Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BCOW | |
Entity Registrant Name | 1895 Bancorp of Wisconsin, Inc. | |
Entity Central Index Key | 0001847360 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, State or Province | WI | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 6,621,077 | |
Entity File Number | 001-40609 | |
Entity Tax Identification Number | 61-1993378 | |
Entity Address, Address Line One | 7001 West Edgerton Avenue | |
Entity Address, City or Town | Greenfield | |
Entity Address, Postal Zip Code | 53220 | |
City Area Code | 414 | |
Local Phone Number | 421-8200 | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 13,002 | $ 65,300 |
Fed funds sold | 2,700 | 1,503 |
Cash and cash equivalents | 15,702 | 66,803 |
Marketable equity securities, stated at fair value | 2,723 | 3,544 |
Available-for-sale securities, stated at fair value | 118,414 | 112,440 |
Loans held for sale | 365 | 1,183 |
Loans, net of allowance for loan losses of $3,180 and $2,858 at September 30, 2022 and December 31, 2021, respectively | 354,740 | 323,789 |
Premises and equipment, net | 5,562 | 5,864 |
Mortgage servicing rights, net | 1,890 | 2,036 |
Federal Home Loan Bank (FHLB) stock, at cost | 3,205 | 3,032 |
Accrued interest receivable | 1,106 | 948 |
Cash value of life insurance | 14,209 | 13,892 |
Other assets | 11,401 | 6,108 |
TOTAL ASSETS | 529,317 | 539,639 |
Liabilities and Stockholders' Equity | ||
Deposits | 379,298 | 384,501 |
Advance payments by borrowers for taxes and insurance | 10,225 | 1,860 |
FHLB advances | 56,951 | 55,442 |
Accrued interest payable | 142 | 109 |
Other liabilities | 6,798 | 6,834 |
TOTAL LIABILITIES | 453,414 | 448,746 |
Preferred stock, $0.01 par value, 10,000,000 shares authorized at September 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at September 30, 2022 and December 31, 2021 Issued - 6,253,854 at September 30, 2022 and 6,402,571 at December 31, 2021 (includes 116,387 and 97,128 unvested shares, respectively) Outstanding - 6,223,791 at September 30, 2022 and 6,372,508 at December 31, 2021 (includes 116,387 and 97,128 unvested shares, respectively) | 63 | 64 |
Additional paid-in capital | 50,943 | 52,805 |
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 458,765 and 377,077 shares at September 30, 2022 and December 31, 2021, respectively | (4,354) | (3,432) |
Less treasury stock at cost, 30,063 shares at September 30, 2022 and December 31, 2021 | (301) | (301) |
Retained earnings | 41,443 | 41,615 |
Accumulated other comprehensive (loss) income, net of income taxes | (11,891) | 142 |
Total stockholders' equity | 75,903 | 90,893 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 529,317 | $ 539,639 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for loans losses | $ 3,180 | $ 2,858 |
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 6,253,854 | 6,402,571 |
Common Stock, Shares, Outstanding | 6,223,791 | 6,372,508 |
Unallocated common stock of Employee Stock Ownership Plan | 458,765 | 377,077 |
Treasury stock | 30,063 | 30,063 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 116,387 | 97,128 |
Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 97,128 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 116,387 | |
Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 97,128 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 116,387 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||||
Loans, including fees | $ 3,563 | $ 2,939 | $ 9,862 | $ 9,357 |
Securities, taxable | 613 | 368 | 1,727 | 971 |
Other | 139 | 74 | 279 | 181 |
Total interest and dividend income | 4,315 | 3,381 | 11,868 | 10,509 |
Interest expense: | ||||
Interest-bearing deposits | 196 | 171 | 551 | 620 |
Borrowed funds | 200 | 178 | 550 | 579 |
Other interest-bearing liabilities | 2 | 0 | 7 | 0 |
Total interest expense | 398 | 349 | 1,108 | 1,199 |
Net interest income | 3,917 | 3,032 | 10,760 | 9,310 |
Provision for loan losses | 0 | 30 | 210 | 30 |
Net interest income after provision for loan losses | 3,917 | 3,002 | 10,550 | 9,280 |
Noninterest income: | ||||
Service charges and other fees | 229 | 242 | 722 | 713 |
Loan servicing, net | 167 | 204 | 515 | 971 |
Net gain on sale of loans | 83 | 448 | 266 | 1,361 |
Net gain on sale of securities | 0 | 0 | 0 | 12 |
Increase in cash surrender value of insurance | 108 | 103 | 317 | 304 |
Unrealized (loss) on marketable equity securities | (159) | (377) | (892) | (5) |
Other | 51 | 8 | 58 | 15 |
Total noninterest income | 479 | 628 | 986 | 3,371 |
Noninterest expense: | ||||
Salaries and employee benefits | 2,528 | 2,137 | 6,846 | 7,290 |
Advertising and promotions | 33 | 52 | 146 | 84 |
Data processing | 221 | 206 | 630 | 611 |
Occupancy and equipment | 326 | 341 | 1,010 | 1,076 |
FDIC assessment | 36 | 38 | 99 | 105 |
Other | 1,107 | 1,028 | 3,149 | 3,086 |
Total noninterest expense | 4,251 | 3,802 | 11,880 | 12,252 |
Income (loss) before income taxes | 145 | (172) | (344) | 399 |
Income tax expense (benefit) | 21 | (57) | (172) | 45 |
Net income (loss) | $ 124 | $ (115) | $ (172) | $ 354 |
Earnings (loss) per common share: | ||||
Basic | $ 0.02 | $ (0.02) | $ (0.03) | $ 0.06 |
Diluted | $ 0.02 | $ (0.02) | $ (0.03) | $ 0.06 |
Average common shares outstanding: | ||||
Basic | 5,810,185 | 6,011,247 | 5,842,184 | 6,035,289 |
Diluted | 5,983,241 | 6,011,247 | 5,842,184 | 6,262,722 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 124 | $ (115) | $ (172) | $ 354 |
Other comprehensive (loss) income: | ||||
Unrealized holding (losses) arising during the period on available-for-sale securities | (4,549) | (39) | (16,483) | (392) |
Reclassification adjustment for (gains) realized in net income on available-for-sale securities | 0 | 0 | 0 | (12) |
Other comprehensive (loss) before tax effect | (4,549) | (39) | (16,483) | (404) |
Tax effect of other comprehensive (loss) income items | 1,228 | 10 | 4,451 | 108 |
Other comprehensive (loss), net of tax | (3,321) | (29) | (12,032) | (296) |
Comprehensive (loss) income | $ (3,197) | $ (144) | $ (12,204) | $ 58 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury Stock | Unallocated common stock of ESOP | Retained earnings | Accumulated other comprehensive income (loss) |
Balance at Dec. 31, 2020 | $ 60,009 | $ 49 | $ 20,134 | $ (1,228) | $ (1,615) | $ 41,531 | $ 1,138 |
Net (loss) income | 354 | 354 | |||||
Other comprehensive income (loss) | (296) | (296) | |||||
Purchase of treasury stock | (151) | (151) | |||||
ESOP shares committed to be released | 59 | 6 | 53 | ||||
Gross proceeds from stock offering | 35,520 | 15 | 35,505 | ||||
Stock offering costs | (1,976) | (1,976) | |||||
Purchase of shares by ESOP | (1,429) | (1,429) | |||||
Issuance of treasury stock – stock compensation plan | 0 | (15) | 15 | ||||
Retirement of common stock | (70) | (70) | |||||
Retirement of treasury shares from stock offering | 0 | (1,053) | 1,053 | ||||
Stock compensation expense | 188 | 188 | |||||
Balance at Sep. 30, 2021 | 92,208 | 64 | 52,719 | (311) | (2,991) | 41,885 | 842 |
Balance at Jun. 30, 2021 | 60,300 | 49 | 20,188 | (1,228) | (1,580) | 42,000 | 871 |
Net (loss) income | (115) | (115) | |||||
Other comprehensive income (loss) | (29) | (29) | |||||
Purchase of treasury stock | (136) | (136) | |||||
ESOP shares committed to be released | 8 | (10) | 18 | ||||
Gross proceeds from stock offering | 35,520 | 15 | 35,505 | ||||
Stock offering costs | (1,976) | (1,976) | |||||
Purchase of shares by ESOP | (1,429) | (1,429) | |||||
Retirement of treasury shares from stock offering | 0 | (1,053) | 1,053 | ||||
Stock compensation expense | 65 | 65 | |||||
Balance at Sep. 30, 2021 | 92,208 | 64 | 52,719 | (311) | (2,991) | 41,885 | 842 |
Balance at Dec. 31, 2021 | 90,893 | 64 | 52,805 | (301) | (3,432) | 41,615 | 142 |
Net (loss) income | (172) | (172) | |||||
Other comprehensive income (loss) | (12,033) | (12,033) | |||||
Reimbursement of stock offering costs | 2 | 2 | |||||
ESOP shares committed to be released | 151 | 11 | 140 | ||||
Purchase of shares by ESOP | (1,062) | (1,062) | |||||
Repurchase and retirement of shares-stock repurchase program | (1,995) | (1) | (1,994) | ||||
Retirement of common stock | (81) | (81) | |||||
Stock compensation expense | 200 | 200 | |||||
Balance at Sep. 30, 2022 | 75,903 | 63 | 50,943 | (301) | (4,354) | 41,443 | (11,891) |
Balance at Jun. 30, 2022 | 80,966 | 64 | 52,855 | (301) | (4,401) | 41,319 | (8,570) |
Net (loss) income | 124 | 124 | |||||
Other comprehensive income (loss) | (3,321) | (3,321) | |||||
ESOP shares committed to be released | 49 | 2 | 47 | ||||
Repurchase and retirement of shares-stock repurchase program | (1,995) | (1) | (1,994) | ||||
Stock compensation expense | 80 | 80 | |||||
Balance at Sep. 30, 2022 | $ 75,903 | $ 63 | $ 50,943 | $ (301) | $ (4,354) | $ 41,443 | $ (11,891) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
ESOP shares committed to be released | 4,892 | 3,420 | 14,757 | 6,930 |
Repurchase and retirement of shares-stock repurchase program | 184,270 | 184,270 | ||
Purchase of shares by ESOP | 131,727 | 96,446 | 131,727 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (172) | $ 354 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Net amortization of investment securities | 121 | 81 |
Depreciation | 464 | 497 |
Provision for loan losses | 210 | 30 |
Net change in fair value of marketable equity securities | 892 | 5 |
Net gain on sale of available for sale securities | (12) | |
Stock compensation expense | 200 | 188 |
Adjustment to mortgage servicing rights valuation | (370) | |
(Benefit from) provision for deferred income tax | (172) | 45 |
Originations of mortgage loans held for sale | (19,006) | (90,869) |
Proceeds from sales of mortgage loans held for sale | 20,416 | 102,235 |
Net gain on sale of mortgage loans held for sale | (266) | (1,361) |
ESOP compensation | 151 | 59 |
Net change in cash value of life insurance | (317) | (304) |
Changes in operating assets and liabilities: | ||
Net change in mortgage servicing rights | 146 | 94 |
Accrued interest receivable and other assets | (907) | (568) |
Accrued interest payable and other liabilities | (6) | 915 |
Net cash provided by operating activities | 1,754 | 11,019 |
Cash flows from investing activities | ||
Proceeds from sales of available-for-sale securities | 0 | 1,018 |
Maturities, prepayments, and calls of available-for-sale securities | 14,561 | 9,296 |
Purchases of available-for-sale securities | (37,139) | (39,218) |
Purchase of marketable equity securities | (71) | (87) |
Net increase in loans | (31,486) | (10,715) |
Purchase of FHLB stock, net | (174) | |
Net capital expenditures for premises and equipment | (162) | (194) |
Net cash used in investing activities | (54,471) | (39,900) |
Cash flows from financing activities | ||
Net decrease in deposits | (5,203) | (5,534) |
Net increase in advance payments by borrowers for taxes and insurance | 8,365 | 9,245 |
Proceeds from issuance of Federal Home Loan Bank advances | 10,000 | |
Principal payments on Federal Home Loan Bank advances | (8,491) | (12,464) |
Gross proceeds from stock offering | 35,520 | |
Stock offering costs | (1,976) | |
Reimbursement of stock offering costs | 2 | |
Repurchase of common stock for cancellation | (1,995) | |
Purchases of common stock | (151) | |
Purchase of ESOP shares | (1,062) | (1,429) |
Net cash provided by financing activities | 1,616 | 23,211 |
Net decrease in cash and cash equivalents | (51,101) | (5,670) |
Cash and cash equivalents at beginning of period | 66,803 | 92,526 |
Cash and cash equivalents at end of period | 15,702 | 86,856 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | 1,075 | 1,269 |
Noncash activities: | ||
Retirement of common stock | 78 | 70 |
Loans transferred to held for sale | $ 325 | 9,448 |
Issuance of treasury stock – stock compensation plans | 15 | |
Retirement of treasury stock | $ 1,053 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION 1895 Bancorp of Wisconsin, Inc., a Maryland corporation (the “Company” or “New 1895 Bancorp”) was formed to serve as the stock holding company for PyraMax Bank, FSB (the “Bank”) as part of the mutual-to-stock conversion of 1895 Bancorp of Wisconsin, MHC. Upon completion of the conversion, which occurred on July 14, 2021, 1895 Bancorp of Wisconsin, MHC and 1895 Bancorp of Wisconsin, a federal corporation (“Old 1895 Bancorp”), ceased to exist and New 1895 Bancorp became the successor corporation to Old 1895 Bancorp. The conversion was accomplished by the merger of 1895 Bancorp of Wisconsin, MHC with and into Old 1895 Bancorp followed by the merger of Old 1895 Bancorp with and into New 1895 Bancorp. The shares of New 1895 Bancorp common stock that were offered for sale in connection with the conversion represented the majority ownership interest in Old 1895 Bancorp owned by 1895 Bancorp of Wisconsin, MHC. On July 14, 2021, public stockholders of Old 1895 Bancorp received 1.3163 shares of common stock of New 1895 Bancorp in exchange for each of their shares of Old 1895 Bancorp common stock. The shares of Old 1895 Bancorp common stock owned by 1895 Bancorp of Wisconsin, MHC were canceled at that time. The conversion and offering were completed on July 14, 2021, and New 1895 Bancorp was organized as a fully public stock holding company, with 100 % of the common stock being held by the public. The consolidated financial statements and other financial information contained in these consolidated financial statements are for New 1895 Bancorp. The cost of the reorganization and the issuing of the common stock totaling $ 2.0 million were deferred and deducted from the sales proceeds of the offering. PyraMax Bank is a stock savings bank headquartered in Greenfield, Wisconsin. PyraMax Bank operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin, area. PyraMax Bank is subject to competition from other financial and nonfinancial institutions providing financial products. In addition, PyraMax Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. The accompanying unaudited interim consolidated financial statements and the notes thereto have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations, changes in stockholders' equity and cash flows as of and for the periods presented. Certain amounts from prior periods have been reclassified to conform with current period presentation. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 29, 2022 and amended on April 29, 2022. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the fair value of investment securities, financial instruments and mortgage servicing rights, and the valuation of deferred income tax assets. Actual results could differ from those estimates. On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies and define an “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company intends to take advantage of the benefits of the extended transition periods allowed under the JOBS Act. Accordingly, the Company’s financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the recent accounting standards in Note 2 reflect those that relate to non-issuer companies. NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION (continued) Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this quarterly report on Form 10-Q were issued. There were no additional significant subsequent events for the quarter ended September 30, 2022 through the issuance date of these unaudited consolidated financial statements that warranted adjustment to or disclosure in the unaudited consolidated financial statements. |
Recent Accounting Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | NOTE 2 – RECENT ACCOUNTING STANDARDS The following Accounting Standards Updates (“ASUs”) have been issued by the Financial Accounting Standards Board (“FASB”) and may impact the Company’s financial statements in future reporting periods: ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) . ASU 2016-13 requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption will be permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, amending the effective date for this standard. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, and interim periods within fiscal years beginning after December 15, 2022. In March 2022, the FASB issued ASU 2022-02—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The amendments should be applied prospectively, however, an entity has the option to apply a modified retrospective transition method related to the recognition and measurement of TDRs, which would result in a cumulative effect adjustment to retained earnings in the period of adoption. Management has elected to defer adoption of ASC 2016-13, as well as ASU 2022-02, until January 1, 2023. The Company has implemented and is currently testing and evaluating a third-party software solution to assist with the adoption of ASU 2016-13. The impact of adopting ASU 2016-13 on the Company’s consolidated financial statements is still being quantified. Management will continue to progress on its implementation project plan and improve the Company’s approach throughout the deferral period. ASU 2016-02, Leases (Topic 842) . This ASU affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial reporting. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset will represent the right to use the underlying asset for the lease term, and the lease liability will represent the discounted value of the required lease payments to the lessor. The ASU will also require entities to disclose key information about leasing arrangements. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. On November 15, 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, amending the effective date for this standard. On June 3, 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, updating the effective date for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASC 842 on January 1, 2022. The cumulative effect did not have a material impact on the Company's statement of operations. Where the Company is a lessee, the Company recorded an initial increase in both assets and liabilities of $ 529,000 to reflect the right of use asset and the lease liability. |
Available for Sale Securities
Available for Sale Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | NOTE 3 – AVAILABLE-FOR-SALE SECURITIES The amortized costs and fair values of securities available-for-sale were as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) U.S. Treasury notes $ 29,576 $ — $ ( 3,241 ) $ 26,335 Obligations of states and political subdivisions 21,398 4 ( 3,736 ) 17,666 Government-sponsored mortgage-backed securities 77,048 — ( 9,266 ) 67,782 Asset-backed securities 5,222 — ( 21 ) 5,201 Certificates of deposit 1,459 — ( 29 ) 1,430 Total $ 134,703 $ 4 $ ( 16,293 ) $ 118,414 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) U.S. Treasury notes $ 19,501 $ 8 $ ( 25 ) $ 19,484 Obligations of states and political subdivisions 20,758 207 ( 205 ) 20,760 Government-sponsored mortgage-backed securities 64,049 563 ( 463 ) 64,149 Asset-backed securities 6,479 45 ( 1 ) 6,523 Certificates of deposit 1,459 65 — 1,524 Total $ 112,246 $ 888 $ ( 694 ) $ 112,440 Available-for-sale securities with a carrying value of $ 3.7 million and $ 1.8 million were pledged as collateral at September 30, 2022 and December 31, 2021, respectively. The amortized costs and fair values of securities available-for-sale, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities and asset-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below. September 30, 2022 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,788 $ 1,769 Due after one through 5 years 21,397 19,497 Due after 5 through 10 years 20,486 17,231 Due after 10 years 8,762 6,934 Total debt and other securities 52,433 45,431 Mortgage-related securities 77,048 67,782 Asset-backed securities 5,222 5,201 Total $ 134,703 $ 118,414 NOTE 3 – AVAILABLE-FOR-SALE SECURITIES (continued) Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows: September 30, 2022 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) U.S. Treasury notes $ 26,335 $ ( 3,241 ) $ — $ — $ 26,335 $ ( 3,241 ) Obligations of states and political 9,642 ( 1,655 ) 7,602 ( 2,081 ) 17,244 ( 3,736 ) Government-sponsored mortgage-backed 47,967 ( 5,414 ) 19,815 ( 3,852 ) 67,782 ( 9,266 ) Asset-backed securities 4,917 ( 21 ) — — 4,917 ( 21 ) Certificates of deposit 1,430 ( 29 ) — — 1,430 ( 29 ) Total $ 90,291 $ ( 10,360 ) $ 27,417 $ ( 5,933 ) $ 117,708 $ ( 16,293 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) U.S. Treasury notes $ 12,971 $ ( 25 ) $ — $ — $ 12,971 $ ( 25 ) Obligations of states and political 5,414 ( 82 ) 4,105 ( 123 ) 9,519 ( 205 ) Government-sponsored mortgage-backed 39,392 ( 463 ) — — 39,392 ( 463 ) Asset-backed securities 808 ( 1 ) — — 808 ( 1 ) Total $ 58,585 $ ( 571 ) $ 4,105 $ ( 123 ) $ 62,690 $ ( 694 ) At September 30, 2022 and December 31, 2021 , respectively, the Company had 93 and 24 debt securities with unrealized losses representing aggregate depreciation of approximately 12.2 % and 1.1 %, respectively, from their respective amortized cost basis. These unrealized losses relate principally to changes in interest rates and were not caused by changes in the financial condition of the issuers, the quality of any underlying assets or applicable credit enhancements. In analyzing whether unrealized losses on debt securities are other-than-temporary, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer and the quality of any underlying assets or credit enhancements. As management has the intent and ability to hold these debt securities to projected recovery, none of these declines are deemed to be other-than-temporary. NOTE 3 – AVAILABLE-FOR-SALE SECURITIES (continued) The following table provides a summary of the proceeds from sales of securities available-for-sale, as well as gross gains and losses, for the periods presented: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Proceeds from sales of securities available-for-sale $ — $ — $ — $ 1,018 Gross realized gains $ — $ — $ — $ 12 Gross realized losses — — — — Net realized gains $ — $ — $ — $ 12 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | NOTE 4 – LOANS Major classifications of loans are summarized as follows: September 30, December 31, (in thousands) Commercial: Real estate $ 207,714 $ 185,223 Land development — 1,400 Other 45,074 38,160 Residential real estate: First mortgage 83,900 80,661 Construction 2,653 3,388 Consumer: Home equity and lines of credit 17,601 17,032 Other 115 128 Subtotal 357,057 325,992 Net deferred loan costs 863 655 Allowance for loan losses ( 3,180 ) ( 2,858 ) Loans, net $ 354,740 $ 323,789 Deposit accounts in an overdrawn position and reclassified as loans totaled $ 13,000 and $ 106,000 at September 30, 2022 and December 31, 2021, respectively. The Company provides several types of loans to its customers, including commercial, residential, construction and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. While the Company’s credit risks are geographically concentrated within the metropolitan Milwaukee, Wisconsin area, there are no concentrations with individual borrowers or groups of related borrowers. During the normal course of business, the Company may transfer a portion of a loan as a participation loan to another financial institution in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, and rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. As of September 30, 2022 and December 31, 2021, respectively, the Company had transferred $ 30.4 million and $ 32.1 million in participation loans which were eligible for sales treatment to other financial institutions, all of which continue to be serviced by the Company. NOTE 4 – LOANS (continued) An analysis of past due loans is presented below: September 30, 2022 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 207,714 $ 207,714 Land development — — — — — Other — — — 45,074 45,074 Residential real estate: First mortgage 339 — 339 83,561 83,900 Construction — — — 2,653 2,653 Consumer: Home equity and lines of credit 27 — 27 17,574 17,601 Other — — — 115 115 Total $ 366 — $ 366 $ 356,691 $ 357,057 December 31, 2021 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate — — — $ 185,223 $ 185,223 Land development — — — 1,400 1,400 Other 33 — 33 38,127 38,160 Residential real estate: First mortgage 342 — 342 80,319 80,661 Construction — — — 3,388 3,388 Consumer: Home equity and lines of credit — — — 17,032 17,032 Other — — — 128 128 Total $ 375 — $ 375 $ 325,617 $ 325,992 There were no loans 90 days or more past due and accruing interest as of September 30, 2022 or December 31, 2021, respectively. A summary of activity in the allowance for loan losses for the three and nine months ended September 30, 2022 and September 30, 2021, respectively, is presented below: Commercial Residential Consumer Total (in thousands) Three months ended September 30, 2022 Allowance for loan losses Beginning balance $ 1,924 $ 745 $ 463 $ 3,132 Provision for loan losses — — — — Loans charged-off — — ( 1 ) ( 1 ) Recoveries 4 — 45 49 Ending balance $ 1,928 $ 745 $ 507 $ 3,180 Three months ended September 30, 2021 Allowance for loan losses Beginning balance $ 1,618 $ 745 $ 369 $ 2,732 Provision for loan losses 30 — — 30 Loans charged-off — — ( 1 ) ( 1 ) Recoveries 4 — 23 27 Ending balance $ 1,652 $ 745 $ 391 $ 2,788 NOTE 4 – LOANS (continued) Commercial Residential Consumer Total (in thousands) Nine months ended September 30, 2022 Allowance for loan losses Beginning balance $ 1,657 $ 745 $ 456 $ 2,858 Provision for loan losses 210 — — 210 Loans charged-off — — ( 5 ) ( 5 ) Recoveries 61 — 56 117 Ending balance $ 1,928 $ 745 $ 507 $ 3,180 Nine months ended September 30, 2021 Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision for loan losses 30 — — 30 Loans charged-off — — ( 18 ) ( 18 ) Recoveries 13 — 60 73 Ending balance $ 1,652 $ 745 $ 391 $ 2,788 A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: September 30, 2022 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 6,198 $ 1,132 $ 34 $ 7,364 Collectively evaluated for impairment 246,590 85,421 17,682 349,693 Total loans $ 252,788 $ 86,553 $ 17,716 $ 357,057 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,928 745 507 3,180 Total allowance for loan losses $ 1,928 $ 745 $ 507 $ 3,180 December 31, 2021 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 4,833 $ 1,357 $ 37 $ 6,227 Collectively evaluated for impairment 219,950 82,692 17,123 319,765 Total loans $ 224,783 $ 84,049 $ 17,160 $ 325,992 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,657 745 456 2,858 Total allowance for loan losses $ 1,657 $ 745 $ 456 $ 2,858 The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for loan losses. The credit quality indicators monitored differ depending on the class of loan. Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable. Watch and Special Mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable. Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable. NOTE 4 – LOANS (continued) Doubtful ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is unlikely. A summary of the Company’s internal risk ratings of loans is presented below: September 30, 2022 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 199,479 $ 4,059 $ 4,176 $ 207,714 Land development — — — — Other 42,290 762 2,022 45,074 Total $ 241,769 $ 4,821 $ 6,198 $ 252,788 December 31, 2021 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 172,172 $ 8,963 $ 4,088 $ 185,223 Land development 1,400 — — 1,400 Other 37,414 1 745 38,160 Total $ 210,986 $ 8,964 $ 4,833 $ 224,783 There were no loans rated Doubtful or Loss as of September 30, 2022 or December 31, 2021, respectively. Residential real estate and consumer loans are generally evaluated based on whether or not the loan is performing according to the contractual terms of the loan. Management determines that a loan is impaired or non-performing when it is probable at least a portion of the loan will not be collected in accordance with the original terms due to a deterioration in the financial condition of the borrower or the value of the underlying collateral if the loan is collateral dependent. Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans is presented below: September 30, 2022 Performing Non Performing Total (in thousands) Residential real estate: First mortgage $ 83,175 $ 725 $ 83,900 Construction 2,653 — 2,653 Consumer: Home equity and lines of credit 17,567 34 17,601 Other 115 — 115 Total $ 103,510 $ 759 $ 104,269 NOTE 4 – LOANS (continued) December 31, 2021 Performing Non Performing Total (in thousands) Residential real estate: First mortgage $ 79,722 $ 939 $ 80,661 Construction 3,388 — 3,388 Consumer: Home equity and lines of credit 16,954 78 17,032 Other 128 — 128 Total $ 100,192 $ 1,017 $ 101,209 Information regarding impaired loans is presented below: As of and for the Nine Months Ended September 30, 2022 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgage — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans $ — $ — $ — $ — $ — Impaired loans with no reserve: Commercial: Real estate $ 4,176 $ 4,176 NA $ 3,897 $ 111 Land development — — NA — — Other 2,022 2,022 NA 1,009 86 Residential real estate: First mortgage 1,132 1,349 NA 1,231 50 Construction — — NA — — Consumer: Home equity and lines of credit 34 39 NA 35 1 Other — — NA — — Total impaired loans 7,364 7,586 NA 6,172 248 Total impaired loans $ 7,364 $ 7,586 $ — $ 6,172 $ 248 NOTE 4 – LOANS (continued) As of and for the Year Ended December 31, 2021 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgage — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans $ — — $ — $ — $ — $ — Impaired loans with no reserve: Commercial: Real estate $ 4,088 $ 4,089 NA $ 5,615 $ 213 Land development — — NA 734 33 Other 745 796 NA 1,478 35 Residential real estate: First mortgage 1,357 1,572 NA 914 34 Construction — — NA — — Consumer: Home equity and lines of credit 37 41 NA 17 22 Other — — NA — — Total impaired loans 6,227 6,498 NA 8,758 337 Total impaired loans $ 6,227 $ 6,498 $ — $ 8,758 $ 337 There were no additional funds committed to impaired loans as of September 30, 2022 and December 31, 2021, respectively. Nonperforming loans are as follows: September 30, 2022 December 31, 2021 (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 575 $ 826 Nonaccrual loans, troubled debt restructurings 184 191 Total nonperforming loans $ 759 $ 1,017 Troubled debt restructurings, accruing $ 406 $ 418 There were no loans modified as troubled debt restructurings during the nine months ended September 30, 2022 and year ended December 31, 2021, respectively. The CARES Act and related legislation included an option to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and December 31, 2021. The relief could only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The Company elected to adopt these provisions of the CARES Act. As of September 30, 2022, the Company had 1 to 3 month deferrals of approximately $ 245,000 in interest, escrow, and principal payments on $ 4.6 million in outstanding loans. NOTE 4 – LOANS (continued) The Company considers a troubled debt restructuring in default if it becomes past due more than 90 days. There were no troubled debt restructurings within the past twelve months for which there was a default during the nine months ended September 30, 2022 and 2021. Information on non-accrual loans is presented below: September 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other — — Residential real estate: First mortgage 725 939 Construction — — Consumer: Home equity and lines of credit 34 78 Other — — Total non-accrual loans $ 759 $ 1,017 Total non-accrual loans to total loans 0.21 % 0.31 % Total non-accrual loans to total assets 0.14 % 0.19 % |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2022 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 5 – MORTGAGE SERVICING RIGHTS Loans serviced for others are not included in the Company’s consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others was $ 309.6 million and $ 332.9 million as of September 30, 2022 and December 31, 2021, respectively. A summary of activity in the Company’s mortgage servicing rights is presented below: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) (in thousands) Mortgage servicing rights beginning balance $ 1,939 $ 2,109 $ 2,036 $ 1,806 Additions 10 137 57 457 Amortization ( 59 ) ( 164 ) ( 203 ) ( 551 ) Decrease in valuation allowance — — — 370 Mortgage servicing rights ending balance $ 1,890 $ 2,082 $ 1,890 $ 2,082 Fair value at beginning of period $ 3,273 $ 2,361 $ 2,477 $ 1,806 Fair value at end of period $ 3,335 $ 2,285 $ 3,335 $ 2,285 The estimated fair value of mortgage servicing rights was determined using a valuation model that calculates the present value of expected future servicing and ancillary income, net of expected servicing costs. The model incorporates various assumptions such as discount rates, prepayment speeds and ancillary income and servicing costs. As of September 30, 2022 , the model used discount rates ranging from 9.5 % to 13 %, and prepayment speeds ranging from 7.7 % to 38.2 %, respectively, both of which were based on market data from independent organizations. As of September 30, 2021 the model used discount rates ranging from 10 % to 13.5 %, and prepayment speeds ranging from 12.5 % to 39.7 %, respectively, both of which were based on market data from independent organizations. NOTE 5 – MORTGAGE SERVICING RIGHTS (continued) The following table summarizes the estimated future amortization expense for mortgage servicing rights for the annual periods indicated. The projections of amortization expense are based on existing asset balances as of September 30, 2022. The actual amortization expense the Company recognizes in any given period may vary significantly depending on changes in interest rates, market conditions and regulatory requirements. Estimated future amortization as of September 30, 2022: (in thousands) 2022 $ 82 2023 229 2024 207 2025 185 2026 163 Thereafter 1,024 Total $ 1,890 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | NOTE 6 – DEPOSITS The composition of deposits is summarized below: September 30, December 31, 2021 (in thousands) Non-interest bearing checking $ 109,280 $ 106,664 Interest bearing checking 35,444 37,467 Money market 88,137 94,823 Statement savings 68,275 64,954 Certificates of deposit 78,162 80,593 Total $ 379,298 $ 384,501 The Company held $ 7.9 million and $ 10.0 million in certificates of deposit which met or exceeded the FDIC insurance limit of $ 250,000 as of September 30, 2022 and December 31, 2021 , respectively. The Company did no t hold any brokered deposits as of September 30, 2022 and December 31, 2021. As of September 30, 2022, the scheduled maturities of certificates of deposit for the annual periods are presented below: (in thousands) 2022 $ 22,992 2023 43,226 2024 1,365 2025 9,950 2026 350 Thereafter 279 Total $ 78,162 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | NOTE 7 – FEDERAL HOME LOAN BANK ADVANCES Federal Home Loan Bank advances consist of the following: September 30, 2022 December 31, 2021 Rate Amount Rate Amount (dollars in thousands) Fixed rate, fixed term advance, maturing Feb 2022 — $ — 1.62 % $ 6,500 Fixed rate, fixed term advance, maturing Feb 2023 1.62 % 6,500 1.62 % 6,500 Fixed rate, fixed term advance, maturing July 2027 2.90 % 5,000 — — Putable advance, maturing Oct 2029 first put option date Nov 2020 — — 1.03 % 10,000 Putable advance, maturing Feb 2030 first put option date Feb 2023 0.98 % 5,000 0.98 % 5,000 Putable advance, maturing Mar 2030 first put option date Mar 2025 0.89 % 10,000 0.89 % 10,000 Putable advance, maturing Mar 2032 first put option date Mar 2027 1.74 % 10,000 — — Putable advance, maturing July 2029 first put option date January 2023 1.68 % 5,000 — — Advance structured note, payments due monthly, maturing Feb 2030 — — 7.47 % 542 Advance structured note, payments due monthly, maturing April 2030 1.05 % 7,679 1.05 % 8,405 Advance structured note, payments due monthly, maturing May 2030 1.19 % 7,772 1.19 % 8,495 Total $ 56,951 $ 55,442 The scheduled maturities and required principal payments of Federal Home Loan Bank advances are presented below: September 30, 2022 Weighted Average Rate Amount (dollars in thousands) 2022 1.12 % $ 486 2023 1.50 % 8,457 2024 1.12 % 1,980 2025 1.12 % 2,002 2026 1.12 % 2,024 Thereafter 0.93 % 42,002 Total $ 56,951 Actual maturities may differ from scheduled maturities due to call options on various Federal Home Loan Bank advances. The Company maintains a master contract agreement with the Federal Home Loan Bank, which provides for borrowing up to the lesser of 22.22 times the value of the Federal Home Loan Bank stock owned, a determined percentage of the book value of the Company’s qualifying real estate loans, or a determined percentage of the Company’s assets. The Federal Home Loan Bank provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest such as federal funds or Treasury bill rates. Federal Home Loan Bank advances are subject to a prepayment penalty if they are repaid prior to maturity. The Company has pledged qualifying loans of $ 251.4 million and $ 232.7 million as collateral for Federal Home Loan Bank advances as of September 30, 2022 and December 31, 2021 , respectively. Collateral values to borrow against were approximately $ 171.0 million and $ 147.5 million as of September 30, 2022 and December 31, 2021 , respectively. Federal Home Loan Bank advances were also secured by approximately $ 3.2 million and $ 3.0 million of Federal Home Loan Bank stock held by the Company as of September 30, 2022 and December 31, 2021 , respectively. The Company’s available and unused portion of this borrowing agreement totaled $ 112.6 million and $ 90.9 million as of September 30, 2022 and December 31, 2021, respectively. Additional borrowing would require additional stock purchase. Additionally, at September 30, 2022 the Company had a $ 15.0 million federal funds rate line of credit with the BMO Harris Bank, none of which was drawn at September 30, 2022 . The Company also had a $ 10.0 million line of credit at the Federal Reserve based on pledged commercial real estate loans of approximately $ 13.2 million at September 30, 2022 . The Company had no t drawn on the Federal Reserve line as of September 30, 2022 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES Income tax expense (benefit) was $ 21 ,000 and ($ 57 ,000) for the three months ended September 30, 2022 and 2021 , respectively, and ($ 172 ,000) and $ 45 ,000 for the nine months ended September 30, 2022 and 2021, respectively. Deferred tax assets are deferred tax consequences attributable to deductible temporary differences and carryforwards. After the deferred tax asset has been measured using the applicable enacted tax rate and provisions of the enacted tax law, it is then necessary to assess the need for a valuation allowance. A valuation allowance is needed when, based on the weight of the available evidence, it is more likely than not that some portion of the deferred asset will not be realized. As required by generally accepted accounting principles, available evidence is weighted heavily on cumulative losses, with less weight placed on future projected profitability. The realization of deferred tax assets is dependent on the existence of taxable income of the appropriate character (e.g., ordinary or capital) within the carry-back and carry-forward periods available under tax law, which would consider future reversals of existing taxable temporary differences and available tax planning strategies. As of September 30, 2022, and December 31, 2021 , the deferred tax valuation allowance was $ 934 ,000, reducing our net deferred tax asset to $ 8.4 million and $ 3.8 million at each respective date. The board and management continue to assess the deferred tax assets in light of recent changes in market conditions, forecasted future projected income and available tax planning strategies. As such, there may be additional deferred tax asset impairment in subsequent periods. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company may be involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the Company’s financial statements. No material legal proceedings existed at September 30, 2022. In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These instruments include commitments to extend credit and commitments to sell loans. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the balance sheets. The Company’s exposure to credit losses is represented by the contractual, or notional, amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. As some of the commitments are expected to expire without being drawn upon, and some of the commitments may not be drawn upon to the total extent of the commitment, the notional amount of these commitments does not necessarily represent future cash requirements of the Company. The contractual amounts of off-balance-sheet credit-related financial instruments are summarized below: September 30, 2022 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 12,257 $ 72,300 $ 84,557 Standby letters of credit — 150 150 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,365 — 1,365 Commitments to sell loans 2,184 — 2,184 Overdraft protection program commitments 3,933 — 3,933 December 31, 2021 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 21,586 $ 56,921 $ 78,507 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,214 — 1,214 Commitments to sell loans 5,410 — 5,410 Overdraft protection program commitments 3,993 — 3,993 NOTE 9 – COMMITMENTS AND CONTINGENCIES (continued) Commitments to extend credit are agreements to lend to a customer at fixed or variable rates, as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable; inventory; property, plant and equipment; real estate; and stocks and bonds. Commitments to sell loans represent commitments obtained by the Company from a secondary market agency to purchase mortgages from the Company at specified interest rates and within specified periods of time. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all standby letters of credit have expiration dates within one year. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting these commitments. Standby letters of credit are not reflected in the financial statements, since recording the fair value of these guarantees would not have a significant impact on the financial statements. The Company participates in the Federal Home Loan Bank of Chicago Mortgage Partnership Finance Program (the “Program”). In addition to entering into forward commitments to sell mortgage loans to a secondary market agency, the Company enters into firm commitments to deliver loans to the Federal Home Loan Bank of Chicago through the Program. Under the Program, loans are funded by the Federal Home Loan Bank of Chicago, and the Company receives an agency fee reported as a component of gain on sale of loans. The Company had $ 711,000 of commitments to deliver loans through the Program as of September 30, 2022. Once delivered to the Program, the Company provides a contractually agreed-upon credit enhancement and performs servicing of the loans. Under the credit enhancement, the Company is liable for losses on loans delivered through the Program after application of any mortgage insurance and a contractually agreed-upon credit enhancement provided by the Program, subject to an agreed-upon maximum. The Company receives a fee for this credit enhancement. The Company records a liability for expected losses in excess of anticipated credit enhancement fees. As of September 30, 2022, and December 31, 2021 , the Company had no liability outstanding related to the Program. Unfunded commitments under overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit may or may not require collateral and may or may not contain a specific maturity date. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan | NOTE 10 – EMPLOYEE STOCK OWNERSHIP PLAN The Company established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees, effective January 1, 2019, in connection with the mutual holding company reorganization and organization of Old 1895 Bancorp. Eligible employees become 20 % vested in their accounts after 1 year of service, 40 % vested after 2 years of service, 60 % vested after 3 years of service, 80 % vested after 4 years of service, and 100 % vested after 5 or more years of service, or earlier, upon death, disability or attainment of normal retirement age. On January 8, 2019, the ESOP purchased 175,528 shares ( 231,047 shares adjusted for the conversion) of the Company’s common stock, which was funded by a loan from Old 1895 Bancorp. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP, and discretionary contributions from the Company to the ESOP and earnings thereon. As part of the mutual-to-stock conversion and stock offering completed on July 14, 2021, the ESOP refinanced the aforementioned loan with New 1895 Bancorp, enabling the ESOP to purchase an aggregate of 283,360 additional shares of common stock. During the nine months ended September 30, 2022 , the ESOP purchased an additional 96,446 shares at an average price of $ 10.95 . As of September 30, 2022 , the ESOP had purchased all of the additional 283,360 shares at an average price of $ 10.90 . Compensation expense for the ESOP is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to stockholders’ equity. The Company recognized $ 49,000 and $ 10,000 in compensation expense for the three months ended September 30, 2022 and September 30, 2021 , respectively, and $ 151,000 and $ 61,000 for the nine months ended September 30, 2022 and September 30, 2021, respectively. The following table provides the allocated and unallocated shares of common stock associated with the ESOP. September 30, December 31, (dollars in thousands) Shares committed to be released 14,757 22,401 Total allocated shares 37,641 15,239 Total unallocated shares 458,765 377,077 Total ESOP shares 511,163 414,717 Fair value of unallocated shares (based on $ 10.58 and $ 10.99 share $ 4,854 $ 4,144 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11 – RELATED PARTY TRANSACTIONS A summary of loans to directors, executive officers, and their affiliates follows: September 30, December 31, 2021 (in thousands) Beginning balance $ 932 $ 1,034 Adjustments due to changes in directors, executive officers, and/or principal — 202 New loans 4 53 Repayments ( 71 ) ( 357 ) Ending balance $ 865 $ 932 Deposits from directors, executive officers, and their affiliates totaled $ 759,000 and $ 1.1 million at September 30, 2022 and December 31, 2021, respectively. The Company utilizes the services of law firms in which certain of the Company’s directors are partners. Fees paid to the firms for these services were immaterial for the three and nine months ended September 30, 2022 and 2021 , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 12 – FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurements and Disclosures defines fair values, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This accounting standard applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. The standard also emphasizes that fair value (i.e., the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date), among other things, is based on exit price versus entry price, should include assumptions about risk such as nonperformance risk in liability fair values, and is a market-based measurement, not an entity-specific measurement. When considering the assumptions that market participants would use in pricing an asset or liability, this accounting standard establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy prioritizes inputs used to measure fair value into three broad levels. Level 1 inputs – In general, fair values determined by Level 1 inputs use quoted market prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs – Fair values determined by Level 2 inputs use inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets where there are few transactions and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs – Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Some assets and liabilities, such as securities available-for-sale, are measured at fair value on a recurring basis under GAAP. Other assets and liabilities, such as impaired loans, may be measured at fair value on a nonrecurring basis. NOTE 12 – FAIR VALUE MEASUREMENTS (continued) Following is a description of the Company’s valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis. Securities – Marketable equity securities and securities available-for-sale may be classified as Level 1 or Level 2 measurements within the fair value hierarchy. Level 1 securities include equity securities traded on a national exchange. The fair value measurements of Level 1 securities are based on the quoted market price of those securities. Level 2 securities include U.S. Treasury notes, U.S. government and agency securities, obligations of states and political subdivisions, corporate debt securities and mortgage-related securities. The fair value measurements of Level 2 securities are obtained from independent pricing services and are based on recent sales of similar securities and other observable market data. Impaired loans – The Company does not record loans at fair value on a recurring basis. However, periodically, a loan is considered impaired and is reported at fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. Independent appraisals are obtained to determine the fair values of underlying collateral, and generally utilize one or more valuation methodologies, which typically include comparable sales and income approaches. Management routinely evaluates the fair value measurements of independent appraisers and adjusts those valuations based on differences noted between actual selling prices of collateral and the most recently appraised value. Such adjustments are usually significant, which results in a Level 3 classification. All other impaired loan measurements are based on the present value of expected future cash flows discounted at the applicable effective interest rate and are not considered fair value measurements. Rate lock commitments – Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments, along with any related fees received from potential borrowers, are recorded at fair value in other assets or liabilities, with changes in fair value recorded in the net gain or loss on sale of mortgage loans. Fair value is based on fees currently charged to enter into similar agreements for fixed-rate commitments and also considers the difference between current levels of interest rates and the committed rates. While there are Level 2 and 3 inputs used in the valuation models, the Company has determined that one or more of the inputs significant in the valuation of both of the mortgage banking derivatives fall within Level 3 of the fair value hierarchy. The change in fair value is recorded through an adjustment to the statement of operations, within mortgage banking income. Mortgage servicing rights – The Company utilizes an independent valuation from a third party which uses a discounted cash flow model to estimate the fair value of mortgage servicing rights. The model utilizes prepayment assumptions to project cash flows related to the mortgage servicing rights based upon the current interest rate environment, which is then discounted to estimate an expected fair value of the mortgage servicing rights. The model considers characteristics specific to the underlying mortgage portfolio, such as: contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges and costs to service. Given the significance of the unobservable inputs utilized in the estimation process, mortgage servicing rights are classified as Level 3 within the fair value hierarchy. The Company records the mortgage servicing rights at the lower of amortized cost or fair value. Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using September 30, Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 2,723 $ 2,723 $ — $ — Securities available-for-sale: U.S. Treasury notes 26,336 — 26,335 — Obligations of states and political subdivisions 17,665 — 17,666 — Government-sponsored mortgage-backed securities 67,782 — 67,782 — Asset-backed securities 5,201 — 5,201 — Certificates of deposit 1,430 — 1,430 — Total $ 121,137 $ 2,723 $ 118,414 $ — NOTE 12 – FAIR VALUE MEASUREMENTS (continued) Recurring Fair Value Measurements Using December 31, Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 3,544 $ 3,544 $ — $ — Securities available-for-sale: U.S. Treasury notes 19,484 — 19,484 — Obligations of states and political subdivisions 20,760 — 20,760 — Government-sponsored mortgage-backed securities 64,149 — 64,149 — Asset-backed securities 6,523 — 6,523 — Certificates of deposit 1,524 — 1,524 — Total $ 115,984 $ 3,544 $ 112,440 $ — Impaired loans are measured at fair value on a non-recurring basis. There were no loans that were considered impaired with a specific valuation allowance as of September 30, 2022 and December 31, 2021. Mortgage servicing rights are measured at fair value on a non-recurring basis. There was no impairment on mortgage servicing rights as of September 30, 2022 and December 31, 2021. The carrying values and estimated fair values of financial instruments are presented below: September 30, 2022 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 15,702 $ 15,702 $ — $ — Available-for-sale securities 118,414 — 118,414 — Marketable equity securities 2,723 2,723 — — Loans held for sale 365 — 365 — Loans 354,740 — — 333,696 Rate lock commitments 10 — — 10 Accrued interest receivable 1,106 1,106 — — Federal Home Loan Bank stock 3,205 — — 3,205 Cash value of life insurance 14,209 — — 14,209 Financial liabilities: Deposits 379,298 301,137 — 77,102 Advance payments by borrowers for taxes and insurance 10,225 10,225 — — Federal Home Loan Bank advances 56,951 — — 58,085 Accrued interest payable 142 142 — — NOTE 12 – FAIR VALUE MEASUREMENTS (continued) December 31, 2021 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 66,803 $ 66,803 $ — $ — Available-for-sale securities 112,440 — 112,440 — Marketable equity securities 3,544 3,544 — — Loans held for sale 1,183 — 1,183 — Loans 323,789 — — 323,182 Rate lock commitments 30 — — 30 Accrued interest receivable 948 948 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,892 — — 13,892 Financial liabilities: Deposits 384,501 303,908 — 80,473 Advance payments by borrowers for taxes and insurance 1,860 1,860 — — Federal Home Loan Bank advances 55,442 — — 55,981 Accrued interest payable 109 109 — — The fair value of a financial instrument is the current amount that would be exchanged between market participants, other than in a forced liquidation. Fair value is best determined based on quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters that could affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business. Deposits with no stated maturities are defined as having a fair value equivalent to the amount payable on demand. This prohibits adjusting fair value derived from retaining those deposits for an expected future period of time. This component, commonly referred to as a deposit base intangible, is neither considered in the above amounts, nor is it recorded as an intangible assets on the balance sheets. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Equity and Regulatory Matters
Equity and Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Equity and Regulatory Matters | NOTE 13 – EQUITY AND REGULATORY MATTERS PyraMax Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, PyraMax Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about their components, risk weightings and other factors. The Company is exempt from consolidated capital requirements as those requirements do not apply to certain small bank holding companies with consolidated assets under $ 3 billion. Quantitative measures established by regulation to ensure capital adequacy require PyraMax Bank to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, Tier 1 and Total capital to risk-weighted assets, and of Tier 1 capital to average assets. PyraMax Bank met all applicable capital adequacy requirements as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, and December 31, 2021 , PyraMax Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, PyraMax Bank must maintain minimum regulatory capital ratios as set forth in the table below. PyraMax Bank’s actual and required capital amounts and ratios are presented below: September 30, 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 64,937 11.9 % $ 21,761 4.0 % $ 27,201 5.0 % Risk-based: Common Equity Tier 1 64,937 16.9 % 17,325 4.5 % 25,025 6.5 % Tier 1 64,937 16.9 % 23,100 6.0 % 30,800 8.0 % Total 68,117 17.7 % 30,800 8.0 % 38,501 10.0 % December 31, 2021 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 65,179 11.9 % $ 21,838 4.0 % $ 27,298 5.0 % Risk-based: Common Equity Tier 1 65,179 19.4 % 15,124 4.5 % 21,846 6.5 % Tier 1 65,179 19.4 % 20,166 6.0 % 26,888 8.0 % Total 68,037 20.2 % 26,888 8.0 % 33,610 10.0 % On July 29, 2022, the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 5 % of the current outstanding shares. On August 26, 2022, the Company received a non-objection letter from the Federal Reserve Bank of Chicago ("FRB") to repurchase 319,766 shares, which represented 5 % of the shares outstanding at the time discussions were held with the FRB. The Company began purchasing shares on September 1, 2022 and through September 30, 2022, the Company had repurchased 184,270 shares for a total purchase price of $ 2 million. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 14 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per common share is computed by dividing net (loss) income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, though no actual shares of common stock related to restricted stock units are issued until the settlement of such units, to the extent holders of these securities receive non-forfeitable dividends or dividend equivalents at the same rate as holders of the Company’s common stock. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. For the three and nine months ended September 30, 2022 , zero and 182,457 average shares, respectively, were excluded from the computation of diluted EPS because the effect would be antidilutive. For the three and nine months ended September 30, 2021 , 209,508 and zero average shares were excluded from the computation of diluted EPS because the effect would be antidilutive. Earnings (loss) per common share for the three and nine months ended September 30, 2022 and 2021 are presented in the following table. Three months ended September 30, 2022 2021 (In thousands, except per share amounts) Net income (loss) $ 124 $ ( 115 ) Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,271 6,269 Less: Weighted average unallocated ESOP shares 461 258 Weighted average shares outstanding for basic EPS 5,810 6,011 Additional dilutive shares 173 — Weighted average shares outstanding for dilutive EPS 5,983 6,011 Basic income (loss) per share $ 0.02 $ ( 0.02 ) Diluted income (loss) per share $ 0.02 $ ( 0.02 ) Nine months ended September 30, 2022 2021 (In thousands, except per share amounts) Net (loss) income $ ( 172 ) $ 354 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,279 6,261 Less: Weighted average unallocated ESOP shares 437 226 Weighted average shares outstanding for basic EPS 5,842 6,035 Additional dilutive shares — 228 Weighted average shares outstanding for dilutive EPS 5,842 6,263 Basic (loss) income per share $ ( 0.03 ) $ 0.06 Diluted (loss) income per share $ ( 0.03 ) $ 0.06 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | NOTE 15 – STOCK BASED COMPENSATION Stock-Based Compensation Plans On March 27, 2020, the Company’s stockholders approved the 1895 Bancorp of Wisconsin, Inc. 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”). A total of 238,467 ( 313,894 stock options adjusted for the conversion) stock options and 95,387 ( 125,557 shares adjusted for the conversion) restricted shares were approved for award. As of September 30, 2022, no shares of common stock remained available for grant as stock options, restricted stock or restricted stock units under the 2020 Equity Incentive Plan. The stock options granted to employees and non-employee directors under this plan vest in five installments with the first installment vesting on the first anniversary of the date of grant. The exercise price for all stock options granted is equal to the quoted NASDAQ market close price on the date that the awards were granted and expire ten years after the grant date, if not exercised. The restricted stock awards granted to employees and non-employee directors under this plan vest in five installments with the first installment vesting on the first anniversary of the date of grant. On August 26, 2022, the Company’s stockholders approved the 1895 Bancorp of Wisconsin, Inc. 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan”). A total of 354,200 stock options and 141,680 restricted shares were approved for award. The stock options granted to employees and non-employee directors under this plan vest in five installments with the first installment vesting on the first anniversary of the date of grant. The exercise price for all stock options granted is equal to the quoted NASDAQ market close price on the date that the awards were granted and expire ten years after the grant date, if not exercised. The restricted stock awards granted to employees and non-employee directors under this plan vest in five installments with the first installment vesting on the first anniversary of the date of grant. Upon approval of the 2022 Equity Incentive Plan, if awards under the 2020 Equity Incentive Plan are forfeited and again become available for grant, no further awards will be granted under the 2020 Equity Incentive Plan. However, any restricted stock or stock options outstanding under the 2020 Equity Incentive Plan on the approval date of the 2022 Equity Incentive Plan will remain outstanding and subject to the terms and conditions of the 2020 Equity Incentive Plan. Accounting for Stock-Based Compensation Plan The fair value of stock options granted is estimated on the grant date using a Black-Scholes pricing model. The fair value of restricted shares is equal to the quoted NASDAQ market closing price on the date of grant. The fair value of stock grants is recognized as compensation expense on a straight-line basis over the vesting period of the grants. Compensation expense is included in salaries and employee benefits in the consolidated statements of operations. The following assumptions were used in estimating the fair value of options granted during the nine months ended September 30, 2022 and September 30, 2021, respectively: For the Nine Months Ended September 30, September 30, Dividend yield 0.00 % 0.00 % Risk-free interest rate 3.13 % 0.96 % Expected volatility 24.64 % 24.64 % Weighted average expected life 6.5 6.5 Weighted average per share value of options $ 3.25 $ 2.10 Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock options represent the period of time that the options are expected to be outstanding and is based on the historical results from the previous awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the actual volatility of 1895 Bancorp of Wisconsin, Inc. stock for the weighted average life time period prior to issuance date. NOTE 15 – STOCK BASED COMPENSATION (continued) A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is presented below. Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining in Contractual Term (Years) Aggregate Intrinsic Value Outstanding December 31, 2021 300,720 $ 6.19 8.40 $ 1,443,067 Granted 107,505 9.93 6.50 — Exercised — — — — Forfeited — — — — Outstanding September 30, 2022 408,225 7.17 8.24 $ 1,557,498 Options exercisable at September 30, 2022 112,824 6.09 7.61 $ 553,129 The following table summarizes information about the Company’s nonvested stock option activity for the nine months ended September 30, 2022: Stock Options Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 248,043 $ 1.58 Granted 107,505 3.25 Vested (1) ( 60,147 ) 1.56 Forfeited — — Nonvested at September 30, 2022 295,401 $ 2.19 (1) Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. The Company amortizes the expense related to stock options as compensation expense over the vesting period. The Company recognized $ 33,000 and $ 26,000 in stock option expense during the three months ended September 30, 2022 and 2021 . Additionally, the Company recognized $ 80,000 and $ 74,000 in stock option expense during the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, the Company had $ 593,000 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 3.96 years. The following table summarizes information about the Company’s restricted stock activity for the nine months ended September 30, 2022: Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 97,128 $ 6.25 Granted 42,791 9.93 Vested (1)(2) ( 23,532 ) 6.20 Forfeited — — Nonvested at September 30, 2022 116,387 $ 7.61 (1) Includes 263 shares vested under a restricted stock inducement award to the Company’s President and Chief Executive Officer. (2) Includes 7,238 shares surrendered by employees to cover payroll tax costs related to the vested shares. The Company amortizes the expense related to restricted stock awards as compensation expense over the vesting period. The Company recognized $ 47,000 and $ 39,000 in restricted stock expense during the three months ended September 30, 2022 and 2021 , respectively. Additionally, the Company recognized $ 120,000 and $ 114,000 in restricted stock shares expense during the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022 , the Company had $ 804,000 of unrecognized compensation expense related to restricted stock shares that is expected to be recognized over a weighted average period of 3.83 years. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | NOTE 16 – LEASES The Company has operating leases consisting primarily of real estate leases. The Company leases real estate property for bank branches and office space with terms extending through 2028. As of September 30, 2022 , the Company reported $ 471,000 of right-of-use asset and $ 471,000 lease liability in its consolidated balance sheet under other assets and other liabilities, respectively. The Company’s average remaining maturity for its leases is 5.5 years and its average discount rate is 1.79 %. At September 30, 2022, the Company was obligated under noncancelable operating leases for office space and other commitments. Rent expense under operating leases, included in net occupancy and equipment expense, was $ 19,000 and $ 57,000 for the three and nine months ended September 30, 2022, respectively, and $ 21,000 and $ 62,000 for the three and nine months ended September 30, 2021, respectively. Rent commitments were as follows as of September 30, 2022: (in thousands) 2022 $ 21 2023 87 2024 89 2025 91 2026 94 Thereafter 112 Amounts representing interest ( 23 ) Total $ 471 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Costs and Fair Value of Securities Available for Sale | The amortized costs and fair values of securities available-for-sale were as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) U.S. Treasury notes $ 29,576 $ — $ ( 3,241 ) $ 26,335 Obligations of states and political subdivisions 21,398 4 ( 3,736 ) 17,666 Government-sponsored mortgage-backed securities 77,048 — ( 9,266 ) 67,782 Asset-backed securities 5,222 — ( 21 ) 5,201 Certificates of deposit 1,459 — ( 29 ) 1,430 Total $ 134,703 $ 4 $ ( 16,293 ) $ 118,414 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) U.S. Treasury notes $ 19,501 $ 8 $ ( 25 ) $ 19,484 Obligations of states and political subdivisions 20,758 207 ( 205 ) 20,760 Government-sponsored mortgage-backed securities 64,049 563 ( 463 ) 64,149 Asset-backed securities 6,479 45 ( 1 ) 6,523 Certificates of deposit 1,459 65 — 1,524 Total $ 112,246 $ 888 $ ( 694 ) $ 112,440 |
Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values | Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows: September 30, 2022 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) U.S. Treasury notes $ 26,335 $ ( 3,241 ) $ — $ — $ 26,335 $ ( 3,241 ) Obligations of states and political 9,642 ( 1,655 ) 7,602 ( 2,081 ) 17,244 ( 3,736 ) Government-sponsored mortgage-backed 47,967 ( 5,414 ) 19,815 ( 3,852 ) 67,782 ( 9,266 ) Asset-backed securities 4,917 ( 21 ) — — 4,917 ( 21 ) Certificates of deposit 1,430 ( 29 ) — — 1,430 ( 29 ) Total $ 90,291 $ ( 10,360 ) $ 27,417 $ ( 5,933 ) $ 117,708 $ ( 16,293 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) U.S. Treasury notes $ 12,971 $ ( 25 ) $ — $ — $ 12,971 $ ( 25 ) Obligations of states and political 5,414 ( 82 ) 4,105 ( 123 ) 9,519 ( 205 ) Government-sponsored mortgage-backed 39,392 ( 463 ) — — 39,392 ( 463 ) Asset-backed securities 808 ( 1 ) — — 808 ( 1 ) Total $ 58,585 $ ( 571 ) $ 4,105 $ ( 123 ) $ 62,690 $ ( 694 ) |
Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity | The amortized costs and fair values of securities available-for-sale, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities and asset-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below. September 30, 2022 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,788 $ 1,769 Due after one through 5 years 21,397 19,497 Due after 5 through 10 years 20,486 17,231 Due after 10 years 8,762 6,934 Total debt and other securities 52,433 45,431 Mortgage-related securities 77,048 67,782 Asset-backed securities 5,222 5,201 Total $ 134,703 $ 118,414 |
Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses | The following table provides a summary of the proceeds from sales of securities available-for-sale, as well as gross gains and losses, for the periods presented: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Proceeds from sales of securities available-for-sale $ — $ — $ — $ 1,018 Gross realized gains $ — $ — $ — $ 12 Gross realized losses — — — — Net realized gains $ — $ — $ — $ 12 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans are summarized as follows: September 30, December 31, (in thousands) Commercial: Real estate $ 207,714 $ 185,223 Land development — 1,400 Other 45,074 38,160 Residential real estate: First mortgage 83,900 80,661 Construction 2,653 3,388 Consumer: Home equity and lines of credit 17,601 17,032 Other 115 128 Subtotal 357,057 325,992 Net deferred loan costs 863 655 Allowance for loan losses ( 3,180 ) ( 2,858 ) Loans, net $ 354,740 $ 323,789 |
Summary of Activity in Allowance for Loan and Lease Losses | A summary of activity in the allowance for loan losses for the three and nine months ended September 30, 2022 and September 30, 2021, respectively, is presented below: Commercial Residential Consumer Total (in thousands) Three months ended September 30, 2022 Allowance for loan losses Beginning balance $ 1,924 $ 745 $ 463 $ 3,132 Provision for loan losses — — — — Loans charged-off — — ( 1 ) ( 1 ) Recoveries 4 — 45 49 Ending balance $ 1,928 $ 745 $ 507 $ 3,180 Three months ended September 30, 2021 Allowance for loan losses Beginning balance $ 1,618 $ 745 $ 369 $ 2,732 Provision for loan losses 30 — — 30 Loans charged-off — — ( 1 ) ( 1 ) Recoveries 4 — 23 27 Ending balance $ 1,652 $ 745 $ 391 $ 2,788 NOTE 4 – LOANS (continued) Commercial Residential Consumer Total (in thousands) Nine months ended September 30, 2022 Allowance for loan losses Beginning balance $ 1,657 $ 745 $ 456 $ 2,858 Provision for loan losses 210 — — 210 Loans charged-off — — ( 5 ) ( 5 ) Recoveries 61 — 56 117 Ending balance $ 1,928 $ 745 $ 507 $ 3,180 Nine months ended September 30, 2021 Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision for loan losses 30 — — 30 Loans charged-off — — ( 18 ) ( 18 ) Recoveries 13 — 60 73 Ending balance $ 1,652 $ 745 $ 391 $ 2,788 |
Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment | A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: September 30, 2022 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 6,198 $ 1,132 $ 34 $ 7,364 Collectively evaluated for impairment 246,590 85,421 17,682 349,693 Total loans $ 252,788 $ 86,553 $ 17,716 $ 357,057 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,928 745 507 3,180 Total allowance for loan losses $ 1,928 $ 745 $ 507 $ 3,180 December 31, 2021 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 4,833 $ 1,357 $ 37 $ 6,227 Collectively evaluated for impairment 219,950 82,692 17,123 319,765 Total loans $ 224,783 $ 84,049 $ 17,160 $ 325,992 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,657 745 456 2,858 Total allowance for loan losses $ 1,657 $ 745 $ 456 $ 2,858 |
Summary of Information Regarding Impaired Loans | Information regarding impaired loans is presented below: As of and for the Nine Months Ended September 30, 2022 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgage — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans $ — $ — $ — $ — $ — Impaired loans with no reserve: Commercial: Real estate $ 4,176 $ 4,176 NA $ 3,897 $ 111 Land development — — NA — — Other 2,022 2,022 NA 1,009 86 Residential real estate: First mortgage 1,132 1,349 NA 1,231 50 Construction — — NA — — Consumer: Home equity and lines of credit 34 39 NA 35 1 Other — — NA — — Total impaired loans 7,364 7,586 NA 6,172 248 Total impaired loans $ 7,364 $ 7,586 $ — $ 6,172 $ 248 NOTE 4 – LOANS (continued) As of and for the Year Ended December 31, 2021 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgage — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans $ — — $ — $ — $ — $ — Impaired loans with no reserve: Commercial: Real estate $ 4,088 $ 4,089 NA $ 5,615 $ 213 Land development — — NA 734 33 Other 745 796 NA 1,478 35 Residential real estate: First mortgage 1,357 1,572 NA 914 34 Construction — — NA — — Consumer: Home equity and lines of credit 37 41 NA 17 22 Other — — NA — — Total impaired loans 6,227 6,498 NA 8,758 337 Total impaired loans $ 6,227 $ 6,498 $ — $ 8,758 $ 337 |
Summary of Internal Risk Ratings of Loans | A summary of the Company’s internal risk ratings of loans is presented below: September 30, 2022 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 199,479 $ 4,059 $ 4,176 $ 207,714 Land development — — — — Other 42,290 762 2,022 45,074 Total $ 241,769 $ 4,821 $ 6,198 $ 252,788 December 31, 2021 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 172,172 $ 8,963 $ 4,088 $ 185,223 Land development 1,400 — — 1,400 Other 37,414 1 745 38,160 Total $ 210,986 $ 8,964 $ 4,833 $ 224,783 |
Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans | September 30, 2022 Performing Non Performing Total (in thousands) Residential real estate: First mortgage $ 83,175 $ 725 $ 83,900 Construction 2,653 — 2,653 Consumer: Home equity and lines of credit 17,567 34 17,601 Other 115 — 115 Total $ 103,510 $ 759 $ 104,269 NOTE 4 – LOANS (continued) December 31, 2021 Performing Non Performing Total (in thousands) Residential real estate: First mortgage $ 79,722 $ 939 $ 80,661 Construction 3,388 — 3,388 Consumer: Home equity and lines of credit 16,954 78 17,032 Other 128 — 128 Total $ 100,192 $ 1,017 $ 101,209 |
Summary of Nonperforming Loans | Nonperforming loans are as follows: September 30, 2022 December 31, 2021 (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 575 $ 826 Nonaccrual loans, troubled debt restructurings 184 191 Total nonperforming loans $ 759 $ 1,017 Troubled debt restructurings, accruing $ 406 $ 418 |
Schedule of Analysis of Past due Loans | An analysis of past due loans is presented below: September 30, 2022 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 207,714 $ 207,714 Land development — — — — — Other — — — 45,074 45,074 Residential real estate: First mortgage 339 — 339 83,561 83,900 Construction — — — 2,653 2,653 Consumer: Home equity and lines of credit 27 — 27 17,574 17,601 Other — — — 115 115 Total $ 366 — $ 366 $ 356,691 $ 357,057 December 31, 2021 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate — — — $ 185,223 $ 185,223 Land development — — — 1,400 1,400 Other 33 — 33 38,127 38,160 Residential real estate: First mortgage 342 — 342 80,319 80,661 Construction — — — 3,388 3,388 Consumer: Home equity and lines of credit — — — 17,032 17,032 Other — — — 128 128 Total $ 375 — $ 375 $ 325,617 $ 325,992 |
Summary of Information Regarding Non-accrual Loans | Information on non-accrual loans is presented below: September 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other — — Residential real estate: First mortgage 725 939 Construction — — Consumer: Home equity and lines of credit 34 78 Other — — Total non-accrual loans $ 759 $ 1,017 Total non-accrual loans to total loans 0.21 % 0.31 % Total non-accrual loans to total assets 0.14 % 0.19 % |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Transfers and Servicing [Abstract] | |
Summary of Activity in Mortgage Servicing Rights | A summary of activity in the Company’s mortgage servicing rights is presented below: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) (in thousands) Mortgage servicing rights beginning balance $ 1,939 $ 2,109 $ 2,036 $ 1,806 Additions 10 137 57 457 Amortization ( 59 ) ( 164 ) ( 203 ) ( 551 ) Decrease in valuation allowance — — — 370 Mortgage servicing rights ending balance $ 1,890 $ 2,082 $ 1,890 $ 2,082 Fair value at beginning of period $ 3,273 $ 2,361 $ 2,477 $ 1,806 Fair value at end of period $ 3,335 $ 2,285 $ 3,335 $ 2,285 |
Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights | The following table summarizes the estimated future amortization expense for mortgage servicing rights for the annual periods indicated. The projections of amortization expense are based on existing asset balances as of September 30, 2022. The actual amortization expense the Company recognizes in any given period may vary significantly depending on changes in interest rates, market conditions and regulatory requirements. Estimated future amortization as of September 30, 2022: (in thousands) 2022 $ 82 2023 229 2024 207 2025 185 2026 163 Thereafter 1,024 Total $ 1,890 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits is summarized below: September 30, December 31, 2021 (in thousands) Non-interest bearing checking $ 109,280 $ 106,664 Interest bearing checking 35,444 37,467 Money market 88,137 94,823 Statement savings 68,275 64,954 Certificates of deposit 78,162 80,593 Total $ 379,298 $ 384,501 |
Scheduled Maturities of Certificates of Deposit | As of September 30, 2022, the scheduled maturities of certificates of deposit for the annual periods are presented below: (in thousands) 2022 $ 22,992 2023 43,226 2024 1,365 2025 9,950 2026 350 Thereafter 279 Total $ 78,162 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances consist of the following: September 30, 2022 December 31, 2021 Rate Amount Rate Amount (dollars in thousands) Fixed rate, fixed term advance, maturing Feb 2022 — $ — 1.62 % $ 6,500 Fixed rate, fixed term advance, maturing Feb 2023 1.62 % 6,500 1.62 % 6,500 Fixed rate, fixed term advance, maturing July 2027 2.90 % 5,000 — — Putable advance, maturing Oct 2029 first put option date Nov 2020 — — 1.03 % 10,000 Putable advance, maturing Feb 2030 first put option date Feb 2023 0.98 % 5,000 0.98 % 5,000 Putable advance, maturing Mar 2030 first put option date Mar 2025 0.89 % 10,000 0.89 % 10,000 Putable advance, maturing Mar 2032 first put option date Mar 2027 1.74 % 10,000 — — Putable advance, maturing July 2029 first put option date January 2023 1.68 % 5,000 — — Advance structured note, payments due monthly, maturing Feb 2030 — — 7.47 % 542 Advance structured note, payments due monthly, maturing April 2030 1.05 % 7,679 1.05 % 8,405 Advance structured note, payments due monthly, maturing May 2030 1.19 % 7,772 1.19 % 8,495 Total $ 56,951 $ 55,442 |
Schedule of Maturities of Federal Home Loan Bank Advances | The scheduled maturities and required principal payments of Federal Home Loan Bank advances are presented below: September 30, 2022 Weighted Average Rate Amount (dollars in thousands) 2022 1.12 % $ 486 2023 1.50 % 8,457 2024 1.12 % 1,980 2025 1.12 % 2,002 2026 1.12 % 2,024 Thereafter 0.93 % 42,002 Total $ 56,951 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Off-balance-sheet Credit-related Financial Instruments | The contractual amounts of off-balance-sheet credit-related financial instruments are summarized below: September 30, 2022 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 12,257 $ 72,300 $ 84,557 Standby letters of credit — 150 150 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,365 — 1,365 Commitments to sell loans 2,184 — 2,184 Overdraft protection program commitments 3,933 — 3,933 December 31, 2021 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 21,586 $ 56,921 $ 78,507 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,214 — 1,214 Commitments to sell loans 5,410 — 5,410 Overdraft protection program commitments 3,993 — 3,993 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The following table provides the allocated and unallocated shares of common stock associated with the ESOP. September 30, December 31, (dollars in thousands) Shares committed to be released 14,757 22,401 Total allocated shares 37,641 15,239 Total unallocated shares 458,765 377,077 Total ESOP shares 511,163 414,717 Fair value of unallocated shares (based on $ 10.58 and $ 10.99 share $ 4,854 $ 4,144 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Loans to Directors, Executive Officers and Affiliates | A summary of loans to directors, executive officers, and their affiliates follows: September 30, December 31, 2021 (in thousands) Beginning balance $ 932 $ 1,034 Adjustments due to changes in directors, executive officers, and/or principal — 202 New loans 4 53 Repayments ( 71 ) ( 357 ) Ending balance $ 865 $ 932 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using September 30, Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 2,723 $ 2,723 $ — $ — Securities available-for-sale: U.S. Treasury notes 26,336 — 26,335 — Obligations of states and political subdivisions 17,665 — 17,666 — Government-sponsored mortgage-backed securities 67,782 — 67,782 — Asset-backed securities 5,201 — 5,201 — Certificates of deposit 1,430 — 1,430 — Total $ 121,137 $ 2,723 $ 118,414 $ — Recurring Fair Value Measurements Using December 31, Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 3,544 $ 3,544 $ — $ — Securities available-for-sale: U.S. Treasury notes 19,484 — 19,484 — Obligations of states and political subdivisions 20,760 — 20,760 — Government-sponsored mortgage-backed securities 64,149 — 64,149 — Asset-backed securities 6,523 — 6,523 — Certificates of deposit 1,524 — 1,524 — Total $ 115,984 $ 3,544 $ 112,440 $ — |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments are presented below: September 30, 2022 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 15,702 $ 15,702 $ — $ — Available-for-sale securities 118,414 — 118,414 — Marketable equity securities 2,723 2,723 — — Loans held for sale 365 — 365 — Loans 354,740 — — 333,696 Rate lock commitments 10 — — 10 Accrued interest receivable 1,106 1,106 — — Federal Home Loan Bank stock 3,205 — — 3,205 Cash value of life insurance 14,209 — — 14,209 Financial liabilities: Deposits 379,298 301,137 — 77,102 Advance payments by borrowers for taxes and insurance 10,225 10,225 — — Federal Home Loan Bank advances 56,951 — — 58,085 Accrued interest payable 142 142 — — NOTE 12 – FAIR VALUE MEASUREMENTS (continued) December 31, 2021 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 66,803 $ 66,803 $ — $ — Available-for-sale securities 112,440 — 112,440 — Marketable equity securities 3,544 3,544 — — Loans held for sale 1,183 — 1,183 — Loans 323,789 — — 323,182 Rate lock commitments 30 — — 30 Accrued interest receivable 948 948 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,892 — — 13,892 Financial liabilities: Deposits 384,501 303,908 — 80,473 Advance payments by borrowers for taxes and insurance 1,860 1,860 — — Federal Home Loan Bank advances 55,442 — — 55,981 Accrued interest payable 109 109 — — |
Equity and Regulatory Matters (
Equity and Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Schedule of Banks Actual and Required Capital Amounts and Ratios | the table below. PyraMax Bank’s actual and required capital amounts and ratios are presented below: September 30, 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 64,937 11.9 % $ 21,761 4.0 % $ 27,201 5.0 % Risk-based: Common Equity Tier 1 64,937 16.9 % 17,325 4.5 % 25,025 6.5 % Tier 1 64,937 16.9 % 23,100 6.0 % 30,800 8.0 % Total 68,117 17.7 % 30,800 8.0 % 38,501 10.0 % December 31, 2021 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 65,179 11.9 % $ 21,838 4.0 % $ 27,298 5.0 % Risk-based: Common Equity Tier 1 65,179 19.4 % 15,124 4.5 % 21,846 6.5 % Tier 1 65,179 19.4 % 20,166 6.0 % 26,888 8.0 % Total 68,037 20.2 % 26,888 8.0 % 33,610 10.0 % |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Earnings (loss) per common share for the three and nine months ended September 30, 2022 and 2021 are presented in the following table. Three months ended September 30, 2022 2021 (In thousands, except per share amounts) Net income (loss) $ 124 $ ( 115 ) Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,271 6,269 Less: Weighted average unallocated ESOP shares 461 258 Weighted average shares outstanding for basic EPS 5,810 6,011 Additional dilutive shares 173 — Weighted average shares outstanding for dilutive EPS 5,983 6,011 Basic income (loss) per share $ 0.02 $ ( 0.02 ) Diluted income (loss) per share $ 0.02 $ ( 0.02 ) Nine months ended September 30, 2022 2021 (In thousands, except per share amounts) Net (loss) income $ ( 172 ) $ 354 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,279 6,261 Less: Weighted average unallocated ESOP shares 437 226 Weighted average shares outstanding for basic EPS 5,842 6,035 Additional dilutive shares — 228 Weighted average shares outstanding for dilutive EPS 5,842 6,263 Basic (loss) income per share $ ( 0.03 ) $ 0.06 Diluted (loss) income per share $ ( 0.03 ) $ 0.06 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumptions Used in Estimating the Fair Value of Options Granted | The following assumptions were used in estimating the fair value of options granted during the nine months ended September 30, 2022 and September 30, 2021, respectively: For the Nine Months Ended September 30, September 30, Dividend yield 0.00 % 0.00 % Risk-free interest rate 3.13 % 0.96 % Expected volatility 24.64 % 24.64 % Weighted average expected life 6.5 6.5 Weighted average per share value of options $ 3.25 $ 2.10 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is presented below. Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining in Contractual Term (Years) Aggregate Intrinsic Value Outstanding December 31, 2021 300,720 $ 6.19 8.40 $ 1,443,067 Granted 107,505 9.93 6.50 — Exercised — — — — Forfeited — — — — Outstanding September 30, 2022 408,225 7.17 8.24 $ 1,557,498 Options exercisable at September 30, 2022 112,824 6.09 7.61 $ 553,129 |
Summary of Nonvested Stock option Activity | The following table summarizes information about the Company’s nonvested stock option activity for the nine months ended September 30, 2022: Stock Options Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 248,043 $ 1.58 Granted 107,505 3.25 Vested (1) ( 60,147 ) 1.56 Forfeited — — Nonvested at September 30, 2022 295,401 $ 2.19 |
Summary of Restricted Stock Unit Activity | The following table summarizes information about the Company’s restricted stock activity for the nine months ended September 30, 2022: Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 97,128 $ 6.25 Granted 42,791 9.93 Vested (1)(2) ( 23,532 ) 6.20 Forfeited — — Nonvested at September 30, 2022 116,387 $ 7.61 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of rent commitments | Rent commitments were as follows as of September 30, 2022: (in thousands) 2022 $ 21 2023 87 2024 89 2025 91 2026 94 Thereafter 112 Amounts representing interest ( 23 ) Total $ 471 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Nature Of Operations [Abstract] | |
Common Stock Held By Public | 100% |
Reorganization Cost And Issuing Of Common Stock Deferred | $ 2 |
Recent Accounting Standards - A
Recent Accounting Standards - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in assets and liabilities | $ 529,000 |
Available for Sale Securities -
Available for Sale Securities - Summary of Amortized Costs and Fair Value of Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 134,703 | $ 112,246 |
Securities Available for Sale, Gross Unrealized Gains | 4 | 888 |
Securities Available for Sale, Gross Unrealized Losses | (16,293) | (694) |
Available for sale securities | 118,414 | 112,440 |
U.S. Treasury notes [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 29,576 | 19,501 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 8 |
Securities Available for Sale, Gross Unrealized Losses | (3,241) | (25) |
Available for sale securities | 26,335 | 19,484 |
Obligations of states and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 21,398 | 20,758 |
Securities Available for Sale, Gross Unrealized Gains | 4 | 207 |
Securities Available for Sale, Gross Unrealized Losses | (3,736) | (205) |
Available for sale securities | 17,666 | 20,760 |
Government-sponsored Mortgage-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 77,048 | 64,049 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 563 |
Securities Available for Sale, Gross Unrealized Losses | (9,266) | (463) |
Available for sale securities | 67,782 | 64,149 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 5,222 | 6,479 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 45 |
Securities Available for Sale, Gross Unrealized Losses | (21) | (1) |
Available for sale securities | 5,201 | 6,523 |
Certificates of deposit [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,459 | 1,459 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 65 |
Securities Available for Sale, Gross Unrealized Losses | (29) | 0 |
Available for sale securities | $ 1,430 | $ 1,524 |
Available for Sale Securities_2
Available for Sale Securities - Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less | $ 1,769 | |
Due after one through 5 years | 19,497 | |
Due after 5 through 10 years | 17,231 | |
Due after 10 years | 6,934 | |
Total debt and other securities, Fair Value | 45,431 | |
Total | 118,414 | $ 112,440 |
Due in one year or less | 1,788 | |
Due after one through 5 years | 21,397 | |
Due after 5 through 10 years | 20,486 | |
Due after 10 years | 8,762 | |
Total debt and other securities, Amortized Cost | 52,433 | |
Total | 134,703 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt and other securities, Fair Value | 67,782 | |
Total debt and other securities, Amortized Cost | 77,048 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt and other securities, Fair Value | 5,201 | |
Total | 5,201 | $ 6,523 |
Total debt and other securities, Amortized Cost | $ 5,222 |
Available for Sale Securities_3
Available for Sale Securities - Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 90,291 | $ 58,585 |
Unrealized Loss | (10,360) | (571) |
Fair Value | 27,417 | 4,105 |
Unrealized Loss | (5,933) | (123) |
Fair Value | 117,708 | 62,690 |
Unrealized Loss | (16,293) | (694) |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 26,335 | 12,971 |
Unrealized Loss | (3,241) | (25) |
Fair Value | 26,335 | 12,971 |
Unrealized Loss | (3,241) | (25) |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 9,642 | 5,414 |
Unrealized Loss | (1,655) | (82) |
Fair Value | 7,602 | 4,105 |
Unrealized Loss | (2,081) | (123) |
Fair Value | 17,244 | 9,519 |
Unrealized Loss | (3,736) | (205) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 47,967 | 39,392 |
Unrealized Loss | (5,414) | (463) |
Fair Value | 19,815 | |
Unrealized Loss | (3,852) | |
Fair Value | 67,782 | 39,392 |
Unrealized Loss | (9,266) | (463) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 4,917 | 808 |
Unrealized Loss | (21) | (1) |
Fair Value | 4,917 | 808 |
Unrealized Loss | (21) | $ (1) |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1,430 | |
Unrealized Loss | (29) | |
Fair Value | 1,430 | |
Unrealized Loss | $ (29) |
Available for Sale Securities_4
Available for Sale Securities - Additional Information (Detail) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) Debtinstrument | Dec. 31, 2021 USD ($) Debtinstrument | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized losses | Debtinstrument | 93 | 24 |
Percentage of depreciation from amortized cost bases | 12.20% | 1.10% |
Collateral to secure customer deposit accounts | $ | $ 3.7 | $ 1.8 |
Available for Sale Securities_5
Available for Sale Securities - Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of securities available-for-sale | $ 0 | $ 1,018 |
Gross realized gains | 0 | 12 |
Gross realized losses | 0 | |
Net realized gains | $ 0 | $ 12 |
Loans - Summary of Major Classi
Loans - Summary of Major Classifications of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | $ 357,057 | $ 325,992 | ||||
Net deferred loan costs | 863 | 655 | ||||
Allowance for loan losses | (3,180) | $ (3,132) | (2,858) | $ (2,788) | $ (2,732) | $ (2,703) |
Loans, net | 354,740 | 323,789 | ||||
Commercial [Member] | Real Estate [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 207,714 | 185,223 | ||||
Commercial [Member] | Land [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 0 | 1,400 | ||||
Commercial [Member] | Other Commercial Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 45,074 | 38,160 | ||||
Residential Real Estate [Member] | First Mortgage [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 83,900 | 80,661 | ||||
Residential Real Estate [Member] | Construction Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 2,653 | 3,388 | ||||
Consumer [Member] | Other Consumer Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 115 | 128 | ||||
Consumer [Member] | Home Equity Lines Of Credit [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | $ 17,601 | $ 17,032 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total Loans | $ 357,057,000 | $ 325,992,000 | |
Additional committed impared loans | 0 | 0 | |
Loans modified as troubled debt restructurings | 0 | 0 | |
Troubled debt restructurings within past twelve months for which there was a default | 0 | $ 0 | |
Overdrawn deposit account reclassified as loan | 13,000,000 | 106,000,000 | |
Loans and leases receivable, net amount | $ 354,740,000 | 323,789,000 | |
Covid Nineteen [Member] | Payment Deferral [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing recievable threshold past due | 30 days | ||
Loans and leases receivable, net amount | $ 4,600,000 | ||
Financing receivable deferral amount | 245,000 | ||
Doubtful [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total Loans | 0 | 0 | |
Other Financial Institutions [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Participation loans transferred | $ 30,400,000 | $ 32,100,000 |
Loans - Schedule of Analysis of
Loans - Schedule of Analysis of Past due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 366 | $ 375 |
Total Loans | 357,057 | 325,992 |
Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 207,714 | 185,223 |
Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 0 | 1,400 |
Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 33 | |
Total Loans | 45,074 | 38,160 |
Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 339 | 342 |
Total Loans | 83,900 | 80,661 |
Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 2,653 | 3,388 |
Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 27 | |
Total Loans | 17,601 | 17,032 |
Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 115 | 128 |
Loans Past Due 30-89 Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 366 | 375 |
Loans Past Due 30-89 Days [Member] | Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 33 | |
Loans Past Due 30-89 Days [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 339 | 342 |
Loans Past Due 30-89 Days [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 27 | |
Financial Asset, Not Past Due [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 356,691 | 325,617 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 207,714 | 185,223 |
Financial Asset, Not Past Due [Member] | Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 0 | 1,400 |
Financial Asset, Not Past Due [Member] | Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 45,074 | 38,127 |
Financial Asset, Not Past Due [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 83,561 | 80,319 |
Financial Asset, Not Past Due [Member] | Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 2,653 | 3,388 |
Financial Asset, Not Past Due [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 17,574 | 17,032 |
Financial Asset, Not Past Due [Member] | Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 115 | $ 128 |
Loans - Summary of Activity in
Loans - Summary of Activity in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 3,132 | $ 2,732 | $ 2,858 | $ 2,703 |
Provision for loan losses | 0 | 30 | 210 | 30 |
Loans charged-off | (1) | (1) | (5) | (18) |
Recoveries of loans previously charged off | 49 | 27 | 117 | 73 |
Ending balance | 3,180 | 2,788 | 3,180 | 2,788 |
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 1,924 | 1,618 | 1,657 | 1,609 |
Provision for loan losses | 0 | 30 | 210 | 30 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 4 | 4 | 61 | 13 |
Ending balance | 1,928 | 1,652 | 1,928 | 1,652 |
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 745 | 745 | 745 | 745 |
Provision for loan losses | 0 | 0 | 0 | |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Ending balance | 745 | 745 | 745 | 745 |
Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 463 | 369 | 456 | 349 |
Provision for loan losses | 0 | 0 | 0 | |
Loans charged-off | (1) | (1) | (5) | (18) |
Recoveries of loans previously charged off | 45 | 23 | 56 | 60 |
Ending balance | $ 507 | $ 391 | $ 507 | $ 391 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | $ 7,364 | $ 6,227 | ||||
Collectively evaluated for impairment | 349,693 | 319,765 | ||||
Total loans | 357,057 | 325,992 | ||||
Collectively evaluated for impairment | 3,180 | 2,858 | ||||
Total allowance for loan losses | 3,180 | $ 3,132 | 2,858 | $ 2,788 | $ 2,732 | $ 2,703 |
Commercial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 6,198 | 4,833 | ||||
Collectively evaluated for impairment | 246,590 | 219,950 | ||||
Total loans | 252,788 | 224,783 | ||||
Collectively evaluated for impairment | 1,928 | 1,657 | ||||
Total allowance for loan losses | 1,928 | 1,924 | 1,657 | 1,652 | 1,618 | 1,609 |
Residential [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 1,132 | 1,357 | ||||
Collectively evaluated for impairment | 85,421 | 82,692 | ||||
Total loans | 86,553 | 84,049 | ||||
Collectively evaluated for impairment | 745 | 745 | ||||
Total allowance for loan losses | 745 | 745 | 745 | 745 | 745 | 745 |
Consumer [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 34 | 37 | ||||
Collectively evaluated for impairment | 17,682 | 17,123 | ||||
Total loans | 17,716 | 17,160 | ||||
Collectively evaluated for impairment | 507 | 456 | ||||
Total allowance for loan losses | $ 507 | $ 463 | $ 456 | $ 391 | $ 369 | $ 349 |
Loans - Summary of Internal Ris
Loans - Summary of Internal Risk Ratings of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 357,057 | $ 325,992 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 207,714 | 185,223 |
Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 0 | 1,400 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 45,074 | 38,160 |
Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 252,788 | 224,783 |
Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 207,714 | 185,223 |
Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 0 | 1,400 |
Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 45,074 | 38,160 |
Pass [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 241,769 | 210,986 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 199,479 | 172,172 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 0 | 1,400 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 42,290 | 37,414 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,821 | 8,964 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,059 | 8,963 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 762 | 1 |
Substandard [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 6,198 | 4,833 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,176 | 4,088 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 2,022 | $ 745 |
Loans - Summary of Information
Loans - Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 357,057 | $ 325,992 |
Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 104,269 | 101,209 |
Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 83,900 | 80,661 |
Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 2,653 | 3,388 |
Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 17,601 | 17,032 |
Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 115 | 128 |
Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 103,510 | 100,192 |
Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 83,175 | 79,722 |
Performing [Member] | Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 2,653 | 3,388 |
Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 17,567 | 16,954 |
Performing [Member] | Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 115 | 128 |
Non Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 759 | 1,017 |
Non Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 725 | 939 |
Non Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 34 | $ 78 |
Loans - Summary of Informatio_2
Loans - Summary of Information Regarding Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 7,364 | $ 6,227 |
Reserve | 0 | 0 |
Average Investment | 6,172 | 8,758 |
Interest Recognized | 248 | 337 |
Recorded Investment | 7,364 | 6,227 |
Principal Balance | 7,586 | 6,498 |
Average Investment | 6,172 | 8,758 |
Interest Recognized | 248 | 337 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,176 | 4,088 |
Principal Balance | 4,176 | 4,089 |
Average Investment | 3,897 | 5,615 |
Interest Recognized | 111 | 213 |
Commercial Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 0 | 734 |
Interest Recognized | 0 | 33 |
Commercial Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,022 | 745 |
Principal Balance | 2,022 | 796 |
Average Investment | 1,009 | 1,478 |
Interest Recognized | 86 | 35 |
Residential real estate and consumer First mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,132 | 1,357 |
Principal Balance | 1,349 | 1,572 |
Average Investment | 1,231 | 914 |
Interest Recognized | 50 | 34 |
Residential real estate and consumer Home equity and lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 34 | 37 |
Principal Balance | 39 | 41 |
Average Investment | 35 | 17 |
Interest Recognized | $ 1 | $ 22 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans, other than troubled debt restructurings | $ 575 | $ 826 |
Total nonperforming loans | 759 | 1,017 |
Non Accruing Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 184 | 191 |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 406 | $ 418 |
Loans - Summary of Informatio_3
Loans - Summary of Information on Non-accrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 759 | $ 1,017 |
Total non-accrual loans to total loans | 0.21% | 0.31% |
Total non-accrual loans to total assets | 0.14% | 0.19% |
Residential Real Estate First Mortgages [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 725 | $ 939 |
Consumer Home Equity and Lines of Credit [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 34 | $ 78 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Unpaid principal balance of mortgage loans serviced for others | $ 309.6 | $ 332.9 | |
Minimum [Member] | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Discount rates used in valuation model | 9.50% | 10% | |
Prepayment speeds used in valuation model | 7.70% | 12.50% | |
Maximum [Member] | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Discount rates used in valuation model | 13% | 13.50% | |
Prepayment speeds used in valuation model | 38.20% | 39.70% |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
Mortgage servicing rights beginning balance | $ 1,939 | $ 2,109 | $ 2,036 | $ 1,806 |
Additions | 10 | 137 | 57 | 457 |
Amortization | (59) | (164) | (203) | (551) |
Decrease in valuation allowance | 0 | 0 | 0 | 370 |
Mortgage servicing rights ending balance | 1,890 | 2,082 | 1,890 | 2,082 |
Fair value at beginning of period | 3,273 | 2,361 | 2,477 | 1,806 |
Fair value at end of period | $ 3,335 | $ 2,285 | $ 3,335 | $ 2,285 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 82 |
2023 | 229 |
2024 | 207 |
2025 | 185 |
2026 | 163 |
Thereafter | 1,024 |
Total | $ 1,890 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest bearing checking | $ 109,280 | $ 106,664 |
Interest bearing checking | 35,444 | 37,467 |
Money market | 88,137 | 94,823 |
Statement savings | 68,275 | 64,954 |
Certificates of deposit | 78,162 | 80,593 |
Total | $ 379,298 | $ 384,501 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2022 | $ 22,992 |
2023 | 43,226 |
2024 | 1,365 |
2025 | 9,950 |
2026 | 350 |
Thereafter | 279 |
Total | $ 78,162 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Certificates of deposit with balances of $250 or more | $ 7,900 | $ 10,000 |
Certificates of deposit federally insured | 250,000 | 250,000 |
Brokered deposits | $ 0 | $ 0 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB Advances, total | $ 56,951 | $ 55,442 |
Fixed rate, fixed term advance, maturing February 2022 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.62% | |
FHLB Advances, total | $ 6,500 | |
Fixed rate, fixed term advance, maturing February 2023 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.62% | 1.62% |
FHLB Advances, total | $ 6,500 | $ 6,500 |
Fixed rate, fixed term advance, maturing July 2027 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 2.90% | |
FHLB Advances, total | $ 5,000 | |
Putable advance, maturing October 2029 first option date Nov 2020 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.03% | |
FHLB Advances, total | $ 10,000 | |
Putable advance, maturing February 2030 first option date Feb 2023 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0.98% | 0.98% |
FHLB Advances, total | $ 5,000 | $ 5,000 |
Putable advance, maturing March 2030 first option date March 2025 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0.89% | 0.89% |
FHLB Advances, total | $ 10,000 | $ 10,000 |
Putable advance, maturing Mar 2032 first put option date Mar 2027 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.74% | |
FHLB Advances, total | $ 10,000 | |
Putable advance, maturing July 2029 first put option date January 2023 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.68% | |
FHLB Advances, total | $ 5,000 | |
Advance structured note, payments due monthly, maturing February 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0% | 7.47% |
FHLB Advances, total | $ 542 | |
Advance structured note, payments due monthly, maturing April 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.05% | 1.05% |
FHLB Advances, total | $ 7,679 | $ 8,405 |
Advance structured note, payments due monthly, maturing May 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.19% | 1.19% |
FHLB Advances, total | $ 7,772 | $ 8,495 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Schedule of Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
2022 | 1.12% | |
2023 | 1.50% | |
2024 | 1.12% | |
2025 | 1.12% | |
2026 | 1.12% | |
Thereafter | 0.93% | |
2022 | $ 486 | |
2023 | 8,457 | |
2024 | 1,980 | |
2025 | 2,002 | |
2026 | 2,024 | |
Thereafter | 42,002 | |
Total | $ 56,951 | $ 55,442 |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank stock to maximum borrowing capacity | The Company maintains a master contract agreement with the Federal Home Loan Bank, which provides for borrowing up to the lesser of 22.22 times the value of the Federal Home Loan Bank stock owned, a determined percentage of the book value of the Company’s qualifying real estate loans, or a determined percentage of the Company’s assets. | |
Qualifying loans pledged as collateral | $ 357,057 | $ 325,992 |
Federal Home Loan Bank stock held | 3,205 | 3,032 |
Available and unused funds under borrowing agreement | 112,600 | 90,900 |
Collateral values against borrowings | 171,000 | 147,500 |
Asset Pledged as Collateral without Right [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Qualifying loans pledged as collateral | 251,400 | $ 232,700 |
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | BMO Harris Bank [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal funds rate line of credit | 15,000 | |
Federal Fund Rate [Member] | BMO Harris Bank [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Line Of Credit At Federal Reserve | 10,000 | |
Available Borrowing Capacity | 0 | |
Federal Fund Rate [Member] | BMO Harris Bank [Member] | Asset Pledged as Collateral without Right [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Qualifying loans pledged as collateral | $ 13,200 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Valuation allowance | $ 934 | $ 934 | $ 934 | ||
Income tax expense (benefit) | 21 | $ (57) | (172) | $ 45 | |
Deferred tax asset net of valuation allowance | $ 8,400 | $ 8,400 | $ 3,800 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Credit Related Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 84,557 | $ 78,507 |
Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 1,365 | 1,214 |
Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 2,184 | 5,410 |
Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,933 | 3,993 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 150 | 175 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 12,257 | 21,586 |
Fixed Rate [Member] | Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 1,365 | 1,214 |
Fixed Rate [Member] | Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 2,184 | 5,410 |
Fixed Rate [Member] | Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,933 | 3,993 |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 72,300 | 56,921 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 150 | $ 175 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - Mortgage Partnership Finance Program [Member] - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Commitments | $ 711,000 | |
Other commitments | $ 0 | $ 0 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Share-based Payment Arrangement [Abstract] | ||
Shares committed to be released | 14,757 | 22,401 |
Total allocated shares | 37,641 | 15,239 |
Total unallocated shares | 458,765 | 377,077 |
Total ESOP shares | 511,163 | 414,717 |
Fair value of unallocated shares (based on $10.58 and $10.99 share price as of September 30, 2022 and December 31, 2021, respectively) | $ 4,854 | $ 4,144 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Parenthetical) (Detail) | Sep. 30, 2022 | Dec. 31, 2021 |
Share-based Payment Arrangement [Abstract] | ||
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 10.58 | 10.99 |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 14, 2021 | Jan. 08, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
ESOP Purchased | 131,727 | 96,446 | 131,727 | |||
ESOP additional shares purchased | 283,360 | 283,360 | ||||
ESOP Purchased shares adjusted for the conversion | 231,047 | |||||
Employee stock ownership plan weighted average price of additional shares purchased | $ 10.90 | $ 10.90 | ||||
Compensation Expense | $ 49,000 | $ 10,000 | $ 151,000 | $ 61,000 | ||
Number of shares to be contributed to the employee stock owership plan | 283,360 | |||||
Employee stock ownership plan weighted average price of shares purchased | $ 10.95 | |||||
Previously Reported [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
ESOP Purchased | 175,528 | |||||
Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested Percentage | 20% | |||||
Vested Years Of Service | 1 year | |||||
Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested Percentage | 40% | |||||
Vested Years Of Service | 2 years | |||||
Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested Percentage | 60% | |||||
Vested Years Of Service | 3 years | |||||
Share-based Compensation Award Tranche Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested Percentage | 80% | |||||
Vested Years Of Service | 4 years | |||||
Share-based Compensation Award Tranche Five [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested Percentage | 100% | |||||
Vested Years Of Service | 5 years |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans to Directors, Executive Officers and Affiliates (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 932 | $ 1,034 |
Adjustments due to changes in directors, executive officers, and/or principal stockholders | 0 | 202 |
New loans | 4 | 53 |
Repayments | (71) | (357) |
Ending balance | $ 865 | $ 932 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Directors, Executive Officers and Affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits from directors, executive officers and affiliates | $ 759,000 | $ 1,100,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 118,414 | $ 112,440 |
Marketable equity securities | 2,723 | 3,544 |
Total | 121,137 | 115,984 |
U.S. Treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 26,336 | 19,484 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,665 | 20,760 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 67,782 | 64,149 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,201 | 6,523 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,430 | 1,524 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 118,414 | 112,440 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 2,723 | 3,544 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 118,414 | 112,440 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 26,335 | 19,484 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,666 | 20,760 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 67,782 | 64,149 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,201 | 6,523 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,430 | 1,524 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 2,723 | 3,544 |
Total | $ 2,723 | $ 3,544 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Available for sale securities | $ 118,414 | $ 112,440 |
Loans | 354,740 | 323,789 |
Accrued interest receivable | 1,106 | 948 |
Cash value of life insurance | 14,209 | 13,892 |
FHLB stock | 3,205 | 3,032 |
Marketable securities | 2,723 | 3,544 |
Financial liabilities: | ||
Deposits | 379,298 | 384,501 |
Advance payments by borrowers for taxes and insurance | 10,225 | 1,860 |
FHLB advances | 56,951 | 55,442 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 15,702 | 66,803 |
Accrued interest receivable | 1,106 | 948 |
Marketable securities | 2,723 | 3,544 |
Financial liabilities: | ||
Deposits | 301,137 | 303,908 |
Advance payments by borrowers for taxes and insurance | 10,225 | 1,860 |
Accrued interest payable | 142 | 109 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale securities | 118,414 | 112,440 |
Loans held for sale | 365 | 1,183 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans | 333,696 | 323,182 |
Rate lock commitments | 10 | 30 |
Cash value of life insurance | 14,209 | 13,892 |
FHLB stock | 3,205 | 3,032 |
Financial liabilities: | ||
Deposits | 77,102 | 80,473 |
FHLB advances | 58,085 | 55,981 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 15,702 | 66,803 |
Available for sale securities | 118,414 | 112,440 |
Loans held for sale | 365 | 1,183 |
Loans | 354,740 | 323,789 |
Rate lock commitments | 10 | 30 |
Accrued interest receivable | 1,106 | 948 |
Cash value of life insurance | 14,209 | 13,892 |
FHLB stock | 3,205 | 3,032 |
Marketable securities | 2,723 | 3,544 |
Financial liabilities: | ||
Deposits | 379,298 | 384,501 |
Advance payments by borrowers for taxes and insurance | 10,225 | 1,860 |
FHLB advances | 56,951 | 55,442 |
Accrued interest payable | $ 142 | $ 109 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Impairment Loan on mortgage servicing rights | $ 0 | $ 0 |
Equity and Regulatory Matters -
Equity and Regulatory Matters - Schedule of Banks Actual and Required Capital Amounts and Ratios (Detail) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Text Block [Abstract] | ||
Leverage tier 1 capital actual amount | $ 64,937 | $ 65,179 |
Common Equity Tier 1 risk based capital actual amount | 64,937 | 65,179 |
Tier 1 risk based capital actual amount | 64,937 | 65,179 |
Total risk based capital actual amount | $ 68,117 | $ 68,037 |
Leverage tier 1 capital actual ratio | 0.119 | 0.119 |
Common Equity Tier 1 risk based capital actual ratio | 0.169 | 0.194 |
Tier 1 risk based capital actual ratio | 0.169 | 0.194 |
Total risk based capital actual ratio | 0.177 | 0.202 |
Leverage tier 1 capital for capital adequacy purposes amount | $ 21,761 | $ 21,838 |
Common Equity Tier 1 risk based capital for capital adequacy purposes amount | 17,325 | 15,124 |
Tier 1 risk based capital for capital adequacy purposes amount | 23,100 | 20,166 |
Total risk based capital for capital adequacy purposes amount | $ 30,800 | $ 26,888 |
Leverage tier 1 capital for capital adequacy purposes ratio | 4% | 4% |
Common Equity Tier 1 risk based capital for capital adequacy purposes ratio | 0.045 | 0.045 |
Tier 1 risk based capital for capital adequacy purposes ratio | 0.060 | 0.060 |
Total risk based capital for capital adequacy purposes ratio | 0.080 | 0.080 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions amount | $ 27,201 | $ 27,298 |
Common Equity Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 25,025 | 21,846 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 30,800 | 26,888 |
Total risk based capital to be well capitalized under prompt corrective action provisions amount | $ 38,501 | $ 33,610 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions ratio | 5% | 5% |
Common Equity Tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.065 | 0.065 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.080 | 0.080 |
Total risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.100 | 0.100 |
Equity and Regulatory Matters_2
Equity and Regulatory Matters - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Aug. 26, 2022 | Jul. 29, 2022 | |
Text Block [Abstract] | |||||
Consolidated assets | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||
Percentage of repurchase of outstanding shares | 5% | 5% | |||
Shares authorized to repurchase | 319,766 | ||||
Shares repurchased | 184,270 | 184,270 | 184,270 | ||
Purchase price of repurchased shares | $ 2,000 | $ (1,995) | $ (1,995) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 209,508 | 182,457 | 0 |
Earnings (Loss) Per Share - Ear
Earnings (Loss) Per Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 124 | $ (115) | $ (172) | $ 354 |
Weighted shares outstanding for basic EPS | ||||
Weighted average shares outstanding | 6,271,000 | 6,269,000 | 6,279,000 | 6,261,000 |
Less: Weighted average unallocated ESOP shares | 461,000 | 258,000 | 437,000 | 226,000 |
Weighted average shares outstanding for basic EPS | 5,810,185 | 6,011,247 | 5,842,184 | 6,035,289 |
Additional dilutive shares | 173,000 | 228,000 | ||
Weighted average shares outstanding for dilutive EPS | 5,983,241 | 6,011,247 | 5,842,184 | 6,262,722 |
Basic income (loss) per share | $ 0.02 | $ (0.02) | $ (0.03) | $ 0.06 |
Diluted income (loss) per share | $ 0.02 | $ (0.02) | $ (0.03) | $ 0.06 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Assumptions Used in Estimating the Fair Value of Options Granted (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Dividend yield | 0% | 0% |
Risk-free interest rate | 3.13% | 0.96% |
Expected volatility | 24.64% | 24.64% |
Weighted average expected life | 6 years 6 months | 6 years 6 months |
Weighted average per share value of options | $ 3.25 | $ 2.10 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of share based compensation stock options activity [Line Items] | ||
Stock options - Beginning | 300,720 | |
Stock options - Shares granted | 107,505 | |
Stock options - Shares exercised | 0 | |
Stock options - Shares forfeited | 0 | |
Stock options - Ending | 408,225 | 300,720 |
Stock options - Options exercisable | 112,824 | |
Weighted Average Exercise Price - Beginning | $ 6.19 | |
Weighted Average Exercise Price - Granted | 9.93 | |
Weighted Average Exercise Price - Exercised | 0 | |
Weighted Average Exercise Price - Forfeited | 0 | |
Weighted Average Exercise Price - Ending | 7.17 | $ 6.19 |
Weighted Average Exercise Price - Options exercisable | $ 6.09 | |
Weighted Average Remaining Contractual Term (Years) - Options granted | 6 years 6 months | |
Weighted Average Remaining Contractual Term (Years) | 8 years 2 months 26 days | 8 years 4 months 24 days |
Weighted Average Remaining Contractual Term (Years) - Options exercisable | 7 years 7 months 9 days | |
Aggregate Intrinsic Value - Beginning | $ 1,443,067 | |
Aggregate Intrinsic Value - Granted | 0 | |
Aggregate Intrinsic Value - Ending | 1,557,498 | $ 1,443,067 |
Aggregate Intrinsic Value - Options exercisable | $ 553,129 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Nonvested Stock option Activity (Detail) | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Share-based Payment Arrangement [Abstract] | ||
Nonvested | shares | 248,043 | |
Granted | shares | 107,505 | |
Vested | shares | (60,147) | [1] |
Forfeited | shares | 0 | |
Nonvested | shares | 295,401 | |
Nonvested | $ / shares | $ 1.58 | |
Granted | $ / shares | 3.25 | |
Vested | $ / shares | 1.56 | [1] |
Forfeited | $ / shares | 0 | |
Nonvested | $ / shares | $ 2.19 | |
[1] Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Nonvested Stock option Activity (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2022 shares | |
President and Chief Operating Officer [Member] | |
Shares granted as a nonqualified stock option inducement award | 2,105 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Detail) | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Abstract] | ||
Nonvested | shares | 97,128 | |
Granted | shares | 42,791 | |
Vested | shares | (23,532) | [1],[2] |
Forfeited | shares | 0 | |
Nonvested | shares | 116,387 | |
Nonvested | $ / shares | $ 6.25 | |
Granted | $ / shares | 9.93 | |
Vested | $ / shares | 6.20 | [1],[2] |
Forfeited | $ / shares | 0 | |
Nonvested | $ / shares | $ 7.61 | |
[1] Includes 263 shares vested under a restricted stock inducement award to the Company’s President and Chief Executive Officer. Includes 7,238 shares surrendered by employees to cover payroll tax costs related to the vested shares. |
Stock Based Compensation - Su_6
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restrcited shares vested related to shares surrenders to cover payroll taxes | 7,238 |
President and Chief Executive Officer [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted as a nonqualified stock option inducement award | 263 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 27, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 26, 2022 | |
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Unrecognized compensation expense related to stock compensation plans | $ 593,000 | $ 593,000 | ||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 11 months 15 days | |||||
Restricted Stock [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Unrecognized compensation expense related to stock compensation plans | 804,000 | $ 804,000 | ||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 9 months 29 days | |||||
Stock option expense recognised | 47,000 | $ 39,000 | $ 120,000 | $ 114,000 | ||
Employee Stock Option [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Stock option expense recognised | $ 33,000 | $ 26,000 | $ 80,000 | $ 74,000 | ||
2020 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Stock based compensation number of shares authorized | 95,387 | |||||
Shares adjusted for the conversion | 125,557 | |||||
2020 Equity Incentive Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Stock based compensation number of shares authorized | 238,467 | |||||
Shares adjusted for the conversion | 313,894 | |||||
2022 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Stock based compensation number of shares authorized | 141,680 | |||||
2022 Equity Incentive Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based compensation arrangement by share-based payment award [Line Items] | ||||||
Stock based compensation number of shares authorized | 354,200 |
Leases - Schedule of Rent Commi
Leases - Schedule of Rent Commitments (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 21 |
2023 | 87 |
2024 | 89 |
2025 | 91 |
2026 | 94 |
Thereafter | 112 |
Amounts representing interest | (23) |
Total | $ 471 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Right-of-use asset | $ 471,000 | $ 471,000 | ||
Lease liability | 471,000 | 471,000 | ||
Operating Lease Rent Expense | $ 19,000 | $ 21,000 | $ 57,000 | $ 62,000 |
Operating weighted average remaining lease term | 5 years 6 months | 5 years 6 months | ||
Operating weighted average discount rate | 1.79% | 1.79% |