Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 07, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 333-273901 | ||
Entity Registrant Name | BANCORP 34, INC. | ||
Entity Central Index Key | 0001668340 | ||
Entity Tax Identification Number | 74-2819148 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 8777 E. Hartford Dive | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85255 | ||
City Area Code | (623) | ||
Local Phone Number | 334-6064 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 28,200 | ||
Entity Common Stock, Shares Outstanding | 3,873,895 | ||
Auditor Firm ID | 166 | ||
Auditor Name | Plante & Moran, PLLC | ||
Auditor Location | Denver, Colorado |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 27,182,000 | $ 16,112,000 |
Fed funds sold | 1,715,000 | 835,000 |
Total cash and cash equivalents | 28,897,000 | 16,947,000 |
Available-for-sale securities, at fair value | 56,690,000 | 58,582,000 |
Held-to-maturity securities, at amortized cost, net of allowance for credit losses | 5,684,000 | 5,832,000 |
Loans held for investment | 457,027,000 | 463,360,000 |
Allowance for credit losses | (5,860,000) | (4,778,000) |
Loans held for investment, net | 451,167,000 | 458,582,000 |
Other real estate owned | 3,000,000 | 0 |
Premises and equipment, net | 7,350,000 | 8,077,000 |
Operating lease right-of-use assets | 1,819,000 | 2,067,000 |
Other investments | 4,063,000 | 1,277,000 |
Accrued interest receivable | 1,597,000 | 1,505,000 |
Deferred income tax asset, net | 4,884,000 | 4,924,000 |
Bank owned life insurance | 11,847,000 | 11,598,000 |
Prepaid and other assets | 4,267,000 | 4,949,000 |
Total assets | 581,265,000 | 574,340,000 |
Deposits | ||
Demand deposits | 88,091,000 | 102,699,000 |
Savings and NOW deposits | 243,505,000 | 311,395,000 |
Time deposits | 128,403,000 | 73,493,000 |
Total deposits | 459,999,000 | 487,587,000 |
Federal Reserve Bank BTFP Advances | 29,000,000 | |
Federal Home Loan Bank advances | 5,000,000 | |
Subordinate debt, net of issuance costs | 24,595,000 | 24,531,000 |
Escrows | 168,000 | 179,000 |
Operating lease liabilities | 2,011,000 | 2,153,000 |
Accrued interest and other liabilities | 4,771,000 | 5,652,000 |
Total liabilities | 520,544,000 | 525,102,000 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value Authorized: 50,000,000 shares Issued and outstanding: 0 and 521,849 on December 31, 2023, and December 31, 2022, respectively | 5,000 | |
Additional paid-in capital | 43,279,000 | 28,369,000 |
Retained earnings | 24,301,000 | 29,013,000 |
Accumulated other comprehensive loss | (5,560,000) | (6,773,000) |
Unearned Employee Stock Ownership Plan (ESOP) share | (1,346,000) | (1,406,000) |
Total stockholders’ equity | 60,721,000 | 49,238,000 |
Total liabilities and stockholders’ equity | 581,265,000 | 574,340,000 |
Voting Common Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 and 0 on December 31, 2023, and December 31, 2022, respectively | 39,000 | 30,000 |
Nonvoting Common Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 and 0 on December 31, 2023, and December 31, 2022, respectively | $ 8,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 521,849 |
Preferred Stock, Shares Outstanding | 0 | 521,849 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Nonvoting Common Stock [Member] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,100,000 | 1,100,000 |
Common Stock, Shares, Issued | 820,115 | 0 |
Common Stock, Shares, Outstanding | 820,115 | 0 |
Voting Common Stock [Member] | ||
Common Stock, Shares, Issued | 3,873,895 | 3,032,606 |
Common Stock, Shares, Outstanding | 3,873,895 | 3,032,606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 25,779 | $ 21,818 |
Interest on securities | 1,611 | 1,650 |
Interest on other interest-earning assets | 734 | 293 |
Total interest income | 28,124 | 23,761 |
Interest expense | ||
Interest on deposits | 11,139 | 3,684 |
Interest on borrowings | 1,810 | 1,630 |
Total interest expense | 12,949 | 5,314 |
Net interest income | 15,175 | 18,447 |
Provision for credit losses | 4,223 | 2,420 |
Net interest income after provision for credit losses | 10,952 | 16,027 |
NON-INTEREST INCOME | ||
Service charges and fees | 463 | 391 |
Gain on sale of loans, net | 32 | |
Bank owned life insurance | 248 | 238 |
Gain (Loss) on disposal or impairment of fixed assets | 74 | (25) |
Other | (87) | (59) |
Total non-interest income | 730 | 545 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 6,124 | 9,092 |
Occupancy | 1,148 | 1,292 |
Data processing fees | 2,665 | 2,107 |
FDIC and other insurance expense | 348 | 427 |
Professional fees | 742 | 525 |
Merger Costs | 3,010 | |
Advertising | 46 | 89 |
Other | 1,454 | 1,652 |
Total non-interest expense | 15,537 | 15,184 |
(Loss) income before provision for income taxes | (3,855) | 1,388 |
(Benefit from) provision for income taxes | (453) | 58 |
Net (loss) income | (3,402) | 1,330 |
Other comprehensive income (loss) | 1,684 | (7,868) |
Tax effect of other comprehensive income or loss | (471) | 2,015 |
Other comprehensive income (loss), net of tax | 1,213 | (5,853) |
Comprehensive (loss) | $ (2,189) | $ (4,523) |
(Loss) Earnings per common share Basic | $ (0.88) | $ 0.56 |
(Loss) Earnings per common share Diluted | $ (0.88) | $ 0.56 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Common Stock [Member] Voting Common Stock [Member] | Common Stock [Member] Nonvoting Common Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Unearned ESOP Shares [Member] | Voting Common Stock [Member] | Total |
Balance on January 1, 2022 at Dec. 31, 2021 | $ 28,383 | $ 25 | $ 14,647 | $ (920) | $ (1,465) | $ 40,670 | ||||||
Beginning Balance, Shares at Dec. 31, 2021 | 2,523,398 | |||||||||||
Net income for 2022 | 1,330 | $ 1,330 | 1,330 | |||||||||
Other comprehensive loss on AFS securities | (7,161) | (7,161) | ||||||||||
Restricted stock award, Shares | 9,500 | |||||||||||
Restricted stock forfeiture | ||||||||||||
Restricted stock forfeiture, Shares | (7,439) | |||||||||||
Amortization of equity awards | 292 | 59 | 351 | |||||||||
Repurchase of common stock | (78) | (78) | ||||||||||
Share repurchase, Shares | (5,297) | |||||||||||
Issuance of common stock, net of issuance costs | $ 5 | 6,207 | 6,212 | |||||||||
Issuance of common stock, net of cost | 511,408 | |||||||||||
Issuance of Series A preferred stock, net of issuance costs | $ 5 | 7,301 | 7,306 | |||||||||
Issuance of common stock, net of cost, Shares | 521,849 | |||||||||||
Dividends paid - $0.28 per share | (700) | (700) | ||||||||||
Defined benefit plan | 1,308 | 1,308 | ||||||||||
Restricted stock forfeiture | ||||||||||||
Stock option exercise, Shares | 1,036 | |||||||||||
Balance on December 31, 2022 (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | ||||||||||||
Balance on December 31, 2022 at Dec. 31, 2022 | 29,013 | $ 30 | $ 5 | 28,369 | (6,773) | (1,406) | 49,238 | |||||
Ending Balance, Shares at Dec. 31, 2022 | 3,032,606 | 521,849 | ||||||||||
Cumulative adjustment for day one adoption of ASU 2016-13, net of tax | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Cumulative adjustment for day one adoption of ASU 2016-13, net of tax | (654) | (654) | ||||||||||
Balance on December 31, 2022 (Accounting Standards Update 2016-13 [Member]) at Jan. 01, 2023 | 28,359 | 48,584 | ||||||||||
Balance on December 31, 2022 at Jan. 01, 2023 | ||||||||||||
Balance on January 1, 2022 (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | ||||||||||||
Balance on January 1, 2022 at Dec. 31, 2022 | 29,013 | $ 30 | $ 5 | 28,369 | (6,773) | (1,406) | 49,238 | |||||
Beginning Balance, Shares at Dec. 31, 2022 | 3,032,606 | 521,849 | ||||||||||
Net income for 2022 | (3,402) | $ (3,402) | (3,402) | |||||||||
Other comprehensive loss on AFS securities | 1,213 | 1,213 | ||||||||||
Restricted stock award, Shares | 10,250 | |||||||||||
Restricted stock forfeiture | ||||||||||||
Restricted stock forfeiture, Shares | (2,050) | |||||||||||
Amortization of equity awards | 90 | 60 | 150 | |||||||||
Repurchase of common stock | (210) | (210) | ||||||||||
Share repurchase, Shares | (15,000) | |||||||||||
Issuance of common stock, net of issuance costs | $ 9 | 10,858 | 10,867 | |||||||||
Issuance of common stock, net of cost | 848,089 | |||||||||||
Issuance of Series A preferred stock, net of issuance costs | $ 3 | 4,172 | 4,175 | |||||||||
Issuance of common stock, net of cost, Shares | 298,266 | |||||||||||
Conversion of Series A preferred stock to non voting common stock | $ 8 | $ (8) | ||||||||||
Conversion of Series A preferred stock to non voting common stock, Shares | 820,115 | (820,115) | ||||||||||
Dividends paid - $0.28 per share | (656) | (656) | ||||||||||
Restricted stock forfeiture | ||||||||||||
Balance on December 31, 2022 at Dec. 31, 2023 | $ 24,301 | $ 39 | $ 8 | $ 43,279 | $ (5,560) | $ (1,346) | $ 60,721 | |||||
Ending Balance, Shares at Dec. 31, 2023 | 3,873,895 | 820,115 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (3,402,000) | $ 1,330,000 |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
Depreciation and amortization | 583,000 | 489,000 |
Stock dividends on other investments | (71,000) | (47,000) |
Amortization of premiums and discounts on securities, net | 265,000 | 349,000 |
Amortization of equity awards | 150,000 | 351,000 |
Gain on sale of loans, net | (32,000) | |
Loans originated with the intent to sell | (1,316,000) | |
Proceeds from sale of loans | 1,367,000 | 5,002,000 |
Provision for credit losses | 4,223,000 | 2,420,000 |
Gain on the sale of fixed assets | (74,000) | 25,000 |
Net appreciation on bank-owned life insurance | (248,000) | (238,000) |
Deferred income tax (benefit) expense | (278,000) | 191,000 |
Changes in operating assets and liabilities | ||
Accrued interest receivable | (92,000) | (151,000) |
Prepaid and other assets | 851,000 | (123,000) |
Accrued interest and other liabilities | (1,016,000) | 213,000 |
Net cash provided by operating activities | 910,000 | 9,761,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from calls, sales, maturities, or principal payments on available-for-sale securities | 5,348,000 | 7,475,000 |
Purchases of available-for-sale securities | (2,005,000) | (8,060,000) |
Purchases of held-to-maturity securities | (500,000) | |
Net (purchase) redemptions of other investments | (2,715,000) | 556,000 |
Net change in loans held for investment | (382,000) | (55,709,000) |
Proceeds from disposals of premises and equipment | 443,000 | 84,000 |
Purchases of premises and equipment | (226,000) | (684,000) |
Net cash provided by (used in) investing activities | 463,000 | (56,838,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | (27,599,000) | 49,783,000 |
Proceeds from Federal Home Loan Bank advances | 320,398,000 | 712,500,000 |
Repayments of Federal Home Loan Bank advances | (325,398,000) | (726,500,000) |
Proceeds from Federal Reserve advances | 122,000,000 | |
Repayments of Federal Reserve advances | (93,000,000) | |
Common stock repurchases | (210,000) | (78,000) |
Common stock issuance, net | 10,867,000 | 6,212,000 |
Preferred stock issuance, net | 4,175,000 | 7,306,000 |
Payment of dividends | (656,000) | (700,000) |
Net cash provided by financing activities | 10,577,000 | 48,523,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 11,950,000 | 1,446,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 16,947,000 | 15,501,000 |
CASH AND CASH EQUIVALENTS, end of period | 28,897,000 | 16,947,000 |
SUPPLEMENTAL DISCLOSURES | ||
Interest on deposits and borrowings paid | 12,536,000 | 5,181,000 |
Income tax (refunds received) paid | (1,000) | 998,000 |
Loans transferred to other real estate owned | $ 3,000,000 |
Nature of Operations and Signif
Nature of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Significant Accounting Policies | Note 1 – Nature of Operations and Significant Accounting Policies Bancorp 34, Inc. (“Bancorp 34” or the “Company”) is a Maryland corporation organized in 2016 to be the successor to Alamogordo Financial Corp (“AFC”), a savings and loan holding company, upon completion of the October 2016 second-step conversion of Bank 34 (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. Bancorp 34 owns 100% of the Bank. The Bank provides a variety of banking services to individuals and businesses through its full-service branch in Scottsdale, Arizona as well as branches in Alamogordo and Las Cruces, New Mexico. Basis of presentation Basis of consolidation Reclassifications Use of estimates Adoption of ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Subsequent events Cash and cash equivalents Securities Net purchase premiums and discounts on securities are recognized in interest income using the level yield method over the estimated life of the security. Premiums are amortized to the earliest call date. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. For Available-for-sale (AFS) securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income. For AFS securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of applicable taxes. Allowance for credit losses - held-to-maturit securities Loans held for investment, net Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Allowance for credit losses - loans: The principal segments of our loan portfolio are discussed below: Commercial loans Commercial real estate loans Multifamily Construction and land development loans Residential real estate loans Consumer loans The ACL for pooled loans is estimated using a non-discounted cash flow methodology. The bank then applies probability of default and loss given default to the cash flow methodology to calculate expected losses within the model. This allows the bank to identify the timing of default as compared to when the actual loss event may occur. The results are then aggregated to produce segment level results and reserve requirements for each segment. The Company uses a 12-month forecast that is reasonable and supportable within the ACL calculation and then reverts to historical credit loss experience on a straight-line basis over a one-year timeline. Historical loss experience is then used for the remaining life of the assets. The Company uses several economic variables in the calculation of the ACL, the most significant of which is the economic forecast for the national unemployment rate. Changes in the economic forecast for unemployment rates could significantly affect the estimated credit losses which could potentially lead to materially different allowance levels from one reporting period to the next. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the pooled loan evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Qualitative adjustments to historical loss data are made based on management’s assessment of the risks that may lead to a future loan loss or differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, changes in environmental and economic conditions, or other relevant factors. In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326); Troubled Debt Restructurings (“TDR”) and Vintage Disclosures. This ASU was effective for the Company on January 1, 2023. The amendments eliminate the TDR recognition and measurement guidance and instead require an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan (consistent with accounting for other modifications). The amendments also enhance existing disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The Company adopted ASU 2022-02 on January 1, 2023. Refer to Note 3 - Loans and Allowance for Credit Losses for additional information on the required disclosures. Prior to the adoption of ASC 326 methodology, the allowance consisted of probable credit losses inherent in the loan portfolio. Allowances for impaired loans were generally determined based on collateral values or the present value of estimated cash flows and made up the specific reserve component of the reserve. The general component of the allowance covered non-impaired loans and had a quantitative component (historical loss) and a qualitative component (current risk factors). The qualitative risk factors included consideration of the following: changes in lending policies and underwriting standards; changes in economic conditions; changes in nature and volume of loans; changes in the depth of lending staff; changes in the volume and severity of past due, non-accrual and adversely classified loans; changes in the levels and trends of charge offs and recoveries; changes in the quality of the loan review system; changes in concentrations of credit; and, the effects of other external factors such as competition and legal and regulatory requirements. The allowance is increased by a provision for credit losses, which is charged to expense and reduced by charge-offs, net of recoveries. Premises and equipment three seven fifteen forty Leases Other investments 3,254,000 963,000 The Company invested in the Castle Creek Launchpad Fund I, LP in April 2022. The Company has committed to fund up to $2 million over a 4-year funding period. As of December 31, 2023, the investment has a carrying value of $809,000 compared to $315,000 as of December 31, 2022. As of December 31, 2023, the investment was valued using the net asset value practical expedient. The scope of the NAV practical expedient is limited to investments without readily determinable fair values in entities that calculate NAV per share consistently with the measurement principles of ASC 946, Financial Services — Investment Companies. Both criteria were present at year-end. The investment was carried at cost as of December 31, 2022. Transfers of financial assets Bank Owned Life Insurance (BOLI) Other real estate owned 3,000,000 none Fair value measurements Level 1 Level 2 Level 3 The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Escrow accounts Financial Instruments with off-balance-sheet risk Allowance for credit losses - off-balance sheet credit ex osures Advertising cost Employee Stock Ownership Plan (ESOP) Cash dividends on unallocated ESOP shares may be used to make payments on the ESOP loan and may be allocated to participant accounts in proportion to their account balances. Cash dividends paid on allocated shares are recorded as a reduction of retained earnings and, at the direction of the employer may be: a) credited directly to participant accounts in proportion to their account balances, or b) distributed directly to participants (outside the plan) in proportion to their account balances, or c) used to make payments on the ESOP loan requiring the release of shares with at least a similar fair market value be allocated to participant accounts. In addition, participants have the right to receive an immediate distribution of their vested cash dividends paid on shares of common stock credited to their accounts. Other stock-based compensation Employee retention credit 547,000 Additionally, the Company received $ 254,000 Income taxes Comprehensive income (loss) Earnings per common share Business Combination Recent Accounting Guidance That Has Not Yet Been Adopted In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires, among other things, disaggregated information as regards effective tax rate reconciliation components, as well as information on income taxes paid. This standard, Accounting Standards Update No. 2023-9, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, applies to all entities subject to income taxes. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2 – Securities Available-for-sale and held-to-maturity securities have been classified in the consolidated balance sheets according to management’s intent on December 31, 2023, and 2022. The amortized cost of such securities and their approximate fair values were as follows (dollars in thousands): Schedule of Available-for-sale and held-to-maturity securities Amortized Gross Gross Fair Available-for-sale, December 31, 2023 Mortgage-backed securities $ 36,829 $ — $ (4,362 ) $ 32,467 U.S. Treasuries 3,069 — (277 ) 2,792 U.S. government agencies 287 — (17 ) 270 Municipal obligations 22,921 — (2,593 ) 20,328 Corporate debt 1,000 — (167 ) 833 Total $ 64,106 $ — $ (7,416 ) $ 56,690 Amortized Gross Gross Fair Held-to-maturity, December 31, 2023 Corporate debt $ 5,799 $ — $ (692 ) $ 5,107 Total $ 5,799 $ — $ (692 ) $ 5,107 Allowance for Credit Losses $ (115 ) Net carrying value of HTM securities $ 5,684 Amortized Gross Gross Fair Available-for-sale, December 31, 2022 Mortgage-backed securities $ 39,709 $ — $ (5,177 ) $ 34,532 U.S. Treasuries 3,083 — (366 ) 2,717 U.S. government agencies 396 — (26 ) 370 Municipal obligations 23,500 — (3,349 ) 20,151 Corporate debt 1,000 — (188 ) 812 Total $ 67,688 $ — $ (9,106 ) $ 58,582 Amortized Gross Gross Fair Held-to-maturity, December 31, 2022 Corporate debt $ 5,832 $ 9 $ (409 ) $ 5,432 Total $ 5,832 $ 9 $ (409 ) $ 5,432 There was no allowance for credit losses related to available for sale securities as of December 31, 2023. Securities with unrealized losses on December 31, 2023, and 2022, that have not been recognized in income are as follows (dollars in thousands): Schedule of Securities with unrealized losses Continued Unrealized Continued Unrealized Total Description of securities Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale, December 31, 2023 Mortgage-backed securities $ — $ — $ 30,462 $ (4,362 ) $ 30,462 $ (4,362 ) U.S. Treasuries — — 2,792 (277 ) 2,792 (277 ) U.S. government agencies — — 270 (17 ) 270 (17 ) Municipal obligations — — 20,328 (2,593 ) 20,328 (2,593 ) Corporate debt — — 833 (167 ) 833 (167 ) Total temporarily impaired $ — $ — $ 54,685 $ (7,416 ) $ 54,685 $ (7,416 ) Held to Maturity December 31, 2023 Corporate debt $ 904 $ (96 ) $ 4,203 $ (596 ) 5,107 (692 ) Total temporarily impaired $ 904 $ (96 ) $ 4,203 $ (596 ) 5,107 (692 ) Continued Unrealized Continued Unrealized Total Description of securities Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale, December 31, 2022 Mortgage-backed securities $ 21,377 $ (2,080 ) $ 13,155 $ (3,097 ) $ 34,532 $ (5,177 ) U.S. Treasuries — — 2,717 (366 ) 2,717 (366 ) U.S. government agencies 171 (10 ) 199 (16 ) 370 (26 ) Municipal obligations 12,547 (1,698 ) 7,104 (1,651 ) 19,651 (3,349 ) Corporate debt — — 812 (188 ) 812 (188 ) Total temporarily impaired $ 34,095 $ (3,788 ) $ 23,987 $ (5,318 ) $ 58,082 $ (9,106 ) Held to Maturity December 31, 2022 Corporate debt $ 2,615 $ (202 ) $ 1,793 $ (207 ) 4,408 (409 ) Total temporarily impaired $ 2,615 $ (202 ) $ 1,793 $ (207 ) 4,408 (409 ) Unrealized losses on U.S. Treasury bonds and U.S. Agency bonds have not been recognized through the income statement due to the bonds being backed in full by the United States government. Management has no intent to sell the securities, the Company can hold the securities to maturity, and the decline in fair value is largely due to changes in market interest rates. The fair value is expected to recover as the securities approach their maturity date. Unrealized losses on mortgage-backed securities have not been recognized into income. At December 31, 2023, 82% of the mortgage-backed securities portfolio were issued by U.S. government sponsored entities or agencies. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not intend to sell the mortgage-backed securities, it is likely that management will not be required to sell the securities prior to their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2023. The remainder of the mortgage-backed securities portfolio includes non-agency structured commercial mortgage-backed securities (CMBS) with a fair value of $5,726,000 which had unrealized losses of $642,000 at December 31, 2023. Each CMBS was rated AAA at December 31, 2023. These bonds have significant credit enhancement and have performed as agreed. Management does not intend to sell the CMBSs and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Unrealized losses on available-for-sale municipal obligation securities have not been recognized through the income statement. As of December 31, 2023, the credit rating for these securities ranges from A+ to AAA. General Obligation bonds represent 30% of the municipal bond portfolio. The remaining 70% of the portfolio consists of revenue bonds, the majority of which are essential purpose or have an insurance wrapper. Management has no intent to sell these securities and can hold the securities to maturity. The decline in fair value is largely due to changes in market interest rates and management expects the fair value to recover as the securities approach their maturity date. Management evaluated the foregoing available-for-sale securities for potential impairment as of December 31, 2023. Based on this evaluation, including the preceding analysis summary, management has determined that the unrealized losses on available-for-sale securities are primarily attributable to increases in market interest rates and do not reflect credit losses. Accordingly, as of December 31, 2023, management concluded that an allowance for credit losses on available-for-sale securities is not necessary, as the decline in fair value is not indicative of credit losses. Management will continue to monitor the fair value of these available-for-sale securities and reassess the need for an allowance for credit losses if circumstances change substantially. The were no sales of securities for the years ended December 31, 2023, or 2022. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. As of December 31, 2023, the amortized cost and estimated fair value of the debt securities portfolio are shown by contractual maturity dates (dollars in thousands). Schedule of Amortized Cost and Fair Value of Investment Securities Amortized Fair Average Available-for-sale Due in one year or less $ 805 $ 794 2.11 % Due from one to five years 9,654 8,706 1.76 % Due from five to ten years 16,818 14,723 2.32 % Due after ten years — — — Mortgage-backed securities 36,829 32,467 2.21 % Total $ 64,106 $ 56,690 2.17 % Amortized Fair Average Held-to-maturity Due in one year or less $ — $ — — Due from one to five years — — — Due from five to ten years 5,799 5,107 4.28 % Due after ten years — — — Total $ 5,799 $ 5,107 4.28 % Securities pledged at December 31, 2023, and December 31, 2022, had a carrying amount of $ 43,070,000 8,193,000 The Company had no investment in securities of issuers outside of the United States as of December 31, 2023, or 2022. Allowance for Credit Losses for HTM Securities Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. The held-to-maturity investment portfolio consists solely of bank subordinated debt. Accrued interest receivable on held-to-maturity debt securities totaled $ 56,000 Schedule of Allowance for Credit Losses for Securities Held-To-Maturity For year ended December 31, 2023 Corporate Bonds Allowance for credit losses: Beginning balance $ — Impact of ASU 2016-13 adoption 38 Provision for credit losses 77 Securities charged -off (recoveries) — Total ending allowance balance 115 The Company monitors the credit quality of held-to-maturity securities on a quarterly basis. As of December 31, 2023, there were no held-to-maturity securities past due or on non-accrual. |
Loans And Allowance For Credit
Loans And Allowance For Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans And Allowance For Credit Losses | Note 3 – Loans And Allowance For Credit Losses On January 1, 2023, the Company adopted the new CECL standard, ASU 2016-13, using the modified retrospective method for all financial assets measured at amortized cost. For comparability, the Company has adjusted certain prior period loan amounts to conform to the current presentation of segmentation under CECL. Refer to Note 1 - Nature of Operations and Significant Accounting Policies for additional information related to the Company’s methodology for estimating the allowance for credit losses. The following presents a summary of the Company’s loans at amortized cost as of the dates noted (dollars in thousands): Schedule of Company's Loan December 31, 2023 2022 1-4 Family residential real estate $ 61,645 $ 63,176 Commercial 50,169 48,567 Consumer and other 698 1,048 Construction 34,538 43,664 Non-Owner Occupied (NOO) CRE 168,404 185,699 Owner Occupied (OO) CRE 82,228 61,375 Multifamily 60,546 61,201 Gross loans 458,228 464,730 Deferred loan fees (1,201 ) (1,370 ) Loans held for investment 457,027 463,360 Less: allowance for credit losses (5,860 ) (4,778 ) Loans, net $ 451,167 $ 458,582 Allowance for Credit Losses on Loans Beginning January 1, 2023, the allowance for credit losses for loans is measured on the loan’s amortized cost basis, excluding interest receivable. Interest receivable excluded at December 31, 2023, and December 31, 2022, was $ 1.3 million and $ 1.2 million , respectively, presented in Accrued interest receivable on the Condensed Consolidated Balance Sheets. Refer to Note 1 - Nature of Operations and Significant Accounting Policies for additional information related to the Company’s methodology for estimating the allowance for credit losses. Allocation of a portion of the allowance for credit losses to one category of loans does not preclude its availability to absorb losses in other categories. The following table presents the activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2023, and December 31, 2022 (dollars in thousands): Schedule of Allowance for Credit Losses 1–4 Family Commercial Consumer Construction NOO OO Multifamily Total Changes in allowance for credit losses for the year ended December 31, 2023 Beginning balance $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Impact of adopting of ASU 2016-13 (33 ) (307 ) (50 ) 441 271 142 140 604 Provision (credit) for loan losses 309 170 2 (151 ) 3,290 504 51 4,175 Loans charged off — (321 ) — — (3,382 ) — — (3,703 ) Recoveries 6 — — — — — 6 Balance on December 31, 2023 $ 736 $ 924 $ 8 $ 512 $ 1,859 $ 1,201 $ 620 $ 5,860 1–4 Family Commercial Consumer Construction NOO OO Multifamily Total Changes in allowance for loan losses for the year ended December 31, 2022 Beginning balance $ 470 $ 647 $ 101 $ 282 $ 2,565 $ 731 $ 532 $ 5,328 Provision (credit) for loan losses 49 3,640 (45 ) (60 ) (885 ) (176 ) (103 ) 2,420 Loans charged off (72 ) (2,905 ) — — — — — (2,977 ) Recoveries 7 — — — — — — 7 Balance on December 31, 2022 $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Allowance for loan losses - December 31, 2022 Ending balance individually evaluated for impairment $ — $ 99 $ — $ — $ — $ — $ — $ 99 Ending balance collectively evaluated for impairment 454 1,283 56 222 1,680 555 429 4,679 Total $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Gross loans - December 31, 2022 Ending balance individually evaluated for impairment $ 719 $ 1,641 $ — $ 1,591 $ — $ — $ — $ 3,951 Ending balance collectively evaluated for impairment 62,457 46,926 1,048 42,073 185,699 61,375 61,201 460,779 Total $ 63,176 $ 48,567 $ 1,048 $ 43,664 $ 185,699 $ 61,375 $ 61,201 $ 464,730 The following table presents the aging of the recorded investment in contractually past due loans, as of December 31, 2023, and 2022. It is shown by class of loans (dollars in thousands): Schedule of Loan Category and Aging Analysis of Loans Loans Contractually Past Due December 31, 2023 30–59 60–89 Over 90 Total Loans Not Total 1-4 Family residential real estate $ 409 $ — $ — $ 409 $ 61,236 $ 61,645 Commercial — — 589 589 49,580 50,169 Consumer and other — — — — 698 698 Construction — — — — 34,538 34,538 NOO CRE — — — 168,404 — 168,404 OO CRE — — — — 82,228 82,228 Multifamily — — — — 60,546 60,546 Total $ 409 $ — $ 589 $ 998 $ 457,230 $ 458,228 Loans Contractually Past Due December 31, 2022 30–59 60–89 Over 90 Total Loans Not Total 1-4 Family residential real estate $ 536 $ 441 $ — $ 977 $ 62,199 $ 63,176 Commercial 313 427 292 1,032 47,535 48,567 Consumer and other — — — — 1,048 1,048 Construction — — — — 43,664 43,664 NOO CRE 512 — — 512 185,187 185,699 OO CRE — — — — 61,375 61,375 Multifamily — 519 — 519 60,682 61,201 Total $ 1,361 $ 1,387 $ 292 $ 3,040 $ 461,690 $ 464,730 Non-accrual loan balances guaranteed by the SBA are $589,000, or 26.3%, and $99,000, or 1.5%, of the nonaccrual loan balances at December 31, 2023, and December 31, 2022, respectively. Impaired Loans: Schedule of Average Recorded Investment and Interest Income Recognized December 31, 2022 Unpaid Recorded Allowance Average With no related allowance recorded: Construction $ 1,591 $ 1,591 $ — $ 1,464 1-4 Family Residential RE 719 719 — 739 Commercial and Industrial — — — — Consumer — — — — With an allowance recorded: Commercial Real Estate — — — — 1-4 Family Residential RE — — — — Commercial and Industrial 4,546 1,641 99 4,333 Consumer — — — — Total $ 6,856 $ 3,951 $ 99 $ 6,536 Credit quality indicators Pass Special Mention Substandard Doubtful Loss The following table presents the amortized cost basis of loans by credit quality indicator, by class of financing receivable, and year of origination for term loans as of December 31, 2023. For revolving lines of credit that are converted to term loans, if the conversion involved a credit decision, such loans are included in the origination year in which the credit decision was made. If revolving lines of credit converted to term loans without a credit decision, such lines of credit are included in the “Revolving lines of credit converted to term” column in the following table (dollars in thousands). Schedule of loan category and loan by risk categories Term Loans Amortized Cost by Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Total 1-4 Family Pass $ 4,244 $ 24,009 $ 12,236 $ 7,928 $ 1,466 $ 9,622 $ 1,717 $ — $ 61,222 Special Mention — — — — — 357 — — 357 Substandard — — — — — 67 — — 67 Doubtful — — — — — — — — — Total 1-4 Family 4,244 24,009 12,236 7,928 1,466 10,045 1,717 — 61,645 Current year-to-date gross write-offs — — — — — — — — — Commercial Pass 13,150 15,405 3,234 3,176 87 1,546 10,139 — 46,737 Special Mention — 163 — 2,018 — — — — 2,181 Substandard — — — 903 96 — — — 999 Doubtful — — — — 252 — — — 252 Total Commercial 13,150 15,568 3,234 6,097 435 1,546 10,139 — 50,169 Current year-to-date gross write-offs — — — — 321 — — — 321 Consumer and other Pass 43 138 — 5 10 3 499 — 698 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Consumer and Other 43 138 — 5 10 3 499 — 698 Current year-to-date gross write-offs — — — — — — — — — Construction Pass 7,788 21,551 3,938 38 310 592 321 — 34,538 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Construction 7,788 21,551 3,938 38 310 592 321 — 34,538 Current year-to-date gross write-offs — — — — — — — — — NOO CRE Pass 7,187 35,899 53,442 21,091 13,491 30,911 6,140 — 168,161 Special Mention — — — — — — — — — Substandard — — — 243 — — — — 243 Doubtful — — — — — — — — — Total NOO CRE 7,187 35,899 53,442 21,334 13,491 30,911 6,140 — 168,404 Current year-to-date gross write-offs 3,382 — — — — — — — 3,382 OO CRE Pass 20,726 12,365 20,807 7,966 5,806 4,214 — — 71,884 Special Mention 228 — 7,196 — — 1,690 — — 9,114 Substandard — — — 37 1,193 — — — 1,230 Doubtful — — — — — — — — — Total OO CRE 20,954 12,365 28,003 8,003 6,999 5,904 — — 82,228 Current year-to-date gross write-offs — — — — — — — — — Multi Family Pass 500 15,652 22,007 7,572 6,369 7,105 371 — 59,575 Special Mention — — — — — — — — — Substandard — — 970 — — — — — 970 Doubtful — — — — — — — — — Total Multi Family 500 15,652 22,977 7,572 6,369 7,105 371 — 60,546 Current year-to-date gross write-offs — — — — — — — — — Total $ 53,866 $ 125,182 $ 123,830 $ 50,977 $ 29,080 $ 56,106 $ 19,187 $ — $ 458,228 Total year-to-date gross write-offs $ 3,382 $ — $ — $ — $ 321 $ — $ — $ — $ 3,703 As of December 31, 2022, the risk category of loans by class of loans was as follows (dollars in thousands): December 31, 2022 Pass Special Substandard Doubtful Not Risk Total 1-4 Family $ 62,517 $ — $ 659 $ — $ — $ 63,176 Commercial 46,474 377 1,716 — — 48,567 Consumer and other 993 — — — 55 1,048 Construction 42,073 — 1,591 — — 43,664 NOO CRE 185,699 — — — — 185,699 OO CRE 57,407 3,685 283 — — 61,375 Multi Family 61,201 — — — — 61,201 Total $ 456,364 $ 4,062 $ 4,249 $ — $ 55 $ 464,730 Non-accrual loans Schedule of Nonaccrual Loans As of December 31, 2023 Non-accrual loans Total non-accrual Loans past due 1-4 Family residential real estate $ 66 $ 66 $ — Commercial 847 1,208 — Consumer and other — — — Construction — — — NOO CRE — — — OO CRE — — — Multifamily 970 970 — Total $ 1,883 $ 2,244 $ — As of December 31, 2022 Non-accrual loans Total non-accrual Loans past due 1-4 Family residential real estate $ 719 $ 719 $ — Commercial — 1,641 292 Consumer and other — — — Construction 1,591 1,591 — NOO CRE — — — OO CRE — — — Multifamily — — — Total $ 2,310 $ 3,951 $ 292 Collateral dependent loans Schedule of Collateral Dependent Loans As of December 31, 2023 Secured by Secured by Total 1-4 Family residential real estate $ 66 $ — $ 66 Commercial — 1,208 1,208 Consumer and other — — — Construction — — — NOO CRE — — — OO CRE — — — Multifamily 970 — 970 Total $ 1,036 $ 1,208 $ 2,244 Loan Modifications Made to Borrowers Experiencing Financial Difficulty |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Note 4 – Premises and Equipment, Net Components of premises and equipment, net included in the consolidated balance sheets at December 31, were as follows (dollars in thousands): Schedule of Premises and equipment 2023 2022 Land and improvements $ 1,806 $ 2,170 Buildings and improvements 12,482 12,439 Furniture and equipment 1,953 1,776 Total cost 16,241 16,385 Accumulated depreciation and amortization (8,891 ) (8,308 ) Net book value $ 7,350 $ 8,077 Depreciation and amortization expenses were $ 583,000 489,000 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Time Deposits | Note 5 – Time Deposits Following are maturities of time deposits at December 31, 2023, and 2022 (dollars in thousands): Schedule of Maturities of Time Deposits Maturity 2023 2022 One year or less $ 93,675 $ 50,025 Over one through three years 30,390 21,627 Over three through five years 4,338 1,841 Totals $ 128,403 $ 73,493 On December 31, 2023, and 2022, the Bank had $ 43.9 million 23.4 million 27.5 million 19.8 million As of December 31, 2023, and December 31, 2022, certificate of deposits includes brokered CD balances of $ 19,531,000 5,000,000 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | Note 6 – Borrowings The bank converted from the FHLB Dallas to the FHLB of San Francisco effective October 2, 2023, and established a borrowing line on the same date with the FHLB San Francisco. As of December 31, 2023, the Bank had no outstanding FHLB advances. As of December 31, 2023, borrowing capacity totaled $ 146.0 million and collateral consists of a banket lien on the loan portfolio. As of December 31, 2022, the Bank had one outstanding advance at the FHLB of Dallas totaling $ 5.0 million carrying an interest rate of 1.40% with a maturity date in 2023. As of December 31, 2022, loans and securities with a carrying value of $ 264.1 million were pledged to secure advances at the FHLB of Dallas, with remaining availability of $ 198.1 million at year end. On March 12, 2023, the Federal Reserve Board announced it would make additional funding available to eligible depository institutions to help ensure banks could meet the needs of depositors made available through the creation of a new Bank Term Funding Program (“BTFP”). The BTFP is a liquidity resource with capacity based on the pledging of high-quality securities. The intention of the program was to eliminate an institution’s need to quickly sell those securities in times of stress. As of December 31, 2023, the Company pledged investments of $ 30.3 million 15.4 million As of December 31, 2023, and 2022, the bank had unsecured Federal Funds lines of credit at correspondent banks totaling $ 39.8 million On June 29, 2021, the Company completed a private placement of $ 25.0 million 405,000 The following are maturities of outstanding borrowings as of December 31, 2023 (dollars in thousands): Schedule of maturities of outstanding borrowings Maturity One year or less $ 29,000 Over one through three years 0 Over three through five years 0 Over five through ten years 25,000 Totals $ 54,000 |
Financial instruments with off-
Financial instruments with off-balance-sheet risk | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial instruments with off-balance-sheet risk | Note 7 – Financial instruments with off-balance-sheet risk In the normal course of business, and from time to time, the Bank has had outstanding commitments to extend credit and standby letters of credit which, consistent with U.S. GAAP, are not reflected in the accompanying consolidated financial statements. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual or notional amounts of those instruments. The Bank uses the same credit policies in making commitments as it does for instruments that are included in the consolidated balance sheets. Contractual or notional amounts of financial instruments representing off-balance-sheet credit risk are as follows as of December 31 (dollars in thousands): Schedule of Financial Instruments with Off-Balance-Sheet Risk 2023 2022 Fixed Variable Fixed Variable Commitments to extend credit $ 5,327 $ 6,966 $ 7,112 $ 16,090 Unused lines of credit 3,962 18,859 4,544 14,162 Totals $ 9,289 $ 25,825 $ 11,656 $ 30,252 Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Schedule of Credit Losses on Off-Balance Sheet Credit For the Beginning Balance $ — Impact of Adopting ASU 2016-13 165,000 (Release) provision for credit losses (30,000 ) Ending Balance $ 135,000 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation Collateral held varies by and may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third-party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. There are no standby letters of credit at December 31, 2023, or December 31, 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Bank has noncancelable operating leases for office space that expire over the next seven years that require the payment of base lease amounts and executory costs such as taxes, maintenance, and insurance. At September 30, 2023, the bank had one active operating lease. Rental expenses for leases was $ 365,000 516,000 The following presents the classification of the right-of-use assets and corresponding liabilities as of the December 31 (dollars in thousands): Schedule of Lease Information December 31, 2023 2022 Lease right-of-use assets Operating lease right-of-use assets $ 1,819 $ 2,067 Lease Liabilities Operating lease liabilities $ 2,011 $ 2,153 Approximate future minimum rental commitments under noncancelable leases as of December 31, 2023, are (dollars in thousands): Schedule of Future Undiscounted Operating Lease Payments 2024 $ 325 2025 360 2026 366 2027 372 2028 377 2029 383 2030 161 Total minimum lease payments 2,344 Amounts representing interest (present value discount) (333 ) Operating lease liabilities (present value of minimum lease payments) $ 2,011 Weighted-average remaining term (in years) 6.4 Weighted-average discount rate 4.70 % |
Employee Retirement Benefit Pla
Employee Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefit Plans | Note 9 – Employee Retirement Benefit Plans Profit Sharing Plan: Employee Stock Ownership Plan: In October 2016, the ESOP borrowed $1.5 million from the Company to purchase 150,358 shares of common stock from the Company at $10 per share. Bancorp 34 accepted a $1.8 million note from the ESOP secured by all unallocated shares in the plan with a 30-year repayment term. The principal balance includes $1.5 million used to purchase stock in 2016 and $266,000 used to pay off already outstanding ESOP loans used to purchase shares in 2012 and 2014. Principal and interest payments on the note are made every December 31 and the interest rate on the loan adjusts annually on January 1st to the prime rate of interest as published in the Wall Street Journal. The Bank makes at least annual discretionary contributions to the ESOP and the ESOP uses all funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation for that plan year. At the discretion of the employer, participants may receive the shares, cash, or a combination of stock and cash at the end of employment. Since the Bank is the primary source of repayment on ESOP loans, the Bank records the note payable and an equal contra-equity account on its balance sheet and interest expense and ESOP benefit plan expense on its statement of comprehensive income equal to the annual loan payments. As inter-company borrowings, all bank-recorded balance sheet items, Bancorp 34 interest income and Bank 34 interest expense on the ESOP loan are eliminated in consolidation. Bancorp 34 consolidated financial statements include a contra-equity account with a balance equal to the purchase price of all unallocated shares in the ESOP. Shares held by the ESOP on December 31, 2023, and 2022, were as follows: Schedule of Shares held by ESOP 2023 2022 Allocated shares 50,717 44,476 Unallocated shares 139,334 145,597 Total ESOP shares 190,051 190,073 The fair value of unallocated shares held by the ESOP is $ 1,379,000 1,966,000 67,000 338,000 Bank 34 Employees DB Retirement Plan: During the year ended December 31, 2022, the Company extinguished the Bank DB Plan and recorded expense of $1,750,000. At December 31, 2023 and 2022, there were no plan assets or liabilities included in the Consolidated Balance Sheet, respectively. Contributions to the plan totaled $-0- and $30,000 in 2023 and 2022, respectively. Deferred Compensation and Director’s Fee Plans: 147,000 97,000 2,012,000 1,949,000 |
Board of Directors_ Retirement
Board of Directors’ Retirement Policy | 12 Months Ended |
Dec. 31, 2023 | |
Board Of Directors Retirement Policy | |
Board of Directors’ Retirement Policy | Note 10 – Board of Directors’ Retirement Policy The Board previously had a deferred compensation policy (Policy) to compensate Board members for their service to the Company. The retirement date for directors was the later of the last month in which they reached age 70 or completion of their term if they were elected to the Board during the annual meeting resulting in service beyond age 70. Upon retirement, Board members receive deferred compensation for the remainder of their life up to a maximum of $2,000 per month. Board members vested in the Policy based on service as follows: zero to four years of service (20%), five years of service (40%), six years of service (60%), seven years of service (80%) and eight years of service (100%). On September 21, 2011, the Board rescinded this retirement policy for current directors. The total liability for the combined policies and agreements was $ 229,000 256,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes Income tax provision consists of the following (dollars in thousands): Schedule of Income Tax Provision 2023 2022 Current Federal $ — $ 23 State (175 ) (227 ) Deferred benefit (278 ) 262 Total income tax provision $ (453 ) $ 58 Income tax expense from continuing operations differs from the amounts computed by applying the federal income tax rate of 21% Income tax provision calculated at the statutory federal income tax rate of 21% for 2023 and 2022, differs from actual income tax provision as follows (dollars in thousands): Schedule of Income Tax Rate Reconciliation 2023 2022 Income tax at statutory rate $ (810 ) $ 292 Non-deductible merger costs 468 — Benefit from other permanent differences: Earnings on life insurance assets (52 ) (50 ) State income taxes, net of Federal tax benefit (165 ) (116 ) Other items, net 106 (68 ) Totals $ (453 ) $ 58 Deferred tax assets and liabilities consist of the following at December 31 (dollars in thousands): Schedule of Deferred Tax Assets and Liabilities 2023 2022 Deferred tax assets: Allowance for credit losses $ 1,458 $ 1,191 Net operating loss carryforwards and certain state tax credits 1,042 582 Deferred compensation 557 549 Accrued bonus 9 318 Lease liability 500 536 Unrealized losses on AFS securities 1,840 2,317 Other, net 283 292 Total deferred tax assets 5,689 5,785 Deferred tax liabilities: Loan origination costs (165 ) (196 ) Depreciation (152 ) (515 ) Right-of-use asset (453 ) (139 ) FHLB stock dividends (35 ) (11 ) Total deferred tax liabilities (805 ) (861 ) Net deferred tax assets included in other assets $ 4,884 $ 4,924 A valuation allowance for deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, projected future taxable income, net operating loss carry-back potential, and tax planning strategies in making this assessment. Based upon the Company’s assessment of all available evidence, management determined it was more likely than not that the net deferred tax asset would be realized at December 31, 2023. At December 31, 2023, the Company had federal operating loss carry-forwards of approximately $ 3.7 million It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2023, and 2022, there were no material uncertain tax positions related to federal and state income tax matters. The Company does not expect the amounts of unrecognized tax benefits to significantly increase or decrease within the next 12 months. The Company files consolidated U.S. federal and various state income/franchise tax returns. The Company is no longer subject to examination by U.S. federal taxing authorities for years before 2020 and is no longer subject to examination by state taxing authorities for years before 2019 . |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters | Note 12 – Regulatory Matters Bank 34 is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts, and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total risk-based capital and Tier 1 capital to risk-weighted assets, and Tier 1 capital to adjusted total assets. Management believes, as of December 31, 2023, and 2022, the Bank meets all capital adequacy requirements to which it is subject. Banks are also subject to certain restrictions on the dollar amount of dividends that they may declare without prior regulatory approval. As of December 31, 2023, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank has to maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as disclosed in the table below. There are no conditions or events that management believes have changed the Bank’s prompt corrective action category. The Bank has not opted into the Community Bank Leverage Ratio (“CBLR”) and therefore is required to continue calculating and reporting risk-based capital ratios. The Bank’s actual and required capital amounts and ratios are as follows (dollars in thousands): Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company Actual Minimum Required Minimum Required Amount Ratio Amount Ratio Amount Ratio 2023 Total Capital to risk-weighted assets: $ 74,142 14.79 % $ 40,114 8 % $ 50,143 10 % Tier 1 (Core) Capital to risk weighted assets: $ 68,032 13.57 % $ 30,086 6 % $ 40,114 8 % Common Tier 1 Capital to risk $ 68,032 13.57 % $ 22,564 4.50 % $ 32,593 6.50 % Tier 1 (Core) Capital to average assets: $ 68,032 11.66 % $ 23,347 4 % $ 29,184 5 % Actual Minimum Required Minimum Required Amount Ratio Amount Ratio Amount Ratio 2022 Total Capital to risk-weighted assets: $ 64,942 13.57 % $ 38,286 8 % $ 47,857 10 % Tier 1 (Core) Capital to risk weighted assets: $ 60,163 12.57 % $ 28,717 6 % $ 38,290 8 % Common Tier 1 Capital to risk $ 60,163 12.57 % $ 21,538 4.50 % $ 31,111 6.50 % Tier 1 (Core) Capital to average assets: $ 60,163 10.34 % $ 23,274 4 % $ 29,092 5 % |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 13 – Related-Party Transactions The Bank periodically enters into transactions with its executive officers, directors, significant stockholders, and their affiliates (related parties). Transactions with such related parties included (dollars in thousands): Schedule of Related Party Transactions 2023 2022 Fees and bonuses paid to directors during the period $ 270 $ 231 Deposits from related parties held by the bank at the end of period 2,607 4,568 There were no loans to related parties in 2023 or 2022. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 14 – Stock-Based Compensation Stock-based compensation expense, reflected in earnings, for the years ended December 31, 2023, and 2022, was $ 90,000 292,000 The Company accounts for forfeitures when they occur by reversing any previously accrued compensation expense on forfeited options in accordance with ASC 718, Compensation – Stock Compensation. On November 17, 2017, the stockholders approved the adoption of the 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provides for the grant of a maximum of 263,127 187,948 75,179 On May 25, 2022, the stockholders approved the adoption of the 2022 Equity Incentive Plan (“2022 Plan”). The 2022 Plan provides for the grant of a maximum of 252,340 168,227 84,113 The stock option plans allow for net settlement of vested options. In a net settlement, the Company, at the direction of the optionee, net settles the options by issuing new shares to the optionee with a value, at the current per share trading price, equal to the total in-the-money or intrinsic value of the options less any necessary tax withholdings on the disqualifying disposition of Incentive Stock Options. The optionee is granted newly issued shares and a small amount of cash in lieu of partial shares. There were no net settlements in 2023 and one net settlement in 2022. In 2023, 10,250 8,739 1,511 15,000 9,500 Schedule of Weighted Average Inputs and Assumptions 2023 2022 Grant date stock price and exercise price $ 12.03 $ 15.80 Dividend yield 2.89 % 2.48 % Expected stock price volatility 23.37 % 23.59 % Risk-free interest rate 3.50 % 2.17 % Expected option life in years 6 6 Total weighted-average fair value of options granted $ 2.42 $ 3.00 Historical data is used to estimate expected volatility and the term of options expected to be outstanding and takes into account that options are not transferable. The risk-free interest rate is based on the U.S. Treasury yield curve for the expected term in effect at the date of grant. A summary of stock option activity in 2023 is presented below (Aggregate Intrinsic Value in thousands): Schedule of Stock Options Activity Shares Weighted- Weighted- Aggregate Outstanding at beginning of year 144,020 $ 14.07 2.8 years 95 Granted 10,250 12.03 6.3 years — Exercised — — — — Forfeited or expired (16,770 ) 14.53 2.1 years — Outstanding at end of year 137,500 $ 13.86 2.1 years $ — Exercisable at year-end 109,700 $ 14.23 1.4 years $ — Information related to stock option exercises during each year is as follows (dollars in thousands): Schedule of Information related to Stock Option Exercise 2023 2022 Intrinsic value of options exercised $ — $ 17 Cash received from options exercised $ — $ — Tax benefit realized from options exercised $ — $ 15 A summary of restricted stock activity for the year ended December 31, 2023, is presented below: Schedule of Non-Vested Restricted Stock Activity Shares Weighted- Average Non-vested on January 1, 2023 6,500 $ 14.89 4.1 years Granted 10,250 12.03 4.3 years Vested (1,300 ) 14.89 3.2 years Forfeited (2,050 ) 13.18 3.8 years Non-vested on December 31, 2023 13,400 $ 12.97 3.9 years As of December 31, 2023, there was $ 67,000 143,000 Schedule of Unrecognized Equity-Based Expense under 2017 Equity Incentive Plan Year 2024 $ 64 2025 61 2026 49 2027 29 2028 7 Totals $ 210 |
Fair Value Information
Fair Value Information | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | Note 15 – Fair Value Information The following table presents information about assets and liabilities measured at fair value on a recurring and non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair values (dollars in thousands): Schedule of Assets and Liabilities measured at Fair Value December 31, 2023 Quoted Prices Significant Significant Fair Value Recurring: Assets: Securities available-for-sale: Mortgage-backed securities $ — $ 32,467 $ — $ 32,467 U.S. Treasuries — 2,792 — 2,792 U.S. Government Agencies — 270 — 270 Municipal obligations — 20,328 — 20,328 Corporate debt — 833 — 833 Total available-for-sale: $ — $ 56,690 $ — $ 56,690 Nonrecurring basis: Collateral dependent loans $ — $ — $ 1,071 $ 1,071 Other Real Estate Owned $ — $ — $ 3,000 $ 3,000 December 31, 2022 Quoted Prices Significant Significant Fair Value Recurring: Assets: Securities available-for-sale: Mortgage-backed securities $ — $ 34,532 $ — $ 34,532 U.S. Treasuries — 2,717 — 2,717 U.S. Government Agencies — 370 — 370 Municipal obligations — 20,151 — 20,151 Corporate debt — 812 — 812 Total available-for-sale: $ — $ 58,582 $ — $ 58,582 Nonrecurring basis: Impaired loans $ — $ — $ 3,951 $ 3,951 The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to There were no transfers between levels of the fair value hierarchy during the years ended December 31, 2023, or 2022. The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 financial assets measured on a non-recurring basis (dollars in thousands): Fair Value Measurement Inputs and Valuation Techniques Collateral Dependent Loans Fair Value Valuation Valuation Model Unobservable Commercial 1,071 Appraisal Receivables Discount/Liquidation Discount 0 50 Total collateral dependent loans $ 1,071 Other Assets Other Real Estate Owned $ 3,000 Appraisal Appraisal Discount/Estimated Selling Costs 23 % Collateral Dependent Loans Fair Value Valuation Valuation Model Unobservable Input Commercial 1,641 Appraisal Receivables Discount/Liquidation Discount 0 18% NOO CRE 1,591 Appraisal Appraisal Discount/Estimated Selling Costs 18 50% 1–4 family residential RE 719 Appraisal Appraisal Discount/Estimated Selling Costs 0 18% Total collateral dependent loans $ 3,951 The estimated fair values of the Company’s consolidated financial instruments at year-end are as follows (dollars in thousands): Schedule of Fair Value of Financial Instruments December 31, 2023 2022 Financial assets Fair Value Carrying Fair Carrying Fair Cash and due from banks Level 1 $ 27,182 $ 27,182 $ 16,112 $ 16,112 Federal funds sold Level 2 1,715 1,715 835 835 Securities available-for-sale Level 2 56,690 56,690 58,582 58,582 Securities held-to-maturity Level 2 5,684 5,107 5,832 5,432 Loans held for investment Level 3 457,027 437,878 463,360 419,251 Other Real Estate Owned Level 3 3,000 3,000 Other investments Level 2 4,063 4,063 1,277 1,277 Accrued interest receivable Level 1 1,597 1,597 1,505 1,505 Financial liabilities Nonmaturity Deposits Level 1 $ (331,596 ) $ (331,596 ) $ (414,094 ) $ (414,094 ) Time deposits Level 2 (128,403 ) (128,108 ) (73,493 ) (71,932 ) FRB and FHLB advances Level 2 (29,000 ) (29,000 ) (5,000 ) (5,292 ) Subordinated debentures Level 3 (24,595 ) (20,421 ) (24,531 ) (21,728 ) Accrued interest payable Level 1 (521 ) (521 ) (562 ) (562 ) |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 16 – Earnings per Share Following shareholder approval received on June 29, 2023, the Company converted 820,115 shares of its Series A Preferred Stock to an equal number of shares of its newly created Non-Voting Common Stock, which was effective on July 19, 2023. The Company has voting common stock, restricted stock awards, and non-voting common stock that are all eligible to participate in dividends equal to the voting common stock dividends on a per share basis. Securities that participate in dividends, such as the Company’s restricted stock awards and non-voting common stock, are considered “participating securities.” The Company calculates net income available to voting common shareholders using the two-class method required for capital structures that include participating securities. In applying the two-class method, basic net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive. Potentially dilutive common stock equivalents consist of employee stock options and warrants. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. The factors are used in the earnings per share computation follow: Schedule of Earning Per Share Year Ended December 31, (dollars in thousands, except for earnings per common share amounts) 2023 2022 Net (loss) income $ (3,402 ) $ 1,330 Less: convertible preferred stock dividends 115 — Less: earnings allocated to participating securities (11 ) (11 ) Net income allocated to common shareholders $ (3,506 ) $ 1,319 Basic weighted average common shares outstanding - Voting 3,654 2,359 Basic weighted average common shares outstanding - Non-Voting 373 — Diluted weighted average common shares outstanding - Voting 3,656 2,371 Diluted weighted average common shares outstanding - Non-Voting 373 — Basic earnings per common share - Voting ($ 0.88 ) $ 0.56 Basic earnings per common share - Non-Voting ($ 0.88 ) — Diluted earnings per common share - Voting ($ 0.88 ) $ 0.56 Diluted earnings per common share - Non-Voting ($ 0.88 ) — Participating securities are restricted stock awards and preferred stock since they participate in common stock dividends. Stock options for 112,500 118,000 211,667 100,315 |
Private Placement of Common and
Private Placement of Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Private Placement Of Common And Preferred Stock | |
Private Placement of Common and Preferred Stock | Note 17 – Private Placement of Common and Preferred Stock In December 2022 and January 2023, the Company completed one private placement of common stock and one private placement of preferred stock, respectively. The Company issued 1,359,497 820,115 28.6 million In conjunction with the private placements, the Company issued warrants to purchase up to 211,667 shares of Common Stock at a price of $14.00. The approximate fair value of the warrants was deemed immaterial by management. The Warrants are exercisable at any time after their grant date, and from time to time, in whole or in part, for 7 years from their grant dates, on December 30, 2029, and January 27, 2030. The exercise of such Warrants remains subject to certain contractual provisions and a “cashless exercise” may be executed. Non-voting common stock – 1,100,000 |
Bancorp 34, Inc. (Parent Compan
Bancorp 34, Inc. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Bancorp 34, Inc. (Parent Company Only) Financial Information | Note 18 – Bancorp 34, Inc. (Parent Company Only) Financial Information Condensed financial statements December 31, Balance Sheet 2023 2022 Assets Cash and cash equivalents $ 19,184 $ 17,835 Investment in subsidiary bank 63,102 54,073 ESOP note receivable 1,531 1,558 Other Investments 809 315 Prepaid and other assets 1,248 894 Total assets $ 85,874 $ 74,675 Liabilities and stockholders’ equity Subordinated debt, net of issuance costs $ 24,595 $ 24,531 Accounts payable and other liabilities 558 906 Stockholders’ equity 60,721 49,238 Total liabilities and stockholders’ equity $ 85,874 $ 74,675 Condensed Statements of Operations Year Ended December 31, Statement of (Loss) Income 2023 2022 Interest income $ 117 $ 52 Interest expense (1,054 ) (1,054 ) Equity in (loss) income of subsidiary bank (1,680 ) 2,162 Merger expense (814 ) — Net asset value adjustment, other investments (100 ) — Other expenses (211 ) (103 ) Benefit for income taxes 340 273 Net (loss) income $ (3,402 ) $ 1,330 Condensed Statements of Cash Flows Year Ended December 31, Statement of Cash Flows 2023 2022 Operating activities Net (loss) income $ (3,402 ) $ 1,330 Adjustments to reconcile net (loss) income to net cash used in operating activities Amortization of subordinated debt issuance costs 64 84 Equity in loss (income) of subsidiary bank 1,680 (2,162 ) Changes in prepaid and other assets (354 ) (297 ) Changes in accrued interest and other liabilities (348 ) 449 Net cash used in operating activities (2,360 ) (596 ) Investing activities Principal collections on ESOP note receivable 27 42 Other investment contributions (494 ) (315 ) Capital contribution to bank subsidiary (10,000 ) — Net cash used in investing activities (10,467 ) (273 ) Financing activities Repurchase of common stock (210 ) (78 ) Issuance of common stock, net 10,866 6,212 Issuance of preferred stock, net 4,176 7,306 Cash dividends paid (656 ) (700 ) Net cash from financing activities 14,176 12,740 Net change in cash and cash equivalents 1,349 11,871 Beginning cash and cash equivalents 17,835 5,964 Ending cash and cash equivalents $ 19,184 $ 17,835 |
Real Estate Owned
Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Owned | Note 19 – Real Estate Owned Real estate owned activity was as follows (dollars in thousands): Schedule of Other Real Estate Owned Year Ended Year Ended Beginning balance $ — $ — Foreclosures and additions 3,000 0 Impairments — — Sales — 0 Ending balance $ 3,000 $ — At both December 31, 2023, and 2022, the balance of real estate owned includes no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2023, and 2022, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $0 and $17,000, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events On February 22, 2024, the bank consummated a note sale relating to the real estate owned in Note 19 – Real Estate Owned through a third-party broker. Net cash proceeds totaled $ 2.5 million |
Nature of Operations and Sign_2
Nature of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
Basis of consolidation | Basis of consolidation |
Reclassifications | Reclassifications |
Use of estimates | Use of estimates |
Adoption of ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” | Adoption of ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” |
Subsequent events | Subsequent events |
Cash and cash equivalents | Cash and cash equivalents |
Securities | Securities Net purchase premiums and discounts on securities are recognized in interest income using the level yield method over the estimated life of the security. Premiums are amortized to the earliest call date. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. For Available-for-sale (AFS) securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income. For AFS securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of applicable taxes. Allowance for credit losses - held-to-maturit securities |
Loans held for investment, net | Loans held for investment, net Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Allowance for credit losses - loans: The principal segments of our loan portfolio are discussed below: Commercial loans Commercial real estate loans Multifamily Construction and land development loans Residential real estate loans Consumer loans The ACL for pooled loans is estimated using a non-discounted cash flow methodology. The bank then applies probability of default and loss given default to the cash flow methodology to calculate expected losses within the model. This allows the bank to identify the timing of default as compared to when the actual loss event may occur. The results are then aggregated to produce segment level results and reserve requirements for each segment. The Company uses a 12-month forecast that is reasonable and supportable within the ACL calculation and then reverts to historical credit loss experience on a straight-line basis over a one-year timeline. Historical loss experience is then used for the remaining life of the assets. The Company uses several economic variables in the calculation of the ACL, the most significant of which is the economic forecast for the national unemployment rate. Changes in the economic forecast for unemployment rates could significantly affect the estimated credit losses which could potentially lead to materially different allowance levels from one reporting period to the next. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the pooled loan evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Qualitative adjustments to historical loss data are made based on management’s assessment of the risks that may lead to a future loan loss or differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, changes in environmental and economic conditions, or other relevant factors. In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326); Troubled Debt Restructurings (“TDR”) and Vintage Disclosures. This ASU was effective for the Company on January 1, 2023. The amendments eliminate the TDR recognition and measurement guidance and instead require an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan (consistent with accounting for other modifications). The amendments also enhance existing disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The Company adopted ASU 2022-02 on January 1, 2023. Refer to Note 3 - Loans and Allowance for Credit Losses for additional information on the required disclosures. Prior to the adoption of ASC 326 methodology, the allowance consisted of probable credit losses inherent in the loan portfolio. Allowances for impaired loans were generally determined based on collateral values or the present value of estimated cash flows and made up the specific reserve component of the reserve. The general component of the allowance covered non-impaired loans and had a quantitative component (historical loss) and a qualitative component (current risk factors). The qualitative risk factors included consideration of the following: changes in lending policies and underwriting standards; changes in economic conditions; changes in nature and volume of loans; changes in the depth of lending staff; changes in the volume and severity of past due, non-accrual and adversely classified loans; changes in the levels and trends of charge offs and recoveries; changes in the quality of the loan review system; changes in concentrations of credit; and, the effects of other external factors such as competition and legal and regulatory requirements. The allowance is increased by a provision for credit losses, which is charged to expense and reduced by charge-offs, net of recoveries. |
Premises and equipment | Premises and equipment three seven fifteen forty |
Leases | Leases |
Other investments | Other investments 3,254,000 963,000 The Company invested in the Castle Creek Launchpad Fund I, LP in April 2022. The Company has committed to fund up to $2 million over a 4-year funding period. As of December 31, 2023, the investment has a carrying value of $809,000 compared to $315,000 as of December 31, 2022. As of December 31, 2023, the investment was valued using the net asset value practical expedient. The scope of the NAV practical expedient is limited to investments without readily determinable fair values in entities that calculate NAV per share consistently with the measurement principles of ASC 946, Financial Services — Investment Companies. Both criteria were present at year-end. The investment was carried at cost as of December 31, 2022. |
Transfers of financial assets | Transfers of financial assets |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) |
Other real estate owned | Other real estate owned 3,000,000 none |
Fair value measurements | Fair value measurements Level 1 Level 2 Level 3 The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. |
Escrow accounts | Escrow accounts |
Financial Instruments with off-balance-sheet risk | Financial Instruments with off-balance-sheet risk Allowance for credit losses - off-balance sheet credit ex osures |
Advertising cost | Advertising cost |
Employee Stock Ownership Plan (ESOP) | Employee Stock Ownership Plan (ESOP) Cash dividends on unallocated ESOP shares may be used to make payments on the ESOP loan and may be allocated to participant accounts in proportion to their account balances. Cash dividends paid on allocated shares are recorded as a reduction of retained earnings and, at the direction of the employer may be: a) credited directly to participant accounts in proportion to their account balances, or b) distributed directly to participants (outside the plan) in proportion to their account balances, or c) used to make payments on the ESOP loan requiring the release of shares with at least a similar fair market value be allocated to participant accounts. In addition, participants have the right to receive an immediate distribution of their vested cash dividends paid on shares of common stock credited to their accounts. |
Other stock-based compensation | Other stock-based compensation |
Employee retention credit | Employee retention credit 547,000 Additionally, the Company received $ 254,000 |
Income taxes | Income taxes |
Comprehensive income (loss) | Comprehensive income (loss) |
Earnings per common share | Earnings per common share |
Business Combination | Business Combination |
Recent Accounting Guidance That Has Not Yet Been Adopted | Recent Accounting Guidance That Has Not Yet Been Adopted In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires, among other things, disaggregated information as regards effective tax rate reconciliation components, as well as information on income taxes paid. This standard, Accounting Standards Update No. 2023-9, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, applies to all entities subject to income taxes. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and held-to-maturity securities | Available-for-sale and held-to-maturity securities have been classified in the consolidated balance sheets according to management’s intent on December 31, 2023, and 2022. The amortized cost of such securities and their approximate fair values were as follows (dollars in thousands): Schedule of Available-for-sale and held-to-maturity securities Amortized Gross Gross Fair Available-for-sale, December 31, 2023 Mortgage-backed securities $ 36,829 $ — $ (4,362 ) $ 32,467 U.S. Treasuries 3,069 — (277 ) 2,792 U.S. government agencies 287 — (17 ) 270 Municipal obligations 22,921 — (2,593 ) 20,328 Corporate debt 1,000 — (167 ) 833 Total $ 64,106 $ — $ (7,416 ) $ 56,690 Amortized Gross Gross Fair Held-to-maturity, December 31, 2023 Corporate debt $ 5,799 $ — $ (692 ) $ 5,107 Total $ 5,799 $ — $ (692 ) $ 5,107 Allowance for Credit Losses $ (115 ) Net carrying value of HTM securities $ 5,684 Amortized Gross Gross Fair Available-for-sale, December 31, 2022 Mortgage-backed securities $ 39,709 $ — $ (5,177 ) $ 34,532 U.S. Treasuries 3,083 — (366 ) 2,717 U.S. government agencies 396 — (26 ) 370 Municipal obligations 23,500 — (3,349 ) 20,151 Corporate debt 1,000 — (188 ) 812 Total $ 67,688 $ — $ (9,106 ) $ 58,582 Amortized Gross Gross Fair Held-to-maturity, December 31, 2022 Corporate debt $ 5,832 $ 9 $ (409 ) $ 5,432 Total $ 5,832 $ 9 $ (409 ) $ 5,432 |
Schedule of Securities with unrealized losses | Securities with unrealized losses on December 31, 2023, and 2022, that have not been recognized in income are as follows (dollars in thousands): Schedule of Securities with unrealized losses Continued Unrealized Continued Unrealized Total Description of securities Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale, December 31, 2023 Mortgage-backed securities $ — $ — $ 30,462 $ (4,362 ) $ 30,462 $ (4,362 ) U.S. Treasuries — — 2,792 (277 ) 2,792 (277 ) U.S. government agencies — — 270 (17 ) 270 (17 ) Municipal obligations — — 20,328 (2,593 ) 20,328 (2,593 ) Corporate debt — — 833 (167 ) 833 (167 ) Total temporarily impaired $ — $ — $ 54,685 $ (7,416 ) $ 54,685 $ (7,416 ) Held to Maturity December 31, 2023 Corporate debt $ 904 $ (96 ) $ 4,203 $ (596 ) 5,107 (692 ) Total temporarily impaired $ 904 $ (96 ) $ 4,203 $ (596 ) 5,107 (692 ) Continued Unrealized Continued Unrealized Total Description of securities Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale, December 31, 2022 Mortgage-backed securities $ 21,377 $ (2,080 ) $ 13,155 $ (3,097 ) $ 34,532 $ (5,177 ) U.S. Treasuries — — 2,717 (366 ) 2,717 (366 ) U.S. government agencies 171 (10 ) 199 (16 ) 370 (26 ) Municipal obligations 12,547 (1,698 ) 7,104 (1,651 ) 19,651 (3,349 ) Corporate debt — — 812 (188 ) 812 (188 ) Total temporarily impaired $ 34,095 $ (3,788 ) $ 23,987 $ (5,318 ) $ 58,082 $ (9,106 ) Held to Maturity December 31, 2022 Corporate debt $ 2,615 $ (202 ) $ 1,793 $ (207 ) 4,408 (409 ) Total temporarily impaired $ 2,615 $ (202 ) $ 1,793 $ (207 ) 4,408 (409 ) |
Schedule of Amortized Cost and Fair Value of Investment Securities | As of December 31, 2023, the amortized cost and estimated fair value of the debt securities portfolio are shown by contractual maturity dates (dollars in thousands). Schedule of Amortized Cost and Fair Value of Investment Securities Amortized Fair Average Available-for-sale Due in one year or less $ 805 $ 794 2.11 % Due from one to five years 9,654 8,706 1.76 % Due from five to ten years 16,818 14,723 2.32 % Due after ten years — — — Mortgage-backed securities 36,829 32,467 2.21 % Total $ 64,106 $ 56,690 2.17 % Amortized Fair Average Held-to-maturity Due in one year or less $ — $ — — Due from one to five years — — — Due from five to ten years 5,799 5,107 4.28 % Due after ten years — — — Total $ 5,799 $ 5,107 4.28 % |
Schedule of Allowance for Credit Losses for Securities Held-To-Maturity | Schedule of Allowance for Credit Losses for Securities Held-To-Maturity For year ended December 31, 2023 Corporate Bonds Allowance for credit losses: Beginning balance $ — Impact of ASU 2016-13 adoption 38 Provision for credit losses 77 Securities charged -off (recoveries) — Total ending allowance balance 115 |
Loans And Allowance For Credi_2
Loans And Allowance For Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Company's Loan | The following presents a summary of the Company’s loans at amortized cost as of the dates noted (dollars in thousands): Schedule of Company's Loan December 31, 2023 2022 1-4 Family residential real estate $ 61,645 $ 63,176 Commercial 50,169 48,567 Consumer and other 698 1,048 Construction 34,538 43,664 Non-Owner Occupied (NOO) CRE 168,404 185,699 Owner Occupied (OO) CRE 82,228 61,375 Multifamily 60,546 61,201 Gross loans 458,228 464,730 Deferred loan fees (1,201 ) (1,370 ) Loans held for investment 457,027 463,360 Less: allowance for credit losses (5,860 ) (4,778 ) Loans, net $ 451,167 $ 458,582 |
Schedule of Allowance for Credit Losses | Allocation of a portion of the allowance for credit losses to one category of loans does not preclude its availability to absorb losses in other categories. The following table presents the activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2023, and December 31, 2022 (dollars in thousands): Schedule of Allowance for Credit Losses 1–4 Family Commercial Consumer Construction NOO OO Multifamily Total Changes in allowance for credit losses for the year ended December 31, 2023 Beginning balance $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Impact of adopting of ASU 2016-13 (33 ) (307 ) (50 ) 441 271 142 140 604 Provision (credit) for loan losses 309 170 2 (151 ) 3,290 504 51 4,175 Loans charged off — (321 ) — — (3,382 ) — — (3,703 ) Recoveries 6 — — — — — 6 Balance on December 31, 2023 $ 736 $ 924 $ 8 $ 512 $ 1,859 $ 1,201 $ 620 $ 5,860 1–4 Family Commercial Consumer Construction NOO OO Multifamily Total Changes in allowance for loan losses for the year ended December 31, 2022 Beginning balance $ 470 $ 647 $ 101 $ 282 $ 2,565 $ 731 $ 532 $ 5,328 Provision (credit) for loan losses 49 3,640 (45 ) (60 ) (885 ) (176 ) (103 ) 2,420 Loans charged off (72 ) (2,905 ) — — — — — (2,977 ) Recoveries 7 — — — — — — 7 Balance on December 31, 2022 $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Allowance for loan losses - December 31, 2022 Ending balance individually evaluated for impairment $ — $ 99 $ — $ — $ — $ — $ — $ 99 Ending balance collectively evaluated for impairment 454 1,283 56 222 1,680 555 429 4,679 Total $ 454 $ 1,382 $ 56 $ 222 $ 1,680 $ 555 $ 429 $ 4,778 Gross loans - December 31, 2022 Ending balance individually evaluated for impairment $ 719 $ 1,641 $ — $ 1,591 $ — $ — $ — $ 3,951 Ending balance collectively evaluated for impairment 62,457 46,926 1,048 42,073 185,699 61,375 61,201 460,779 Total $ 63,176 $ 48,567 $ 1,048 $ 43,664 $ 185,699 $ 61,375 $ 61,201 $ 464,730 |
Schedule of Loan Category and Aging Analysis of Loans | The following table presents the aging of the recorded investment in contractually past due loans, as of December 31, 2023, and 2022. It is shown by class of loans (dollars in thousands): Schedule of Loan Category and Aging Analysis of Loans Loans Contractually Past Due December 31, 2023 30–59 60–89 Over 90 Total Loans Not Total 1-4 Family residential real estate $ 409 $ — $ — $ 409 $ 61,236 $ 61,645 Commercial — — 589 589 49,580 50,169 Consumer and other — — — — 698 698 Construction — — — — 34,538 34,538 NOO CRE — — — 168,404 — 168,404 OO CRE — — — — 82,228 82,228 Multifamily — — — — 60,546 60,546 Total $ 409 $ — $ 589 $ 998 $ 457,230 $ 458,228 Loans Contractually Past Due December 31, 2022 30–59 60–89 Over 90 Total Loans Not Total 1-4 Family residential real estate $ 536 $ 441 $ — $ 977 $ 62,199 $ 63,176 Commercial 313 427 292 1,032 47,535 48,567 Consumer and other — — — — 1,048 1,048 Construction — — — — 43,664 43,664 NOO CRE 512 — — 512 185,187 185,699 OO CRE — — — — 61,375 61,375 Multifamily — 519 — 519 60,682 61,201 Total $ 1,361 $ 1,387 $ 292 $ 3,040 $ 461,690 $ 464,730 |
Schedule of Average Recorded Investment and Interest Income Recognized | Schedule of Average Recorded Investment and Interest Income Recognized December 31, 2022 Unpaid Recorded Allowance Average With no related allowance recorded: Construction $ 1,591 $ 1,591 $ — $ 1,464 1-4 Family Residential RE 719 719 — 739 Commercial and Industrial — — — — Consumer — — — — With an allowance recorded: Commercial Real Estate — — — — 1-4 Family Residential RE — — — — Commercial and Industrial 4,546 1,641 99 4,333 Consumer — — — — Total $ 6,856 $ 3,951 $ 99 $ 6,536 |
Schedule of loan category and loan by risk categories | Schedule of loan category and loan by risk categories Term Loans Amortized Cost by Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Total 1-4 Family Pass $ 4,244 $ 24,009 $ 12,236 $ 7,928 $ 1,466 $ 9,622 $ 1,717 $ — $ 61,222 Special Mention — — — — — 357 — — 357 Substandard — — — — — 67 — — 67 Doubtful — — — — — — — — — Total 1-4 Family 4,244 24,009 12,236 7,928 1,466 10,045 1,717 — 61,645 Current year-to-date gross write-offs — — — — — — — — — Commercial Pass 13,150 15,405 3,234 3,176 87 1,546 10,139 — 46,737 Special Mention — 163 — 2,018 — — — — 2,181 Substandard — — — 903 96 — — — 999 Doubtful — — — — 252 — — — 252 Total Commercial 13,150 15,568 3,234 6,097 435 1,546 10,139 — 50,169 Current year-to-date gross write-offs — — — — 321 — — — 321 Consumer and other Pass 43 138 — 5 10 3 499 — 698 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Consumer and Other 43 138 — 5 10 3 499 — 698 Current year-to-date gross write-offs — — — — — — — — — Construction Pass 7,788 21,551 3,938 38 310 592 321 — 34,538 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Construction 7,788 21,551 3,938 38 310 592 321 — 34,538 Current year-to-date gross write-offs — — — — — — — — — NOO CRE Pass 7,187 35,899 53,442 21,091 13,491 30,911 6,140 — 168,161 Special Mention — — — — — — — — — Substandard — — — 243 — — — — 243 Doubtful — — — — — — — — — Total NOO CRE 7,187 35,899 53,442 21,334 13,491 30,911 6,140 — 168,404 Current year-to-date gross write-offs 3,382 — — — — — — — 3,382 OO CRE Pass 20,726 12,365 20,807 7,966 5,806 4,214 — — 71,884 Special Mention 228 — 7,196 — — 1,690 — — 9,114 Substandard — — — 37 1,193 — — — 1,230 Doubtful — — — — — — — — — Total OO CRE 20,954 12,365 28,003 8,003 6,999 5,904 — — 82,228 Current year-to-date gross write-offs — — — — — — — — — Multi Family Pass 500 15,652 22,007 7,572 6,369 7,105 371 — 59,575 Special Mention — — — — — — — — — Substandard — — 970 — — — — — 970 Doubtful — — — — — — — — — Total Multi Family 500 15,652 22,977 7,572 6,369 7,105 371 — 60,546 Current year-to-date gross write-offs — — — — — — — — — Total $ 53,866 $ 125,182 $ 123,830 $ 50,977 $ 29,080 $ 56,106 $ 19,187 $ — $ 458,228 Total year-to-date gross write-offs $ 3,382 $ — $ — $ — $ 321 $ — $ — $ — $ 3,703 As of December 31, 2022, the risk category of loans by class of loans was as follows (dollars in thousands): December 31, 2022 Pass Special Substandard Doubtful Not Risk Total 1-4 Family $ 62,517 $ — $ 659 $ — $ — $ 63,176 Commercial 46,474 377 1,716 — — 48,567 Consumer and other 993 — — — 55 1,048 Construction 42,073 — 1,591 — — 43,664 NOO CRE 185,699 — — — — 185,699 OO CRE 57,407 3,685 283 — — 61,375 Multi Family 61,201 — — — — 61,201 Total $ 456,364 $ 4,062 $ 4,249 $ — $ 55 $ 464,730 |
Schedule of Nonaccrual Loans | Schedule of Nonaccrual Loans As of December 31, 2023 Non-accrual loans Total non-accrual Loans past due 1-4 Family residential real estate $ 66 $ 66 $ — Commercial 847 1,208 — Consumer and other — — — Construction — — — NOO CRE — — — OO CRE — — — Multifamily 970 970 — Total $ 1,883 $ 2,244 $ — As of December 31, 2022 Non-accrual loans Total non-accrual Loans past due 1-4 Family residential real estate $ 719 $ 719 $ — Commercial — 1,641 292 Consumer and other — — — Construction 1,591 1,591 — NOO CRE — — — OO CRE — — — Multifamily — — — Total $ 2,310 $ 3,951 $ 292 |
Schedule of Collateral Dependent Loans | Schedule of Collateral Dependent Loans As of December 31, 2023 Secured by Secured by Total 1-4 Family residential real estate $ 66 $ — $ 66 Commercial — 1,208 1,208 Consumer and other — — — Construction — — — NOO CRE — — — OO CRE — — — Multifamily 970 — 970 Total $ 1,036 $ 1,208 $ 2,244 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and equipment | Components of premises and equipment, net included in the consolidated balance sheets at December 31, were as follows (dollars in thousands): Schedule of Premises and equipment 2023 2022 Land and improvements $ 1,806 $ 2,170 Buildings and improvements 12,482 12,439 Furniture and equipment 1,953 1,776 Total cost 16,241 16,385 Accumulated depreciation and amortization (8,891 ) (8,308 ) Net book value $ 7,350 $ 8,077 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Maturities of Time Deposits | Following are maturities of time deposits at December 31, 2023, and 2022 (dollars in thousands): Schedule of Maturities of Time Deposits Maturity 2023 2022 One year or less $ 93,675 $ 50,025 Over one through three years 30,390 21,627 Over three through five years 4,338 1,841 Totals $ 128,403 $ 73,493 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of maturities of outstanding borrowings | The following are maturities of outstanding borrowings as of December 31, 2023 (dollars in thousands): Schedule of maturities of outstanding borrowings Maturity One year or less $ 29,000 Over one through three years 0 Over three through five years 0 Over five through ten years 25,000 Totals $ 54,000 |
Financial instruments with of_2
Financial instruments with off-balance-sheet risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Financial Instruments with Off-Balance-Sheet Risk | Contractual or notional amounts of financial instruments representing off-balance-sheet credit risk are as follows as of December 31 (dollars in thousands): Schedule of Financial Instruments with Off-Balance-Sheet Risk 2023 2022 Fixed Variable Fixed Variable Commitments to extend credit $ 5,327 $ 6,966 $ 7,112 $ 16,090 Unused lines of credit 3,962 18,859 4,544 14,162 Totals $ 9,289 $ 25,825 $ 11,656 $ 30,252 |
Schedule of Credit Losses on Off-Balance Sheet Credit | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Schedule of Credit Losses on Off-Balance Sheet Credit For the Beginning Balance $ — Impact of Adopting ASU 2016-13 165,000 (Release) provision for credit losses (30,000 ) Ending Balance $ 135,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Information | The following presents the classification of the right-of-use assets and corresponding liabilities as of the December 31 (dollars in thousands): Schedule of Lease Information December 31, 2023 2022 Lease right-of-use assets Operating lease right-of-use assets $ 1,819 $ 2,067 Lease Liabilities Operating lease liabilities $ 2,011 $ 2,153 |
Schedule of Future Undiscounted Operating Lease Payments | Approximate future minimum rental commitments under noncancelable leases as of December 31, 2023, are (dollars in thousands): Schedule of Future Undiscounted Operating Lease Payments 2024 $ 325 2025 360 2026 366 2027 372 2028 377 2029 383 2030 161 Total minimum lease payments 2,344 Amounts representing interest (present value discount) (333 ) Operating lease liabilities (present value of minimum lease payments) $ 2,011 Weighted-average remaining term (in years) 6.4 Weighted-average discount rate 4.70 % |
Employee Retirement Benefit P_2
Employee Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Shares held by ESOP | Shares held by the ESOP on December 31, 2023, and 2022, were as follows: Schedule of Shares held by ESOP 2023 2022 Allocated shares 50,717 44,476 Unallocated shares 139,334 145,597 Total ESOP shares 190,051 190,073 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Income tax provision consists of the following (dollars in thousands): Schedule of Income Tax Provision 2023 2022 Current Federal $ — $ 23 State (175 ) (227 ) Deferred benefit (278 ) 262 Total income tax provision $ (453 ) $ 58 |
Schedule of Income Tax Rate Reconciliation | Income tax provision calculated at the statutory federal income tax rate of 21% for 2023 and 2022, differs from actual income tax provision as follows (dollars in thousands): Schedule of Income Tax Rate Reconciliation 2023 2022 Income tax at statutory rate $ (810 ) $ 292 Non-deductible merger costs 468 — Benefit from other permanent differences: Earnings on life insurance assets (52 ) (50 ) State income taxes, net of Federal tax benefit (165 ) (116 ) Other items, net 106 (68 ) Totals $ (453 ) $ 58 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following at December 31 (dollars in thousands): Schedule of Deferred Tax Assets and Liabilities 2023 2022 Deferred tax assets: Allowance for credit losses $ 1,458 $ 1,191 Net operating loss carryforwards and certain state tax credits 1,042 582 Deferred compensation 557 549 Accrued bonus 9 318 Lease liability 500 536 Unrealized losses on AFS securities 1,840 2,317 Other, net 283 292 Total deferred tax assets 5,689 5,785 Deferred tax liabilities: Loan origination costs (165 ) (196 ) Depreciation (152 ) (515 ) Right-of-use asset (453 ) (139 ) FHLB stock dividends (35 ) (11 ) Total deferred tax liabilities (805 ) (861 ) Net deferred tax assets included in other assets $ 4,884 $ 4,924 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company | The Bank’s actual and required capital amounts and ratios are as follows (dollars in thousands): Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company Actual Minimum Required Minimum Required Amount Ratio Amount Ratio Amount Ratio 2023 Total Capital to risk-weighted assets: $ 74,142 14.79 % $ 40,114 8 % $ 50,143 10 % Tier 1 (Core) Capital to risk weighted assets: $ 68,032 13.57 % $ 30,086 6 % $ 40,114 8 % Common Tier 1 Capital to risk $ 68,032 13.57 % $ 22,564 4.50 % $ 32,593 6.50 % Tier 1 (Core) Capital to average assets: $ 68,032 11.66 % $ 23,347 4 % $ 29,184 5 % Actual Minimum Required Minimum Required Amount Ratio Amount Ratio Amount Ratio 2022 Total Capital to risk-weighted assets: $ 64,942 13.57 % $ 38,286 8 % $ 47,857 10 % Tier 1 (Core) Capital to risk weighted assets: $ 60,163 12.57 % $ 28,717 6 % $ 38,290 8 % Common Tier 1 Capital to risk $ 60,163 12.57 % $ 21,538 4.50 % $ 31,111 6.50 % Tier 1 (Core) Capital to average assets: $ 60,163 10.34 % $ 23,274 4 % $ 29,092 5 % |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Bank periodically enters into transactions with its executive officers, directors, significant stockholders, and their affiliates (related parties). Transactions with such related parties included (dollars in thousands): Schedule of Related Party Transactions 2023 2022 Fees and bonuses paid to directors during the period $ 270 $ 231 Deposits from related parties held by the bank at the end of period 2,607 4,568 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Weighted Average Inputs and Assumptions | Schedule of Weighted Average Inputs and Assumptions 2023 2022 Grant date stock price and exercise price $ 12.03 $ 15.80 Dividend yield 2.89 % 2.48 % Expected stock price volatility 23.37 % 23.59 % Risk-free interest rate 3.50 % 2.17 % Expected option life in years 6 6 Total weighted-average fair value of options granted $ 2.42 $ 3.00 |
Schedule of Stock Options Activity | A summary of stock option activity in 2023 is presented below (Aggregate Intrinsic Value in thousands): Schedule of Stock Options Activity Shares Weighted- Weighted- Aggregate Outstanding at beginning of year 144,020 $ 14.07 2.8 years 95 Granted 10,250 12.03 6.3 years — Exercised — — — — Forfeited or expired (16,770 ) 14.53 2.1 years — Outstanding at end of year 137,500 $ 13.86 2.1 years $ — Exercisable at year-end 109,700 $ 14.23 1.4 years $ — |
Schedule of Information related to Stock Option Exercise | Information related to stock option exercises during each year is as follows (dollars in thousands): Schedule of Information related to Stock Option Exercise 2023 2022 Intrinsic value of options exercised $ — $ 17 Cash received from options exercised $ — $ — Tax benefit realized from options exercised $ — $ 15 |
Schedule of Non-Vested Restricted Stock Activity | A summary of restricted stock activity for the year ended December 31, 2023, is presented below: Schedule of Non-Vested Restricted Stock Activity Shares Weighted- Average Non-vested on January 1, 2023 6,500 $ 14.89 4.1 years Granted 10,250 12.03 4.3 years Vested (1,300 ) 14.89 3.2 years Forfeited (2,050 ) 13.18 3.8 years Non-vested on December 31, 2023 13,400 $ 12.97 3.9 years |
Schedule of Unrecognized Equity-Based Expense under 2017 Equity Incentive Plan | Schedule of Unrecognized Equity-Based Expense under 2017 Equity Incentive Plan Year 2024 $ 64 2025 61 2026 49 2027 29 2028 7 Totals $ 210 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities measured at Fair Value | The following table presents information about assets and liabilities measured at fair value on a recurring and non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair values (dollars in thousands): Schedule of Assets and Liabilities measured at Fair Value December 31, 2023 Quoted Prices Significant Significant Fair Value Recurring: Assets: Securities available-for-sale: Mortgage-backed securities $ — $ 32,467 $ — $ 32,467 U.S. Treasuries — 2,792 — 2,792 U.S. Government Agencies — 270 — 270 Municipal obligations — 20,328 — 20,328 Corporate debt — 833 — 833 Total available-for-sale: $ — $ 56,690 $ — $ 56,690 Nonrecurring basis: Collateral dependent loans $ — $ — $ 1,071 $ 1,071 Other Real Estate Owned $ — $ — $ 3,000 $ 3,000 December 31, 2022 Quoted Prices Significant Significant Fair Value Recurring: Assets: Securities available-for-sale: Mortgage-backed securities $ — $ 34,532 $ — $ 34,532 U.S. Treasuries — 2,717 — 2,717 U.S. Government Agencies — 370 — 370 Municipal obligations — 20,151 — 20,151 Corporate debt — 812 — 812 Total available-for-sale: $ — $ 58,582 $ — $ 58,582 Nonrecurring basis: Impaired loans $ — $ — $ 3,951 $ 3,951 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the significant unobservable inputs used in the fair value measurements for Level 3 financial assets measured on a non-recurring basis (dollars in thousands): Fair Value Measurement Inputs and Valuation Techniques Collateral Dependent Loans Fair Value Valuation Valuation Model Unobservable Commercial 1,071 Appraisal Receivables Discount/Liquidation Discount 0 50 Total collateral dependent loans $ 1,071 Other Assets Other Real Estate Owned $ 3,000 Appraisal Appraisal Discount/Estimated Selling Costs 23 % Collateral Dependent Loans Fair Value Valuation Valuation Model Unobservable Input Commercial 1,641 Appraisal Receivables Discount/Liquidation Discount 0 18% NOO CRE 1,591 Appraisal Appraisal Discount/Estimated Selling Costs 18 50% 1–4 family residential RE 719 Appraisal Appraisal Discount/Estimated Selling Costs 0 18% Total collateral dependent loans $ 3,951 |
Schedule of Fair Value of Financial Instruments | The estimated fair values of the Company’s consolidated financial instruments at year-end are as follows (dollars in thousands): Schedule of Fair Value of Financial Instruments December 31, 2023 2022 Financial assets Fair Value Carrying Fair Carrying Fair Cash and due from banks Level 1 $ 27,182 $ 27,182 $ 16,112 $ 16,112 Federal funds sold Level 2 1,715 1,715 835 835 Securities available-for-sale Level 2 56,690 56,690 58,582 58,582 Securities held-to-maturity Level 2 5,684 5,107 5,832 5,432 Loans held for investment Level 3 457,027 437,878 463,360 419,251 Other Real Estate Owned Level 3 3,000 3,000 Other investments Level 2 4,063 4,063 1,277 1,277 Accrued interest receivable Level 1 1,597 1,597 1,505 1,505 Financial liabilities Nonmaturity Deposits Level 1 $ (331,596 ) $ (331,596 ) $ (414,094 ) $ (414,094 ) Time deposits Level 2 (128,403 ) (128,108 ) (73,493 ) (71,932 ) FRB and FHLB advances Level 2 (29,000 ) (29,000 ) (5,000 ) (5,292 ) Subordinated debentures Level 3 (24,595 ) (20,421 ) (24,531 ) (21,728 ) Accrued interest payable Level 1 (521 ) (521 ) (562 ) (562 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Share | Schedule of Earning Per Share Year Ended December 31, (dollars in thousands, except for earnings per common share amounts) 2023 2022 Net (loss) income $ (3,402 ) $ 1,330 Less: convertible preferred stock dividends 115 — Less: earnings allocated to participating securities (11 ) (11 ) Net income allocated to common shareholders $ (3,506 ) $ 1,319 Basic weighted average common shares outstanding - Voting 3,654 2,359 Basic weighted average common shares outstanding - Non-Voting 373 — Diluted weighted average common shares outstanding - Voting 3,656 2,371 Diluted weighted average common shares outstanding - Non-Voting 373 — Basic earnings per common share - Voting ($ 0.88 ) $ 0.56 Basic earnings per common share - Non-Voting ($ 0.88 ) — Diluted earnings per common share - Voting ($ 0.88 ) $ 0.56 Diluted earnings per common share - Non-Voting ($ 0.88 ) — |
Bancorp 34, Inc. (Parent Comp_2
Bancorp 34, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial statements | Condensed financial statements December 31, Balance Sheet 2023 2022 Assets Cash and cash equivalents $ 19,184 $ 17,835 Investment in subsidiary bank 63,102 54,073 ESOP note receivable 1,531 1,558 Other Investments 809 315 Prepaid and other assets 1,248 894 Total assets $ 85,874 $ 74,675 Liabilities and stockholders’ equity Subordinated debt, net of issuance costs $ 24,595 $ 24,531 Accounts payable and other liabilities 558 906 Stockholders’ equity 60,721 49,238 Total liabilities and stockholders’ equity $ 85,874 $ 74,675 |
Condensed Statements of Operations | Condensed Statements of Operations Year Ended December 31, Statement of (Loss) Income 2023 2022 Interest income $ 117 $ 52 Interest expense (1,054 ) (1,054 ) Equity in (loss) income of subsidiary bank (1,680 ) 2,162 Merger expense (814 ) — Net asset value adjustment, other investments (100 ) — Other expenses (211 ) (103 ) Benefit for income taxes 340 273 Net (loss) income $ (3,402 ) $ 1,330 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31, Statement of Cash Flows 2023 2022 Operating activities Net (loss) income $ (3,402 ) $ 1,330 Adjustments to reconcile net (loss) income to net cash used in operating activities Amortization of subordinated debt issuance costs 64 84 Equity in loss (income) of subsidiary bank 1,680 (2,162 ) Changes in prepaid and other assets (354 ) (297 ) Changes in accrued interest and other liabilities (348 ) 449 Net cash used in operating activities (2,360 ) (596 ) Investing activities Principal collections on ESOP note receivable 27 42 Other investment contributions (494 ) (315 ) Capital contribution to bank subsidiary (10,000 ) — Net cash used in investing activities (10,467 ) (273 ) Financing activities Repurchase of common stock (210 ) (78 ) Issuance of common stock, net 10,866 6,212 Issuance of preferred stock, net 4,176 7,306 Cash dividends paid (656 ) (700 ) Net cash from financing activities 14,176 12,740 Net change in cash and cash equivalents 1,349 11,871 Beginning cash and cash equivalents 17,835 5,964 Ending cash and cash equivalents $ 19,184 $ 17,835 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Other Real Estate Owned | Real estate owned activity was as follows (dollars in thousands): Schedule of Other Real Estate Owned Year Ended Year Ended Beginning balance $ — $ — Foreclosures and additions 3,000 0 Impairments — — Sales — 0 Ending balance $ 3,000 $ — |
Nature of Operations and Sign_3
Nature of Operations and Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | $ 3,254,000 | $ 963,000 | |
Other Real Estate | 3,000,000 | 0 | $ 0 |
Refundable Employment Tax Credit Net Benefit | $ 547,000 | ||
Deferred Income | $ 254,000 | ||
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,106 | $ 67,688 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (7,416) | (9,106) |
Debt Securities, Available-for-Sale | 56,690 | 58,582 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,799 | 5,832 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 9 | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (692) | (409) |
Debt Securities, Held-to-Maturity, Fair Value | 5,107 | 5,432 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest, Current | (115) | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Current | 5,684 | 5,832 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 36,829 | 39,709 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (4,362) | (5,177) |
Debt Securities, Available-for-Sale | 32,467 | 34,532 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 3,069 | 3,083 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (277) | (366) |
Debt Securities, Available-for-Sale | 2,792 | 2,717 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 287 | 396 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (17) | (26) |
Debt Securities, Available-for-Sale | 270 | 370 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 22,921 | 23,500 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (2,593) | (3,349) |
Debt Securities, Available-for-Sale | 20,328 | 20,151 |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 1,000 | 1,000 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (167) | (188) |
Debt Securities, Available-for-Sale | $ 833 | 812 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,832 | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 9 | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (409) | |
Debt Securities, Held-to-Maturity, Fair Value | $ 5,432 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 34,095 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,788) | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 54,685 | 23,987 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7,416) | (5,318) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 54,685 | 58,082 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (7,416) | (9,106) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 904 | 2,615 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (96) | (202) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4,203 | 1,793 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (596) | (207) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 5,107 | 4,408 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (692) | (409) |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 21,377 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,080) | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 30,462 | 13,155 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,362) | (3,097) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 30,462 | 34,532 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (4,362) | (5,177) |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,792 | 2,717 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (277) | (366) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,792 | 2,717 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (277) | (366) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 171 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10) | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 270 | 199 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17) | (16) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 270 | 370 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (17) | (26) |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 12,547 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,698) | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 20,328 | 7,104 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,593) | (1,651) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 20,328 | 19,651 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (2,593) | (3,349) |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 833 | 812 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (167) | (188) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 833 | 812 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | (167) | (188) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 904 | 2,615 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (96) | (202) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4,203 | 1,793 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (596) | (207) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 5,107 | 4,408 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | $ (692) | $ (409) |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 805 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $ 794 | |
Debt Securities, Available-for-Sale, Maturity, Rolling within One Year, Weighted Average Yield | 2.11% | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $ 9,654 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $ 8,706 | |
Debt Securities, Available-for-Sale, Maturity, Rolling after One Through Five Years, Weighted Average Yield | 1.76% | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | $ 16,818 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | $ 14,723 | |
Debt Securities, Available-for-Sale, Maturity, Rolling after 5 through 10 Years, Weighted Average Yield | 2.32% | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | ||
Debt Securities, Available-for-Sale, Maturity, Rolling after 10 Years, Weighted Average Yield | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,106 | $ 67,688 |
Debt Securities, Available-for-Sale | $ 56,690 | 58,582 |
Debt Securities, Available-for-Sale, Weighted Average Yield | 2.17% | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | ||
Debt Securities, Held-to-Maturity, Maturity, Rolling within One Year, Weighted Average Yield | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | ||
Debt Securities, Held-to-Maturity, Maturity, Rolling after One Through Five Years, Weighted Average Yield | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | $ 5,799 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $ 5,107 | |
Debt Securities, Held-to-Maturity, Maturity, Rolling after 5 through 10 Years, Weighted Average Yield | 4.28% | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | ||
Debt Securities, Held-to-Maturity, Maturity, Rolling after 10 Years, Weighted Average Yield | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 5,799 | 5,832 |
Debt Securities, Held-to-Maturity, Fair Value | $ 5,107 | 5,432 |
Debt Securities, Held-to-Maturity, Weighted Average Yield | 4.28% | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 36,829 | 39,709 |
Debt Securities, Available-for-Sale | $ 32,467 | $ 34,532 |
Debt Securities, Available-for-Sale, Weighted Average Yield | 2.21% |
Securities (Details 4)
Securities (Details 4) - Corporate Debt Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Jan. 01, 2023 | |
Marketable Securities [Line Items] | ||
Beginning balance | ||
Impact of ASU 2016-13 adoption | 115 | $ 38 |
Provision for credit losses | 77 | |
Securities charged -off (recoveries) | ||
Total ending allowance balance | $ 115 |
Securities (Details Narrative)
Securities (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities Held as Collateral, at Fair Value | $ 43,070,000 | $ 8,193,000 |
Debt Securities, Held-to-Maturity, Accrued Interest, before Allowance for Credit Loss | $ 56,000 |
Loans And Allowance For Credi_3
Loans And Allowance For Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Gross loans | $ 458,228 | $ 464,730 | |
Deferred loan fees | (1,201) | (1,370) | |
Loans held for investment | 457,027 | 463,360 | |
Less: allowance for credit losses | (5,860) | (4,778) | $ (5,328) |
Loans held for investment, net | 451,167 | 458,582 | |
1-4 Family residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 61,645 | 63,176 | |
Less: allowance for credit losses | (736) | (454) | (470) |
Commercial Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 50,169 | 48,567 | |
Less: allowance for credit losses | (924) | (1,382) | (647) |
Consumer Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 698 | 1,048 | |
Less: allowance for credit losses | (8) | (56) | (101) |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 34,538 | 43,664 | |
Less: allowance for credit losses | (512) | (222) | (282) |
Non Owner Occupied (NOO) CRE [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 168,404 | 185,699 | |
Less: allowance for credit losses | (1,859) | (1,680) | (2,565) |
Owner Occupied (OO) CRE [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 82,228 | 61,375 | |
Less: allowance for credit losses | (1,201) | (555) | (731) |
Multifamily [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Gross loans | 60,546 | 61,201 | |
Less: allowance for credit losses | $ (620) | $ (429) | $ (532) |
Loans And Allowance For Credi_4
Loans And Allowance For Credit Losses (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | $ 4,778 | $ 5,328 |
Impact of adopting of ASU 2016-13 | 604 | |
Provision (credit) for loan losses | 4,175 | 2,420 |
Loans charged off | (3,703) | (2,977) |
Recoveries | 6 | 7 |
Balance on December 31, 2022 | 5,860 | 4,778 |
Ending balance individually evaluated for impairment | 99 | |
Ending balance collectively evaluated for impairment | 4,679 | |
Total | 5,860 | 4,778 |
Ending balance individually evaluated for impairment | 3,951 | |
Ending balance collectively evaluated for impairment | 460,779 | |
Total | 458,228 | 464,730 |
1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 454 | 470 |
Impact of adopting of ASU 2016-13 | (33) | |
Provision (credit) for loan losses | 309 | 49 |
Loans charged off | (72) | |
Recoveries | 6 | 7 |
Balance on December 31, 2022 | 736 | 454 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 454 | |
Total | 736 | 454 |
Ending balance individually evaluated for impairment | 719 | |
Ending balance collectively evaluated for impairment | 62,457 | |
Total | 61,645 | 63,176 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 1,382 | 647 |
Impact of adopting of ASU 2016-13 | (307) | |
Provision (credit) for loan losses | 170 | 3,640 |
Loans charged off | (321) | (2,905) |
Recoveries | ||
Balance on December 31, 2022 | 924 | 1,382 |
Ending balance individually evaluated for impairment | 99 | |
Ending balance collectively evaluated for impairment | 1,283 | |
Total | 924 | 1,382 |
Ending balance individually evaluated for impairment | 1,641 | |
Ending balance collectively evaluated for impairment | 46,926 | |
Total | 50,169 | 48,567 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 56 | 101 |
Impact of adopting of ASU 2016-13 | (50) | |
Provision (credit) for loan losses | 2 | (45) |
Loans charged off | ||
Recoveries | ||
Balance on December 31, 2022 | 8 | 56 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 56 | |
Total | 8 | 56 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 1,048 | |
Total | 698 | 1,048 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 222 | 282 |
Impact of adopting of ASU 2016-13 | 441 | |
Provision (credit) for loan losses | (151) | (60) |
Loans charged off | ||
Recoveries | ||
Balance on December 31, 2022 | 512 | 222 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 222 | |
Total | 512 | 222 |
Ending balance individually evaluated for impairment | 1,591 | |
Ending balance collectively evaluated for impairment | 42,073 | |
Total | 34,538 | 43,664 |
Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 1,680 | 2,565 |
Impact of adopting of ASU 2016-13 | 271 | |
Provision (credit) for loan losses | 3,290 | (885) |
Loans charged off | (3,382) | |
Recoveries | ||
Balance on December 31, 2022 | 1,859 | 1,680 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 1,680 | |
Total | 1,859 | 1,680 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 185,699 | |
Total | 168,404 | 185,699 |
Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 555 | 731 |
Impact of adopting of ASU 2016-13 | 142 | |
Provision (credit) for loan losses | 504 | (176) |
Loans charged off | ||
Recoveries | ||
Balance on December 31, 2022 | 1,201 | 555 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 555 | |
Total | 1,201 | 555 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 61,375 | |
Total | 82,228 | 61,375 |
Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 429 | 532 |
Impact of adopting of ASU 2016-13 | 140 | |
Provision (credit) for loan losses | 51 | (103) |
Loans charged off | ||
Recoveries | ||
Balance on December 31, 2022 | 620 | 429 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 429 | |
Total | 620 | 429 |
Ending balance individually evaluated for impairment | ||
Ending balance collectively evaluated for impairment | 61,201 | |
Total | $ 60,546 | $ 61,201 |
Loans And Allowance For Credi_5
Loans And Allowance For Credit Losses (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 458,228 | $ 464,730 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 409 | 1,361 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,387 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 589 | 292 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 998 | 3,040 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 457,230 | 461,690 |
1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 61,645 | 63,176 |
1-4 Family residential real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 409 | 536 |
1-4 Family residential real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 441 | |
1-4 Family residential real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
1-4 Family residential real estate | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 409 | 977 |
1-4 Family residential real estate | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 61,236 | 62,199 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50,169 | 48,567 |
Commercial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 313 | |
Commercial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 427 | |
Commercial Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 589 | 292 |
Commercial Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 589 | 1,032 |
Commercial Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 49,580 | 47,535 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 698 | 1,048 |
Consumer Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 698 | 1,048 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 34,538 | 43,664 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 34,538 | 43,664 |
Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 168,404 | 185,699 |
Non Owner Occupied (NOO) CRE [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 512 | |
Non Owner Occupied (NOO) CRE [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Non Owner Occupied (NOO) CRE [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Non Owner Occupied (NOO) CRE [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 168,404 | 512 |
Non Owner Occupied (NOO) CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 185,187 | |
Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 82,228 | 61,375 |
Owner Occupied (OO) CRE [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Owner Occupied (OO) CRE [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Owner Occupied (OO) CRE [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Owner Occupied (OO) CRE [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Owner Occupied (OO) CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 82,228 | 61,375 |
Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 60,546 | 61,201 |
Multifamily [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 519 | |
Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 519 | |
Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 60,546 | $ 60,682 |
Loans And Allowance For Credi_6
Loans And Allowance For Credit Losses (Details 4) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Impaired Financing Receivable, Related Allowance | $ 99 |
Impaired Financing Receivable, Unpaid Principal Balance | 6,856 |
Impaired Financing Receivable, Recorded Investment | 3,951 |
Impaired Financing Receivable, Average Recorded Investment | 6,536 |
Commercial Real Estate [Member] | |
Financing Receivable, Past Due [Line Items] | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,591 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,591 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,464 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |
Impaired Financing Receivable, Related Allowance | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |
1-4 Family residential real estate | |
Financing Receivable, Past Due [Line Items] | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 719 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 719 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 739 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |
Impaired Financing Receivable, Related Allowance | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |
Commercial Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,546 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,641 |
Impaired Financing Receivable, Related Allowance | 99 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,333 |
Consumer Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |
Impaired Financing Receivable, Related Allowance | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment |
Loans And Allowance For Credi_7
Loans And Allowance For Credit Losses (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | $ 53,866 | $ 53,866 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 125,182 | 125,182 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 123,830 | 123,830 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 50,977 | 50,977 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 29,080 | 29,080 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 56,106 | 56,106 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 19,187 | 19,187 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 458,228 | 458,228 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 3,382 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 321 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | 3,703 | ||
Loans and Leases Receivable, Gross | 458,228 | 458,228 | $ 464,730 |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 456,364 | ||
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,062 | ||
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,249 | ||
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 55 | ||
1-4 Family residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,244 | 4,244 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,009 | 24,009 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 12,236 | 12,236 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 7,928 | 7,928 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,466 | 1,466 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,045 | 10,045 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,717 | 1,717 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 61,645 | 61,645 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | |||
Loans and Leases Receivable, Gross | 61,645 | 61,645 | 63,176 |
1-4 Family residential real estate | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,244 | 4,244 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,009 | 24,009 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 12,236 | 12,236 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 7,928 | 7,928 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,466 | 1,466 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,622 | 9,622 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,717 | 1,717 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 61,222 | 61,222 | |
Loans and Leases Receivable, Gross | 62,517 | ||
1-4 Family residential real estate | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 357 | 357 | |
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 357 | 357 | |
Loans and Leases Receivable, Gross | |||
1-4 Family residential real estate | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 67 | 67 | |
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 67 | 67 | |
Loans and Leases Receivable, Gross | 659 | ||
1-4 Family residential real estate | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
1-4 Family residential real estate | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Commercial Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,150 | 13,150 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,568 | 15,568 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,234 | 3,234 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,097 | 6,097 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 435 | 435 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,546 | 1,546 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 10,139 | 10,139 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 50,169 | 50,169 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 321 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | 321 | ||
Loans and Leases Receivable, Gross | 50,169 | 50,169 | 48,567 |
Commercial Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,150 | 13,150 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,405 | 15,405 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,234 | 3,234 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 3,176 | 3,176 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 87 | 87 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,546 | 1,546 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 10,139 | 10,139 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 46,737 | 46,737 | |
Loans and Leases Receivable, Gross | 46,474 | ||
Commercial Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 163 | 163 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 2,018 | 2,018 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,181 | 2,181 | |
Loans and Leases Receivable, Gross | 377 | ||
Commercial Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 903 | 903 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 96 | 96 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 999 | 999 | |
Loans and Leases Receivable, Gross | 1,716 | ||
Commercial Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 252 | 252 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 252 | 252 | |
Loans and Leases Receivable, Gross | |||
Commercial Loan [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Consumer Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 43 | 43 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 138 | 138 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 5 | 5 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10 | 10 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3 | 3 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 499 | 499 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 698 | 698 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | |||
Loans and Leases Receivable, Gross | 698 | 698 | 1,048 |
Consumer Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 43 | 43 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 138 | 138 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 5 | 5 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10 | 10 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3 | 3 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 499 | 499 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 698 | 698 | |
Loans and Leases Receivable, Gross | 993 | ||
Consumer Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Consumer Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Consumer Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Consumer Loan [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 55 | ||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 7,788 | 7,788 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,551 | 21,551 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,938 | 3,938 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 38 | 38 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 310 | 310 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 592 | 592 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 321 | 321 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 34,538 | 34,538 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | |||
Loans and Leases Receivable, Gross | 34,538 | 34,538 | 43,664 |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 7,788 | 7,788 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,551 | 21,551 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,938 | 3,938 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 38 | 38 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 310 | 310 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 592 | 592 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 321 | 321 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 34,538 | 34,538 | |
Loans and Leases Receivable, Gross | 42,073 | ||
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | 1,591 | ||
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Construction Loans [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Non Owner Occupied (NOO) CRE [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 7,187 | 7,187 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35,899 | 35,899 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 53,442 | 53,442 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 21,334 | 21,334 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 13,491 | 13,491 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 30,911 | 30,911 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 6,140 | 6,140 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 168,404 | 168,404 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 3,382 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | 3,382 | ||
Loans and Leases Receivable, Gross | 168,404 | 168,404 | 185,699 |
Non Owner Occupied (NOO) CRE [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 7,187 | 7,187 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35,899 | 35,899 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 53,442 | 53,442 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 21,091 | 21,091 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 13,491 | 13,491 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 30,911 | 30,911 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 6,140 | 6,140 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 168,161 | 168,161 | |
Loans and Leases Receivable, Gross | 185,699 | ||
Non Owner Occupied (NOO) CRE [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Non Owner Occupied (NOO) CRE [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 243 | 243 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 243 | 243 | |
Loans and Leases Receivable, Gross | |||
Non Owner Occupied (NOO) CRE [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Non Owner Occupied (NOO) CRE [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Owner Occupied (OO) CRE [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 20,954 | 20,954 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,365 | 12,365 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 28,003 | 28,003 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 8,003 | 8,003 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,999 | 6,999 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 5,904 | 5,904 | |
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 82,228 | 82,228 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | |||
Loans and Leases Receivable, Gross | 82,228 | 82,228 | 61,375 |
Owner Occupied (OO) CRE [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 20,726 | 20,726 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,365 | 12,365 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 20,807 | 20,807 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 7,966 | 7,966 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 5,806 | 5,806 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,214 | 4,214 | |
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 71,884 | 71,884 | |
Loans and Leases Receivable, Gross | 57,407 | ||
Owner Occupied (OO) CRE [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 228 | 228 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,196 | 7,196 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,690 | 1,690 | |
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 9,114 | 9,114 | |
Loans and Leases Receivable, Gross | 3,685 | ||
Owner Occupied (OO) CRE [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 37 | 37 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,193 | 1,193 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,230 | 1,230 | |
Loans and Leases Receivable, Gross | 283 | ||
Owner Occupied (OO) CRE [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Owner Occupied (OO) CRE [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | |||
Multifamily [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 500 | 500 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,652 | 15,652 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 22,977 | 22,977 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 7,572 | 7,572 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,369 | 6,369 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,105 | 7,105 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 371 | 371 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 60,546 | 60,546 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | |||
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Writeoff | |||
Loans and Leases Receivable, Gross | 60,546 | 60,546 | 61,201 |
Multifamily [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 500 | 500 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,652 | 15,652 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 22,007 | 22,007 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 7,572 | 7,572 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,369 | 6,369 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,105 | 7,105 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 371 | 371 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 59,575 | 59,575 | |
Loans and Leases Receivable, Gross | 61,201 | ||
Multifamily [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Multifamily [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 970 | 970 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 970 | 970 | |
Loans and Leases Receivable, Gross | |||
Multifamily [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | |||
Financing Receivable, Excluding Accrued Interest, Revolving | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | |||
Loans and Leases Receivable, Gross | |||
Multifamily [Member] | Not Rated [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross |
Loans And Allowance For Credi_8
Loans And Allowance For Credit Losses (Details 6) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 1,883 | $ 2,310 |
Financing Receivable, Nonaccrual | 2,244 | 3,951 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 292 | |
1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 66 | 719 |
Financing Receivable, Nonaccrual | 66 | 719 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 847 | |
Financing Receivable, Nonaccrual | 1,208 | 1,641 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 292 | |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,591 | |
Financing Receivable, Nonaccrual | 1,591 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 970 | |
Financing Receivable, Nonaccrual | 970 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing |
Loans And Allowance For Credi_9
Loans And Allowance For Credit Losses (Details 7) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 2,244 | $ 3,951 |
1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 66 | 719 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,208 | 1,641 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,591 | |
Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 970 | |
Secured Debt [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,244 | |
Secured Debt [Member] | 1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 66 | |
Secured Debt [Member] | Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,208 | |
Secured Debt [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 970 | |
Secured Debt [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,036 | |
Secured Debt [Member] | Real Estate Loan [Member] | 1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 66 | |
Secured Debt [Member] | Real Estate Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Real Estate Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Real Estate Loan [Member] | Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Real Estate Loan [Member] | Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Real Estate Loan [Member] | Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Real Estate Loan [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 970 | |
Secured Debt [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,208 | |
Secured Debt [Member] | Other Loan [Member] | 1-4 Family residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Other Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,208 | |
Secured Debt [Member] | Other Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Other Loan [Member] | Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Other Loan [Member] | Non Owner Occupied (NOO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Other Loan [Member] | Owner Occupied (OO) CRE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Secured Debt [Member] | Other Loan [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total |
Loans And Allowance For Cred_10
Loans And Allowance For Credit Losses (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Interest Receivable | $ 1,300 | $ 1,200 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 16,241 | $ 16,385 |
Accumulated depreciation and amortization | (8,891) | (8,308) |
Net book value | 7,350 | 8,077 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 1,806 | 2,170 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 12,482 | 12,439 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 1,953 | $ 1,776 |
Premises and Equipment, Net (_2
Premises and Equipment, Net (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization | $ 583,000 | $ 489,000 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
One year or less | $ 93,675 | $ 50,025 |
Over one through three years | 30,390 | 21,627 |
Over three through five years | 4,338 | 1,841 |
Totals | $ 128,403 | $ 73,493 |
Time Deposits (Details Narrativ
Time Deposits (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits In Excess Of $250000 | $ 43,900,000 | $ 23,400,000 |
Time Deposits In Excess Of $250000 with maturity within one year | 27,500,000 | 19,800,000 |
Interest-Bearing Domestic Deposit, Brokered | $ 19,531,000 | $ 5,000,000 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
One year or less | $ 29,000 |
Over one through three years | 0 |
Over three through five years | 0 |
Over five through ten years | 25,000 |
Totals | $ 54,000 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) - USD ($) | Jun. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Long-Term Line of Credit | $ 146,000,000 | ||
Federal Home Loan Bank, Advance | $ 5,000,000 | ||
Loans Pledged As Collateral | 264,100,000 | ||
Proceeds from Issuance of Private Placement | $ 25,000,000 | ||
Unsecured Debt [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Long-Term Line of Credit | 39,800,000 | 39,800,000 | |
Federal Reserve Bank Advances [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Debt Instrument, Collateral Amount | 30,300,000 | ||
Federal Reserve Bank Advances [Member] | Federal Reserve Bank Of San Francisco [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 15,400,000 | ||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 198,100,000 | ||
Subordinated Debt [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 405,000 |
Financial instruments with of_3
Financial instruments with off-balance-sheet risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commitments to extend credit | $ 5,327 | $ 7,112 |
Unused lines of credit | 3,962 | 4,544 |
Totals | 9,289 | 11,656 |
Variable [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commitments to extend credit | 6,966 | 16,090 |
Unused lines of credit | 18,859 | 14,162 |
Totals | $ 25,825 | $ 30,252 |
Financial instruments with of_4
Financial instruments with off-balance-sheet risk (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Investments, All Other Investments [Abstract] | |
Beginning Balance | |
Impact of Adopting ASU 2016-13 | 165,000 |
(Release) provision for credit losses | (30,000) |
Ending Balance | $ 135,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 1,819 | $ 2,067 |
Operating lease liabilities | $ 2,011 | $ 2,153 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 325 | |
2025 | 360 | |
2026 | 366 | |
2027 | 372 | |
2028 | 377 | |
2029 | 383 | |
2030 | 161 | |
Total minimum lease payments | 2,344 | |
Amounts representing interest (present value discount) | (333) | |
Operating lease liabilities (present value of minimum lease payments) | $ 2,011 | $ 2,153 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | |
Lessee, Operating Lease, Discount Rate | 4.70% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating Lease, Expense | $ 365,000 | $ 516,000 |
Employee Retirement Benefit P_3
Employee Retirement Benefit Plans (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Allocated shares | 50,717,000 | 44,476,000 |
Unallocated shares | 139,334,000 | 145,597,000 |
Total ESOP shares | 190,051,000 | 190,073,000 |
Employee Retirement Benefit P_4
Employee Retirement Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 1,379,000 | $ 1,966,000 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 67,000 | 338,000 |
Interest Expense For Deferred Plans | 147,000 | 97,000 |
Deferred Compensation Liability, Current and Noncurrent | $ 2,012,000 | $ 1,949,000 |
Board of Directors_ Retiremen_2
Board of Directors’ Retirement Policy (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Director [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Combined Retirement Plan | $ 229,000 | $ 256,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current | ||
Federal | $ 23 | |
State | (175) | (227) |
Deferred benefit | (278) | 262 |
Total income tax provision | $ (453) | $ 58 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax at statutory rate | $ (810) | $ 292 |
Non-deductible merger costs | 468 | |
Earnings on life insurance assets | (52) | (50) |
State income taxes, net of Federal tax benefit | (165) | (116) |
Other items, net | 106 | (68) |
Total income tax provision | $ (453) | $ 58 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 1,458 | $ 1,191 |
Net operating loss carryforwards and certain state tax credits | 1,042 | 582 |
Deferred compensation | 557 | 549 |
Accrued bonus | 9 | 318 |
Lease liability | 500 | 536 |
Unrealized losses on AFS securities | 1,840 | 2,317 |
Other, net | 283 | 292 |
Total deferred tax assets | 5,689 | 5,785 |
Deferred tax liabilities: | ||
Loan origination costs | (165) | (196) |
Depreciation | (152) | (515) |
Right-of-use asset | (453) | (139) |
FHLB stock dividends | (35) | (11) |
Total deferred tax liabilities | (805) | (861) |
Net deferred tax assets included in other assets | $ 4,884 | $ 4,924 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 3,700 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Banking Regulation, Tier 1 Risk-Based Capital, Actual | $ 74,142 | $ 64,942 |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual | 0.1479 | 0.1357 |
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum | $ 40,114 | $ 38,286 |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.08 | 0.08 |
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum | $ 50,143 | $ 47,857 |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.10 | 0.10 |
Banking Regulation, Total Capital, Actual | $ 68,032 | $ 60,163 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1357 | 0.1257 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 30,086 | $ 28,717 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.06 | 0.06 |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 40,114 | $ 38,290 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.08 | 0.08 |
Banking Regulation, Tier 1 Leverage Capital, Actual | $ 68,032 | $ 60,163 |
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual | 0.1357 | 0.1257 |
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum | $ 22,564 | $ 21,538 |
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0450 | 0.0450 |
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum | $ 32,593 | $ 31,111 |
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum | 0.0650 | 0.0650 |
Common Equity Tier Required to be Categorized Adequately Capitalized Amount | $ 68,032 | $ 60,163 |
Common Equity Tier Required to be Categorized Adequately Capitalized Ratio as percent | 0.1166 | 0.1034 |
Common Equity Tier Actual Amount | $ 23,347 | $ 23,274 |
Common Equity Tier 1 Actual Ratio as percent | 0.04 | 0.04 |
Common Equity Tier Required to be Categorized Well Capitalized Amount | $ 29,184 | $ 29,092 |
Common Equity Tier Required to be Categorized Well Capitalized Ratio as percent | 0.05 | 0.05 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Deposits from related parties held by the bank at the end of period | $ 2,607 | $ 4,568 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Fees and bonuses paid to directors during the period | $ 270 | $ 231 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Grant date stock price and exercise price | $ 12.03 | $ 15.80 |
Dividend yield | 2.89% | 2.48% |
Expected stock price volatility | 23.37% | 23.59% |
Risk-free interest rate | 3.50% | 2.17% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years |
Total weighted-average fair value of options granted | $ 2.42 | $ 3 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 2) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance | 144,020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 14.07 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | 2 years 9 months 18 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 95 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 10,250 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 12.03 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Granted, Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period | (16,770) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 14.53 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeited or Expired, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 137,500 | 144,020 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 13.86 | $ 14.07 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 95 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 109,700 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 14.23 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Intrinsic value of options exercised | $ 17 | |
Cash received from options exercised | ||
Tax benefit realized from options exercised | $ 15 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details 4) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 6,500 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 14.89 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 10 months 24 days | 4 years 4 months 24 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,250 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.03 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Granted, Weighted Average Remaining Contractual Terms | 4 years 3 months 18 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,300) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 14.89 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Remaining Contractual Terms | 3 years 2 months 12 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,050) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 13.18 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited, Weighted Average Remaining Contractual Terms | 3 years 9 months 18 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 13,400 | 6,500 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 12.97 | $ 14.89 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details 5) - Equity Incentive Plan 2017 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
2024 | $ 64 |
2025 | 61 |
2026 | 49 |
2027 | 29 |
2028 | 7 |
Totals | $ 210 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | May 25, 2022 | Nov. 17, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Noncash Expense | $ 90,000 | $ 292,000 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,250 | |||
Employee Benefits and Share-Based Compensation | $ 143,000 | |||
Equity Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 10,250 | |||
Employee Benefits and Share-Based Compensation | $ 67,000 | |||
Equity Incentive Plan 2017 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 263,127 | |||
Employee Benefits and Share-Based Compensation | $ 210,000 | |||
Equity Incentive Plan 2017 [Member] | Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,511 | 9,500 | ||
Equity Incentive Plan 2017 [Member] | Employee Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 75,179 | |||
Equity Incentive Plan 2017 [Member] | Equity Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 187,948 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 15,000 | |||
Equity Incentive Plan 2022 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 252,340 | |||
Equity Incentive Plan 2022 [Member] | Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 168,227 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,739 | |||
Equity Incentive Plan 2022 [Member] | Employee Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 84,113 | |||
Equity Incentive Plan 2022 [Member] | Equity Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 10,250 |
Fair Value Information (Details
Fair Value Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | $ 56,690 | $ 58,582 |
Impaired loans | 2,244 | 3,951 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 56,690 | 58,582 |
Other Real Estate Owned | 3,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 56,690 | 58,582 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | 3,000 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 32,467 | 34,532 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 2,792 | 2,717 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 270 | 370 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 20,328 | 20,151 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 833 | 812 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 56,690 | 58,582 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 56,690 | 58,582 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 32,467 | 34,532 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 32,467 | 34,532 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 2,792 | 2,717 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 2,792 | 2,717 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 270 | 370 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 270 | 370 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 20,328 | 20,151 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 20,328 | 20,151 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 833 | 812 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | 833 | 812 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale: | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,071 | 3,951 |
Other Real Estate Owned | 3,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,071 | $ 3,951 |
Other Real Estate Owned | $ 3,000 |
Fair Value Information (Detai_2
Fair Value Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 3,951 | |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,641 | |
Non Owner Occupied (NOO) CRE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | ||
1-4 Family residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 719 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1,071 | 3,951 |
Fair Value, Nonrecurring [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1,071 | $ 1,641 |
Fair Value, Nonrecurring [Member] | Commercial Loan [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 0% | 0% |
Fair Value, Nonrecurring [Member] | Commercial Loan [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 50% | 18% |
Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 3,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 23% | |
Fair Value, Nonrecurring [Member] | Non Owner Occupied (NOO) CRE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1,591 | |
Fair Value, Nonrecurring [Member] | Non Owner Occupied (NOO) CRE [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 18% | |
Fair Value, Nonrecurring [Member] | Non Owner Occupied (NOO) CRE [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 50% | |
Fair Value, Nonrecurring [Member] | 1-4 Family residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 719 | |
Fair Value, Nonrecurring [Member] | 1-4 Family residential real estate | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 0% | |
Fair Value, Nonrecurring [Member] | 1-4 Family residential real estate | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 18% |
Fair Value Information (Detai_3
Fair Value Information (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 27,182 | $ 16,112 |
Federal funds sold | 28,897 | 16,947 |
Available-for-sale securities, at fair value | 56,690 | 58,582 |
Securities held-to-maturity | 5,684 | 5,832 |
Loans held for investment | 451,167 | 458,582 |
Other investments | 4,063 | 1,277 |
Accrued interest receivable | 1,597 | 1,505 |
Time deposits | (128,403) | (73,493) |
Advance from Federal Home Loan Bank | (5,000) | |
Subordinated debentures | (24,595) | (24,531) |
Accrued interest payable | (4,771) | (5,652) |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 27,182 | 16,112 |
Federal funds sold | 1,715 | 835 |
Available-for-sale securities, at fair value | 56,690 | 58,582 |
Securities held-to-maturity | 5,684 | 5,832 |
Loans held for investment | 457,027 | 463,360 |
Other Real Estate Owned | 3,000 | |
Other investments | 4,063 | 1,277 |
Accrued interest receivable | 1,597 | 1,505 |
Nonmaturity Deposits | (331,596) | (414,094) |
Time deposits | (128,403) | (73,493) |
FRB and FHLB advances | (29,000) | (5,000) |
Subordinated debentures | (24,595) | (24,531) |
Accrued interest payable | (521) | (562) |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 27,182 | 16,112 |
Federal funds sold | 1,715 | 835 |
Available-for-sale securities, at fair value | 56,690 | 58,582 |
Securities held-to-maturity | 5,107 | 5,432 |
Loans held for investment | 437,878 | 419,251 |
Other Real Estate Owned | 3,000 | |
Other investments | 4,063 | 1,277 |
Accrued interest receivable | 1,597 | 1,505 |
Nonmaturity Deposits | (331,596) | (414,094) |
Time deposits | (128,108) | (71,932) |
FRB and FHLB advances | (29,000) | (5,292) |
Subordinated debentures | (20,421) | (21,728) |
Accrued interest payable | (521) | (562) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 27,182 | 16,112 |
Accrued interest receivable | 1,597 | 1,505 |
Nonmaturity Deposits | (331,596) | (414,094) |
Accrued interest payable | (521) | (562) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal funds sold | 1,715 | 835 |
Available-for-sale securities, at fair value | 56,690 | 58,582 |
Securities held-to-maturity | 5,107 | 5,432 |
Other investments | 4,063 | 1,277 |
Time deposits | (128,108) | (71,932) |
Advance from Federal Home Loan Bank | (29,000) | (5,292) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment | 437,878 | 419,251 |
Other Real Estate Owned | 3,000 | |
Subordinated debentures | $ (20,421) | $ (21,728) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net (loss) income | $ (3,402) | $ 1,330 |
Basic earnings per common share - Non-Voting | $ (0.88) | $ 0.56 |
Diluted earnings per common share - Non-Voting | $ (0.88) | $ 0.56 |
Voting Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net (loss) income | $ (3,402) | $ 1,330 |
Less: convertible preferred stock dividends | 115 | |
Less: earnings allocated to participating securities | (11) | (11) |
Net income allocated to common shareholders | $ (3,506) | $ 1,319 |
Basic weighted average common shares outstanding - Non-Voting | 3,654,000 | 2,359,000 |
Diluted weighted average common shares outstanding - Non-Voting | 3,656,000 | 2,371,000 |
Basic earnings per common share - Non-Voting | $ 0.88 | $ 0.56 |
Diluted earnings per common share - Non-Voting | $ 0.88 | $ 0.56 |
Nonvoting Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Basic weighted average common shares outstanding - Non-Voting | 373,000 | |
Diluted weighted average common shares outstanding - Non-Voting | 373,000 | |
Basic earnings per common share - Non-Voting | $ 0.88 | |
Diluted earnings per common share - Non-Voting | $ 0.88 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Option [Member] | ||
Offsetting Assets [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 112,500 | 118,000 |
Warrant [Member] | ||
Offsetting Assets [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 211,667 | 100,315 |
Private Placement of Common a_2
Private Placement of Common and Preferred Stock (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 19, 2023 | |
Stock Issued During Period, Value, New Issues | $ 10,867 | $ 6,212 | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Nonvoting Common Stock [Member] | ||||
Common Stock, Shares Authorized | 1,100,000 | 1,100,000 | 1,100,000 | |
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 848,089 | 511,408 | ||
Common Stock [Member] | Nonvoting Common Stock [Member] | ||||
Stock Issued During Period, Value, New Issues | ||||
Preferred Stock [Member] | ||||
Stock Issued During Period, Value, New Issues | ||||
Private Placement [Member] | ||||
Stock Issued During Period, Value, New Issues | $ 28,600 | |||
Private Placement [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 1,359,497 | |||
Private Placement [Member] | Preferred Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 820,115 |
Bancorp 34, Inc. Parent Company
Bancorp 34, Inc. Parent Company Only Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 27,182 | $ 16,112 | |
Other Investments | 4,063 | 1,277 | |
Prepaid and other assets | 4,267 | 4,949 | |
Total assets | 581,265 | 574,340 | |
Liabilities and stockholders’ equity | |||
Subordinated debt, net of issuance costs | 24,595 | 24,531 | |
Stockholders’ equity | 60,721 | 49,238 | $ 40,670 |
Total liabilities and stockholders’ equity | 581,265 | 574,340 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 19,184 | 17,835 | |
Investment in subsidiary bank | 63,102 | 54,073 | |
ESOP note receivable | 1,531 | 1,558 | |
Other Investments | 809 | 315 | |
Prepaid and other assets | 1,248 | 894 | |
Total assets | 85,874 | 74,675 | |
Liabilities and stockholders’ equity | |||
Subordinated debt, net of issuance costs | 24,595 | 24,531 | |
Accounts payable and other liabilities | 558 | 906 | |
Stockholders’ equity | 60,721 | 49,238 | |
Total liabilities and stockholders’ equity | $ 85,874 | $ 74,675 |
Bancorp 34, Inc. Parent Compa_2
Bancorp 34, Inc. Parent Company Only Financial Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Condensed Financial Statements, Captions [Line Items] | ||
Interest income | $ 28,124 | $ 23,761 |
Interest expense | 12,949 | 5,314 |
Merger expense | 3,010 | |
Other expenses | 1,454 | 1,652 |
Benefit for income taxes | (453) | 58 |
Net (loss) income | (3,402) | 1,330 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest income | 117 | 52 |
Interest expense | (1,054) | (1,054) |
Equity in (loss) income of subsidiary bank | (1,680) | 2,162 |
Merger expense | (814) | |
Net asset value adjustment, other investments | (100) | |
Other expenses | (211) | (103) |
Benefit for income taxes | 340 | 273 |
Net (loss) income | $ (3,402) | $ 1,330 |
Bancorp 34, Inc. Parent Compa_3
Bancorp 34, Inc. Parent Company Only Financial Information (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net (loss) income | $ (3,402) | $ 1,330 |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
Changes in prepaid and other assets | 851 | (123) |
Changes in accrued interest and other liabilities | (1,016) | 213 |
Net cash used in operating activities | 910 | 9,761 |
Investing activities | ||
Net cash used in investing activities | 463 | (56,838) |
Financing activities | ||
Repurchase of common stock | (210) | (78) |
Issuance of common stock, net | 10,867 | 6,212 |
Issuance of preferred stock, net | 4,175 | 7,306 |
Cash dividends paid | (656) | (700) |
Net cash from financing activities | 10,577 | 48,523 |
Net change in cash and cash equivalents | 11,950 | 1,446 |
CASH AND CASH EQUIVALENTS, beginning of period | 16,947 | 15,501 |
CASH AND CASH EQUIVALENTS, end of period | 28,897 | 16,947 |
Parent Company [Member] | ||
Operating activities | ||
Net (loss) income | (3,402) | 1,330 |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
Amortization of subordinated debt issuance costs | 64 | 84 |
Equity in loss (income) of subsidiary bank | 1,680 | (2,162) |
Changes in prepaid and other assets | (354) | (297) |
Changes in accrued interest and other liabilities | (348) | 449 |
Net cash used in operating activities | (2,360) | (596) |
Investing activities | ||
Principal collections on ESOP note receivable | 27 | 42 |
Other investment contributions | (494) | (315) |
Capital contribution to bank subsidiary | (10,000) | |
Net cash used in investing activities | (10,467) | (273) |
Financing activities | ||
Repurchase of common stock | (210) | (78) |
Issuance of common stock, net | 10,866 | 6,212 |
Issuance of preferred stock, net | 4,176 | 7,306 |
Cash dividends paid | (656) | (700) |
Net cash from financing activities | 14,176 | 12,740 |
Net change in cash and cash equivalents | 1,349 | 11,871 |
CASH AND CASH EQUIVALENTS, beginning of period | 17,835 | 5,964 |
CASH AND CASH EQUIVALENTS, end of period | $ 19,184 | $ 17,835 |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 0 | $ 0 |
Foreclosures and additions | 3,000,000 | 0 |
Impairments | ||
Sales | 0 | |
Ending balance | $ 3,000,000 | $ 0 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ in Thousands | Feb. 22, 2024 USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceeds from Sale of Real Estate | $ 2,500 |