Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001569994 | |
Entity Registrant Name | Waterstone Financial, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36271 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 90-1026709 | |
Entity Address, Address Line One | 11200 W. Plank Court | |
Entity Address, City or Town | Wauwatosa | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53226 | |
City Area Code | 414 | |
Local Phone Number | 761-1000 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | WSBF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,297,620 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash | $ 53,364 | $ 33,700 | |
Federal funds sold | 7,563 | 10,683 | |
Interest-earning deposits in other financial institutions and other short term investments | 263 | 2,259 | |
Cash and cash equivalents | 61,190 | 46,642 | |
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 195,011 | 196,588 | |
Loans held for sale, at fair value | 203,268 | 131,188 | |
Loans receivable | 1,614,684 | 1,510,178 | |
Less: Allowance for credit losses ("ACL") - loans | [1] | 18,374 | 17,757 |
Loans receivable, net | 1,596,310 | 1,492,421 | |
Office properties and equipment, net | 20,335 | 21,105 | |
Federal Home Loan Bank stock, at cost | 26,798 | 17,357 | |
Cash surrender value of life insurance | 67,188 | 66,443 | |
Real estate owned, net | 145 | 145 | |
Prepaid expenses and other assets | 59,580 | 59,783 | |
Total assets | 2,229,825 | 2,031,672 | |
Liabilities: | |||
Demand deposits | 197,102 | 230,596 | |
Money market and savings deposits | 280,758 | 326,145 | |
Time deposits | 709,108 | 642,271 | |
Total deposits | 1,186,968 | 1,199,012 | |
Borrowings | 614,877 | 386,784 | |
Advance payments by borrowers for taxes | 20,610 | 5,334 | |
Other liabilities | 51,607 | 70,056 | |
Total liabilities | 1,874,062 | 1,661,186 | |
Commitments and contingencies (Note 9) | |||
Shareholders’ equity: | |||
Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at June 30, 2023 and at December 31, 2022, no shares issued | 0 | 0 | |
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at June 30, 2023 and at December 31, 2022, Issued and Outstanding - 21,375,876 at June 30, 2023 and 22,174,225 at December 31, 2022 | 214 | 222 | |
Additional paid-in capital | 116,611 | 128,550 | |
Retained earnings | 272,229 | 274,246 | |
Unearned ESOP shares | (12,463) | (13,056) | |
Accumulated other comprehensive loss, net of taxes | (20,828) | (19,476) | |
Total shareholders’ equity | 355,763 | 370,486 | |
Total liabilities and shareholders’ equity | $ 2,229,825 | $ 2,031,672 | |
[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 (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, cost | $ 221,824 | $ 222,665 |
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) | 21,375,876 | 22,174,225 |
Common stock, shares outstanding (in shares) | 21,375,876 | 22,174,225 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Loans | $ 22,150 | $ 14,546 | $ 42,035 | $ 28,046 | |
Mortgage-related securities | 969 | 821 | 1,912 | 1,423 | |
Debt securities, federal funds sold and short-term investments | 1,128 | 1,049 | 2,190 | 1,977 | |
Total interest income | 24,247 | 16,416 | 46,137 | 31,446 | |
Interest expense: | |||||
Deposits | 5,955 | 751 | 10,043 | 1,530 | |
Borrowings | 5,617 | 1,584 | 9,624 | 3,971 | |
Total interest expense | 11,572 | 2,335 | 19,667 | 5,501 | |
Net interest income | 12,675 | 14,081 | 26,470 | 25,945 | |
Provision (credit) for credit losses | [1] | 186 | 48 | 646 | (28) |
Net interest income after provision (credit) for credit losses | [1] | 12,489 | 14,033 | 25,824 | 25,973 |
Noninterest income: | |||||
Service charges on loans and deposits | 611 | 666 | 1,041 | 1,176 | |
Increase in cash surrender value of life insurance | 714 | 724 | 1,039 | 1,040 | |
Mortgage banking income | 21,914 | 29,410 | 38,684 | 57,685 | |
Other | 286 | 438 | 1,315 | 1,155 | |
Total noninterest income | 23,525 | 31,238 | 42,079 | 61,056 | |
Noninterest expenses: | |||||
Compensation, payroll taxes, and other employee benefits | 22,395 | 25,793 | 42,447 | 51,328 | |
Occupancy, office furniture, and equipment | 2,046 | 2,056 | 4,309 | 4,244 | |
Advertising | 944 | 962 | 1,833 | 1,867 | |
Data processing | 1,090 | 1,144 | 2,212 | 2,346 | |
Communications | 225 | 258 | 476 | 598 | |
Professional fees | 618 | 349 | 1,034 | 810 | |
Real estate owned | 1 | 0 | 2 | 5 | |
Loan processing expense | 932 | 1,134 | 1,950 | 2,565 | |
Other | 2,671 | 3,354 | 5,766 | 6,221 | |
Total noninterest expenses | 30,922 | 35,050 | 60,029 | 69,984 | |
Income before income taxes | 5,092 | 10,221 | 7,874 | 17,045 | |
Income tax expense | 1,085 | 2,231 | 1,712 | 3,763 | |
Net income | $ 4,007 | $ 7,990 | $ 6,162 | $ 13,282 | |
Income per share: | |||||
Basic earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.30 | $ 0.59 | |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.30 | $ 0.58 | |
Weighted average shares outstanding: | |||||
Weighted average shares outstanding (in shares) | 20,384 | 22,126 | 20,635 | 22,626 | |
Diluted (in shares) | 20,431 | 22,229 | 20,702 | 22,768 | |
[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 (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 4,007 | $ 7,990 | $ 6,162 | $ 13,282 |
Other comprehensive loss, net of tax: | ||||
Net unrealized holding loss arising during the period, net of tax (expense) benefit of $(174), $2,266, $616, and $4,888 respectively | (3,459) | (6,051) | (1,352) | (13,053) |
Total other comprehensive loss | (3,459) | (6,051) | (1,352) | (13,053) |
Comprehensive income | $ 548 | $ 1,939 | $ 4,810 | $ 229 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net unrealized holding (loss) gains arising during the period, tax | $ (174) | $ 2,266 | $ 616 | $ 4,888 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unearned ESOP Shares [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 24,795 | |||||||||||
Balances at Dec. 31, 2021 | $ 0 | $ 0 | $ (1,392) | $ 0 | $ 0 | $ (1,392) | $ 248 | $ 174,505 | $ 273,398 | $ (14,243) | $ (1,135) | $ 432,773 |
Net income | 0 | 0 | (13,282) | 0 | 0 | (13,282) | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (13,053) | (13,053) | ||||||
Total comprehensive income (loss) | 229 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 391 | 0 | 593 | 0 | 984 | ||||||
Cash dividend | $ 0 | 0 | (8,844) | 0 | 0 | (8,844) | ||||||
Proceeds from stock option exercises (in shares) | 38 | |||||||||||
Proceeds from stock option exercises | $ 0 | 246 | 0 | 0 | 0 | 246 | ||||||
Stock compensation expense | $ 0 | 330 | 0 | 0 | 0 | 330 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (2,099) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (21) | (37,925) | 0 | 0 | 0 | (37,946) | ||||||
Net income | $ 0 | 0 | 13,282 | 0 | 0 | 13,282 | ||||||
Balances (in shares) at Jun. 30, 2022 | 22,734 | |||||||||||
Balances at Jun. 30, 2022 | $ 227 | 137,547 | 276,444 | (13,650) | (14,188) | 386,380 | ||||||
Balances (in shares) at Mar. 31, 2022 | 24,147 | |||||||||||
Balances at Mar. 31, 2022 | $ 241 | 161,354 | 272,740 | (13,946) | (8,137) | 412,252 | ||||||
Net income | 0 | 0 | (7,990) | 0 | 0 | (7,990) | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (6,051) | (6,051) | ||||||
Total comprehensive income (loss) | 1,939 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 155 | 0 | 296 | 0 | 451 | ||||||
Cash dividend | 0 | 0 | (4,286) | 0 | 0 | (4,286) | ||||||
Stock compensation expense | $ 0 | 160 | 0 | 0 | 0 | 160 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (1,418) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (14) | (24,177) | 0 | 0 | 0 | (24,191) | ||||||
Net income | $ 0 | 0 | 7,990 | 0 | 0 | 7,990 | ||||||
Stock Compensation Activity, net of tax (in shares) | 5 | |||||||||||
Stock Compensation Activity, net of tax | $ 0 | 55 | 0 | 0 | 0 | 55 | ||||||
Balances (in shares) at Jun. 30, 2022 | 22,734 | |||||||||||
Balances at Jun. 30, 2022 | $ 227 | 137,547 | 276,444 | (13,650) | (14,188) | 386,380 | ||||||
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 | ||||||
Net income | 0 | 0 | (6,162) | 0 | 0 | (6,162) | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (1,352) | (1,352) | ||||||
Total comprehensive income (loss) | 4,810 | |||||||||||
ESOP shares committed to be released to plan participants | 0 | 209 | 0 | 593 | 0 | 802 | ||||||
Cash dividend | 0 | 0 | (8,179) | 0 | 0 | (8,179) | ||||||
Stock compensation expense | $ 0 | 188 | 0 | 0 | 0 | 188 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (884) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (9) | (13,154) | 0 | 0 | 0 | (13,163) | ||||||
Net income | $ 0 | 0 | 6,162 | 0 | 0 | 6,162 | ||||||
Stock Compensation Activity, net of tax (in shares) | 86 | |||||||||||
Stock Compensation Activity, net of tax | $ 1 | 818 | 0 | 0 | 0 | 819 | ||||||
Balances (in shares) at Jun. 30, 2023 | 21,376 | |||||||||||
Balances at Jun. 30, 2023 | $ 214 | 116,611 | 272,229 | (12,463) | (20,828) | 355,763 | ||||||
Balances (in shares) at Mar. 31, 2023 | 21,867 | |||||||||||
Balances at Mar. 31, 2023 | $ 219 | 123,448 | 272,268 | (12,759) | (17,369) | 365,807 | ||||||
Net income | 0 | 0 | (4,007) | 0 | 0 | (4,007) | ||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (3,459) | (3,459) | ||||||
Total comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 548 | ||||||
ESOP shares committed to be released to plan participants | 0 | 80 | 0 | 296 | 0 | 376 | ||||||
Cash dividend | 0 | 0 | (4,046) | 0 | 0 | (4,046) | ||||||
Stock compensation expense | $ 0 | 82 | 0 | 0 | 0 | 82 | ||||||
Purchase of common stock returned to authorized but unissued (in shares) | (511) | |||||||||||
Purchase of common stock returned to authorized but unissued | $ (5) | (7,317) | 0 | 0 | 0 | (7,322) | ||||||
Net income | $ 0 | 0 | 4,007 | 0 | 0 | 4,007 | ||||||
Stock Compensation Activity, net of tax (in shares) | 20 | |||||||||||
Stock Compensation Activity, net of tax | $ 0 | 318 | 0 | 0 | 0 | 318 | ||||||
Balances (in shares) at Jun. 30, 2023 | 21,376 | |||||||||||
Balances at Jun. 30, 2023 | $ 214 | $ 116,611 | $ 272,229 | $ (12,463) | $ (20,828) | $ 355,763 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash dividend, price per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Operating activities: | |||
Net income | $ 6,162 | $ 13,282 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Provision (credit) for credit losses | [1] | 646 | (28) |
Depreciation, amortization, accretion | 1,553 | 2,071 | |
Deferred taxes | (901) | (251) | |
Stock based compensation | 188 | 330 | |
Origination of mortgage servicing rights | (759) | (1,521) | |
Proceeds on sales of mortgage servicing rights | 3,530 | 0 | |
Gain on sale of mortgage servicing rights | (583) | 0 | |
Gain on sale of loans held for sale | (35,753) | (40,977) | |
Loans originated for sale | (977,832) | (1,445,824) | |
Proceeds on sales of loans originated for sale | 941,505 | 1,592,837 | |
Gain on death benefit on bank owned life insurance | 0 | (340) | |
Increase in accrued interest receivable | (921) | (355) | |
Increase in cash surrender value of life insurance | (1,039) | (1,040) | |
Decrease (increase) in derivative assets | (664) | 1,528 | |
Increase (decrease) in accrued interest on deposits and borrowings | 1,055 | (368) | |
Increase in accrued tax expense | 731 | 605 | |
(Decrease) increase in derivative liabilities | (2,834) | 2,985 | |
Change in other assets and other liabilities, net | (5,547) | (4,771) | |
Net cash (used in) provided by operating activities | (71,463) | 118,163 | |
Investing activities: | |||
Net increase in loans receivable | (104,506) | (70,052) | |
Debt securities | (1,038) | 0 | |
Mortgage related securities | (11,168) | (68,157) | |
Bank owned life insurance | (180) | (180) | |
FHLB stock | (9,441) | 0 | |
Premises and equipment | (156) | (450) | |
Principal repayments on mortgage-related securities | 10,276 | 17,382 | |
Maturities of debt securities | 2,990 | 11,385 | |
Sales of FHLB Stock | 0 | 8,137 | |
Death benefit on bank owned life insurance | 474 | 1,183 | |
Net cash used in investing activities | (112,749) | (100,752) | |
Financing activities: | |||
Net decrease in deposits | (12,044) | (20,156) | |
Net change in short-term borrowings | 233,093 | (1,027) | |
Repayment of long-term debt | (120,000) | (195,000) | |
Proceeds from long-term debt | 115,000 | 0 | |
Net change in advance payments by borrowers for taxes | 3,375 | 3,714 | |
Cash dividends on common stock | (8,320) | (21,771) | |
Purchase of common stock returned to authorized but unissued | (13,163) | (37,946) | |
Proceeds from stock option exercises | 819 | 246 | |
Net cash provided by (used in) financing activities | 198,760 | (271,940) | |
Increase (decrease) in cash and cash equivalents | 14,548 | (254,529) | |
Cash and cash equivalents at beginning of period | 46,642 | 376,722 | |
Cash and cash equivalents at end of period | 61,190 | 122,193 | |
Supplemental information: | |||
Income tax payments | 1,883 | 3,000 | |
Interest payments | 12,627 | 5,133 | |
Noncash activities: | |||
Dividends declared but not paid in other liabilities | $ 4,370 | $ 4,597 | |
[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 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1 Basis of Presentation The unaudited interim consolidated financial statements include the accounts of Waterstone Financial, Inc. (the “Company”) and the Company’s subsidiaries. WaterStone Bank SSB (the "Bank") is a community bank that has served the banking needs of its customers since 1921. WaterStone Bank conducts its community banking business from 14 banking offices located in Milwaukee, Washington and Waukesha Counties, Wisconsin. WaterStone Bank's principal lending activity is originating one four WaterStone Bank's mortgage banking operations are conducted through its wholly-owned subsidiary, Waterstone Mortgage Corporation. Waterstone Mortgage Corporation originates single-family residential real estate loans for sale into the secondary market. Waterstone Mortgage Corporation utilizes lines of credit provided by WaterStone Bank as a primary source of funds, and also utilizes a line of credit with another financial institution as needed. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, Rule 10 01 X 10 not The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s December 31, 2022 10 three six June 30, 2023 not may December 31, 2023 The preparation of the unaudited consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the allowance for loan losses, income taxes, and fair value measurements. Actual results could differ from those estimates. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10 no three six June 30, 2023 Accounting Standards Adopted in 2023 The Company adopted "Troubled Debt Restructurings and Vintage Disclosures" under ASC Topic 326 January 1, 2023, 3 326 not |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Securities Available for Sale The amortized cost and fair values of the Company’s investment in securities available for sale follow: June 30, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 13,442 $ 1 $ (1,631 ) $ 11,812 Collateralized mortgage obligations: Government sponsored enterprise issued 148,889 - (21,879 ) 127,010 Private-label issued 8,631 - (942 ) 7,689 Mortgage-related securities 170,962 1 (24,452 ) 146,511 Government sponsored enterprise bonds 2,500 - (221 ) 2,279 Municipal securities 35,774 418 (1,144 ) 35,048 Other debt securities 12,500 - (1,415 ) 11,085 Debt securities 50,774 418 (2,780 ) 48,412 Other securities 88 - - 88 Total $ 221,824 $ 419 $ (27,232 ) $ 195,011 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 The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At June 30, 2023 December 31, 2022 The amortized cost and fair values of investment securities by contractual maturity at June 30, 2023 may may Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 5,107 $ 5,079 Due after one year through five years 13,883 13,723 Due after five years through ten years 19,137 17,810 Due after ten years 12,647 11,800 Mortgage-related securities 170,962 146,511 Other securities 88 88 Total $ 221,824 $ 195,011 Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: June 30, 2023 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 $ 849 $ 29 $ 10,855 $ 1,602 $ 11,704 $ 1,631 Collateralized mortgage obligations: Government sponsored enterprise issued 21,134 685 105,876 21,194 127,010 21,879 Private-label issued - - 6,644 942 6,644 942 Government sponsored enterprise bonds - - 2,279 221 2,279 221 Municipal securities 14,130 151 4,097 993 18,227 1,144 Other debt securities - - 11,085 1,415 11,085 1,415 Total $ 36,113 $ 865 $ 140,836 $ 26,367 $ 176,949 $ 27,232 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 The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 175 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of June 30, 2023 December 31, 2022 not not not not not During the three six June 30, 2023 June 30, 2022 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans receivable at June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 543,720 $ 469,567 Multi-family 702,859 677,981 Home equity 11,663 11,455 Construction and land 48,794 62,494 Commercial real estate 271,240 262,973 Consumer 814 774 Commercial loans 35,594 24,934 Total $ 1,614,684 $ 1,510,178 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 $1.19 billion and $976.7 million at June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. Loans outstanding to such parties were approximately $3.1 million as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 An analysis of past due loans receivable as of June 30, 2023 December 31, 2022 As of June 30, 2023 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 3,820 $ - $ 4,075 $ 7,895 $ 535,825 $ 543,720 Multi-family - - - - 702,859 702,859 Home equity - - 38 38 11,625 11,663 Construction and land - - - - 48,794 48,794 Commercial real estate - 94 - 94 271,146 271,240 Consumer - - - - 814 814 Commercial loans - - 2 2 35,592 35,594 Total $ 3,820 $ 94 $ 4,115 $ 8,029 $ 1,606,655 $ 1,614,684 As of December 31, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 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 ( 1 - June 30, 2023 December 31, 2022 ( 2 - - June 30, 2023 December 31, 2022 ( 3 - June 30, 2023 December 31, 2022 The following tables present the activity in the allowance for credit losses by portfolio segment for the three six June 30, 2023 three six June 30, 2022 One- to Four-Family Multi-Family Home Equity Land and Construction Commercial Real Estate Consumer Commercial Total (In Thousands) Six months ended June 30, 2023 Balance at beginning of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Provision (credit) for credit losses - loans 1,776 (553 ) (9 ) (294 ) (600 ) 32 271 623 Charge-offs (29 ) - - - - (26 ) - (55 ) Recoveries 39 3 4 2 1 - - 49 Balance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Six months ended June 30, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption of CECL 88 100 58 886 (640 ) 7 (69 ) $ 430 Provision (credit) for loan losses 600 1,167 6 (584 ) (694 ) 7 (162 ) $ 340 Charge-offs (65 ) - - - - (5 ) - $ (70 ) Recoveries 43 726 10 2 12 - - $ 793 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended June 30, 2023 Balance at beginning of period $ 5,786 $ 7,848 $ 178 $ 858 $ 2,678 $ 52 $ 344 $ 17,744 Adoption of CECL - - - - - - - Provision (credit) for credit losses - loans 760 (426 ) (9 ) 201 (78 ) 6 194 648 Charge-offs (26 ) - - - - (5 ) - (31 ) Recoveries 9 3 - 1 - - - 13 Balance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Three months ended June 30, 2022 Balance at beginning of period $ 4,415 $ 6,562 $ 185 $ 1,831 $ 3,631 $ 41 $ 240 $ 16,905 Provision for loan losses 264 675 (27 ) (142 ) (472 ) 5 (44 ) 259 Charge-offs (65 ) - - - - (4 ) - (69 ) Recoveries 15 154 5 1 1 - - 176 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 The Company utilized the Vintage Loss Rate method in determining expected future credit losses. This technique considers losses over the full life cycle of loan pools. A vintage is a group of loans originated in the same annual time period. The loss rate method measures the amount of loan charge–offs, net of recoveries, (“loan losses”) recognized over the life of a pool by loan segment and vintage and compares those loan losses to the original loan balance of that pool as of a similar vintage. To estimate a CECL loss rate for the pool, management first The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company's historical look–back period includes January 2012 not may Additionally, the weighted average remaining maturity ("WARM") method is used for the Construction and Consumer loan pools. The WARM method considers an estimate of expected credit losses over the remaining life of the financial assets and uses average annual charge-off rates to estimate the allowance for credit losses. For amortizing assets, the remaining contractual life is adjusted by the expected scheduled payments and prepayments. The average annual charge-off rate is applied to the amortization-adjusted remaining life to determine the unadjusted lifetime historical charge-off rate. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management. 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 and future forecast adjustments were applied. The Company segments the loan portfolio into pools based on the following risk characteristics: collateral type, credit characteristics, loan origination balance, and outstanding loan balances. Allowance for Credit Losses-Unfunded Commitments : In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in other liabilities on the consolidated statements of financial condition. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The allowance for unfunded commitments at June 30, 2023 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 off-balance sheet credit exposures after net charge-offs have been deducted to bring the ACL to a level that, in management's judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. See Note 2 Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In Thousands) Provision (credit) for credit losses on: Loans $ 648 $ 259 $ 623 $ 340 Unfunded commitments (462 ) (211 ) 23 (368 ) Investment securities - - - - Total $ 186 $ 48 $ 646 $ (28 ) Collateral Dependent Loans : A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation. The following tables present collateral dependent loans by portfolio segment and collateral type as of June 30, 2023 December 31, 2022 One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 6,529 7,425 169 1,060 2,600 53 538 18,374 Allowance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Collateral dependent loans $ 2,057 $ - $ 38 $ - $ 5,748 $ - $ 2 $ 7,845 Pooled loans 541,663 702,859 11,625 48,794 265,492 814 35,592 1,606,839 Total gross loans $ 543,720 $ 702,859 $ 11,663 $ 48,794 $ 271,240 $ 814 $ 35,594 $ 1,614,684 One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,743 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. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company establishes a risk rating at origination for all commercial loan and commercial real estate relationships. For relationships over $1 million, management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt. Management also affirms the risk ratings for the loans in their respective portfolios on an annual basis. The Company uses the following definitions for risk ratings: Watch. may not not Substandard. not Loans not The following table presents information relating to the Company’s internal risk ratings of its loans receivable as of June 30, 2023 December 31, 2022 One to Four-Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At June 30, 2023 Substandard $ 4,107 $ - $ 38 $ - $ 5,748 $ - $ 1,559 $ 11,452 Watch 8,645 383 144 - 1,202 - - 10,374 Pass 530,968 702,476 11,481 48,794 264,290 814 34,035 1,592,858 $ 543,720 $ 702,859 $ 11,663 $ 48,794 $ 271,240 $ 814 $ 35,594 $ 1,614,684 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 $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 Credit Quality Information: The following table presents total loans by risk categories and year of origination as of June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total (In Thousands) One- to four-family Pass $ 164,348 $ 174,210 $ 49,429 $ 35,536 $ 20,639 $ 85,847 $ 959 $ 530,968 Watch 7,222 - - 602 - 821 - 8,645 Substandard 1,420 - - - - 2,687 - 4,107 Total 172,990 174,210 49,429 36,138 20,639 89,355 959 543,720 Multi-family Pass 54,136 243,893 146,330 134,132 41,036 81,490 1,459 $ 702,476 Watch - - - - - 383 - 383 Substandard - - - - - - - - Total 54,136 243,893 146,330 134,132 41,036 81,873 1,459 702,859 Home equity Pass 388 297 79 262 90 508 9,857 $ 11,481 Watch - - 88 - - - 56 144 Substandard - 20 18 - - - - 38 Total 388 317 185 262 90 508 9,913 11,663 Construction and land Pass 11,393 1,692 24,638 2,185 8,682 204 - $ 48,794 Watch - - - - - - - - Substandard - - - - - - - - Total 11,393 1,692 24,638 2,185 8,682 204 - 48,794 Commercial Real Estate Pass 38,623 79,398 52,549 37,283 20,491 34,706 1,240 $ 264,290 Watch - 1,060 - - 142 - - 1,202 Substandard 5,654 - - 94 - - - 5,748 Total 44,277 80,458 52,549 37,377 20,633 34,706 1,240 271,240 Consumer Pass - - - - - - 814 $ 814 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 814 814 Commercial Pass 15,289 1,918 1,067 2,928 130 6,547 6,156 $ 34,035 Watch - - - - - - - - Substandard - 90 - - 25 - 1,444 1,559 Total 15,289 2,008 1,067 2,928 155 6,547 7,600 35,594 Total Loans $ 298,473 $ 502,578 $ 274,198 $ 213,022 $ 91,235 $ 213,193 $ 21,985 $ 1,614,684 Gross charge-offs $ 29 $ - $ - $ - $ - $ - $ 26 $ 55 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 restructurings of financing receivables whose borrowers are experiencing financial difficulty: As of June 30, 2023 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 332 1 $ 332 1 $ - - $ 332 1 $ 332 1 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 The following presents restructurings of financing receivables whose borrowers are experiencing financial difficulty by concession type: As of June 30, 2023 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 332 1 $ - - $ 332 1 $ 332 1 $ - - $ 332 1 The following presents troubled debt restructurings by concession type: 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 forbearance $ 399 2 $ - - $ 399 2 Interest reduction 18 1 - - 18 1 Principal forbearance 519 1 - - 519 1 $ 936 4 $ - - $ 936 4 There were no three six June 30, 2023 three June 30, 2022. one four six June 30, 2022 There were no restructurings of financing receivables whose borrowers are experiencing financial difficulty within the past twelve three six June 30, 2023 June 30, 2022 The following table presents data on non-accrual loans as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 4,107 $ 4,209 Multi-family - - Home equity 38 98 Construction and land - - Commercial real estate - - Commercial 2 - Consumer - - Total non-accrual loans $ 4,147 $ 4,307 Total non-accrual loans to total loans receivable 0.26 % 0.29 % Total non-accrual loans to total assets 0.19 % 0.21 % Residential one four June 30, 2023 December 31, 2022 |
Note 4 - Mortgage Servicing Rig
Note 4 - Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | Note 4 Mortgage Servicing Rights The following table presents the activity in the Company’s mortgage servicing rights: Six months ended June 30, 2023 2022 (In Thousands) Mortgage servicing rights at beginning of the period $ 3,445 $ 1,555 Additions 759 1,521 Amortization (123 ) (248 ) Sales (2,767 ) - Mortgage servicing rights at end of the period 1,314 2,828 Valuation allowance recovered during the period - 7 Mortgage servicing rights at end of the period, net $ 1,314 $ 2,835 During the six June 30, 2023 June 30, 2023 December 31, 2022 not The fair value of mortgage servicing rights was $1.7 million at June 30, 2023 December 31, 2022 During the six June 30, 2023 three June 30, 2023, three six June 30, 2022 The following table shows the estimated future amortization expense for mortgage servicing rights for the periods indicated: (In Thousands) Estimate for the annual period ending December 31: 2023 $ 111 2024 219 2025 179 2026 165 2027 146 Thereafter 494 Total $ 1,314 |
Note 5 - Deposits
Note 5 - Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5 Deposits At June 30, 2023 December 31, 2022 $250,000 not $250,000 A summary of the contractual maturities of time deposits at June 30, 2023 (In Thousands) Within one year $ 603,931 More than one to two years 101,241 More than two to three years 2,533 More than three to four years 750 More than four through five years 653 $ 709,108 Certain directors and executive officers, including their immediate families and companies in which they are principal owners, are depositors of the Bank. Such deposits amounted to $7.6 million and $9.2 million at June 30, 2023 December 31, 2022 |
Note 6 - Borrowings
Note 6 - Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Borrowings Borrowings consist of the following: June 30, 2023 December 31, 2022 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 19,377 8.45 % $ 1,084 7.21 % Federal Home Loan Bank, Chicago advances 400,500 5.18 % 185,700 4.26 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2025 125,000 3.83 % 125,000 3.83 % 2027 50,000 1.73 % 50,000 1.73 % 2032 - 0.00 % 25,000 2.35 % 2033 20,000 2.38 % - 0.00 % $ 614,877 4.64 % $ 386,784 3.68 % The short-term repurchase agreement represents the outstanding portion of a total $50.0 million commitment with one June 30, 2023 June 30, 2023 December 31, 2022 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 $400.5 million FHLB short-term advances consist of a $51.0 million advance with a fixed rate of 5.21% and a maturity date of July 3, 2023, July 5, 2023, July 12, 2023, July 13, 2023, July 14, 2023, July 18, 2023, July 19, 2023, July 20, 2023, July 24, 2023, July 24, 2023, July 26, 2023, July 26, 2023, July 27, 2023. The $125.0 million in advances due in 2025 one September 2023, one November 2023, one November 2023, one The $50.0 million advance due in 2027 December 2027. The $20.0 million in advances due in 2033 one At June 30, 2023 The Company selects loans that meet underwriting criteria established by the FHLB as collateral for outstanding advances. The Company’s borrowings from the FHLB are limited to 78% of the carrying value of unencumbered one four June 30, 2023 December 31, 2022 |
Note 7 - Regulatory Capital
Note 7 - Regulatory Capital | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 7 Regulatory Capital The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements, or overall financial performance deemed by the regulators to be inadequate, can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Company's and Bank’s assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. The Company's and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. As required by applicable legislation, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 may The federal banking agencies must set the minimum capital for the new Community Bank Leverage Ratio at not 8% not 10%. 9%. second 2020. Prompt corrective action regulations provide five not The minimum capital ratios set forth in the Regulatory Capital Plans will be increased and other minimum capital requirements will be established if and as necessary. In accordance with the Regulatory Capital Plans, the Bank will not 1 2.5%. As of June 30, 2023 no The Bank is subject to regulatory restrictions on the amount of dividends it may not The actual and required capital amounts and ratios for the Bank as of June 30, 2023 December 31, 2022 June 30, 2023 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 395,715 22.43 % $ 141,140 8.00 % $ 185,240 10.50 % N/A N/A Waterstone Bank 356,550 20.18 % 141,350 8.00 % 185,520 10.50 % 176,685 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 375,980 21.31 % 105,860 6.00 % 149,970 8.50 % N/A N/A Waterstone Bank 336,815 19.06 % 106,030 6.00 % 150,210 8.50 % 141,370 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 375,980 21.31 % 79,400 4.50 % 123,500 7.00 % N/A N/A Waterstone Bank 336,815 19.06 % 79,520 4.50 % 123,700 7.00 % 114,863 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 375,980 17.39 % 86,480 4.00 % N/A N/A N/A N/A Waterstone Bank 336,815 15.58 % 86,470 4.00 % N/A N/A 108,092 5.00 % State of Wisconsin (to total assets) Waterstone Bank 336,815 15.13 % 133,570 6.00 % N/A N/A N/A N/A December 31, 2022 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 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 |
Note 8 - Commitments, Off-Balan
Note 8 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. June 30, 2023 December 31, 2022 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 44,718 $ 61,223 Commitments to extend credit under home equity lines of credit (2) 10,136 9,550 Unused portion of construction loans (3) 61,250 48,530 Unused portion of business lines of credit 8,661 17,356 Standby letters of credit 713 1,516 ( 1 Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote. ( 2 Unused portions of home equity loans are available to the borrower for up to 10 years. ( 3 Unused portions of construction loans are available to the borrower for up to one Commitments to extend credit are agreements to lend to a customer as long as there is no may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third The Company has determined that there are no probable losses related to commitments to extend credit or the standby letters of credit as of June 30, 2023 December 31, 2022 3 Residential mortgage loans sold to others are predominantly conventional residential first first June 30, 2023 December 31, 2022 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 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 9 Derivative Financial Instruments Mortgage Banking Derivatives In connection with its mortgage banking activities, the Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Mortgage banking derivatives include interest rate lock commitments provided to customers to fund mortgage loans to be sold in the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not not 815. not not Derivative Loan Commitments Mortgage loan commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of a rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the number of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Interest Rate Swaps The Company may third not The following tables presents the outstanding notional balances and fair values of outstanding derivative instruments: June 30, 2023 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 379.3 Other assets $ 2.7 Other liabilities $ 1.0 Interest rate locks 236.5 Other assets 0.8 Other liabilities - Interest rate swaps 89.4 Other assets 14.0 Other liabilities 14.0 December 31, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 296.0 Other assets $ 1.9 Other liabilities $ 3.6 Interest rate locks 203.1 Other assets 0.7 Other liabilities - Interest rate swaps 90.5 Other assets 14.2 Other liabilities 14.2 In determining the fair value of its derivative loan commitments, the Company considers the value that would be generated by the loan arising from exercise of the loan commitment when sold in the secondary mortgage market. That value includes the price that the loan is expected to be sold for in the secondary mortgage market. The fair value of these commitments is recorded on the consolidated statements of financial condition with the changes in fair value recorded as a component of mortgage banking income. The significant unobservable input used in the fair value measurement of the Company's mortgage banking derivatives, including interest rate lock commitments, is the loan pull through rate. This represents the percentage of loans currently in a lock position which the Company estimates will ultimately close. Generally, the fair value of an interest rate lock commitment will be positively (negatively) impacted when the prevailing interest rate is lower (higher) than the interest rate lock commitment. Generally, an increase in the pull through rate will result in the fair value of the interest rate lock increasing when in a gain position, or decreasing when in a loss position. The pull through rate is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock. The pull through rate is computed using historical data and the ratio is periodically reviewed by the Company. Interest Rate Swaps The back-to-back swaps mature in December 2029 June 2037. not June 30, 2023 December 31, 2022 no No June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 Earnings Per Share Earnings per share are computed using the two There were 194,000 and 186,000 antidilutive shares of common stock for the three June 30, 2023 2022 six June 30, 2023 2022 Presented below are the calculations for basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (In Thousands, except per share amounts) Net income $ 4,007 $ 7,990 $ 6,162 $ 13,282 Weighted average shares outstanding 20,384 22,126 20,635 22,626 Effect of dilutive potential common shares 47 103 67 142 Diluted weighted average shares outstanding $ 20,431 $ 22,229 $ 20,702 $ 22,768 Basic earnings per share $ 0.20 $ 0.36 $ 0.30 $ 0.59 Diluted earnings per share $ 0.20 $ 0.36 $ 0.30 $ 0.58 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 Fair Value Measurements ASC Topic 820, not not 1 2 3 The fair value hierarchy prioritizes inputs used to measure fair value into three Level 1 1 Level 2 2 1 2 Level 3 3 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following table presents information about our assets recorded in the consolidated statements of financial condition at their fair value on a recurring basis as of June 30, 2023 December 31, 2022 Fair Value Measurements Using June 30, 2023 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 11,812 $ - $ 11,812 $ - Collateralized mortgage obligations Government sponsored enterprise issued 127,010 - 127,010 - Private-label issued 7,689 - 7,689 - Government sponsored enterprise bonds 2,279 - 2,279 - Municipal securities 35,048 - 35,048 - Other debt securities 11,085 - 11,085 - Other securities 88 - 88 - Loans held for sale 203,268 - 203,268 - Mortgage banking derivative assets 3,513 - - 3,513 Interest rate swap assets 13,997 - 13,997 - Liabilities Mortgage banking derivative liabilities 1,009 - - 1,009 Interest rate swap liabilities 13,997 - 13,997 - 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 - The following summarizes the valuation techniques for assets recorded in the consolidated statements of financial condition at their fair value on a recurring basis: Available-for-sale securities – The Company’s investment securities classified as available for sale include: mortgage-backed securities, collateralized mortgage obligations, government sponsored enterprise bonds, municipal securities and other debt securities. The fair value of mortgage-backed securities, collateralized mortgage obligations and government sponsored enterprise bonds are determined by a third 2 third 2 Loans held for sale – The Company carries loans held for sale at fair value under the fair value option model. Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the secondary market, principally from observable prices for forward sale commitments. Loans held-for-sale are considered to be Level 2 Mortgage banking derivatives - Mortgage banking derivatives include interest rate lock commitments to originate residential loans held for sale to individual customers and forward commitments to sell residential mortgage loans to various investors. The Company utilizes a valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale, which includes applying a pull through rate based upon historical experience and the current interest rate environment and then multiplying by quoted investor prices. The Company also utilizes a valuation model to estimate the fair value of its forward commitments to sell residential loans, which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available. While there are Level 2 3 one 3 Interest rate swap assets/liabilities - The Company offers loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Our derivatives are traded in an over-the-counter market where quoted market prices are not third 2 The table below presents reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 2023 2022 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (In Thousands) (In Thousands) Mortgage derivative, net balance at the beginning of the period $ 79 $ 5,573 $ (994 ) $ 4,369 Mortgage derivative gain (loss), net 2,425 (5,716 ) 3,498 (4,512 ) Mortgage derivative, net balance at the end of the period $ 2,504 $ (143 ) $ 2,504 $ (143 ) There were no transfers in or out of Level 1, 2 3 Assets Recorded at Fair Value on a Non-recurring Basis The following tables present information about assets recorded in the consolidated statements of financial condition at their fair value on a non-recurring basis as of June 30, 2023 December 31, 2022 Fair Value Measurements Using June 30, 2023 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 Real estate owned – On a non-recurring basis, real estate owned is recorded in the consolidated statements of financial condition at the lower of cost or fair value. Fair value is determined based on third 3 Mortgage servicing rights – The Company utilizes an independent valuation from a third 3 For Level 3 June 30, 2023 December 31, 2022 Significant Unobservable Input Value Fair Value at Significant June 30, Valuation Unobservable Minimum Maximum Weighted 2023 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ 2,504 Pricing models Pull through rate 4.9 % 99.7 % 89.5 % Real estate owned 145 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % December 31, 2022 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 % A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Fair value information about financial instruments follows, whether or not not not not The carrying amounts and fair values of the Company’s financial instruments consist of the following: June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value amount Total Level 1 Level 2 Level 3 amount Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 61,190 $ 61,190 $ 61,190 $ - $ - $ 46,642 $ 46,642 $ 46,642 $ - $ - Loans receivable 1,614,684 1,442,985 - - 1,442,985 1,510,178 1,403,429 - - 1,403,429 FHLB stock 26,798 26,798 26,798 - - 17,357 17,357 17,357 - - Accrued interest receivable 6,646 6,646 6,646 - - 5,725 5,725 5,725 - - Mortgage servicing rights 1,314 1,654 - - 1,654 3,444 5,001 - - 5,001 - Financial Liabilities Deposits 1,186,968 1,184,870 477,860 707,010 - 1,199,012 1,194,559 556,741 637,818 - Advance payments by borrowers for taxes 20,610 20,610 20,610 - - 5,334 5,334 5,334 - - Borrowings 614,877 605,103 - 605,103 - 386,784 377,275 - 377,275 - Accrued interest payable 2,413 2,413 2,413 - - 1,358 1,358 1,358 - - The following methods and assumptions were used by the Company in determining its fair value disclosures for financial instruments. Cash and Cash Equivalents The carrying amount reported in the consolidated statements of financial condition for cash and cash equivalents is a reasonable estimate of fair value. Loans Receivable The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the marketplace. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as one four FHLB Stock For FHLB stock, the carrying amount is the amount at which shares can be redeemed with the FHLB and is a reasonable estimate of fair value. Deposits and Advance Payments by Borrowers for Taxes The fair values for interest-bearing and noninterest-bearing negotiable order of withdrawal accounts, savings accounts, and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of similar remaining maturities to a schedule of aggregated expected monthly maturities of the outstanding certificates of deposit. The advance payments by borrowers for taxes are equal to their carrying amounts at the reporting date. Borrowings Fair values for borrowings are estimated using a discounted cash flow calculation that applies current interest rates to estimated future cash flows of the borrowings. Accrued Interest Payable and Accrued Interest Receivable For accrued interest payable and accrued interest receivable, the carrying amount is a reasonable estimate of fair value. Commitments to Extend Credit and Standby Letters of Credit Commitments to extend credit and standby letters of credit are generally not not June 30, 2023 December 31, 2022 |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 Segment Reporting Selected financial and descriptive information is required to be provided about reportable operating segments, considering a "management approach" concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the enterprise for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the enterprise's internal organization, focusing on financial information that an enterprise's chief operating decision-makers use to make decisions about the enterprise's operating matters. The Company has determined that it has two reportable segments: community banking and mortgage banking. The Company's operating segments are presented based on its management structure and management accounting practices. The structure and practices are specific to the Company and therefore, the financial results of the Company's business segments are not Community Banking The community banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin. Within this segment, the following products and services are provided: ( 1 2 3 4 Consumer products include loan and deposit products: mortgage, home equity loans and lines, personal term loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Consumer products also include personal investment services. Business banking products include secured and unsecured lines and term loans for working capital, inventory and general corporate use, commercial real estate construction loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Mortgage Banking The mortgage banking segment provides residential mortgage loans for the primary purpose of sale on the secondary market. Mortgage banking products and services are provided by offices in 29 Presented below is the segment information: As of or for the three months ended June 30, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 13,238 $ (622 ) $ 59 $ 12,675 Provision for credit losses 158 28 - 186 Net interest income (expense) after provision for credit losses 13,080 (650 ) 59 12,489 Noninterest income: 1,540 23,041 (1,056 ) 23,525 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,683 17,929 (217 ) 22,395 Occupancy, office furniture and equipment 873 1,173 - 2,046 Advertising 230 714 - 944 Data processing 602 480 8 1,090 Communications 72 153 - 225 Professional fees 146 466 6 618 Real estate owned 1 - - 1 Loan processing expense - 932 - 932 Other 1,641 1,914 (884 ) 2,671 Total noninterest expenses 8,248 23,761 (1,087 ) 30,922 Income (loss) before income taxes (benefit) 6,372 (1,370 ) 90 5,092 Income tax expense (benefit) 1,182 (126 ) 29 1,085 Net income (loss) $ 5,190 $ (1,244 ) $ 61 $ 4,007 Total Assets $ 2,169,989 $ 251,595 $ (191,759 ) $ 2,229,825 As of or for the three months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 13,710 $ 370 $ 1 $ 14,081 Provision (credit) for loan losses (41 ) 89 - 48 Net interest income (expense) after provision (credit) for loan losses 13,751 281 1 14,033 Noninterest income: 1,640 30,126 (528 ) 31,238 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,596 21,311 (114 ) 25,793 Occupancy, office furniture and equipment 876 1,180 - 2,056 Advertising 244 718 - 962 Data processing 531 613 - 1,144 Communications 63 195 - 258 Professional fees 118 222 9 349 Real estate owned - - - - Loan processing expense - 1,134 - 1,134 Other 1,006 2,733 (385 ) 3,354 Total noninterest expenses 7,434 28,106 (490 ) 35,050 Income (loss) before income taxes 7,957 2,301 (37 ) 10,221 Income tax expense (benefit) 1,658 578 (5 ) 2,231 Net income (loss) $ 6,299 $ 1,723 $ (32 ) $ 7,990 Total Assets $ 1,896,227 $ 269,584 $ (224,714 ) $ 1,941,097 As of or for the six months ended June 30, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income $ 27,246 $ (904 ) $ 128 $ 26,470 Provision for credit losses 546 100 - 646 Net interest income after provision for credit losses 26,700 (1,004 ) 128 25,824 Noninterest income: 2,527 40,992 (1,440 ) 42,079 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,851 33,028 (432 ) 42,447 Occupancy, office furniture and equipment 1,904 2,405 - 4,309 Advertising 414 1,419 - 1,833 Data processing 1,203 996 13 2,212 Communications 150 326 - 476 Professional fees 364 654 16 1,034 Real estate owned 2 - - 2 Loan processing expense - 1,950 - 1,950 Other 2,537 4,317 (1,088 ) 5,766 Total noninterest expenses 16,425 45,095 (1,491 ) 60,029 Income (loss) before income taxes (benefit) 12,802 (5,107 ) 179 7,874 Income tax expense (benefit) 2,782 (1,128 ) 58 1,712 Net income (loss) $ 10,020 $ (3,979 ) $ 121 $ 6,162 As of or for the six months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 25,362 $ 553 $ 30 $ 25,945 Provision (credit) for loan losses (181 ) 153 - (28 ) Net interest income (expense) after provision (credit) for loan losses 25,543 400 30 25,973 Noninterest income: 3,072 58,730 (746 ) 61,056 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,808 41,749 (229 ) 51,328 Occupancy, office furniture and equipment 1,813 2,431 - 4,244 Advertising 471 1,396 - 1,867 Data processing 1,139 1,201 6 2,346 Communications 157 441 - 598 Professional fees 232 560 18 810 Real estate owned 5 - - 5 Loan processing expense - 2,565 - 2,565 Other 1,606 5,042 (427 ) 6,221 Total noninterest expenses 15,231 55,385 (632 ) 69,984 Income (loss) before income taxes 13,384 3,745 (84 ) 17,045 Income tax expense (benefit) 2,825 955 (17 ) 3,763 Net income (loss) $ 10,559 $ 2,790 $ (67 ) $ 13,282 |
Item 5. Other Information
Item 5. Other Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | 5. Other Information During the three June 30, 2023, 10b5 1 10b5 1 |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 13,442 $ 1 $ (1,631 ) $ 11,812 Collateralized mortgage obligations: Government sponsored enterprise issued 148,889 - (21,879 ) 127,010 Private-label issued 8,631 - (942 ) 7,689 Mortgage-related securities 170,962 1 (24,452 ) 146,511 Government sponsored enterprise bonds 2,500 - (221 ) 2,279 Municipal securities 35,774 418 (1,144 ) 35,048 Other debt securities 12,500 - (1,415 ) 11,085 Debt securities 50,774 418 (2,780 ) 48,412 Other securities 88 - - 88 Total $ 221,824 $ 419 $ (27,232 ) $ 195,011 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 5,107 $ 5,079 Due after one year through five years 13,883 13,723 Due after five years through ten years 19,137 17,810 Due after ten years 12,647 11,800 Mortgage-related securities 170,962 146,511 Other securities 88 88 Total $ 221,824 $ 195,011 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | June 30, 2023 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 $ 849 $ 29 $ 10,855 $ 1,602 $ 11,704 $ 1,631 Collateralized mortgage obligations: Government sponsored enterprise issued 21,134 685 105,876 21,194 127,010 21,879 Private-label issued - - 6,644 942 6,644 942 Government sponsored enterprise bonds - - 2,279 221 2,279 221 Municipal securities 14,130 151 4,097 993 18,227 1,144 Other debt securities - - 11,085 1,415 11,085 1,415 Total $ 36,113 $ 865 $ 140,836 $ 26,367 $ 176,949 $ 27,232 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 |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2023 December 31, 2022 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 543,720 $ 469,567 Multi-family 702,859 677,981 Home equity 11,663 11,455 Construction and land 48,794 62,494 Commercial real estate 271,240 262,973 Consumer 814 774 Commercial loans 35,594 24,934 Total $ 1,614,684 $ 1,510,178 |
Financing Receivable, Past Due [Table Text Block] | As of June 30, 2023 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 3,820 $ - $ 4,075 $ 7,895 $ 535,825 $ 543,720 Multi-family - - - - 702,859 702,859 Home equity - - 38 38 11,625 11,663 Construction and land - - - - 48,794 48,794 Commercial real estate - 94 - 94 271,146 271,240 Consumer - - - - 814 814 Commercial loans - - 2 2 35,592 35,594 Total $ 3,820 $ 94 $ 4,115 $ 8,029 $ 1,606,655 $ 1,614,684 As of December 31, 2022 1-59 Days Past Due (1) 60-89 Days Past Due (2) 90 Days or Greater Total Past Due Current (3) Total Loans (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 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 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | One- to Four-Family Multi-Family Home Equity Land and Construction Commercial Real Estate Consumer Commercial Total (In Thousands) Six months ended June 30, 2023 Balance at beginning of period $ 4,743 $ 7,975 $ 174 $ 1,352 $ 3,199 $ 47 $ 267 $ 17,757 Provision (credit) for credit losses - loans 1,776 (553 ) (9 ) (294 ) (600 ) 32 271 623 Charge-offs (29 ) - - - - (26 ) - (55 ) Recoveries 39 3 4 2 1 - - 49 Balance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Six months ended June 30, 2022 Balance at beginning of period $ 3,963 $ 5,398 $ 89 $ 1,386 $ 4,482 $ 33 $ 427 $ 15,778 Adoption of CECL 88 100 58 886 (640 ) 7 (69 ) $ 430 Provision (credit) for loan losses 600 1,167 6 (584 ) (694 ) 7 (162 ) $ 340 Charge-offs (65 ) - - - - (5 ) - $ (70 ) Recoveries 43 726 10 2 12 - - $ 793 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended June 30, 2023 Balance at beginning of period $ 5,786 $ 7,848 $ 178 $ 858 $ 2,678 $ 52 $ 344 $ 17,744 Adoption of CECL - - - - - - - Provision (credit) for credit losses - loans 760 (426 ) (9 ) 201 (78 ) 6 194 648 Charge-offs (26 ) - - - - (5 ) - (31 ) Recoveries 9 3 - 1 - - - 13 Balance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Three months ended June 30, 2022 Balance at beginning of period $ 4,415 $ 6,562 $ 185 $ 1,831 $ 3,631 $ 41 $ 240 $ 16,905 Provision for loan losses 264 675 (27 ) (142 ) (472 ) 5 (44 ) 259 Charge-offs (65 ) - - - - (4 ) - (69 ) Recoveries 15 154 5 1 1 - - 176 Balance at end of period $ 4,629 $ 7,391 $ 163 $ 1,690 $ 3,160 $ 42 $ 196 $ 17,271 |
Schedule of Allowance for Credit Losses [Table Text Block] | Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In Thousands) Provision (credit) for credit losses on: Loans $ 648 $ 259 $ 623 $ 340 Unfunded commitments (462 ) (211 ) 23 (368 ) Investment securities - - - - Total $ 186 $ 48 $ 646 $ (28 ) |
Schedule of Collateral Dependent Loans [Table Text Block] | One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 6,529 7,425 169 1,060 2,600 53 538 18,374 Allowance at end of period $ 6,529 $ 7,425 $ 169 $ 1,060 $ 2,600 $ 53 $ 538 $ 18,374 Collateral dependent loans $ 2,057 $ - $ 38 $ - $ 5,748 $ - $ 2 $ 7,845 Pooled loans 541,663 702,859 11,625 48,794 265,492 814 35,592 1,606,839 Total gross loans $ 543,720 $ 702,859 $ 11,663 $ 48,794 $ 271,240 $ 814 $ 35,594 $ 1,614,684 One- to Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Allowance related to collateral dependent loans $ - $ - $ - $ - $ - $ - $ - $ - Allowance related to pooled loans 4,743 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | One to Four-Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At June 30, 2023 Substandard $ 4,107 $ - $ 38 $ - $ 5,748 $ - $ 1,559 $ 11,452 Watch 8,645 383 144 - 1,202 - - 10,374 Pass 530,968 702,476 11,481 48,794 264,290 814 34,035 1,592,858 $ 543,720 $ 702,859 $ 11,663 $ 48,794 $ 271,240 $ 814 $ 35,594 $ 1,614,684 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 $ 469,567 $ 677,981 $ 11,455 $ 62,494 $ 262,973 $ 774 $ 24,934 $ 1,510,178 2023 2022 2021 2020 2019 Prior Revolving Total (In Thousands) One- to four-family Pass $ 164,348 $ 174,210 $ 49,429 $ 35,536 $ 20,639 $ 85,847 $ 959 $ 530,968 Watch 7,222 - - 602 - 821 - 8,645 Substandard 1,420 - - - - 2,687 - 4,107 Total 172,990 174,210 49,429 36,138 20,639 89,355 959 543,720 Multi-family Pass 54,136 243,893 146,330 134,132 41,036 81,490 1,459 $ 702,476 Watch - - - - - 383 - 383 Substandard - - - - - - - - Total 54,136 243,893 146,330 134,132 41,036 81,873 1,459 702,859 Home equity Pass 388 297 79 262 90 508 9,857 $ 11,481 Watch - - 88 - - - 56 144 Substandard - 20 18 - - - - 38 Total 388 317 185 262 90 508 9,913 11,663 Construction and land Pass 11,393 1,692 24,638 2,185 8,682 204 - $ 48,794 Watch - - - - - - - - Substandard - - - - - - - - Total 11,393 1,692 24,638 2,185 8,682 204 - 48,794 Commercial Real Estate Pass 38,623 79,398 52,549 37,283 20,491 34,706 1,240 $ 264,290 Watch - 1,060 - - 142 - - 1,202 Substandard 5,654 - - 94 - - - 5,748 Total 44,277 80,458 52,549 37,377 20,633 34,706 1,240 271,240 Consumer Pass - - - - - - 814 $ 814 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 814 814 Commercial Pass 15,289 1,918 1,067 2,928 130 6,547 6,156 $ 34,035 Watch - - - - - - - - Substandard - 90 - - 25 - 1,444 1,559 Total 15,289 2,008 1,067 2,928 155 6,547 7,600 35,594 Total Loans $ 298,473 $ 502,578 $ 274,198 $ 213,022 $ 91,235 $ 213,193 $ 21,985 $ 1,614,684 Gross charge-offs $ 29 $ - $ - $ - $ - $ - $ 26 $ 55 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 |
Financing Receivable, Modified [Table Text Block] | As of June 30, 2023 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 332 1 $ 332 1 $ - - $ 332 1 $ 332 1 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 June 30, 2023 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction and principal forbearance $ 332 1 $ - - $ 332 1 $ 332 1 $ - - $ 332 1 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 forbearance $ 399 2 $ - - $ 399 2 Interest reduction 18 1 - - 18 1 Principal forbearance 519 1 - - 519 1 $ 936 4 $ - - $ 936 4 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30, 2023 December 31, 2022 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 4,107 $ 4,209 Multi-family - - Home equity 38 98 Construction and land - - Commercial real estate - - Commercial 2 - Consumer - - Total non-accrual loans $ 4,147 $ 4,307 Total non-accrual loans to total loans receivable 0.26 % 0.29 % Total non-accrual loans to total assets 0.19 % 0.21 % |
Note 4 - Mortgage Servicing R_2
Note 4 - Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | Six months ended June 30, 2023 2022 (In Thousands) Mortgage servicing rights at beginning of the period $ 3,445 $ 1,555 Additions 759 1,521 Amortization (123 ) (248 ) Sales (2,767 ) - Mortgage servicing rights at end of the period 1,314 2,828 Valuation allowance recovered during the period - 7 Mortgage servicing rights at end of the period, net $ 1,314 $ 2,835 |
Future Amortization Expenses for Mortgage Servicing Rights [Table Text Block] | (In Thousands) Estimate for the annual period ending December 31: 2023 $ 111 2024 219 2025 179 2026 165 2027 146 Thereafter 494 Total $ 1,314 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (In Thousands) Within one year $ 603,931 More than one to two years 101,241 More than two to three years 2,533 More than three to four years 750 More than four through five years 653 $ 709,108 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2023 December 31, 2022 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Short term: Repurchase agreements $ 19,377 8.45 % $ 1,084 7.21 % Federal Home Loan Bank, Chicago advances 400,500 5.18 % 185,700 4.26 % Long term: Federal Home Loan Bank, Chicago advances maturing: 2025 125,000 3.83 % 125,000 3.83 % 2027 50,000 1.73 % 50,000 1.73 % 2032 - 0.00 % 25,000 2.35 % 2033 20,000 2.38 % - 0.00 % $ 614,877 4.64 % $ 386,784 3.68 % |
Note 7 - Regulatory Capital (Ta
Note 7 - Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | June 30, 2023 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 395,715 22.43 % $ 141,140 8.00 % $ 185,240 10.50 % N/A N/A Waterstone Bank 356,550 20.18 % 141,350 8.00 % 185,520 10.50 % 176,685 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 375,980 21.31 % 105,860 6.00 % 149,970 8.50 % N/A N/A Waterstone Bank 336,815 19.06 % 106,030 6.00 % 150,210 8.50 % 141,370 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 375,980 21.31 % 79,400 4.50 % 123,500 7.00 % N/A N/A Waterstone Bank 336,815 19.06 % 79,520 4.50 % 123,700 7.00 % 114,863 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 375,980 17.39 % 86,480 4.00 % N/A N/A N/A N/A Waterstone Bank 336,815 15.58 % 86,470 4.00 % N/A N/A 108,092 5.00 % State of Wisconsin (to total assets) Waterstone Bank 336,815 15.13 % 133,570 6.00 % N/A N/A N/A N/A December 31, 2022 Actual For Capital Adequacy Purposes Minimum Capital Adequacy with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) Total capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. $ 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 |
Note 8 - Commitments, Off-Bal_2
Note 8 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | June 30, 2023 December 31, 2022 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 44,718 $ 61,223 Commitments to extend credit under home equity lines of credit (2) 10,136 9,550 Unused portion of construction loans (3) 61,250 48,530 Unused portion of business lines of credit 8,661 17,356 Standby letters of credit 713 1,516 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | June 30, 2023 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 379.3 Other assets $ 2.7 Other liabilities $ 1.0 Interest rate locks 236.5 Other assets 0.8 Other liabilities - Interest rate swaps 89.4 Other assets 14.0 Other liabilities 14.0 December 31, 2022 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 296.0 Other assets $ 1.9 Other liabilities $ 3.6 Interest rate locks 203.1 Other assets 0.7 Other liabilities - Interest rate swaps 90.5 Other assets 14.2 Other liabilities 14.2 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (In Thousands, except per share amounts) Net income $ 4,007 $ 7,990 $ 6,162 $ 13,282 Weighted average shares outstanding 20,384 22,126 20,635 22,626 Effect of dilutive potential common shares 47 103 67 142 Diluted weighted average shares outstanding $ 20,431 $ 22,229 $ 20,702 $ 22,768 Basic earnings per share $ 0.20 $ 0.36 $ 0.30 $ 0.59 Diluted earnings per share $ 0.20 $ 0.36 $ 0.30 $ 0.58 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using June 30, 2023 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 11,812 $ - $ 11,812 $ - Collateralized mortgage obligations Government sponsored enterprise issued 127,010 - 127,010 - Private-label issued 7,689 - 7,689 - Government sponsored enterprise bonds 2,279 - 2,279 - Municipal securities 35,048 - 35,048 - Other debt securities 11,085 - 11,085 - Other securities 88 - 88 - Loans held for sale 203,268 - 203,268 - Mortgage banking derivative assets 3,513 - - 3,513 Interest rate swap assets 13,997 - 13,997 - Liabilities Mortgage banking derivative liabilities 1,009 - - 1,009 Interest rate swap liabilities 13,997 - 13,997 - 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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (In Thousands) (In Thousands) Mortgage derivative, net balance at the beginning of the period $ 79 $ 5,573 $ (994 ) $ 4,369 Mortgage derivative gain (loss), net 2,425 (5,716 ) 3,498 (4,512 ) Mortgage derivative, net balance at the end of the period $ 2,504 $ (143 ) $ 2,504 $ (143 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using June 30, 2023 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 Fair Value Measurements Using December 31, 2022 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 145 $ - $ - $ 145 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Input Value Fair Value at Significant June 30, Valuation Unobservable Minimum Maximum Weighted 2023 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ 2,504 Pricing models Pull through rate 4.9 % 99.7 % 89.5 % Real estate owned 145 Market approach Discount rates applied to appraisals 34.8 % 34.8 % 34.8 % December 31, 2022 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 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value amount Total Level 1 Level 2 Level 3 amount Total Level 1 Level 2 Level 3 (In Thousands) Financial Assets Cash and cash equivalents $ 61,190 $ 61,190 $ 61,190 $ - $ - $ 46,642 $ 46,642 $ 46,642 $ - $ - Loans receivable 1,614,684 1,442,985 - - 1,442,985 1,510,178 1,403,429 - - 1,403,429 FHLB stock 26,798 26,798 26,798 - - 17,357 17,357 17,357 - - Accrued interest receivable 6,646 6,646 6,646 - - 5,725 5,725 5,725 - - Mortgage servicing rights 1,314 1,654 - - 1,654 3,444 5,001 - - 5,001 - Financial Liabilities Deposits 1,186,968 1,184,870 477,860 707,010 - 1,199,012 1,194,559 556,741 637,818 - Advance payments by borrowers for taxes 20,610 20,610 20,610 - - 5,334 5,334 5,334 - - Borrowings 614,877 605,103 - 605,103 - 386,784 377,275 - 377,275 - Accrued interest payable 2,413 2,413 2,413 - - 1,358 1,358 1,358 - - |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | As of or for the three months ended June 30, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 13,238 $ (622 ) $ 59 $ 12,675 Provision for credit losses 158 28 - 186 Net interest income (expense) after provision for credit losses 13,080 (650 ) 59 12,489 Noninterest income: 1,540 23,041 (1,056 ) 23,525 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,683 17,929 (217 ) 22,395 Occupancy, office furniture and equipment 873 1,173 - 2,046 Advertising 230 714 - 944 Data processing 602 480 8 1,090 Communications 72 153 - 225 Professional fees 146 466 6 618 Real estate owned 1 - - 1 Loan processing expense - 932 - 932 Other 1,641 1,914 (884 ) 2,671 Total noninterest expenses 8,248 23,761 (1,087 ) 30,922 Income (loss) before income taxes (benefit) 6,372 (1,370 ) 90 5,092 Income tax expense (benefit) 1,182 (126 ) 29 1,085 Net income (loss) $ 5,190 $ (1,244 ) $ 61 $ 4,007 Total Assets $ 2,169,989 $ 251,595 $ (191,759 ) $ 2,229,825 As of or for the three months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 13,710 $ 370 $ 1 $ 14,081 Provision (credit) for loan losses (41 ) 89 - 48 Net interest income (expense) after provision (credit) for loan losses 13,751 281 1 14,033 Noninterest income: 1,640 30,126 (528 ) 31,238 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 4,596 21,311 (114 ) 25,793 Occupancy, office furniture and equipment 876 1,180 - 2,056 Advertising 244 718 - 962 Data processing 531 613 - 1,144 Communications 63 195 - 258 Professional fees 118 222 9 349 Real estate owned - - - - Loan processing expense - 1,134 - 1,134 Other 1,006 2,733 (385 ) 3,354 Total noninterest expenses 7,434 28,106 (490 ) 35,050 Income (loss) before income taxes 7,957 2,301 (37 ) 10,221 Income tax expense (benefit) 1,658 578 (5 ) 2,231 Net income (loss) $ 6,299 $ 1,723 $ (32 ) $ 7,990 Total Assets $ 1,896,227 $ 269,584 $ (224,714 ) $ 1,941,097 As of or for the six months ended June 30, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income $ 27,246 $ (904 ) $ 128 $ 26,470 Provision for credit losses 546 100 - 646 Net interest income after provision for credit losses 26,700 (1,004 ) 128 25,824 Noninterest income: 2,527 40,992 (1,440 ) 42,079 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,851 33,028 (432 ) 42,447 Occupancy, office furniture and equipment 1,904 2,405 - 4,309 Advertising 414 1,419 - 1,833 Data processing 1,203 996 13 2,212 Communications 150 326 - 476 Professional fees 364 654 16 1,034 Real estate owned 2 - - 2 Loan processing expense - 1,950 - 1,950 Other 2,537 4,317 (1,088 ) 5,766 Total noninterest expenses 16,425 45,095 (1,491 ) 60,029 Income (loss) before income taxes (benefit) 12,802 (5,107 ) 179 7,874 Income tax expense (benefit) 2,782 (1,128 ) 58 1,712 Net income (loss) $ 10,020 $ (3,979 ) $ 121 $ 6,162 As of or for the six months ended June 30, 2022 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 25,362 $ 553 $ 30 $ 25,945 Provision (credit) for loan losses (181 ) 153 - (28 ) Net interest income (expense) after provision (credit) for loan losses 25,543 400 30 25,973 Noninterest income: 3,072 58,730 (746 ) 61,056 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 9,808 41,749 (229 ) 51,328 Occupancy, office furniture and equipment 1,813 2,431 - 4,244 Advertising 471 1,396 - 1,867 Data processing 1,139 1,201 6 2,346 Communications 157 441 - 598 Professional fees 232 560 18 810 Real estate owned 5 - - 5 Loan processing expense - 2,565 - 2,565 Other 1,606 5,042 (427 ) 6,221 Total noninterest expenses 15,231 55,385 (632 ) 69,984 Income (loss) before income taxes 13,384 3,745 (84 ) 17,045 Income tax expense (benefit) 2,825 955 (17 ) 3,763 Net income (loss) $ 10,559 $ 2,790 $ (67 ) $ 13,282 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Offices | 14 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Securities, Unrealized Loss Position, Number of Positions | 175 | 175 | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | 0 | $ 0 | |
Mortgage-related Securities [Member] | Asset Pledged as Collateral [Member] | |||||
Debt Securities, Available-for-Sale, Restricted | $ 216,000 | $ 216,000 | $ 259,000 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Amortized Cost and Fair Values of Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, cost | $ 221,824 | $ 222,665 |
Gross unrealized gains | 419 | 432 |
Gross unrealized losses | (27,232) | (26,509) |
Fair value | 195,011 | 196,588 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, cost | 13,442 | 15,134 |
Gross unrealized gains | 1 | 4 |
Gross unrealized losses | (1,631) | (1,824) |
Fair value | 11,812 | 13,314 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, cost | 148,889 | 145,740 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (21,879) | (20,975) |
Fair value | 127,010 | 124,765 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, cost | 8,631 | 9,041 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (942) | (935) |
Fair value | 7,689 | 8,106 |
Mortgage-related Securities [Member] | ||
Securities available for sale, cost | 170,962 | 169,915 |
Gross unrealized gains | 1 | 4 |
Gross unrealized losses | (24,452) | (23,734) |
Fair value | 146,511 | 146,185 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, cost | 2,500 | 2,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (221) | (244) |
Fair value | 2,279 | 2,256 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, cost | 35,774 | 37,699 |
Gross unrealized gains | 418 | 428 |
Gross unrealized losses | (1,144) | (1,193) |
Fair value | 35,048 | 36,934 |
Other Debt Obligations [Member] | ||
Securities available for sale, cost | 12,500 | 12,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,415) | (1,338) |
Fair value | 11,085 | 11,162 |
Debt Securities [Member] | ||
Securities available for sale, cost | 50,774 | 52,699 |
Debt [Member] | ||
Gross unrealized gains | 418 | 428 |
Gross unrealized losses | (2,780) | (2,775) |
Fair value | 48,412 | 50,352 |
Other Securities [Member] | ||
Securities available for sale, cost | 88 | 51 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 88 | $ 51 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Due within one year, amortized cost | $ 5,107 | |
Due within one year, fair value | 5,079 | |
Due after one year through five years, amortized cost | 13,883 | |
Due after one year through five years, fair value | 13,723 | |
Due after five years through ten years, amortized cost | 19,137 | |
Due after five years through ten years, fair value | 17,810 | |
Due after ten years, amortized cost | 12,647 | |
Due after ten years, fair value | 11,800 | |
Amortized cost | 221,824 | $ 222,665 |
Fair value | 195,011 | 196,588 |
Mortgage-related Securities [Member] | ||
Without single date securities | 170,962 | |
Without single date securities, fair value | 146,511 | |
Amortized cost | 170,962 | 169,915 |
Fair value | 146,511 | 146,185 |
Other Securities [Member] | ||
Without single date securities | 88 | |
Without single date securities, fair value | 88 | |
Amortized cost | 88 | 51 |
Fair value | $ 88 | $ 51 |
Note 2 - Securities Available_6
Note 2 - Securities Available for Sale - Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value, less than 12 months | $ 36,113 | $ 103,931 |
Unrealized loss, less than 12 months | 865 | 8,564 |
Fair value, 12 months or longer | 140,836 | 76,963 |
Unrealized loss, 12 months or longer | 26,367 | 17,945 |
Total fair value | 176,949 | 180,894 |
Total unrealized loss | 27,232 | 26,509 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months | 849 | 8,383 |
Unrealized loss, less than 12 months | 29 | 655 |
Fair value, 12 months or longer | 10,855 | 4,573 |
Unrealized loss, 12 months or longer | 1,602 | 1,169 |
Total fair value | 11,704 | 12,956 |
Total unrealized loss | 1,631 | 1,824 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair value, less than 12 months | 21,134 | 65,270 |
Unrealized loss, less than 12 months | 685 | 6,400 |
Fair value, 12 months or longer | 105,876 | 59,495 |
Unrealized loss, 12 months or longer | 21,194 | 14,575 |
Total fair value | 127,010 | 124,765 |
Total unrealized loss | 21,879 | 20,975 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair value, less than 12 months | 0 | 7,012 |
Unrealized loss, less than 12 months | 0 | 935 |
Fair value, 12 months or longer | 6,644 | 0 |
Unrealized loss, 12 months or longer | 942 | 0 |
Total fair value | 6,644 | 7,012 |
Total unrealized loss | 942 | 935 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Fair value, less than 12 months | 0 | 2,256 |
Unrealized loss, less than 12 months | 0 | 244 |
Fair value, 12 months or longer | 2,279 | 0 |
Unrealized loss, 12 months or longer | 221 | 0 |
Total fair value | 2,279 | 2,256 |
Total unrealized loss | 221 | 244 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 months | 14,130 | 18,648 |
Unrealized loss, less than 12 months | 151 | 192 |
Fair value, 12 months or longer | 4,097 | 4,095 |
Unrealized loss, 12 months or longer | 993 | 1,001 |
Total fair value | 18,227 | 22,743 |
Total unrealized loss | 1,144 | 1,193 |
Other Debt Obligations [Member] | ||
Fair value, less than 12 months | 0 | 2,362 |
Unrealized loss, less than 12 months | 0 | 138 |
Fair value, 12 months or longer | 11,085 | 8,800 |
Unrealized loss, 12 months or longer | 1,415 | 1,200 |
Total fair value | 11,085 | 11,162 |
Total unrealized loss | $ 1,415 | $ 1,338 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||||
Financing Receivable, before Allowance for Credit Loss | $ 1,614,684,000 | $ 1,614,684,000 | $ 1,510,178,000 | |||||||||
Loans and Leases Receivable, Related Parties | 3,100,000 | 3,100,000 | 2,800,000 | |||||||||
Loans and Leases Receivable, Related Parties, Past Due or Impaired | 0 | 0 | 0 | |||||||||
Financing Receivable, Nonaccrual | 4,147,000 | 4,147,000 | 4,307,000 | |||||||||
Financing Receivable, Allowance for Credit Loss | 18,374,000 | [1] | $ 17,271,000 | 18,374,000 | [1] | $ 17,271,000 | $ 17,757,000 | [1] | $ 17,744,000 | $ 16,905,000 | $ 15,778,000 | |
Minimum Amount of Potential Loan Exposure to be Reviewed by Credit Management Personnel | 1,000,000 | $ 1,000,000 | ||||||||||
Financing Receivable, Modified, Number of Contracts | 0 | 1 | 2 | 4 | ||||||||
Financing Receivable, Modified, Accumulated | $ 332,000 | $ 424,000 | $ 332,000 | $ 424,000 | $ 936,000 | |||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | ||||||||
Unfunded Loan Commitment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss | $ 1,400,000 | $ 1,400,000 | 1,300,000 | |||||||||
One to Four Family [Member] | Residential Portfolio Segment [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | 543,720,000 | 543,720,000 | 469,567,000 | |||||||||
Financing Receivable, Nonaccrual | 4,107,000 | 4,107,000 | 4,209,000 | |||||||||
Financing Receivable, Allowance for Credit Loss | 6,529,000 | $ 4,629,000 | 6,529,000 | $ 4,629,000 | 4,743,000 | $ 5,786,000 | $ 4,415,000 | $ 3,963,000 | ||||
Financing Receivable, Modified, Accumulated | 332,000 | 332,000 | 936,000 | |||||||||
Mortgage Loans in Process of Foreclosure, Amount | 601,000 | 601,000 | 795,000 | |||||||||
Financial Asset, 1 to 59 Days Past Due [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | [2] | 3,820,000 | 3,820,000 | 2,345,000 | ||||||||
Financing Receivable, Nonaccrual | 32,000 | 32,000 | 0 | |||||||||
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 | [2] | 3,820,000 | 3,820,000 | 2,328,000 | ||||||||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | [3] | 94,000 | 94,000 | 233,000 | ||||||||
Financing Receivable, Nonaccrual | 0 | 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 | [3] | 0 | 0 | 0 | ||||||||
Financial Asset, Not Past Due [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | [4] | 1,606,655,000 | 1,606,655,000 | 1,503,917,000 | ||||||||
Financing Receivable, Nonaccrual | 0 | 0 | 624,000 | |||||||||
Financial Asset, Not Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | [4] | 535,825,000 | 535,825,000 | 463,621,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | ||||||||||||
Federal Home Loan Bank, Advance | 595,500,000 | 595,500,000 | 385,700,000 | |||||||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||||||||
Financing Receivable, before Allowance for Credit Loss | $ 1,190,000,000 | $ 1,190,000,000 | $ 976,700,000 | |||||||||
[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 | Jun. 30, 2023 | Dec. 31, 2022 |
Loans receivable | $ 1,614,684 | $ 1,510,178 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 543,720 | 469,567 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 702,859 | 677,981 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 11,663 | 11,455 |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 48,794 | 62,494 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 271,240 | 262,973 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 814 | 774 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 35,594 | $ 24,934 |
Note 3 - Loans Receivable - Ana
Note 3 - Loans Receivable - Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Loans receivable | $ 1,614,684 | $ 1,510,178 | |
Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 3,820 | 2,345 |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 94 | 233 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 4,115 | 3,683 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 8,029 | 6,261 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 1,606,655 | 1,503,917 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 543,720 | 469,567 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 3,820 | 2,328 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 4,075 | 3,618 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 7,895 | 5,946 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 535,825 | 463,621 |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 702,859 | 677,981 | |
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 | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 702,859 | 677,981 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 11,663 | 11,455 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 14 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 38 | 65 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 38 | 79 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 11,625 | 11,376 |
Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 48,794 | 62,494 | |
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] | 48,794 | 62,494 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 271,240 | 262,973 | |
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] | 94 | 233 |
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 | 94 | 233 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 271,146 | 262,740 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 814 | 774 | |
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] | 814 | 774 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 35,594 | 24,934 | |
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 3 |
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 | 2 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 2 | 3 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | $ 35,592 | $ 24,931 |
[1]Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[2]Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status.[3]Includes $666,000 and $816,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. |
Note 3 - Loans Receivable - Act
Note 3 - Loans Receivable - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Balance at beginning of period | $ 17,744 | $ 16,905 | $ 17,757 | [1] | $ 15,778 | |||
Provision (credit) for loan losses | 648 | [1] | 259 | [2] | 623 | [1] | 340 | [2] |
Charge-offs | (31) | (69) | (55) | (70) | ||||
Recoveries | 13 | 176 | 49 | 793 | ||||
Balance at end of period | 18,374 | [1] | 17,271 | 18,374 | [1] | 17,271 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 430 | |||||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||||
Balance at beginning of period | 5,786 | 4,415 | 4,743 | 3,963 | ||||
Provision (credit) for loan losses | 760 | [1] | 264 | 1,776 | [1] | 600 | ||
Charge-offs | (26) | (65) | (29) | (65) | ||||
Recoveries | 9 | 15 | 39 | 43 | ||||
Balance at end of period | 6,529 | 4,629 | 6,529 | 4,629 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | 88 | ||||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||||
Balance at beginning of period | 7,848 | 6,562 | 7,975 | 5,398 | ||||
Provision (credit) for loan losses | (426) | [1] | 675 | (553) | [1] | 1,167 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 3 | 154 | 3 | 726 | ||||
Balance at end of period | 7,425 | 7,391 | 7,425 | 7,391 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | 100 | ||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Balance at beginning of period | 178 | 185 | 174 | 89 | ||||
Provision (credit) for loan losses | (9) | [1] | (27) | (9) | [1] | 6 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 5 | 4 | 10 | ||||
Balance at end of period | 169 | 163 | 169 | 163 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | 58 | ||||||
Construction and Land Portfolio Segment [Member] | ||||||||
Balance at beginning of period | 858 | 1,831 | 1,352 | 1,386 | ||||
Provision (credit) for loan losses | 201 | [1] | (142) | (294) | [1] | (584) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 1 | 1 | 2 | 2 | ||||
Balance at end of period | 1,060 | 1,690 | 1,060 | 1,690 | ||||
Construction and Land Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | 886 | ||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Balance at beginning of period | 2,678 | 3,631 | 3,199 | 4,482 | ||||
Provision (credit) for loan losses | (78) | [1] | (472) | (600) | [1] | (694) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 1 | 1 | 12 | ||||
Balance at end of period | 2,600 | 3,160 | 2,600 | 3,160 | ||||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | (640) | ||||||
Consumer Portfolio Segment [Member] | ||||||||
Balance at beginning of period | 52 | 41 | 47 | 33 | ||||
Provision (credit) for loan losses | 6 | [1] | 5 | 32 | [1] | 7 | ||
Charge-offs | (5) | (4) | (26) | (5) | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 53 | 42 | 53 | 42 | ||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | 0 | 7 | ||||||
Commercial Portfolio Segment [Member] | ||||||||
Balance at beginning of period | 344 | 240 | 267 | 427 | ||||
Provision (credit) for loan losses | 194 | [1] | (44) | 271 | [1] | (162) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 538 | $ 196 | $ 538 | 196 | ||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Balance at beginning of period | $ 0 | $ (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 | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||||||
Provision (credit) for loan losses | $ 648 | [1] | $ 259 | [2] | $ 623 | [1] | $ 340 | [2] | |
Investment securities, provision for credit losses | [2] | 0 | 0 | 0 | 0 | ||||
Total, provision for credit losses | [1] | 186 | 48 | 646 | (28) | ||||
Unfunded Loan Commitment [Member] | |||||||||
Provision (credit) for loan losses | [2] | $ (462) | $ (211) | $ 23 | $ (368) | ||||
[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 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Allowance at end of period | $ 18,374 | [1] | $ 17,744 | $ 17,757 | [1] | $ 17,271 | $ 16,905 | $ 15,778 |
Loans receivable | 1,614,684 | 1,510,178 | ||||||
Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 7,845 | 8,079 | ||||||
Pooled Loans [Member] | ||||||||
Allowance at end of period | 18,374 | 17,757 | ||||||
Loans receivable | 1,606,839 | 1,502,099 | ||||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||||
Allowance at end of period | 6,529 | 5,786 | 4,743 | 4,629 | 4,415 | 3,963 | ||
Loans receivable | 543,720 | 469,567 | ||||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 2,057 | 2,584 | ||||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 6,529 | 4,743 | ||||||
Loans receivable | 541,663 | 466,983 | ||||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||||
Allowance at end of period | 7,425 | 7,848 | 7,975 | 7,391 | 6,562 | 5,398 | ||
Loans receivable | 702,859 | 677,981 | ||||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 0 | 0 | ||||||
Residential Portfolio Segment [Member] | Multifamily [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 7,425 | 7,975 | ||||||
Loans receivable | 702,859 | 677,981 | ||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Allowance at end of period | 169 | 178 | 174 | 163 | 185 | 89 | ||
Loans receivable | 11,663 | 11,455 | ||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 38 | 40 | ||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 169 | 174 | ||||||
Loans receivable | 11,625 | 11,415 | ||||||
Construction and Land Portfolio Segment [Member] | ||||||||
Allowance at end of period | 1,060 | 858 | 1,352 | 1,690 | 1,831 | 1,386 | ||
Loans receivable | 48,794 | 62,494 | ||||||
Construction and Land Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 0 | 0 | ||||||
Construction and Land Portfolio Segment [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 1,060 | 1,352 | ||||||
Loans receivable | 48,794 | 62,494 | ||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Allowance at end of period | 2,600 | 2,678 | 3,199 | 3,160 | 3,631 | 4,482 | ||
Loans receivable | 271,240 | 262,973 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 5,748 | 5,455 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 2,600 | 3,199 | ||||||
Loans receivable | 265,492 | 257,518 | ||||||
Consumer Portfolio Segment [Member] | ||||||||
Allowance at end of period | 53 | 52 | 47 | 42 | 41 | 33 | ||
Loans receivable | 814 | 774 | ||||||
Consumer Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 0 | 0 | ||||||
Consumer Portfolio Segment [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 53 | 47 | ||||||
Loans receivable | 814 | 774 | ||||||
Commercial Portfolio Segment [Member] | ||||||||
Allowance at end of period | 538 | $ 344 | 267 | $ 196 | $ 240 | $ 427 | ||
Loans receivable | 35,594 | 24,934 | ||||||
Commercial Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||||
Allowance at end of period | 0 | 0 | ||||||
Loans receivable | 2 | 0 | ||||||
Commercial Portfolio Segment [Member] | Pooled Loans [Member] | ||||||||
Allowance at end of period | 538 | 267 | ||||||
Loans receivable | $ 35,592 | $ 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 - Cre
Note 3 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Loans receivable | $ 1,614,684 | $ 1,614,684 | $ 1,510,178 | ||
Originated current year | 298,473 | 298,473 | 608,900 | ||
Originated one years before | 502,578 | 502,578 | 305,783 | ||
Originated two years before | 274,198 | 274,198 | 222,810 | ||
Originated three years before | 213,022 | 213,022 | 101,316 | ||
Originated four years before | 91,235 | 91,235 | 72,689 | ||
Originated five years before | 213,193 | 213,193 | 181,242 | ||
Revolving | 21,985 | 21,985 | 17,438 | ||
Gross charge-offs, current year | 29 | ||||
Gross charge-offs, one year before | 0 | ||||
Gross charge-offs, two years before | 0 | ||||
Gross charge-offs, three years before | 0 | ||||
Gross charge-offs, four years before | 0 | ||||
Gross charge-offs, five years before | 0 | ||||
Gross charge-offs, revolving | 26 | ||||
Gross charge-offs, total | 31 | $ 69 | 55 | $ 70 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Loans receivable | 543,720 | 543,720 | 469,567 | ||
Originated current year | 172,990 | 172,990 | 251,478 | ||
Originated one years before | 174,210 | 174,210 | 56,749 | ||
Originated two years before | 49,429 | 49,429 | 37,957 | ||
Originated three years before | 36,138 | 36,138 | 21,813 | ||
Originated four years before | 20,639 | 20,639 | 20,580 | ||
Originated five years before | 89,355 | 89,355 | 79,658 | ||
Revolving | 959 | 959 | 1,332 | ||
Gross charge-offs, total | 26 | 65 | 29 | 65 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans receivable | 702,859 | 702,859 | 677,981 | ||
Originated current year | 54,136 | 54,136 | 255,100 | ||
Originated one years before | 243,893 | 243,893 | 144,731 | ||
Originated two years before | 146,330 | 146,330 | 139,386 | ||
Originated three years before | 134,132 | 134,132 | 44,221 | ||
Originated four years before | 41,036 | 41,036 | 22,689 | ||
Originated five years before | 81,873 | 81,873 | 71,097 | ||
Revolving | 1,459 | 1,459 | 757 | ||
Gross charge-offs, total | 0 | 0 | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans receivable | 11,663 | 11,663 | 11,455 | ||
Originated current year | 388 | 388 | 312 | ||
Originated one years before | 317 | 317 | 195 | ||
Originated two years before | 185 | 185 | 865 | ||
Originated three years before | 262 | 262 | 104 | ||
Originated four years before | 90 | 90 | 174 | ||
Originated five years before | 508 | 508 | 82 | ||
Revolving | 9,913 | 9,913 | 9,723 | ||
Gross charge-offs, total | 0 | 0 | 0 | 0 | |
Construction and Land Portfolio Segment [Member] | |||||
Loans receivable | 48,794 | 48,794 | 62,494 | ||
Originated current year | 11,393 | 11,393 | 2,958 | ||
Originated one years before | 1,692 | 1,692 | 49,092 | ||
Originated two years before | 24,638 | 24,638 | 2,308 | ||
Originated three years before | 2,185 | 2,185 | 7,917 | ||
Originated four years before | 8,682 | 8,682 | 123 | ||
Originated five years before | 204 | 204 | 96 | ||
Revolving | 0 | 0 | 0 | ||
Gross charge-offs, total | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans receivable | 271,240 | 271,240 | 262,973 | ||
Originated current year | 44,277 | 44,277 | 89,587 | ||
Originated one years before | 80,458 | 80,458 | 53,788 | ||
Originated two years before | 52,549 | 52,549 | 39,110 | ||
Originated three years before | 37,377 | 37,377 | 27,021 | ||
Originated four years before | 20,633 | 20,633 | 28,187 | ||
Originated five years before | 34,706 | 34,706 | 24,595 | ||
Revolving | 1,240 | 1,240 | 685 | ||
Gross charge-offs, total | 0 | 0 | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||||
Loans receivable | 35,594 | 35,594 | 24,934 | ||
Originated current year | 15,289 | 15,289 | 9,446 | ||
Originated one years before | 2,008 | 2,008 | 1,228 | ||
Originated two years before | 1,067 | 1,067 | 3,184 | ||
Originated three years before | 2,928 | 2,928 | 240 | ||
Originated four years before | 155 | 155 | 936 | ||
Originated five years before | 6,547 | 6,547 | 5,714 | ||
Revolving | 7,600 | 7,600 | 4,186 | ||
Gross charge-offs, total | 0 | 0 | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||||
Loans receivable | 814 | 814 | 774 | ||
Originated current year | 0 | 0 | 19 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 814 | 814 | 755 | ||
Gross charge-offs, total | 5 | $ 4 | 26 | $ 5 | |
Substandard [Member] | |||||
Loans receivable | 11,452 | 11,452 | 9,822 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Loans receivable | 4,107 | 4,107 | 4,209 | ||
Originated current year | 1,420 | 1,420 | 218 | ||
Originated one years before | 0 | 0 | 1,255 | ||
Originated two years before | 0 | 0 | 519 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 2,687 | 2,687 | 2,217 | ||
Revolving | 0 | 0 | 0 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans receivable | 0 | 0 | 0 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans receivable | 38 | 38 | 98 | ||
Originated current year | 0 | 0 | 22 | ||
Originated one years before | 20 | 20 | 18 | ||
Originated two years before | 18 | 18 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 58 | ||
Substandard [Member] | Construction and Land Portfolio Segment [Member] | |||||
Loans receivable | 0 | 0 | 0 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans receivable | 5,748 | 5,748 | 5,454 | ||
Originated current year | 5,654 | 5,654 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 94 | 94 | 0 | ||
Originated four years before | 0 | 0 | 5,454 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | |||||
Loans receivable | 1,559 | 1,559 | 61 | ||
Originated current year | 0 | 0 | 61 | ||
Originated one years before | 90 | 90 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 25 | 25 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 1,444 | 1,444 | 0 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | |||||
Loans receivable | 0 | 0 | 0 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Pass [Member] | |||||
Loans receivable | 1,592,858 | 1,592,858 | 1,484,919 | ||
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Loans receivable | 530,968 | 530,968 | 459,662 | ||
Originated current year | 164,348 | 164,348 | 246,437 | ||
Originated one years before | 174,210 | 174,210 | 55,494 | ||
Originated two years before | 49,429 | 49,429 | 37,438 | ||
Originated three years before | 35,536 | 35,536 | 21,813 | ||
Originated four years before | 20,639 | 20,639 | 20,580 | ||
Originated five years before | 85,847 | 85,847 | 76,568 | ||
Revolving | 959 | 959 | 1,332 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans receivable | 702,476 | 702,476 | 677,789 | ||
Originated current year | 54,136 | 54,136 | 255,100 | ||
Originated one years before | 243,893 | 243,893 | 144,731 | ||
Originated two years before | 146,330 | 146,330 | 139,386 | ||
Originated three years before | 134,132 | 134,132 | 44,221 | ||
Originated four years before | 41,036 | 41,036 | 22,689 | ||
Originated five years before | 81,490 | 81,490 | 70,905 | ||
Revolving | 1,459 | 1,459 | 757 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans receivable | 11,481 | 11,481 | 11,261 | ||
Originated current year | 388 | 388 | 290 | ||
Originated one years before | 297 | 297 | 81 | ||
Originated two years before | 79 | 79 | 865 | ||
Originated three years before | 262 | 262 | 104 | ||
Originated four years before | 90 | 90 | 174 | ||
Originated five years before | 508 | 508 | 82 | ||
Revolving | 9,857 | 9,857 | 9,665 | ||
Pass [Member] | Construction and Land Portfolio Segment [Member] | |||||
Loans receivable | 48,794 | 48,794 | 60,267 | ||
Originated current year | 11,393 | 11,393 | 2,958 | ||
Originated one years before | 1,692 | 1,692 | 49,092 | ||
Originated two years before | 24,638 | 24,638 | 2,308 | ||
Originated three years before | 2,185 | 2,185 | 5,690 | ||
Originated four years before | 8,682 | 8,682 | 123 | ||
Originated five years before | 204 | 204 | 96 | ||
Revolving | 0 | 0 | 0 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans receivable | 264,290 | 264,290 | 252,316 | ||
Originated current year | 38,623 | 38,623 | 87,971 | ||
Originated one years before | 79,398 | 79,398 | 53,788 | ||
Originated two years before | 52,549 | 52,549 | 39,015 | ||
Originated three years before | 37,283 | 37,283 | 24,795 | ||
Originated four years before | 20,491 | 20,491 | 21,467 | ||
Originated five years before | 34,706 | 34,706 | 24,595 | ||
Revolving | 1,240 | 1,240 | 685 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | |||||
Loans receivable | 34,035 | 34,035 | 22,850 | ||
Originated current year | 15,289 | 15,289 | 9,385 | ||
Originated one years before | 1,918 | 1,918 | 1,228 | ||
Originated two years before | 1,067 | 1,067 | 1,256 | ||
Originated three years before | 2,928 | 2,928 | 240 | ||
Originated four years before | 130 | 130 | 936 | ||
Originated five years before | 6,547 | 6,547 | 5,622 | ||
Revolving | 6,156 | 6,156 | 4,183 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | |||||
Loans receivable | 814 | 814 | 774 | ||
Originated current year | 0 | 0 | 19 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 814 | 814 | 755 | ||
Watch [Member] | |||||
Loans receivable | 10,374 | 10,374 | 15,437 | ||
Watch [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Loans receivable | 8,645 | 8,645 | 5,696 | ||
Originated current year | 7,222 | 7,222 | 4,823 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 602 | 602 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 821 | 821 | 873 | ||
Revolving | 0 | 0 | 0 | ||
Watch [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans receivable | 383 | 383 | 192 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 383 | 383 | 192 | ||
Revolving | 0 | 0 | 0 | ||
Watch [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans receivable | 144 | 144 | 96 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 96 | ||
Originated two years before | 88 | 88 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 56 | 56 | 0 | ||
Watch [Member] | Construction and Land Portfolio Segment [Member] | |||||
Loans receivable | 0 | 0 | 2,227 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 2,227 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans receivable | 1,202 | 1,202 | 5,203 | ||
Originated current year | 0 | 0 | 1,616 | ||
Originated one years before | 1,060 | 1,060 | 0 | ||
Originated two years before | 0 | 0 | 95 | ||
Originated three years before | 0 | 0 | 2,226 | ||
Originated four years before | 142 | 142 | 1,266 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Watch [Member] | Commercial Portfolio Segment [Member] | |||||
Loans receivable | 0 | 0 | 2,023 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 1,928 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 92 | ||
Revolving | 0 | 0 | 3 | ||
Watch [Member] | Consumer Portfolio Segment [Member] | |||||
Loans receivable | 0 | 0 | 0 | ||
Originated current year | 0 | 0 | 0 | ||
Originated one years before | 0 | 0 | 0 | ||
Originated two years before | 0 | 0 | 0 | ||
Originated three years before | 0 | 0 | 0 | ||
Originated four years before | 0 | 0 | 0 | ||
Originated five years before | 0 | 0 | 0 | ||
Revolving | $ 0 | $ 0 | $ 0 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Trouble Debt Restructurings (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Amount | $ 424,000 | $ 332,000 | $ 424,000 | $ 936,000 |
Number | 1 | 4 | ||
Number | 0 | 1 | 2 | 4 |
Interest Reduction and Principal Forbearance [Member] | ||||
Amount | $ 332,000 | $ 399,000 | ||
Number | 1 | 2 | ||
Contractual Interest Rate Reduction [Member] | ||||
Amount | $ 18,000 | |||
Number | 1 | |||
Principal Forgiveness [Member] | ||||
Amount | $ 519,000 | |||
Number | 1 | |||
Accruing [Member] | ||||
Amount | $ 0 | $ 0 | ||
Number | 0 | 0 | ||
Performing Financial Instruments [Member] | ||||
Amount | $ 332,000 | $ 936,000 | ||
Number | 1 | 4 | ||
Performing Financial Instruments [Member] | Interest Reduction and Principal Forbearance [Member] | ||||
Amount | $ 332,000 | $ 399,000 | ||
Number | 1 | 2 | ||
Performing Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | ||||
Amount | $ 18,000 | |||
Number | 1 | |||
Performing Financial Instruments [Member] | Principal Forgiveness [Member] | ||||
Amount | $ 519,000 | |||
Number | 1 | |||
Non Accruing [Member] | ||||
Amount | $ 332,000 | $ 936,000 | ||
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 | |||
Number | 0 | |||
Nonperforming Financial Instruments [Member] | Principal Forgiveness [Member] | ||||
Amount | $ 0 | |||
Number | 0 | |||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||
Amount | $ 332,000 | $ 936,000 | ||
Number | 1 | 4 | ||
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 | $ 332,000 | $ 936,000 | ||
Number | 1 | 4 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-accrual loans | $ 4,147 | $ 4,307 |
Total non-accrual loans to total loans receivable | 0.26% | 0.29% |
Total non-accrual loans to total assets | 0.19% | 0.21% |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Non-accrual loans | $ 4,107 | $ 4,209 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Non-accrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Non-accrual loans | 38 | 98 |
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 | 2 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 4 - Mortgage Servicing R_3
Note 4 - Mortgage Servicing Rights (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fees and Commissions, Mortgage Banking and Servicing | $ 21,914,000 | $ 29,410,000 | $ 38,684,000 | $ 57,685,000 | |
Unpaid Principal Balance of Loans Serviced for Others | 156,300,000 | 156,300,000 | $ 409,600,000 | ||
Servicing Asset at Amortized Cost, Fair Value | 1,700,000 | 1,700,000 | $ 5,000,000 | ||
Mortgage Servicing Rights, Underlying Financing Receivable | 318,400,000 | 318,400,000 | |||
Mortgage Servicing Rights, Underlying Financing Receivable, Book Value | 2,900,000 | 2,900,000 | |||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | $ 0 | $ 0 | 3,500,000 | ||
Gain (Loss) on Sales of Mortgage-Backed Securities (MBS) | 583,000 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Financial Receivable Originated for Sale | 977,800,000 | 1,450,000,000 | |||
Fees and Commissions, Mortgage Banking and Servicing | $ 38,700,000 | $ 57,700,000 |
Note 4 - Mortgage Servicing R_4
Note 4 - Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Mortgage servicing rights at beginning of the period | $ 3,445 | $ 1,555 |
Additions | 759 | 1,521 |
Amortization | (123) | (248) |
Sales | (2,767) | 0 |
Mortgage servicing rights at end of the period | 1,314 | 2,828 |
Valuation allowance recovered during the period | 0 | 7 |
Mortgage servicing rights at end of the period, net | $ 1,314 | $ 2,835 |
Note 4 - Mortgage Servicing R_5
Note 4 - Mortgage Servicing Rights - Future Amortization Expenses (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2023 | $ 111 |
2024 | 219 |
2025 | 179 |
2026 | 165 |
2027 | 146 |
Thereafter | 494 |
Total | $ 1,314 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Deposit Liability, Uninsured | $ 122.8 | $ 115.5 |
Related Party Deposit Liabilities | $ 7.6 | $ 9.2 |
Note 5 - Deposits - Maturities
Note 5 - Deposits - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Within one year | $ 603,931 | |
More than one to two years | 101,241 | |
More than two to three years | 2,533 | |
More than three to four years | 750 | |
More than four through five years | 653 | |
Time Deposits | $ 709,108 | $ 642,271 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 26,800 | $ 17,400 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 78% | |
Residential Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 73% | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 63% | |
Federal Home Loan Bank of Chicago [Member] | ||
Short-Term Debt | $ 400,500 | 185,700 |
Federal Home Loan Bank of Chicago [Member] | Short-Term Advance [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | 400,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 184,700 | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 3, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 51,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.21% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 5, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 15,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.19% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 12, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 41,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.17% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 13, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 42,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.17% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 14, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 30,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.25% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 18, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 7,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.11% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 19, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 43,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.22% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 20, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 25,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.21% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 24, 2023, 1 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 45,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.21% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 24, 2023, 2 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 20,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.19% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 26, 2023, 1 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 16,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.12% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 26, 2023, 2 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 44,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.12% | |
Federal Home Loan Bank of Chicago [Member] | Short-term Advance Maturing July 27, 2023 [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year One | $ 20,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.11% | |
Federal Home Loan Bank of Chicago [Member] | Advance One with FHLB Quarterly Call Option [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year Two | $ 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 Two | $ 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 Two | $ 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 Two | $ 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 Two | $ 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 Four | $ 50,000 | |
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Quarterly Call Option [Member] | ||
Federal Home Loan Bank, Advance, Maturity, Year Ten | $ 20,000 | |
Federal Home Loan Bank of Chicago [Member] | Advance with FHLB Monthly Call Option Currently Available [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.38% | |
Federal Home Loan Bank, Advance, Maturity, Year Ten | $ 20,000 | |
Repurchase Agreements [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |
Short-Term Debt | $ 19,377 | $ 1,084 |
Note 6 - Borrowings -Borrowing
Note 6 - Borrowings -Borrowing (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Borrowings | $ 614,877 | $ 386,784 |
Federal Home Loan Bank of Chicago [Member] | ||
Short term balance | $ 400,500 | $ 185,700 |
Short term balance, weighted average rate | 5.18% | 4.26% |
Borrowings | $ 614,877 | $ 386,784 |
Debt, weighted average rate | 4.64% | 3.68% |
Federal Home Loan Bank of Chicago [Member] | Long-Term Debt Maturing 2025 [Member] | ||
Borrowings | $ 125,000 | $ 125,000 |
Long-term debt, weighted average rate | 3.83% | 3.83% |
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 2032 [Member] | ||
Borrowings | $ 0 | $ 25,000 |
Long-term debt, weighted average rate | 0% | 2.35% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2033 [Member] | ||
Borrowings | $ 20,000 | $ 0 |
Long-term debt, weighted average rate | 2.38% | 0% |
Repurchase Agreements [Member] | ||
Short term balance | $ 19,377 | $ 1,084 |
Short term balance, weighted average rate | 8.45% | 7.21% |
Note 7 - Regulatory Capital - A
Note 7 - Regulatory Capital - Actual and Required Capital Amount and Ratio (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Consolidated Waterstone Financial Inc [Member] | ||
Total capital (to risk-weighted assets) | $ 395,715 | $ 407,099 |
Total capital (to risk-weighted assets) Ratio | 0.2243 | 0.2436 |
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 Ratio | 10.50% | 10.50% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 133,709 | |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | 175,493 | |
Tier I capital (to risk-weighted assets) | $ 375,980 | $ 389,342 |
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 Ratio | 8.50% | 8.50% |
Tier I capital (to risk-weighted assets) Ratio | 0.2329 | |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 100,281 | |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | 142,065 | |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 375,980 | $ 389,342 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2131 | 0.2329 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 | 0.0450 |
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), For Capital Adequacy Purposes | $ 75,211 | |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | 116,995 | |
Tier I capital (to average assets) | $ 375,980 | $ 389,342 |
Tier I capital (to average assets) Ratio | 0.1739 | 0.1945 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 80,080 | |
Subsidiaries [Member] | ||
Total capital (to risk-weighted assets) | $ 356,550 | $ 359,623 |
Total capital (to risk-weighted assets) Ratio | 0.2018 | 0.2152 |
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 Ratio | 10.50% | 10.50% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 141,350 | $ 133,690 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | 185,520 | 175,468 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 176,685 | $ 167,112 |
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) | $ 336,815 | $ 341,866 |
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 Ratio | 8.50% | 8.50% |
Tier I capital (to risk-weighted assets) Ratio | 0.1906 | 0.2046 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 106,030 | $ 100,267 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | 150,210 | 142,045 |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 141,370 | $ 133,690 |
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) | $ 336,815 | $ 341,866 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.1906 | 0.2046 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.0450 | 0.0450 |
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), For Capital Adequacy Purposes | $ 79,520 | $ 75,200 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | 123,700 | 116,978 |
Common Equity Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 114,863 | $ 108,623 |
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) | $ 336,815 | $ 341,866 |
Tier I capital (to average assets) Ratio | 0.1558 | 0.1708 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 86,470 | $ 80,080 |
Amount of minimum Tier 1 leverage capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. | $ 108,092 | $ 100,100 |
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) | $ 336,815 | $ 341,866 |
State of Wisconsin (to total assets) Ratio | 15.13% | 16.87% |
State of Wisconsin (to total assets), For Capital Adequacy Purposes | $ 133,570 | $ 121,624 |
State of Wisconsin (to total assets), For Capital Adequacy Ratio | 6% | 6% |
Note 8 - Commitments, Off-Bal_3
Note 8 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Loss Contingency, Estimate of Possible Loss | $ 0 | $ 0 |
Estimated Litigation Liability | $ 2,000 | $ 2,000 |
Maximum [Member] | ||
Period Of Commitments For Loans Extended To Customers (Day) | 90 days | |
Period Of Home Equity Loans Available To The Borrower (Year) | 10 years | |
Period of Construction Loans Available To The Borrower (Year) | 1 year |
Note 8 - Commitments, Off-Bal_4
Note 8 - Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Commitments To Extend Credit Under Amortizing Loans [Member] | |||
Off-balance sheet risks liability amount | [1] | $ 44,718 | $ 61,223 |
Commitments To Extend Credit Under Home Equity Lines Of Credit [Member] | |||
Off-balance sheet risks liability amount | [2] | 10,136 | 9,550 |
Unused Portion of Construction Loans [Member] | |||
Off-balance sheet risks liability amount | [3] | 61,250 | 48,530 |
Unused lines of Credit [Member] | |||
Off-balance sheet risks liability amount | 8,661 | 17,356 | |
Standby Letters of Credit [Member] | |||
Off-balance sheet risks liability amount | $ 713 | $ 1,516 | |
[1]Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote.[2]Unused portions of home equity loans are available to the borrower for up to 10 years.[3]Unused portions of construction loans are available to the borrower for up to one year. |
Note 9 - Derivative Financial_3
Note 9 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member] Pure in Thousands, $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number Of Back To Back Swaps In Default | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | $ 0 | $ 0 |
Note 9 - Derivative Financial_4
Note 9 - Derivative Financial Instruments - Interest Rate Swaps (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Forward Contracts [Member] | ||
Derivatives notional amount | $ 379.3 | $ 296 |
Forward Contracts [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 2.7 | 1.9 |
Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 1 | 3.6 |
Interest Rate Lock Commitments [Member] | ||
Derivatives notional amount | 236.5 | 203.1 |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 0.8 | 0.7 |
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | 0 | 0 |
Interest Rate Swaption [Member] | ||
Derivatives notional amount | 89.4 | 90.5 |
Interest Rate Swaption [Member] | Other Assets [Member] | ||
Derivatives Assets, fair value | 14 | 14.2 |
Interest Rate Swaption [Member] | Other Liabilities [Member] | ||
Derivatives liabilities, fair value | $ 14 | $ 14.2 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 194,000 | 186,000 | 181,000 | 112,000 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 4,007 | $ 7,990 | $ 6,162 | $ 13,282 |
Weighted average shares outstanding (in shares) | 20,384 | 22,126 | 20,635 | 22,626 |
Effect of dilutive potential common shares (in shares) | 47 | 103 | 67 | 142 |
Diluted weighted average shares outstanding (in shares) | 20,431 | 22,229 | 20,702 | 22,768 |
Basic earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.30 | $ 0.59 |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.30 | $ 0.58 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value, Transfers into (out of) Levels 1, 2 and 3, Amount | $ 0 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | $ 195,011 | $ 196,588 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 11,812 | 13,314 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 127,010 | 124,765 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 2,279 | 2,256 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 35,048 | 36,934 |
Other Debt Obligations [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 11,085 | 11,162 |
Other Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 88 | 51 |
Fair Value, Recurring [Member] | ||
Loans held for sale | 203,268 | 131,188 |
Fair Value, Recurring [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 3,513 | 2,619 |
Derivatives liabilities, fair value | 1,009 | 3,613 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 13,997 | 14,226 |
Derivatives liabilities, fair value | 13,997 | 14,226 |
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 | 203,268 | 131,188 |
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 | 13,997 | 14,226 |
Derivatives liabilities, fair value | 13,997 | 14,226 |
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 | 3,513 | 2,619 |
Derivatives liabilities, fair value | 1,009 | 3,613 |
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 (cost: 2023—$221,824; 2022—$222,665) | 11,812 | 13,314 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 11,812 | 13,314 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 127,010 | 124,765 |
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 (cost: 2023—$221,824; 2022—$222,665) | 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 (cost: 2023—$221,824; 2022—$222,665) | 127,010 | 124,765 |
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 (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 7,689 | 8,106 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 7,689 | 8,106 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 2,279 | 2,256 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 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 (cost: 2023—$221,824; 2022—$222,665) | 2,279 | 2,256 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 35,048 | 36,934 |
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 (cost: 2023—$221,824; 2022—$222,665) | 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 (cost: 2023—$221,824; 2022—$222,665) | 35,048 | 36,934 |
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 (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 11,085 | 11,162 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 11,085 | 11,162 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 88 | 51 |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 0 | 0 |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | 88 | 51 |
Fair Value, Recurring [Member] | Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2023—$221,824; 2022—$222,665) | $ 0 | $ 0 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements -Reconciliation for All Assets Measured at Fair Value Using Significant Unobservable Inputs (Details) - Mortgage Derivative [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Mortgage derivative, net balance at the beginning of the period | $ 79 | $ 5,573 | $ (994) | $ 4,369 |
Mortgage derivative gain (loss), net | 2,425 | (5,716) | 3,498 | (4,512) |
Mortgage derivative, net balance at the end of the period | $ 2,504 | $ (143) | $ 2,504 | $ (143) |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurements - Assets Recorded at Fair Value on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Real estate owned | $ 145 | $ 145 |
Fair Value, Inputs, Level 1 [Member] | ||
Real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Real estate owned | $ 145 | $ 145 |
Note 11 - Fair Value Measurem_7
Note 11 - Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | ||
Real estate owned | $ 145 | $ 145 |
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 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | ||
Mortgage banking derivatives, fair value | $ 2,504 | $ 994 |
Mortgage banking derivatives, fair value | $ (2,504) | $ (994) |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage banking derivatives, measurement input | 0.049 | 0.206 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage banking derivatives, measurement input | 0.997 | 1 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage banking derivatives, measurement input | 0.895 | 0.892 |
Note 11 - Fair Value Measurem_8
Note 11 - Fair Value Measurements - Carrying Amount and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Servicing Asset at Amortized Cost, Fair Value | $ 1,700 | $ 5,000 |
Advance payments by borrowers for taxes | 20,610 | 5,334 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 61,190 | 46,642 |
Loans receivable | 1,614,684 | 1,510,178 |
FHLB stock | 26,798 | 17,357 |
Accrued interest receivable | 6,646 | 5,725 |
Servicing Asset at Amortized Cost, Fair Value | 1,314 | 3,444 |
Deposits | 1,186,968 | 1,199,012 |
Advance payments by borrowers for taxes | 20,610 | 5,334 |
Borrowings | 614,877 | 386,784 |
Accrued interest payable | 2,413 | 1,358 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 61,190 | 46,642 |
Loans receivable | 1,442,985 | 1,403,429 |
FHLB stock | 26,798 | 17,357 |
Accrued interest receivable | 6,646 | 5,725 |
Servicing Asset at Amortized Cost, Fair Value | 1,654 | 5,001 |
Deposits | 1,184,870 | 1,194,559 |
Advance payments by borrowers for taxes | 20,610 | 5,334 |
Borrowings | 605,103 | 377,275 |
Accrued interest payable | 2,413 | 1,358 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 61,190 | 46,642 |
Loans receivable | 0 | 0 |
FHLB stock | 26,798 | 17,357 |
Accrued interest receivable | 6,646 | 5,725 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 477,860 | 556,741 |
Advance payments by borrowers for taxes | 20,610 | 5,334 |
Borrowings | 0 | 0 |
Accrued interest payable | 2,413 | 1,358 |
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 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 707,010 | 637,818 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 605,103 | 377,275 |
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 | 1,442,985 | 1,403,429 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 1,654 | 5,001 |
Deposits | 0 | 0 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Operating Segments | 2 |
Number of States The Company Can Lend, State | 48 |
Note 12 - Segment Reporting - M
Note 12 - Segment Reporting - Mortgage Banking (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Net interest income (expense) | $ 12,675 | $ 14,081 | $ 26,470 | $ 25,945 | ||
Provision (credit) for credit losses | [1] | 186 | 48 | 646 | (28) | |
Net interest income (expense) after provision for credit losses | [1] | 12,489 | 14,033 | 25,824 | 25,973 | |
Noninterest income: | 23,525 | 31,238 | 42,079 | 61,056 | ||
Compensation, payroll taxes, and other employee benefits | 22,395 | 25,793 | 42,447 | 51,328 | ||
Occupancy, office furniture, and equipment | 2,046 | 2,056 | 4,309 | 4,244 | ||
Advertising | 944 | 962 | 1,833 | 1,867 | ||
Data processing | 1,090 | 1,144 | 2,212 | 2,346 | ||
Communications | 225 | 258 | 476 | 598 | ||
Professional fees | 618 | 349 | 1,034 | 810 | ||
Real estate owned | 1 | 0 | 2 | 5 | ||
Loan processing expense | 932 | 1,134 | 1,950 | 2,565 | ||
Other | 2,671 | 3,354 | 5,766 | 6,221 | ||
Total noninterest expenses | 30,922 | 35,050 | 60,029 | 69,984 | ||
Income (loss) before income taxes (benefit) | 5,092 | 10,221 | 7,874 | 17,045 | ||
Income tax expense | 1,085 | 2,231 | 1,712 | 3,763 | ||
Net income | 4,007 | 7,990 | 6,162 | 13,282 | ||
Total Assets | 2,229,825 | 1,941,097 | 2,229,825 | 1,941,097 | $ 2,031,672 | |
Provision (credit) for credit losses | [1] | 186 | 48 | 646 | (28) | |
Net interest income after provision (credit) for credit losses | [1] | 12,489 | 14,033 | 25,824 | 25,973 | |
Community Banking [Member] | ||||||
Net interest income (expense) | 13,238 | 13,710 | 27,246 | 25,362 | ||
Provision (credit) for credit losses | 158 | (41) | 546 | (181) | ||
Net interest income (expense) after provision for credit losses | 13,080 | 13,751 | 26,700 | 25,543 | ||
Noninterest income: | 1,540 | 1,640 | 2,527 | 3,072 | ||
Compensation, payroll taxes, and other employee benefits | 4,683 | 4,596 | 9,851 | 9,808 | ||
Occupancy, office furniture, and equipment | 873 | 876 | 1,904 | 1,813 | ||
Advertising | 230 | 244 | 414 | 471 | ||
Data processing | 602 | 531 | 1,203 | 1,139 | ||
Communications | 72 | 63 | 150 | 157 | ||
Professional fees | 146 | 118 | 364 | 232 | ||
Real estate owned | 1 | 0 | 2 | 5 | ||
Loan processing expense | 0 | 0 | 0 | 0 | ||
Other | 1,641 | 1,006 | 2,537 | 1,606 | ||
Total noninterest expenses | 8,248 | 7,434 | 16,425 | 15,231 | ||
Income (loss) before income taxes (benefit) | 6,372 | 7,957 | 12,802 | 13,384 | ||
Income tax expense | 1,182 | 1,658 | 2,782 | 2,825 | ||
Net income | 5,190 | 6,299 | 10,020 | 10,559 | ||
Total Assets | 2,169,989 | 1,896,227 | 2,169,989 | 1,896,227 | ||
Provision (credit) for credit losses | 158 | (41) | 546 | (181) | ||
Net interest income after provision (credit) for credit losses | 13,080 | 13,751 | 26,700 | 25,543 | ||
Mortgage Banking Segment [Member] | ||||||
Net interest income (expense) | (622) | 370 | (904) | 553 | ||
Provision (credit) for credit losses | 28 | 89 | 100 | 153 | ||
Net interest income (expense) after provision for credit losses | (650) | 281 | (1,004) | 400 | ||
Noninterest income: | 23,041 | 30,126 | 40,992 | 58,730 | ||
Compensation, payroll taxes, and other employee benefits | 17,929 | 21,311 | 33,028 | 41,749 | ||
Occupancy, office furniture, and equipment | 1,173 | 1,180 | 2,405 | 2,431 | ||
Advertising | 714 | 718 | 1,419 | 1,396 | ||
Data processing | 480 | 613 | 996 | 1,201 | ||
Communications | 153 | 195 | 326 | 441 | ||
Professional fees | 466 | 222 | 654 | 560 | ||
Real estate owned | 0 | 0 | 0 | 0 | ||
Loan processing expense | 932 | 1,134 | 1,950 | 2,565 | ||
Other | 1,914 | 2,733 | 4,317 | 5,042 | ||
Total noninterest expenses | 23,761 | 28,106 | 45,095 | 55,385 | ||
Income (loss) before income taxes (benefit) | (1,370) | 2,301 | (5,107) | 3,745 | ||
Income tax expense | (126) | 578 | (1,128) | 955 | ||
Net income | (1,244) | 1,723 | (3,979) | 2,790 | ||
Total Assets | 251,595 | 269,584 | 251,595 | 269,584 | ||
Provision (credit) for credit losses | 28 | 89 | 100 | 153 | ||
Net interest income after provision (credit) for credit losses | (650) | 281 | (1,004) | 400 | ||
Holding Community and Other [Member] | ||||||
Net interest income (expense) | 59 | 1 | 128 | 30 | ||
Provision (credit) for credit losses | 0 | 0 | 0 | 0 | ||
Net interest income (expense) after provision for credit losses | 59 | 1 | 128 | 30 | ||
Noninterest income: | (1,056) | (528) | (1,440) | (746) | ||
Compensation, payroll taxes, and other employee benefits | (217) | (114) | (432) | (229) | ||
Occupancy, office furniture, and equipment | 0 | 0 | 0 | 0 | ||
Advertising | 0 | 0 | 0 | 0 | ||
Data processing | 8 | 0 | 13 | 6 | ||
Communications | 0 | 0 | 0 | 0 | ||
Professional fees | 6 | 9 | 16 | 18 | ||
Real estate owned | 0 | 0 | 0 | 0 | ||
Loan processing expense | 0 | 0 | 0 | 0 | ||
Other | (884) | (385) | (1,088) | (427) | ||
Total noninterest expenses | (1,087) | (490) | (1,491) | (632) | ||
Income (loss) before income taxes (benefit) | 90 | (37) | 179 | (84) | ||
Income tax expense | 29 | (5) | 58 | (17) | ||
Net income | 61 | (32) | 121 | (67) | ||
Total Assets | (191,759) | (224,714) | (191,759) | (224,714) | ||
Provision (credit) for credit losses | 0 | 0 | 0 | 0 | ||
Net interest income after provision (credit) for credit losses | $ 59 | $ 1 | $ 128 | $ 30 | ||
[1]The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. |
Item 5. Other Information (Deta
Item 5. Other Information (Details Textual) Pure in Thousands | 3 Months Ended |
Jun. 30, 2023 | |
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers | 0 |