Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36271 | |
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, $0.01 Par Value | |
Trading Symbol | WSBF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,643,741 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash | $ 41,325 | $ 30,667 | |
Federal funds sold | 4,123 | 5,493 | |
Interest-earning deposits in other financial institutions and other short term investments | 266 | 261 | |
Cash and cash equivalents | 45,714 | 36,421 | |
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 204,701 | 204,907 | |
Loans held for sale, at fair value | 175,084 | 164,993 | |
Loans receivable | 1,664,817 | 1,664,215 | |
Less: Allowance for credit losses ("ACL") - loans | [1] | 18,549 | 18,549 |
Loans receivable, net | 1,646,268 | 1,645,666 | |
Office properties and equipment, net | 19,936 | 19,995 | |
Federal Home Loan Bank stock, at cost | 21,983 | 20,880 | |
Cash surrender value of life insurance | 68,207 | 67,859 | |
Real estate owned, net | 206 | 254 | |
Prepaid expenses and other assets | 52,625 | 52,414 | |
Total assets | 2,234,724 | 2,213,389 | |
Liabilities: | |||
Demand deposits | 182,093 | 187,107 | |
Money market and savings deposits | 270,513 | 273,233 | |
Time deposits | 747,288 | 730,284 | |
Total deposits | 1,199,894 | 1,190,624 | |
Borrowings | 634,158 | 611,054 | |
Advance payments by borrowers for taxes | 14,051 | 6,607 | |
Other liabilities | 48,618 | 61,048 | |
Total liabilities | 1,896,721 | 1,869,333 | |
Commitments and contingencies (Note 8) | |||
Shareholders’ equity: | |||
Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at March 31, 2024 and at December 31, 2023, no shares issued | 0 | 0 | |
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at March 31, 2024 and at December 31, 2023, Issued and Outstanding - 19,909,643 at March 31, 2024 and 20,314,786 at December 31, 2023 | 199 | 203 | |
Additional paid-in capital | 98,610 | 103,908 | |
Retained earnings | 269,827 | 269,606 | |
Unearned ESOP shares | (11,572) | (11,869) | |
Accumulated other comprehensive loss, net of taxes | (19,061) | (17,792) | |
Total shareholders’ equity | 338,003 | 344,056 | |
Total liabilities and shareholders’ equity | $ 2,234,724 | $ 2,213,389 | |
[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 | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available for sale, cost | $ 229,184 | $ 227,716 |
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) | 19,909,643 | 20,314,786 |
Common stock, shares outstanding (in shares) | 19,909,643 | 20,314,786 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Loans | $ 24,484 | $ 19,885 | |
Mortgage-related securities | 1,098 | 943 | |
Debt securities, federal funds sold and short-term investments | 1,323 | 1,062 | |
Total interest income | 26,905 | 21,890 | |
Interest expense: | |||
Deposits | 8,970 | 4,088 | |
Borrowings | 6,798 | 4,007 | |
Total interest expense | 15,768 | 8,095 | |
Net interest income | 11,137 | 13,795 | |
Provision for credit losses | [1] | 67 | 460 |
Net interest income after provision for credit losses | [1] | 11,070 | 13,335 |
Noninterest income: | |||
Service charges on loans and deposits | 424 | 430 | |
Increase in cash surrender value of life insurance | 348 | 325 | |
Mortgage banking income | 20,068 | 16,770 | |
Other | 408 | 1,029 | |
Total noninterest income | 21,248 | 18,554 | |
Noninterest expenses: | |||
Compensation, payroll taxes, and other employee benefits | 19,876 | 20,052 | |
Occupancy, office furniture, and equipment | 2,108 | 2,263 | |
Advertising | 914 | 889 | |
Data processing | 1,206 | 1,122 | |
Communications | 226 | 251 | |
Professional fees | 743 | 416 | |
Real estate owned | 13 | 1 | |
Loan processing expense | 1,046 | 1,018 | |
Other | 1,418 | 3,095 | |
Total noninterest expenses | 27,550 | 29,107 | |
Income before income taxes | 4,768 | 2,782 | |
Income tax expense | 1,730 | 627 | |
Net income | $ 3,038 | $ 2,155 | |
Income per share: | |||
Basic earnings per share (in dollars per share) | $ 0.16 | $ 0.1 | |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.1 | |
Weighted average shares outstanding: | |||
Basic (in shares) | 19,021 | 20,890 | |
Diluted (in shares) | 19,036 | 20,980 | |
[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 (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 3,038 | $ 2,155 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding (loss) gain arising during the period, net of tax benefit (expense) of $405 and $(790), respectively | (1,269) | 2,107 |
Total other comprehensive (loss) income | (1,269) | 2,107 |
Comprehensive income | $ 1,769 | $ 4,262 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net unrealized holding (loss) gains arising during the period, tax | $ 405 | $ (790) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 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, 2022 | 22,174 | |||||
Balances at Dec. 31, 2022 | $ 222 | $ 128,550 | $ 274,246 | $ (13,056) | $ (19,476) | $ 370,486 |
Net income | 0 | 0 | (2,155) | 0 | 0 | (2,155) |
Other comprehensive income | 0 | 0 | 0 | 0 | 2,107 | 2,107 |
Total comprehensive income | 4,262 | |||||
ESOP shares committed to be released to plan participants | 0 | 129 | 0 | 297 | 0 | 426 |
Cash dividend | $ 0 | 0 | (4,133) | 0 | 0 | (4,133) |
Proceeds from stock option exercises (in shares) | 66 | |||||
Proceeds from stock option exercises | $ 1 | 500 | 0 | 0 | 0 | 501 |
Stock compensation expense | $ 0 | 106 | 0 | 0 | 106 | |
Purchase of common stock returned to authorized but unissued (in shares) | (373) | |||||
Purchase of common stock returned to authorized but unissued | $ (4) | (5,837) | 0 | 0 | 0 | (5,841) |
Net income | $ 0 | 0 | 2,155 | 0 | 0 | 2,155 |
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 |
Balances (in shares) at Dec. 31, 2023 | 20,315 | |||||
Balances at Dec. 31, 2023 | $ 203 | 103,908 | 269,606 | (11,869) | (17,792) | 344,056 |
Net income | 0 | 0 | (3,038) | 0 | 0 | (3,038) |
Other comprehensive income | 0 | 0 | 0 | 0 | (1,269) | (1,269) |
Total comprehensive income | 1,769 | |||||
ESOP shares committed to be released to plan participants | 0 | 38 | 0 | 297 | 0 | 335 |
Cash dividend | 0 | 0 | (2,817) | 0 | 0 | (2,817) |
Stock compensation expense | $ 0 | 6 | 0 | 0 | 0 | 6 |
Purchase of common stock returned to authorized but unissued (in shares) | (422) | |||||
Purchase of common stock returned to authorized but unissued | $ (4) | (5,342) | 0 | 0 | 0 | (5,346) |
Net income | $ 0 | 0 | 3,038 | 0 | 0 | 3,038 |
Stock compensation Activity, net of tax (in shares) | 17 | |||||
Stock compensation Activity, net of tax | $ 0 | 0 | 0 | |||
Balances (in shares) at Mar. 31, 2024 | 19,910 | |||||
Balances at Mar. 31, 2024 | $ 199 | $ 98,610 | $ 269,827 | $ (11,572) | $ (19,061) | $ 338,003 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash dividend, price per share (in dollars per share) | $ 0.15 | $ 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Operating activities: | |||
Net income | $ 3,038 | $ 2,155 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Provision for credit losses | [1] | 67 | 460 |
Depreciation, amortization, accretion | 486 | 815 | |
Deferred taxes | 661 | 61 | |
Stock based compensation | 6 | 106 | |
Origination of mortgage servicing rights | (207) | (302) | |
Gain on sale of loans held for sale | (19,288) | (14,915) | |
Loans originated for sale | (477,760) | (415,742) | |
Proceeds on sales of loans originated for sale | 486,956 | 400,520 | |
Decrease (increase) in accrued interest receivable | 150 | (575) | |
Increase in cash surrender value of life insurance | (348) | (325) | |
(Increase) decrease in derivative assets | (2,848) | 3,238 | |
Increase in accrued interest on deposits and borrowings | 1,465 | 885 | |
Decrease (increase) in prepaid tax expense | 602 | (194) | |
Increase (decrease) in derivative liabilities | 895 | (4,311) | |
Gain on sale of mortgage servicing rights | 0 | (601) | |
Change in other assets and other liabilities, net | (3,813) | (6,189) | |
Net cash used in operating activities | (9,938) | (34,914) | |
Investing activities: | |||
Net increase in loans receivable | (600) | (40,029) | |
Debt securities | (1,000) | (601) | |
Mortgage related securities | (2,354) | (5,705) | |
FHLB stock | (1,103) | (6,516) | |
Premises and equipment | (390) | (52) | |
Principal repayments on mortgage-related securities | 5,011 | 4,638 | |
Maturities of debt securities | 290 | 1,250 | |
Proceeds on sales of mortgage servicing rights | 0 | (3,530) | |
Death benefit on bank owned life insurance | 0 | 474 | |
Net cash used in investing activities | (146) | (43,011) | |
Financing activities: | |||
Net increase (decrease) in deposits | 9,270 | (16,128) | |
Net change in short-term borrowings | 43,104 | 24,912 | |
Repayment of long-term debt | (50,000) | (25,000) | |
Proceeds from long-term debt | 30,000 | 115,000 | |
Net change in advance payments by borrowers for taxes | (4,702) | (3,772) | |
Cash dividends on common stock | (2,949) | (4,197) | |
Purchase of common stock returned to authorized but unissued | (5,346) | (5,841) | |
Proceeds from stock option exercises | 0 | 501 | |
Net cash provided by financing activities | 19,377 | 85,475 | |
Increase in cash and cash equivalents | 9,293 | 7,550 | |
Cash and cash equivalents at beginning of period | 36,421 | 46,642 | |
Cash and cash equivalents at end of period | 45,714 | 54,192 | |
Supplemental information: | |||
Income tax payments | 0 | 760 | |
Interest payments | 17,233 | 8,980 | |
Noncash activities: | |||
Dividends declared but not paid in other liabilities | $ 3,349 | $ 4,446 | |
[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 | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 10 three March 31, 2024 not may December 31, 2024 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 credit 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 March 31, 2024 Impact of Recent Accounting Pronouncements In December 2023, No. 2023 09, 740 December 15, 2024. |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Securities Available for Sale The amortized cost and fair values of the Company’s investment in securities available for sale follow: March 31, 2024 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 12,295 $ 3 $ (1,672 ) $ 10,626 Collateralized mortgage obligations: Government sponsored enterprise issued 150,643 55 (20,392 ) 130,306 Private-label issued 7,893 - (823 ) 7,070 Mortgage-related securities 170,831 58 (22,887 ) 148,002 Government sponsored enterprise bonds 2,500 - (147 ) 2,353 Municipal securities 43,353 757 (955 ) 43,155 Other debt securities 12,500 - (1,309 ) 11,191 Debt securities 58,353 757 (2,411 ) 56,699 Total $ 229,184 $ 815 $ (25,298 ) $ 204,701 December 31, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 12,651 $ 5 $ (1,475 ) $ 11,181 Collateralized mortgage obligations Government sponsored enterprise issued 152,700 212 (19,445 ) 133,467 Private-label issued 8,061 - (801 ) 7,260 Mortgage related securities 173,412 217 (21,721 ) 151,908 Government sponsored enterprise bonds 2,500 - (152 ) 2,348 Municipal securities 39,304 980 (796 ) 39,488 Other debt securities 12,500 - (1,337 ) 11,163 Debt securities 54,304 980 (2,285 ) 52,999 Total $ 227,716 $ 1,197 $ (24,006 ) $ 204,907 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 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The amortized cost and fair values of investment securities by contractual maturity at March 31, 2024 may may Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 9,584 $ 9,524 Due after one year through five years 8,481 8,449 Due after five years through ten years 21,166 20,068 Due after ten years 19,122 18,658 Mortgage-related securities 170,831 148,002 Total $ 229,184 $ 204,701 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: March 31, 2024 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 $ 40 $ 1 $ 10,361 $ 1,671 $ 10,401 $ 1,672 Collateralized mortgage obligations: Government sponsored enterprise issued 15,677 106 108,416 20,286 124,093 20,392 Private-label issued - - 6,070 823 6,070 823 Government sponsored enterprise bonds - - 2,353 147 2,353 147 Municipal securities 2,975 25 11,318 930 14,293 955 Other debt securities - - 11,191 1,309 11,191 1,309 Total $ 18,692 $ 132 $ 149,709 $ 25,166 $ 168,401 $ 25,298 December 31, 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 $ 215 $ 1 $ 10,682 $ 1,474 $ 10,897 $ 1,475 Collateralized mortgage obligations: Government sponsored enterprise issued 2,442 42 110,271 19,403 112,713 19,445 Private-label issued - - 6,250 801 6,250 801 Government sponsored enterprise bonds - - 2,348 152 2,348 152 Municipal securities 7,597 36 5,808 760 13,405 796 Other debt securities - - 11,163 1,337 11,163 1,337 Total $ 10,254 $ 79 $ 146,522 $ 23,927 $ 156,776 $ 24,006 The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 155 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 March 31, 2024 December 31, 2023 not not not not not During the three March 31, 2024 March 31, 2023 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans receivable at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 551,005 $ 551,190 Multi-family 702,487 707,566 Home equity 13,664 13,228 Construction and land 64,431 53,371 Commercial real estate 297,341 300,892 Consumer 822 848 Commercial loans 35,067 37,120 Total $ 1,664,817 $ 1,664,215 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 $1.25 billion and $1.25 billion at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. These loans to related parties are summarized below: Three months ended March 31, 2024 March 31, 2023 (In Thousands) Balance at beginning of year $ 3,319 $ 2,847 New loans - 313 Repayments (29 ) (87 ) Balance at end of year $ 3,290 $ 3,073 None March 31, 2024 December 31, 2023 An analysis of past due loans receivable as of March 31, 2024 December 31, 2023 As of March 31, 2024 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 $ 5,022 $ 599 $ 3,695 $ 9,316 $ 541,689 $ 551,005 Multi-family 865 - - 865 701,622 702,487 Home equity 200 - 32 232 13,432 13,664 Construction and land - - - - 64,431 64,431 Commercial real estate 145 - 129 274 297,067 297,341 Consumer - - - - 822 822 Commercial loans - - - - 35,067 35,067 Total $ 6,232 $ 599 $ 3,856 $ 10,687 $ 1,654,130 $ 1,664,817 As of December 31, 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 $ 5,265 $ 1,283 $ 4,270 $ 10,818 $ 540,372 $ 551,190 Multi-family - 6 - 6 707,560 $ 707,566 Home equity 209 - 34 243 12,985 $ 13,228 Construction and land - - - - 53,371 $ 53,371 Commercial real estate 54 - 129 183 300,709 $ 300,892 Consumer - - - - 848 $ 848 Commercial loans - - - - 37,120 $ 37,120 Total $ 5,528 $ 1,289 $ 4,433 $ 11,250 $ 1,652,965 $ 1,664,215 ( 1 March 31, 2024 December 31, 2023 ( 2 - March 31, 2024 December 31, 2023 ( 3 March 31, 2024 December 31, 2023 The following tables present the activity in the allowance for credit losses by portfolio segment for the three March 31, 2024 three March 31, 2023 One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended March 31, 2024 Balance at beginning of period $ 6,886 $ 7,318 $ 211 $ 983 $ 2,561 $ 56 $ 534 $ 18,549 Provision (credit) for credit losses - loans (284 ) 47 18 127 48 7 34 (3 ) Charge-offs (3 ) - - - - (8 ) - (11 ) Recoveries 10 2 - 1 1 - - 14 Balance at end of period $ 6,609 $ 7,367 $ 229 $ 1,111 $ 2,610 $ 55 $ 568 $ 18,549 Three months ended March 31, 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 1,016 (127 ) - (495 ) (522 ) 26 77 (25 ) Charge-offs (3 ) - - - - (21 ) - (24 ) Recoveries 30 - 4 1 1 - - 36 Balance at end of period $ 5,786 $ 7,848 $ 178 $ 858 $ 2,678 $ 52 $ 344 $ 17,744 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 were utilized to reflect the forecast and other relevant factors. The Company segments the loan portfolio into pools based on the following risk characteristics: collateral type, credit characteristics, loan origination balance, and outstanding loan balances. Allowance for Credit Losses-Unfunded Commitments : In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in other liabilities on the consolidated statements of financial condition. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The allowance for unfunded commitments at March 31, 2024 December 31, 2023 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 March 31, 2024 March 31, 2023 (In Thousands) Provision (credit) for credit losses on: Loans $ (3 ) $ (25 ) Unfunded commitments 70 485 Investment securities - - Total $ 67 $ 460 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 March 31, 2024 December 31, 2023 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 6,609 7,367 229 1,111 2,610 55 568 18,549 Allowance at end of period $ 6,609 $ 7,367 $ 229 $ 1,111 $ 2,610 $ 55 $ 568 $ 18,549 Collateral dependent loans $ 2,193 $ - $ 199 $ - $ 5,383 $ - $ 1,285 $ 9,060 Pooled loans 548,812 702,487 13,465 64,431 291,958 822 33,782 1,655,757 Total gross loans $ 551,005 $ 702,487 $ 13,664 $ 64,431 $ 297,341 $ 822 $ 35,067 $ 1,664,817 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 6,886 7,318 211 983 2,561 56 534 18,549 Allowance at end of period $ 6,886 $ 7,318 $ 211 $ 983 $ 2,561 $ 56 $ 534 $ 18,549 Collateral dependent loans $ 2,209 $ - $ 90 $ - $ 5,493 $ - $ 1,536 $ 9,328 Pooled loans 548,981 707,566 13,138 53,371 295,399 848 35,584 1,654,887 Total gross loans $ 551,190 $ 707,566 $ 13,228 $ 53,371 $ 300,892 $ 848 $ 37,120 $ 1,664,215 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 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 March 31, 2024 December 31, 2023 One to Four-Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) At March 31, 2024 Substandard $ 4,544 $ - $ 199 $ - $ 5,383 $ - $ 1,285 $ 11,411 Watch 8,747 185 708 145 417 - 75 10,277 Pass 537,714 702,302 12,757 64,286 291,541 822 33,707 1,643,129 $ 551,005 $ 702,487 $ 13,664 $ 64,431 $ 297,341 $ 822 $ 35,067 $ 1,664,817 At December 31, 2023 Substandard $ 4,503 $ - $ 90 $ - $ 5,492 $ - $ 1,536 $ 11,621 Watch 7,585 383 - - - - - 7,968 Pass 539,102 707,183 13,138 53,371 295,400 848 35,584 1,644,626 $ 551,190 $ 707,566 $ 13,228 $ 53,371 $ 300,892 $ 848 $ 37,120 $ 1,664,215 Credit Quality Information: The following table presents total loans by risk categories and year of origination as of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total (In Thousands) One- to four-family Pass $ 12,449 $ 193,887 $ 160,494 $ 44,322 $ 33,048 $ 92,399 $ 1,115 $ 537,714 Watch 6,214 - 465 - - 2,068 - 8,747 Substandard - 1,422 953 - - 2,169 - 4,544 Total 18,663 195,309 161,912 44,322 33,048 96,636 1,115 551,005 Multi-family Pass 8,271 123,507 209,783 134,109 116,823 108,954 855 $ 702,302 Watch - - - - - 185 - 185 Substandard - - - - - - - - Total 8,271 123,507 209,783 134,109 116,823 109,139 855 702,487 Home equity Pass 351 1,075 232 158 96 404 10,441 $ 12,757 Watch 708 - - - - - - 708 Substandard - - 16 16 - - 167 199 Total 1,059 1,075 248 174 96 404 10,608 13,664 Construction and land Pass 1,851 47,561 1,637 9,298 1,547 2,392 - $ 64,286 Watch - - 145 - - - - 145 Substandard - - - - - - - - Total 1,851 47,561 1,782 9,298 1,547 2,392 - 64,431 Commercial Real Estate Pass 6,807 69,799 70,252 61,543 32,892 49,447 801 $ 291,541 Watch - - 417 - - - - 417 Substandard - 5,254 129 - - - - 5,383 Total 6,807 75,053 70,798 61,543 32,892 49,447 801 297,341 Consumer Pass - - - - - - 822 $ 822 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 822 822 Commercial Pass 130 17,234 1,526 821 2,536 5,483 5,977 $ 33,707 Watch - - - - - - 75 75 Substandard - - 44 - - 6 1,235 1,285 Total 130 17,234 1,570 821 2,536 5,489 7,287 35,067 Total Loans $ 36,781 $ 459,739 $ 446,093 $ 250,267 $ 186,942 $ 263,507 $ 21,488 $ 1,664,817 Gross charge-offs $ 3 $ - $ - $ - $ - $ - $ 8 $ 11 The following table presents total loans by risk categories and year of origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total (In Thousands) One- to four-family Pass $ 196,255 $ 166,555 $ 46,378 $ 33,295 $ 19,966 $ 75,726 $ 927 $ 539,102 Watch 5,093 713 - - - 1,779 - 7,585 Substandard 1,450 353 - - - 2,700 - 4,503 Total 202,798 167,621 46,378 33,295 19,966 80,205 927 551,190 Multi-family Pass 122,289 214,074 135,823 117,669 44,878 71,632 818 707,183 Watch 191 6 - - - 186 - 383 Substandard - - - - - - - - Total 122,480 214,080 135,823 117,669 44,878 71,818 818 707,566 Home equity Pass 1,084 255 161 98 87 342 11,111 13,138 Watch - - - - - - - - Substandard - 18 17 - - - 55 90 Total 1,084 273 178 98 87 342 11,166 13,228 Construction and land Pass 38,079 1,348 9,349 2,146 2,255 194 - 53,371 Watch - - - - - - - - Substandard - - - - - - - - Total 38,079 1,348 9,349 2,146 2,255 194 - 53,371 Commercial Real Estate Pass 70,677 76,067 62,922 33,436 19,250 31,673 1,375 295,400 Watch - - - - - - - - Substandard 5,277 129 - 86 - - - 5,492 Total 75,954 76,196 62,922 33,522 19,250 31,673 1,375 300,892 Consumer Pass - - - - - - 848 848 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 848 848 Commercial Pass 17,019 1,631 904 2,668 80 5,435 7,847 35,584 Watch - - - - - - - - Substandard - 48 - - 13 - 1,475 1,536 Total 17,019 1,679 904 2,668 93 5,435 9,322 37,120 Total Loans $ 457,414 $ 461,197 $ 255,554 $ 189,398 $ 86,529 $ 189,667 $ 24,456 $ 1,664,215 The following presents data on restructurings of financing receivables whose borrowers are experiencing financial difficulty: As of March 31, 2024 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 526 1 $ 526 1 $ - - $ 526 1 $ 526 1 The following presents data on troubled debt restructurings: As of December 31, 2023 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 543 2 $ 543 2 $ - - $ 543 2 $ 543 2 The following presents restructurings of financing receivables whose borrowers are experiencing financial difficulty by concession type: As of March 31, 2024 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Principal forbearance $ 526 1 $ - - $ 526 1 $ 526 1 $ - - $ 526 1 The following presents troubled debt restructurings by concession type: As of December 31, 2023 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction $ 15 1 $ - - $ 15 1 Principal forbearance 528 1 - - 528 1 $ 543 2 $ - - $ 543 2 There were no three March 31, 2024 no three March 31, 2023 There were no restructurings of financing receivables whose borrowers are experiencing financial difficulty within the past twelve three March 31, 2024 March 31, 2023 The following table presents data on non-accrual loans as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 4,544 $ 4,503 Multi-family - - Home equity 199 90 Construction and land - - Commercial real estate 129 215 Commercial - - Consumer - - Total non-accrual loans $ 4,872 $ 4,808 Total non-accrual loans to total loans receivable 0.29 % 0.29 % Total non-accrual loans to total assets 0.22 % 0.22 % Residential one four March 31, 2024 December 31, 2023 |
Note 4 - Mortgage Servicing Rig
Note 4 - Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2024 | |
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: Three months ended March 31, 2024 2023 (In Thousands) Mortgage servicing rights at beginning of the period $ 1,811 $ 3,445 Additions 207 302 Amortization (170 ) (71 ) Sales - (2,767 ) Mortgage servicing rights at end of the period 1,848 909 Valuation allowance recovered during the period 313 - Mortgage servicing rights at end of the period, net $ 2,161 $ 909 During the three March 31, 2024 March 31, 2024 December 31, 2023 not The fair value of mortgage servicing rights was $2.5 million at March 31, 2024 December 31, 2023 During the three March 31, 2024 three March 31, 2023 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: 2024 $ 277 2025 393 2026 354 2027 314 2028 275 Thereafter 548 Total $ 2,161 |
Note 5 - Deposits
Note 5 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5 Deposits At March 31, 2024 December 31, 2023 $250,000 not $250,000 A summary of the contractual maturities of time deposits at March 31, 2024 (In Thousands) Within one year $ 639,361 More than one to two years 104,469 More than two to three years 2,506 More than three to four years 558 More than four through five years 394 $ 747,288 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 $9.9 million and $9.0 million at March 31, 2024 December 31, 2023 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Borrowings Borrowings consist of the following: March 31, 2024 Category Term Amount Maturity Rate Rate Type Callable/Putable Start Date Frequency (Dollars in Millions) FHLB advances Long-term $ 50,000 December 14, 2027 1.73 % Fixed Putable December 14, 2017 Quarterly Long-term 10,000 August 8, 2028 3.52 % Fixed Putable August 8, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable October 10, 2023 Monthly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable October 10, 2023 Monthly Long-term 10,000 November 6, 2028 3.47 % Fixed Putable November 6, 2023 Monthly Long-term 15,000 November 14, 2028 3.39 % Fixed Putable November 14, 2023 Monthly Long-term 10,000 March 5, 2029 3.32 % Fixed Putable March 5, 2024 Monthly Long-term 10,000 March 5, 2029 3.38 % Fixed Putable March 5, 2024 Monthly Long-term 10,000 March 26, 2029 3.45 % Fixed Putable March 26, 2024 Monthly Total FHLB long-term advances 135,000 2.80 % Short-Term 10,000 April 3, 2024 3.46 % Fixed N/A N/A N/A Short-Term 23,500 December 27, 2024 4.79 % Fixed N/A N/A N/A Short-Term 18,000 April 9, 2024 5.38 % Fixed N/A N/A N/A Short-Term 20,000 January 29, 2025 4.74 % Fixed N/A N/A N/A Short-Term 13,000 April 29, 2024 5.36 % Fixed N/A N/A N/A Short-Term 20,500 April 8, 2024 5.37 % Fixed N/A N/A N/A Short-Term 20,000 May 22, 2024 5.39 % Fixed N/A N/A N/A Short-Term 30,000 June 12, 2024 5.38 % Fixed N/A N/A N/A Short-Term 33,000 April 15, 2024 5.36 % Fixed N/A N/A N/A Short-Term 22,500 April 22, 2024 5.36 % Fixed N/A N/A N/A Short-Term 23,000 April 29, 2024 5.36 % Fixed N/A N/A N/A Short-Term 120,000 April 1, 2024 5.43 % Fixed N/A N/A N/A Total FHLB short-term advances 353,500 5.26 % Total FHLB advances $ 488,500 4.58 % Short-Term Borrowings Federal reserve bank Short-term $ 145,000 January 16, 2025 4.76 % Fixed N/A N/A N/A Total federal reserve bank $ 145,000 4.76 % Repurchase agreements Revolving $ 658 N/A 8.18 % Variable N/A N/A N/A Total short-term borrowings $ 145,658 4.78 % Total borrowings $ 634,158 4.63 % December 31, 2023 Category Term Amount Maturity Rate Rate Type Callable/Putable Start Date Frequency (Dollars in Thousands) FHLB advances Long-term $ 50,000 December 14, 2027 1.73 % Fixed Putable December 14, 2019 Single Long-term 10,000 August 7, 2028 3.51 % Fixed Putable December 7, 2023 Quarterly Long-term 10,000 August 8, 2028 3.52 % Fixed Putable December 8, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable November 10, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable November 10, 2023 Quarterly Long-term 10,000 November 3, 2028 3.46 % Fixed Putable December 4, 2023 Quarterly Long-term 10,000 November 6, 2028 3.47 % Fixed Putable December 6, 2023 Quarterly Long-term 15,000 November 14, 2028 3.39 % Fixed Putable December 14, 2023 Quarterly Long-term 10,000 November 29, 2028 3.38 % Fixed Putable December 29, 2023 Quarterly Long-term 10,000 November 29, 2028 3.43 % Fixed Putable January 29, 2024 Quarterly Long-term 10,000 December 4, 2028 3.31 % Fixed Putable January 4, 2023 Quarterly Total FHLB long-term advances 155,000 2.89 % Short-term 60,000 January 2, 2024 5.44 % Fixed N/A N/A N/A Short-term 20,000 January 2, 2024 5.45 % Fixed N/A N/A N/A Short-term 20,000 January 5, 2024 5.48 % Fixed N/A N/A N/A Short-term 20,500 January 8, 2024 5.38 % Fixed N/A N/A N/A Short-term 18,000 January 8, 2024 5.38 % Fixed N/A N/A N/A Short-term 14,000 January 16, 2024 5.49 % Fixed N/A N/A N/A Short-term 21,000 January 22, 2024 5.36 % Fixed N/A N/A N/A Short-term 33,000 January 29, 2024 5.36 % Fixed N/A N/A N/A Short-term 27,500 February 20, 2024 5.41 % Fixed N/A N/A N/A Short-term 27,000 February 27, 2024 5.42 % Fixed N/A N/A N/A Short-term 24,500 March 13, 2024 5.39 % Fixed N/A N/A N/A Short-term 23,500 December 29, 2024 4.79 % Fixed N/A N/A N/A Total FHLB short-term advances 309,000 5.37 % Total FHLB advances 464,000 4.54 % Short-Term Borrowings Federal reserve bank Short-term $ 145,000 December 31, 2024 4.83 % Fixed N/A N/A N/A Total Federal reserve bank $ 145,000 4.83 % Repurchase agreements Revolving $ 2,054 N/A 8.20 % Variable N/A N/A N/A Total short-term borrowings $ 147,054 4.88 % Total borrowings $ 611,054 4.62 % The short-term repurchase agreement represents the outstanding portion of a total $30.0 million commitment with one March 31, 2024 March 31, 2024 December 31, 2023 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 Federal Reserve Bank (“FRB”) created a new borrowing facility called the Bank Term Funding Program. This program allows a bank to borrow against its investment portfolio, at par value, with no one no March 31, 2024 not March 11, 2024. At March 31, 2024 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 76% of the carrying value of unencumbered one four March 31, 2024 December 31, 2023 |
Note 7 - Regulatory Capital
Note 7 - Regulatory Capital | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 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 March 31, 2024 December 31, 2023 March 31, 2024 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. $ 375,349 21.15 % $ 141,960 8.00 % $ 186,320 10.50 % N/A N/A Waterstone Bank 358,238 20.19 % 141,960 8.00 % 186,320 10.50 % 177,449 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 355,662 20.04 % 106,470 6.00 % 150,830 8.50 % N/A N/A Waterstone Bank 338,551 19.08 % 106,470 6.00 % 150,830 8.50 % 141,959 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 355,662 20.04 % 79,850 4.50 % 124,210 7.00 % N/A N/A Waterstone Bank 338,551 19.08 % 79,850 4.50 % 124,210 7.00 % 115,342 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 355,662 16.24 % 87,620 4.00 % N/A N/A N/A N/A Waterstone Bank 338,551 15.46 % 87,620 4.00 % N/A N/A 109,526 5.00 % State of Wisconsin (to total assets) Waterstone Bank 338,551 15.17 % 133,920 6.00 % N/A N/A N/A N/A December 31, 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. $ 380,351 21.50 % $ 141,538 8.00 % $ 185,769 10.50 % N/A N/A Waterstone Bank 355,476 20.10 % 141,515 8.00 % 185,738 10.50 % 176,893 10.00 % Tier I capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 360,734 20.39 % 106,154 6.00 % 150,385 8.50 % N/A N/A Waterstone Bank 335,859 18.99 % 106,117 6.00 % 150,332 8.50 % 141,489 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 360,734 20.39 % 79,615 4.50 % 123,846 7.00 % N/A N/A Waterstone Bank 335,859 18.99 % 79,587 4.50 % 123,803 7.00 % 114,960 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 360,734 16.77 % 86,043 4.00 % N/A N/A N/A N/A Waterstone Bank 335,859 15.62 % 86,007 4.00 % N/A N/A 107,509 5.00 % State of Wisconsin (to total assets) Waterstone Bank 335,859 15.20 % 132,576 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 | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, 2024 December 31, 2023 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 15,079 $ 9,789 Commitments to extend credit under home equity lines of credit (2) 12,230 11,722 Unused portion of construction loans (3) 78,466 76,660 Unused portion of business lines of credit 17,572 15,378 Standby letters of credit 514 514 ( 1 Commitments for loans are extended to customers for up to 90 ( 2 Unused portions of home equity loans are available to the borrower for up to 10 ( 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 March 31, 2024 December 31, 2023 3 Residential mortgage loans sold to others are predominantly conventional residential first first March 31, 2024 December 31, 2023 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 | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 327.5 Other assets $ - Other liabilities $ - Interest rate locks 233.9 Other assets 1.9 Other liabilities - Interest rate swaps 87.6 Other assets 13.3 Other liabilities 13.3 December 31, 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 $ 268.8 Other assets $ - Other liabilities $ 0.4 Interest rate locks 170.9 Other assets 0.3 Other liabilities - Interest rate swaps 88.2 Other assets 12.0 Other liabilities 12.0 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 March 31, 2024 December 31, 2023 no No March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 Earnings Per Share Earnings per share are computed using the two There were 508,000 and 161,000 antidilutive shares of common stock for the three March 31, 2024 2023 Presented below are the calculations for basic and diluted earnings per share: Three months ended March 31, 2024 2023 (In Thousands, except per share amounts) Net income $ 3,038 $ 2,155 Weighted average shares outstanding 19,021 20,890 Effect of dilutive potential common shares 15 90 Diluted weighted average shares outstanding $ 19,036 $ 20,980 Basic earnings per share $ 0.16 $ 0.10 Diluted earnings per share $ 0.16 $ 0.10 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 Fair Value Measurements Using March 31, 2024 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 10,626 $ - $ 10,626 $ - Collateralized mortgage obligations Government sponsored enterprise issued 130,306 - 130,306 - Private-label issued 7,070 - 7,070 - Government sponsored enterprise bonds 2,353 - 2,353 - Municipal securities 43,155 - 43,155 - Other debt securities 11,191 - 11,191 - Loans held for sale 175,084 - 175,084 - Mortgage banking derivative assets 1,923 - - 1,923 Interest rate swap assets 13,302 - 13,302 - Liabilities Mortgage banking derivative liabilities - - - - Interest rate swap liabilities 13,302 - 13,302 - Fair Value Measurements Using December 31, 2023 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 11,181 $ - $ 11,181 $ - Collateralized mortgage obligations Government sponsored enterprise issued 133,467 - 133,467 - Private-label issued 7,260 - 7,260 - Government sponsored enterprise bonds 2,348 - 2,348 - Municipal securities 39,488 - 39,488 - Other debt securities 11,163 - 11,163 - Loans held for sale 164,993 - 164,993 - Mortgage banking derivative assets 334 - - 334 Interest rate swap assets 12,044 - 12,044 - Liabilities Mortgage banking derivative liabilities 364 - - 364 Interest rate swap liabilities 12,044 - 12,044 - 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 2024 2023 Three months ended March 31, 2024 2023 (In Thousands) Mortgage derivative, net balance at the beginning of the period $ (30 ) $ (994 ) Mortgage derivative gain, net 1,953 1,073 Mortgage derivative, net balance at the end of the period $ 1,923 $ 79 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 March 31, 2024 December 31, 2023 Fair Value Measurements Using March 31, 2024 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 206 $ - $ - $ 206 Fair Value Measurements Using December 31, 2023 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 254 $ - $ - $ 254 Impaired mortgage servicing rights 1,063 - - 1,063 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 March 31, 2024 December 31, 2023 Significant Unobservable Input Value Fair Value at Significant March 31, Valuation Unobservable Minimum Maximum Weighted 2024 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ 1,923 Pricing models Pull through rate 0.5 % 99.8 % 85.3 % Real estate owned 206 Market approach Discount rates applied to appraisals 23.3 % 34.8 % 31.4 % December 31, 2023 Mortgage banking derivatives $ (30 ) Pricing models Pull through rate 20.5 % 99.9 % 69.8 % Real estate owned 254 Market approach Discount rates applied to appraisals 23.3 % 73.1 % 39.3 % Mortgage servicing rights 1,063 Pricing models Prepayment rate 6.7 % 23.9 % 14.6 % Discount rate 10.0 % 15.5 % 11.2 % Cost to service $ 77 $ 471 $ 107 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: March 31, 2024 December 31, 2023 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 $ 45,714 $ 45,714 $ 45,714 $ - $ - $ 36,421 $ 36,421 $ 36,421 $ - $ - Loans receivable 1,664,817 1,563,649 - - 1,563,649 1,664,215 1,558,472 - - 1,558,472 FHLB stock 21,983 21,983 21,983 - - 20,880 20,880 20,880 - - Accrued interest receivable 7,571 7,571 7,571 - - 7,421 7,421 7,421 - - Mortgage servicing rights 2,161 2,481 - - 2,481 1,811 2,207 - - 2,207 - Financial Liabilities Deposits 1,199,894 1,198,955 452,606 746,349 - 1,190,624 1,189,274 460,340 728,934 - Advance payments by borrowers for taxes 14,051 14,051 14,051 - - 6,607 6,607 6,607 - - Borrowings 634,158 623,686 - 623,686 - 611,054 602,948 - 602,948 - Accrued interest payable 4,078 4,078 4,078 - - 2,613 2,613 2,613 - - 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 March 31, 2024 December 31, 2023 |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
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 not Community Banking The community banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin. Within this segment, the following products and services are provided: ( 1 2 3 4 Consumer products include loan and deposit products: mortgage, home equity loans and lines, personal term loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Consumer products also include personal investment services. Business banking products include secured and unsecured lines and term loans for working capital, inventory and general corporate use, commercial real estate construction loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Mortgage Banking The mortgage banking segment provides residential mortgage loans for the primary purpose of sale on the secondary market. Mortgage banking products and services are provided by offices in 26 Presented below is the segment information: As of or for the three months ended March 31, 2024 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 11,598 $ (541 ) $ 80 $ 11,137 Provision (credit) for credit losses 105 (38 ) - 67 Net interest income (expense) after provision (credit) for credit losses 11,493 (503 ) 80 11,070 Noninterest income: 990 20,328 (70 ) 21,248 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 5,360 14,756 (240 ) 19,876 Occupancy, office furniture and equipment 1,000 1,108 - 2,108 Advertising 174 740 - 914 Data processing 693 508 5 1,206 Communications 65 161 - 226 Professional fees 208 520 15 743 Real estate owned 13 - - 13 Loan processing expense - 1,046 - 1,046 Other 691 617 110 1,418 Total noninterest expenses 8,204 19,456 (110 ) 27,550 Income before income tax expense 4,279 369 120 4,768 Income tax expense 1,639 71 20 1,730 Net income $ 2,640 $ 298 $ 100 $ 3,038 Total Assets $ 2,197,708 $ 210,784 $ (173,768 ) $ 2,234,724 As of or for the three months ended March 31, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 14,008 $ (282 ) $ 69 $ 13,795 Provision for credit losses 388 72 - 460 Net interest income (expense) after provision for credit losses 13,620 (354 ) 69 13,335 Noninterest income: 987 17,951 (384 ) 18,554 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 5,168 15,099 (215 ) 20,052 Occupancy, office furniture and equipment 1,031 1,232 - 2,263 Advertising 184 705 - 889 Data processing 601 516 5 1,122 Communications 78 173 - 251 Professional fees 218 188 10 416 Real estate owned 1 - - 1 Loan processing expense - 1,018 - 1,018 Other 896 2,403 (204 ) 3,095 Total noninterest expenses 8,177 21,334 (404 ) 29,107 Income (loss) before income tax expense (benefit) 6,430 (3,737 ) 89 2,782 Income tax expense (benefit) 1,600 (1,002 ) 29 627 Net income (loss) $ 4,830 $ (2,735 ) $ 60 $ 2,155 Total Assets $ 2,080,904 $ 207,572 $ (173,977 ) $ 2,114,499 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three March 31, 2024 no 10b5 1 10b5 1 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | 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 March 31, 2024 |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recent Accounting Pronouncements In December 2023, No. 2023 09, 740 December 15, 2024. |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2024 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 12,295 $ 3 $ (1,672 ) $ 10,626 Collateralized mortgage obligations: Government sponsored enterprise issued 150,643 55 (20,392 ) 130,306 Private-label issued 7,893 - (823 ) 7,070 Mortgage-related securities 170,831 58 (22,887 ) 148,002 Government sponsored enterprise bonds 2,500 - (147 ) 2,353 Municipal securities 43,353 757 (955 ) 43,155 Other debt securities 12,500 - (1,309 ) 11,191 Debt securities 58,353 757 (2,411 ) 56,699 Total $ 229,184 $ 815 $ (25,298 ) $ 204,701 December 31, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value (In Thousands) Mortgage-backed securities $ 12,651 $ 5 $ (1,475 ) $ 11,181 Collateralized mortgage obligations Government sponsored enterprise issued 152,700 212 (19,445 ) 133,467 Private-label issued 8,061 - (801 ) 7,260 Mortgage related securities 173,412 217 (21,721 ) 151,908 Government sponsored enterprise bonds 2,500 - (152 ) 2,348 Municipal securities 39,304 980 (796 ) 39,488 Other debt securities 12,500 - (1,337 ) 11,163 Debt securities 54,304 980 (2,285 ) 52,999 Total $ 227,716 $ 1,197 $ (24,006 ) $ 204,907 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (In Thousands) Debt and other securities Due within one year $ 9,584 $ 9,524 Due after one year through five years 8,481 8,449 Due after five years through ten years 21,166 20,068 Due after ten years 19,122 18,658 Mortgage-related securities 170,831 148,002 Total $ 229,184 $ 204,701 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 2024 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 $ 40 $ 1 $ 10,361 $ 1,671 $ 10,401 $ 1,672 Collateralized mortgage obligations: Government sponsored enterprise issued 15,677 106 108,416 20,286 124,093 20,392 Private-label issued - - 6,070 823 6,070 823 Government sponsored enterprise bonds - - 2,353 147 2,353 147 Municipal securities 2,975 25 11,318 930 14,293 955 Other debt securities - - 11,191 1,309 11,191 1,309 Total $ 18,692 $ 132 $ 149,709 $ 25,166 $ 168,401 $ 25,298 December 31, 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 $ 215 $ 1 $ 10,682 $ 1,474 $ 10,897 $ 1,475 Collateralized mortgage obligations: Government sponsored enterprise issued 2,442 42 110,271 19,403 112,713 19,445 Private-label issued - - 6,250 801 6,250 801 Government sponsored enterprise bonds - - 2,348 152 2,348 152 Municipal securities 7,597 36 5,808 760 13,405 796 Other debt securities - - 11,163 1,337 11,163 1,337 Total $ 10,254 $ 79 $ 146,522 $ 23,927 $ 156,776 $ 24,006 |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (In Thousands) Mortgage loans: Residential real estate: One- to four-family $ 551,005 $ 551,190 Multi-family 702,487 707,566 Home equity 13,664 13,228 Construction and land 64,431 53,371 Commercial real estate 297,341 300,892 Consumer 822 848 Commercial loans 35,067 37,120 Total $ 1,664,817 $ 1,664,215 |
Schedule of Related Party Transactions [Table Text Block] | Three months ended March 31, 2024 March 31, 2023 (In Thousands) Balance at beginning of year $ 3,319 $ 2,847 New loans - 313 Repayments (29 ) (87 ) Balance at end of year $ 3,290 $ 3,073 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2024 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 $ 5,022 $ 599 $ 3,695 $ 9,316 $ 541,689 $ 551,005 Multi-family 865 - - 865 701,622 702,487 Home equity 200 - 32 232 13,432 13,664 Construction and land - - - - 64,431 64,431 Commercial real estate 145 - 129 274 297,067 297,341 Consumer - - - - 822 822 Commercial loans - - - - 35,067 35,067 Total $ 6,232 $ 599 $ 3,856 $ 10,687 $ 1,654,130 $ 1,664,817 As of December 31, 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 $ 5,265 $ 1,283 $ 4,270 $ 10,818 $ 540,372 $ 551,190 Multi-family - 6 - 6 707,560 $ 707,566 Home equity 209 - 34 243 12,985 $ 13,228 Construction and land - - - - 53,371 $ 53,371 Commercial real estate 54 - 129 183 300,709 $ 300,892 Consumer - - - - 848 $ 848 Commercial loans - - - - 37,120 $ 37,120 Total $ 5,528 $ 1,289 $ 4,433 $ 11,250 $ 1,652,965 $ 1,664,215 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | One to-Four- Family Multi-Family Home Equity Construction and Land Commercial Real Estate Consumer Commercial Total (In Thousands) Three months ended March 31, 2024 Balance at beginning of period $ 6,886 $ 7,318 $ 211 $ 983 $ 2,561 $ 56 $ 534 $ 18,549 Provision (credit) for credit losses - loans (284 ) 47 18 127 48 7 34 (3 ) Charge-offs (3 ) - - - - (8 ) - (11 ) Recoveries 10 2 - 1 1 - - 14 Balance at end of period $ 6,609 $ 7,367 $ 229 $ 1,111 $ 2,610 $ 55 $ 568 $ 18,549 Three months ended March 31, 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 1,016 (127 ) - (495 ) (522 ) 26 77 (25 ) Charge-offs (3 ) - - - - (21 ) - (24 ) Recoveries 30 - 4 1 1 - - 36 Balance at end of period $ 5,786 $ 7,848 $ 178 $ 858 $ 2,678 $ 52 $ 344 $ 17,744 |
Schedule of Allowance for Credit Losses [Table Text Block] | Three months ended March 31, 2024 March 31, 2023 (In Thousands) Provision (credit) for credit losses on: Loans $ (3 ) $ (25 ) Unfunded commitments 70 485 Investment securities - - Total $ 67 $ 460 |
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 6,609 7,367 229 1,111 2,610 55 568 18,549 Allowance at end of period $ 6,609 $ 7,367 $ 229 $ 1,111 $ 2,610 $ 55 $ 568 $ 18,549 Collateral dependent loans $ 2,193 $ - $ 199 $ - $ 5,383 $ - $ 1,285 $ 9,060 Pooled loans 548,812 702,487 13,465 64,431 291,958 822 33,782 1,655,757 Total gross loans $ 551,005 $ 702,487 $ 13,664 $ 64,431 $ 297,341 $ 822 $ 35,067 $ 1,664,817 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 6,886 7,318 211 983 2,561 56 534 18,549 Allowance at end of period $ 6,886 $ 7,318 $ 211 $ 983 $ 2,561 $ 56 $ 534 $ 18,549 Collateral dependent loans $ 2,209 $ - $ 90 $ - $ 5,493 $ - $ 1,536 $ 9,328 Pooled loans 548,981 707,566 13,138 53,371 295,399 848 35,584 1,654,887 Total gross loans $ 551,190 $ 707,566 $ 13,228 $ 53,371 $ 300,892 $ 848 $ 37,120 $ 1,664,215 |
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 March 31, 2024 Substandard $ 4,544 $ - $ 199 $ - $ 5,383 $ - $ 1,285 $ 11,411 Watch 8,747 185 708 145 417 - 75 10,277 Pass 537,714 702,302 12,757 64,286 291,541 822 33,707 1,643,129 $ 551,005 $ 702,487 $ 13,664 $ 64,431 $ 297,341 $ 822 $ 35,067 $ 1,664,817 At December 31, 2023 Substandard $ 4,503 $ - $ 90 $ - $ 5,492 $ - $ 1,536 $ 11,621 Watch 7,585 383 - - - - - 7,968 Pass 539,102 707,183 13,138 53,371 295,400 848 35,584 1,644,626 $ 551,190 $ 707,566 $ 13,228 $ 53,371 $ 300,892 $ 848 $ 37,120 $ 1,664,215 2024 2023 2022 2021 2020 Prior Revolving Total (In Thousands) One- to four-family Pass $ 12,449 $ 193,887 $ 160,494 $ 44,322 $ 33,048 $ 92,399 $ 1,115 $ 537,714 Watch 6,214 - 465 - - 2,068 - 8,747 Substandard - 1,422 953 - - 2,169 - 4,544 Total 18,663 195,309 161,912 44,322 33,048 96,636 1,115 551,005 Multi-family Pass 8,271 123,507 209,783 134,109 116,823 108,954 855 $ 702,302 Watch - - - - - 185 - 185 Substandard - - - - - - - - Total 8,271 123,507 209,783 134,109 116,823 109,139 855 702,487 Home equity Pass 351 1,075 232 158 96 404 10,441 $ 12,757 Watch 708 - - - - - - 708 Substandard - - 16 16 - - 167 199 Total 1,059 1,075 248 174 96 404 10,608 13,664 Construction and land Pass 1,851 47,561 1,637 9,298 1,547 2,392 - $ 64,286 Watch - - 145 - - - - 145 Substandard - - - - - - - - Total 1,851 47,561 1,782 9,298 1,547 2,392 - 64,431 Commercial Real Estate Pass 6,807 69,799 70,252 61,543 32,892 49,447 801 $ 291,541 Watch - - 417 - - - - 417 Substandard - 5,254 129 - - - - 5,383 Total 6,807 75,053 70,798 61,543 32,892 49,447 801 297,341 Consumer Pass - - - - - - 822 $ 822 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 822 822 Commercial Pass 130 17,234 1,526 821 2,536 5,483 5,977 $ 33,707 Watch - - - - - - 75 75 Substandard - - 44 - - 6 1,235 1,285 Total 130 17,234 1,570 821 2,536 5,489 7,287 35,067 Total Loans $ 36,781 $ 459,739 $ 446,093 $ 250,267 $ 186,942 $ 263,507 $ 21,488 $ 1,664,817 Gross charge-offs $ 3 $ - $ - $ - $ - $ - $ 8 $ 11 2023 2022 2021 2020 2019 Prior Revolving Total (In Thousands) One- to four-family Pass $ 196,255 $ 166,555 $ 46,378 $ 33,295 $ 19,966 $ 75,726 $ 927 $ 539,102 Watch 5,093 713 - - - 1,779 - 7,585 Substandard 1,450 353 - - - 2,700 - 4,503 Total 202,798 167,621 46,378 33,295 19,966 80,205 927 551,190 Multi-family Pass 122,289 214,074 135,823 117,669 44,878 71,632 818 707,183 Watch 191 6 - - - 186 - 383 Substandard - - - - - - - - Total 122,480 214,080 135,823 117,669 44,878 71,818 818 707,566 Home equity Pass 1,084 255 161 98 87 342 11,111 13,138 Watch - - - - - - - - Substandard - 18 17 - - - 55 90 Total 1,084 273 178 98 87 342 11,166 13,228 Construction and land Pass 38,079 1,348 9,349 2,146 2,255 194 - 53,371 Watch - - - - - - - - Substandard - - - - - - - - Total 38,079 1,348 9,349 2,146 2,255 194 - 53,371 Commercial Real Estate Pass 70,677 76,067 62,922 33,436 19,250 31,673 1,375 295,400 Watch - - - - - - - - Substandard 5,277 129 - 86 - - - 5,492 Total 75,954 76,196 62,922 33,522 19,250 31,673 1,375 300,892 Consumer Pass - - - - - - 848 848 Watch - - - - - - - - Substandard - - - - - - - - Total - - - - - - 848 848 Commercial Pass 17,019 1,631 904 2,668 80 5,435 7,847 35,584 Watch - - - - - - - - Substandard - 48 - - 13 - 1,475 1,536 Total 17,019 1,679 904 2,668 93 5,435 9,322 37,120 Total Loans $ 457,414 $ 461,197 $ 255,554 $ 189,398 $ 86,529 $ 189,667 $ 24,456 $ 1,664,215 |
Financing Receivable, Modified [Table Text Block] | As of March 31, 2024 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 526 1 $ 526 1 $ - - $ 526 1 $ 526 1 As of December 31, 2023 Accruing Non-accruing Total Amount Number Amount Number Amount Number (Dollars in Thousands) One- to four-family $ - - $ 543 2 $ 543 2 $ - - $ 543 2 $ 543 2 As of March 31, 2024 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Principal forbearance $ 526 1 $ - - $ 526 1 $ 526 1 $ - - $ 526 1 As of December 31, 2023 Performing in accordance with modified terms In Default Total Amount Number Amount Number Amount Number (Dollars in Thousands) Interest reduction $ 15 1 $ - - $ 15 1 Principal forbearance 528 1 - - 528 1 $ 543 2 $ - - $ 543 2 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 December 31, 2023 (Dollars in Thousands) Non-accrual loans: Residential One- to four-family $ 4,544 $ 4,503 Multi-family - - Home equity 199 90 Construction and land - - Commercial real estate 129 215 Commercial - - Consumer - - Total non-accrual loans $ 4,872 $ 4,808 Total non-accrual loans to total loans receivable 0.29 % 0.29 % Total non-accrual loans to total assets 0.22 % 0.22 % |
Note 4 - Mortgage Servicing R_2
Note 4 - Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | Three months ended March 31, 2024 2023 (In Thousands) Mortgage servicing rights at beginning of the period $ 1,811 $ 3,445 Additions 207 302 Amortization (170 ) (71 ) Sales - (2,767 ) Mortgage servicing rights at end of the period 1,848 909 Valuation allowance recovered during the period 313 - Mortgage servicing rights at end of the period, net $ 2,161 $ 909 |
Future Amortization Expenses for Mortgage Servicing Rights [Table Text Block] | (In Thousands) Estimate for the annual period ending December 31: 2024 $ 277 2025 393 2026 354 2027 314 2028 275 Thereafter 548 Total $ 2,161 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (In Thousands) Within one year $ 639,361 More than one to two years 104,469 More than two to three years 2,506 More than three to four years 558 More than four through five years 394 $ 747,288 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2024 Category Term Amount Maturity Rate Rate Type Callable/Putable Start Date Frequency (Dollars in Millions) FHLB advances Long-term $ 50,000 December 14, 2027 1.73 % Fixed Putable December 14, 2017 Quarterly Long-term 10,000 August 8, 2028 3.52 % Fixed Putable August 8, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable October 10, 2023 Monthly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable October 10, 2023 Monthly Long-term 10,000 November 6, 2028 3.47 % Fixed Putable November 6, 2023 Monthly Long-term 15,000 November 14, 2028 3.39 % Fixed Putable November 14, 2023 Monthly Long-term 10,000 March 5, 2029 3.32 % Fixed Putable March 5, 2024 Monthly Long-term 10,000 March 5, 2029 3.38 % Fixed Putable March 5, 2024 Monthly Long-term 10,000 March 26, 2029 3.45 % Fixed Putable March 26, 2024 Monthly Total FHLB long-term advances 135,000 2.80 % Short-Term 10,000 April 3, 2024 3.46 % Fixed N/A N/A N/A Short-Term 23,500 December 27, 2024 4.79 % Fixed N/A N/A N/A Short-Term 18,000 April 9, 2024 5.38 % Fixed N/A N/A N/A Short-Term 20,000 January 29, 2025 4.74 % Fixed N/A N/A N/A Short-Term 13,000 April 29, 2024 5.36 % Fixed N/A N/A N/A Short-Term 20,500 April 8, 2024 5.37 % Fixed N/A N/A N/A Short-Term 20,000 May 22, 2024 5.39 % Fixed N/A N/A N/A Short-Term 30,000 June 12, 2024 5.38 % Fixed N/A N/A N/A Short-Term 33,000 April 15, 2024 5.36 % Fixed N/A N/A N/A Short-Term 22,500 April 22, 2024 5.36 % Fixed N/A N/A N/A Short-Term 23,000 April 29, 2024 5.36 % Fixed N/A N/A N/A Short-Term 120,000 April 1, 2024 5.43 % Fixed N/A N/A N/A Total FHLB short-term advances 353,500 5.26 % Total FHLB advances $ 488,500 4.58 % Short-Term Borrowings Federal reserve bank Short-term $ 145,000 January 16, 2025 4.76 % Fixed N/A N/A N/A Total federal reserve bank $ 145,000 4.76 % Repurchase agreements Revolving $ 658 N/A 8.18 % Variable N/A N/A N/A Total short-term borrowings $ 145,658 4.78 % Total borrowings $ 634,158 4.63 % December 31, 2023 Category Term Amount Maturity Rate Rate Type Callable/Putable Start Date Frequency (Dollars in Thousands) FHLB advances Long-term $ 50,000 December 14, 2027 1.73 % Fixed Putable December 14, 2019 Single Long-term 10,000 August 7, 2028 3.51 % Fixed Putable December 7, 2023 Quarterly Long-term 10,000 August 8, 2028 3.52 % Fixed Putable December 8, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable November 10, 2023 Quarterly Long-term 10,000 October 10, 2028 3.49 % Fixed Putable November 10, 2023 Quarterly Long-term 10,000 November 3, 2028 3.46 % Fixed Putable December 4, 2023 Quarterly Long-term 10,000 November 6, 2028 3.47 % Fixed Putable December 6, 2023 Quarterly Long-term 15,000 November 14, 2028 3.39 % Fixed Putable December 14, 2023 Quarterly Long-term 10,000 November 29, 2028 3.38 % Fixed Putable December 29, 2023 Quarterly Long-term 10,000 November 29, 2028 3.43 % Fixed Putable January 29, 2024 Quarterly Long-term 10,000 December 4, 2028 3.31 % Fixed Putable January 4, 2023 Quarterly Total FHLB long-term advances 155,000 2.89 % Short-term 60,000 January 2, 2024 5.44 % Fixed N/A N/A N/A Short-term 20,000 January 2, 2024 5.45 % Fixed N/A N/A N/A Short-term 20,000 January 5, 2024 5.48 % Fixed N/A N/A N/A Short-term 20,500 January 8, 2024 5.38 % Fixed N/A N/A N/A Short-term 18,000 January 8, 2024 5.38 % Fixed N/A N/A N/A Short-term 14,000 January 16, 2024 5.49 % Fixed N/A N/A N/A Short-term 21,000 January 22, 2024 5.36 % Fixed N/A N/A N/A Short-term 33,000 January 29, 2024 5.36 % Fixed N/A N/A N/A Short-term 27,500 February 20, 2024 5.41 % Fixed N/A N/A N/A Short-term 27,000 February 27, 2024 5.42 % Fixed N/A N/A N/A Short-term 24,500 March 13, 2024 5.39 % Fixed N/A N/A N/A Short-term 23,500 December 29, 2024 4.79 % Fixed N/A N/A N/A Total FHLB short-term advances 309,000 5.37 % Total FHLB advances 464,000 4.54 % Short-Term Borrowings Federal reserve bank Short-term $ 145,000 December 31, 2024 4.83 % Fixed N/A N/A N/A Total Federal reserve bank $ 145,000 4.83 % Repurchase agreements Revolving $ 2,054 N/A 8.20 % Variable N/A N/A N/A Total short-term borrowings $ 147,054 4.88 % Total borrowings $ 611,054 4.62 % |
Note 7 - Regulatory Capital (Ta
Note 7 - Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | March 31, 2024 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. $ 375,349 21.15 % $ 141,960 8.00 % $ 186,320 10.50 % N/A N/A Waterstone Bank 358,238 20.19 % 141,960 8.00 % 186,320 10.50 % 177,449 10.00 % Tier I Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 355,662 20.04 % 106,470 6.00 % 150,830 8.50 % N/A N/A Waterstone Bank 338,551 19.08 % 106,470 6.00 % 150,830 8.50 % 141,959 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 355,662 20.04 % 79,850 4.50 % 124,210 7.00 % N/A N/A Waterstone Bank 338,551 19.08 % 79,850 4.50 % 124,210 7.00 % 115,342 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 355,662 16.24 % 87,620 4.00 % N/A N/A N/A N/A Waterstone Bank 338,551 15.46 % 87,620 4.00 % N/A N/A 109,526 5.00 % State of Wisconsin (to total assets) Waterstone Bank 338,551 15.17 % 133,920 6.00 % N/A N/A N/A N/A December 31, 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. $ 380,351 21.50 % $ 141,538 8.00 % $ 185,769 10.50 % N/A N/A Waterstone Bank 355,476 20.10 % 141,515 8.00 % 185,738 10.50 % 176,893 10.00 % Tier I capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 360,734 20.39 % 106,154 6.00 % 150,385 8.50 % N/A N/A Waterstone Bank 335,859 18.99 % 106,117 6.00 % 150,332 8.50 % 141,489 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated Waterstone Financial, Inc. 360,734 20.39 % 79,615 4.50 % 123,846 7.00 % N/A N/A Waterstone Bank 335,859 18.99 % 79,587 4.50 % 123,803 7.00 % 114,960 6.50 % Tier I Capital (to average assets) Consolidated Waterstone Financial, Inc. 360,734 16.77 % 86,043 4.00 % N/A N/A N/A N/A Waterstone Bank 335,859 15.62 % 86,007 4.00 % N/A N/A 107,509 5.00 % State of Wisconsin (to total assets) Waterstone Bank 335,859 15.20 % 132,576 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) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | March 31, 2024 December 31, 2023 (In Thousands) Financial instruments whose contract amounts represent potential credit risk: Commitments to extend credit under amortizing loans (1) $ 15,079 $ 9,789 Commitments to extend credit under home equity lines of credit (2) 12,230 11,722 Unused portion of construction loans (3) 78,466 76,660 Unused portion of business lines of credit 17,572 15,378 Standby letters of credit 514 514 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | March 31, 2024 Assets Liabilities Derivatives not designated as Hedging Instruments Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In Millions) Forward commitments $ 327.5 Other assets $ - Other liabilities $ - Interest rate locks 233.9 Other assets 1.9 Other liabilities - Interest rate swaps 87.6 Other assets 13.3 Other liabilities 13.3 December 31, 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 $ 268.8 Other assets $ - Other liabilities $ 0.4 Interest rate locks 170.9 Other assets 0.3 Other liabilities - Interest rate swaps 88.2 Other assets 12.0 Other liabilities 12.0 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2024 2023 (In Thousands, except per share amounts) Net income $ 3,038 $ 2,155 Weighted average shares outstanding 19,021 20,890 Effect of dilutive potential common shares 15 90 Diluted weighted average shares outstanding $ 19,036 $ 20,980 Basic earnings per share $ 0.16 $ 0.10 Diluted earnings per share $ 0.16 $ 0.10 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using March 31, 2024 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 10,626 $ - $ 10,626 $ - Collateralized mortgage obligations Government sponsored enterprise issued 130,306 - 130,306 - Private-label issued 7,070 - 7,070 - Government sponsored enterprise bonds 2,353 - 2,353 - Municipal securities 43,155 - 43,155 - Other debt securities 11,191 - 11,191 - Loans held for sale 175,084 - 175,084 - Mortgage banking derivative assets 1,923 - - 1,923 Interest rate swap assets 13,302 - 13,302 - Liabilities Mortgage banking derivative liabilities - - - - Interest rate swap liabilities 13,302 - 13,302 - Fair Value Measurements Using December 31, 2023 Level 1 Level 2 Level 3 (In Thousands) Assets Available for sale securities Mortgage-backed securities $ 11,181 $ - $ 11,181 $ - Collateralized mortgage obligations Government sponsored enterprise issued 133,467 - 133,467 - Private-label issued 7,260 - 7,260 - Government sponsored enterprise bonds 2,348 - 2,348 - Municipal securities 39,488 - 39,488 - Other debt securities 11,163 - 11,163 - Loans held for sale 164,993 - 164,993 - Mortgage banking derivative assets 334 - - 334 Interest rate swap assets 12,044 - 12,044 - Liabilities Mortgage banking derivative liabilities 364 - - 364 Interest rate swap liabilities 12,044 - 12,044 - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended March 31, 2024 2023 (In Thousands) Mortgage derivative, net balance at the beginning of the period $ (30 ) $ (994 ) Mortgage derivative gain, net 1,953 1,073 Mortgage derivative, net balance at the end of the period $ 1,923 $ 79 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using March 31, 2024 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 206 $ - $ - $ 206 Fair Value Measurements Using December 31, 2023 Level 1 Level 2 Level 3 (In Thousands) Real estate owned $ 254 $ - $ - $ 254 Impaired mortgage servicing rights 1,063 - - 1,063 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Input Value Fair Value at Significant March 31, Valuation Unobservable Minimum Maximum Weighted 2024 Technique Inputs Value Value Average (Dollars in Thousands) Mortgage banking derivatives $ 1,923 Pricing models Pull through rate 0.5 % 99.8 % 85.3 % Real estate owned 206 Market approach Discount rates applied to appraisals 23.3 % 34.8 % 31.4 % December 31, 2023 Mortgage banking derivatives $ (30 ) Pricing models Pull through rate 20.5 % 99.9 % 69.8 % Real estate owned 254 Market approach Discount rates applied to appraisals 23.3 % 73.1 % 39.3 % Mortgage servicing rights 1,063 Pricing models Prepayment rate 6.7 % 23.9 % 14.6 % Discount rate 10.0 % 15.5 % 11.2 % Cost to service $ 77 $ 471 $ 107 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 December 31, 2023 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 $ 45,714 $ 45,714 $ 45,714 $ - $ - $ 36,421 $ 36,421 $ 36,421 $ - $ - Loans receivable 1,664,817 1,563,649 - - 1,563,649 1,664,215 1,558,472 - - 1,558,472 FHLB stock 21,983 21,983 21,983 - - 20,880 20,880 20,880 - - Accrued interest receivable 7,571 7,571 7,571 - - 7,421 7,421 7,421 - - Mortgage servicing rights 2,161 2,481 - - 2,481 1,811 2,207 - - 2,207 - Financial Liabilities Deposits 1,199,894 1,198,955 452,606 746,349 - 1,190,624 1,189,274 460,340 728,934 - Advance payments by borrowers for taxes 14,051 14,051 14,051 - - 6,607 6,607 6,607 - - Borrowings 634,158 623,686 - 623,686 - 611,054 602,948 - 602,948 - Accrued interest payable 4,078 4,078 4,078 - - 2,613 2,613 2,613 - - |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | As of or for the three months ended March 31, 2024 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 11,598 $ (541 ) $ 80 $ 11,137 Provision (credit) for credit losses 105 (38 ) - 67 Net interest income (expense) after provision (credit) for credit losses 11,493 (503 ) 80 11,070 Noninterest income: 990 20,328 (70 ) 21,248 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 5,360 14,756 (240 ) 19,876 Occupancy, office furniture and equipment 1,000 1,108 - 2,108 Advertising 174 740 - 914 Data processing 693 508 5 1,206 Communications 65 161 - 226 Professional fees 208 520 15 743 Real estate owned 13 - - 13 Loan processing expense - 1,046 - 1,046 Other 691 617 110 1,418 Total noninterest expenses 8,204 19,456 (110 ) 27,550 Income before income tax expense 4,279 369 120 4,768 Income tax expense 1,639 71 20 1,730 Net income $ 2,640 $ 298 $ 100 $ 3,038 Total Assets $ 2,197,708 $ 210,784 $ (173,768 ) $ 2,234,724 As of or for the three months ended March 31, 2023 Holding Community Mortgage Company and Banking Banking Other Consolidated (In Thousands) Net interest income (expense) $ 14,008 $ (282 ) $ 69 $ 13,795 Provision for credit losses 388 72 - 460 Net interest income (expense) after provision for credit losses 13,620 (354 ) 69 13,335 Noninterest income: 987 17,951 (384 ) 18,554 Noninterest expenses: Compensation, payroll taxes, and other employee benefits 5,168 15,099 (215 ) 20,052 Occupancy, office furniture and equipment 1,031 1,232 - 2,263 Advertising 184 705 - 889 Data processing 601 516 5 1,122 Communications 78 173 - 251 Professional fees 218 188 10 416 Real estate owned 1 - - 1 Loan processing expense - 1,018 - 1,018 Other 896 2,403 (204 ) 3,095 Total noninterest expenses 8,177 21,334 (404 ) 29,107 Income (loss) before income tax expense (benefit) 6,430 (3,737 ) 89 2,782 Income tax expense (benefit) 1,600 (1,002 ) 29 627 Net income (loss) $ 4,830 $ (2,735 ) $ 60 $ 2,155 Total Assets $ 2,080,904 $ 207,572 $ (173,977 ) $ 2,114,499 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Offices | 14 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Securities, Unrealized Loss Position, Number of Positions | 155 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | |
Mortgage-related Securities [Member] | Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale, Restricted | 162,000 | 183,000 | |
Mortgage-related Securities [Member] | Asset Pledged as Collateral [Member] | Federal Funds Purchased [Member] | |||
Debt Securities, Available-for-Sale, Restricted | $ 123,300,000 | $ 128,100,000 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available for sale, cost | $ 229,184 | $ 227,716 |
Gross unrealized gains | 815 | 1,197 |
Gross unrealized losses | (25,298) | (24,006) |
Fair value | 204,701 | 204,907 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, cost | 12,295 | 12,651 |
Gross unrealized gains | 3 | 5 |
Gross unrealized losses | (1,672) | (1,475) |
Fair value | 10,626 | 11,181 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, cost | 150,643 | 152,700 |
Gross unrealized gains | 55 | 212 |
Gross unrealized losses | (20,392) | (19,445) |
Fair value | 130,306 | 133,467 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, cost | 7,893 | 8,061 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (823) | (801) |
Fair value | 7,070 | 7,260 |
Mortgage-related Securities [Member] | ||
Securities available for sale, cost | 170,831 | 173,412 |
Gross unrealized gains | 58 | 217 |
Gross unrealized losses | (22,887) | (21,721) |
Fair value | 148,002 | 151,908 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, cost | 2,500 | 2,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (147) | (152) |
Fair value | 2,353 | 2,348 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, cost | 43,353 | 39,304 |
Gross unrealized gains | 757 | 980 |
Gross unrealized losses | (955) | (796) |
Fair value | 43,155 | 39,488 |
Other Debt Obligations [Member] | ||
Securities available for sale, cost | 12,500 | 12,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,309) | (1,337) |
Fair value | 11,191 | 11,163 |
Debt Securities [Member] | ||
Securities available for sale, cost | 58,353 | 54,304 |
Debt [Member] | ||
Gross unrealized gains | 757 | 980 |
Gross unrealized losses | (2,411) | (2,285) |
Fair value | $ 56,699 | $ 52,999 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Due within one year, amortized cost | $ 9,584 | |
Due within one year, fair value | 9,524 | |
Due after one year through five years, amortized cost | 8,481 | |
Due after one year through five years, fair value | 8,449 | |
Due after five years through ten years, amortized cost | 21,166 | |
Due after five years through ten years, fair value | 20,068 | |
Due after ten years, amortized cost | 19,122 | |
Due after ten years, fair value | 18,658 | |
Amortized cost | 229,184 | $ 227,716 |
Fair value | 204,701 | 204,907 |
Mortgage-related Securities [Member] | ||
Without single date securities | 170,831 | |
Without single date securities, fair value | 148,002 | |
Amortized cost | 170,831 | 173,412 |
Fair value | $ 148,002 | $ 151,908 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value, less than 12 months | $ 18,692 | $ 10,254 |
Unrealized loss, less than 12 months | 132 | 79 |
Fair value, 12 months or longer | 149,709 | 146,522 |
Unrealized loss, 12 months or longer | 25,166 | 23,927 |
Total fair value | 168,401 | 156,776 |
Total unrealized loss | 25,298 | 24,006 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months | 40 | 215 |
Unrealized loss, less than 12 months | 1 | 1 |
Fair value, 12 months or longer | 10,361 | 10,682 |
Unrealized loss, 12 months or longer | 1,671 | 1,474 |
Total fair value | 10,401 | 10,897 |
Total unrealized loss | 1,672 | 1,475 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Fair value, less than 12 months | 15,677 | 2,442 |
Unrealized loss, less than 12 months | 106 | 42 |
Fair value, 12 months or longer | 108,416 | 110,271 |
Unrealized loss, 12 months or longer | 20,286 | 19,403 |
Total fair value | 124,093 | 112,713 |
Total unrealized loss | 20,392 | 19,445 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized loss, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 6,070 | 6,250 |
Unrealized loss, 12 months or longer | 823 | 801 |
Total fair value | 6,070 | 6,250 |
Total unrealized loss | 823 | 801 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized loss, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 2,353 | 2,348 |
Unrealized loss, 12 months or longer | 147 | 152 |
Total fair value | 2,353 | 2,348 |
Total unrealized loss | 147 | 152 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 months | 2,975 | 7,597 |
Unrealized loss, less than 12 months | 25 | 36 |
Fair value, 12 months or longer | 11,318 | 5,808 |
Unrealized loss, 12 months or longer | 930 | 760 |
Total fair value | 14,293 | 13,405 |
Total unrealized loss | 955 | 796 |
Other Debt Obligations [Member] | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized loss, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 11,191 | 11,163 |
Unrealized loss, 12 months or longer | 1,309 | 1,337 |
Total fair value | 11,191 | 11,163 |
Total unrealized loss | $ 1,309 | $ 1,337 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) Pure in Thousands | 3 Months Ended | ||||||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||||
Financing Receivable, before Allowance for Credit Loss | $ 1,664,817,000 | $ 1,664,215,000 | |||||
Financing Receivable, Nonaccrual | 4,872,000 | 4,808,000 | |||||
Financing Receivable, Allowance for Credit Loss | $ 18,549,000 | [1] | $ 17,744,000 | 18,549,000 | [1] | $ 17,757,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |||||
Unfunded Loan Commitment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 1,100,000 | 1,100,000 | |||||
One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | 551,005,000 | 551,190,000 | |||||
Financing Receivable, Nonaccrual | 4,544,000 | 4,503,000 | |||||
Financing Receivable, Allowance for Credit Loss | 6,609,000 | $ 5,786,000 | 6,886,000 | $ 4,743,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 235,000 | 250,000 | |||||
Financial Asset, 1 to 59 Days Past Due [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [2] | 6,232,000 | 5,528,000 | ||||
Financing Receivable, Nonaccrual | 630,000 | 193,000 | |||||
Financial Asset, 1 to 59 Days Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [2] | 5,022,000 | 5,265,000 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [3] | 599,000 | 1,289,000 | ||||
Financing Receivable, Nonaccrual | 0 | 11,000 | |||||
Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [3] | 599,000 | 1,283,000 | ||||
Financial Asset, Not Past Due [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [4] | 1,654,130,000 | 1,652,965,000 | ||||
Financing Receivable, Nonaccrual | 386,000 | 171,000 | |||||
Financial Asset, Not Past Due [Member] | One to Four Family [Member] | Residential Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | [4] | 541,689,000 | 540,372,000 | ||||
Federal Home Loan Bank of Chicago [Member] | |||||||
Federal Home Loan Bank, Advance | 488,500,000 | 464,000,000 | |||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | $ 1,250,000,000 | $ 1,250,000,000 | |||||
[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 $630,000 and $193,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status.[3]Includes $- and $11,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status.[4]Includes $386,000 and $171,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status. |
Note 3 - Loans Receivable - Sum
Note 3 - Loans Receivable - Summary of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans receivable | $ 1,664,817 | $ 1,664,215 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Loans receivable | 551,005 | 551,190 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans receivable | 702,487 | 707,566 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 13,664 | 13,228 |
Construction and Land Portfolio Segment [Member] | ||
Loans receivable | 64,431 | 53,371 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 297,341 | 300,892 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 822 | 848 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 35,067 | $ 37,120 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans With Related Party (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of year | $ 3,319 | $ 2,847 |
New loans | 0 | 313 |
Repayments | (29) | (87) |
Balance at end of year | $ 3,290 | $ 3,073 |
Note 3 - Loans Receivable - Ana
Note 3 - Loans Receivable - Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Loans receivable | $ 1,664,817 | $ 1,664,215 | |
Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 6,232 | 5,528 |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 599 | 1,289 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 3,856 | 4,433 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 10,687 | 11,250 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 1,654,130 | 1,652,965 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 551,005 | 551,190 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 5,022 | 5,265 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 599 | 1,283 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 3,695 | 4,270 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 9,316 | 10,818 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 541,689 | 540,372 |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 702,487 | 707,566 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 865 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 6 |
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 | 865 | 6 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 701,622 | 707,560 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 13,664 | 13,228 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 200 | 209 |
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 | 32 | 34 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 232 | 243 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 13,432 | 12,985 |
Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 64,431 | 53,371 | |
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] | 64,431 | 53,371 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 297,341 | 300,892 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 145 | 54 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 129 | 129 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 274 | 183 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | 297,067 | 300,709 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 822 | 848 | |
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] | 822 | 848 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 35,067 | 37,120 | |
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 59 Days Past Due [Member] | |||
Loans receivable | [1] | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans receivable | [2] | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | [3] | $ 35,067 | $ 37,120 |
[1]Includes $630,000 and $193,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status.[2]Includes $- and $11,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status.[3]Includes $386,000 and $171,000 at March 31, 2024 and December 31, 2023, respectively, which are on non-accrual status. |
Note 3 - Loans Receivable - Act
Note 3 - Loans Receivable - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance at beginning of period | $ 18,549 | [1] | $ 17,757 |
Provision (credit) for credit losses - loans | (3) | [1] | (25) |
Charge-offs | (11) | (24) | |
Recoveries | 14 | 36 | |
Balance at end of period | 18,549 | [1] | 17,744 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Balance at beginning of period | 6,886 | 4,743 | |
Provision (credit) for credit losses - loans | (284) | [1] | 1,016 |
Charge-offs | (3) | (3) | |
Recoveries | 10 | 30 | |
Balance at end of period | 6,609 | 5,786 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Balance at beginning of period | 7,318 | 7,975 | |
Provision (credit) for credit losses - loans | 47 | [1] | (127) |
Charge-offs | 0 | 0 | |
Recoveries | 2 | 0 | |
Balance at end of period | 7,367 | 7,848 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Balance at beginning of period | 211 | 174 | |
Provision (credit) for credit losses - loans | 18 | [1] | 0 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 4 | |
Balance at end of period | 229 | 178 | |
Construction and Land Portfolio Segment [Member] | |||
Balance at beginning of period | 983 | 1,352 | |
Provision (credit) for credit losses - loans | 127 | [1] | (495) |
Charge-offs | 0 | 0 | |
Recoveries | 1 | 1 | |
Balance at end of period | 1,111 | 858 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance at beginning of period | 2,561 | 3,199 | |
Provision (credit) for credit losses - loans | 48 | [1] | (522) |
Charge-offs | 0 | 0 | |
Recoveries | 1 | 1 | |
Balance at end of period | 2,610 | 2,678 | |
Consumer Portfolio Segment [Member] | |||
Balance at beginning of period | 56 | 47 | |
Provision (credit) for credit losses - loans | 7 | [1] | 26 |
Charge-offs | (8) | (21) | |
Recoveries | 0 | 0 | |
Balance at end of period | 55 | 52 | |
Commercial Portfolio Segment [Member] | |||
Balance at beginning of period | 534 | 267 | |
Provision (credit) for credit losses - loans | 34 | [1] | 77 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance at end of period | $ 568 | $ 344 | |
[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 - Com
Note 3 - Loans Receivable - Components of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Provision (credit) for credit losses - loans | $ (3) | [1] | $ (25) | |
Investment securities, provision for credit losses | 0 | 0 | ||
Total, provision for credit losses | [1] | 67 | 460 | |
Unfunded Loan Commitment [Member] | ||||
Provision (credit) for credit losses - loans | $ 70 | $ 485 | ||
[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 - Col
Note 3 - Loans Receivable - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Allowance at end of period | $ 18,549 | [1] | $ 18,549 | [1] | $ 17,744 | $ 17,757 |
Loans receivable | 1,664,817 | 1,664,215 | ||||
Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | 0 | ||||
Loans receivable | 9,060 | 9,328 | ||||
Pooled Loans [Member] | ||||||
Allowance at end of period | 18,549 | 18,549 | ||||
Loans receivable | 1,655,757 | 1,654,887 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||||||
Allowance at end of period | 6,609 | 6,886 | 5,786 | 4,743 | ||
Loans receivable | 551,005 | 551,190 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | 0 | ||||
Loans receivable | 2,193 | 2,209 | ||||
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 6,609 | 6,886 | ||||
Loans receivable | 548,812 | 548,981 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||
Allowance at end of period | 7,367 | 7,318 | 7,848 | 7,975 | ||
Loans receivable | 702,487 | 707,566 | ||||
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 | 7,367 | 7,318 | ||||
Loans receivable | 702,487 | 707,566 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Allowance at end of period | 229 | 211 | 178 | 174 | ||
Loans receivable | 13,664 | 13,228 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | 0 | ||||
Loans receivable | 199 | 90 | ||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 229 | 211 | ||||
Loans receivable | 13,465 | 13,138 | ||||
Construction and Land Portfolio Segment [Member] | ||||||
Allowance at end of period | 1,111 | 983 | 858 | 1,352 | ||
Loans receivable | 64,431 | 53,371 | ||||
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 | 1,111 | 983 | ||||
Loans receivable | 64,431 | 53,371 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance at end of period | 2,610 | 2,561 | 2,678 | 3,199 | ||
Loans receivable | 297,341 | 300,892 | ||||
Commercial Real Estate Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | 0 | ||||
Loans receivable | 5,383 | 5,493 | ||||
Commercial Real Estate Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 2,610 | 2,561 | ||||
Loans receivable | 291,958 | 295,399 | ||||
Consumer Portfolio Segment [Member] | ||||||
Allowance at end of period | 55 | 56 | 52 | 47 | ||
Loans receivable | 822 | 848 | ||||
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 | 55 | 56 | ||||
Loans receivable | 822 | 848 | ||||
Commercial Portfolio Segment [Member] | ||||||
Allowance at end of period | 568 | 534 | $ 344 | $ 267 | ||
Loans receivable | 35,067 | 37,120 | ||||
Commercial Portfolio Segment [Member] | Collateral Dependent Loans [Member] | ||||||
Allowance at end of period | 0 | 0 | ||||
Loans receivable | 1,285 | 1,536 | ||||
Commercial Portfolio Segment [Member] | Pooled Loans [Member] | ||||||
Allowance at end of period | 568 | 534 | ||||
Loans receivable | $ 33,782 | $ 35,584 | ||||
[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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loans receivable | $ 1,664,817 | $ 1,664,215 | |
Originated current year | 36,781 | 457,414 | |
Originated one years before | 459,739 | 461,197 | |
Originated two years before | 446,093 | 255,554 | |
Originated three years before | 250,267 | 189,398 | |
Originated four years before | 186,942 | 86,529 | |
Originated five years before | 263,507 | 189,667 | |
Revolving | 21,488 | 24,456 | |
Gross charge-offs, current year | 3 | ||
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 | 8 | ||
Gross charge-offs, total | 11 | $ 24 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 551,005 | 551,190 | |
Originated current year | 18,663 | 202,798 | |
Originated one years before | 195,309 | 167,621 | |
Originated two years before | 161,912 | 46,378 | |
Originated three years before | 44,322 | 33,295 | |
Originated four years before | 33,048 | 19,966 | |
Originated five years before | 96,636 | 80,205 | |
Revolving | 1,115 | 927 | |
Gross charge-offs, total | 3 | 3 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 702,487 | 707,566 | |
Originated current year | 8,271 | 122,480 | |
Originated one years before | 123,507 | 214,080 | |
Originated two years before | 209,783 | 135,823 | |
Originated three years before | 134,109 | 117,669 | |
Originated four years before | 116,823 | 44,878 | |
Originated five years before | 109,139 | 71,818 | |
Revolving | 855 | 818 | |
Gross charge-offs, total | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 13,664 | 13,228 | |
Originated current year | 1,059 | 1,084 | |
Originated one years before | 1,075 | 273 | |
Originated two years before | 248 | 178 | |
Originated three years before | 174 | 98 | |
Originated four years before | 96 | 87 | |
Originated five years before | 404 | 342 | |
Revolving | 10,608 | 11,166 | |
Gross charge-offs, total | 0 | 0 | |
Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 64,431 | 53,371 | |
Originated current year | 1,851 | 38,079 | |
Originated one years before | 47,561 | 1,348 | |
Originated two years before | 1,782 | 9,349 | |
Originated three years before | 9,298 | 2,146 | |
Originated four years before | 1,547 | 2,255 | |
Originated five years before | 2,392 | 194 | |
Revolving | 0 | 0 | |
Gross charge-offs, total | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 297,341 | 300,892 | |
Originated current year | 6,807 | 75,954 | |
Originated one years before | 75,053 | 76,196 | |
Originated two years before | 70,798 | 62,922 | |
Originated three years before | 61,543 | 33,522 | |
Originated four years before | 32,892 | 19,250 | |
Originated five years before | 49,447 | 31,673 | |
Revolving | 801 | 1,375 | |
Gross charge-offs, total | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 35,067 | 37,120 | |
Originated current year | 130 | 17,019 | |
Originated one years before | 17,234 | 1,679 | |
Originated two years before | 1,570 | 904 | |
Originated three years before | 821 | 2,668 | |
Originated four years before | 2,536 | 93 | |
Originated five years before | 5,489 | 5,435 | |
Revolving | 7,287 | 9,322 | |
Gross charge-offs, total | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 822 | 848 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 822 | 848 | |
Gross charge-offs, total | 8 | $ 21 | |
Substandard [Member] | |||
Loans receivable | 11,411 | 11,621 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 4,544 | 4,503 | |
Originated current year | 0 | 1,450 | |
Originated one years before | 1,422 | 353 | |
Originated two years before | 953 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 2,169 | 2,700 | |
Revolving | 0 | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 0 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 199 | 90 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 18 | |
Originated two years before | 16 | 17 | |
Originated three years before | 16 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 167 | 55 | |
Substandard [Member] | Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 5,383 | 5,492 | |
Originated current year | 0 | 5,277 | |
Originated one years before | 5,254 | 129 | |
Originated two years before | 129 | 0 | |
Originated three years before | 0 | 86 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 1,285 | 1,536 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 48 | |
Originated two years before | 44 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 13 | |
Originated five years before | 6 | 0 | |
Revolving | 1,235 | 1,475 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Pass [Member] | |||
Loans receivable | 1,643,129 | 1,644,626 | |
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 537,714 | 539,102 | |
Originated current year | 12,449 | 196,255 | |
Originated one years before | 193,887 | 166,555 | |
Originated two years before | 160,494 | 46,378 | |
Originated three years before | 44,322 | 33,295 | |
Originated four years before | 33,048 | 19,966 | |
Originated five years before | 92,399 | 75,726 | |
Revolving | 1,115 | 927 | |
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 702,302 | 707,183 | |
Originated current year | 8,271 | 122,289 | |
Originated one years before | 123,507 | 214,074 | |
Originated two years before | 209,783 | 135,823 | |
Originated three years before | 134,109 | 117,669 | |
Originated four years before | 116,823 | 44,878 | |
Originated five years before | 108,954 | 71,632 | |
Revolving | 855 | 818 | |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 12,757 | 13,138 | |
Originated current year | 351 | 1,084 | |
Originated one years before | 1,075 | 255 | |
Originated two years before | 232 | 161 | |
Originated three years before | 158 | 98 | |
Originated four years before | 96 | 87 | |
Originated five years before | 404 | 342 | |
Revolving | 10,441 | 11,111 | |
Pass [Member] | Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 64,286 | 53,371 | |
Originated current year | 1,851 | 38,079 | |
Originated one years before | 47,561 | 1,348 | |
Originated two years before | 1,637 | 9,349 | |
Originated three years before | 9,298 | 2,146 | |
Originated four years before | 1,547 | 2,255 | |
Originated five years before | 2,392 | 194 | |
Revolving | 0 | 0 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 291,541 | 295,400 | |
Originated current year | 6,807 | 70,677 | |
Originated one years before | 69,799 | 76,067 | |
Originated two years before | 70,252 | 62,922 | |
Originated three years before | 61,543 | 33,436 | |
Originated four years before | 32,892 | 19,250 | |
Originated five years before | 49,447 | 31,673 | |
Revolving | 801 | 1,375 | |
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 33,707 | 35,584 | |
Originated current year | 130 | 17,019 | |
Originated one years before | 17,234 | 1,631 | |
Originated two years before | 1,526 | 904 | |
Originated three years before | 821 | 2,668 | |
Originated four years before | 2,536 | 80 | |
Originated five years before | 5,483 | 5,435 | |
Revolving | 5,977 | 7,847 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 822 | 848 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 822 | 848 | |
Watch [Member] | |||
Loans receivable | 10,277 | 7,968 | |
Watch [Member] | Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans receivable | 8,747 | 7,585 | |
Originated current year | 6,214 | 5,093 | |
Originated one years before | 0 | 713 | |
Originated two years before | 465 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 2,068 | 1,779 | |
Revolving | 0 | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Loans receivable | 185 | 383 | |
Originated current year | 0 | 191 | |
Originated one years before | 0 | 6 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 185 | 186 | |
Revolving | 0 | 0 | |
Watch [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable | 708 | 0 | |
Originated current year | 708 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Watch [Member] | Construction and Land Portfolio Segment [Member] | |||
Loans receivable | 145 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 145 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 417 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 417 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 0 | 0 | |
Watch [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 75 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | 75 | 0 | |
Watch [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Originated current year | 0 | 0 | |
Originated one years before | 0 | 0 | |
Originated two years before | 0 | 0 | |
Originated three years before | 0 | 0 | |
Originated four years before | 0 | 0 | |
Originated five years before | 0 | 0 | |
Revolving | $ 0 | $ 0 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Trouble Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Amount | $ 526 | $ 543 |
Number | 1 | 2 |
Number | 1 | 2 |
Principal Forgiveness [Member] | ||
Amount | $ 526 | $ 528 |
Number | 1 | 1 |
Contractual Interest Rate Reduction [Member] | ||
Amount | $ 15 | |
Number | 1 | |
Accruing [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Performing Financial Instruments [Member] | ||
Amount | $ 526 | $ 543 |
Number | 1 | 2 |
Performing Financial Instruments [Member] | Principal Forgiveness [Member] | ||
Amount | $ 526 | $ 528 |
Number | 1 | 1 |
Performing Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | ||
Amount | $ 15 | |
Number | 1 | |
Non Accruing [Member] | ||
Amount | $ 526 | $ 543 |
Number | 1 | 2 |
Nonperforming Financial Instruments [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Nonperforming Financial Instruments [Member] | Principal Forgiveness [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Nonperforming Financial Instruments [Member] | Contractual Interest Rate Reduction [Member] | ||
Amount | $ 0 | |
Number | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Amount | $ 526 | $ 543 |
Number | 1 | 2 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Accruing [Member] | ||
Amount | $ 0 | $ 0 |
Number | 0 | 0 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Non Accruing [Member] | ||
Amount | $ 526 | $ 543 |
Number | 1 | 2 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non-accrual loans | $ 4,872 | $ 4,808 |
Total non-accrual loans to total loans receivable | 0.29% | 0.29% |
Total non-accrual loans to total assets | 0.22% | 0.22% |
Residential Portfolio Segment [Member] | One to Four Family [Member] | ||
Non-accrual loans | $ 4,544 | $ 4,503 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Non-accrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Non-accrual loans | 199 | 90 |
Construction and Land Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 129 | 215 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 4 - Mortgage Servicing R_3
Note 4 - Mortgage Servicing Rights (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fees and Commissions, Mortgage Banking and Servicing | $ 20,068,000 | $ 16,770,000 | |
Unpaid Principal Balance of Loans Serviced for Others | 257,100,000 | $ 238,700,000 | |
Servicing Asset at Amortized Cost, Fair Value | 2,500,000 | $ 2,200,000 | |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 0 | 3,530,000 | |
Mortgage Servicing Rights, Underlying Financing Receivable | 318,400,000 | ||
Mortgage Servicing Rights, Underlying Financing Receivable, Book Value | 2,900,000 | ||
Gain (Loss) on Sales of Mortgage-Backed Securities (MBS) | 601,000 | ||
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Financial Receivable Originated for Sale | 477,800,000 | 415,700,000 | |
Fees and Commissions, Mortgage Banking and Servicing | $ 20,100,000 | $ 16,800,000 |
Note 4 - Mortgage Servicing R_4
Note 4 - Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Mortgage servicing rights at beginning of the period | $ 1,811 | $ 3,445 |
Additions | 207 | 302 |
Amortization | (170) | (71) |
Sales | 0 | (2,767) |
Mortgage servicing rights at end of the period | 1,848 | 909 |
Valuation allowance recovered during the period | 313 | 0 |
Mortgage servicing rights at end of the period, net | $ 2,161 | $ 909 |
Note 4 - Mortgage Servicing R_5
Note 4 - Mortgage Servicing Rights - Future Amortization Expenses (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 | $ 277 |
2025 | 393 |
2026 | 354 |
2027 | 314 |
2028 | 275 |
Thereafter | 548 |
Total | $ 2,161 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liability, Uninsured | $ 161.5 | $ 131.4 |
Related Party Deposit Liabilities | $ 9.9 | $ 9 |
Note 5 - Deposits - Maturities
Note 5 - Deposits - Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Within one year | $ 639,361 | |
More than one to two years | 104,469 | |
More than two to three years | 2,506 | |
More than three to four years | 558 | |
More than four through five years | 394 | |
Time Deposits | $ 747,288 | $ 730,284 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 11, 2024 | Dec. 31, 2023 | |
Short-Term Debt | $ 145,658,000 | $ 147,054,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 22,000,000 | 20,900,000 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Federal Home Loan Bank Advances, Maximum Percentage of Loan Carrying Value | 76% | ||
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 | 62% | ||
Federal Home Loan Bank of Chicago [Member] | |||
Short-Term Debt | $ 353,500,000 | 309,000,000 | |
Bank Term Funding Program [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||
Short-Term Advance [Member] | Federal Home Loan Bank of Chicago [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 293,000,000 | ||
Repurchase Agreements [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | ||
Short-Term Debt | $ 658,000 | $ 2,054,000 |
Note 6 - Borrowings - Borrowing
Note 6 - Borrowings - Borrowing (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Borrowings | $ 634,158,000 | $ 611,054,000 |
Short term balance | $ 145,658,000 | $ 147,054,000 |
Short term balance, weighted average rate | 4.78% | 4.88% |
Federal Reserve Bank Advances [Member] | ||
Short term balance | $ 145,000,000 | $ 145,000,000 |
Short term balance, weighted average rate | 4.76% | 4.83% |
Repurchase Agreements [Member] | ||
Short term balance | $ 658,000 | $ 2,054,000 |
Total FHLB advances | 8.18% | 8.20% |
Federal Reserve Borrowings Maturing January 16, 2025 [Member] | Federal Reserve Bank Advances [Member] | ||
Short term balance | $ 145,000,000 | |
Short term balance, weighted average rate | 4.76% | |
Total Borrowing [Member] | ||
Total FHLB advances | 4.63% | 4.62% |
Federal Reserve Borrowings Maturing July 18, 2024 [Member] | Federal Reserve Bank Advances [Member] | ||
Short term balance | $ 145,000,000 | |
Short term balance, weighted average rate | 4.83% | |
Federal Home Loan Bank of Chicago [Member] | ||
Borrowings | $ 488,500,000 | $ 464,000,000 |
Short term balance | $ 353,500,000 | $ 309,000,000 |
Short term balance, weighted average rate | 5.26% | 5.37% |
Total FHLB advances | 4.58% | 4.54% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2027 [Member] | ||
Borrowings | $ 50,000,000 | $ 10,000,000 |
Long-term debt, weighted average rate | 1.73% | 3.52% |
Short term balance | $ 27,000,000 | |
Short term balance, weighted average rate | 5.42% | |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, One [Member] | ||
Borrowings | $ 10,000,000 | $ 10,000,000 |
Long-term debt, weighted average rate | 3.52% | 3.49% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Two [Member] | ||
Borrowings | $ 10,000,000 | $ 10,000,000 |
Long-term debt, weighted average rate | 3.49% | 3.49% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Three and Four [Member] | ||
Borrowings | $ 10,000,000 | $ 10,000,000 |
Long-term debt, weighted average rate | 3.49% | 3.46% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Five [Member] | ||
Borrowings | $ 10,000,000 | $ 10,000,000 |
Long-term debt, weighted average rate | 3.47% | 3.47% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Six [Member] | ||
Borrowings | $ 15,000,000 | $ 15,000,000 |
Long-term debt, weighted average rate | 3.39% | 3.39% |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2029 One [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.32% | |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2029 Two [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.38% | |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2029 Three [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.45% | |
Federal Home Loan Bank of Chicago [Member] | Long-Term Borrowings [Member] | ||
Borrowings | $ 135,000,000 | $ 155,000,000 |
Long-term debt, weighted average rate | 2.80% | 2.89% |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 3, 2024 Member] | ||
Short term balance | $ 10,000,000 | |
Short term balance, weighted average rate | 3.46% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing December 27, 2024 [Member] | ||
Short term balance | $ 23,500,000 | |
Short term balance, weighted average rate | 4.79% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 9, 2024 [Member] | ||
Short term balance | $ 18,000,000 | |
Short term balance, weighted average rate | 5.38% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing January 29, 2025 [Member] | ||
Short term balance | $ 20,000,000 | |
Short term balance, weighted average rate | 4.74% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 29, 2024 [Member] | ||
Short term balance | $ 13,000,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 8, 2024 [Member] | ||
Short term balance | $ 20,500,000 | |
Short term balance, weighted average rate | 5.37% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing May 22, 2024 [Member] | ||
Short term balance | $ 20,000,000 | |
Short term balance, weighted average rate | 5.39% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing June 12, 2024 [Member] | ||
Short term balance | $ 30,000,000 | |
Short term balance, weighted average rate | 5.38% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 15, 2024 [Member] | ||
Short term balance | $ 33,000,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 22, 2024 [Member] | ||
Short term balance | $ 22,500,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 29, 2024, 2 [Member] | ||
Short term balance | $ 23,000,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing April 1, 2024 [Member] | ||
Short term balance | $ 120,000,000 | |
Short term balance, weighted average rate | 5.43% | |
Federal Home Loan Bank of Chicago [Member] | Longterm Debt Maturing 2025, 2 [Member] | ||
Borrowings | $ 50,000,000 | |
Long-term debt, weighted average rate | 1.73% | |
Short term balance | $ 24,500,000 | |
Short term balance, weighted average rate | 5.39% | |
Federal Home Loan Bank of Chicago [Member] | Long-Term Debt Maturing 2025 3 [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.51% | |
Short term balance | $ 23,500,000 | |
Short term balance, weighted average rate | 4.79% | |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Seven [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.38% | |
Federal Home Loan Bank of Chicago [Member] | Long Term Debt Maturing 2028, Eight [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.43% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 5, 2023 [Member] | ||
Borrowings | $ 10,000,000 | |
Long-term debt, weighted average rate | 3.31% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 12, 2023 [Member] | ||
Short term balance | $ 60,000,000 | |
Short term balance, weighted average rate | 5.44% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 16, 2023 1 [Member] | ||
Short term balance | $ 20,000,000 | |
Short term balance, weighted average rate | 5.45% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 16, 2023 2[Member] | ||
Short term balance | $ 20,000,000 | |
Short term balance, weighted average rate | 5.48% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 18, 2023 [Member] | ||
Short term balance | $ 20,500,000 | |
Short term balance, weighted average rate | 5.38% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing October 27, 2023 [Member] | ||
Short term balance | $ 18,000,000 | |
Short term balance, weighted average rate | 5.38% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing November 3, 2023 [Member] | ||
Short term balance | $ 14,000,000 | |
Short term balance, weighted average rate | 5.49% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing November 27, 2023 [Member] | ||
Short term balance | $ 21,000,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Short-Term Debt Maturing December 5, 2023 [Member] | ||
Short term balance | $ 33,000,000 | |
Short term balance, weighted average rate | 5.36% | |
Federal Home Loan Bank of Chicago [Member] | Long-Term Debt Maturing 2025 [Member] | ||
Short term balance | $ 27,500,000 | |
Short term balance, weighted average rate | 5.41% |
Note 7 - Regulatory Capital - A
Note 7 - Regulatory Capital - Actual and Required Capital Amount and Ratio (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Consolidated Waterstone Financial Inc [Member] | ||
Total capital (to risk-weighted assets) | $ 375,349 | $ 380,351 |
Total capital (to risk-weighted assets) Ratio | 0.2115 | 0.215 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 141,960 | $ 141,538 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.08 | 0.08 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 186,320 | $ 185,769 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets) | $ 355,662 | $ 360,734 |
Tier I capital (to risk-weighted assets) Ratio | 0.2004 | 0.2039 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 106,470 | $ 106,154 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.06 | 0.06 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 150,830 | $ 150,385 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% | 8.50% |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 355,662 | $ 360,734 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.2004 | 0.2039 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 79,850 | $ 79,615 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.045 | 0.045 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 124,210 | $ 123,846 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% | 7% |
Tier I capital (to average assets) | $ 355,662 | $ 360,734 |
Tier I capital (to average assets) Ratio | 0.1624 | 0.1677 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 87,620 | $ 86,043 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.04 | 0.04 |
Subsidiaries [Member] | ||
Total capital (to risk-weighted assets) | $ 358,238 | $ 355,476 |
Total capital (to risk-weighted assets) Ratio | 0.2019 | 0.201 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 141,960 | $ 141,515 |
Total capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.08 | 0.08 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 186,320 | $ 185,738 |
Total capital (to risk-weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 10.50% | 10.50% |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 177,449 | $ 176,893 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10 | 0.10 |
Tier I capital (to risk-weighted assets) | $ 338,551 | $ 335,859 |
Tier I capital (to risk-weighted assets) Ratio | 0.1908 | 0.1899 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Purposes | $ 106,470 | $ 106,117 |
Tier I capital (to risk-weighted assets), For Capital Adequacy Ratio | 0.06 | 0.06 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer | $ 150,830 | $ 150,332 |
Tier I capital (to risk weighted assets), Minimum Capital Adequacy with Capital Buffer Ratio | 8.50% | 8.50% |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 141,959 | $ 141,489 |
Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.08 | 0.08 |
Common Equity Tier 1 Capital (to risk-weighted assets) | $ 338,551 | $ 335,859 |
Common Equity Tier 1 capital (to risk-weighted assets) Ratio | 0.1908 | 0.1899 |
Common Equity Tier I capital (to risk weighted assets), For Capital Adequacy Purposes | $ 79,850 | $ 79,587 |
Common Equity Tier I capital (to risk-weighted), For Capital Adequacy Ratio | 0.045 | 0.045 |
Common Equity Tier I capital (to risk weighted assets) Minimum Capital Adequacy with Capital Buffer | $ 124,210 | $ 123,803 |
Common Equity Tier I capital (to risk weighted), Minimum Capital Adequacy with Capital Buffer Ratio | 7% | 7% |
Common Equity Tier I capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 115,342 | $ 114,960 |
Common Equity Tier I capital (to risk-weighted) , To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.065 | 0.065 |
Tier I capital (to average assets) | $ 338,551 | $ 335,859 |
Tier I capital (to average assets) Ratio | 0.1546 | 0.1562 |
Tier I capital (to average assets), For Capital Adequacy Purposes | $ 87,620 | $ 86,007 |
Tier I capital (to average assets), For Capital Adequacy Ratio | 0.04 | 0.04 |
Amount of minimum Tier 1 leverage capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. | $ 109,526 | $ 107,509 |
Tier I capital (to average assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05 | 0.05 |
State of Wisconsin (to total assets) | $ 338,551 | $ 335,859 |
State of Wisconsin (to total assets) Ratio | 15.17% | 15.20% |
State of Wisconsin (to total assets), For Capital Adequacy Purposes | $ 133,920 | $ 132,576 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingency, Estimate of Possible Loss | $ 0 | $ 0 |
Estimated Litigation Liability | $ 1,900 | $ 1,700 |
Note 8 - Commitments, Off-bal_4
Note 8 - Commitments, Off-balance Sheet Arrangements, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Commitments To Extend Credit Under Amortizing Loans [Member] | |||
Off-balance sheet risks liability amount | [1] | $ 15,079 | $ 9,789 |
Commitments To Extend Credit Under Home Equity Lines Of Credit [Member] | |||
Off-balance sheet risks liability amount | [2] | 12,230 | 11,722 |
Unused Portion of Construction Loans [Member] | |||
Off-balance sheet risks liability amount | [3] | 78,466 | 76,660 |
Unused lines of Credit [Member] | |||
Off-balance sheet risks liability amount | 17,572 | 15,378 | |
Standby Letters of Credit [Member] | |||
Off-balance sheet risks liability amount | $ 514 | $ 514 | |
[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) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Swap [Member] | ||
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) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Prepaid expenses and other assets | $ 52,625 | $ 52,414 |
Liabilities: | ||
Other liabilities | $ 48,618 | $ 61,048 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other assets | Prepaid expenses and other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives notional amount | $ 327,500 | $ 268,800 |
Derivatives Assets, fair value | 0 | 0 |
Derivatives liabilities, fair value | 0 | 400 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives notional amount | 233,900 | 170,900 |
Derivatives Assets, fair value | 1,900 | 300 |
Derivatives liabilities, fair value | 0 | 0 |
Interest Rate Swaption [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives notional amount | 87,600 | 88,200 |
Derivatives Assets, fair value | 13,300 | 12,000 |
Derivatives liabilities, fair value | $ 13,300 | $ 12,000 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 508,000 | 161,000 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 3,038 | $ 2,155 |
Weighted average shares outstanding (in shares) | 19,021 | 20,890 |
Effect of dilutive potential common shares (in shares) | 15 | 90 |
Diluted weighted average shares outstanding (in shares) | 19,036 | 20,980 |
Basic earnings per share (in dollars per share) | $ 0.16 | $ 0.1 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.1 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Transfers into (out of) Levels 1, 2 and 3, Amount | $ 0 | $ 0 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | $ 204,701 | $ 204,907 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 10,626 | 11,181 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 130,306 | 133,467 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 2,353 | 2,348 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 43,155 | 39,488 |
Other Debt Obligations [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 11,191 | 11,163 |
Fair Value, Recurring [Member] | ||
Loans held for sale | 175,084 | 164,993 |
Fair Value, Recurring [Member] | Mortgage Banking [Member] | ||
Derivatives Assets, fair value | 1,923 | 334 |
Derivatives liabilities, fair value | 0 | 364 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivatives Assets, fair value | 13,302 | 12,044 |
Derivatives liabilities, fair value | 13,302 | 12,044 |
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 | 175,084 | 164,993 |
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 | 13,302 | 12,044 |
Derivatives liabilities, fair value | 13,302 | 12,044 |
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 | 1,923 | 334 |
Derivatives liabilities, fair value | 0 | 364 |
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: 2024—$229,184; 2023—$227,716) | 10,626 | 11,181 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 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: 2024—$229,184; 2023—$227,716) | 10,626 | 11,181 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 130,306 | 133,467 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 130,306 | 133,467 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 7,070 | 7,260 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 7,070 | 7,260 |
Fair Value, Recurring [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 2,353 | 2,348 |
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: 2024—$229,184; 2023—$227,716) | 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: 2024—$229,184; 2023—$227,716) | 2,353 | 2,348 |
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: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 43,155 | 39,488 |
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: 2024—$229,184; 2023—$227,716) | 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: 2024—$229,184; 2023—$227,716) | 43,155 | 39,488 |
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: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 11,191 | 11,163 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | 11,191 | 11,163 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value (cost: 2024—$229,184; 2023—$227,716) | $ 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Mortgage derivative, net balance at the beginning of the period | $ (30) | $ (994) |
Mortgage derivative gain, net | 1,953 | 1,073 |
Mortgage derivative, net balance at the end of the period | $ 1,923 | $ 79 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Real estate owned | $ 206 | $ 254 |
Impaired mortgage servicing rights | 1,063 | |
Fair Value, Inputs, Level 1 [Member] | ||
Real estate owned | 0 | 0 |
Impaired mortgage servicing rights | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Real estate owned | 0 | 0 |
Impaired mortgage servicing rights | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Real estate owned | $ 206 | 254 |
Impaired mortgage servicing rights | $ 1,063 |
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 | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Valuation Technique, Pricing Model [Member] | ||
Impaired mortgage servicing rights | $ 1,063 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 0.10 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 0.155 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 0.112 | |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | ||
Real estate owned | $ 206 | $ 254 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Real estate owned measurement input | 0.233 | 0.233 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Real estate owned measurement input | 0.348 | 0.731 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Real estate owned measurement input | 0.314 | 0.393 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 0.067 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 0.239 | |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 0.146 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage servicing rights, measurement input | 77 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage servicing rights, measurement input | 471 | |
Measurement Input, Cost to Service [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage servicing rights, measurement input | 107 | |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | ||
Mortgage banking derivatives, fair value | $ 1,923 | $ 30 |
Mortgage banking derivatives, fair value | $ (1,923) | $ (30) |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Minimum [Member] | ||
Mortgage banking derivatives, measurement input | 0.005 | 0.205 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Maximum [Member] | ||
Mortgage banking derivatives, measurement input | 0.998 | 0.999 |
Mortgage Derivative [Member] | Pull Through Rate [Member] | Valuation Technique, Pricing Model [Member] | Weighted Average [Member] | ||
Mortgage banking derivatives, measurement input | 0.853 | 0.698 |
Note 11 - Fair Value Measurem_8
Note 11 - Fair Value Measurements - Carrying Amount and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Servicing Asset at Amortized Cost, Fair Value | $ 2,500 | $ 2,200 |
Advance payments by borrowers for taxes | 14,051 | 6,607 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 45,714 | 36,421 |
Loans receivable | 1,664,817 | 1,664,215 |
FHLB stock | 21,983 | 20,880 |
Accrued interest receivable | 7,571 | 7,421 |
Servicing Asset at Amortized Cost, Fair Value | 2,161 | 1,811 |
Deposits | 1,199,894 | 1,190,624 |
Advance payments by borrowers for taxes | 14,051 | 6,607 |
Borrowings | 634,158 | 611,054 |
Accrued interest payable | 4,078 | 2,613 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 45,714 | 36,421 |
Loans receivable | 1,563,649 | 1,558,472 |
FHLB stock | 21,983 | 20,880 |
Accrued interest receivable | 7,571 | 7,421 |
Servicing Asset at Amortized Cost, Fair Value | 2,481 | 2,207 |
Deposits | 1,198,955 | 1,189,274 |
Advance payments by borrowers for taxes | 14,051 | 6,607 |
Borrowings | 623,686 | 602,948 |
Accrued interest payable | 4,078 | 2,613 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 45,714 | 36,421 |
Loans receivable | 0 | 0 |
FHLB stock | 21,983 | 20,880 |
Accrued interest receivable | 7,571 | 7,421 |
Servicing Asset at Amortized Cost, Fair Value | 0 | 0 |
Deposits | 452,606 | 460,340 |
Advance payments by borrowers for taxes | 14,051 | 6,607 |
Borrowings | 0 | 0 |
Accrued interest payable | 4,078 | 2,613 |
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 | 746,349 | 728,934 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 623,686 | 602,948 |
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 | 1,563,649 | 1,558,472 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing Asset at Amortized Cost, Fair Value | 2,481 | 2,207 |
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) | 3 Months Ended |
Mar. 31, 2024 | |
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 | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Net interest income (expense) | $ 11,137 | $ 13,795 | ||
Provision for credit losses | [1] | 67 | 460 | |
Net interest income after provision for credit losses | [1] | 11,070 | 13,335 | |
Noninterest income: | 21,248 | 18,554 | ||
Compensation, payroll taxes, and other employee benefits | 19,876 | 20,052 | ||
Occupancy, office furniture, and equipment | 2,108 | 2,263 | ||
Advertising | 914 | 889 | ||
Data processing | 1,206 | 1,122 | ||
Communications | 226 | 251 | ||
Professional fees | 743 | 416 | ||
Real estate owned | 13 | 1 | ||
Loan processing expense | 1,046 | 1,018 | ||
Other | 1,418 | 3,095 | ||
Total noninterest expenses | 27,550 | 29,107 | ||
Income before income tax expense | 4,768 | 2,782 | ||
Income tax expense | 1,730 | 627 | ||
Net income | 3,038 | 2,155 | ||
Total Assets | 2,234,724 | 2,114,499 | $ 2,213,389 | |
Provision for credit losses | [1] | 67 | 460 | |
Net interest income (expense) after provision for credit losses | [1] | 11,070 | 13,335 | |
Community Banking [Member] | ||||
Net interest income (expense) | 11,598 | 14,008 | ||
Provision for credit losses | 105 | 388 | ||
Net interest income after provision for credit losses | 11,493 | 13,620 | ||
Noninterest income: | 990 | 987 | ||
Compensation, payroll taxes, and other employee benefits | 5,360 | 5,168 | ||
Occupancy, office furniture, and equipment | 1,000 | 1,031 | ||
Advertising | 174 | 184 | ||
Data processing | 693 | 601 | ||
Communications | 65 | 78 | ||
Professional fees | 208 | 218 | ||
Real estate owned | 13 | 1 | ||
Loan processing expense | 0 | 0 | ||
Other | 691 | 896 | ||
Total noninterest expenses | 8,204 | 8,177 | ||
Income before income tax expense | 4,279 | 6,430 | ||
Income tax expense | 1,639 | 1,600 | ||
Net income | 2,640 | 4,830 | ||
Total Assets | 2,197,708 | 2,080,904 | ||
Provision for credit losses | 105 | 388 | ||
Net interest income (expense) after provision for credit losses | 11,493 | 13,620 | ||
Mortgage Banking Segment [Member] | ||||
Net interest income (expense) | (541) | (282) | ||
Provision for credit losses | (38) | 72 | ||
Net interest income after provision for credit losses | (503) | (354) | ||
Noninterest income: | 20,328 | 17,951 | ||
Compensation, payroll taxes, and other employee benefits | 14,756 | 15,099 | ||
Occupancy, office furniture, and equipment | 1,108 | 1,232 | ||
Advertising | 740 | 705 | ||
Data processing | 508 | 516 | ||
Communications | 161 | 173 | ||
Professional fees | 520 | 188 | ||
Real estate owned | 0 | 0 | ||
Loan processing expense | 1,046 | 1,018 | ||
Other | 617 | 2,403 | ||
Total noninterest expenses | 19,456 | 21,334 | ||
Income before income tax expense | 369 | (3,737) | ||
Income tax expense | 71 | (1,002) | ||
Net income | 298 | (2,735) | ||
Total Assets | 210,784 | 207,572 | ||
Provision for credit losses | (38) | 72 | ||
Net interest income (expense) after provision for credit losses | (503) | (354) | ||
Holding Community and Other [Member] | ||||
Net interest income (expense) | 80 | 69 | ||
Provision for credit losses | 0 | 0 | ||
Net interest income after provision for credit losses | 80 | 69 | ||
Noninterest income: | (70) | (384) | ||
Compensation, payroll taxes, and other employee benefits | (240) | (215) | ||
Occupancy, office furniture, and equipment | 0 | 0 | ||
Advertising | 0 | 0 | ||
Data processing | 5 | 5 | ||
Communications | 0 | 0 | ||
Professional fees | 15 | 10 | ||
Real estate owned | 0 | 0 | ||
Loan processing expense | 0 | 0 | ||
Other | 110 | (204) | ||
Total noninterest expenses | (110) | (404) | ||
Income before income tax expense | 120 | 89 | ||
Income tax expense | 20 | 29 | ||
Net income | 100 | 60 | ||
Total Assets | (173,768) | (173,977) | ||
Provision for credit losses | 0 | 0 | ||
Net interest income (expense) after provision for credit losses | $ 80 | $ 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. |