Richmond Mutual Bancorporation (RMBI) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38956
Entity Registrant Name	RICHMOND MUTUAL BANCORPORATION, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-4926041
Entity Address, Address Line One	31 North 9th Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47374
City Area Code	765
Local Phone Number	962-2581
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RMBI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,883,803
Entity Central Index Key	0001767837
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 13,713,168	$ 16,748,093
Interest-bearing demand deposits	51,810,044	32,020,364
Cash and cash equivalents	65,523,212	48,768,457
Investment securities - available for sale	258,158,592	244,505,189
Investment securities - held to maturity	10,211,437	12,225,275
Loans and leases, net of allowance for losses of $10,959,000 and $10,586,000, respectively	763,731,414	736,400,098
Premises and equipment, net	14,718,289	14,892,110
Federal Home Loan Bank stock	9,049,600	9,049,600
Interest receivable	4,203,991	4,703,604
Mortgage-servicing rights	1,658,879	1,712,138
Cash surrender value of life insurance	3,548,371	3,525,736
Other assets	10,102,117	8,410,450
Total assets	1,140,905,902	1,084,192,657
Liabilities
Noninterest-bearing deposits	118,075,878	98,724,887
Interest bearing deposits	638,997,768	594,320,508
Total deposits	757,073,646	693,045,395
Federal Home Loan Bank advances	170,000,000	170,000,000
Advances by borrowers for taxes and insurance	535,910	492,524
Interest payable	207,893	222,118
Multi-employer pension plan liability	17,454,709	17,454,709
Other liabilities	6,114,110	10,265,203
Total liabilities	951,386,268	891,479,949
Commitments and Contingent Liabilities	0	0
Stockholders' Equity
Common stock	130,510	131,938
Additional paid-in capital	122,814,920	124,246,425
Retained earnings	80,005,652	78,290,113
Unearned employee stock ownership plan (ESOP)	(13,479,847)	(13,664,373)
Accumulated other comprehensive income	48,399	3,708,605
Total stockholders' equity	189,519,634	192,712,708
Total liabilities and stockholders' equity	$ 1,140,905,902	$ 1,084,192,657

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for loan and lease losses	$ 10,959,000	$ 10,586,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	13,050,996	13,193,760
Common stock, shares outstanding (in shares)	13,050,996	13,193,760

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income
Loans and leases	$ 9,628,305	$ 9,063,567
Investment securities	1,009,239	1,262,937
Other	6,904	125,030
Total interest income	10,644,448	10,451,534
Interest Expense
Deposits	1,187,272	1,824,698
Borrowings	693,951	739,341
Total interest expense	1,881,223	2,564,039
Net Interest Income	8,763,225	7,887,495
Provision for losses on loans and leases	400,000	210,000
Net Interest Income After Provision for Losses on Loans and Leases	8,363,225	7,677,495
Non-Interest Income
Service charges on deposit accounts	194,439	254,651
Card fee income	242,515	179,607
Loan and lease servicing fees	(105,450)	(65,692)
Net gains on securities (includes $0 and $69,139, respectively, related to accumulated other comprehensive loss reclassifications)	0	69,139
Net gains on loan and lease sales	964,817	228,208
Other loan fees	247,891	82,874
Other income	222,372	204,281
Total non-interest income	1,766,584	953,068
Non-Interest Expenses
Salaries and employee benefits	4,445,732	3,363,685
Net occupancy expenses	330,640	290,009
Equipment expenses	336,564	255,848
Data processing fees	526,173	476,803
Deposit insurance expense	71,000	56,000
Printing and office supplies	31,414	26,543
Legal and professional fees	346,518	241,366
Advertising expense	84,044	109,557
Bank service charges	30,751	37,355
Real estate owned expense	2,332	2,177
Loss on sale of real estate owned	1,278	0
Other expenses	771,210	664,274
Total non-interest expenses	6,977,656	5,523,617
Income Before Income Tax Expense	3,152,153	3,106,946
Provision for income taxes (includes $0 and $17,522, respectively, related to income tax expense from reclassification of items)	589,667	654,800
Net Income	$ 2,562,486	$ 2,452,146
Earnings Per Share
Basic (in USD per share)	$ 0.22	$ 0.20
Diluted (in USD per share)	$ 0.22	$ 0.20

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income - Parenthetical - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Accumulated other comprehensive loss reclassifications	$ 0	$ 69,139
Provision for income tax expense from reclassification of items	$ 0	$ 17,522

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,562,486	$ 2,452,146
Other Comprehensive Income (Loss)
Unrealized gain (loss) on available-for-sale securities, net of tax (benefit) expense of $(972,966) and $957,976, respectively.	(3,660,206)	2,821,591
Less: reclassification adjustment for realized gains included in net income, net of tax expense of $0 and $17,523, respectively.	0	51,616
Other comprehensive income, net of tax	(3,660,206)	2,769,975
Comprehensive (Loss) Income	$ (1,097,720)	$ 5,222,121

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Loss) - Parenthetical - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Available for sale securities income tax expense (benefit)	$ (972,966)	$ 957,976
Reclassification adjustment income tax expense (benefit)	$ 0	$ 17,523

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Unearned ESOP Shares	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2019		13,526,625
Beginning balance at Dec. 31, 2019	$ 187,787,446	$ 135,266	$ 132,601,876	$ 70,111,434	$ (14,400,386)	$ (660,744)
Net income	2,452,146			2,452,146
Other comprehensive income (loss)	2,769,975					2,769,975
ESOP shares earned	186,687		2,858		183,829
Ending balance (in shares) at Mar. 31, 2020		13,526,625
Ending balance at Mar. 31, 2020	193,196,254	$ 135,266	132,604,734	72,563,580	(14,216,557)	2,109,231
Beginning balance (in shares) at Dec. 31, 2019		13,526,625
Beginning balance at Dec. 31, 2019	187,787,446	$ 135,266	132,601,876	70,111,434	(14,400,386)	(660,744)
Ending balance (in shares) at Dec. 31, 2020		13,193,760
Ending balance at Dec. 31, 2020	192,712,708	$ 131,938	124,246,425	78,290,113	(13,664,373)	3,708,605
Net income	2,562,486			2,562,486
Other comprehensive income (loss)	(3,660,206)					(3,660,206)
ESOP shares earned	182,705		(1,821)		184,526
Stock based compensation	507,624		507,624
Common stock dividends ($0.07 per share)	(846,947)			(846,947)
Repurchase of common stock (in shares)		(142,764)
Repurchase of common stock	(1,938,736)	$ (1,428)	(1,937,308)
Ending balance (in shares) at Mar. 31, 2021		13,050,996
Ending balance at Mar. 31, 2021	$ 189,519,634	$ 130,510	$ 122,814,920	$ 80,005,652	$ (13,479,847)	$ 48,399

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Stockholders' Equity - Parenthetical	3 Months Ended
	Mar. 31, 2021$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in USD per share)	$ 0.07

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 2,562,486	$ 2,452,146
Items not requiring (providing) cash
Provision for loan losses	400,000	210,000
Depreciation and amortization	293,402	238,330
Deferred income tax	(93,250)	(84,000)
Stock based compensation	507,624	0
Investment securities amortization, net	712,845	486,500
Investment securities gains	0	(69,139)
Net gains on loan and lease sales	(964,817)	(228,208)
Loss on sale of real estate owned	1,278	0
Accretion of loan origination fees	(881,097)	(38,827)
Amortization of mortgage-servicing rights	128,288	67,132
ESOP shares expense	182,705	186,687
Increase in cash surrender value of life insurance	(21,361)	(30,106)
Loans originated for sale	(27,868,042)	(6,807,172)
Proceeds on loans sold	26,770,692	8,147,368
Net change in
Interest receivable	499,613	(195,661)
Other assets	(500,776)	354,702
Other liabilities	(4,151,093)	26,550
Interest payable	(14,225)	53,692
Net cash (used in) provided by operating activities	(2,435,728)	4,769,994
Investing Activities
Purchases of securities available for sale	(37,779,114)	(70,744,743)
Proceeds from maturities and paydowns of securities available for sale	18,783,517	25,505,906
Proceeds from sales of securities available for sale	0	11,461,388
Proceeds from maturities and paydowns of securities held to maturity	2,010,016	2,140,036
Net change in loans	(25,020,579)	(1,169,710)
Proceeds from sales of real estate owned	30,270	0
Purchases of premises and equipment	(119,581)	(158,241)
Purchase of FHLB stock	0	(1,030,400)
Net cash used in investing activities	(42,095,471)	(33,995,764)
Net change in
Demand and savings deposits	50,062,196	(8,410,494)
Certificates of deposit	13,966,055	(3,572,941)
Advances by borrowers for taxes and insurance	43,386	68,073
Proceeds from FHLB advances	0	30,000,000
Repayment of FHLB advances	0	(2,000,000)
Repurchase of common stock	(1,938,736)	0
Dividends paid	(846,947)	0
Net cash provided by financing activities	61,285,954	16,084,638
Net Change in Cash and Cash Equivalents	16,754,755	(13,141,132)
Cash and Cash Equivalents, Beginning of Period	48,768,457	40,596,877
Cash and Cash Equivalents, End of Period	65,523,212	27,455,745
Additional Cash Flows and Supplementary Information
Interest paid	1,895,448	2,510,347
Transfers from loans to other real estate owned	$ 0	$ 31,548

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation On July 1, 2019, Richmond Mutual Bancorporation, Inc., a Delaware corporation (“RMB-Delaware”), completed its reorganization from a mutual holding company form of organization to a stock form of organization (“corporate reorganization”). RMB-Delaware, which owned 100% of First Bank Richmond (the “Bank”), was succeeded by Richmond Mutual Bancorporation, Inc., a new Maryland corporation (“RMB-Maryland”). As part of the corporate reorganization, First Mutual of Richmond, Inc.’s (“MHC”) ownership interest in RMB-Delaware was sold in a public offering. Gross proceeds from the offering were $130.3 million. In conjunction with the corporate reorganization, RMB-Maryland contributed 500,000 shares and $1.25 million of cash to a newly formed charitable foundation, First Bank Richmond, Inc. Community Foundation (the “Foundation”). Additionally, a “liquidation account” was established for the benefit of certain depositors of the Bank in an amount equal to MHC’s ownership interest in the retained earnings of RMB-Delaware as of December 31, 2017 and March 31, 2019. In certain circumstances, where appropriate, the terms “Company”, “we”, “us” and “our” refer collectively to (i) RMB-Delaware and First Bank Richmond with respect to discussions in this document involving matters occurring prior to completion of the corporate reorganization and (ii) RMB-Maryland and First Bank Richmond with respect to discussions in this document involving matters occurring post-corporate reorganization, in each case unless the context indicates another meaning. The costs of the corporate reorganization and the issuance of the common stock have been deducted from the sales proceeds of the offering. The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or note disclosures necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. Accordingly, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021 (SEC File No. 001-38956). However, in the opinion of management, all adjustments which are necessary for a fair presentation of the consolidated financial statements have been included. Those adjustments consist only of normal recurring adjustments. The results of operations for the period are not necessarily indicative of the results to be expected for the full year. Loans For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The Company charges off residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance, which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value, less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 90 days past due, and charge down to the net realizable value when other secured loans are 90 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements In March 2020, the novel coronavirus disease of 2019 ("COVID-19") was identified as a global pandemic and began affecting the health of large populations around the world. As a result of the spread of COVID-19, economic uncertainties arose which can ultimately affect the financial position, results of operations and cash flows of the Company, as well as the Company's customers. In response to economic concerns over COVID-19, in March 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was passed into law by the United States Congress ("Congress"). The CARES Act included relief for individual Americans, health care workers, small businesses and certain industries hit hard by the COVID-19 pandemic. The 2021 Consolidated Appropriations Act , passed by Congress in December 2020, extended certain provisions of the CARES Act affecting the Company into 2021. The CARES Act included several provisions designed to help financial institutions like the Company in working with their customers. Section 4013 of the CARES Act, as extended, allows a financial institution to elect to suspend generally accepted accounting principles and regulatory determinations with respect to qualifying loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring ("TDR") until January 1, 2022. The Company has taken advantage of this provision to extend certain payment modifications to loan customers in need. As of March 31, 2021, the Company has 33 loans outstanding for $24.6 million that were modified under the CARES Act guidance. The CARES Act also approved the Paycheck Protection Program ("PPP"), administered by the Small Business Administration ("SBA") with funding provided by financial institutions. The 2021 Consolidated Appropriations Act approved a new round of PPP loans in 2021. The PPP provides loans to eligible businesses through financial institutions like the Company, with loans being eligible for forgiveness of some or all of the principal amount by the SBA if the borrower meets certain requirements. The SBA guarantees repayment of the loans to the Company if the borrower's loan is not forgiven and is then not repaid by the borrower. The Company earns a 1% interest rate on PPP loans, plus a processing fee from the SBA for processing and originating a loan. The Company has originated a total of approximately $100.0 million in PPP loans as of March 31, 2021, of which approximately $54.7 million were outstanding at March 31, 2021. The Jumpstart Our Business Startups Act (the "JOBS Act"), which was enacted in April 2012, has made numerous changes to the federal securities laws to facilitate access to capital markets. Under the JOBS Act, a company with total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year qualifies as an “emerging growth company.” The Company qualifies as and has elected to be an emerging growth company under the JOBS Act. An emerging growth company may elect to comply with new or amended accounting pronouncements in the same manner as a private company, but must make such election when the company is first required to file a registration statement. Such an election is irrevocable during the period a company is an emerging growth company. The Company has elected to comply with new or amended accounting pronouncements in the same manner as a private company. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326). The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief” (ASU 2019-05). This ASU provides transition relief for entities adopting the FASB’s credit losses standard, ASU 2016-13 and allows companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for certain financial instruments. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (ASU 2019-04). This ASU clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. In October 2019, the FASB voted to extend the implementation of ASU No. 2016-13 for certain financial institutions including smaller reporting companies. As a result, ASU 2016-13 will be effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is evaluating its current expected loss methodology on the loan and investment portfolios to identify the necessary modifications in accordance with this standard. The Company has not quantified the impact of these ASUs. The Company is in the early stages of evaluating its historical data available for use in adoption of the new credit loss standards. Additionally, we have formed an implementation team that meets on a regular basis to coordinate efforts of our accounting, credit and operations areas. We will continue to evaluate methodologies available to us under the new standard. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU applies to contracts, hedging relationships and other transactions that reference LIBOR or other rate references expected to be discontinued because of reference rate reform. The ASU permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. This ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, “Receivables – Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. ASU 2020-08 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2020-08 did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 provides that state franchise or similar taxes that are based, at least in part on an entity’s income, be included in an entity’s income tax recognized as income-based taxes. The ASU further clarifies that the effect of any change in tax laws or rates used in the computation of the annual effective tax rate are required to be reflected in the first interim period that includes the enactment date of the legislation. Technical changes to eliminate exceptions to Topic 740 related to intra-period tax allocations for entities with losses from continuing operations, deferred tax liabilities related to change in ownership of foreign entities, and interim-period tax allocations for businesses with losses where the losses are expected to be realized. The amendments in ASU 2019-12 are effective for public business entities with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. For the Company, the amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2021. Based on leases outstanding as of December 31, 2020, the new standard will not have a material impact on the Company’s balance sheet or income statement. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which provide entities with an additional (and optional) transition method to adopt the new lease standard. Under this new transition method, an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard will continue to be in accordance with current GAAP (Topic 842, Leases). The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment SecuritiesThe amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: March 31, 2021 Amortized Gross Gross Fair Available for sale SBA Pools $ 15,647 $ 36 $ 155 $ 15,528 Federal agencies 7,756 5 228 7,533 State and municipal obligations 100,347 1,599 1,610 100,336 Mortgage-backed securities - government-sponsored enterprises (GSE) residential 134,335 1,618 1,204 134,749 Equity securities 13 — — 13 258,098 3,258 3,197 258,159 Held to maturity State and municipal obligations 10,211 234 — 10,445 10,211 234 — 10,445 Total investment securities $ 268,309 $ 3,492 $ 3,197 $ 268,604 December 31, 2020 Amortized Gross Gross Fair Available for sale SBA Pools $ 16,283 $ 111 $ 94 $ 16,300 Federal agencies 5,760 12 15 5,757 State and municipal obligations 93,616 2,778 109 96,285 Mortgage-backed securities - government-sponsored enterprises (GSE) residential 124,139 2,080 69 126,150 Equity securities 13 — — 13 239,811 4,981 287 244,505 Held to maturity State and municipal obligations 12,225 295 — 12,520 12,225 295 — 12,520 Total investment securities $ 252,036 $ 5,276 $ 287 $ 257,025 The amortized cost and fair value of securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair Within one year $ 954 $ 959 $ 1,751 $ 1,766 One to five years 6,331 6,520 5,373 5,491 Five to ten years 28,444 28,660 2,027 2,118 After ten years 88,021 87,258 1,060 1,070 123,750 123,397 10,211 10,445 Mortgage-backed securities –GSE residential 134,335 134,749 — — Equity securities 13 13 — — Totals $ 258,098 $ 258,159 $ 10,211 $ 10,445 Securities with a carrying value of $74,171,000 and $88,370,000 were pledged at March 31, 2021 and December 31, 2020, respectively, to secure certain deposits and for other purposes as permitted or required by law. Proceeds from sales of securities available for sale for the three months ended March 31, 2021 and 2020 were $0 and $11,461,000, respectively. Gross gains were recognized on the sale of securities available-for-sale for the three months ended March 31, 2021 and 2020 of $0 and $74,000, respectively. Gross losses were recognized on the sale of securities available for sale for the three months ended March 31, 2021 and 2020 of $0 and $5,000, respectively. Certain investments in debt securities, as reflected in the table below, are reported in the condensed consolidated financial statements and notes at an amount less than their historical cost. Total fair value of these investments at March 31, 2021 and December 31, 2020 was $120,426,000 and $45,299,000, respectively, which is approximately 45% and 18% of the Company’s aggregated available-for-sale and held-to-maturity investment portfolio at those dates, respectively. These declines primarily resulted from changes in market interest rates since their purchase. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any other securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following tables show the Company’s investments by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020: Description of March 31, 2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale SBA Pools $ 4,318 $ 83 $ 7,984 $ 72 $ 12,302 $ 155 Federal agencies 6,773 228 — — 6,773 228 State and municipal obligations 45,177 1,505 1,475 105 46,652 1,610 Mortgage-backed securities - GSE residential 54,165 1,202 534 2 54,699 1,204 Total temporarily impaired securities $ 110,433 $ 3,018 $ 9,993 $ 179 $ 120,426 $ 3,197 Description of December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale SBA Pools $ 5,213 $ 46 $ 5,687 $ 48 $ 10,900 $ 94 Federal agencies 985 15 — — 985 15 State and municipal obligations 8,587 109 — — 8,587 109 Mortgage-backed securities - GSE residential 24,013 67 684 2 24,697 69 Total available-for-sale 38,798 237 6,371 50 45,169 287 Held-to-maturity State and municipal obligations 130 — — — 130 — Total temporarily impaired securities $ 38,928 $ 237 $ 6,371 $ 50 $ 45,299 $ 287 Federal Agencies. The unrealized losses on the Company’s investments in direct obligations of U.S. federal agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021. Mortgage-Backed Securities – GSE Residential and SBA Pools. The unrealized losses on the Company’s investment in mortgage-backed securities and SBA pools were caused by interest rate changes and illiquidity. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021. State and Municipal Obligations. The unrealized losses on the Company’s investments in securities of state and municipal obligations were caused by interest rate changes and illiquidity. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.

Loans, Leases and Allowance

Loans, Leases and Allowance	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans, Leases and Allowance	Loans, Leases and Allowance The following table shows the composition of the loan and lease portfolio at March 31, 2021 and December 31, 2020: March 31, December 31, Commercial mortgage $ 254,561 $ 247,564 Commercial and industrial 128,126 122,831 Construction and development 67,728 58,424 Multi-family 60,608 55,998 Residential mortgage 128,947 127,108 Home equity 6,104 5,982 Direct financing leases 117,725 117,171 Consumer 13,183 13,257 776,982 748,335 Less Allowance for loan and lease losses 10,959 10,586 Deferred loan fees 2,292 1,349 $ 763,731 $ 736,400 The following tables present the activity in the allowance for loan and lease losses for the three months ended March 31, 2021 and 2020: Commercial Commercial Residential Leases Consumer Total Three Months Ended March 31, 2021: Balance, beginning of period $ 7,797 $ 1,248 $ 270 $ 1,054 $ 217 $ 10,586 Provision (credit) for losses 561 (133) (19) 75 (84) 400 Charge-offs — — — (194) (11) (205) Recoveries 1 23 6 94 54 178 Balance, end of period $ 8,359 $ 1,138 $ 257 $ 1,029 $ 176 $ 10,959 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. Commercial Commercial Residential Leases Consumer Total Three Months Ended March 31, 2020: Balance, beginning of period $ 4,564 $ 1,852 $ 109 $ 426 $ 138 $ 7,089 Provision (credit) for losses 72 (87) 38 190 (4) 210 Charge-offs — — (15) (55) (5) (75) Recoveries 32 7 16 22 6 83 Balance, end of period $ 4,668 $ 1,772 $ 148 $ 583 $ 135 $ 7,306 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on portfolio segment and impairment method as of March 31, 2021 and December 31, 2020: March 31, 2021 Commercial Commercial Residential Leases Consumer Total Allowance for loan and lease losses: Individually evaluated for impairment $ 811 $ 52 $ — $ — $ — $ 863 Collectively evaluated for impairment 7,548 1,086 257 1,029 176 10,096 Balance, March 31 $ 8,359 $ 1,138 $ 257 $ 1,029 $ 176 $ 10,959 Loans and leases: Individually evaluated for impairment 5,581 450 178 — — 6,209 Collectively evaluated for impairment 427,822 111,660 96,465 117,725 17,101 770,773 Ending Balance, March 31 $ 433,403 $ 112,110 $ 96,643 $ 117,725 $ 17,101 $ 776,982 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. December 31, 2020 Commercial Commercial Residential Leases Consumer Total Allowance for loan and lease losses: Individually evaluated for impairment $ 150 $ 52 $ — $ — $ — $ 202 Collectively evaluated for impairment 7,647 1,196 270 1,054 217 10,384 Balance, December 31 $ 7,797 $ 1,248 $ 270 $ 1,054 $ 217 $ 10,586 Loans and leases: Individually evaluated for impairment 701 493 269 — — 1,463 Collectively evaluated for impairment 404,278 106,794 101,380 117,171 17,249 746,872 Ending Balance, December 31 $ 404,979 $ 107,287 $ 101,649 $ 117,171 $ 17,249 $ 748,335 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. The Company rates all loans and leases by credit quality using the following designations: Grade 1 – Exceptional Exceptional loans and leases are top-quality loans to individuals whose financial credentials are well known to the Company. These loans and leases have excellent sources of repayment, are well documented and/or virtually free of risk (i.e., CD secured loans). Grade 2 – Quality Loans and Leases These loans and leases have excellent sources of repayment with no identifiable risk of collection, and they conform in all respects to Company policy and Indiana Department of Financial Institutions (“IDFI”) and Federal Deposit Insurance Corporation (“FDIC”) regulations. Documentation exceptions are minimal or are in the process of being corrected and are not of a type that could subsequently expose the Company to risk of loss. Grade 3 – Acceptable Loans This category is for “average” quality loans and leases. These loans and leases have adequate sources of repayment with little identifiable risk of collection and they conform to Company policy and IDFI/FDIC regulations. Grade 4 – Acceptable but Monitored Loans and leases in this category may have a greater than average risk due to financial weakness or uncertainty but do not appear to require classification as special mention or substandard loans. Loans and leases rated “4” need to be monitored on a regular basis to ascertain that the reasons for placing them in this category do not advance or worsen. Grade 5 – Special Mention Loans and leases in this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in the Company’s credit position at some future date. Special Mention loans and leases are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. This special mention rating is designed to identify a specific level of risk and concern about an asset’s quality. Although a special mention loan or leases has a higher probability of default than a pass rated loan or lease, its default is not imminent. Grade 6 – Substandard Loans and leases in this category are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Substandard loans and leases have a high probability of payment default, or they have other well-defined weaknesses. Such loans and leases have a distinct potential for loss; however, an individual loan’s or lease’s potential for loss does not have to be distinct for the loan or lease to be rated substandard. The following are examples of situations that might cause a loan or lease to be graded a “6”: • Cash flow deficiencies (losses) jeopardize future loan or lease payments. • Sale of non-collateral assets has become a primary source of loan or lease repayment. • The relationship has deteriorated to the point that sale of collateral is now the Company’s primary source of repayment, unless this was the original source of loan or lease repayment. • The borrower is bankrupt or for any other reason future repayment is dependent on court action. Grade 7 – Doubtful A loan or lease classified as doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. A doubtful loan or lease has a high probability of total or substantial loss. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Because of high probability of loss, nonaccrual accounting treatment will be required for doubtful loans and leases. Grade 8 – Loss Loans and leases classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan or lease even though partial recovery may be effected in the future. The risk characteristics of each loan and lease portfolio segment are as follows: Commercial and Industrial Commercial and industrial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial Mortgage including Construction Loans in this segment include commercial loans, commercial construction loans, and multi-family loans. This segment also includes loans secured by 1-4 family residences which were made for investment purposes. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Residential, Brokered and Consumer Residential, brokered and consumer loans consist of three segments – residential mortgage loans, brokered mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Brokered mortgages are purchased residential mortgage loans meeting the Company’s criteria established for originating residential mortgage loans. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Leases Lease financing consists of direct financing leases and are used by commercial customers to finance capital purchases of equipment. The credit decisions for these transactions are based upon an assessment of the overall financial capacity of the applicant. A determination is made as to the applicant’s financial condition and ability to repay in accordance with the proposed terms as well as an overall assessment of the risks involved. The following tables present the credit risk profile of the Company’s loan and lease portfolio based on rating category and payment activity as of March 31, 2021 and December 31, 2020: March 31, 2021 Commercial Industrial Construction Multi- Residential Home Leases Consumer Total 1-4 Pass $ 246,578 $ 121,798 $ 62,828 $ 60,608 $ 126,766 $ 6,033 $ 117,661 $ 12,867 $ 755,139 5 Special Mention 6,939 3,514 — — — — — — 10,453 6 Substandard 1,044 2,814 4,900 — 2,181 71 11 316 11,337 7 Doubtful — — — — — — 53 — 53 8 Loss — — — — — — — — — $ 254,561 $ 128,126 $ 67,728 $ 60,608 $ 128,947 $ 6,104 $ 117,725 $ 13,183 $ 776,982 December 31, 2020 Commercial Industrial Construction Multi- Residential Home Leases Consumer Total 1-4 Pass $ 239,055 $ 114,411 $ 53,524 $ 55,998 $ 123,963 $ 5,916 $ 117,136 $ 13,256 $ 723,259 5 Special Mention 6,976 5,542 4,900 — — — — — 17,418 6 Substandard 1,533 2,878 — — 3,145 66 15 1 7,638 7 Doubtful — — — — — — 20 — 20 8 Loss — — — — — — — — — $ 247,564 $ 122,831 $ 58,424 $ 55,998 $ 127,108 $ 5,982 $ 117,171 $ 13,257 $ 748,335 The following tables present the Company’s loan and lease portfolio aging analysis of the recorded investment in loans and leases as of March 31, 2021 and December 31, 2020: March 31, 2021 Delinquent Loans Current Total Total Loans 30-59 Days 60-89 Days 90 Days and Total Past Commercial mortgage $ 431 $ — $ 210 $ 641 $ 253,920 $ 254,561 $ 134 Commercial and industrial — 24 397 421 127,705 128,126 — Construction and development — — 4,900 4,900 62,828 67,728 — Multi-family — — — — 60,608 60,608 — Residential mortgage 2,071 142 2,154 4,367 124,580 128,947 2,029 Home equity 7 — 31 38 6,066 6,104 31 Leases 136 21 — 157 117,568 117,725 — Consumer 140 277 316 733 12,450 13,183 315 Totals $ 2,785 $ 464 $ 8,008 $ 11,257 $ 765,725 $ 776,982 $ 2,509 December 31, 2020 Delinquent Loans Current Total Total Loans 30-59 Days 60-89 Days 90 Days and Total Past Commercial mortgage $ 340 $ — $ 1,177 $ 1,517 $ 246,047 $ 247,564 $ 1,100 Commercial and industrial 1,251 203 439 1,893 120,938 122,831 — Construction and development — 4,900 — 4,900 53,524 58,424 — Multi-family — — — — 55,998 55,998 — Residential mortgage 1,913 243 2,680 4,836 122,272 127,108 2,554 Home equity 138 15 25 178 5,804 5,982 25 Leases 234 65 — 299 116,872 117,171 — Consumer 318 129 317 764 12,493 13,257 317 Totals $ 4,194 $ 5,555 $ 4,638 $ 14,387 $ 733,948 $ 748,335 $ 3,996 The following tables present the Company’s impaired loans and specific valuation allowance at March 31, 2021 and December 31, 2020: March 31, 2021 Recorded Unpaid Specific Impaired loans without a specific valuation allowance Commercial mortgage $ 77 $ 86 $ — Commercial and industrial 397 731 — Residential mortgage 124 246 — $ 598 $ 1,063 $ — Impaired loans with a specific valuation allowance Commercial mortgage $ 5,504 $ 5,504 $ 811 Commercial and industrial 53 64 52 Residential mortgage 54 54 — $ 5,611 $ 5,622 $ 863 Total impaired loans Commercial mortgage $ 5,581 $ 5,590 $ 811 Commercial and industrial 450 795 52 Residential mortgage 178 300 — Total impaired loans $ 6,209 $ 6,685 $ 863 December 31, 2020 Recorded Unpaid Specific Impaired loans without a specific valuation allowance Commercial mortgage $ 76 $ 86 $ — Commercial and industrial 439 770 — Residential mortgage 269 491 — $ 784 $ 1,347 $ — Impaired loans without a specific valuation allowance Commercial mortgage $ 625 $ 625 $ 150 Commercial and industrial 54 64 52 $ 679 $ 689 $ 202 Total impaired loans Commercial mortgage $ 701 $ 711 $ 150 Commercial and industrial 493 834 52 Residential mortgage 269 491 — Total impaired loans $ 1,463 $ 2,036 $ 202 The following tables present the Company’s average investment in impaired loans and interest income recognized for the three months ended March 31, 2021 and 2020: Average Interest Three Months Ended March 31, 2021: Total impaired loans Commercial mortgage $ 3,141 $ 7 Commercial and industrial 471 4 Residential mortgage 180 1 Total impaired loans $ 3,792 $ 12 Average Interest Three Months Ended March 31, 2020: Total impaired loans Commercial mortgage $ 797 $ 7 Commercial and industrial 684 14 Residential mortgage 326 5 Total impaired loans $ 1,807 $ 26 The following table presents the Company’s nonaccrual loans and leases at March 31, 2021 and December 31, 2020: March 31, December 31, Commercial mortgage $ 77 $ 76 Commercial and industrial 450 493 Construction 4,900 — Residential mortgage 124 214 Leases 53 20 $ 5,604 $ 803 During the three months ended March 31, 2021 and 2020, there were no newly classified troubled debt restructured loans or leases (“TDRs”). For the three months ended March 31, 2021 and 2020, the Company recorded no charge-offs related to TDRs. As of both March 31, 2021 and December 31, 2020, TDRs had a related allowance of $52,000. During the three months ended March 31, 2021, there were no TDRs for which there was a payment default within the first 12 months of the modification. The CARES Act provided guidance around the modification of loans as a result of the COVID-19 pandemic, which outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers are considered current under the CARES Act if they are less than 30 days past due on their contractual payments at the time a modification program is implemented. In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. As of March 31, 2021, the Company had 33 loan and lease modifications outstanding related to the COVID-19 pandemic with an outstanding loan balance totaling $24.6 million in accordance with the CARES Act. Accordingly, the Company does not account for such loan modifications as TDRs. Loan modifications in accordance with the CARES Act and related regulatory guidance are still subject to an evaluation in regard to determining whether or not a loan is deemed to be impaired. At March 31, 2021 and December 31, 2020, the balance of real estate owned includes $0 and $32,000, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2021 and December 31, 2020, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceeds were in process was $520,000 and $283,000, respectively. The following lists the components of the net investment in direct financing leases: March 31, December 31, Total minimum lease payments to be received $ 129,865 $ 129,114 Initial direct costs 6,639 6,353 136,504 135,467 Less: Unearned income (18,779) (18,296) Net investment in direct finance leases $ 117,725 $ 117,171 Leases serviced by First Bank Richmond for the benefit of others totaled approximately $22,000 and $86,000 at March 31, 2021 and December 31, 2020, respectively. Additionally, certain leases have been sold with partial recourse. First Bank Richmond estimates and records its obligation based upon historical loss percentages. At March 31, 2021 and December 31, 2020, First Bank Richmond has recorded a recourse obligation on leases sold with recourse of $0, and has a maximum exposure of $22,000 and $86,000, respectively, for these leases. The following table summarizes the future minimum lease payments receivable subsequent to March 31, 2021: 2021 $ 38,107 2022 39,561 2023 27,108 2024 16,659 2025 7,405 Thereafter 1,025 $ 129,865

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities Recurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Fair Quoted Prices Significant Significant March 31, 2021 Available-for-sale securities SBA Pools $ 15,528 $ — $ 15,528 $ — Federal agencies 7,533 — 7,533 — State and municipal obligations 100,336 — 100,336 — Mortgage-backed securities - GSE residential 134,749 — 134,749 — Equity securities 13 13 — — $ 258,159 $ 13 $ 258,146 $ — Fair Value Measurements Using Fair Quoted Prices Significant Significant December 31, 2020 Available-for-sale securities SBA Pools $ 16,300 $ — $ 16,300 $ — Federal agencies 5,757 — 5,757 — State and municipal obligations 96,285 — 96,285 — Mortgage-backed securities - GSE residential 126,150 — 126,150 — Equity securities 13 13 — — $ 244,505 $ 13 $ 244,492 $ — Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2021. Available-for-Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy, which includes equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agency securities, obligations of state and political subdivisions, and mortgage-backed securities. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Nonrecurring Measurements The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Fair Quoted Prices Significant Significant March 31, 2021 Impaired loans, collateral dependent $ 4,748 $ — $ — $ 4,748 Mortgage-servicing rights 1,659 — — 1,659 December 31, 2020 Impaired loans, collateral dependent $ 532 $ — $ — $ 532 Mortgage-servicing rights 1,712 — — 1,712 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral-Dependent Impaired Loans, Net of ALLL The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by management. Appraisals are reviewed for accuracy and consistency by management. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by management by comparison to historical results. Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral-dependent loans. Mortgage-Servicing Rights Mortgage-servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of discount rate, prepayment speed and default rate. Due to the nature of the valuation inputs, mortgage-servicing rights are classified within Level 3 of the hierarchy. Mortgage-servicing rights are tested for impairment on a quarterly basis based on an independent valuation. The valuation is reviewed by management for accuracy and for potential impairment. Unobservable (Level 3) Inputs The following tables present the fair value measurement of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value at March 31, 2021 Valuation Unobservable Range Collateral-dependent impaired loans $ 4,748 Appraisal Marketability discount 0 - 16% Mortgage-servicing rights $ 1,659 Discounted cash flow Discount rate 10% Fair Value at December 31, 2020 Valuation Unobservable Range Collateral-dependent impaired loans $ 532 Appraisal Marketability discount 0 - 12% Mortgage-servicing rights $ 1,712 Discounted cash flow Discount rate 10% Fair Value of Financial Instruments The following tables present estimated fair values of the Company’s financial instruments at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Carrying Quoted Prices Significant Significant March 31, 2021 Financial assets Cash and cash equivalents $ 65,523 $ 65,523 $ — $ — Available-for-sale securities 258,159 13 258,146 — Held-to-maturity securities 10,211 — 10,445 — Loans and leases receivable, net 763,731 — — 781,646 Federal Reserve and FHLB stock 9,050 — 9,050 — Interest receivable 4,204 — 4,204 — Financial liabilities Deposits 757,074 — 759,129 — FHLB advances 170,000 — 177,192 — Interest payable 208 — 208 — Fair Value Measurements Using Carrying Quoted Prices Significant Significant December 31, 2020 Financial assets Cash and cash equivalents $ 48,768 $ 48,768 $ — $ — Available-for-sale securities 244,505 13 244,492 — Held-to-maturity securities 12,225 — 12,520 — Loans and leases receivable, net 736,400 — — 751,151 Federal Reserve and FHLB stock 9,050 — 9,050 — Interest receivable 4,704 — 4,704 — Financial liabilities Deposits 693,045 — 695,216 — FHLB advances 170,000 — 178,015 — Interest payable 222 — 222 —

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic EPS is computed by dividing net income allocated to common stock by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted EPS includes the dilutive effect of additional potential common shares from stock compensation awards, but excludes awards considered participating securities. ESOP shares are not considered outstanding for EPS until they are earned. The following table presents the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Net income $ 2,562 $ 2,452 Shares outstanding for Basic EPS: Average shares outstanding 13,124,015 13,526,625 Less: average restricted stock award shares not vested 431,501 — Less: average unearned ESOP Shares 1,005,311 1,059,419 Shares outstanding for Basic EPS 11,687,203 12,467,206 Additional Dilutive Shares 176,705 — Shares outstanding for Diluted EPS 11,863,908 12,467,206 Basic Earnings Per Share $ 0.22 $ 0.20 Diluted Earnings Per Share $ 0.22 $ 0.20

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans 401(k) The Company has a retirement savings 401(k) plan, in which substantially all employees may participate. The Company matches employees' contributions at the rate of 50 percent for the first six percent of base salary contributed by participants. The Company’s expense for the plan was $52,000 and $49,000 for the three months ended March 31, 2021 and 2020, respectively. Pension Plan The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (the “DB Plan”), an industry-wide, tax-qualified defined-benefit pension plan. As previously disclosed, the Company has frozen and intends to terminate the Bank’s participation in the DB Plan, which will require it to pay an amount based on the underfunded status of the plan. As of March 31, 2021 the Company has accrued $17.5 million for this expense. The actual termination expense of the DB Plan may be higher or lower than the amount currently accrued for by the Company depending on a number of factors, including but not limited to the interest rate environment and the valuation of plan assets. Due to the current low interest rate environment, terminating the DB Plan at this time would require the Company to incur a substantial additional expense over and above the amount presently accrued. As a result, the Company’s Board of Directors will continue to monitor and evaluate the timing of, and costs associated with, termination of the DB Plan. Any additional expenses associated with the termination of the DB Plan will negatively impact our results of operations in the future. Employee Stock Ownership Plan As part of the reorganization and related stock offering, the Company established an Employee Stock Ownership Plan, or ESOP, covering substantially all employees. The ESOP acquired 1,082,130 shares of Company common stock at an average price of $13.59 per share on the open market with funds provided by a loan from the Company. Dividends on unallocated shares used to repay the loan for the Company are recorded as a reduction of the loan or accrued interest, as applicable. Dividends on allocated shares paid to participants are reported as compensation expense. Unearned ESOP shares which have not yet been allocated to ESOP participants are excluded from the computation of average shares outstanding for earnings per share calculation. Accordingly, $13,479,847 and $13,664,373 of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity at March 31, 2021 and December 31, 2020, respectively. Shares are released to participants proportionately as the loan is repaid. ESOP expense for the three months ended March 31, 2021 and 2020 was $183,000 and $187,000, respectively. March 31, 2021 March 31, 2020 Earned ESOP shares 90,196 22,545 Unearned ESOP shares 991,934 1,059,585 Total ESOP shares 1,082,130 1,082,130 Quoted per share price $ 13.56 $ 10.22 Fair value of earned shares $ 1,223 $ 230 Fair value of unearned shares $ 13,451 $ 10,829 Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan On September 15, 2020, the Company's stockholders approved the Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan ("2020 EIP") which provides for the grant to eligible participants of up to (i) 1,352,662 shares of Company common stock to be issued upon the exercise of stock options and stock appreciation rights and (ii) 541,065 shares of Company common stock to participants as restricted stock awards (which may be in the form of shares of common stock or share units giving the participant the right to receive shares of common stock at a specified future date). Restricted Stock Awards . On October 1, 2020, the Company awarded 449,086 shares of common stock under the 2020 EIP with a grant date fair value of $10.53 per share (total fair value of $4.7 million at issuance) to eligible participants. These awards vest in five Total compensation cost recognized in the income statement for restricted stock awards during the three months ended March 31, 2021 was $303,000 and the related tax benefit recognized was $64,000. As of March 31, 2021, unrecognized compensation expense related to restricted stock awards was $4.0 million. Stock Option Plan. On October 1, 2020, the Company awarded options to purchase 1,095,657 of common stock under the 2020 EIP with an exercise price of $10.53 per share, the fair market value of a share of the Company's common stock on the date of grant, to eligible participants. These options awarded vest in five The following table summarizes the stock option activity in the 2020 EIP during the three months ended March 31, 2021. March 31, 2021 Number of Shares Weighted-Average Exercise Price Balance at beginning of year 1,095,657 $ 10.53 Granted — — Exercised — — Forfeited/expired — — Balance at end of year 1,095,657 10.53 Exercisable at end of period (1) 40,580 $ 10.53 (1) As a result of the acceleration of option vesting upon the death of a recipient. A summary of the status of the Company stock option shares as of March 31, 2021 is presented below. Shares Weighted Average Grant Date Fair Value Non-vested, beginning of year 1,055,077 $ 2.91 Vested — — Granted — — Forfeited — — Non-vested, March 31 1,055,077 $ 2.91 Total compensation cost recognized in the income statement for option-based payment arrangements during 2020 was $205,000 and the related tax benefit recognized was $23,000. As of March 31, 2021, unrecognized compensation expense related to the stock option awards was $2.7 million.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventSubsequent to March 31, 2021 through May 14, 2021 the Company purchased 167,193 shares under the existing stock repurchase program, leaving 249,392 shares available for future repurchase.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loans	Loans For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The Company charges off residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance, which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value, less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 90 days past due, and charge down to the net realizable value when other secured loans are 90 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the
Accounting Pronouncements	Accounting Pronouncements In March 2020, the novel coronavirus disease of 2019 ("COVID-19") was identified as a global pandemic and began affecting the health of large populations around the world. As a result of the spread of COVID-19, economic uncertainties arose which can ultimately affect the financial position, results of operations and cash flows of the Company, as well as the Company's customers. In response to economic concerns over COVID-19, in March 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was passed into law by the United States Congress ("Congress"). The CARES Act included relief for individual Americans, health care workers, small businesses and certain industries hit hard by the COVID-19 pandemic. The 2021 Consolidated Appropriations Act , passed by Congress in December 2020, extended certain provisions of the CARES Act affecting the Company into 2021. The CARES Act included several provisions designed to help financial institutions like the Company in working with their customers. Section 4013 of the CARES Act, as extended, allows a financial institution to elect to suspend generally accepted accounting principles and regulatory determinations with respect to qualifying loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring ("TDR") until January 1, 2022. The Company has taken advantage of this provision to extend certain payment modifications to loan customers in need. As of March 31, 2021, the Company has 33 loans outstanding for $24.6 million that were modified under the CARES Act guidance. The CARES Act also approved the Paycheck Protection Program ("PPP"), administered by the Small Business Administration ("SBA") with funding provided by financial institutions. The 2021 Consolidated Appropriations Act approved a new round of PPP loans in 2021. The PPP provides loans to eligible businesses through financial institutions like the Company, with loans being eligible for forgiveness of some or all of the principal amount by the SBA if the borrower meets certain requirements. The SBA guarantees repayment of the loans to the Company if the borrower's loan is not forgiven and is then not repaid by the borrower. The Company earns a 1% interest rate on PPP loans, plus a processing fee from the SBA for processing and originating a loan. The Company has originated a total of approximately $100.0 million in PPP loans as of March 31, 2021, of which approximately $54.7 million were outstanding at March 31, 2021. The Jumpstart Our Business Startups Act (the "JOBS Act"), which was enacted in April 2012, has made numerous changes to the federal securities laws to facilitate access to capital markets. Under the JOBS Act, a company with total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year qualifies as an “emerging growth company.” The Company qualifies as and has elected to be an emerging growth company under the JOBS Act. An emerging growth company may elect to comply with new or amended accounting pronouncements in the same manner as a private company, but must make such election when the company is first required to file a registration statement. Such an election is irrevocable during the period a company is an emerging growth company. The Company has elected to comply with new or amended accounting pronouncements in the same manner as a private company. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326). The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief” (ASU 2019-05). This ASU provides transition relief for entities adopting the FASB’s credit losses standard, ASU 2016-13 and allows companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for certain financial instruments. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (ASU 2019-04). This ASU clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. In October 2019, the FASB voted to extend the implementation of ASU No. 2016-13 for certain financial institutions including smaller reporting companies. As a result, ASU 2016-13 will be effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is evaluating its current expected loss methodology on the loan and investment portfolios to identify the necessary modifications in accordance with this standard. The Company has not quantified the impact of these ASUs. The Company is in the early stages of evaluating its historical data available for use in adoption of the new credit loss standards. Additionally, we have formed an implementation team that meets on a regular basis to coordinate efforts of our accounting, credit and operations areas. We will continue to evaluate methodologies available to us under the new standard. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU applies to contracts, hedging relationships and other transactions that reference LIBOR or other rate references expected to be discontinued because of reference rate reform. The ASU permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. This ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, “Receivables – Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. ASU 2020-08 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2020-08 did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 provides that state franchise or similar taxes that are based, at least in part on an entity’s income, be included in an entity’s income tax recognized as income-based taxes. The ASU further clarifies that the effect of any change in tax laws or rates used in the computation of the annual effective tax rate are required to be reflected in the first interim period that includes the enactment date of the legislation. Technical changes to eliminate exceptions to Topic 740 related to intra-period tax allocations for entities with losses from continuing operations, deferred tax liabilities related to change in ownership of foreign entities, and interim-period tax allocations for businesses with losses where the losses are expected to be realized. The amendments in ASU 2019-12 are effective for public business entities with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. For the Company, the amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2021. Based on leases outstanding as of December 31, 2020, the new standard will not have a material impact on the Company’s balance sheet or income statement. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which provide entities with an additional (and optional) transition method to adopt the new lease standard. Under this new transition method, an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard will continue to be in accordance with current GAAP (Topic 842, Leases). The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met.
Federal Agencies	Federal Agencies. The unrealized losses on the Company’s investments in direct obligations of U.S. federal agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.
Mortgage-Backed Securities - GSE Residential and SBA Pools	Mortgage-Backed Securities – GSE Residential and SBA Pools. The unrealized losses on the Company’s investment in mortgage-backed securities and SBA pools were caused by interest rate changes and illiquidity. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.
State and Municipal Obligations	State and Municipal Obligations. The unrealized losses on the Company’s investments in securities of state and municipal obligations were caused by interest rate changes and illiquidity. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.
Credit Quality Indicators and Characteristics	The Company rates all loans and leases by credit quality using the following designations: Grade 1 – Exceptional Exceptional loans and leases are top-quality loans to individuals whose financial credentials are well known to the Company. These loans and leases have excellent sources of repayment, are well documented and/or virtually free of risk (i.e., CD secured loans). Grade 2 – Quality Loans and Leases These loans and leases have excellent sources of repayment with no identifiable risk of collection, and they conform in all respects to Company policy and Indiana Department of Financial Institutions (“IDFI”) and Federal Deposit Insurance Corporation (“FDIC”) regulations. Documentation exceptions are minimal or are in the process of being corrected and are not of a type that could subsequently expose the Company to risk of loss. Grade 3 – Acceptable Loans This category is for “average” quality loans and leases. These loans and leases have adequate sources of repayment with little identifiable risk of collection and they conform to Company policy and IDFI/FDIC regulations. Grade 4 – Acceptable but Monitored Loans and leases in this category may have a greater than average risk due to financial weakness or uncertainty but do not appear to require classification as special mention or substandard loans. Loans and leases rated “4” need to be monitored on a regular basis to ascertain that the reasons for placing them in this category do not advance or worsen. Grade 5 – Special Mention Loans and leases in this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in the Company’s credit position at some future date. Special Mention loans and leases are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. This special mention rating is designed to identify a specific level of risk and concern about an asset’s quality. Although a special mention loan or leases has a higher probability of default than a pass rated loan or lease, its default is not imminent. Grade 6 – Substandard Loans and leases in this category are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Substandard loans and leases have a high probability of payment default, or they have other well-defined weaknesses. Such loans and leases have a distinct potential for loss; however, an individual loan’s or lease’s potential for loss does not have to be distinct for the loan or lease to be rated substandard. The following are examples of situations that might cause a loan or lease to be graded a “6”: • Cash flow deficiencies (losses) jeopardize future loan or lease payments. • Sale of non-collateral assets has become a primary source of loan or lease repayment. • The relationship has deteriorated to the point that sale of collateral is now the Company’s primary source of repayment, unless this was the original source of loan or lease repayment. • The borrower is bankrupt or for any other reason future repayment is dependent on court action. Grade 7 – Doubtful A loan or lease classified as doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. A doubtful loan or lease has a high probability of total or substantial loss. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Because of high probability of loss, nonaccrual accounting treatment will be required for doubtful loans and leases. Grade 8 – Loss Loans and leases classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan or lease even though partial recovery may be effected in the future.
Risk Characteristics of Commercial and Industrial Loans	Commercial and industrial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee.  Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.
Risk Characteristics of Commercial Mortgage including Construction Loans	Loans in this segment include commercial loans, commercial construction loans, and multi-family loans. This segment also includes loans secured by 1-4 family residences which were made for investment purposes. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing.
Risk Characteristics of Residential, Brokered and Consumer Loans	Residential, brokered and consumer loans consist of three segments – residential mortgage loans, brokered mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Brokered mortgages are purchased residential mortgage loans meeting the Company’s criteria established for originating residential mortgage loans. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.
Risk Characteristics of Leases	Lease financing consists of direct financing leases and are used by commercial customers to finance capital purchases of equipment.  The credit decisions for these transactions are based upon an assessment of the overall financial capacity of the applicant.  A determination is made as to the applicant’s financial condition and ability to repay in accordance with the proposed terms as well as an overall assessment of the risks involved.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: March 31, 2021 Amortized Gross Gross Fair Available for sale SBA Pools $ 15,647 $ 36 $ 155 $ 15,528 Federal agencies 7,756 5 228 7,533 State and municipal obligations 100,347 1,599 1,610 100,336 Mortgage-backed securities - government-sponsored enterprises (GSE) residential 134,335 1,618 1,204 134,749 Equity securities 13 — — 13 258,098 3,258 3,197 258,159 Held to maturity State and municipal obligations 10,211 234 — 10,445 10,211 234 — 10,445 Total investment securities $ 268,309 $ 3,492 $ 3,197 $ 268,604 December 31, 2020 Amortized Gross Gross Fair Available for sale SBA Pools $ 16,283 $ 111 $ 94 $ 16,300 Federal agencies 5,760 12 15 5,757 State and municipal obligations 93,616 2,778 109 96,285 Mortgage-backed securities - government-sponsored enterprises (GSE) residential 124,139 2,080 69 126,150 Equity securities 13 — — 13 239,811 4,981 287 244,505 Held to maturity State and municipal obligations 12,225 295 — 12,520 12,225 295 — 12,520 Total investment securities $ 252,036 $ 5,276 $ 287 $ 257,025
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair Within one year $ 954 $ 959 $ 1,751 $ 1,766 One to five years 6,331 6,520 5,373 5,491 Five to ten years 28,444 28,660 2,027 2,118 After ten years 88,021 87,258 1,060 1,070 123,750 123,397 10,211 10,445 Mortgage-backed securities –GSE residential 134,335 134,749 — — Equity securities 13 13 — — Totals $ 258,098 $ 258,159 $ 10,211 $ 10,445
Unrealized Gain (Loss) on Investments	The following tables show the Company’s investments by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020: Description of March 31, 2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale SBA Pools $ 4,318 $ 83 $ 7,984 $ 72 $ 12,302 $ 155 Federal agencies 6,773 228 — — 6,773 228 State and municipal obligations 45,177 1,505 1,475 105 46,652 1,610 Mortgage-backed securities - GSE residential 54,165 1,202 534 2 54,699 1,204 Total temporarily impaired securities $ 110,433 $ 3,018 $ 9,993 $ 179 $ 120,426 $ 3,197 Description of December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale SBA Pools $ 5,213 $ 46 $ 5,687 $ 48 $ 10,900 $ 94 Federal agencies 985 15 — — 985 15 State and municipal obligations 8,587 109 — — 8,587 109 Mortgage-backed securities - GSE residential 24,013 67 684 2 24,697 69 Total available-for-sale 38,798 237 6,371 50 45,169 287 Held-to-maturity State and municipal obligations 130 — — — 130 — Total temporarily impaired securities $ 38,928 $ 237 $ 6,371 $ 50 $ 45,299 $ 287

Loans, Leases and Allowance (Ta

Loans, Leases and Allowance (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table shows the composition of the loan and lease portfolio at March 31, 2021 and December 31, 2020: March 31, December 31, Commercial mortgage $ 254,561 $ 247,564 Commercial and industrial 128,126 122,831 Construction and development 67,728 58,424 Multi-family 60,608 55,998 Residential mortgage 128,947 127,108 Home equity 6,104 5,982 Direct financing leases 117,725 117,171 Consumer 13,183 13,257 776,982 748,335 Less Allowance for loan and lease losses 10,959 10,586 Deferred loan fees 2,292 1,349 $ 763,731 $ 736,400
Financing Receivable, Allowance for Credit Loss	The following tables present the activity in the allowance for loan and lease losses for the three months ended March 31, 2021 and 2020: Commercial Commercial Residential Leases Consumer Total Three Months Ended March 31, 2021: Balance, beginning of period $ 7,797 $ 1,248 $ 270 $ 1,054 $ 217 $ 10,586 Provision (credit) for losses 561 (133) (19) 75 (84) 400 Charge-offs — — — (194) (11) (205) Recoveries 1 23 6 94 54 178 Balance, end of period $ 8,359 $ 1,138 $ 257 $ 1,029 $ 176 $ 10,959 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. Commercial Commercial Residential Leases Consumer Total Three Months Ended March 31, 2020: Balance, beginning of period $ 4,564 $ 1,852 $ 109 $ 426 $ 138 $ 7,089 Provision (credit) for losses 72 (87) 38 190 (4) 210 Charge-offs — — (15) (55) (5) (75) Recoveries 32 7 16 22 6 83 Balance, end of period $ 4,668 $ 1,772 $ 148 $ 583 $ 135 $ 7,306 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on portfolio segment and impairment method as of March 31, 2021 and December 31, 2020: March 31, 2021 Commercial Commercial Residential Leases Consumer Total Allowance for loan and lease losses: Individually evaluated for impairment $ 811 $ 52 $ — $ — $ — $ 863 Collectively evaluated for impairment 7,548 1,086 257 1,029 176 10,096 Balance, March 31 $ 8,359 $ 1,138 $ 257 $ 1,029 $ 176 $ 10,959 Loans and leases: Individually evaluated for impairment 5,581 450 178 — — 6,209 Collectively evaluated for impairment 427,822 111,660 96,465 117,725 17,101 770,773 Ending Balance, March 31 $ 433,403 $ 112,110 $ 96,643 $ 117,725 $ 17,101 $ 776,982 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans. December 31, 2020 Commercial Commercial Residential Leases Consumer Total Allowance for loan and lease losses: Individually evaluated for impairment $ 150 $ 52 $ — $ — $ — $ 202 Collectively evaluated for impairment 7,647 1,196 270 1,054 217 10,384 Balance, December 31 $ 7,797 $ 1,248 $ 270 $ 1,054 $ 217 $ 10,586 Loans and leases: Individually evaluated for impairment 701 493 269 — — 1,463 Collectively evaluated for impairment 404,278 106,794 101,380 117,171 17,249 746,872 Ending Balance, December 31 $ 404,979 $ 107,287 $ 101,649 $ 117,171 $ 17,249 $ 748,335 (1) Commercial mortgage includes commercial and multifamily real estate loans and commercial construction and development loans. (2) Residential mortgage includes one- to four-family and home equity loans and residential construction and development loans.
Financing Receivable Credit Quality Indicators	The following tables present the credit risk profile of the Company’s loan and lease portfolio based on rating category and payment activity as of March 31, 2021 and December 31, 2020: March 31, 2021 Commercial Industrial Construction Multi- Residential Home Leases Consumer Total 1-4 Pass $ 246,578 $ 121,798 $ 62,828 $ 60,608 $ 126,766 $ 6,033 $ 117,661 $ 12,867 $ 755,139 5 Special Mention 6,939 3,514 — — — — — — 10,453 6 Substandard 1,044 2,814 4,900 — 2,181 71 11 316 11,337 7 Doubtful — — — — — — 53 — 53 8 Loss — — — — — — — — — $ 254,561 $ 128,126 $ 67,728 $ 60,608 $ 128,947 $ 6,104 $ 117,725 $ 13,183 $ 776,982 December 31, 2020 Commercial Industrial Construction Multi- Residential Home Leases Consumer Total 1-4 Pass $ 239,055 $ 114,411 $ 53,524 $ 55,998 $ 123,963 $ 5,916 $ 117,136 $ 13,256 $ 723,259 5 Special Mention 6,976 5,542 4,900 — — — — — 17,418 6 Substandard 1,533 2,878 — — 3,145 66 15 1 7,638 7 Doubtful — — — — — — 20 — 20 8 Loss — — — — — — — — — $ 247,564 $ 122,831 $ 58,424 $ 55,998 $ 127,108 $ 5,982 $ 117,171 $ 13,257 $ 748,335
Schedule of Loans Classified by Aging Analysis	The following tables present the Company’s loan and lease portfolio aging analysis of the recorded investment in loans and leases as of March 31, 2021 and December 31, 2020: March 31, 2021 Delinquent Loans Current Total Total Loans 30-59 Days 60-89 Days 90 Days and Total Past Commercial mortgage $ 431 $ — $ 210 $ 641 $ 253,920 $ 254,561 $ 134 Commercial and industrial — 24 397 421 127,705 128,126 — Construction and development — — 4,900 4,900 62,828 67,728 — Multi-family — — — — 60,608 60,608 — Residential mortgage 2,071 142 2,154 4,367 124,580 128,947 2,029 Home equity 7 — 31 38 6,066 6,104 31 Leases 136 21 — 157 117,568 117,725 — Consumer 140 277 316 733 12,450 13,183 315 Totals $ 2,785 $ 464 $ 8,008 $ 11,257 $ 765,725 $ 776,982 $ 2,509 December 31, 2020 Delinquent Loans Current Total Total Loans 30-59 Days 60-89 Days 90 Days and Total Past Commercial mortgage $ 340 $ — $ 1,177 $ 1,517 $ 246,047 $ 247,564 $ 1,100 Commercial and industrial 1,251 203 439 1,893 120,938 122,831 — Construction and development — 4,900 — 4,900 53,524 58,424 — Multi-family — — — — 55,998 55,998 — Residential mortgage 1,913 243 2,680 4,836 122,272 127,108 2,554 Home equity 138 15 25 178 5,804 5,982 25 Leases 234 65 — 299 116,872 117,171 — Consumer 318 129 317 764 12,493 13,257 317 Totals $ 4,194 $ 5,555 $ 4,638 $ 14,387 $ 733,948 $ 748,335 $ 3,996
Impaired Financing Receivables	The following tables present the Company’s impaired loans and specific valuation allowance at March 31, 2021 and December 31, 2020: March 31, 2021 Recorded Unpaid Specific Impaired loans without a specific valuation allowance Commercial mortgage $ 77 $ 86 $ — Commercial and industrial 397 731 — Residential mortgage 124 246 — $ 598 $ 1,063 $ — Impaired loans with a specific valuation allowance Commercial mortgage $ 5,504 $ 5,504 $ 811 Commercial and industrial 53 64 52 Residential mortgage 54 54 — $ 5,611 $ 5,622 $ 863 Total impaired loans Commercial mortgage $ 5,581 $ 5,590 $ 811 Commercial and industrial 450 795 52 Residential mortgage 178 300 — Total impaired loans $ 6,209 $ 6,685 $ 863 December 31, 2020 Recorded Unpaid Specific Impaired loans without a specific valuation allowance Commercial mortgage $ 76 $ 86 $ — Commercial and industrial 439 770 — Residential mortgage 269 491 — $ 784 $ 1,347 $ — Impaired loans without a specific valuation allowance Commercial mortgage $ 625 $ 625 $ 150 Commercial and industrial 54 64 52 $ 679 $ 689 $ 202 Total impaired loans Commercial mortgage $ 701 $ 711 $ 150 Commercial and industrial 493 834 52 Residential mortgage 269 491 — Total impaired loans $ 1,463 $ 2,036 $ 202 The following tables present the Company’s average investment in impaired loans and interest income recognized for the three months ended March 31, 2021 and 2020: Average Interest Three Months Ended March 31, 2021: Total impaired loans Commercial mortgage $ 3,141 $ 7 Commercial and industrial 471 4 Residential mortgage 180 1 Total impaired loans $ 3,792 $ 12 Average Interest Three Months Ended March 31, 2020: Total impaired loans Commercial mortgage $ 797 $ 7 Commercial and industrial 684 14 Residential mortgage 326 5 Total impaired loans $ 1,807 $ 26
Financing Receivable, Nonaccrual	The following table presents the Company’s nonaccrual loans and leases at March 31, 2021 and December 31, 2020: March 31, December 31, Commercial mortgage $ 77 $ 76 Commercial and industrial 450 493 Construction 4,900 — Residential mortgage 124 214 Leases 53 20 $ 5,604 $ 803
Direct Financing Lease, Lease Income	The following lists the components of the net investment in direct financing leases: March 31, December 31, Total minimum lease payments to be received $ 129,865 $ 129,114 Initial direct costs 6,639 6,353 136,504 135,467 Less: Unearned income (18,779) (18,296) Net investment in direct finance leases $ 117,725 $ 117,171
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	The following table summarizes the future minimum lease payments receivable subsequent to March 31, 2021: 2021 $ 38,107 2022 39,561 2023 27,108 2024 16,659 2025 7,405 Thereafter 1,025 $ 129,865

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following tables present the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Fair Quoted Prices Significant Significant March 31, 2021 Available-for-sale securities SBA Pools $ 15,528 $ — $ 15,528 $ — Federal agencies 7,533 — 7,533 — State and municipal obligations 100,336 — 100,336 — Mortgage-backed securities - GSE residential 134,749 — 134,749 — Equity securities 13 13 — — $ 258,159 $ 13 $ 258,146 $ — Fair Value Measurements Using Fair Quoted Prices Significant Significant December 31, 2020 Available-for-sale securities SBA Pools $ 16,300 $ — $ 16,300 $ — Federal agencies 5,757 — 5,757 — State and municipal obligations 96,285 — 96,285 — Mortgage-backed securities - GSE residential 126,150 — 126,150 — Equity securities 13 13 — — $ 244,505 $ 13 $ 244,492 $ —
Fair Value Measurements, Nonrecurring	The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Fair Quoted Prices Significant Significant March 31, 2021 Impaired loans, collateral dependent $ 4,748 $ — $ — $ 4,748 Mortgage-servicing rights 1,659 — — 1,659 December 31, 2020 Impaired loans, collateral dependent $ 532 $ — $ — $ 532 Mortgage-servicing rights 1,712 — — 1,712
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables present the fair value measurement of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020: Fair Value at March 31, 2021 Valuation Unobservable Range Collateral-dependent impaired loans $ 4,748 Appraisal Marketability discount 0 - 16% Mortgage-servicing rights $ 1,659 Discounted cash flow Discount rate 10% Fair Value at December 31, 2020 Valuation Unobservable Range Collateral-dependent impaired loans $ 532 Appraisal Marketability discount 0 - 12% Mortgage-servicing rights $ 1,712 Discounted cash flow Discount rate 10%
Schedule of Fair Value of Financial Instruments	The following tables present estimated fair values of the Company’s financial instruments at March 31, 2021 and December 31, 2020: Fair Value Measurements Using Carrying Quoted Prices Significant Significant March 31, 2021 Financial assets Cash and cash equivalents $ 65,523 $ 65,523 $ — $ — Available-for-sale securities 258,159 13 258,146 — Held-to-maturity securities 10,211 — 10,445 — Loans and leases receivable, net 763,731 — — 781,646 Federal Reserve and FHLB stock 9,050 — 9,050 — Interest receivable 4,204 — 4,204 — Financial liabilities Deposits 757,074 — 759,129 — FHLB advances 170,000 — 177,192 — Interest payable 208 — 208 — Fair Value Measurements Using Carrying Quoted Prices Significant Significant December 31, 2020 Financial assets Cash and cash equivalents $ 48,768 $ 48,768 $ — $ — Available-for-sale securities 244,505 13 244,492 — Held-to-maturity securities 12,225 — 12,520 — Loans and leases receivable, net 736,400 — — 751,151 Federal Reserve and FHLB stock 9,050 — 9,050 — Interest receivable 4,704 — 4,704 — Financial liabilities Deposits 693,045 — 695,216 — FHLB advances 170,000 — 178,015 — Interest payable 222 — 222 —

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Net income $ 2,562 $ 2,452 Shares outstanding for Basic EPS: Average shares outstanding 13,124,015 13,526,625 Less: average restricted stock award shares not vested 431,501 — Less: average unearned ESOP Shares 1,005,311 1,059,419 Shares outstanding for Basic EPS 11,687,203 12,467,206 Additional Dilutive Shares 176,705 — Shares outstanding for Diluted EPS 11,863,908 12,467,206 Basic Earnings Per Share $ 0.22 $ 0.20 Diluted Earnings Per Share $ 0.22 $ 0.20

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Stock Ownership Plan (ESOP) Disclosures	ESOP expense for the three months ended March 31, 2021 and 2020 was $183,000 and $187,000, respectively. March 31, 2021 March 31, 2020 Earned ESOP shares 90,196 22,545 Unearned ESOP shares 991,934 1,059,585 Total ESOP shares 1,082,130 1,082,130 Quoted per share price $ 13.56 $ 10.22 Fair value of earned shares $ 1,223 $ 230 Fair value of unearned shares $ 13,451 $ 10,829
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes the stock option activity in the 2020 EIP during the three months ended March 31, 2021. March 31, 2021 Number of Shares Weighted-Average Exercise Price Balance at beginning of year 1,095,657 $ 10.53 Granted — — Exercised — — Forfeited/expired — — Balance at end of year 1,095,657 10.53 Exercisable at end of period (1) 40,580 $ 10.53
Schedule of Nonvested Share Activity	A summary of the status of the Company stock option shares as of March 31, 2021 is presented below. Shares Weighted Average Grant Date Fair Value Non-vested, beginning of year 1,055,077 $ 2.91 Vested — — Granted — — Forfeited — — Non-vested, March 31 1,055,077 $ 2.91

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Jul. 01, 2019	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from issuance initial public offering	$ 130,300
Shares contributed to charitable foundation (in shares)	500,000
RMB-Maryland contribution to charitable foundation	$ 1,250
Past due interest accrual period (in days)		90 days
Minimum satisfaction performance period of nonaccrual loans (in months)		6 months

Accounting Pronouncements (Deta

Accounting Pronouncements (Details)	3 Months Ended
	Mar. 31, 2021USD ($)contractloan	Mar. 31, 2020contract	Dec. 31, 2020USD ($)
Financing Receivable, Impaired [Line Items]
Number of loan and leases modified | contract	0	0
PPP Loans Outstanding	$ 763,731,414		$ 736,400,098
CARES Act
Financing Receivable, Impaired [Line Items]
Number of loan and leases modified | loan	33
Amounts outstanding related to COVID-19	$ 24,600,000
Paycheck Protection Program
Financing Receivable, Impaired [Line Items]
PPP Loans issued	100,000,000
PPP Loans Outstanding	$ 54,700,000

Investment Securities_ Marketab

Investment Securities: Marketable Securities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Investment securities - available for sale	$ 258,158,592	$ 244,505,189
Equity Securities, FV-NI [Abstract]
Equity securities, amortized cost	13,000	13,000
Equity securities, unrealized gain	0	0
Equity securities, unrealized loss	0	0
Equity securities, fair value	13,000	13,000
Debt securities, available-for-sale, and equity securities, amortized cost	258,098,000	239,811,000
Debt securities, available-for-sale, and equity securities, gross unrealized gains	3,258,000	4,981,000
Debt securities, available-for-sale, and equity securities, gross unrealized losses	3,197,000	287,000
Debt securities, available-for-sale, and equity securities, fair value	258,159,000	244,505,000
Debt Securities, Held-to-maturity [Abstract]
Debt securities, held-to-maturity, amortized cost	10,211,437	12,225,275
Debt securities, held-to-maturity, accumulated unrecognized gain	234,000	295,000
Debt securities, held-to-maturity, accumulated unrecognized losses	0	0
Debt securities, held-to-maturity, fair value	10,445,000	12,520,000
Debt securities, available-for-sale and held-to-maturity, and equity securities, amortized cost	268,309,000	252,036,000
Debt securities, available-for-sale and held-to-maturity, and equity securities, gross unrealized gains	3,492,000	5,276,000
Debt securities, available-for-sale and held-to-maturity, and equity securities, gross unrealized losses	3,197,000	287,000
Debt securities, available-for-sale and held-to-maturity, and equity securities, fair value	268,604,000	257,025,000
SBA Pools
Debt Securities, Available-for-sale [Abstract]
Debt securities, available for sale, amortized cost	15,647,000	16,283,000
Debt securities, available for sale, gross unrealized gain	36,000	111,000
Debt securities, available for sale, gross unrealized loss	155,000	94,000
Investment securities - available for sale	15,528,000	16,300,000
Federal agencies
Debt Securities, Available-for-sale [Abstract]
Debt securities, available for sale, amortized cost	7,756,000	5,760,000
Debt securities, available for sale, gross unrealized gain	5,000	12,000
Debt securities, available for sale, gross unrealized loss	228,000	15,000
Investment securities - available for sale	7,533,000	5,757,000
State and municipal obligations
Debt Securities, Available-for-sale [Abstract]
Debt securities, available for sale, amortized cost	100,347,000	93,616,000
Debt securities, available for sale, gross unrealized gain	1,599,000	2,778,000
Debt securities, available for sale, gross unrealized loss	1,610,000	109,000
Investment securities - available for sale	100,336,000	96,285,000
Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Debt Securities, Available-for-sale [Abstract]
Debt securities, available for sale, amortized cost	134,335,000	124,139,000
Debt securities, available for sale, gross unrealized gain	1,618,000	2,080,000
Debt securities, available for sale, gross unrealized loss	1,204,000	69,000
Investment securities - available for sale	$ 134,749,000	$ 126,150,000

Investment Securities_ Investme

Investment Securities: Investments Classified by Contractual Maturity Date (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Debt securities, available-for-sale, amortized cost, within one year	$ 954,000
Debt securities, available-for-sale, amortized cost, one to five years	6,331,000
Debt securities, available-for-sale, amortized cost, five to ten years	28,444,000
Debt securities, available-for-sale, amortized cost, after ten years	88,021,000
Debt securities, available for sale, amortized cost	123,750,000
Debt securities, available for sale, amortized cost, mortgage backed securities -GSE residential	134,335,000
Fair Value
Debt securities, available-for-sale, fair value, within one year	959,000
Debt securities, available-for-sale, fair value, one to five years	6,520,000
Debt securities, available-for-sale, fair value, five to ten years	28,660,000
Debt securities, available-for-sale, fair value, after ten years	87,258,000
Debt securities, available for sale, fair value	123,397,000
Debt securities, available for sale, fair value, mortgage backed securities -GSE residential	134,749,000
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Held-to-Maturity, amortized cost, within one year	1,751,000
Held-to-Maturity, amortized cost, one to five years	5,373,000
Held-to-Maturity, amortized cost, five to ten years	2,027,000
Held-to-Maturity, amortized cost, after ten years	1,060,000
Debt securities, held-to-maturity, amortized cost	10,211,000
Held-to-Maturity, amortized cost, mortgage backed securities -GSE residential	0
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Held-to-Maturity, fair value, within one year	1,766,000
Held-to-Maturity, fair value, one to five years	5,491,000
Held-to-Maturity, fair value, five to ten years	2,118,000
Held-to-Maturity, fair value, after ten years	1,070,000
Held-to-Maturity, fair value	10,445,000
Held-to-Maturity, fair value, mortgage backed securities -GSE residential	0
Equity Securities, FV-NI [Abstract]
Equity securities, amortized cost	13,000	$ 13,000
Equity securities, fair value	13,000	13,000
Debt securities, available-for-sale, and equity securities, amortized cost	258,098,000	239,811,000
Debt securities, available-for-sale, and equity securities, fair value	258,159,000	244,505,000
Debt securities, held-to-maturity, amortized cost	10,211,437	12,225,275
Debt securities, held-to-maturity, fair value	$ 10,445,000	$ 12,520,000

Investment Securities_ Market_2

Investment Securities: Marketable Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Securities pledged as security, carrying value	$ 74,171,000		$ 88,370,000
Proceeds from sales of securities available for sale	0	$ 11,461,388
Available-for-sale securities, gross realized gains	0	74,000
Available-for-sale securities, gross realized losses	0	$ 5,000
Investments reported at less than historical cost, fair value	$ 120,426,000		$ 45,299,000
Investments reported at less than historical cost as percentage of total securities	45.00%	18.00%

Investment Securities_ Unrealiz

Investment Securities: Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale, less than 12 months, fair value		$ 38,798
Available-for-sale, less than 12 months, unrealized loss		237
Available-for-sale, 12 months or more, fair value		6,371
Available-for-sale, 12 months or more, unrealized losses		50
Available-for-sale, total fair value		45,169
Available-for-sale, total unrealized losses		287
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract]
Temporarily impaired securities, less than 12 months, fair value	$ 110,433	38,928
Temporarily impaired securities, less than 12 months, unrealized loss	3,018	237
Temporarily impaired securities, 12 months or more, fair value	9,993	6,371
Temporarily impaired securities, 12 months or more, unrealized losses	179	50
Temporarily impaired securities, total fair value	120,426	45,299
Temporarily impaired securities, total unrealized losses	3,197	287
SBA Pools
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale, less than 12 months, fair value	4,318	5,213
Available-for-sale, less than 12 months, unrealized loss	83	46
Available-for-sale, 12 months or more, fair value	7,984	5,687
Available-for-sale, 12 months or more, unrealized losses	72	48
Available-for-sale, total fair value	12,302	10,900
Available-for-sale, total unrealized losses	155	94
Federal agencies
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale, less than 12 months, fair value	6,773	985
Available-for-sale, less than 12 months, unrealized loss	228	15
Available-for-sale, 12 months or more, fair value	0	0
Available-for-sale, 12 months or more, unrealized losses	0	0
Available-for-sale, total fair value	6,773	985
Available-for-sale, total unrealized losses	228	15
State and municipal obligations
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale, less than 12 months, fair value	45,177	8,587
Available-for-sale, less than 12 months, unrealized loss	1,505	109
Available-for-sale, 12 months or more, fair value	1,475	0
Available-for-sale, 12 months or more, unrealized losses	105	0
Available-for-sale, total fair value	46,652	8,587
Available-for-sale, total unrealized losses	1,610	109
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract]
Held-to-maturity, less than 12 months, fair value		130
Held-to-maturity, less than 12 months, unrealized losses		0
Held-to-maturity, 12 months or more, fair value		0
Held-to-maturity, 12 months or more, unrealized losses		0
Held-to-maturity, total fair value		130
Held-to-maturity, total unrealized losses		0
Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale, less than 12 months, fair value	54,165	24,013
Available-for-sale, less than 12 months, unrealized loss	1,202	67
Available-for-sale, 12 months or more, fair value	534	684
Available-for-sale, 12 months or more, unrealized losses	2	2
Available-for-sale, total fair value	54,699	24,697
Available-for-sale, total unrealized losses	$ 1,204	$ 69

Loans, Leases and Allowance_ Sc

Loans, Leases and Allowance: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	$ 776,982,000	$ 748,335,000
Allowance for loan and lease losses	10,959,000	10,586,000	$ 7,306,000	$ 7,089,000
Deferred loan fees	2,292,000	1,349,000
Outstanding balance	763,731,414	736,400,098
Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	254,561,000	247,564,000
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	128,126,000	122,831,000
Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	67,728,000	58,424,000
Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	60,608,000	55,998,000
Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	128,947,000	127,108,000
Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	6,104,000	5,982,000
Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	117,725,000	117,171,000
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	$ 13,183,000	$ 13,257,000

Loans, Leases and Allowance_ Fi

Loans, Leases and Allowance: Financing Receivable, Allowance for Credit Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Allowance for loan losses, beginning balance	$ 10,586,000	$ 7,089,000
Provision for losses on loans and leases	400,000	210,000
Charge-offs	(205,000)	(75,000)
Recoveries	178,000	83,000
Allowance for loan losses, ending balance	10,959,000	7,306,000
Allowance for loan losses, individually evaluated for impairment			$ 863,000	$ 202,000
Allowance for loan losses, collectively evaluated for impairment			10,096,000	10,384,000
Financing Receivable, Allowance for Credit Loss	10,586,000	7,306,000	10,959,000	10,586,000
Loans, individually evaluated for impairment			6,209,000	1,463,000
Loans, collectively evaluated for impairment			770,773,000	746,872,000
Total Portfolio Loans and Leases			776,982,000	748,335,000
Commercial mortgage
Allowance for loan losses:
Allowance for loan losses, beginning balance	7,797,000	4,564,000
Provision for losses on loans and leases	561,000	72,000
Charge-offs	0	0
Recoveries	1,000	32,000
Allowance for loan losses, ending balance	8,359,000	4,668,000
Allowance for loan losses, individually evaluated for impairment			811,000	150,000
Allowance for loan losses, collectively evaluated for impairment			7,548,000	7,647,000
Financing Receivable, Allowance for Credit Loss	7,797,000	4,668,000	8,359,000	7,797,000
Loans, individually evaluated for impairment			5,581,000	701,000
Loans, collectively evaluated for impairment			427,822,000	404,278,000
Total Portfolio Loans and Leases			433,403,000	404,979,000
Commercial and Industrial
Allowance for loan losses:
Allowance for loan losses, beginning balance	1,248,000	1,852,000
Provision for losses on loans and leases	(133,000)	(87,000)
Charge-offs	0	0
Recoveries	23,000	7,000
Allowance for loan losses, ending balance	1,138,000	1,772,000
Allowance for loan losses, individually evaluated for impairment			52,000	52,000
Allowance for loan losses, collectively evaluated for impairment			1,086,000	1,196,000
Financing Receivable, Allowance for Credit Loss	1,138,000	1,772,000	1,138,000	1,248,000
Loans, individually evaluated for impairment			450,000	493,000
Loans, collectively evaluated for impairment			111,660,000	106,794,000
Total Portfolio Loans and Leases			112,110,000	107,287,000
Residential mortgage
Allowance for loan losses:
Allowance for loan losses, beginning balance	270,000	109,000
Provision for losses on loans and leases	(19,000)	38,000
Charge-offs	0	(15,000)
Recoveries	6,000	16,000
Allowance for loan losses, ending balance	257,000	148,000
Allowance for loan losses, individually evaluated for impairment			0	0
Allowance for loan losses, collectively evaluated for impairment			257,000	270,000
Financing Receivable, Allowance for Credit Loss	257,000	148,000	257,000	270,000
Loans, individually evaluated for impairment			178,000	269,000
Loans, collectively evaluated for impairment			96,465,000	101,380,000
Total Portfolio Loans and Leases			96,643,000	101,649,000
Leases
Allowance for loan losses:
Allowance for loan losses, beginning balance	1,054,000	426,000
Provision for losses on loans and leases	75,000	190,000
Charge-offs	(194,000)	(55,000)
Recoveries	94,000	22,000
Allowance for loan losses, ending balance	1,029,000	583,000
Allowance for loan losses, individually evaluated for impairment			0	0
Allowance for loan losses, collectively evaluated for impairment			1,029,000	1,054,000
Financing Receivable, Allowance for Credit Loss	1,029,000	583,000	1,029,000	1,054,000
Loans, individually evaluated for impairment			0	0
Loans, collectively evaluated for impairment			117,725,000	117,171,000
Total Portfolio Loans and Leases			117,725,000	117,171,000
Consumer
Allowance for loan losses:
Allowance for loan losses, beginning balance	217,000	138,000
Provision for losses on loans and leases	(84,000)	(4,000)
Charge-offs	(11,000)	(5,000)
Recoveries	54,000	6,000
Allowance for loan losses, ending balance	176,000	135,000
Allowance for loan losses, individually evaluated for impairment			0	0
Allowance for loan losses, collectively evaluated for impairment			176,000	217,000
Financing Receivable, Allowance for Credit Loss	$ 176,000	$ 135,000	176,000	217,000
Loans, individually evaluated for impairment			0	0
Loans, collectively evaluated for impairment			17,101,000	17,249,000
Total Portfolio Loans and Leases			$ 17,101,000	$ 17,249,000

Loans, Leases and Allowance_ _2

Loans, Leases and Allowance: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	$ 776,982	$ 748,335
Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	254,561	247,564
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	128,126	122,831
Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	67,728	58,424
Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	60,608	55,998
Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	128,947	127,108
Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	6,104	5,982
Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	117,725	117,171
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	13,183	13,257
Pass
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	755,139	723,259
Pass | Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	246,578	239,055
Pass | Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	121,798	114,411
Pass | Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	62,828	53,524
Pass | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	60,608	55,998
Pass | Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	126,766	123,963
Pass | Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	6,033	5,916
Pass | Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	117,661	117,136
Pass | Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	12,867	13,256
Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	10,453	17,418
Special Mention | Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	6,939	6,976
Special Mention | Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	3,514	5,542
Special Mention | Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	4,900
Special Mention | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Special Mention | Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Special Mention | Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Special Mention | Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Special Mention | Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	11,337	7,638
Substandard | Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	1,044	1,533
Substandard | Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	2,814	2,878
Substandard | Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	4,900	0
Substandard | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Substandard | Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	2,181	3,145
Substandard | Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	71	66
Substandard | Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	11	15
Substandard | Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	316	1
Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	53	20
Doubtful | Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Doubtful | Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	53	20
Doubtful | Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Commercial mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Construction and development
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Home equity
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Direct financing leases
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	0	0
Loss | Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total portfolio loans	$ 0	$ 0

Loans, Leases and Allowance_ _3

Loans, Leases and Allowance: Schedule of Loans Classified by Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 11,257	$ 14,387
Current	765,725	733,948
Total Portfolio Loans and Leases	776,982	748,335
Total Loans and Leases > 90 Days Accruing	2,509	3,996
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	641	1,517
Current	253,920	246,047
Total Portfolio Loans and Leases	254,561	247,564
Total Loans and Leases > 90 Days Accruing	134	1,100
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Past Due	421	1,893
Current	127,705	120,938
Total Portfolio Loans and Leases	128,126	122,831
Total Loans and Leases > 90 Days Accruing	0	0
Construction and development
Financing Receivable, Past Due [Line Items]
Total Past Due	4,900	4,900
Current	62,828	53,524
Total Portfolio Loans and Leases	67,728	58,424
Total Loans and Leases > 90 Days Accruing	0	0
Multi-family
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
Current	60,608	55,998
Total Portfolio Loans and Leases	60,608	55,998
Total Loans and Leases > 90 Days Accruing	0	0
Residential mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	4,367	4,836
Current	124,580	122,272
Total Portfolio Loans and Leases	128,947	127,108
Total Loans and Leases > 90 Days Accruing	2,029	2,554
Home equity
Financing Receivable, Past Due [Line Items]
Total Past Due	38	178
Current	6,066	5,804
Total Portfolio Loans and Leases	6,104	5,982
Total Loans and Leases > 90 Days Accruing	31	25
Direct financing leases
Financing Receivable, Past Due [Line Items]
Total Past Due	157	299
Current	117,568	116,872
Total Portfolio Loans and Leases	117,725	117,171
Total Loans and Leases > 90 Days Accruing	0	0
Consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	733	764
Current	12,450	12,493
Total Portfolio Loans and Leases	13,183	13,257
Total Loans and Leases > 90 Days Accruing	315	317
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	2,785	4,194
30-59 Days Past Due | Commercial mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	431	340
30-59 Days Past Due | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Past Due	0	1,251
30-59 Days Past Due | Construction and development
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
30-59 Days Past Due | Multi-family
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
30-59 Days Past Due | Residential mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	2,071	1,913
30-59 Days Past Due | Home equity
Financing Receivable, Past Due [Line Items]
Total Past Due	7	138
30-59 Days Past Due | Direct financing leases
Financing Receivable, Past Due [Line Items]
Total Past Due	136	234
30-59 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	140	318
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	464	5,555
60-89 Days Past Due | Commercial mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Past Due	24	203
60-89 Days Past Due | Construction and development
Financing Receivable, Past Due [Line Items]
Total Past Due	0	4,900
60-89 Days Past Due | Multi-family
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Residential mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	142	243
60-89 Days Past Due | Home equity
Financing Receivable, Past Due [Line Items]
Total Past Due	0	15
60-89 Days Past Due | Direct financing leases
Financing Receivable, Past Due [Line Items]
Total Past Due	21	65
60-89 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	277	129
90 Days and Over
Financing Receivable, Past Due [Line Items]
Total Past Due	8,008	4,638
90 Days and Over | Commercial mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	210	1,177
90 Days and Over | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Past Due	397	439
90 Days and Over | Construction and development
Financing Receivable, Past Due [Line Items]
Total Past Due	4,900	0
90 Days and Over | Multi-family
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
90 Days and Over | Residential mortgage
Financing Receivable, Past Due [Line Items]
Total Past Due	2,154	2,680
90 Days and Over | Home equity
Financing Receivable, Past Due [Line Items]
Total Past Due	31	25
90 Days and Over | Direct financing leases
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
90 Days and Over | Consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 316	$ 317

Loans, Leases and Allowance_ Im

Loans, Leases and Allowance: Impaired Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Recorded Balance
Loans without a specific valuation allowance, recorded balance	$ 598		$ 784
Loans with a specific valuation allowance, recorded balance	5,611		679
Total impaired loans, recorded balance	6,209		1,463
Unpaid Principal Balance
Loans without a specific valuation allowance, unpaid principal balance	1,063		1,347
Loans with a specific valuation allowance, unpaid principal balance	5,622		689
Total impaired loans, unpaid principal balance	6,685		2,036
Loans with a specific valuation allowance	863		202
Average Investment in Impaired Loans
Total impaired loans, average investment in impaired loans	3,792	$ 1,807
Interest Income Recognized
Total impaired loans, interest income recognized	12	26
Commercial mortgage
Recorded Balance
Loans without a specific valuation allowance, recorded balance	77		76
Loans with a specific valuation allowance, recorded balance	5,504		625
Total impaired loans, recorded balance	5,581		701
Unpaid Principal Balance
Loans without a specific valuation allowance, unpaid principal balance	86		86
Loans with a specific valuation allowance, unpaid principal balance	5,504		625
Total impaired loans, unpaid principal balance	5,590		711
Loans with a specific valuation allowance	811		150
Average Investment in Impaired Loans
Total impaired loans, average investment in impaired loans	3,141	797
Interest Income Recognized
Total impaired loans, interest income recognized	7	7
Commercial and Industrial
Recorded Balance
Loans without a specific valuation allowance, recorded balance	397		439
Loans with a specific valuation allowance, recorded balance	53		54
Total impaired loans, recorded balance	450		493
Unpaid Principal Balance
Loans without a specific valuation allowance, unpaid principal balance	731		770
Loans with a specific valuation allowance, unpaid principal balance	64		64
Total impaired loans, unpaid principal balance	795		834
Loans with a specific valuation allowance	52		52
Average Investment in Impaired Loans
Total impaired loans, average investment in impaired loans	471	684
Interest Income Recognized
Total impaired loans, interest income recognized	4	14
Residential mortgage
Recorded Balance
Loans without a specific valuation allowance, recorded balance	124		269
Loans with a specific valuation allowance, recorded balance	54
Total impaired loans, recorded balance	178		269
Unpaid Principal Balance
Loans without a specific valuation allowance, unpaid principal balance	246		491
Loans with a specific valuation allowance, unpaid principal balance	54
Total impaired loans, unpaid principal balance	300		491
Loans with a specific valuation allowance	0		$ 0
Average Investment in Impaired Loans
Total impaired loans, average investment in impaired loans	180	326
Interest Income Recognized
Total impaired loans, interest income recognized	$ 1	$ 5

Loans, Leases and Allowance_ _4

Loans, Leases and Allowance: Financing Receivable, Nonaccrual (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	$ 5,604	$ 803
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	77	76
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	450	493
Construction
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	4,900	0
Residential mortgage
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	124	214
Leases
Financing Receivable, Past Due [Line Items]
Financing receivable, nonaccrual	$ 53	$ 20

Loans, Leases and Allowance_ Tr

Loans, Leases and Allowance: Troubled Debt Restructuring (Details)	3 Months Ended
	Mar. 31, 2021USD ($)contractloan	Mar. 31, 2020USD ($)contract	Dec. 31, 2020USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loan and leases modified | contract	0	0
Troubled debt restructuring, write-down	$ 0	$ 0
Troubled debt restructurings related allowance	52,000		$ 52,000
Troubled debt restructuring, subsequent default payments	$ 0	$ 0
CARES Act
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loan and leases modified | loan	33
Amounts outstanding related to COVID-19	$ 24,600,000

Loans, Leases and Allowance_ Re

Loans, Leases and Allowance: Real Estate Owned and Foreclosed Real Estate Policy (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Foreclosed residential real estate with physical possession	$ 0	$ 32,000
Consumer mortgage loans secured by residential real estate properties in process of foreclosure	$ 520,000	$ 283,000

Loans, Leases and Allowance_ Di

Loans, Leases and Allowance: Direct Financing Lease, Lease Income (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Total minimum lease payments to be received	$ 129,865	$ 129,114
Initial direct costs	6,639	6,353
Direct financing lease revenue	136,504	135,467
Less: Unearned income	(18,779)	(18,296)
Net investment in direct finance leases	$ 117,725	$ 117,171

Loans, Leases and Allowance_ Le

Loans, Leases and Allowance: Leases Serviced for the Benefit of Others (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Leases serviced for the benefit of others	$ 22,000	$ 86,000
Recorded recourse obligation on leases sold with recourse	0	0
Maximum exposure of recorded recourse obligation on leases sold with recourse	$ 22,000	$ 86,000

Loans, Leases and Allowance_ _5

Loans, Leases and Allowance: Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Receivables [Abstract]
2021	$ 38,107
2022	39,561
2023	27,108
2024	16,659
2025	7,405
Thereafter	1,025
Payments to be received	$ 129,865

Fair Values of Financial Inst_2

Fair Values of Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	$ 13	$ 13
Assets measured on recurring basis, fair value
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	258,159	244,505
Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	134,749	126,150
SBA Pools
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	15,528	16,300
Federal agencies
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	7,533	5,757
State and municipal obligations
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	100,336	96,285
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	13	13
Quoted Prices in Active Markets for Identical Assets (Level 1) | Assets measured on recurring basis, fair value
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	13	13
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | SBA Pools
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Federal agencies
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal obligations
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Assets measured on recurring basis, fair value
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	258,146	244,492
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	134,749	126,150
Significant Other Observable Inputs (Level 2) | SBA Pools
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	15,528	16,300
Significant Other Observable Inputs (Level 2) | Federal agencies
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	7,533	5,757
Significant Other Observable Inputs (Level 2) | State and municipal obligations
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	100,336	96,285
Significant Unobservable Inputs (Level 3) | Equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Assets measured on recurring basis, fair value
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities - government-sponsored enterprises (GSE) residential
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | SBA Pools
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Federal agencies
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | State and municipal obligations
Fair Value, Option, Quantitative Disclosures [Line Items]
Recurring assets, fair value disclosure	$ 0	$ 0

Fair Values of Financial Inst_3

Fair Values of Financial Instruments: Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage-servicing rights
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	$ 1,659	$ 1,712
Impaired loans, collateral dependent
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	4,748	532
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-servicing rights
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans, collateral dependent
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Mortgage-servicing rights
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Impaired loans, collateral dependent
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Mortgage-servicing rights
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	1,659	1,712
Significant Unobservable Inputs (Level 3) | Impaired loans, collateral dependent
Fair Value, Option, Quantitative Disclosures [Line Items]
Non-recurring Assets, fair value disclosure	$ 4,748	$ 532

Fair Values of Financial Inst_4

Fair Values of Financial Instruments: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage-servicing rights	$ 1,658,879	$ 1,712,138
Significant Unobservable Inputs (Level 3)
Fair Value, Option, Quantitative Disclosures [Line Items]
Impaired Loans, Collateral-Dependent	4,748,000	532,000
Mortgage-servicing rights	$ 1,659,000	$ 1,712,000
Significant Unobservable Inputs (Level 3) | Discount rate | Discounted cash flow
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage-servicing rights, Measurement Input	0.10	0.10
Minimum | Significant Unobservable Inputs (Level 3) | Marketability discount | Appraisal
Fair Value, Option, Quantitative Disclosures [Line Items]
Impaired Loans, Collateral-Dependent, Measurement Input	0	0
Maximum | Significant Unobservable Inputs (Level 3) | Marketability discount | Appraisal
Fair Value, Option, Quantitative Disclosures [Line Items]
Impaired Loans, Collateral-Dependent, Measurement Input	0.16	0.12

Fair Values of Financial Inst_5

Fair Values of Financial Instruments: Schedule of Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Held-to-maturity securities	$ 10,445,000	$ 12,520,000
FHLB advances	170,000,000	170,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	65,523,000	48,768,000
Available-for-sale securities	13,000	13,000
Held-to-maturity securities	0	0
Loans and leases receivable, net	0	0
Federal Reserve and FHLB stock	0	0
Interest receivable	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Financial liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Deposits	0	0
FHLB advances	0	0
Interest payable	0	0
Significant Other Observable Inputs (Level 2) | Financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0	0
Available-for-sale securities	258,146,000	244,492,000
Held-to-maturity securities	10,445,000	12,520,000
Loans and leases receivable, net	0	0
Federal Reserve and FHLB stock	9,050,000	9,050,000
Interest receivable	4,204,000	4,704,000
Significant Other Observable Inputs (Level 2) | Financial liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Deposits	759,129,000	695,216,000
FHLB advances	177,192,000	178,015,000
Interest payable	208,000	222,000
Significant Unobservable Inputs (Level 3) | Financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0	0
Available-for-sale securities	0	0
Held-to-maturity securities	0	0
Loans and leases receivable, net	781,646,000	751,151,000
Federal Reserve and FHLB stock	0	0
Interest receivable	0	0
Significant Unobservable Inputs (Level 3) | Financial liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Deposits	0	0
FHLB advances	0	0
Interest payable	0	0
Carrying Value | Financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	65,523,000	48,768,000
Available-for-sale securities	258,159,000	244,505,000
Held-to-maturity securities	10,211,000	12,225,000
Loans and leases receivable, net	763,731,000	736,400,000
Federal Reserve and FHLB stock	9,050,000	9,050,000
Interest receivable	4,204,000	4,704,000
Carrying Value | Financial liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Deposits	757,074,000	693,045,000
FHLB advances	170,000,000	170,000,000
Interest payable	$ 208,000	$ 222,000

Earnings per Share_ Schedule of

Earnings per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 2,562	$ 2,452
Average shares outstanding (in shares)	13,124,015	13,526,625
Less: average restricted stock award shares not vested (in shares)	431,501	0
Less: average unearned ESOP Shares (in shares)	1,005,311	1,059,419
Shares outstanding for Basic EPS (in shares)	11,687,203	12,467,206
Additional dilutive shares (in shares)	176,705	0
Shares outstanding for diluted EPS (in shares)	11,863,908	12,467,206
Basic earnings per share (in USD per share)	$ 0.22	$ 0.20
Diluted earnings per share (in USD per share)	$ 0.22	$ 0.20

Benefit Plans_ Narrative (Detai

Benefit Plans: Narrative (Details) - USD ($)	Sep. 15, 2020	Jul. 01, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Oct. 01, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay			50.00%
Defined contribution plan, employer matching contribution, percent of match			6.00%
Defined contribution plan, administrative expense			$ 52,000	$ 49,000
Total ESOP shares (in shares)		1,082,130	1,082,130	1,082,130
Quoted per share price (in USD per share)		$ 13.59	$ 13.56	$ 10.22
Value of ESOP shares			$ 13,479,847		$ 13,664,373
ESOP shares earned			$ (182,705)	$ (186,687)
Granted (in shares)			0
Grant date fair value (in USD per share)			$ 0
Pentegra Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multiemployer plans, termination expense			$ 17,500,000
2020 Equity Incentive Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Granted (in shares)	1,095,657
Grant date fair value (in USD per share)	$ 10.53
2020 Equity Incentive Plan | Stock option
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Common shares authorized (in shares)	1,352,662
Award vesting period (in years)	5 years
ESOP shares earned					205,000
Tax benefit recognized					$ 23,000
Unrecognized compensation expense			2,700,000
2020 Equity Incentive Plan | Restricted Stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Common shares authorized (in shares)	541,065
Common shares awarded (in shares)	449,086
Grant date fair value (in USD per share)	$ 10.53
Total market value						$ 4,700,000
Award vesting period (in years)	5 years
ESOP shares earned			303,000
Tax benefit recognized			64,000
Unrecognized compensation expense			$ 4,000,000

Benefit Plans_ Employee Stock O

Benefit Plans: Employee Stock Ownership Plan (ESOP) Disclosures (Details) - USD ($)	Jul. 01, 2020	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
ESOP shares expense		$ 182,705	$ 186,687
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract]
Earned ESOP shares (in shares)		90,196	22,545
Unearned ESOP shares (in shares)		991,934	1,059,585
Total ESOP shares (in shares)	1,082,130	1,082,130	1,082,130
Quoted per share price (in USD per share)	$ 13.59	$ 13.56	$ 10.22
Fair value of earned shares		$ 1,223,000	$ 230,000
Fair value of unearned shares		$ 13,451,000	$ 10,829,000

Benefit Plans_ Stock Option Act

Benefit Plans: Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Shares
Beginning balance (in shares) | shares	1,095,657
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited/expired (in shares) | shares	0
Ending balance (in shares) | shares	1,095,657
Exercisable at end of year (in shares) | shares	40,580
Weighted-Average Exercise Price
Balance at beginning of year (in USD per share) | $ / shares	$ 10.53
Grant date fair value (in USD per share) | $ / shares	0
Exercised (in USD per share) | $ / shares	0
Forfeited/expired (in USD per share) | $ / shares	0
Balance at end of year (in USD per share) | $ / shares	10.53
Exercisable at end of year (in USD per share) | $ / shares	$ 10.53

Benefit Plans_ Stock Option Sta

Benefit Plans: Stock Option Status (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Shares
Non-vested, beginning of year (in shares) | shares	1,055,077
Vested (in shares) | shares	0
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested, end of year (in shares) | shares	1,055,077
Weighted Average Grant Date Fair Value
Non-vested, beginning of year (in USD per share) | $ / shares	$ 2.91
Vested (in USD per share) | $ / shares	0
Granted (in USD per share) | $ / shares	0
Forfeited (in USD per share) | $ / shares	0
Non-vested, end of year (in USD per share) | $ / shares	$ 2.91

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event	1 Months Ended
	May 14, 2021shares
Subsequent Event [Line Items]
Shares repurchased (in shares)	167,193
Remaining number of shares authorized to be repurchased (in shares)	249,392