Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 6,365,270 | |
Entity File Number | 001-40609 | |
Entity Tax Identification Number | 61-1993378 | |
Entity Address, Address Line One | 7001 West Edgerton Avenue | |
Entity Address, City or Town | Greenfield | |
Entity Address, Postal Zip Code | 53220 | |
City Area Code | 414 | |
Local Phone Number | 421-8200 | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 46,093 | $ 65,300 |
Fed funds sold | 4,493 | 1,503 |
Cash and cash equivalents | 50,586 | 66,803 |
Marketable equity securities, stated at fair value | 3,366 | 3,544 |
Available for sale securities, stated at fair value | 132,722 | 112,440 |
Loans held for sale | 944 | 1,183 |
Loans, net | 323,686 | 323,789 |
Premises and equipment, net | 5,809 | 5,864 |
Mortgage servicing rights, net | 1,988 | 2,036 |
Federal Home Loan Bank (FHLB) stock, at cost | 3,032 | 3,032 |
Accrued interest receivable | 1,033 | 948 |
Cash value of life insurance | 13,996 | 13,892 |
Other assets | 9,123 | 6,108 |
TOTAL ASSETS | 546,285 | 539,639 |
Liabilities and Stockholders' Equity | ||
Deposits | 390,953 | 384,501 |
Advance payments by borrowers for taxes and insurance | 4,735 | 1,860 |
FHLB advances | 58,449 | 55,442 |
Accrued interest payable | 117 | 109 |
Other liabilities | 6,829 | 6,834 |
TOTAL LIABILITIES | 461,083 | 448,746 |
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at March 31, 2022 and December 31, 2021 Issued – 6,401,261 at March 31, 2022 and 6,402,571 at December 31, 2021 (includes 87,842 and 97,128 unvested shares, respectively) Outstanding – 6,371,198 at March 31, 2022 and 6,372,508 at December 31, 2021 (includes 87,842 and 97,128 unvested shares, respectively) | 64 | 64 |
Preferred stock, $0.01 par value, 10,000,000 shares authorized at March 31, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 52,852 | 52,805 |
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 422,288 and 377,077 shares at March 31, 2022 and December 31, 2021, respectively | (3,900) | (3,432) |
Less treasury stock at cost, 30,063 at March 31, 2022 and December 31, 2021 | (301) | (301) |
Retained earnings | 41,560 | 41,615 |
Accumulated other comprehensive (loss) income, net of income taxes | (5,073) | 142 |
Total stockholders' equity | 85,202 | 90,893 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 546,285 | $ 539,639 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 6,401,261 | 6,402,571 |
Common Stock, Shares, Outstanding | 6,371,198 | 6,372,508 |
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Unallocated common stock of Employee Stock Ownership Plan | 417,356 | 377,077 |
Treasury stock | 30,063 | 30,063 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 87,842 | 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 | 87,842 | |
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 | 87,842 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Interest and dividend income: | ||||
Loans, including fees | $ 3,290,000 | $ 3,294,000 | ||
Securities, taxable | 548,000 | 267,000 | ||
Other | 48,000 | 56,000 | ||
Total interest and dividend income | 3,886,000 | 3,617,000 | ||
Interest expense: | ||||
Interest-bearing deposits | 169,000 | 256,000 | ||
Borrowed funds | 172,000 | 200,000 | ||
Total interest expense | 341,000 | 456,000 | ||
Net interest income | 3,545,000 | 3,161,000 | ||
Provision for loan losses | 105,000 | 0 | ||
Net interest income after provision for loan losses | 3,440,000 | 3,161,000 | ||
Noninterest income: | ||||
Service charges and other fees | 236,000 | 222,000 | ||
Loan servicing, net | 177,000 | 574,000 | ||
Net gain on sale of loans | 78,000 | 567,000 | ||
Net gain on sale of securities | 0 | 12,000 | ||
Increase in cash surrender value of insurance | 104,000 | 100,000 | ||
Unrealized (loss) gain on marketable equity securities | (210,000) | 131,000 | ||
Other | 6,000 | 4,000 | ||
Total noninterest income | 391,000 | 1,610,000 | ||
Noninterest expense: | ||||
Salaries and employee benefits | 2,285,000 | 2,455,000 | ||
Advertising and promotions | 14,000 | 18,000 | ||
Data processing | 201,000 | 197,000 | ||
Occupancy and equipment | 354,000 | 373,000 | ||
FDIC assessment | 27,000 | 33,000 | ||
Other | 1,065,000 | 1,013,000 | ||
Total noninterest expense | 3,946,000 | 4,089,000 | ||
(Loss) income before income taxes | (115,000) | 682,000 | ||
Income tax (benefit) expense | (60,000) | 161,000 | ||
Net (loss) income | $ (55,000) | $ 521,000 | [1] | |
Earnings per share: | ||||
Basic | [2] | $ (0.01) | $ 0.11 | |
Diluted | [2] | $ (0.01) | $ 0.11 | [1] |
Average common shares outstanding: | ||||
Basic | [2] | 5,873,964 | 4,588,688 | [1] |
Diluted | [2] | 5,873,964 | 4,697,342 | |
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | |||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). Refer to Note 14 Earnings Per Share for retroactive recognition given to the exchange ratio applied in the Conversion for the three months ended March 31, 2021. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) | Jul. 14, 2021 |
Income Statement [Abstract] | |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (55) | $ 521 | [1] |
Other comprehensive (loss) income: | |||
Unrealized holding (losses) gains arising during the period | (7,144) | (801) | |
Reclassification adjustment for gains realized in net income | 0 | (12) | |
Other comprehensive (loss) income before tax effect | (7,144) | (813) | |
Tax effect of other comprehensive (loss) income items | 1,929 | 219 | |
Other comprehensive (loss) income, net of tax | (5,215) | (594) | |
Comprehensive (loss) income | $ (5,270) | $ (73) | |
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
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 | $ 60,008 | $ 49 | $ 20,134 | $ (1,228) | $ (1,615) | $ 41,530 | $ 1,138 | ||
Net (loss) income | 521 | [1] | 521 | ||||||
Other comprehensive loss | (594) | (594) | |||||||
Purchase of treasury stock | (15) | (15) | |||||||
ESOP shares committed to be released (1,755 shares) | [2] | 21 | 3 | 18 | |||||
Issuance of treasury stock – stock compensation plan | (15) | 15 | |||||||
Stock compensation expense | 58 | 58 | |||||||
Balance at Mar. 31, 2021 | 59,999 | 49 | 20,180 | (1,228) | (1,597) | 42,051 | 544 | ||
Balance at Dec. 31, 2021 | 90,893 | 64 | 52,805 | (301) | (3,432) | 41,615 | 142 | ||
Net (loss) income | (55) | (55) | |||||||
Other comprehensive loss | (5,215) | (5,215) | |||||||
Reimbursement of stock offering costs | 1 | 1 | |||||||
Purchase of ESOP Shares | (517) | (517) | |||||||
ESOP shares committed to be released (1,755 shares) | 51 | 2 | 49 | ||||||
Retirement of common stock | (15) | (15) | 0 | ||||||
Stock compensation expense | 59 | 59 | |||||||
Balance at Mar. 31, 2022 | $ 85,202 | $ 64 | $ 52,852 | $ (301) | $ (3,900) | $ 41,560 | $ (5,073) | ||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||||||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). Refer to Note 14 Earnings Per Share for retroactive recognition given to the exchange ratio applied in the Conversion for the three months ended March 31, 2021. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Mar. 31, 2022shares | Mar. 31, 2021shares |
ESOP shares committed to be released | 4,933 | 1,755 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (55) | $ 521 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Net amortization of investment securities | 43 | 49 |
Depreciation | 154 | 167 |
Provision for loan losses | 105 | |
Net change in fair value of marketable equity securities | 210 | (131) |
Net gain on sale of available for sale securities | (12) | |
Stock compensation expense | 59 | 58 |
Adjustment to mortgage servicing rights valuation | (369) | |
(Benefit from) provision for deferred income tax | (60) | 161 |
Originations of mortgage loans held for sale | (6,504) | (40,153) |
Proceeds from sales of mortgage loans held for sale | 6,821 | 40,376 |
Net gain on sale of mortgage loans held for sale | (78) | (567) |
ESOP compensation | 51 | 21 |
Net change in cash value of life insurance | (104) | (100) |
Changes in operating assets and liabilities: | ||
Net change in mortgage servicing rights | 48 | 28 |
Accrued interest receivable and other assets | (1,111) | (818) |
Accrued interest payable and other liabilities | (12) | (316) |
Net cash used in operating activities | (433) | (1,085) |
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 | 3,693 | 2,052 |
Purchases of available for sale securities | (31,162) | (13,158) |
Net Change In Marketable Equity Securities | (32) | (23) |
Net (increase) decrease in loans | (2) | 1,508 |
Net capital expenditures for premises and equipment | (99) | (26) |
Net cash used in investing activities | (27,602) | (8,629) |
Cash Flows From Financing Activities | ||
Net increase (decrease) in deposits | 6,452 | (2,190) |
Net (decrease) increase in advance payments by borrowers for taxes and insurance | 2,875 | 3,360 |
Proceeds from issuance of Federal Home Loan Bank advances | 10,000 | |
Principal payments on Federal Home Loan Bank advances | (6,993) | (486) |
Reimbursement of stock offering costs | 1 | |
Purchases of common stock | (15) | |
Purchase of ESOP shares | (517) | |
Net cash provided by financing activities | 11,818 | 669 |
Net decrease in cash and cash equivalents | (16,217) | (9,045) |
Cash and cash equivalents at beginning of period | 66,803 | 92,526 |
Cash and cash equivalents at end of period | 50,586 | 83,481 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | 333 | 496 |
Noncash activities: | ||
Retirement of common stock | $ 15 | |
Issuance of treasury stock – stock compensation plans | $ 15 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 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 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 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 financial statements contain all normal recurring adjustments necessary to present fairly the financial positions results of operations, changes in equity and cash flows for the periods presented. The accompanying unaudited financial statements and related notes should be read in conjunction with the audited annual financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K 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 values of 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 non-issuer non-issuer 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 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 There were no additional significant subsequent events for the quarter ended March 31, 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 | 3 Months Ended |
Mar. 31, 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 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) 2016-13 2019-10, 2016-13 2016-13 ASU 2016-02, Leases (Topic 842) 2016-02 2019-10, 2020-05, ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04 |
Available for Sale Securities
Available for Sale Securities | 3 Months Ended |
Mar. 31, 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 March 31, 2022 Amortized Gross Gross Fair Value (in thousands) U.S. Treasury notes $ 29,534 $ — $ (1,528 ) $ 28,006 Obligations of states and political subdivisions 22,000 31 (1,435 ) 20,596 Government-sponsored mortgage-backed securities 80,560 20 (4,065 ) 76,515 Asset-backed securities 6,119 4 (2 ) 6,121 Certificates of deposit 1,459 25 — 1,484 Total $ 139,672 $ 80 $ (7,030 ) $ 132,722 December 31, 2021 Amortized Gross Gross 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 $4.3 million and $1.8 million were pledged as collateral at March 31, 2022 and December 31, 2021, respectively. The amortized costs and fair values of securities available-for-sale, March 31, 2022 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,350 $ 1,354 Due after one through 5 years 18,686 17,993 Due after 5 through 10 years 21,859 20,563 Due after 10 years 11,098 10,176 Total debt and other securities 52,993 50,086 Mortgage-related securities 80,560 76,515 Asset-backed securities 6,119 6,121 Total $ 139,672 $ 132,722 Gross unrealized losses on securities available-for-sale March 31, 2022 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. Treasury notes $ 28,006 $ (1,528 ) $ — $ — $ 28,006 $ (1,528 ) Obligations of states and political subdivisions 13,706 (902 ) 3,691 (533 ) 17,397 (1,435 ) Government-sponsored mortgage-backed securities 62,610 (3,544 ) 7,979 (521 ) 70,589 (4,065 ) Asset-backed securities 570 (2 ) — — 570 (2 ) Total $ 104,892 $ (5,976 ) $ 11,670 $ (1,054 ) $ 116,562 $ (7,030 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. Treasury notes $ 12,971 $ (25 ) $ — $ — $ 12,971 $ (25 ) Obligations of states and political subdivisions 5,414 (82 ) 4,105 (123 ) 9,519 (205 ) Government-sponsored mortgage-backed securities 39,392 (463 ) — — 39,392 (463 ) Asset-backed securities 808 (1 ) — — 808 (1 ) Total $ 58,585 $ (571 ) $ 4,105 $ (123 ) $ 62,690 $ (694 ) At March 31, 2022 and December 31, 2021, respectively, the Company had 68 and 24 debt securities with unrealized losses representing aggregate depreciation of approximately 5.7% and 1.1% 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. The following table provides a summary of the proceeds from sales of securities available-for-sale, Three months ended 2022 2021 (in thousands) Proceeds from sales of securities available-for-sale $ — $ 1,018 Gross realized gains — 12 Gross realized losses — — |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | NOTE 4 – LOANS Major classifications of loans are summarized as follows: March 31, 2022 December 31, (in thousands) Commercial: Real estate $ 188,256 $ 185,223 Land development 1,366 1,400 Other 37,447 38,160 Residential real estate: First mortgage 79,767 80,661 Construction 3,258 3,388 Consumer: Home equity and lines of credit 15,654 17,032 Other 104 128 Subtotal 325,852 325,992 Net deferred loan costs 851 655 Allowance for loan losses (3,017 ) (2,858 ) Loans, net $ 323,686 $ 323,789 Deposit accounts in an overdrawn position and reclassified as loans totaled $48,000 and $106,000 at March 31, 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 March 31, 2022 and December 31, 2021, respectively, the Company had transferred $29.9 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. An analysis of past due loans is presented below: March 31, 2022 30-89 Days 90 Days or Total Past Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 188,256 $ 188,256 Land development — — — 1,366 1,366 Other — — — 37,447 37,447 Residential real estate: First mortgage 264 — 264 79,503 79,767 Construction — — — 3,258 3,258 Consumer: Home equity and lines of credit — — — 15,654 15,654 Other — — — 104 104 Total $ 264 $ — $ 264 $ 325,588 $ 325,852 December 31, 2021 30-89 Days 90 Days or Total Past 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 March 31, 2022 or December 31, 2021. A summary of activity in the allowance for loan losses for the three months ended March 31, 2022 and March 31, 2021, respectively, is presented below: Commercial Residential Consumer Total (in thousands) Three months ended March 31, 2022 Allowance for loan losses Beginning balance $ 1,657 $ 745 $ 456 $ 2,858 Provision (credit) for loan losses 105 — — 105 Loans charged-off — — (3 ) (3 ) Recoveries 52 — 5 57 Ending balance $ 1,814 $ 745 $ 458 $ 3,017 Three months ended March 31, 2021 Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision for loan losses — — — — Loans charged-off — — (16 ) (16 ) Recoveries 5 — 7 12 Ending balance $ 1,614 $ 745 $ 340 $ 2,699 A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: March 31, 2022 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 4,082 $ 1,336 $ 36 $ 5,454 Collectively evaluated for impairment 222,987 81,689 15,722 320,398 Total loans $ 227,069 $ 83,025 $ 15,758 $ 325,852 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,814 745 458 3,017 Total allowance for loan losses $ 1,814 $ 745 $ 458 $ 3,017 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 Watch and Special Mention Substandard Doubtful A summary of the Company’s internal risk ratings of loans is presented below: March 31, 2022 Pass Watch and Substandard Total (in thousands) Commercial: Real estate $ 180,938 $ 3,721 $ 3,597 $ 188,256 Land development 1,366 — — 1,366 Other 36,962 — 485 37,447 Total $ 219,266 $ 3,721 $ 4,082 $ 227,069 December 31, 2021 Pass Watch and 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 March 31, 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 March 31, 2022 Performing Non Total (in thousands) Residential real estate: First mortgage $ 78,844 $ 923 $ 79,767 Construction 3,258 — 3,258 Consumer: Home equity and lines of credit 15,618 36 15,654 Other 104 — 104 Total $ 97,824 $ 959 $ 98,783 December 31, 2021 Performing Non 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 Three Months ended March 31, 2022 Recorded Unpaid Reserve Average Interest (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 with reserve — — — — — Impaired loans with no reserve: Commercial: Real estate 3,597 3,597 NA 3,923 37 Land development — — NA — — Other 485 485 NA 558 56 Residential real estate: First mortgage 1,336 1,557 NA 1,344 15 Construction — — NA — — Consumer: Home equity and lines of credit 36 41 NA 36 — Other — — NA — — Total impaired loans with no reserve 5,454 5,680 NA 5,861 108 Total impaired loans $ 5,454 $ 5,680 $ — $ 5,861 $ 108 As of and for the Year Ended December 31, 2021 Recorded Unpaid Reserve Average Interest (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 with reserve — — — — — 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 with no reserve 6,227 6,498 NA 8,758 337 Total impaired loans $ 6,227 $ 6,498 $ — $ 8,758 $ 337 Management regularly monitors impaired loan relationships. In the event facts and circumstances change, additional reserves may be necessary. There were no additional funds committed to impaired loans as of March 31, 2022 and December 31, 2021, respectively. Nonperforming loans are as follows: March 31, December 31, (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 770 $ 826 Nonaccrual loans, troubled debt restructurings 189 191 Total nonperforming loans (NPLs) $ 959 $ 1,017 Troubled debt restructurings, accruing $ 414 $ 418 There were no loans modified as troubled debt restructurings during the three months ended March 31, 2022 and year ended December 31, 2021, respectively. The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 COVID-19 The Company considers a troubled debt restructuring in default if it becomes past due more than 90 days. There were no Information on non-accrual March 31, 2022 December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other — — Residential real estate: First mortgage 923 939 Construction — — Consumer: Home equity and lines of credit 36 78 Other — — Total non-accrual $ 959 $ 1,017 Total non-accrual 0.29 % 0.31 % Total non-accrual 0.18 % 0.19 % |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 5 – MORTGAGE SERVICING RIGHTS Loans serviced for others are not included in the balance sheets. The unpaid principal balance of mortgage loans serviced for others was $325.4 million and $332.9 million as of March 31, 2022 and December 31, 2021, respectively. A summary of activity in the Company’s mortgage servicing rights is presented below: Three Months 31, 2022 Three Months 31, 2021 (in thousands) Mortgage servicing rights beginning balance $ 2,036 $ 1,806 Additions 27 203 Amortization (75 ) (231 ) Decrease in valuation allowance — 369 Mortgage servicing rights ending balance $ 1,988 $ 2,147 Fair value at beginning of period $ 2,477 $ 1,806 Fair value at end of period $ 2,811 $ 2,153 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 March 31, 2022, the model used discount rates ranging from 10% to 13.5%, and prepayment speeds ranging from 9.6% to 35.8%, respectively, both of which were based on market data from independent organizations. As of March 31, 2021 the model used discount rates ranging from 10% to 13.5%, and prepayment speeds ranging from 14.6% to 44.7%, respectively, both of which were based on market data from independent organizations. 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 March 31, 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. (in thousands) Estimated future amortization as of March 31, 2022: 2022 $ 235 2023 265 2024 221 2025 189 2026 163 Thereafter 915 Total $ 1,988 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | NOTE 6 – DEPOSITS The composition of deposits is summarized below: March 31, 2022 December 31, (in thousands) Non-interest $ 108,096 $ 106,664 Interest bearing checking 37,215 37,467 Money market 96,725 94,823 Statement savings 67,985 64,954 Certificates of deposit 80,932 80,593 Total $ 390,953 $ 384,501 The Company held $9.7 million and $10.0 million in certificates of deposit which met or exceeded the FDIC insurance limit of $250,000 as of March 31, 2022 and December 31, 2021, respectively. The Company did not hold any brokered deposits as of March 31, 2022 and December 31, 2021. As of March 31, 2022, the scheduled maturities of certificates of deposit for the annual periods are presented below: (in thousands) 2022 $ 61,677 2023 17,124 2024 1,030 2025 580 2026 346 Thereafter 175 Total $ 80,932 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 3 Months Ended |
Mar. 31, 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: March 31, 2022 December 31, 2021 Rate Amount Rate Amount (dollars in thousands) Fixed rate, fixed term advance, maturing Feb 2022 N/A $ — 1.62 % $ 6,500 Fixed rate, fixed term advance, maturing Feb 2023 1.62 % 6,500 1.62 % 6,500 Putable advance, maturing Oct 2029 first put option date Nov 2020 1.03 % 10,000 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 — — Advance structured note, payments due monthly, maturing Feb 2030 7.47 % 531 7.47 % 542 Advance structured note, payments due monthly, maturing April 2030 1.05 % 8,164 1.05 % 8,405 Advance structured note, payments due monthly, maturing May 2030 1.19 % 8,254 1.19 % 8,495 Total $ 58,449 $ 55,442 The scheduled maturities of Federal Home Loan Bank advances are presented below: March 31, 2022 Weighted Average Rate Amount (dollars in thousands) 2022 1.27 % $ 1,488 2023 1.54 % 8,506 2024 1.28 % 2,032 2025 1.30 % 2,059 2026 1.31 % 2,086 Thereafter 1.22 % 42,278 Total $ 58,449 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 the London InterBank Offered Rate, 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 approximately $145.1 million and $147.5 million of qualifying loans as collateral for Federal Home Loan Bank advances as of March 31, 2022 and December 31, 2021, respectively. Federal Home Loan Bank advances are also secured by approximately $3.0 million of Federal Home Loan Bank stock held by the Company as of March 31, 2022 and December 31, 2021. The Company’s available and unused portion of this borrowing agreement totaled $85.6 million and $90.9 million as of March 31, 2022 and December 31, 2021, respectively. Additional borrowing would require additional stock purchase. Additionally, at March 31, 2022 we had a $15.0 million federal funds rate line of credit with the BMO Harris Bank, none of which was drawn at March 31, 2022. The Company also had a $10.7 million line of credit at the Federal Reserve based on pledged commercial real estate loans of approximately $13.5 million at March 31, 2022. The Company had not drawn on the Federal Reserve line as of March 31, 2022. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES Income tax (benefit) expense was ($60,000) and $161,000 for the three months ended March 31, 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 March 31, 2022, and December 31, 2021, the deferred tax valuation allowance was $934,000, reducing our net deferred tax asset to $5.8 million and $3.8 million at each respective date. Due to recent changes in market conditions and current events related to COVID-19, |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 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 March 31, 2022. In the normal course of business, the Company is party to financial instruments with off-balance-sheet 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 The contractual amounts of off-balance-sheet March 31, 2022 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 19,062 $ 66,506 $ 85,568 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,245 — 1,245 Commitments to sell loans 5,364 — 5,364 Overdraft protection program commitments 3,948 — 3,948 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 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 $813,000 of commitments to deliver loans through the Program as of March 31, 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 March 31, 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 | 3 Months Ended |
Mar. 31, 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 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 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 $51,000 and $21,000 in compensation expense for the three months ended March 31, 2022 and March 31, 2021, respectively. The following table provides the allocated and unallocated shares of common stock associated with the ESOP. March 31, 2022 December 31, 2021 (dollars in thousands) Shares committed to be released 4,933 22,401 Total allocated shares 37,640 15,239 Total unallocated shares 417,356 377,077 Total ESOP shares 459,929 414,717 Fair value of unallocated shares (based on $10.85 and $10.99 share price as of March 31, 2022 and December 31, 2021, respectively) $ 4,528 $ 4,144 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 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: March 31, 2022 December 31, 2021 (in thousands) Beginning balance $ 932 $ 1,034 Adjustments due to changes in directors, executive officers, and/or principal stockholders — 202 New loans 4 53 Repayments (41 ) (357 ) Ending balance $ 895 $ 932 Deposits from directors, executive officers, and their affiliates totaled $1.2 million and $1.1 million at March 31, 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 $6,000 and $6,000 during the three months ended March 31, 2022 and 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 12 – FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurements and Disclosures 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, 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 available-for-sale Impaired loans Rate lock commitments Mortgage servicing rights 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 March 31, 2022 Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 3,366 $ 3,366 $ — $ — Securities available-for-sale: U.S. Treasury notes 28,006 — 28,006 — Obligations of states and political subdivisions 20,596 — 20,596 — Government-sponsored mortgage-backed securities 76,515 — 76,515 — Asset-backed securities 6,121 — 6,121 — Certificates of deposit 1,484 — 1,484 — Total $ 136,088 $ 3,366 $ 132,722 $ — Recurring Fair Value Measurements Using December 31, 2021 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 Mortgage servicing rights are measured at fair value on a non-recurring The carrying values and estimated fair values of financial instruments are presented below: March 31, 2022 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 50,586 $ 50,586 $ — $ — Available for sale securities 132,722 — 132,722 — Marketable equity securities 3,366 3,366 — — Loans held for sale 944 — 944 — Loans 323,686 — — 315,013 Rate lock commitments 19 — — 19 Accrued interest receivable 1,033 1,033 — — Federal Home Loan Bank stock 3,032 — — 3,032 Cash value of life insurance 13,996 — — 13,996 Financial liabilities: Deposits 390,953 310,021 — 80,322 Advance payments by borrowers for taxes and insurance 4,735 4,735 — — Federal Home Loan Bank advances 58,449 — — 56,535 Accrued interest payable 117 117 — — 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- off-balance-sheet |
Equity and Regulatory Matters
Equity and Regulatory Matters | 3 Months Ended |
Mar. 31, 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 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. It is management’s opinion that PyraMax Bank met all applicable capital adequacy requirements as of March 31, 2022 and December 31, 2021. As of March 31, 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: March 31, 2022 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 65,031 12.1 % $ 21,540 4.0 % $ 26,925 5.0 % Risk-based: Common Equity Tier 1 65,031 18.3 % 15,980 4.5 % 23,082 6.5 % Tier 1 65,031 18.3 % 21,307 6.0 % 28,409 8.0 % Total 68,048 19.2 % 28,409 8.0 % 35,511 10.0 % December 31, 2021 Actual For Capital Adequacy To Be Well Capitalized 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 Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 – EARNINGS PER SHARE Basic earnings per common share is computed by dividing net 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 non-forfeitable Earnings per common share for the three months ended March 31, 2022 and 2021 are presented in the following table. Three months ended March 31, 2022 2021 (1) 2021 (2) (dollars in thousands, except per share Net income $ (55 ) $ 521 $ 521 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,275,850 4,749,287 6,251,486 Less: Weighted average unallocated ESOP shares 401,886 160,599 211,396 Weighted average shares outstanding for basic EPS 5,873,964 4,588,688 6,040,090 Additional dilutive shares — 108,654 143,021 Weighted average shares outstanding for dilutive EPS 5,873,964 4,697,342 6,183,111 Basic income per share $ (0.01 ) $ 0.11 $ 0.09 Diluted income per share $ (0.01 ) $ 0.11 $ 0.08 (1) Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). (2) Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1) |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | NOTE 15 – STOCK BASED COMPENSATION Stock-Based Compensation Plan 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 stock options and 95,387 restricted shares were approved for award. The stock options granted to employees and non-employee non-employee 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 three months ended March 31, 2022 and March 31, 2021: For the Three Months March 31, 2022 (1) March 31, Dividend yield N/A 0.00 % Risk-free interest rate N/A 0.96 % Expected volatility N/A 24.64 % Weighted average expected life N/A 6.5 Weighted average per share value of options $ N/A $ 2.76 (1) There were no stock options granted during the three months 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. A summary of the Company’s stock option activity for the period ended March 31, 2022 is presented below. Stock Options Shares Weighted Weighted Aggregate Outstanding December 31, 2021 300,720 $ 6.19 8.40 1,443,067 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding March 31, 2022 300,720 6.19 8.16 1,403,629 Options exercisable at March 31, 2022 75,835 6.15 8.12 356,984 The following table summarizes information about the Company’s nonvested stock option activity for the three months ended March 31, 2022: Stock Options Shares Weighted Average Nonvested at December 31, 2021 248,043 $ 1.58 Granted — — Vested (1) (23,158 ) 1.61 Forfeited — — Nonvested at March 31, 2022 224,885 $ 1.58 (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 $23,000 in stock option expense during the three months ended March 31, 2022 and 2021. At March 31, 2022, the Company had $300,000 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 3.22 years. The following table summarizes information about the Company’s restricted stock activity for the three months ended March 31, 2022: Restricted Stock Shares Weighted Average Nonvested at December 31, 2021 97,128 $ 6.25 Granted — — Vested (1)(2) (9,286 ) 6.56 Forfeited — — Nonvested at March 31, 2022 87,842 $ 6.21 (1) Includes 263 shares vested under a restricted stock inducement award to the Company’s President and Chief Operating Officer. (2) Includes 1,310 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 $36,000 and $35,000 in restricted stock expense during the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, the Company had $464,000 of unrecognized compensation expense related to restricted stock shares that is expected to be recognized over a weighted average period of 3.22 years. |
Leases
Leases | 3 Months Ended |
Mar. 31, 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 March 31, 2022, the Company reported $510,000 of right-of-use At March 31, 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 $20,000 for the three months ended March 31, 2022 and 2021, respectively. Rent commitments were as follows as of March 31, 2022: (in thousands) 2022 $ 64 2023 87 2024 89 2025 91 2026 94 Thereafter 112 Amounts representing interest (27 ) Total $ 510 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022 Amortized Gross Gross Fair Value (in thousands) U.S. Treasury notes $ 29,534 $ — $ (1,528 ) $ 28,006 Obligations of states and political subdivisions 22,000 31 (1,435 ) 20,596 Government-sponsored mortgage-backed securities 80,560 20 (4,065 ) 76,515 Asset-backed securities 6,119 4 (2 ) 6,121 Certificates of deposit 1,459 25 — 1,484 Total $ 139,672 $ 80 $ (7,030 ) $ 132,722 December 31, 2021 Amortized Gross Gross 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 March 31, 2022 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. Treasury notes $ 28,006 $ (1,528 ) $ — $ — $ 28,006 $ (1,528 ) Obligations of states and political subdivisions 13,706 (902 ) 3,691 (533 ) 17,397 (1,435 ) Government-sponsored mortgage-backed securities 62,610 (3,544 ) 7,979 (521 ) 70,589 (4,065 ) Asset-backed securities 570 (2 ) — — 570 (2 ) Total $ 104,892 $ (5,976 ) $ 11,670 $ (1,054 ) $ 116,562 $ (7,030 ) December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. Treasury notes $ 12,971 $ (25 ) $ — $ — $ 12,971 $ (25 ) Obligations of states and political subdivisions 5,414 (82 ) 4,105 (123 ) 9,519 (205 ) Government-sponsored mortgage-backed securities 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, March 31, 2022 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,350 $ 1,354 Due after one through 5 years 18,686 17,993 Due after 5 through 10 years 21,859 20,563 Due after 10 years 11,098 10,176 Total debt and other securities 52,993 50,086 Mortgage-related securities 80,560 76,515 Asset-backed securities 6,119 6,121 Total $ 139,672 $ 132,722 |
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, Three months ended 2022 2021 (in thousands) Proceeds from sales of securities available-for-sale $ — $ 1,018 Gross realized gains — 12 Gross realized losses — — |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans are summarized as follows: March 31, 2022 December 31, (in thousands) Commercial: Real estate $ 188,256 $ 185,223 Land development 1,366 1,400 Other 37,447 38,160 Residential real estate: First mortgage 79,767 80,661 Construction 3,258 3,388 Consumer: Home equity and lines of credit 15,654 17,032 Other 104 128 Subtotal 325,852 325,992 Net deferred loan costs 851 655 Allowance for loan losses (3,017 ) (2,858 ) Loans, net $ 323,686 $ 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 months ended March 31, 2022 and March 31, 2021, respectively, is presented below: Commercial Residential Consumer Total (in thousands) Three months ended March 31, 2022 Allowance for loan losses Beginning balance $ 1,657 $ 745 $ 456 $ 2,858 Provision (credit) for loan losses 105 — — 105 Loans charged-off — — (3 ) (3 ) Recoveries 52 — 5 57 Ending balance $ 1,814 $ 745 $ 458 $ 3,017 Three months ended March 31, 2021 Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision for loan losses — — — — Loans charged-off — — (16 ) (16 ) Recoveries 5 — 7 12 Ending balance $ 1,614 $ 745 $ 340 $ 2,699 |
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: March 31, 2022 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 4,082 $ 1,336 $ 36 $ 5,454 Collectively evaluated for impairment 222,987 81,689 15,722 320,398 Total loans $ 227,069 $ 83,025 $ 15,758 $ 325,852 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,814 745 458 3,017 Total allowance for loan losses $ 1,814 $ 745 $ 458 $ 3,017 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 Three Months ended March 31, 2022 Recorded Unpaid Reserve Average Interest (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 with reserve — — — — — Impaired loans with no reserve: Commercial: Real estate 3,597 3,597 NA 3,923 37 Land development — — NA — — Other 485 485 NA 558 56 Residential real estate: First mortgage 1,336 1,557 NA 1,344 15 Construction — — NA — — Consumer: Home equity and lines of credit 36 41 NA 36 — Other — — NA — — Total impaired loans with no reserve 5,454 5,680 NA 5,861 108 Total impaired loans $ 5,454 $ 5,680 $ — $ 5,861 $ 108 As of and for the Year Ended December 31, 2021 Recorded Unpaid Reserve Average Interest (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 with reserve — — — — — 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 with no reserve 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: March 31, 2022 Pass Watch and Substandard Total (in thousands) Commercial: Real estate $ 180,938 $ 3,721 $ 3,597 $ 188,256 Land development 1,366 — — 1,366 Other 36,962 — 485 37,447 Total $ 219,266 $ 3,721 $ 4,082 $ 227,069 December 31, 2021 Pass Watch and 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 | March 31, 2022 Performing Non Total (in thousands) Residential real estate: First mortgage $ 78,844 $ 923 $ 79,767 Construction 3,258 — 3,258 Consumer: Home equity and lines of credit 15,618 36 15,654 Other 104 — 104 Total $ 97,824 $ 959 $ 98,783 December 31, 2021 Performing Non 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: March 31, December 31, (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 770 $ 826 Nonaccrual loans, troubled debt restructurings 189 191 Total nonperforming loans (NPLs) $ 959 $ 1,017 Troubled debt restructurings, accruing $ 414 $ 418 |
Schedule of Analysis of Past due Loans | An analysis of past due loans is presented below: March 31, 2022 30-89 Days 90 Days or Total Past Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 188,256 $ 188,256 Land development — — — 1,366 1,366 Other — — — 37,447 37,447 Residential real estate: First mortgage 264 — 264 79,503 79,767 Construction — — — 3,258 3,258 Consumer: Home equity and lines of credit — — — 15,654 15,654 Other — — — 104 104 Total $ 264 $ — $ 264 $ 325,588 $ 325,852 December 31, 2021 30-89 Days 90 Days or Total Past 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 March 31, 2022 December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other — — Residential real estate: First mortgage 923 939 Construction — — Consumer: Home equity and lines of credit 36 78 Other — — Total non-accrual $ 959 $ 1,017 Total non-accrual 0.29 % 0.31 % Total non-accrual 0.18 % 0.19 % |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 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 31, 2022 Three Months 31, 2021 (in thousands) Mortgage servicing rights beginning balance $ 2,036 $ 1,806 Additions 27 203 Amortization (75 ) (231 ) Decrease in valuation allowance — 369 Mortgage servicing rights ending balance $ 1,988 $ 2,147 Fair value at beginning of period $ 2,477 $ 1,806 Fair value at end of period $ 2,811 $ 2,153 |
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 March 31, 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. (in thousands) Estimated future amortization as of March 31, 2022: 2022 $ 235 2023 265 2024 221 2025 189 2026 163 Thereafter 915 Total $ 1,988 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits is summarized below: March 31, 2022 December 31, (in thousands) Non-interest $ 108,096 $ 106,664 Interest bearing checking 37,215 37,467 Money market 96,725 94,823 Statement savings 67,985 64,954 Certificates of deposit 80,932 80,593 Total $ 390,953 $ 384,501 |
Scheduled Maturities of Certificates of Deposit | As of March 31, 2022, the scheduled maturities of certificates of deposit for the annual periods are presented below: (in thousands) 2022 $ 61,677 2023 17,124 2024 1,030 2025 580 2026 346 Thereafter 175 Total $ 80,932 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances consist of the following: March 31, 2022 December 31, 2021 Rate Amount Rate Amount (dollars in thousands) Fixed rate, fixed term advance, maturing Feb 2022 N/A $ — 1.62 % $ 6,500 Fixed rate, fixed term advance, maturing Feb 2023 1.62 % 6,500 1.62 % 6,500 Putable advance, maturing Oct 2029 first put option date Nov 2020 1.03 % 10,000 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 — — Advance structured note, payments due monthly, maturing Feb 2030 7.47 % 531 7.47 % 542 Advance structured note, payments due monthly, maturing April 2030 1.05 % 8,164 1.05 % 8,405 Advance structured note, payments due monthly, maturing May 2030 1.19 % 8,254 1.19 % 8,495 Total $ 58,449 $ 55,442 |
Schedule of Maturities of Federal Home Loan Bank Advances | The scheduled maturities of Federal Home Loan Bank advances are presented below: March 31, 2022 Weighted Average Rate Amount (dollars in thousands) 2022 1.27 % $ 1,488 2023 1.54 % 8,506 2024 1.28 % 2,032 2025 1.30 % 2,059 2026 1.31 % 2,086 Thereafter 1.22 % 42,278 Total $ 58,449 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 19,062 $ 66,506 $ 85,568 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,245 — 1,245 Commitments to sell loans 5,364 — 5,364 Overdraft protection program commitments 3,948 — 3,948 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 (Table) | 3 Months Ended |
Mar. 31, 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. March 31, 2022 December 31, 2021 (dollars in thousands) Shares committed to be released 4,933 22,401 Total allocated shares 37,640 15,239 Total unallocated shares 417,356 377,077 Total ESOP shares 459,929 414,717 Fair value of unallocated shares (based on $10.85 and $10.99 share price as of March 31, 2022 and December 31, 2021, respectively) $ 4,528 $ 4,144 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 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: March 31, 2022 December 31, 2021 (in thousands) Beginning balance $ 932 $ 1,034 Adjustments due to changes in directors, executive officers, and/or principal stockholders — 202 New loans 4 53 Repayments (41 ) (357 ) Ending balance $ 895 $ 932 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022 Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 3,366 $ 3,366 $ — $ — Securities available-for-sale: U.S. Treasury notes 28,006 — 28,006 — Obligations of states and political subdivisions 20,596 — 20,596 — Government-sponsored mortgage-backed securities 76,515 — 76,515 — Asset-backed securities 6,121 — 6,121 — Certificates of deposit 1,484 — 1,484 — Total $ 136,088 $ 3,366 $ 132,722 $ — Recurring Fair Value Measurements Using December 31, 2021 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: March 31, 2022 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 50,586 $ 50,586 $ — $ — Available for sale securities 132,722 — 132,722 — Marketable equity securities 3,366 3,366 — — Loans held for sale 944 — 944 — Loans 323,686 — — 315,013 Rate lock commitments 19 — — 19 Accrued interest receivable 1,033 1,033 — — Federal Home Loan Bank stock 3,032 — — 3,032 Cash value of life insurance 13,996 — — 13,996 Financial liabilities: Deposits 390,953 310,021 — 80,322 Advance payments by borrowers for taxes and insurance 4,735 4,735 — — Federal Home Loan Bank advances 58,449 — — 56,535 Accrued interest payable 117 117 — — 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) | 3 Months Ended |
Mar. 31, 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: March 31, 2022 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) PyraMax Bank Leverage (Tier 1) $ 65,031 12.1 % $ 21,540 4.0 % $ 26,925 5.0 % Risk-based: Common Equity Tier 1 65,031 18.3 % 15,980 4.5 % 23,082 6.5 % Tier 1 65,031 18.3 % 21,307 6.0 % 28,409 8.0 % Total 68,048 19.2 % 28,409 8.0 % 35,511 10.0 % December 31, 2021 Actual For Capital Adequacy To Be Well Capitalized 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 Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share for the three months ended March 31, 2022 and 2021 are presented in the following table. Three months ended March 31, 2022 2021 (1) 2021 (2) (dollars in thousands, except per share Net income $ (55 ) $ 521 $ 521 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,275,850 4,749,287 6,251,486 Less: Weighted average unallocated ESOP shares 401,886 160,599 211,396 Weighted average shares outstanding for basic EPS 5,873,964 4,588,688 6,040,090 Additional dilutive shares — 108,654 143,021 Weighted average shares outstanding for dilutive EPS 5,873,964 4,697,342 6,183,111 Basic income per share $ (0.01 ) $ 0.11 $ 0.09 Diluted income per share $ (0.01 ) $ 0.11 $ 0.08 (1) Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). (2) Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumptions Used in Estimating the Fair Value of Options Granted | For the Three Months March 31, 2022 (1) March 31, Dividend yield N/A 0.00 % Risk-free interest rate N/A 0.96 % Expected volatility N/A 24.64 % Weighted average expected life N/A 6.5 Weighted average per share value of options $ N/A $ 2.76 (1) There were no stock options granted during the three months |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended March 31, 2022 is presented below. Stock Options Shares Weighted Weighted Aggregate Outstanding December 31, 2021 300,720 $ 6.19 8.40 1,443,067 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding March 31, 2022 300,720 6.19 8.16 1,403,629 Options exercisable at March 31, 2022 75,835 6.15 8.12 356,984 |
Summary of Nonvested Stock option Activity | The following table summarizes information about the Company’s nonvested stock option activity for the three months ended March 31, 2022: Stock Options Shares Weighted Average Nonvested at December 31, 2021 248,043 $ 1.58 Granted — — Vested (1) (23,158 ) 1.61 Forfeited — — Nonvested at March 31, 2022 224,885 $ 1.58 (1) Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Summary of Restricted Stock Unit Activity | The following table summarizes information about the Company’s restricted stock activity for the three months ended March 31, 2022: Restricted Stock Shares Weighted Average Nonvested at December 31, 2021 97,128 $ 6.25 Granted — — Vested (1)(2) (9,286 ) 6.56 Forfeited — — Nonvested at March 31, 2022 87,842 $ 6.21 (1) Includes 263 shares vested under a restricted stock inducement award to the Company’s President and Chief Operating Officer. (2) Includes 1,310 shares surrendered by employees to cover payroll tax costs related to the vested shares. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
schedule of rent commitments | Rent commitments were as follows as of March 31, 2022: (in thousands) 2022 $ 64 2023 87 2024 89 2025 91 2026 94 Thereafter 112 Amounts representing interest (27 ) Total $ 510 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Common Stock Held By Public | 100.00% |
Reorganization Cost And Issuing Of Common Stock Deferred | $ 2 |
RECENT ACCOUNTING STANDARDS - A
RECENT ACCOUNTING STANDARDS - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 139,672 | $ 112,246 |
Securities Available for Sale, Gross Unrealized Gains | 80 | 888 |
Securities Available for Sale, Gross Unrealized Losses | (7,030) | (694) |
Securities Available for Sale, Fair Value | 132,722 | 112,440 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 29,534 | 19,501 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 8 |
Securities Available for Sale, Gross Unrealized Losses | (1,528) | (25) |
Securities Available for Sale, Fair Value | 28,006 | 19,484 |
Obligations of states and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 22,000 | 20,758 |
Securities Available for Sale, Gross Unrealized Gains | 31 | 207 |
Securities Available for Sale, Gross Unrealized Losses | (1,435) | (205) |
Securities Available for Sale, Fair Value | 20,596 | 20,760 |
Government-sponsored Mortgage-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 80,560 | 64,049 |
Securities Available for Sale, Gross Unrealized Gains | 20 | 563 |
Securities Available for Sale, Gross Unrealized Losses | (4,065) | (463) |
Securities Available for Sale, Fair Value | 76,515 | 64,149 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 6,119 | 6,479 |
Securities Available for Sale, Gross Unrealized Gains | 4 | 45 |
Securities Available for Sale, Gross Unrealized Losses | (2) | (1) |
Securities Available for Sale, Fair Value | 6,121 | 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 | 25 | 65 |
Securities Available for Sale, Fair Value | $ 1,484 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less | $ 1,354 | |
Due after one through 5 years | 17,993 | |
Due after 5 through 10 years | 20,563 | |
Due after 10 years | 10,176 | |
Subtotal | 50,086 | |
Total | 132,722 | $ 112,440 |
Due in one year or less | 1,350 | |
Due after one through 5 years | 18,686 | |
Due after 5 through 10 years | 21,859 | |
Due after 10 years | 11,098 | |
Subtotal | 52,993 | |
Total | 139,672 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Subtotal | 76,515 | |
Subtotal | 80,560 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Subtotal | 6,121 | |
Subtotal | $ 6,119 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 104,892 | $ 58,585 |
Unrealized Loss | (5,976) | (571) |
Fair Value | 11,670 | 4,105 |
Unrealized Loss | (1,054) | (123) |
Fair Value | 116,562 | 62,690 |
Unrealized Loss | (7,030) | (694) |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 28,006 | 12,971 |
Unrealized Loss | (1,528) | (25) |
Fair Value | 28,006 | 12,971 |
Unrealized Loss | (1,528) | (25) |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 13,706 | 5,414 |
Unrealized Loss | (902) | (82) |
Fair Value | 3,691 | 4,105 |
Unrealized Loss | (533) | (123) |
Fair Value | 17,397 | 9,519 |
Unrealized Loss | (1,435) | (205) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 62,610 | 39,392 |
Unrealized Loss | (3,544) | (463) |
Fair Value | 7,979 | |
Unrealized Loss | (521) | |
Fair Value | 70,589 | 39,392 |
Unrealized Loss | (4,065) | (463) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 570 | 808 |
Unrealized Loss | (2) | (1) |
Fair Value | 570 | 808 |
Unrealized Loss | $ (2) | $ (1) |
Available for Sale Securities_4
Available for Sale Securities - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)DebtInstrument | Dec. 31, 2021USD ($)DebtInstrument | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized losses | DebtInstrument | 68 | 24 |
Percentage of depreciation from amortized cost bases | 5.70% | 1.10% |
Collateral to secure customer deposit accounts | $ | $ 4.3 | $ 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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of securities available-for-sale | $ 0 | $ 1,018 |
Gross realized gains | $ 0 | $ 12 |
Loans - Summary of Major Classi
Loans - Summary of Major Classifications of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 325,852 | $ 325,992 | ||
Net deferred loan costs | 851 | 655 | ||
Allowance for loan losses | (3,017) | (2,858) | $ (2,699) | $ (2,703) |
Loans, net | 323,686 | 323,789 | ||
Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 188,256 | 185,223 | ||
Commercial [Member] | Land [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 1,366 | 1,400 | ||
Commercial [Member] | Other Commercial Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 37,447 | 38,160 | ||
Residential Real Estate [Member] | First Mortgage [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 79,767 | 80,661 | ||
Residential Real Estate [Member] | Construction Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 3,258 | 3,388 | ||
Consumer [Member] | Other Consumer Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 104 | 128 | ||
Consumer [Member] | Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 15,654 | $ 17,032 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Additional Loans Receivable | $ 325,852,000 | $ 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 | 48,000,000 | 106,000,000 | |
Loans and leases receivable, net amount | $ 323,686,000 | 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 | $ 7,300,000 | ||
Financing receivable deferral amount | 264,000 | ||
Doubtful [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Additional Loans Receivable | 0 | 0 | |
Other Financial Institutions [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Participation loans transferred | $ 29,900,000 | $ 32,100,000 |
Loans - Summary of Activity in
Loans - Summary of Activity in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 2,858 | $ 2,703 |
Provision (credit) for loan losses | 105 | 0 |
Loans charged-off | (3) | (16) |
Recoveries of loans previously charged off | 57 | 12 |
Ending balance | 3,017 | 2,699 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,657 | 1,609 |
Provision (credit) for loan losses | 105 | |
Loans charged-off | 0 | 0 |
Recoveries of loans previously charged off | 52 | 5 |
Ending balance | 1,814 | 1,614 |
Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 745 | 745 |
Provision (credit) for loan losses | 0 | |
Loans charged-off | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 |
Ending balance | 745 | 745 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 456 | 349 |
Provision (credit) for loan losses | 0 | |
Loans charged-off | (3) | (16) |
Recoveries of loans previously charged off | 5 | 7 |
Ending balance | $ 458 | $ 340 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | $ 5,454 | $ 6,227 | ||
Collectively evaluated for impairment | 320,398 | 319,765 | ||
Total loans | 325,852 | 325,992 | ||
Collectively evaluated for impairment | 3,017 | 2,858 | ||
Total allowance for loan losses | 3,017 | 2,858 | $ 2,699 | $ 2,703 |
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 4,082 | 4,833 | ||
Collectively evaluated for impairment | 222,987 | 219,950 | ||
Total loans | 227,069 | 224,783 | ||
Collectively evaluated for impairment | 1,814 | 1,657 | ||
Total allowance for loan losses | 1,814 | 1,657 | 1,614 | 1,609 |
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 1,336 | 1,357 | ||
Collectively evaluated for impairment | 81,689 | 82,692 | ||
Total loans | 83,025 | 84,049 | ||
Collectively evaluated for impairment | 745 | 745 | ||
Total allowance for loan losses | 745 | 745 | 745 | 745 |
Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 36 | 37 | ||
Collectively evaluated for impairment | 15,722 | 17,123 | ||
Total loans | 15,758 | 17,160 | ||
Collectively evaluated for impairment | 458 | 456 | ||
Total allowance for loan losses | $ 458 | $ 456 | $ 340 | $ 349 |
Loans - Summary of Internal Ris
Loans - Summary of Internal Risk Ratings of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 325,852 | $ 325,992 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 188,256 | 185,223 |
Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,366 | 1,400 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 37,447 | 38,160 |
Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 227,069 | 224,783 |
Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 188,256 | 185,223 |
Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,366 | 1,400 |
Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 37,447 | 38,160 |
Pass [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 219,266 | 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 | 180,938 | 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 | 1,366 | 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 | 36,962 | 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 | 3,721 | 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 | 3,721 | 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 | 0 | 1 |
Substandard [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,082 | 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 | 3,597 | 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 | $ 485 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 325,852 | $ 325,992 |
Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 98,783 | 101,209 |
Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 79,767 | 80,661 |
Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,258 | 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 | 15,654 | 17,032 |
Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 104 | 128 |
Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 97,824 | 100,192 |
Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 78,844 | 79,722 |
Performing [Member] | Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,258 | 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 | 15,618 | 16,954 |
Performing [Member] | Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 104 | 128 |
Non Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 959 | 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 | 923 | 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 | $ 36 | $ 78 |
Loans - Summary of Informatio_2
Loans - Summary of Information Regarding Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 5,454 | $ 6,227 |
Reserve | 0 | |
Average Investment | 5,861 | 8,758 |
Interest Recognized | 108 | 337 |
Recorded Investment | 5,454 | 6,227 |
Principal Balance | 5,680 | 6,498 |
Average Investment | 5,861 | 8,758 |
Interest Recognized | 108 | 337 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 3,597 | 4,088 |
Principal Balance | 3,597 | 4,089 |
Average Investment | 3,923 | 5,615 |
Interest Recognized | 37 | 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 | 485 | 745 |
Principal Balance | 485 | 796 |
Average Investment | 558 | 1,478 |
Interest Recognized | 56 | 35 |
Residential real estate and consumer First mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,336 | 1,357 |
Principal Balance | 1,557 | 1,572 |
Average Investment | 1,344 | 914 |
Interest Recognized | 15 | 34 |
Residential real estate and consumer Home equity and lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 36 | 37 |
Principal Balance | 41 | 41 |
Average Investment | 36 | 17 |
Interest Recognized | $ 0 | $ 22 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans, other than troubled debt restructurings | $ 770 | $ 826 |
Total nonperforming loans (NPLs) | 959 | 1,017 |
Non Accruing Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 189 | 191 |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 414 | $ 418 |
Loans - Schedule of Analysis of
Loans - Schedule of Analysis of Past due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 264 | $ 375 |
Total Loans | 325,852 | 325,992 |
Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 188,256 | 185,223 |
Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 1,366 | 1,400 |
Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 33 | |
Total Loans | 37,447 | 38,160 |
Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 264 | 342 |
Total Loans | 79,767 | 80,661 |
Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 3,258 | 3,388 |
Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 15,654 | 17,032 |
Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Total Loans | 104 | 128 |
Loans Past Due 30-89 Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 264 | 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 | 264 | 342 |
Financial Asset, Not Past Due [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 325,588 | 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 | 188,256 | 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 | 1,366 | 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 | 37,447 | 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 | 79,503 | 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 | 3,258 | 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 | 15,654 | 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 | $ 104 | $ 128 |
Loans - Summary of Informatio_3
Loans - Summary of Information on Non-accrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 959 | $ 1,017 |
Total non-accrual loans to total loans | 0.29% | 0.31% |
Total non-accrual loans to total assets | 0.18% | 0.19% |
Residential Real Estate First Mortgages [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 923 | $ 939 |
Consumer Home Equity and Lines of Credit [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 36 | $ 78 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Unpaid principal balance of mortgage loans serviced for others | $ 325.4 | $ 332.9 | |
Minimum [Member] | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Discount rates used in valuation model | 10.00% | 10.00% | |
Prepayment speeds used in valuation model | 9.60% | 14.60% | |
Maximum [Member] | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Discount rates used in valuation model | 13.50% | 13.50% | |
Prepayment speeds used in valuation model | 35.80% | 44.70% |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Mortgage servicing rights beginning balance | $ 2,036 | $ 1,806 |
Additions | 27 | 203 |
Amortization | (75) | (231) |
Decrease (increase) in valuation allowance | 0 | 369 |
Mortgage servicing rights ending balance | 1,988 | 2,147 |
Fair value at beginning of period | 2,477 | 1,806 |
Fair value at end of period | $ 2,811 | $ 2,153 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 235 |
2023 | 265 |
2024 | 221 |
2025 | 189 |
2026 | 163 |
Thereafter | 915 |
Total | $ 1,988 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest bearing checking | $ 108,096 | $ 106,664 |
Interest bearing checking | 37,215 | 37,467 |
Money market | 96,725 | 94,823 |
Statement savings | 67,985 | 64,954 |
Certificates of deposit | 80,932 | 80,593 |
Total | $ 390,953 | $ 384,501 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2022 | $ 61,677 |
2023 | 17,124 |
2024 | 1,030 |
2025 | 580 |
2026 | 346 |
Thereafter | 175 |
Total | $ 80,932 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Certificates of deposit with balances of $250 or more | $ 9,700 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB Advances, total | $ 58,449 | $ 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 | $ 0 | $ 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 |
Putable advance, maturing October 2029 first option date Nov 2020 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.03% | 1.03% |
FHLB Advances, total | $ 10,000 | $ 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 |
Advance structured note, payments due monthly, maturing February 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 7.47% | 7.47% |
FHLB Advances, total | $ 531 | $ 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 | $ 8,164 | $ 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 | $ 8,254 | $ 8,495 |
Putable advance, maturing Mar 2032 first put option date Mar 2027 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.74% | |
FHLB Advances, total | $ 10,000 |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES - Schedule of Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
2022 | 1.27% | |
2023 | 1.54% | |
2024 | 1.28% | |
2025 | 1.30% | |
2026 | 1.31% | |
Thereafter | 1.22% | |
2022 | $ 1,488 | |
2023 | 8,506 | |
2024 | 2,032 | |
2025 | 2,059 | |
2026 | 2,086 | |
Thereafter | 42,278 | |
Total | $ 58,449 | $ 55,442 |
FEDERAL HOME LOAN BANK ADVANC_5
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 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 | $ 145,100 | $ 147,500 |
Federal Home Loan Bank stock held | 3,032 | 3,032 |
Available and unused funds under borrowing agreement | 85,600 | $ 90,900 |
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] | ||
Qualifying loans pledged as collateral | 13,500 | |
Line Of Credit At Federal Reserve | 10,700 | |
Available Borrowing Capacity | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Valuation allowance | $ 934,000,000 | $ 934,000,000 | |
Income tax expense (benefit) | (60,000) | $ 161,000 | |
Deferred tax asset net of valuation allowance | $ 5,800,000 | $ 3,800,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Credit Related Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 85,568 | $ 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 | 1,245 | 1,214 |
Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 5,364 | 5,410 |
Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,948 | 3,993 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 175 | 175 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 19,062 | 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 | 1,245 | 1,214 |
Fixed Rate [Member] | Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 5,364 | 5,410 |
Fixed Rate [Member] | Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,948 | 3,993 |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 66,506 | 56,921 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 175 | $ 175 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - Mortgage Partnership Finance Program [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Commitments | $ 813,000,000,000 | |
Other commitments | $ 0 | $ 0 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Shares committed to be released | 4,933,000 | 22,401,000 |
Total allocated shares | 37,640 | 15,239 |
Total unallocated shares | 417,356 | 377,077 |
Total ESOP shares | 459,929 | 414,717 |
Fair value of unallocated shares (based on $10.85 and $10.99 share price as of March 31, 2022 and December 31, 2021, respectively) | $ 4,528 | $ 4,144 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 14, 2021 | Jan. 08, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ESOP Purchased | 45,212 | 175,528,000 | 232,126,000 | ||
Compensation Expense | $ 51,000 | $ 21,000 | |||
Fair Value of Unallocated Shares Of ESOP Share Price | $ 10.85 | $ 10.99 | |||
Number of shares to be contributed to the employee stock owership plan | 283,360 | ||||
Employee stock ownership plan weighted average price of shares purchased | $ 11.36 | $ 10.97 | |||
Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested Percentage | 20.00% | ||||
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 | 40.00% | ||||
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 | 60.00% | ||||
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 | 80.00% | ||||
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 | 100.00% | ||||
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 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 | (41) | (357) |
Ending balance | $ 895 | $ 932 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Fees paid to law firms | $ 6,000 | $ 6,000 | |
Directors, Executive Officers and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits from directors, executive officers and affiliates | $ 1,200 | $ 1,100 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 132,722 | $ 112,440 |
Marketable equity securities | 3,366 | 3,544 |
Total | 136,088 | 115,984 |
U.S. Treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 28,006 | 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 | 20,596 | 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 | 76,515 | 64,149 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 6,121 | 6,523 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,484 | 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 | 132,722 | 112,440 |
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 | 76,515 | 64,149 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 3,366 | 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 | 132,722 | 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 | 28,006 | 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 | 20,596 | 20,760 |
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 | 6,121 | 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 | 1,484 | 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 | 3,366 | 3,544 |
Total | $ 3,366 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Available for sale securities | $ 132,722 | $ 112,440 |
Loans | 323,686 | 323,789 |
Accrued interest receivable | 1,033 | 948 |
Cash value of life insurance | 13,996 | 13,892 |
FHLB stock | 3,032 | 3,032 |
Marketable securities | 3,366 | 3,544 |
Financial liabilities: | ||
Deposits | 390,953 | 384,501 |
Advance payments by borrowers for taxes and insurance | 4,735 | 1,860 |
FHLB advances | 58,449 | 55,442 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,586 | 66,803 |
Accrued interest receivable | 1,033 | 948 |
Marketable securities | 3,366 | 3,544 |
Financial liabilities: | ||
Deposits | 310,021 | 303,908 |
Advance payments by borrowers for taxes and insurance | 4,735 | 1,860 |
Accrued interest payable | 117 | 109 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale securities | 132,722 | 112,440 |
Loans held for sale | 944 | 1,183 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans | 315,013 | 323,182 |
Rate lock commitments | 19 | 30 |
Cash value of life insurance | 13,996 | 13,892 |
FHLB stock | 3,032 | 3,032 |
Financial liabilities: | ||
Deposits | 80,322 | 80,473 |
FHLB advances | 56,535 | 55,981 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,586 | 66,803 |
Available for sale securities | 132,722 | 112,440 |
Loans held for sale | 944 | 1,183 |
Loans | 323,686 | 323,789 |
Rate lock commitments | 19 | 30 |
Accrued interest receivable | 1,033 | 948 |
Cash value of life insurance | 13,996 | 13,892 |
FHLB stock | 3,032 | 3,032 |
Marketable securities | 3,366 | 3,544 |
Financial liabilities: | ||
Deposits | 390,953 | 384,501 |
Advance payments by borrowers for taxes and insurance | 4,735 | 1,860 |
FHLB advances | 58,449 | 55,442 |
Accrued interest payable | $ 117 | $ 109 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 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 | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Text Block [Abstract] | ||
Leverage tier 1 capital actual amount | $ 65,031 | $ 65,179 |
Common Equity Tier 1 risk based capital actual amount | 65,031 | 65,179 |
Tier 1 risk based capital actual amount | 65,031 | 65,179 |
Total risk based capital actual amount | $ 68,048 | $ 68,037 |
Leverage tier 1 capital actual ratio | 0.121 | 0.119 |
Common Equity Tier 1 risk based capital actual ratio | 0.183 | 0.194 |
Tier 1 risk based capital actual ratio | 0.183 | 0.194 |
Total risk based capital actual ratio | 0.192 | 0.202 |
Leverage tier 1 capital for capital adequacy purposes amount | $ 21,540 | $ 21,838 |
Common Equity Tier 1 risk based capital for capital adequacy purposes amount | 15,980 | 15,124 |
Tier 1 risk based capital for capital adequacy purposes amount | 21,307 | 20,166 |
Total risk based capital for capital adequacy purposes amount | $ 28,409 | $ 26,888 |
Leverage tier 1 capital for capital adequacy purposes ratio | 4.00% | 4.00% |
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 | $ 26,925 | $ 27,298 |
Common Equity Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 23,082 | 21,846 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 28,409 | 26,888 |
Total risk based capital to be well capitalized under prompt corrective action provisions amount | $ 35,511 | $ 33,610 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% |
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 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 189,715 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Net income | $ (55) | $ 521 | [1] | |
Weighted shares outstanding for basic EPS | ||||
Weighted average shares outstanding | 6,275,850 | 4,749,287 | [1] | |
Less: Weighted average unallocated ESOP shares | 401,886 | 160,599 | [1] | |
Weighted average shares outstanding for basic EPS | [2] | 5,873,964 | 4,588,688 | [1] |
Additional dilutive shares | [1] | 108,654 | ||
Weighted average shares outstanding for dilutive EPS | 5,873,964 | 4,697,342 | [1] | |
Basic income per share | $ (0.01) | $ 0.11 | [1] | |
Diluted income per share | [2] | $ (0.01) | $ 0.11 | [1] |
Restated [Member] | ||||
Net income | [3] | $ 521 | ||
Weighted shares outstanding for basic EPS | ||||
Weighted average shares outstanding | [3] | 6,251,486 | ||
Less: Weighted average unallocated ESOP shares | [3] | 211,396 | ||
Weighted average shares outstanding for basic EPS | [3] | 6,040,090 | ||
Additional dilutive shares | [3] | 143,021 | ||
Weighted average shares outstanding for dilutive EPS | [3] | 6,183,111 | ||
Basic income per share | [3] | $ 0.09 | ||
Diluted income per share | [3] | $ 0.08 | ||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | |||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). Refer to Note 14 Earnings Per Share for retroactive recognition given to the exchange ratio applied in the Conversion for the three months ended March 31, 2021. | |||
[3] | Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1) |
Earnings Per Share - Earnings_2
Earnings Per Share - Earnings Per Common Share (Parenthetical) (Detail) | Jul. 14, 2021 |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Assumptions Used in Estimating the Fair Value of Options Granted (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | [1] | Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Dividend yield | 0.00% | 0.00% | |
Risk-free interest rate | 0.00% | 0.96% | |
Expected volatility | 0.00% | 24.64% | |
Weighted average expected life | 0 years | 6 years 6 months | |
Weighted average per share value of options | $ 0 | $ 2.76 | |
[1] | There were no stock options granted during the three months ended March 31, 2022 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of share based compensation stock options activity [Line Items] | ||
Stock options - Beginning | 300,720 | |
Stock options - Shares granted | 0 | |
Stock options - Shares exercised | 0 | |
Stock options - Shares forfeited | 0 | |
Stock options - Ending | 300,720 | 300,720 |
Stock options - Options exercisable | 75,835 | |
Weighted Average Exercise Price - Beginning | $ 6.19 | |
Weighted Average Exercise Price - Granted | 0 | |
Weighted Average Exercise Price - Exercised | 0 | |
Weighted Average Exercise Price - Forfeited | 0 | |
Weighted Average Exercise Price - Ending | 6.19 | $ 6.19 |
Weighted Average Exercise Price - Options exercisable | $ 6.15 | |
Weighted Average Remaining Contractual Term (Years) | 8 years 1 month 28 days | 8 years 4 months 24 days |
Weighted Average Remaining Contractual Term (Years) - Options exercisable | 8 years 1 month 13 days | |
Aggregate Intrinsic Value - Beginning | $ 1,443,067 | |
Aggregate Intrinsic Value - Granted | $ 0 | |
Aggregate Intrinsic Value - Ending | $ 1,403,629 | $ 1,443,067 |
Aggregate Intrinsic Value - Options exercisable | $ 356,984 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
President and Chief Operating Officer [Member] | |
Shares granted as a nonqualified stock option inducement award | 2,105 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Nonvested Stock option Activity (Detail) | 3 Months Ended | |
Mar. 31, 2022$ / sharesshares | ||
Share-based Payment Arrangement [Abstract] | ||
Nonvested | shares | 248,043 | [1] |
Granted | shares | 0 | [1] |
Vested | shares | (23,158) | [1] |
Forfeited | shares | 0 | [1] |
Nonvested | shares | 224,885 | [1] |
Nonvested | $ / shares | $ 1.58 | |
Granted | $ / shares | 0 | |
Vested | $ / shares | 1.61 | [1] |
Forfeited | $ / shares | 0 | |
Nonvested | $ / shares | $ 1.58 | |
[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_5
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Detail) | 3 Months Ended | |
Mar. 31, 2022$ / sharesshares | ||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Abstract] | ||
Nonvested | shares | 97,128 | |
Granted | shares | 0 | |
Vested | shares | (9,286) | [1],[2] |
Forfeited | shares | 0 | |
Nonvested | shares | 87,842 | |
Nonvested | $ / shares | $ 6.25 | |
Granted | $ / shares | 0 | |
Vested | $ / shares | 6.56 | [1],[2] |
Forfeited | $ / shares | 0 | |
Nonvested | $ / shares | $ 6.21 | |
[1] | Includes 1,310 shares surrendered by employees to cover payroll tax costs related to the vested shares. | |
[2] | Includes 263 shares vested under a restricted stock inducement award to the Company’s President and Chief Operating Officer. |
Stock Based Compensation - Su_6
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restrcited shares vested related to shares surrenders to cover payroll taxes | 1,310 |
President And Chief Operating Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted as a nonqualified stock option inducement award | 2,105 |
President And Chief Operating 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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 27, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Unrecognized compensation expense related to stock compensation plans | $ 300,000 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 2 months 19 days | ||
Restricted stock [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Unrecognized compensation expense related to stock compensation plans | $ 464,000 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 2 months 19 days | ||
Stock option expense recognised | $ 36,000 | $ 35,000 | |
Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Stock option expense recognised | $ 23,000 | ||
Twenty twenty equity incentive plan [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Stock based compensation number of shares authorized | 238,467 | ||
Twenty twenty 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 |
Leases - Schedule of Rent Commi
Leases - Schedule of Rent Commitments (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 64 |
2023 | 87 |
2024 | 89 |
2025 | 91 |
2026 | 94 |
Thereafter | 112 |
Amounts representing interest | (27) |
Total | $ 510 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Right-of-use asset | $ 510,000 | |
lease liability | 510,000 | |
Operating Lease Rent Expense | $ 19,000 | $ 20,000 |