12 months | (8,564) | (1,749) |
Unrealized loss, 12 months or longer | (17,945) | (1,441) |
Total unrealized loss | (26,509) | (3,190) |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months | 8,383 | 4,042 |
Unrealized loss, less than 12 months | 655 | 101 |
Fair value, 12 months or longer | 4,573 | 1,956 |
Unrealized loss, 12 months or longer | 1,169 | 86 |
Total fair value | 12,956 | 5,998 |
Total unrealized loss | 1,824 | 187 |
Unrealized loss, less than 12 months | (655) | (101) |
Unrealized loss, 12 months or longer | (1,169) | (86) |
Total unrealized loss | (1,824) | (187) |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair value, less than 12 months | 65,270 | 66,254 |
Unrealized loss, less than 12 months | 6,400 | 1,589 |
Fair value, 12 months or longer | 59,495 | 4,371 |
Unrealized loss, 12 months or longer | 14,575 | 155 |
Total fair value | 124,765 | 70,625 |
Total unrealized loss | 20,975 | 1,744 |
Unrealized loss, less than 12 months | (6,400) | (1,589) |
Unrealized loss, 12 months or longer | (14,575) | (155) |
Total unrealized loss | (20,975) | (1,744) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair value, less than 12 months | 7,012 | 2,448 |
Unrealized loss, less than 12 months | 935 | 52 |
Fair value, 12 months or longer | 0 | 0 |
Unrealized loss, 12 months or longer | 0 | 0 |
Total fair value | 7,012 | 2,448 |
Total unrealized loss | 935 | 52 |
Unrealized loss, less than 12 months | (935) | (52) |
Unrealized loss, 12 months or longer | 0 | 0 |
Total unrealized loss | (935) | (52) |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Fair value, less than 12 months | 2,256 | |
Unrealized loss, less than 12 months | 244 | |
Fair value, 12 months or longer | 0 | |
Unrealized loss, 12 months or longer | 0 | |
Total fair value | 2,256 | |
Total unrealized loss | 244 | |
Unrealized loss, less than 12 months | (244) | |
Unrealized loss, 12 months or longer | 0 | |
Total unrealized loss | (244) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 months | 18,648 | 1,471 |
Unrealized loss, less than 12 months | 192 | 7 |
Fair value, 12 months or longer | 4,095 | 0 |
Unrealized loss, 12 months or longer | 1,001 | 0 |
Total fair value | 22,743 | 1,471 |
Total unrealized loss | 1,193 | 7 |
Unrealized loss, less than 12 months | (192) | (7) |
Unrealized loss, 12 months or longer | (1,001) | 0 |
Total unrealized loss | (1,193) | (7) |
Other Debt Obligations [Member] | ||
Fair value, less than 12 months | 2,362 | 0 |
Unrealized loss, less than 12 months | 138 | 0 |
Fair value, 12 months or longer | 8,800 | 8,800 |
Unrealized loss, 12 months or longer | 1,200 | 1,200 |
Total fair value | 11,162 | 8,800 |
Total unrealized loss | 1,338 | 1,200 |
Unrealized loss, less than 12 months | (138) | 0 |
Unrealized loss, 12 months or longer | (1,200) | (1,200) |
Total unrealized loss | $ (1,338) | $ (1,200) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||||
Percentage of Loans Secured by Residential Real Estate | 76.70% | |||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 1,510,178,000 | $ 1,205,785,000 | ||||
Loans and Leases Receivable, Related Parties, Ending Balance | 2,800,000 | 2,500,000 | ||||
Loans and Leases Receivable, Related Parties, Past Due or Impaired | 0 | 0 | ||||
Financing Receivable, Nonaccrual | 4,307,000 | 5,574,000 | ||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 17,757,000 | [1] | 15,778,000 | [1] | $ 18,823,000 | |
Loans Requiring Officers Loans Committee Review and Approval, Minimum | 500,000 | |||||
Minimum Amount of Potential Loan Exposure to be Reviewed by Credit Management Personnel | $ 1,000,000 | |||||
Maximum Period of Time Loan Reviewed Under Renewal Condition (Year) | 1 year | |||||
Financing Receivable, Troubled Debt Restructuring | $ 936,000 | $ 3,989,000 | ||||
Minimum Number of Consecutive Contractual Payments Received Prior to Consideration for a Return to Accrual Status | 6 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||||
Minimum [Member] | ||||||
Period of Principal Forbearance Reduction in Interest Rate or Both Included in Typical Restructured Terms (Month) | 6 months | |||||
Maximum [Member] | ||||||
Period of Principal Forbearance Reduction in Interest Rate or Both Included in Typical Restructured Terms (Month) | 12 months | |||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 24,934,000 | $ 22,298,000 | ||||
Financing Receivable, Nonaccrual | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 267,000 | 427,000 | 642,000 | |||
Minimum Amount of Potential Loan Exposure to be Reviewed | 200,000 | |||||
Financing Receivable, Troubled Debt Restructuring | 1,097,000 | |||||
Unfunded Loan Commitment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,300,000 | |||||
One to Four Family [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | 469,567,000 | 300,523,000 | ||||
Financing Receivable, Nonaccrual | 4,209,000 | 5,420,000 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,743,000 | 3,963,000 | $ 5,459,000 | |||
Financing Receivable, Troubled Debt Restructuring | 936,000 | 1,670,000 | ||||
Mortgage Loans in Process of Foreclosure, Amount | 795,000 | 1,400,000 | ||||
Financial Asset, 1 to 59 Days Past Due [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 2,345,000 | 643,000 | |||
Financing Receivable, Nonaccrual | 0 | 43,000 | ||||
Financial Asset, 1 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 3,000 | 7,000 | |||
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 | [2] | 2,328,000 | 622,000 | |||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 233,000 | 2,051,000 | |||
Financing Receivable, Nonaccrual | 0 | 347,000 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 0 | 0 | |||
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 | [3] | 0 | 2,028,000 | |||
Financial Asset, Not Past Due [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [4] | 1,503,917,000 | 1,198,723,000 | |||
Financing Receivable, Nonaccrual | 624,000 | 816,000,000 | ||||
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [4] | 24,931,000 | 22,291,000 | |||
Financial Asset, Not Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | [4] | 463,621,000 | 293,659,000 | |||
Federal Home Loan Bank of Chicago [Member] | ||||||
Federal Home Loan Bank, Advance, Total | 385,700,000 | 475,000,000 | ||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 976,700,000 | $ 886,700,000 | ||||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard.[2]Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[3]Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[4]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 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | $ 1,510,178 | $ 1,205,785 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 469,567 | 300,523 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 677,981 | 537,956 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 11,455 | 11,012 |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 62,494 | 82,588 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 262,973 | 250,676 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 774 | 732 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 24,934 | $ 22,298 |
Note 3 - Loans Receivable - Ana
Note 3 - Loans Receivable - Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans receivable | $ 1,510,178 | $ 1,205,785 | |
Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 2,345 | 643 |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 233 | 2,051 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 3,683 | 4,368 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 6,261 | 7,062 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 1,503,917 | 1,198,723 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 469,567 | 300,523 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 2,328 | 622 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 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 | 3,618 | 4,214 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 5,946 | 6,864 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 463,621 | 293,659 |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 677,981 | 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] | 677,981 | 537,828 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 11,455 | 11,012 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 14 | 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 | 65 | 26 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 79 | 63 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 11,376 | 10,949 |
Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 62,494 | 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] | 62,494 | 82,588 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 262,973 | 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] | 233 | 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 | 233 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 262,740 | 250,676 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 774 | 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] | 774 | 732 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 24,934 | 22,298 | |
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 3 | 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 | 3 | 7 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | $ 24,931 | $ 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 | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Balance at beginning of period | $ 15,778 | [1] | $ 18,823 | |||
Provision (credit) for loan losses | 1,030 | [1] | (3,990) | [2] | $ 6,340 | [2] |
Charge-offs | (320) | (192) | (118) | |||
Recoveries | 839 | 1,137 | 214 | |||
Balance at end of period | 17,757 | [1] | 15,778 | [1] | 18,823 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 430 | 12,387 | ||||
Balance at end of period | 430 | |||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||
Balance at beginning of period | 3,963 | 5,459 | ||||
Provision (credit) for loan losses | 918 | [1] | (2,294) | 486 | ||
Charge-offs | (304) | (151) | (82) | |||
Recoveries | 78 | 949 | 148 | |||
Balance at end of period | 4,743 | 3,963 | 5,459 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 88 | 4,907 | ||||
Balance at end of period | 88 | |||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||
Balance at beginning of period | 5,398 | 5,600 | ||||
Provision (credit) for loan losses | 1,750 | [1] | (318) | 1,446 | ||
Charge-offs | 0 | 0 | (5) | |||
Recoveries | 727 | 116 | 21 | |||
Balance at end of period | 7,975 | 5,398 | 5,600 | |||
Residential Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 100 | 4,138 | ||||
Balance at end of period | 100 | |||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Balance at beginning of period | 89 | 194 | ||||
Provision (credit) for loan losses | 9 | [1] | (121) | (21) | ||
Charge-offs | 0 | 0 | (13) | |||
Recoveries | 18 | 16 | 27 | |||
Balance at end of period | 174 | 89 | 194 | |||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 58 | 201 | ||||
Balance at end of period | 58 | |||||
Construction and Land Portfolio Segment [Member] | ||||||
Balance at beginning of period | 1,386 | 1,755 | ||||
Provision (credit) for loan losses | (923) | [1] | (408) | 1,151 | ||
Charge-offs | 0 | (13) | (8) | |||
Recoveries | 3 | 52 | 2 | |||
Balance at end of period | 1,352 | 1,386 | 1,755 | |||
Construction and Land Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 886 | 610 | ||||
Balance at end of period | 886 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Balance at beginning of period | 4,482 | 5,138 | ||||
Provision (credit) for loan losses | (656) | [1] | (650) | 2,977 | ||
Charge-offs | 0 | (10) | 0 | |||
Recoveries | 13 | 4 | 16 | |||
Balance at end of period | 3,199 | 4,482 | 5,138 | |||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | (640) | 2,145 | ||||
Balance at end of period | (640) | |||||
Consumer Portfolio Segment [Member] | ||||||
Balance at beginning of period | 33 | 35 | ||||
Provision (credit) for loan losses | 23 | [1] | 16 | 31 | ||
Charge-offs | (16) | (18) | (10) | |||
Recoveries | 0 | 0 | 0 | |||
Balance at end of period | 47 | 33 | 35 | |||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | 7 | 14 | ||||
Balance at end of period | 7 | |||||
Commercial Portfolio Segment [Member] | ||||||
Balance at beginning of period | 427 | 642 | ||||
Provision (credit) for loan losses | (91) | [1] | (215) | 270 | ||
Charge-offs | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | |||
Balance at end of period | 267 | 427 | 642 | |||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | $ (69) | $ 372 | ||||
Balance at end of period | $ (69) | |||||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard.[2]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 3 - Loans Receivable - Com
Note 3 - Loans Receivable - Components of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Provision (credit) for loan losses | $ 1,030 | [1] | $ (3,990) | [2] | $ 6,340 | [2] | |
Investment securities, provision for credit losses | [2] | 0 | 0 | 0 | |||
Total, provision for credit losses | [1] | 968 | (3,990) | 6,340 | |||
Unfunded Loan Commitment [Member] | |||||||
Provision (credit) for loan losses | [2] | $ (62) | $ 0 | $ 0 | |||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard.[2]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 3 - Loans Receivable - Col
Note 3 - Loans Receivable - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Less: Allowance for credit losses ("ACL") - loans (1) | $ 17,757 | [1] | $ 15,778 | [1] | $ 18,823 |
Loans receivable | 1,510,178 | 1,205,785 | |||
Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 8,079 | ||||
Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 17,757 | ||||
Loans receivable | 1,502,099 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 4,743 | 3,963 | 5,459 | ||
Loans receivable | 469,567 | 300,523 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 2,584 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 4,743 | ||||
Loans receivable | 466,983 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 7,975 | 5,398 | 5,600 | ||
Loans receivable | 677,981 | 537,956 | |||
Residential Portfolio Segment [Member] | Multifamily [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 0 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 7,975 | ||||
Loans receivable | 677,981 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 174 | 89 | 194 | ||
Loans receivable | 11,455 | 11,012 | |||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 40 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 174 | ||||
Loans receivable | 11,415 | ||||
Construction and Land Portfolio Segment [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 1,352 | 1,386 | 1,755 | ||
Loans receivable | 62,494 | 82,588 | |||
Construction and Land Portfolio Segment [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 0 | ||||
Construction and Land Portfolio Segment [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 1,352 | ||||
Loans receivable | 62,494 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 3,199 | 4,482 | 5,138 | ||
Loans receivable | 262,973 | 250,676 | |||
Commercial Real Estate Portfolio Segment [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 5,455 | ||||
Commercial Real Estate Portfolio Segment [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 3,199 | ||||
Loans receivable | 257,518 | ||||
Consumer Portfolio Segment [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 47 | 33 | 35 | ||
Loans receivable | 774 | 732 | |||
Consumer Portfolio Segment [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 0 | ||||
Consumer Portfolio Segment [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 47 | ||||
Loans receivable | 774 | ||||
Commercial Portfolio Segment [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 267 | 427 | $ 642 | ||
Loans receivable | 24,934 | $ 22,298 | |||
Commercial Portfolio Segment [Member] | Collateral Dependent Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 0 | ||||
Loans receivable | 0 | ||||
Commercial Portfolio Segment [Member] | Pooled Loans [Member] | |||||
Less: Allowance for credit losses ("ACL") - loans (1) | 267 | ||||
Loans receivable | $ 24,934 | ||||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 3 - Loans Receivable - S_2
Note 3 - Loans Receivable - Summary of Allowance for Loan Loss Evaluated Collectively and Individually (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 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 | $ 17,757 | [1] | 15,778 | [1] | $ 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 | 1,510,178 | 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 | 4,743 | 3,963 | 5,459 | ||
Loans individually evaluated for impairment | 5,420 | ||||
Loans collectively evaluated for impairment | 295,103 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 469,567 | 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 | 7,975 | 5,398 | 5,600 | ||
Loans individually evaluated for impairment | 128 | ||||
Loans collectively evaluated for impairment | 537,828 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 677,981 | 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 | 174 | 89 | 194 | ||
Loans individually evaluated for impairment | 26 | ||||
Loans collectively evaluated for impairment | 10,986 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 11,455 | 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 | 1,352 | 1,386 | 1,755 | ||
Loans individually evaluated for impairment | 0 | ||||
Loans collectively evaluated for impairment | 82,588 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 62,494 | 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 | 3,199 | 4,482 | 5,138 | ||
Loans individually evaluated for impairment | 1,222 | ||||
Loans collectively evaluated for impairment | 249,454 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 262,973 | 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 | 47 | 33 | 35 | ||
Loans individually evaluated for impairment | 0 | ||||
Loans collectively evaluated for impairment | 732 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 774 | 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 | 267 | 427 | $ 642 | ||
Loans individually evaluated for impairment | 1,097 | ||||
Loans collectively evaluated for impairment | 21,201 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 24,934 | $ 22,298 | |||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | $ 1,510,178 | $ 1,205,785 |
Originated current year | 608,900 | |
Originated one years before | 305,783 | |
Originated two years before | 222,810 | |
Originated three years before | 101,316 | |
Originated four years before | 72,689 | |
Originated five years before | 181,242 | |
Revolving | 17,438 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 469,567 | 300,523 |
Originated current year | 251,478 | |
Originated one years before | 56,749 | |
Originated two years before | 37,957 | |
Originated three years before | 21,813 | |
Originated four years before | 20,580 | |
Originated five years before | 79,658 | |
Revolving | 1,332 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 677,981 | 537,956 |
Originated current year | 255,100 | |
Originated one years before | 144,731 | |
Originated two years before | 139,386 | |
Originated three years before | 44,221 | |
Originated four years before | 22,689 | |
Originated five years before | 71,097 | |
Revolving | 757 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 11,455 | 11,012 |
Originated current year | 312 | |
Originated one years before | 195 | |
Originated two years before | 865 | |
Originated three years before | 104 | |
Originated four years before | 174 | |
Originated five years before | 82 | |
Revolving | 9,723 | |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 62,494 | 82,588 |
Originated current year | 2,958 | |
Originated one years before | 49,092 | |
Originated two years before | 2,308 | |
Originated three years before | 7,917 | |
Originated four years before | 123 | |
Originated five years before | 96 | |
Revolving | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 262,973 | 250,676 |
Originated current year | 89,587 | |
Originated one years before | 53,788 | |
Originated two years before | 39,110 | |
Originated three years before | 27,021 | |
Originated four years before | 28,187 | |
Originated five years before | 24,595 | |
Revolving | 685 | |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 774 | 732 |
Originated current year | 19 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 755 | |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 24,934 | 22,298 |
Originated current year | 9,446 | |
Originated one years before | 1,228 | |
Originated two years before | 3,184 | |
Originated three years before | 240 | |
Originated four years before | 936 | |
Originated five years before | 5,714 | |
Revolving | 4,186 | |
Substandard [Member] | ||
Loans receivable | 9,822 | 13,498 |
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 4,209 | 5,420 |
Originated current year | 218 | |
Originated one years before | 1,255 | |
Originated two years before | 519 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 2,217 | |
Revolving | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 0 | 128 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 98 | 26 |
Originated current year | 22 | |
Originated one years before | 18 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 58 | |
Substandard [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 5,454 | 6,827 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 5,454 | |
Originated five years before | 0 | |
Revolving | 0 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 61 | 1,097 |
Originated current year | 61 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Pass [Member] | ||
Loans receivable | 1,484,919 | 1,171,037 |
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 459,662 | 287,166 |
Originated current year | 246,437 | |
Originated one years before | 55,494 | |
Originated two years before | 37,438 | |
Originated three years before | 21,813 | |
Originated four years before | 20,580 | |
Originated five years before | 76,568 | |
Revolving | 1,332 | |
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 677,789 | 537,828 |
Originated current year | 255,100 | |
Originated one years before | 144,731 | |
Originated two years before | 139,386 | |
Originated three years before | 44,221 | |
Originated four years before | 22,689 | |
Originated five years before | 70,905 | |
Revolving | 757 | |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 11,261 | 10,949 |
Originated current year | 290 | |
Originated one years before | 81 | |
Originated two years before | 865 | |
Originated three years before | 104 | |
Originated four years before | 174 | |
Originated five years before | 82 | |
Revolving | 9,665 | |
Pass [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 60,267 | 78,376 |
Originated current year | 2,958 | |
Originated one years before | 49,092 | |
Originated two years before | 2,308 | |
Originated three years before | 5,690 | |
Originated four years before | 123 | |
Originated five years before | 96 | |
Revolving | 0 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 252,316 | 237,979 |
Originated current year | 87,971 | |
Originated one years before | 53,788 | |
Originated two years before | 39,015 | |
Originated three years before | 24,795 | |
Originated four years before | 21,467 | |
Originated five years before | 24,595 | |
Revolving | 685 | |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 774 | 732 |
Originated current year | 19 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 755 | |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 22,850 | 18,007 |
Originated current year | 9,385 | |
Originated one years before | 1,228 | |
Originated two years before | 1,256 | |
Originated three years before | 240 | |
Originated four years before | 936 | |
Originated five years before | 5,622 | |
Revolving | 4,183 | |
Watch [Member] | ||
Loans receivable | 15,437 | 21,250 |
Watch [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 5,696 | 7,937 |
Originated current year | 4,823 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 873 | |
Revolving | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 192 | 0 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 192 | |
Revolving | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 96 | 37 |
Originated current year | 0 | |
Originated one years before | 96 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Watch [Member] | Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 2,227 | 4,212 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 2,227 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 5,203 | 5,870 |
Originated current year | 1,616 | |
Originated one years before | 0 | |
Originated two years before | 95 | |
Originated three years before | 2,226 | |
Originated four years before | 1,266 | |
Originated five years before | 0 | |
Revolving | 0 | |
Watch [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 0 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 0 | |
Revolving | 0 | |
Watch [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 2,023 | $ 3,194 |
Originated current year | 0 | |
Originated one years before | 0 | |
Originated two years before | 1,928 | |
Originated three years before | 0 | |
Originated four years before | 0 | |
Originated five years before | 92 | |
Revolving | $ 3 |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans (Details) - Financial Asset with Credit Deterioration [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Reserve | $ 0 |
Recorded investment, no reserve | 7,893 |
Unpaid Principal, no reserve | 7,923 |
Cumulative Charge-offs | 30 |
Average Recorded Investment, no reserve | 7,942 |
Interest Paid, no reserve | 298 |
Recorded investment | 7,893 |
Unpaid Principal | 7,923 |
Average Recorded Investment | 7,942 |
Interest Paid | 298 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 5,420 |
Unpaid Principal, no reserve | 5,450 |
Cumulative Charge-offs | 30 |
Average Recorded Investment, no reserve | 5,465 |
Interest Paid, no reserve | 186 |
Recorded investment | 5,420 |
Unpaid Principal | 5,450 |
Average Recorded Investment | 5,465 |
Interest Paid | 186 |
Residential Portfolio Segment [Member] | Multifamily [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 128 |
Unpaid Principal, no reserve | 128 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 129 |
Interest Paid, no reserve | 4 |
Recorded investment | 128 |
Unpaid Principal | 128 |
Average Recorded Investment | 129 |
Interest Paid | 4 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 26 |
Unpaid Principal, no reserve | 26 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 29 |
Interest Paid, no reserve | 2 |
Recorded investment | 26 |
Unpaid Principal | 26 |
Average Recorded Investment | 29 |
Interest Paid | 2 |
Construction and Land Portfolio Segment [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 0 |
Unpaid Principal, no reserve | 0 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 0 |
Interest Paid, no reserve | 0 |
Recorded investment | 0 |
Unpaid Principal | 0 |
Average Recorded Investment | 0 |
Interest Paid | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 1,222 |
Unpaid Principal, no reserve | 1,222 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 1,222 |
Interest Paid, no reserve | 56 |
Recorded investment | 1,222 |
Unpaid Principal | 1,222 |
Average Recorded Investment | 1,222 |
Interest Paid | 56 |
Consumer Portfolio Segment [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 0 |
Unpaid Principal, no reserve | 0 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 0 |
Interest Paid, no reserve | 0 |
Recorded investment | 0 |
Unpaid Principal | 0 |
Average Recorded Investment | 0 |
Interest Paid | 0 |
Commercial Portfolio Segment [Member] | |
Recorded investment, with reserve | 0 |
Unpaid Principal, with reserve | 0 |
Reserve | 0 |
Average Recorded Investment, with reserve | 0 |
Interest Paid, with reserve | 0 |
Recorded investment, no reserve | 1,097 |
Unpaid Principal, no reserve | 1,097 |
Cumulative Charge-offs | 0 |
Average Recorded Investment, no reserve | 1,097 |
Interest Paid, no reserve | 50 |
Recorded investment | 1,097 |
Unpaid Principal | 1,097 |
Average Recorded Investment | 1,097 |
Interest Paid | $ 50 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Trouble Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Amount | $ 936,000 | $ 3,989,000 |
Number | 4 | 7 |
Loans modified as a troubled debt restructure, amount | $ 63,000 | $ 1,258,000 |
Loans modified as a troubled debt restructure, number | 1 | 2 |
Interest Reduction and Principal Forbearance [Member] | ||
Amount | $ 399,000 | $ 388,000 |
Number | 2 | 2 |
Contractual Interest Rate Reduction [Member] | ||
Amount | $ 18,000 | $ 24,000 |
Number | 1 | 1 |
Principal Forgiveness [Member] | ||
Amount | $ 519,000 | $ 3,577,000 |
Number | 1 | 4 |
Accruing [Member] | ||
Amount | $ 0 | $ 2,319,000 |
Number | 0 | 2 |
Non Accruing [Member] | ||
Amount | $ 936,000 | $ 1,670,000 |
Number | 4 | 5 |
Performing Financial Instruments [Member] | ||
Amount | $ 936,000 | $ 3,989,000 |
Number | 4 | 7 |
Performing Financial Instruments [Member] | Interest Reduction and Principal Forbearance [Member] | ||
Amount | $ 399,000 | $ 388,000 |
Number | 2 | 2 |
Performing Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | ||
Amount | $ 18,000 | $ 24,000 |
Number | 1 | 1 |
Performing Financial Instruments [Member] | Principal Forgiveness [Member] | ||
Amount | $ 519,000 | $ 3,577,000 |
Number | 1 | 4 |
Nonperforming Financial Instruments [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Nonperforming Financial Instruments [Member] | Interest Reduction and Principal Forbearance [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Nonperforming Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Nonperforming Financial Instruments [Member] | Principal Forgiveness [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Amount | $ 936,000 | $ 1,670,000 |
Number | 4 | 5 |
Loans modified as a troubled debt restructure, amount | $ 63,000 | $ 1,258,000 |
Loans modified as a troubled debt restructure, number | 1 | 2 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Accruing [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Non Accruing [Member] | ||
Amount | $ 936,000 | $ 1,670,000 |
Number | 4 | 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Non-accrual loans | $ 4,307 | $ 5,574 |
Total non-accrual loans to total loans | 0.29% | 0.46% |
Total non-accrual loans to total assets | 0.21% | 0.25% |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Non-accrual loans | $ 4,209 | $ 5,420 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Non-accrual loans | 0 | 128 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Non-accrual loans | 98 | 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 - Office Properties an_3
Note 4 - Office Properties and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 1.8 | $ 2.1 | $ 2.5 |
Note 4 - Office Properties an_4
Note 4 - Office Properties and Equipment - Office Properties and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross | $ 54,600 | $ 54,832 |
Less accumulated depreciation | (33,495) | (32,559) |
Property, Plant and Equipment, Net, Total | 21,105 | 22,273 |
Land [Member] | ||
Gross | 7,516 | 7,516 |
Building and Building Improvements [Member] | ||
Gross | 34,084 | 34,273 |
Furniture Fixtures and Equipment [Member] | ||
Gross | $ 13,000 | $ 13,043 |
Note 5 - Real Estate Owned - Su
Note 5 - Real Estate Owned - Summary of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total real estate owned | $ 145 | $ 148 |
Valuation allowance at end of period | 0 | 0 |
Total real estate owned, net | 145 | 148 |
Real estate owned at beginning of period | 148 | 148 |
Transferred in from loans receivable | 0 | 0 |
Sales | 0 | 0 |
Write downs | 0 | 0 |
Other activity | (3) | 0 |
Real estate owned at end of period | 145 | 148 |
One to Four Family [Member] | ||
Total real estate owned | 0 | 0 |
Multifamily [Member] | ||
Total real estate owned | 0 | 0 |
Construction and Land [Member] | ||
Total real estate owned | 145 | 148 |
Commercial Real Estate [Member] | ||
Total real estate owned | $ 0 | $ 0 |
Note 6 - Mortgage Servicing R_3
Note 6 - Mortgage Servicing Rights (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from Sale of Loans Held-for-sale, Total | $ 2,807,641 | $ 4,480,804 | $ 4,395,505 |
Fees and Commissions, Mortgage Banking and Servicing | 99,560 | 191,035 | $ 233,245 |
Unpaid Principal Balance of Loans Serviced for Others | 409,600 | 204,800 | |
Servicing Asset at Amortized Cost, Fair Value | 5,000 | 1,800 | |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 0 | 12,400 | |
Mortgage Servicing Rights, Underlying Financing Receivable | 1,240,000 | ||
Mortgage Servicing Rights, Underlying Financing Receivable, Book Value | 8,400 | ||
Gain (Loss) on Sales of Mortgage-Backed Securities (MBS) | $ 4,000 | ||
Residential Portfolio Segment [Member] | |||
Financial Receivable Originated for Sale | 2,550 | ||
Proceeds from Sale of Loans Held-for-sale, Total | 2,810 | ||
Fees and Commissions, Mortgage Banking and Servicing | $ 99,600 |
Note 6 - Mortgage Servicing R_4
Note 6 - Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage servicing rights at beginning of the year | $ 1,555 | $ 5,977 |
Additions | 2,461 | 5,788 |
Amortization | (579) | (1,789) |
Sales | 0 | (8,444) |
Mortgage servicing rights at end of the year | 3,437 | 1,532 |
Valuation allowance recovered during the year | 7 | 23 |
Mortgage servicing rights at the end of the year, net | $ 3,444 | $ 1,555 |
Note 6 - Mortgage Servicing R_5
Note 6 - Mortgage Servicing Rights - Future Amortization Expenses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 626 |
2024 | 564 |
2025 | 501 |
2026 | 438 |
2027 | 376 |
Thereafter | 939 |
Total | $ 3,444 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposit Liability, Uninsured | $ 115.5 | $ 102.6 |
Related Party Deposit Liabilities | $ 9.2 | $ 27.4 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Interest Exprense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest-bearing demand deposits | $ 61 | $ 50 | $ 38 |
Money market and savings deposits | 1,201 | 904 | 1,768 |
Time deposits | 3,601 | 3,466 | 12,559 |
Interest Expense, Deposits, Total | $ 4,863 | $ 4,420 | $ 14,365 |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Within one year | $ 502,254 | |
More than one to two years | 130,784 | |
More than two to three years | 7,608 | |
More than three to four years | 809 | |
More than four through five years | 816 | |
Time Deposits, Total | $ 642,271 | $ 626,663 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 17,400 | $ 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] | Home Equity Loan [Member] | |||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 64% | ||
Residential Portfolio Segment [Member] | Over Four Family [Member] | |||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 75% | ||
Federal Home Loan Bank of Chicago [Member] | |||
Short-Term Debt, Total | $ 185,700 | 5,000 | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Advance [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | 185,700 | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing January 9, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 7,700 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.16% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance One Maturing January 23, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 25,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.23% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Two Maturing January 23, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 20,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.23% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing January 30, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 48,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.25% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing January 6, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 20,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.29% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Two Maturing January 6, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 50,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.29% | ||
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing January 4, 2023 [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year One, Total | $ 15,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.31% | ||
Federal Home Loan Bank of Chicago [Member] | Advance One with FHLB Quarterly Call Option [Member] | |||
Federal Home Loan Bank, Advance, Maturity, Year Three | $ 125,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Quarterly Call Option in September 2023 [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.50% | ||
Federal Home Loan Bank, Advance, Maturity, Year Three | $ 50,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Quarterly Call Option in November 2023 [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.09% | ||
Federal Home Loan Bank, Advance, Maturity, Year Three | $ 25,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance Two with FHLB Quarterly Call Option in November 2023 [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.25% | ||
Federal Home Loan Bank, Advance, Maturity, Year Three | $ 25,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Quarterly Call Option in May 2023 [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.82% | ||
Federal Home Loan Bank, Advance, Maturity, Year Three | $ 25,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance, December 2027 Maturity [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.73% | ||
Federal Home Loan Bank, Advance, Maturity, Year Five | $ 50,000 | ||
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Quarterly Call Option in December 2023 [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.35% | ||
Federal Home Loan Bank, Advance, Maturity, Year Ten | $ 25,000 | ||
Repurchase Agreements [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||
Short-Term Debt, Total | $ 1,084 | $ 2,127 |
Note 8 - Borrowings -Borrowing
Note 8 - Borrowings -Borrowing (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings | $ 386,784 | $ 477,127 |
Federal Home Loan Bank of Chicago [Member] | ||
Short term balance | $ 185,700 | $ 5,000 |
Short term balance, weighted average rate | 4.26% | 0% |
Borrowings | $ 386,784 | $ 477,127 |
Long-term debt, weighted average rate | 3.68% | 2.02% |
Federal Home Loan Bank of Chicago [Member] | Long-Term Debt Maturing 2025 [Member] | ||
Borrowings | $ 125,000 | $ 0 |
Long-term debt, weighted average rate | 3.83% | 0% |
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 | $ 0 | $ 255,000 |
Long-term debt, weighted average rate | 0% | 2.37% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2029 [Member] | ||
Borrowings | $ 0 | $ 165,000 |
Long-term debt, weighted average rate | 0% | 1.61% |
Federal Home Loan Bank of Chicago [Member] | Long-term Debt Maturing 2032 [Member] | ||
Borrowings | $ 25,000 | $ 0 |
Long-term debt, weighted average rate | 2.35% | 0% |
Repurchase Agreements [Member] | ||
Short term balance | $ 1,084 | $ 2,127 |
Short term balance, weighted average rate | 7.21% | 3% |
Note 9 - Regulatory Capital - A
Note 9 - Regulatory Capital - Actual and Required Capital Amount and Ratio (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Consolidated Waterstone Financial Inc [Member] | ||
Total capital (to risk-weighted assets) | $ 407,099 | $ 448,818 |
Total capital (to risk-weighted assets) Ratio | 0.2436 | 0.2901 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 133,709 | $ 123,766 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 175,493 | $ 162,443 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets) | $ 389,342 | $ 433,040 |
Tier I capital (to risk-weighted assets) Ratio | 0.2329 | 0.2799 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 100,281 | $ 92,825 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 142,065 | $ 131,502 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% | 8.50% |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 389,342 | $ 433,040 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2329 | 0.2799 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 75,211 | $ 69,619 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 116,995 | $ 108,296 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% | 7% |
Tier I capital (to average assets) | $ 389,342 | $ 433,040 |
Tier I capital (to average assets) Ratio | 0.1945 | 0.1929 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 80,080 | $ 89,774 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Subsidiaries [Member] | ||
Total capital (to risk-weighted assets) | $ 359,623 | $ 394,540 |
Total capital (to risk-weighted assets) Ratio | 0.2152 | 0.2552 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 133,690 | $ 123,695 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 175,468 | $ 162,350 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% | 10.50% |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 167,112 | $ 154,619 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier I capital (to risk-weighted assets) | $ 341,866 | $ 378,762 |
Tier I capital (to risk-weighted assets) Ratio | 0.2046 | 0.2450 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 100,267 | $ 92,771 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 142,045 | $ 131,426 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% | 8.50% |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 133,690 | $ 123,695 |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 341,866 | $ 378,762 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2046 | 0.2450 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 75,200 | $ 69,579 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 116,978 | $ 108,233 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% | 7% |
Common Equity Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 108,623 | $ 100,502 |
Common Equity Tier I capital (to risk-weighted) , To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier I capital (to average assets) | $ 341,866 | $ 378,762 |
Tier I capital (to average assets) Ratio | 0.1708 | 0.1688 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 80,080 | $ 89,774 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Amount of minimum Tier 1 leverage capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. | $ 100,100 | $ 112,218 |
Tier I capital (to average assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
State of Wisconsin (to total assets) | $ 341,866 | $ 378,762 |
State of Wisconsin (to total assets) Ratio | 16.87% | 17.14% |
State of Wisconsin (to total assets), For Capital Adequacy Purposes | $ 121,624 | $ 132,572 |
State of Wisconsin (to total assets), For Capital Adequacy Ratio | 6% | 6% |
Note 10 - Stock Based Compens_3
Note 10 - Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Expense | $ 342,000 | $ 329,000 | $ 398,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 205,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 37 months | ||
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Expense | $ 242,000 | $ 416,000 | $ 318,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 596,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 20 months | ||
Equity Incentive Plan 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 669,000 | ||
Equity Incentive Plan 2020 [Member] | Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 453,613 |
Note 10 - Stock Based Compens_4
Note 10 - Stock Based Compensation - Assumptions Used in Estimating Fair Value of Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum [Member] | ||
Dividend Yield | 4.07% | 3.64% |
Risk-free interest rate | 1.80% | 0.41% |
Expected volatility | 23.14% | 22.83% |
Weighted average expected life (Year) | 5 years 6 months | 5 years 1 month 6 days |
Weighted average per share value of options (in dollars per share) | $ 2.48 | $ 1.92 |
Maximum [Member] | ||
Dividend Yield | 4.82% | 4.37% |
Risk-free interest rate | 3.92% | 1.27% |
Expected volatility | 23.97% | 23.84% |
Weighted average expected life (Year) | 5 years 7 months 6 days | 5 years 8 months 12 days |
Weighted average per share value of options (in dollars per share) | $ 2.84 | $ 2.97 |
Note 10 - Stock Based Compens_5
Note 10 - Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, shares (in shares) | 594,310 | 751,827 | 1,025,771 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.20 | $ 13.57 | $ 13.29 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 4 months 28 days | 4 years 3 months 29 days | 4 years 9 months 25 days | 5 years 6 months 21 days |
Outstanding, aggregate instrinsic value | $ 1,708 | $ 4,158 | $ 3,945 | $ 5,887 |
Options exercisable, shares (in shares) | 409,119 | 352,310 | 433,827 | 546,770 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 13.76 | $ 13.70 | $ 13.31 | $ 12.93 |
Options exercisable, weighted average remaining contractual term (Year) | 2 years 7 months 2 days | 3 years 9 months 10 days | 4 years 5 months 12 days | 5 years 3 months 21 days |
Options exercisable, aggregate instrinsic value | $ 1,408 | $ 2,636 | $ 2,392 | $ 3,335 |
Granted, shares (in shares) | 35,000 | 45,000 | 35,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 18.38 | $ 20.44 | $ 16.06 | |
Granted, aggregate instrinsic value | $ 2 | $ 39 | $ 97 | |
Exercised, shares (in shares) | (44,690) | (179,517) | (291,944) | |
Exercised, weighted average exercise price (in dollars per share) | $ 12.62 | $ 12.85 | $ 12.66 | |
Exercised, aggregate instrinsic value | $ 198 | $ 1,496 | $ 1,799 | |
Forfeited, shares (in shares) | (29,001) | (23,000) | (17,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 18.82 | $ 16.50 | $ 17.17 | |
Forfeited, aggregate instrinsic value | $ 1 | $ 108 | $ 28 | |
Outstanding, shares (in shares) | 555,619 | 594,310 | 751,827 | 1,025,771 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.35 | $ 14.20 | $ 13.57 | $ 13.29 |
Note 10 - Stock Based Compens_6
Note 10 - Stock Based Compensation - Stock Option Outstanding by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
options outstanding (in shares) | shares | 555,619 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.35 |
Options exercisable (in shares) | shares | 409,119 |
Exercisable, weighted average exercise price (in dollars per share) | $ 13.76 |
options, remaining life (Year) | 3 years 4 months 28 days |
Exercisable, remaining life (Year) | 2 years 7 months 2 days |
Range One [Member] | |
Exercise price, lower limit (in dollars per share) | $ 0.01 |
Exercise price, higher limit (in dollars per share) | $ 10 |
options outstanding (in shares) | shares | 0 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 |
Options exercisable (in shares) | shares | 0 |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 |
Range Two [Member] | |
Exercise price, lower limit (in dollars per share) | 10.01 |
Exercise price, higher limit (in dollars per share) | $ 15 |
options outstanding (in shares) | shares | 409,619 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.88 |
Options exercisable (in shares) | shares | 338,119 |
Exercisable, weighted average exercise price (in dollars per share) | $ 12.88 |
options, remaining life (Year) | 2 years 1 month 20 days |
Exercisable, remaining life (Year) | 2 years |
Range Three [Member] | |
Exercise price, lower limit (in dollars per share) | $ 15.01 |
Exercise price, higher limit (in dollars per share) | $ 20 |
options outstanding (in shares) | shares | 120,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 17.93 |
Options exercisable (in shares) | shares | 65,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ 17.65 |
options, remaining life (Year) | 6 years 7 months 17 days |
Exercisable, remaining life (Year) | 5 years 2 months 15 days |
Range Four [Member] | |
Exercise price, lower limit (in dollars per share) | $ 20.01 |
options outstanding (in shares) | shares | 26,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 20.97 |
Options exercisable (in shares) | shares | 6,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ 20.88 |
options, remaining life (Year) | 8 years 4 months 20 days |
Exercisable, remaining life (Year) | 7 years 3 months 14 days |
Note 10 - Stock Based Compens_7
Note 10 - Stock Based Compensation - Summary of Nonvested Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nonvested, number of shares (in shares) | 242,000 | 318,000 | |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 3.06 | $ 3.16 | |
Granted, shares (in shares) | 35,000 | 45,000 | 35,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.63 | $ 2.48 | |
Vested, number of shares (in shares) | (113,500) | (103,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 2.66 | $ 3.26 | |
Forfeited, number of shares (in shares) | (17,000) | (18,000) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 2.52 | $ 2.23 | |
Nonvested, number of shares (in shares) | 146,500 | 242,000 | 318,000 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 2.90 | $ 3.06 | $ 3.16 |
Note 10 - Stock Based Compens_8
Note 10 - Stock Based Compensation - Restricted Stock Shares Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nonvested, number of stock (in shares) | 51,722 | 46,000 |
Nonvested, restricted stock, weighted average grant date fair value (in dollars per share) | $ 16.82 | $ 12.75 |
Granted, number of stock (in shares) | 17,665 | 28,722 |
Granted, restricted stock, weighted average grant date fair value (in dollars per share) | $ 19.43 | $ 20.09 |
Vested, number of stock (in shares) | (24,288) | (23,000) |
Vested, restricted stock, weighted average grant date fair value (in dollars per share) | $ 13.12 | $ 12.75 |
Forfeited, number of stock (in shares) | 0 | 0 |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Nonvested, number of stock (in shares) | 45,099 | 51,722 |
Nonvested, restricted stock, weighted average grant date fair value (in dollars per share) | $ 19.84 | $ 16.82 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1.3 | $ 1.6 | $ 1.4 |
Note 12 - Employee Stock Owne_3
Note 12 - Employee Stock Ownership Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2014 | Dec. 31, 2005 | |
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 2,107,561 | ||||
Stock Issued During Period, Additional Shares Employee Stock Ownership Plan (in shares) | 2,024,000 | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 1.9 | $ 2.3 | $ 1.8 | ||
Employee Stock Ownership Plan2005 Plan [Member] | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 23.8 | $ 8.5 | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 83,561 | 835,610 |
Note 12 - Employee Stock Owne_4
Note 12 - Employee Stock Ownership Plan - Employee Stock Ownership Plan (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Beginning ESOP shares (in shares) | 1,264,537 | 1,369,915 |
Shares committed to be released (in shares) | (105,378) | (105,378) |
Unreleased shares (in shares) | 1,159,159 | 1,264,537 |
Fair value of unreleased shares (in millions) | $ 20 | $ 29.9 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | Dec. 31, 2022 USD ($) |
Capital Loss Carryforwards | $ 0 |
Retained Earnings Excluding State and Federal Taxes | 16,700,000 |
State and Local Jurisdiction [Member] | WISCONSIN | |
Operating Loss Carryforwards | $ 17,000 |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 4,731 | $ 17,387 | $ 22,272 |
State | 745 | 2,550 | 7,319 |
Current Income Tax Expense (Benefit), Total | 5,476 | 19,937 | 29,591 |
Federal | (460) | 900 | (2,171) |
State | (24) | 478 | (449) |
Deferred Income Tax Expense (Benefit), Total | (484) | 1,378 | (2,620) |
Income tax provision (benefit) | $ 4,992 | $ 21,315 | $ 26,971 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (loss) before income taxes | $ 24,479 | $ 92,106 | $ 108,116 |
Tax at Federal statutory rate (21%) | 5,141 | 19,342 | 22,704 |
State income taxes net of Federal income tax benefit (expense) | 570 | 2,392 | 5,428 |
Cash surrender value of life insurance | (365) | (339) | (400) |
Non-deductible ESOP and stock option expense | 167 | 216 | 133 |
Tax-exempt interest income | (159) | (208) | (222) |
Non-deductible compensation | 37 | 103 | 96 |
Death benefit on bank owned life insurance | (71) | 0 | (306) |
Stock compensation | (69) | (251) | (387) |
ESOP dividends | (273) | (245) | (365) |
Other adjustment | 14 | 305 | 290 |
Income tax provision (benefit) | $ 4,992 | $ 21,315 | $ 26,971 |
Effective tax rate | 20.40% | 23.10% | 24.90% |
Note 13 - Income Taxes - Effe_2
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory rate | 21% | 21% | 21% |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Depreciation | $ 959 | $ 886 |
Restricted stock and stock options | 326 | 307 |
Allowance for credit losses | 4,263 | 3,805 |
Allowance for unfunded commitments | 321 | 0 |
Repurchase reserve for loans sold | 512 | 540 |
Interest recognized for tax but not books | 209 | 185 |
Real estate owned | 9 | 8 |
Unrealized loss on impaired securities | 0 | 23 |
Lease liability | 1,148 | 1,498 |
Unrealized loss on securities available for sale, net | 7,104 | 236 |
Other | 186 | 109 |
Total gross deferred tax assets | 15,037 | 7,597 |
Depreciation | 0 | 0 |
Mortgage servicing rights | (870) | (390) |
FHLB stock dividends | (24) | (46) |
Lease Asset | (1,138) | (1,469) |
Deferred loan fees | (333) | (372) |
Deferred liabilities | (2,365) | (2,277) |
Net deferred tax assets | $ 12,672 | $ 5,320 |
Note 14 - Commitments, Off-Ba_3
Note 14 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingency, Estimate of Possible Loss | $ 0 | $ 0 |
Estimated Litigation Liability | $ 2,000 | $ 2,100 |
Note 14 - Commitments, Off-Ba_4
Note 14 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments To Extend Credit Under First Mortgage Loans [Member] | |||
Off-balance sheet risks liability amount | [1] | $ 61,223 | $ 48,626 |
Commitments To Extend Credit Under Home Equity Lines Of Credit [Member] | |||
Off-balance sheet risks liability amount | 9,550 | 11,990 | |
Unused Portion of Construction Loans [Member] | |||
Off-balance sheet risks liability amount | 48,530 | 50,303 | |
Unused lines of Credit [Member] | |||
Off-balance sheet risks liability amount | 17,356 | 17,916 | |
Standby Letters of Credit [Member] | |||
Off-balance sheet risks liability amount | $ 1,516 | $ 1,379 | |
[1]Excludes commitments to originate loans held for sale, which are discussed in Footnote 15 - Derivative Financial Instruments. |
Note 15 - Derivative Financia_3
Note 15 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member] Pure in Thousands, $ in Thousands | Dec. 31, 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 15 - Derivative Financia_4
Note 15 - Derivative Financial Instruments - Interest Rate Swaps (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Forward Contracts [Member] | ||
Derivatives notional amount | $ 296 | $ 571.5 |
Forward Contracts [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 1.9 | 1.3 |
Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 3.6 | 0 |
Interest Rate Lock Commitments [Member] | ||
Derivatives notional amount | 203.1 | 345.2 |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 0.7 | 3.1 |
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 0 | 0 |
Interest Rate Swaption [Member] | ||
Derivatives notional amount | 90.5 | 105.2 |
Interest Rate Swaption [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 14.2 | 1.6 |
Interest Rate Swaption [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | $ 14.2 | $ 1.6 |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Transfers into (out of) Levels 1, 2 and 3, Amount | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_4
Note 16 - Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale (at fair value) | $ 196,588 | $ 179,016 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale (at fair value) | 13,314 | 19,488 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale (at fair value) | 124,765 | 99,302 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale (at fair value) | 2,256 | 2,448 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (at fair value) | 36,934 | 43,494 |
Other Debt Obligations [Member] | ||
Securities available for sale (at fair value) | 11,162 | 11,341 |
Other Securities [Member] | ||
Securities available for sale (at fair value) | 51 | |
Fair Value, Recurring [Member] | ||
Loans held for sale | 131,188 | 312,738 |
Fair Value, Recurring [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 2,619 | 4,369 |
Derivatives liabilities, fair value | 3,613 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 14,226 | 1,578 |
Derivatives liabilities, fair value | 14,226 | 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 | 131,188 | 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 | 14,226 | 1,578 |
Derivatives liabilities, fair value | 14,226 | 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 | 2,619 | 4,369 |
Derivatives liabilities, fair value | 3,613 | 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) | 13,314 | 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) | 13,314 | 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) | 124,765 | 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) | 124,765 | 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) | 8,106 | 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) | 8,106 | 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) | 2,256 | 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) | 2,256 | 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) | 36,934 | 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) | 36,934 | 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) | 11,162 | 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) | 11,162 | 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 |
Fair Value, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale (at fair value) | 51 | |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (at fair value) | 0 | |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (at fair value) | 51 | |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (at fair value) | $ 0 |
Note 16 - Fair Value Measurem_5
Note 16 - Fair Value Measurements -Reconciliation for All Assets Measured at Fair Value Using Significant Unobservable Inputs (Details) - Mortgage Banking Derivatives [Member] - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage derivative, net balance | $ 4,369 | $ 5,917 |
Mortgage derivative loss, net | (5,363) | (1,548) |
Mortgage derivative, net balance | $ (994) | $ 4,369 |
Note 16 - Fair Value Measurem_6
Note 16 - Fair Value Measurements - Assets Recorded at Fair Value on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate owned | $ 145 | $ 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 | $ 145 | 148 |
Impaired mortgage servicing rights | $ 0 |
Note 16 - Fair Value Measurem_7
Note 16 - Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands | Dec. 31, 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 | 0.120 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 0.102 | |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | ||
Real estate owned | $ 145 | $ 148 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Real estate owned measurement input | 0.348 | 0.348 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Real estate owned measurement input | 0.348 | 0.348 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Real estate owned measurement input | 0.348 | 0.348 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 0.098 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 0.434 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 0.118 | |
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 | $ (994) | $ (4,369) |
Mortgage banking derivatives, fair value | $ 994 | $ 4,369 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage banking derivatives, measurement input | 0.206 | 0.260 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage banking derivatives, measurement input | 1 | 0.998 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage banking derivatives, measurement input | 0.892 | 0.882 |
Note 16 - Fair Value Measurem_8
Note 16 - Fair Value Measurements - Carrying Amount and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Servicing Asset at Amortized Cost, Fair Value | $ 5,000 | $ 1,800 |
Advance payments by borrowers for taxes | 5,334 | 4,094 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 46,642 | 376,722 |
Loans receivable | 1,510,178 | 1,205,785 |
FHLB stock | 17,357 | 24,438 |
Accrued interest receivable | 5,725 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 3,444 | 1,555 |
Deposits | 1,199,012 | 1,233,386 |
Advance payments by borrowers for taxes | 5,334 | 4,094 |
Borrowings | 386,784 | 477,127 |
Accrued interest payable | 1,358 | 959 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 46,642 | 376,722 |
Loans receivable | 1,403,429 | 1,210,854 |
FHLB stock | 17,357 | 24,438 |
Accrued interest receivable | 5,725 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 5,001 | 1,808 |
Deposits | 1,194,559 | 1,233,478 |
Advance payments by borrowers for taxes | 5,334 | 4,094 |
Borrowings | 377,275 | 499,120 |
Accrued interest payable | 1,358 | 959 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 46,642 | 376,722 |
Loans receivable | 0 | 0 |
FHLB stock | 17,357 | 0 |
Accrued interest receivable | 5,725 | 4,013 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 556,741 | 606,723 |
Advance payments by borrowers for taxes | 5,334 | 4,094 |
Borrowings | 0 | 0 |
Accrued interest payable | 1,358 | 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 | 0 | 24,438 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 637,818 | 626,755 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 377,275 | 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 | 1,403,429 | 1,210,854 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 5,001 | 1,808 |
Deposits | 0 | 0 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 128,000 | 70,000 | 125,000 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 19,487 | $ 70,791 | $ 81,145 |
Basic (in shares) | 21,884 | 23,741 | 24,464 |
Effect of dilutive potential common shares (in shares) | 126 | 190 | 143 |
Diluted weighted average shares outstanding (in shares) | 22,010 | 23,931 | 24,607 |
Basic (in dollars per share) | $ 0.89 | $ 2.98 | $ 3.32 |
Diluted (in dollars per share) | $ 0.89 | $ 2.96 | $ 3.30 |
Note 18 - Condensed Parent Co_3
Note 18 - Condensed Parent Company Only Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 46,642 | $ 376,722 | ||
Total assets | 2,031,672 | 2,215,858 | $ 2,184,587 | |
Other liabilities | 70,056 | 68,478 | ||
Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2022 and 2021, no shares issued | 0 | 0 | ||
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2022 and at December 31, 2021, Issued and Outstanding - 22,174,225 at December 31, 2022 and 24,795,124 at December 31, 2021 | 222 | 248 | ||
Additional paid-in capital | 128,550 | 174,505 | ||
Retained earnings | 274,246 | 273,398 | ||
Unearned ESOP shares | (13,056) | (14,243) | ||
Accumulated other comprehensive loss, net of taxes | (19,476) | (1,135) | ||
Total shareholders’ equity | 370,486 | 432,773 | $ 413,118 | $ 393,686 |
Total liabilities and shareholders’ equity | 2,031,672 | 2,215,858 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 51,767 | 71,158 | ||
Investment in subsidiaries | 323,010 | 378,247 | ||
Other assets | 238 | 892 | ||
Total assets | 375,015 | 450,297 | ||
Other liabilities | 4,529 | 17,524 | ||
Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2022 and 2021, no shares issued | 0 | 0 | ||
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2022 and at December 31, 2021, Issued and Outstanding - 22,174,225 at December 31, 2022 and 24,795,124 at December 31, 2021 | 222 | 248 | ||
Additional paid-in capital | 128,550 | 174,505 | ||
Retained earnings | 274,246 | 273,398 | ||
Unearned ESOP shares | (13,056) | (14,243) | ||
Accumulated other comprehensive loss, net of taxes | (19,476) | (1,135) | ||
Total shareholders’ equity | 370,486 | 432,773 | ||
Total liabilities and shareholders’ equity | $ 375,015 | $ 450,297 |
Note 18 - Condensed Parent Co_4
Note 18 - Condensed Parent Company Only Statements - Statements of Financial Condition (Details) (Parentheticals) - $ / shares | Dec. 31, 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) | 22,174,225 | 24,795,124 |
Common stock, shares outstanding (in shares) | 22,174,225 | 24,795,124 |
Parent Company [Member] | ||
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) | 22,174,225 | 24,795,124 |
Common stock, shares outstanding (in shares) | 22,174,225 | 24,795,124 |
Note 18 - Condensed Parent Co_5
Note 18 - Condensed Parent Company Only Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 70,245 | $ 69,883 | $ 78,484 |
Net interest income | 56,954 | 55,515 | 53,500 |
Professional fees | 1,815 | 8,118 | |
Other expense | 12,578 | 11,192 | 12,075 |
Total noninterest expenses | 137,062 | 170,594 | 183,061 |
Income before income taxes | 24,479 | 92,106 | 108,116 |
Income tax expense | 4,992 | 21,315 | 26,971 |
Net income | 19,487 | 70,791 | 81,145 |
Parent Company [Member] | |||
Interest income | 607 | 549 | 688 |
Equity in income of subsidiaries | 19,507 | 70,862 | 81,122 |
Net interest income | 20,114 | 71,411 | 81,810 |
Professional fees | 30 | 38 | 47 |
Other expense | 603 | 604 | 610 |
Total noninterest expenses | 633 | 642 | 657 |
Income before income taxes | 19,481 | 70,769 | 81,153 |
Income tax expense | (6) | (22) | 8 |
Net income | $ 19,487 | $ 70,791 | $ 81,145 |
Note 18 - Condensed Parent Co_6
Note 18 - Condensed Parent Company Only Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 19,487 | $ 70,791 | $ 81,145 |
Stock based compensation | 583 | 745 | 716 |
Deferred taxes | (484) | 1,378 | (2,620) |
Change in other assets and other liabilities, net | (50) | (6,301) | 7,353 |
Net cash provided (used) by operating activities | 206,665 | 154,454 | (93,582) |
Net cash used in investing activities | (335,742) | 147,617 | 37,191 |
Cash dividends on common stock | (30,260) | (30,388) | (31,520) |
Proceeds from stock option exercises | 564 | 2,307 | 3,704 |
Purchase of common stock returned to authorized but unissued | (47,830) | (10,176) | (36,242) |
Net cash provided (used) by financing activities | (201,003) | (20,116) | 76,858 |
(Decrease) increase in cash and cash equivalents | (330,080) | 281,955 | 20,467 |
Parent Company [Member] | |||
Net income | 19,487 | 70,791 | 81,145 |
Amortization of unearned ESOP | 1,889 | 2,129 | 1,676 |
Stock based compensation | 583 | 745 | 716 |
Deferred taxes | 0 | 1 | 0 |
Equity in (earnings) loss of subsidiaries | (19,507) | (70,862) | (81,122) |
Change in other assets and other liabilities, net | 89 | (1,339) | (853) |
Net cash provided (used) by operating activities | 2,541 | 1,465 | 1,562 |
Net cash used in investing activities | 0 | 0 | 0 |
Dividends received from subsidiary | 55,594 | 63,564 | 52,152 |
Cash dividends on common stock | (30,260) | (30,388) | (31,520) |
Proceeds from stock option exercises | 564 | 2,307 | 3,704 |
Purchase of common stock returned to authorized but unissued | (47,830) | (10,176) | (36,242) |
Net cash provided (used) by financing activities | (21,932) | 25,307 | (11,906) |
(Decrease) increase in cash and cash equivalents | (19,391) | 26,772 | (10,344) |
Cash and cash equivalents at beginning of year | 71,158 | 44,386 | 54,730 |
Cash and cash equivalents at end of year | $ 51,767 | $ 71,158 | $ 44,386 |
Note 19 - Segment Reporting (De
Note 19 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Operating Segments | 2 |
Number of States The Company Can Lend, State | 48 |
Note 19 - Segment Reporting - M
Note 19 - Segment Reporting - Mortgage Banking (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Net interest income | $ 56,954 | $ 55,515 | $ 53,500 | ||
Provision (credit) for credit losses (1) | [1] | 968 | (3,990) | 6,340 | |
Net interest income after provision (credit) for credit losses (1) | [1] | 55,986 | 59,505 | 47,160 | |
Noninterest income | 105,555 | 203,195 | 244,017 | ||
Compensation, payroll taxes, and other employee benefits | 99,565 | 135,115 | 139,046 | ||
Occupancy, office furniture, and equipment | 8,706 | 9,612 | 10,223 | ||
Advertising | 3,976 | 3,528 | 3,691 | ||
Data processing | 4,470 | 3,950 | 3,941 | ||
Communications | 1,189 | 1,309 | 1,329 | ||
Professional fees | 1,815 | 8,118 | |||
Real estate owned | 19 | 3 | (8) | ||
Loan processing expense | 4,744 | 4,610 | 4,646 | ||
Other | 12,578 | 11,192 | 12,075 | ||
Total noninterest expenses | 137,062 | 170,594 | 183,061 | ||
Income (loss) before income taxes | 24,479 | 92,106 | 108,116 | ||
Income tax expense | 4,992 | 21,315 | 26,971 | ||
Net income | 19,487 | 70,791 | 81,145 | ||
Total Assets | 2,031,672 | 2,215,858 | 2,184,587 | ||
Provision (credit) for credit losses (1) | [1] | 968 | (3,990) | 6,340 | |
Professional fees | 1,815 | 1,275 | 8,118 | ||
Community Banking [Member] | |||||
Net interest income | 56,606 | 56,051 | 54,616 | ||
Provision (credit) for credit losses (1) | 677 | [2] | (4,100) | 6,075 | |
Net interest income after provision (credit) for credit losses (1) | 55,929 | 60,151 | 48,541 | ||
Noninterest income | 5,221 | 6,058 | 8,723 | ||
Compensation, payroll taxes, and other employee benefits | 19,013 | 20,294 | 20,233 | ||
Occupancy, office furniture, and equipment | 3,645 | 3,781 | 3,688 | ||
Advertising | 887 | 980 | 1,041 | ||
Data processing | 2,229 | 2,039 | 2,284 | ||
Communications | 357 | 427 | 411 | ||
Professional fees | 508 | 695 | |||
Real estate owned | 19 | 3 | (8) | ||
Loan processing expense | 0 | 0 | 0 | ||
Other | 5,551 | 1,974 | 2,507 | ||
Total noninterest expenses | 32,209 | 30,171 | 30,851 | ||
Income (loss) before income taxes | 28,941 | 36,038 | 26,413 | ||
Income tax expense | 6,116 | 7,696 | 5,219 | ||
Net income | 22,825 | 28,342 | 21,194 | ||
Total Assets | 2,009,727 | 2,162,360 | 2,116,560 | ||
Provision (credit) for credit losses (1) | 677 | [2] | (4,100) | 6,075 | |
Professional fees | 673 | ||||
Mortgage Banking Segment [Member] | |||||
Net interest income | 157 | (652) | (1,171) | ||
Provision (credit) for credit losses (1) | 291 | [2] | 110 | 265 | |
Net interest income after provision (credit) for credit losses (1) | (134) | (762) | (1,436) | ||
Noninterest income | 104,101 | 197,573 | 236,659 | ||
Compensation, payroll taxes, and other employee benefits | 81,010 | 115,279 | 119,432 | ||
Occupancy, office furniture, and equipment | 5,061 | 5,831 | 6,535 | ||
Advertising | 3,089 | 2,548 | 2,650 | ||
Data processing | 2,234 | 1,889 | 1,636 | ||
Communications | 832 | 882 | 918 | ||
Professional fees | 1,278 | 7,376 | |||
Real estate owned | 0 | 0 | 0 | ||
Loan processing expense | 4,744 | 4,610 | 4,646 | ||
Other | 10,197 | 9,074 | 10,345 | ||
Total noninterest expenses | 108,445 | 140,677 | 153,538 | ||
Income (loss) before income taxes | (4,478) | 56,134 | 81,685 | ||
Income tax expense | (1,117) | 13,641 | 21,744 | ||
Net income | (3,361) | 42,493 | 59,941 | ||
Total Assets | 198,625 | 365,590 | 456,076 | ||
Provision (credit) for credit losses (1) | 291 | [2] | 110 | 265 | |
Professional fees | 564 | ||||
Holding Community and Other [Member] | |||||
Net interest income | 191 | 116 | 55 | ||
Provision (credit) for credit losses (1) | 0 | [2] | 0 | 0 | |
Net interest income after provision (credit) for credit losses (1) | 191 | 116 | 55 | ||
Noninterest income | (3,767) | (436) | (1,365) | ||
Compensation, payroll taxes, and other employee benefits | (458) | (458) | (619) | ||
Occupancy, office furniture, and equipment | 0 | 0 | 0 | ||
Advertising | 0 | 0 | 0 | ||
Data processing | 7 | 22 | 21 | ||
Communications | 0 | 0 | 0 | ||
Professional fees | 29 | 47 | |||
Real estate owned | 0 | 0 | 0 | ||
Loan processing expense | 0 | 0 | 0 | ||
Other | (3,170) | 144 | (777) | ||
Total noninterest expenses | (3,592) | (254) | (1,328) | ||
Income (loss) before income taxes | 16 | (66) | 18 | ||
Income tax expense | (7) | (22) | 8 | ||
Net income | 23 | (44) | 10 | ||
Total Assets | (176,680) | (312,092) | (388,049) | ||
Provision (credit) for credit losses (1) | $ 0 | [2] | 0 | $ 0 | |
Professional fees | $ 38 | ||||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard.[2]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |