Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001881592 | |
Entity Registrant Name | NSTS Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-41232 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-2522769 | |
Entity Address, Address Line One | 700 S. Lewis Ave | |
Entity Address, City or Town | Waukegan | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60085 | |
City Area Code | 847 | |
Local Phone Number | 336-4430 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | NSTS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,397,959 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 1,163 | $ 814 |
Interest-bearing bank deposits | 50,389 | 120,797 |
Cash and cash equivalents | 51,552 | 121,611 |
Time deposits with other financial institutions | 3,478 | 3,469 |
Securities available for sale | 113,456 | 100,950 |
Federal Home Loan Bank stock (FHLB) | 550 | 550 |
Loans held for sale | 175 | 104 |
Loans, net of unearned income | 98,130 | 97,313 |
Allowance for loan losses | (785) | (779) |
Loans, net | 97,345 | 96,534 |
Premises and equipment, net | 5,065 | 5,087 |
Accrued interest receivable | 696 | 641 |
Bank-owned life insurance (BOLI) | 9,114 | 9,071 |
Other assets | 3,480 | 2,852 |
Total assets | 284,911 | 340,869 |
Deposits: | ||
Noninterest bearing | 13,194 | 99,090 |
Interest-bearing | ||
Demand and NOW checking | 17,642 | 17,931 |
Money market | 45,485 | 45,414 |
Savings | 48,233 | 50,312 |
Time deposits over $250,000 | 9,158 | 9,380 |
Other time deposits | 54,440 | 63,494 |
Total deposits | 188,152 | 285,621 |
Escrow deposits | 1,994 | 1,442 |
Other borrowings | 5,000 | 5,000 |
Accrued expenses and other liabilities | 3,140 | 3,623 |
Total liabilities | 198,286 | 295,686 |
Stockholders' equity: | ||
Common Stock ($0.01 par value; 10,000,000 shares authorized; 5,397,959 shares issued and outstanding) | 54 | 0 |
Additional paid-in capital | 50,405 | 0 |
Retained earnings | 44,985 | 45,264 |
Unallocated common shares held by ESOP | (4,275) | 0 |
Accumulated other comprehensive income, net | (4,544) | (81) |
Total stockholders' equity | 86,625 | 45,183 |
Total liabilities and stockholders' equity | $ 284,911 | $ 340,869 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) | Mar. 31, 2022$ / sharesshares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 10,000,000 |
Common Stock, Shares, Issued (in shares) | 5,397,959 |
Common Stock, Shares, Outstanding (in shares) | 5,397,959 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans, including fees | $ 843 | $ 933 |
Securities | ||
Taxable | 325 | 290 |
Tax-exempt | 89 | 60 |
Federal funds sold and other | 29 | 5 |
Time deposits with other financial institutions | 5 | 32 |
FHLB Stock | 4 | 3 |
Total interest income | 1,295 | 1,323 |
Interest expense: | ||
Deposits | 191 | 254 |
Net interest income | 1,104 | 1,069 |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | 1,104 | 1,069 |
Noninterest income: | ||
Gain on sale of mortgage loans | 31 | 164 |
Rental income on office building | 11 | 11 |
Service charges on deposits | 71 | 67 |
Increase in cash surrender value of BOLI | 43 | 44 |
Other | 32 | 37 |
Total noninterest income | 188 | 323 |
Noninterest expense: | ||
Salaries and employee benefits | 953 | 869 |
Equipment and occupancy | 181 | 185 |
Data processing | 148 | 174 |
Professional services | 133 | 65 |
Advertising | 26 | 24 |
Supervisory fees and assessments | 41 | 32 |
Loan expenses | 29 | 41 |
Deposit expenses | 34 | 45 |
Other | 102 | 82 |
Total noninterest expense | 1,647 | 1,517 |
Losses before income taxes | (355) | (125) |
Income tax benefit | (76) | (44) |
Net losses | $ (279) | $ (81) |
Earnings per common share basic and diluted (in dollars per share) | $ (0.07) | |
Weighted average shares outstanding (in shares) | 3,974,386 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Losses) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net losses | $ (279) | $ (81) |
Unrealized net holding loss on securities | ||
Unrealized net holding loss on securities arising during period, net of realized gains on sales of $0, in the three months ended March 31, 2022 and 2021. | (6,243) | (1,198) |
Tax effect | 1,780 | 342 |
Other comprehensive loss, net of taxes | (4,463) | (856) |
Comprehensive loss | $ (4,742) | $ (937) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Losses) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Realized gains on sales | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unallocated Common Share Held By ESOP [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 0 | |||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 45,319 | $ 1,406 | $ 0 | $ 46,725 |
Net losses | 0 | 0 | (81) | 0 | 0 | (81) |
Change in net unrealized gain (loss) on securities available for sale, net | $ 0 | 0 | 0 | 637 | 0 | 637 |
Balance (in shares) at Mar. 31, 2021 | 0 | |||||
Balance at Mar. 31, 2021 | $ 0 | 0 | 45,238 | 2,043 | 0 | 47,281 |
Balance (in shares) at Dec. 31, 2021 | 0 | |||||
Balance at Dec. 31, 2021 | $ 0 | 0 | 45,264 | (81) | 0 | 45,183 |
Net losses | 0 | 0 | (279) | 0 | 0 | (279) |
Change in net unrealized gain (loss) on securities available for sale, net | $ 0 | 0 | 0 | (4,463) | 0 | (4,463) |
Proceeds of stock offering and issuance of common shares (net of issuance costs of $2.5 million) (in shares) | 5,290,000 | |||||
Proceeds of stock offering and issuance of common shares (net of issuance costs of $2.5 million) | $ 53 | 49,387 | 0 | 0 | 0 | 49,440 |
Issuance of common shares donated to the NSTS Charitable Foundation (in shares) | 107,959 | |||||
Issuance of common shares donated to the NSTS Charitable Foundation | $ 1 | 1,008 | 0 | 0 | 0 | 1,009 |
Purchase of common shares by the ESOP (431,836 shares) | 0 | 0 | 0 | 0 | (4,319) | (4,319) |
ESOP shares committed to be released | $ 0 | 10 | 0 | 0 | 44 | 54 |
Balance (in shares) at Mar. 31, 2022 | 5,397,959 | |||||
Balance at Mar. 31, 2022 | $ 54 | $ 50,405 | $ 44,985 | $ (4,544) | $ (4,275) | $ 86,625 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Issuance costs | $ | $ 2.5 |
ESOP shares purchased (in shares) | shares | 431,836 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net losses | $ (279,000) | $ (81,000) |
Adjustments to reconcile net losses to net cash provided by operating activities: | ||
Depreciation | 66,000 | 70,000 |
Securities amortization and accretion, net | 314,000 | 288,000 |
Loans originated for sale | (3,785,000) | (8,020,000) |
Proceeds from sales of loans held for sale | 3,745,000 | 9,069,000 |
Gain on sale of mortgage loans | (31,000) | (164,000) |
Gain on transfer to OREO | 0 | (6,000) |
Provision for loan losses | 0 | 0 |
Earnings on bank owned life insurance | (43,000) | (44,000) |
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation | 1,009,000 | 0 |
ESOP Expense | 54,000 | 0 |
Increase in accrued interest receivable and other assets | 1,096,000 | 58,000 |
Net decrease in accrued expenses and other liabilities | (483,000) | (856,000) |
Net cash provided by operating activities | 1,663,000 | 314,000 |
Cash flows from investing activities: | ||
Net (increase) decrease in portfolio loans | (811,000) | 265,000 |
Principal repayments on mortgage-backed securities | 5,249,000 | 4,196,000 |
Purchases of securities available for sale | (25,281,000) | (15,456,000) |
Maturities and calls of securities available for sale | 970,000 | 1,265,000 |
(Increase) Decrease in time deposits with other financial institutions, net | (9,000) | 3,995,000 |
Purchases of premises and equipment, net | (44,000) | (40,000) |
Net cash used in investing activities | (19,926,000) | (5,775,000) |
Cash flows from financing activities: | ||
Net change in deposits | (97,469,000) | (1,085,000) |
Net change in escrow deposits | (552,000) | (637,000) |
Proceeds from issuance of common stock, net of costs | 49,440,000 | 0 |
Loan to ESOP | (4,319,000) | 0 |
Net cash used in financing activities | (51,796,000) | (448,000) |
Net change in cash and cash equivalents | (70,059,000) | (5,909,000) |
Cash and cash equivalents at beginning of period | 121,611,000 | 31,868,000 |
Cash and cash equivalents at end of period | 51,552,000 | 25,959,000 |
Supplemental disclosures of cash flow information: | ||
Loan transferred to OREO | 0 | 62,000 |
Cash paid during the period for: Interest | $ 286,000 | $ 264,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: The accompanying unaudited consolidated financial statements (“the financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the period ended March 31, 2022, not may December 31, 2022. Nature of Operations NSTS Bancorp, Inc. (“NSTS” or the “Company”, “we” or “our”) was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, into the stock form of organization, which was completed on January 18, 2022. January 18, 2022, 10 NSTS Bancorp, Inc. completed its stock offering on January 18, 2022. January 19, 2022 The Bank operates primarily in the northern suburbs of Chicago, Illinois. The Bank offers a variety of financial services to customers in the surrounding community. Financial services consist primarily of 1 4 no one Basis of Presentation The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10 10 01 X. not 10 December 31, 2021. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may three March 31, 2022, not may December 31, 2022. No With the exception of the following new significant accounting and reporting policies, the Company has not 10 December 31, 2021. Employee Stock Ownership Plan The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Bank reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. Earnings per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not not Accounting Developments Accounting for Financial Instruments Credit Losses The FASB issued ASU No. 2016 13, Financial Instruments Credit Losses (Topic 326 The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities, and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For available for-sale securities where fair value is less than cost, credit-related impairment, if any, will be recognized in an allowance for credit losses and adjusted each period for changes in expected credit risk. This model replaces the multiple existing impairment models, which generally require that a loss be incurred before it is recognized. The CECL model represents a significant change from existing practice and may 2016 13 January 2023. |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: The amortized cost and estimated fair value of debt securities at March 31, 2022 December 31, 2021 may may Mortgage-backed Collateralized U.S. government Municipal residential mortgage Total available-for- March 31, 2022 agency obligations obligations obligations obligations sale (Dollars in thousands) 1 year or less $ — $ 650 $ — $ 56 $ 706 1 to 5 years 4,814 4,232 28,569 18,853 56,468 5 to 10 years 10,326 2,619 15,651 12,942 41,538 After 10 years — 13,253 — 1,491 14,744 Fair value 15,140 20,754 44,220 33,342 113,456 Gross unrealized gains — 84 10 8 102 Gross unrealized losses (658 ) (1,230 ) (2,579 ) (1,991 ) (6,458 ) Amortized cost $ 15,798 $ 21,900 $ 46,789 $ 35,325 $ 119,812 Mortgage-backed Collateralized U.S. government Municipal residential mortgage Total available-for- December 31, 2021 agency obligations obligations obligations obligations sale (Dollars in thousands) 1 year or less $ — $ 1,631 $ 356 $ 1,064 $ 3,051 1 to 5 years 5,587 3,941 29,375 16,097 55,000 5 to 10 years 4,466 2,244 12,417 11,976 31,103 After 10 years — 10,184 — 1,612 11,796 Fair value 10,053 18,000 42,148 30,749 100,950 Gross unrealized gains 73 423 259 279 1,034 Gross unrealized losses (78 ) (14 ) (612 ) (443 ) (1,147 ) Amortized cost $ 10,058 $ 17,591 $ 42,501 $ 30,913 $ 101,063 As of March 31, 2022 December 31, 2021 Information pertaining to securities with gross unrealized losses at March 31, 2022 December 31, 2021 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2022 U.S. government agency obligations $ 12,652 $ 641 $ 1,094 $ 17 $ 13,746 $ 658 Municipal obligations 12,235 1,210 233 20 12,468 1,230 Mortgage-backed residential obligations 30,194 1,536 11,238 1,043 41,432 2,579 Collateralized mortgage obligations 16,785 973 10,827 1,018 27,612 1,991 Total $ 71,866 $ 4,360 $ 23,392 $ 2,098 $ 95,258 $ 6,458 December 31, 2021 U.S. government agency obligations $ 4,020 $ 62 $ 1,105 $ 16 $ 5,125 $ 78 Municipal obligations 2,399 8 247 6 2,646 14 Mortgage-backed residential obligations 26,540 535 2,781 77 29,321 612 Collateralized mortgage obligations 16,715 338 4,386 105 21,101 443 Total $ 49,674 $ 943 $ 8,519 $ 204 $ 58,193 $ 1,147 At March 31, 2022 December 31, 2021 not not There were no sales of securities available-for-sale during the three March 31, 2022 2021. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: A summary of loans by major category as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Dollars in thousands) First mortgage loans 1-4 family residential $ 89,237 $ 88,028 Multi-family 3,698 3,497 Commercial 4,206 4,604 Total first mortgage loans 97,141 96,129 Consumer loans 147 372 Total loans 97,288 96,501 Net deferred loan costs 842 812 Allowance for loan losses (785 ) (779 ) Total loans, net $ 97,345 $ 96,534 First mortgage loans serviced for others are not March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 In the normal course of business, loans are made to directors and officers of the Bank (related parties). The terms of these loans, including interest rate and collateral, are similar to those prevailing for comparable transactions with other customers and do not March 31, 2022 December 31, 2021 Changes in the allowance for loan losses as of and for the three March 31, 2022 2021 March 31, 2022 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 675 $ 69 $ 25 $ 10 $ 779 Charge-offs — — — — — Recoveries 6 — — — 6 Net recoveries (charge-offs) 6 — — — 6 (Release of) provision for loan losses 48 (42 ) 1 (7 ) — Ending balance $ 729 $ 27 $ 26 $ 3 $ 785 March 31, 2021 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 798 $ 29 $ 38 $ 5 $ 870 Charge-offs — — — — — Recoveries 2 — — — 2 Net recoveries 2 — — — 2 (Release of) provision for loan losses (90 ) (3 ) (8 ) 101 — Ending balance $ 710 $ 26 $ 30 $ 106 $ 872 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2022 December 31, 2021, Collectively evaluated Individually evaluated Total Recorded Recorded Recorded Allowance for investment in Allowance for investment in Allowance for investment in loan losses loans loan losses loans loan losses loans (Dollars in thousands) March 31, 2022 1-4 family residential $ 612 $ 87,992 $ 117 $ 1,245 $ 729 $ 89,237 Multi-family 27 3,698 — — $ 27 $ 3,698 Commercial 26 4,206 — — $ 26 $ 4,206 Consumer 3 147 — — $ 3 $ 147 Total $ 668 $ 96,043 $ 117 $ 1,245 $ 785 $ 97,288 December 31, 2021 1-4 family residential $ 557 $ 86,892 $ 118 $ 1,136 $ 675 $ 88,028 Multi-family 69 3,497 — — $ 69 $ 3,497 Commercial 25 4,604 — — $ 25 $ 4,604 Consumer 10 372 — — $ 10 $ 372 Total $ 661 $ 95,365 $ 118 $ 1,136 $ 779 $ 96,501 The Bank evaluates collectability based on payment activity and other factors. The Bank uses a graded loan rating system as a means of identifying potential problem loans, as follows: Pass Loans in these categories are performing as expected with low to average risk. Special Mention Loans in this category are internally designated by management as “watch loans.” These loans are starting to show signs of potential weakness and are closely monitored by management. Substandard Loans in this category are internally designated by management as “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the paying capacity of the obligors or the current net worth of the collateral pledged. Substandard loans present a distinct possibility that the Bank will sustain losses if such weaknesses are not Doubtful Loans classified as doubtful have all the weaknesses inherent in those designated as “substandard” with the added characteristic that the weaknesses may On an annual basis, or more often if needed, the Bank formally reviews the ratings on commercial loans. In addition, the Bank performs an independent review of a significant portion of the commercial loan portfolio. Management uses the results of the independent review as part of its annual review process. The following table presents loan balances based on risk rating as of March 31, 2022 December 31, 2021 Pass Special Mention Substandard Doubtful Total loans (Dollars in thousands) March 31, 2022 1-4 family residential $ 88,974 $ 44 $ 219 $ — $ 89,237 Multi-family 3,698 — — — 3,698 Commercial 4,206 — — — 4,206 Consumer 147 — — — 147 Total $ 97,025 $ 44 $ 219 $ — $ 97,288 December 31, 2021 1-4 family residential $ 87,881 $ 45 $ 102 $ — $ 88,028 Multi-family 3,497 — — — 3,497 Commercial 4,604 — — — 4,604 Consumer 372 — — — 372 Total $ 96,354 $ 45 $ 102 $ — $ 96,501 The aging of the Bank’s loan portfolio as of March 31, 2022 December 31, 2021 31-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non-Accrual Total Past Due and Non-Accrual Current Total Loan Balance (Dollars in thousands) March 31, 2022 1-4 family residential $ 177 — $ 219 $ 396 $ 88,841 $ 89,237 Multi-family — — — — 3,698 3,698 Commercial — — — — 4,206 4,206 Consumer — — — — 147 147 Total $ 177 $ — $ 219 $ 396 $ 96,892 $ 97,288 December 31, 2021 1-4 family residential $ — $ 41 $ 102 $ 143 $ 87,885 $ 88,028 Multi-family — — — — 3,497 3,497 Commercial — — — — 4,604 4,604 Consumer — — — — 372 372 Total $ — $ 41 $ 102 $ 143 $ 96,358 $ 96,501 Loans individually evaluated for impairment as of March 31, 2022 December 31, 2021 Recorded investment Unpaid principal balance Related allowance (Dollars in thousands) March 31, 2022 With no related allowance recorded 1-4 family residential $ 470 $ 692 $ — Multi-family — — — Commercial — — — Consumer — — — Total $ 470 $ 692 $ — With a related allowance recorded 1-4 family residential $ 775 $ 782 $ 117 Multi-family — — — Commercial — — — Consumer — — — Total $ 775 $ 782 $ 117 Balance at March 31, 2022 $ 1,245 $ 1,474 $ 117 December 31, 2021 With no related allowance recorded 1-4 family residential $ 355 $ 595 $ — Multi-family — — — Commercial — — — Consumer — — — Total $ 355 $ 595 $ — With a related allowance recorded 1-4 family residential $ 781 $ 797 $ 118 Multi-family — — — Commercial — — — Consumer — — — Total $ 781 $ 797 $ 118 Balance at December 31, 2021 $ 1,136 $ 1,392 $ 118 The average recorded investment and interest income recognized for the loans individually evaluated for impairment for the three March 31, 2022 2021 Average recorded investment Interest income recognized (Dollars in thousands) March 31, 2022 With no related allowance recorded 1-4 family residential $ 471 $ 6 Multi-family — — Commercial — — Consumer — — Total $ 471 $ 6 With a related allowance recorded 1-4 family residential $ 778 $ 7 Multi-family — — Commercial — — Consumer — — Total $ 778 $ 7 Balance for the three months ended March 31, 2022 $ 1,249 $ 13 March 31, 2021 With no related allowance recorded 1-4 family residential $ 1,328 $ 19 Multi-family — — Commercial — — Consumer — — Total $ 1,328 $ 19 With a related allowance recorded 1-4 family residential $ 985 $ 12 Multi-family — — Commercial — — Consumer — — Total $ 985 $ 12 Balance for the three months ended March 31, 2021 $ 2,313 $ 31 Troubled debt restructurings provide for modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an impairment analysis at the time of restructuring and periodically thereafter. Any reserve required is recorded through a provision to the allowance for loan losses. There were no new troubled debt restructurings during the three March 31, 2022 2021 March 2020, 19 The Bank has minimal direct exposure to consumer, commercial, and other small businesses that may 19, not 19. March 31, 2022 not 19. December 31, 2020 2021, March 31, 2022 19 March 31, 2022 |
Note 4 - Other Real Estate Owne
Note 4 - Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 4: At March 31, 2022 December 31, 2021 The following table represents the movement in OREO during the periods presented. Three months ended March 31, 2022 2021 (Dollars in thousands) Transfer of loan to OREO $ — $ 62 Sale of OREO — — Gross gain realized on transfer to OREO — 6 Gross gain realized on sale of OREO — — The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $60,000 as of March 31, 2022 December 31, 2021 |
Note 5 - Deposits
Note 5 - Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5: As of March 31, 2022 March 31, For the 12 months ended March 31, Amount (Dollars in thousands) 2023 $ 34,664 2024 14,022 2025 7,773 2026 4,288 2027 and beyond 2,851 Total $ 63,598 In the normal course of business, deposit accounts are held by directors and executive officers of the Bank (related parties). The terms for these accounts, including interest rates, fees, and other attributes, are similar to those prevailing for comparable transactions with other customers and do not March 31, 2022 December 31, 2021 |
Note 6 - Other Borrowings
Note 6 - Other Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 6: On May 21, 2021, May 21, 2022. May 21, 2021, May 24, 2021. March 31, 2022 December 31, 2021, first March 31, 2022 December 31, 2021, |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 7: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three may Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 not Level 3 Unobservable inputs supported by little or no An asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no March 31, 2022 December 31, 2021 Available-for-Sale Securities (Recurring) Where quoted market prices are available in an active market, securities such as U.S. Treasuries, would be classified within Level 1 not not 2 1 2 not 3 Impaired Loans (Nonrecurring) Impaired loans are recorded at fair value on a nonrecurring basis. The fair value of loans is generally based on recent real estate appraisals. These appraisals may 3 may 3 not The following table presents the Bank’s assets that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of March 31, 2022 December 31, 2021 Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2022 Securities Available-for-sale U.S. government agency obligations $ 15,140 $ — $ 15,140 $ — Municipal obligations 20,754 — 20,754 — Mortgage-backed residential obligations 44,220 — 44,220 — Collateralized mortgage obligations 33,342 — 33,342 — Total $ 113,456 $ — $ 113,456 $ — December 31, 2021 Securities Available-for-sale U.S. government agency obligations $ 10,053 $ — $ 10,053 $ — Municipal obligations 18,000 — 18,000 — Mortgage-backed residential obligations 42,148 — 42,148 — Collateralized mortgage obligations 30,749 — 30,749 — Total $ 100,950 $ — $ 100,950 $ — The Bank may 3 March 31, 2022 December 31, 2021 Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2022 Impaired loans $ 658 — — $ 658 December 31, 2021 Impaired loans $ 663 — — $ 663 There were no three March 31, 2022 2021. not |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 8: Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 13 not Certain financial instruments generally expose the Company to limited credit risk and have no The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows: Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value (Dollars in thousands) March 31, 2022 Financial assets: Loans, net $ 97,345 $ — $ 92,018 $ 785 $ 92,803 Loans held for sale 175 — 180 — 180 Financial liabilities: Interest-bearing deposits $ 174,958 $ — $ 162,982 $ — $ 162,982 December 31, 2021 Financial assets: Loans, net $ 96,534 $ — $ 95,612 $ 779 $ 96,391 Loans held for sale 104 — 112 — 112 Financial liabilities: Interest-bearing deposits $ 186,531 $ — $ 181,564 $ — $ 181,564 |
Note 9 - Capital Ratios
Note 9 - Capital Ratios | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 9: The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under accounting principles generally accepted in the United States of America, regulatory reporting requirements and regulatory capital standards. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulatory reporting standards to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital to risk-weighted assets, common equity Tier 1 As of March 31, 2022 no November 13, 2019, January 1, 2020. 1 9% two 100 not April 2020, 9% 8% 19 8.5% 2021 9% 2022. first 2020. March 31, 2022 The Bank’s actual capital amounts and ratios as of March 31, 2022 December 31, 2021 Minimum Required to be Actual Well-Capitalized (1) Amount Ratio Amount Ratio As of March 31, 2022 (Dollars in thousands) Tier 1 capital (to Average Assets) $ 64,945 21.74 % $ 26,887 >9% As of December 31,2021 Tier 1 capital (to Average Assets) $ 44,262 16.11 % $ 23,349 >8.5% ( 1 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10: In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not not Financial Instruments The Bank does not At March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Dollars in thousands) Unused line of credit $ 3,751 $ 4,001 Commitments to originate loans 97 219 Total commitments $ 3,848 $ 4,220 Concentrations of Credit Risk The Bank generally originates single-family residential loans within its primary lending area which is Waukegan, Illinois and the surrounding area. The Bank’s underwriting policies require such loans to be made at approximately 80% loan-to-value, based upon appraised values, unless private mortgage insurance is obtained, or the loan is guaranteed by the government. These loans are secured by the underlying properties. The Bank maintains its cash in deposit accounts at the Federal Reserve Bank or other institutions, the balances of which may not not Interest Rate Risk The Bank assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, fair values of its financial instruments will change when interest rate levels change, and that change may Litigation Due to the nature of its business activities, the Bank is at times subject to legal action which arises in the normal course of business. In the opinion of management, the ultimate resolution of these matters is not |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11: Basic EPS represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that should then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. There were no securities or other contracts that had a dilutive effect during the three March 31, 2022, not not not three March 31, 2021 Three Months ended March 31, 2022 (Income in thousands) Net loss applicable to common shares $ (279 ) Average number of common shares outstanding 4,318,367 Less: Average unallocated ESOP shares 343,981 Average number of common shares oustanding used to calculate basic earnings per common share 3,974,386 Earnings per common share basic and diluted $ (0.07 ) All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. |
Note 12 - ESOP
Note 12 - ESOP | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12: Employees participate in an Employee Stock Ownership Plan ("ESOP"). The ESOP borrowed funds from the Company to purchase 431,836 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP, as well as paying dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. There were no contributions to the ESOP during the first three 2022, fourth three March 31, 2022, Shares held by the ESOP were as follows: Three Months ended March 31, 2022 (Dollars in thousands) Shares committed for allocation 4,320 Unallocated 427,516 Total ESOP shares 431,836 Fair value of unearned shares at March 31, 2022 $ 5,164 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations NSTS Bancorp, Inc. (“NSTS” or the “Company”, “we” or “our”) was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, into the stock form of organization, which was completed on January 18, 2022. January 18, 2022, 10 NSTS Bancorp, Inc. completed its stock offering on January 18, 2022. January 19, 2022 The Bank operates primarily in the northern suburbs of Chicago, Illinois. The Bank offers a variety of financial services to customers in the surrounding community. Financial services consist primarily of 1 4 no one |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10 10 01 X. not 10 December 31, 2021. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may three March 31, 2022, not may December 31, 2022. No With the exception of the following new significant accounting and reporting policies, the Company has not 10 December 31, 2021. |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Bank reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Developments Accounting for Financial Instruments Credit Losses The FASB issued ASU No. 2016 13, Financial Instruments Credit Losses (Topic 326 The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities, and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For available for-sale securities where fair value is less than cost, credit-related impairment, if any, will be recognized in an allowance for credit losses and adjusted each period for changes in expected credit risk. This model replaces the multiple existing impairment models, which generally require that a loss be incurred before it is recognized. The CECL model represents a significant change from existing practice and may 2016 13 January 2023. |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Mortgage-backed Collateralized U.S. government Municipal residential mortgage Total available-for- March 31, 2022 agency obligations obligations obligations obligations sale (Dollars in thousands) 1 year or less $ — $ 650 $ — $ 56 $ 706 1 to 5 years 4,814 4,232 28,569 18,853 56,468 5 to 10 years 10,326 2,619 15,651 12,942 41,538 After 10 years — 13,253 — 1,491 14,744 Fair value 15,140 20,754 44,220 33,342 113,456 Gross unrealized gains — 84 10 8 102 Gross unrealized losses (658 ) (1,230 ) (2,579 ) (1,991 ) (6,458 ) Amortized cost $ 15,798 $ 21,900 $ 46,789 $ 35,325 $ 119,812 Mortgage-backed Collateralized U.S. government Municipal residential mortgage Total available-for- December 31, 2021 agency obligations obligations obligations obligations sale (Dollars in thousands) 1 year or less $ — $ 1,631 $ 356 $ 1,064 $ 3,051 1 to 5 years 5,587 3,941 29,375 16,097 55,000 5 to 10 years 4,466 2,244 12,417 11,976 31,103 After 10 years — 10,184 — 1,612 11,796 Fair value 10,053 18,000 42,148 30,749 100,950 Gross unrealized gains 73 423 259 279 1,034 Gross unrealized losses (78 ) (14 ) (612 ) (443 ) (1,147 ) Amortized cost $ 10,058 $ 17,591 $ 42,501 $ 30,913 $ 101,063 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2022 U.S. government agency obligations $ 12,652 $ 641 $ 1,094 $ 17 $ 13,746 $ 658 Municipal obligations 12,235 1,210 233 20 12,468 1,230 Mortgage-backed residential obligations 30,194 1,536 11,238 1,043 41,432 2,579 Collateralized mortgage obligations 16,785 973 10,827 1,018 27,612 1,991 Total $ 71,866 $ 4,360 $ 23,392 $ 2,098 $ 95,258 $ 6,458 December 31, 2021 U.S. government agency obligations $ 4,020 $ 62 $ 1,105 $ 16 $ 5,125 $ 78 Municipal obligations 2,399 8 247 6 2,646 14 Mortgage-backed residential obligations 26,540 535 2,781 77 29,321 612 Collateralized mortgage obligations 16,715 338 4,386 105 21,101 443 Total $ 49,674 $ 943 $ 8,519 $ 204 $ 58,193 $ 1,147 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2022 December 31, 2021 (Dollars in thousands) First mortgage loans 1-4 family residential $ 89,237 $ 88,028 Multi-family 3,698 3,497 Commercial 4,206 4,604 Total first mortgage loans 97,141 96,129 Consumer loans 147 372 Total loans 97,288 96,501 Net deferred loan costs 842 812 Allowance for loan losses (785 ) (779 ) Total loans, net $ 97,345 $ 96,534 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | March 31, 2022 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 675 $ 69 $ 25 $ 10 $ 779 Charge-offs — — — — — Recoveries 6 — — — 6 Net recoveries (charge-offs) 6 — — — 6 (Release of) provision for loan losses 48 (42 ) 1 (7 ) — Ending balance $ 729 $ 27 $ 26 $ 3 $ 785 March 31, 2021 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 798 $ 29 $ 38 $ 5 $ 870 Charge-offs — — — — — Recoveries 2 — — — 2 Net recoveries 2 — — — 2 (Release of) provision for loan losses (90 ) (3 ) (8 ) 101 — Ending balance $ 710 $ 26 $ 30 $ 106 $ 872 Collectively evaluated Individually evaluated Total Recorded Recorded Recorded Allowance for investment in Allowance for investment in Allowance for investment in loan losses loans loan losses loans loan losses loans (Dollars in thousands) March 31, 2022 1-4 family residential $ 612 $ 87,992 $ 117 $ 1,245 $ 729 $ 89,237 Multi-family 27 3,698 — — $ 27 $ 3,698 Commercial 26 4,206 — — $ 26 $ 4,206 Consumer 3 147 — — $ 3 $ 147 Total $ 668 $ 96,043 $ 117 $ 1,245 $ 785 $ 97,288 December 31, 2021 1-4 family residential $ 557 $ 86,892 $ 118 $ 1,136 $ 675 $ 88,028 Multi-family 69 3,497 — — $ 69 $ 3,497 Commercial 25 4,604 — — $ 25 $ 4,604 Consumer 10 372 — — $ 10 $ 372 Total $ 661 $ 95,365 $ 118 $ 1,136 $ 779 $ 96,501 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Special Mention Substandard Doubtful Total loans (Dollars in thousands) March 31, 2022 1-4 family residential $ 88,974 $ 44 $ 219 $ — $ 89,237 Multi-family 3,698 — — — 3,698 Commercial 4,206 — — — 4,206 Consumer 147 — — — 147 Total $ 97,025 $ 44 $ 219 $ — $ 97,288 December 31, 2021 1-4 family residential $ 87,881 $ 45 $ 102 $ — $ 88,028 Multi-family 3,497 — — — 3,497 Commercial 4,604 — — — 4,604 Consumer 372 — — — 372 Total $ 96,354 $ 45 $ 102 $ — $ 96,501 |
Financing Receivable, Past Due [Table Text Block] | 31-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non-Accrual Total Past Due and Non-Accrual Current Total Loan Balance (Dollars in thousands) March 31, 2022 1-4 family residential $ 177 — $ 219 $ 396 $ 88,841 $ 89,237 Multi-family — — — — 3,698 3,698 Commercial — — — — 4,206 4,206 Consumer — — — — 147 147 Total $ 177 $ — $ 219 $ 396 $ 96,892 $ 97,288 December 31, 2021 1-4 family residential $ — $ 41 $ 102 $ 143 $ 87,885 $ 88,028 Multi-family — — — — 3,497 3,497 Commercial — — — — 4,604 4,604 Consumer — — — — 372 372 Total $ — $ 41 $ 102 $ 143 $ 96,358 $ 96,501 |
Impaired Financing Receivables [Table Text Block] | Recorded investment Unpaid principal balance Related allowance (Dollars in thousands) March 31, 2022 With no related allowance recorded 1-4 family residential $ 470 $ 692 $ — Multi-family — — — Commercial — — — Consumer — — — Total $ 470 $ 692 $ — With a related allowance recorded 1-4 family residential $ 775 $ 782 $ 117 Multi-family — — — Commercial — — — Consumer — — — Total $ 775 $ 782 $ 117 Balance at March 31, 2022 $ 1,245 $ 1,474 $ 117 December 31, 2021 With no related allowance recorded 1-4 family residential $ 355 $ 595 $ — Multi-family — — — Commercial — — — Consumer — — — Total $ 355 $ 595 $ — With a related allowance recorded 1-4 family residential $ 781 $ 797 $ 118 Multi-family — — — Commercial — — — Consumer — — — Total $ 781 $ 797 $ 118 Balance at December 31, 2021 $ 1,136 $ 1,392 $ 118 Average recorded investment Interest income recognized (Dollars in thousands) March 31, 2022 With no related allowance recorded 1-4 family residential $ 471 $ 6 Multi-family — — Commercial — — Consumer — — Total $ 471 $ 6 With a related allowance recorded 1-4 family residential $ 778 $ 7 Multi-family — — Commercial — — Consumer — — Total $ 778 $ 7 Balance for the three months ended March 31, 2022 $ 1,249 $ 13 March 31, 2021 With no related allowance recorded 1-4 family residential $ 1,328 $ 19 Multi-family — — Commercial — — Consumer — — Total $ 1,328 $ 19 With a related allowance recorded 1-4 family residential $ 985 $ 12 Multi-family — — Commercial — — Consumer — — Total $ 985 $ 12 Balance for the three months ended March 31, 2021 $ 2,313 $ 31 |
Note 4 - Other Real Estate Ow_2
Note 4 - Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Three months ended March 31, 2022 2021 (Dollars in thousands) Transfer of loan to OREO $ — $ 62 Sale of OREO — — Gross gain realized on transfer to OREO — 6 Gross gain realized on sale of OREO — — |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | For the 12 months ended March 31, Amount (Dollars in thousands) 2023 $ 34,664 2024 14,022 2025 7,773 2026 4,288 2027 and beyond 2,851 Total $ 63,598 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2022 Securities Available-for-sale U.S. government agency obligations $ 15,140 $ — $ 15,140 $ — Municipal obligations 20,754 — 20,754 — Mortgage-backed residential obligations 44,220 — 44,220 — Collateralized mortgage obligations 33,342 — 33,342 — Total $ 113,456 $ — $ 113,456 $ — December 31, 2021 Securities Available-for-sale U.S. government agency obligations $ 10,053 $ — $ 10,053 $ — Municipal obligations 18,000 — 18,000 — Mortgage-backed residential obligations 42,148 — 42,148 — Collateralized mortgage obligations 30,749 — 30,749 — Total $ 100,950 $ — $ 100,950 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2022 Impaired loans $ 658 — — $ 658 December 31, 2021 Impaired loans $ 663 — — $ 663 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value (Dollars in thousands) March 31, 2022 Financial assets: Loans, net $ 97,345 $ — $ 92,018 $ 785 $ 92,803 Loans held for sale 175 — 180 — 180 Financial liabilities: Interest-bearing deposits $ 174,958 $ — $ 162,982 $ — $ 162,982 December 31, 2021 Financial assets: Loans, net $ 96,534 $ — $ 95,612 $ 779 $ 96,391 Loans held for sale 104 — 112 — 112 Financial liabilities: Interest-bearing deposits $ 186,531 $ — $ 181,564 $ — $ 181,564 |
Note 9 - Capital Ratios (Tables
Note 9 - Capital Ratios (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required to be Actual Well-Capitalized (1) Amount Ratio Amount Ratio As of March 31, 2022 (Dollars in thousands) Tier 1 capital (to Average Assets) $ 64,945 21.74 % $ 26,887 >9% As of December 31,2021 Tier 1 capital (to Average Assets) $ 44,262 16.11 % $ 23,349 >8.5% |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Commitments [Table Text Block] | March 31, 2022 December 31, 2021 (Dollars in thousands) Unused line of credit $ 3,751 $ 4,001 Commitments to originate loans 97 219 Total commitments $ 3,848 $ 4,220 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months ended March 31, 2022 (Income in thousands) Net loss applicable to common shares $ (279 ) Average number of common shares outstanding 4,318,367 Less: Average unallocated ESOP shares 343,981 Average number of common shares oustanding used to calculate basic earnings per common share 3,974,386 Earnings per common share basic and diluted $ (0.07 ) |
Note 12 - ESOP (Tables)
Note 12 - ESOP (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Three Months ended March 31, 2022 (Dollars in thousands) Shares committed for allocation 4,320 Unallocated 427,516 Total ESOP shares 431,836 Fair value of unearned shares at March 31, 2022 $ 5,164 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 18, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Proceeds from Issuance of Common Stock | $ 49,440,000 | $ 0 | |
Subscription Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 5,290,000 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | ||
Proceeds from Issuance of Common Stock | $ 53,000,000 | ||
Subscription Offering [Member] | NSTS Charitable Foundation [Member] | |||
Payments of Charitable Contributions | $ 150,000 | ||
Subscription Offering [Member] | NSTS Charitable Foundation [Member] | Contribution of Nonmonetary Assets to Charitable Organization [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 107,959 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Total | $ 113,456 | $ 100,950 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | |
Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
1 year or less | $ 706 | $ 3,051 |
1 to 5 years | 56,468 | 55,000 |
5 to 10 years | 41,538 | 31,103 |
After 10 years | 14,744 | 11,796 |
Fair value | 113,456 | 100,950 |
Gross unrealized gains | 102 | 1,034 |
Gross unrealized losses | (6,458) | (1,147) |
Amortized cost | 119,812 | 101,063 |
US Government Agencies Debt Securities [Member] | ||
1 year or less | 0 | 0 |
1 to 5 years | 4,814 | 5,587 |
5 to 10 years | 10,326 | 4,466 |
After 10 years | 0 | 0 |
Fair value | 15,140 | 10,053 |
Gross unrealized gains | 0 | 73 |
Gross unrealized losses | (658) | (78) |
Amortized cost | 15,798 | 10,058 |
Municipal Bonds [Member] | ||
1 year or less | 650 | 1,631 |
1 to 5 years | 4,232 | 3,941 |
5 to 10 years | 2,619 | 2,244 |
After 10 years | 13,253 | 10,184 |
Fair value | 20,754 | 18,000 |
Gross unrealized gains | 84 | 423 |
Gross unrealized losses | (1,230) | (14) |
Amortized cost | 21,900 | 17,591 |
Residential Mortgage-Backed Securities [Member] | ||
1 year or less | 0 | 356 |
1 to 5 years | 28,569 | 29,375 |
5 to 10 years | 15,651 | 12,417 |
After 10 years | 0 | 0 |
Fair value | 44,220 | 42,148 |
Gross unrealized gains | 10 | 259 |
Gross unrealized losses | (2,579) | (612) |
Amortized cost | 46,789 | 42,501 |
Commercial Mortgage-Backed Securities [Member] | ||
1 year or less | 56 | 1,064 |
1 to 5 years | 18,853 | 16,097 |
5 to 10 years | 12,942 | 11,976 |
After 10 years | 1,491 | 1,612 |
Fair value | 33,342 | 30,749 |
Gross unrealized gains | 8 | 279 |
Gross unrealized losses | (1,991) | (443) |
Amortized cost | $ 35,325 | $ 30,913 |
Note 2 - Securities - Gross Unr
Note 2 - Securities - Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Less than 12 Months, Fair Value | $ 71,866 | $ 49,674 | |
Less than 12 Months, Unrealized Losses | 4,360 | $ 943 | |
12 Months or Longer, Fair Value | 23,392 | 8,519 | |
12 Months or Longer, Unrealized Losses | 2,098 | 204 | |
Total, Fair Value | 95,258 | 58,193 | |
Total, Unrealized Losses | 6,458 | 1,147 | |
US Government Agencies Debt Securities [Member] | |||
Less than 12 Months, Fair Value | 12,652 | 4,020 | |
Less than 12 Months, Unrealized Losses | 641 | 62 | |
12 Months or Longer, Fair Value | 1,094 | 1,105 | |
12 Months or Longer, Unrealized Losses | 17 | 16 | |
Total, Fair Value | 13,746 | 5,125 | |
Total, Unrealized Losses | 658 | 78 | |
Municipal Bonds [Member] | |||
Less than 12 Months, Fair Value | 12,235 | 2,399 | |
Less than 12 Months, Unrealized Losses | 1,210 | 8 | |
12 Months or Longer, Fair Value | 233 | 247 | |
12 Months or Longer, Unrealized Losses | 20 | 6 | |
Total, Fair Value | 12,468 | 2,646 | |
Total, Unrealized Losses | 1,230 | 14 | |
Residential Mortgage-Backed Securities [Member] | |||
Less than 12 Months, Fair Value | 30,194 | 26,540 | |
Less than 12 Months, Unrealized Losses | 1,536 | 535 | |
12 Months or Longer, Fair Value | 11,238 | 2,781 | |
12 Months or Longer, Unrealized Losses | 1,043 | 77 | |
Total, Fair Value | 41,432 | 29,321 | |
Total, Unrealized Losses | 2,579 | 612 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Less than 12 Months, Fair Value | 16,785 | $ 16,715 | |
Less than 12 Months, Unrealized Losses | 973 | 338 | |
12 Months or Longer, Fair Value | 10,827 | 4,386 | |
12 Months or Longer, Unrealized Losses | 1,018 | 105 | |
Total, Fair Value | 27,612 | 21,101 | |
Total, Unrealized Losses | $ 1,991 | $ 443 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) |
Impaired Financing Receivable, Unpaid Principal Balance | $ 1,474,000 | $ 1,392,000 | |
Escrow Deposit | 333,000 | 270,000 | |
Loans and Leases Receivable, Related Parties, Ending Balance | 535,000 | 556,000 | |
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 0 | |
Financing Receivable, Number of Payment Deferrals | 50 | ||
Financing Receivable, Deferred Payments | $ 9,700,000 | ||
First Mortgage Loans [Member] | |||
Impaired Financing Receivable, Unpaid Principal Balance | $ 14,600,000 | $ 15,800,000 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Summary of Loans by Major Category (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans | $ 97,288 | $ 96,501 | ||
Net deferred loan costs | 842 | 812 | ||
Allowance for loan losses | (785) | (779) | $ (872) | $ (870) |
Loans, net | 97,345 | 96,534 | ||
First Mortgage Loans [Member] | ||||
Loans | 97,141 | 96,129 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 147 | 372 | ||
Allowance for loan losses | (3) | (10) | (106) | (5) |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | ||||
Loans | 89,237 | 88,028 | ||
Allowance for loan losses | (729) | (675) | (710) | (798) |
Multifamily [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,698 | 3,497 | ||
Allowance for loan losses | (27) | (69) | (26) | (29) |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | ||||
Loans | 4,206 | 4,604 | ||
Allowance for loan losses | $ (26) | $ (25) | $ (30) | $ (38) |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Beginning balance | $ 779 | $ 870 | |
Charge-offs | 0 | 0 | |
Recoveries | 6 | 2 | |
Net recoveries (charge-offs) | 6 | 2 | |
Provision for loan losses | 0 | 0 | |
Ending balance | 785 | 872 | |
Collectively evaluated allowance for loan losses | 668 | $ 661 | |
Collectively evaluated, Recorded investment in loans | 96,043 | 95,365 | |
Allowance for loan losses, individually evaluated | 117 | 118 | |
Individually evaluated, recorded investment in loans | 1,245 | 1,136 | |
Total, Allowance for loan losses | 785 | 779 | |
Loans | 97,288 | 96,501 | |
First Mortgage Loans [Member] | |||
Loans | 97,141 | 96,129 | |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |||
Beginning balance | 675 | 798 | |
Charge-offs | 0 | 0 | |
Recoveries | 6 | 2 | |
Net recoveries (charge-offs) | 6 | 2 | |
Provision for loan losses | 48 | (90) | |
Ending balance | 729 | 710 | |
Collectively evaluated allowance for loan losses | 612 | 557 | |
Collectively evaluated, Recorded investment in loans | 87,992 | 86,892 | |
Allowance for loan losses, individually evaluated | 117 | 118 | |
Individually evaluated, recorded investment in loans | 1,245 | 1,136 | |
Total, Allowance for loan losses | 729 | 675 | |
Loans | 89,237 | 88,028 | |
First Mortgage Loans [Member] | Multifamily [Member] | |||
Beginning balance | 69 | 29 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for loan losses | (42) | (3) | |
Ending balance | 27 | 26 | |
Collectively evaluated allowance for loan losses | 27 | 69 | |
Collectively evaluated, Recorded investment in loans | 3,698 | 3,497 | |
Allowance for loan losses, individually evaluated | 0 | 0 | |
Individually evaluated, recorded investment in loans | 0 | 0 | |
Total, Allowance for loan losses | 27 | 69 | |
Loans | 3,698 | 3,497 | |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | |||
Beginning balance | 25 | 38 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for loan losses | 1 | (8) | |
Ending balance | 26 | 30 | |
Collectively evaluated allowance for loan losses | 26 | ||
Collectively evaluated, Recorded investment in loans | 4,206 | ||
Allowance for loan losses, individually evaluated | 0 | ||
Individually evaluated, recorded investment in loans | 0 | ||
Total, Allowance for loan losses | 26 | ||
Loans | 4,206 | 4,604 | |
First Mortgage Loans [Member] | Commercial Portfolio Segment [Member] | |||
Collectively evaluated allowance for loan losses | 25 | ||
Collectively evaluated, Recorded investment in loans | 4,604 | ||
Allowance for loan losses, individually evaluated | 0 | ||
Individually evaluated, recorded investment in loans | 0 | ||
Total, Allowance for loan losses | 25 | ||
Loans | 4,604 | ||
Consumer Portfolio Segment [Member] | |||
Beginning balance | 10 | 5 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for loan losses | (7) | 101 | |
Ending balance | 3 | $ 106 | |
Collectively evaluated allowance for loan losses | 3 | 10 | |
Collectively evaluated, Recorded investment in loans | 147 | 372 | |
Allowance for loan losses, individually evaluated | 0 | 0 | |
Individually evaluated, recorded investment in loans | 0 | 0 | |
Total, Allowance for loan losses | 3 | 10 | |
Loans | $ 147 | $ 372 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Loan Balance Based on Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 97,288 | $ 96,501 |
Pass [Member] | ||
Loans | 97,025 | 96,354 |
Special Mention [Member] | ||
Loans | 44 | 45 |
Substandard [Member] | ||
Loans | 219 | 102 |
Doubtful [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | ||
Loans | 97,141 | 96,129 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 89,237 | 88,028 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Pass [Member] | ||
Loans | 88,974 | 87,881 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Special Mention [Member] | ||
Loans | 44 | 45 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Substandard [Member] | ||
Loans | 219 | 102 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,698 | 3,497 |
First Mortgage Loans [Member] | Multifamily [Member] | Pass [Member] | ||
Loans | 3,698 | 3,497 |
First Mortgage Loans [Member] | Multifamily [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 4,206 | 4,604 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Loans | 4,206 | 4,604 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 147 | 372 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 147 | 372 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Aging of Bank's Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 97,288 | $ 96,501 |
Non-accrual | 219 | 102 |
First Mortgage Loans [Member] | ||
Loans | 97,141 | 96,129 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 89,237 | 88,028 |
Non-accrual | 219 | 102 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,698 | 3,497 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 4,206 | 4,604 |
Non-accrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 147 | 372 |
Non-accrual | 0 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | ||
Loans | 177 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 177 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 0 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 41 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 0 | 41 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans | 396 | 143 |
Financial Asset, Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 396 | 143 |
Financial Asset, Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 96,892 | 96,358 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 88,841 | 87,885 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,698 | 3,497 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 4,206 | 4,604 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 147 | $ 372 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Impaired loans with no related allowance, recorded investment | $ 470 | $ 355 | |
Impaired loans with no related allowance, unpaid principal balance | 692 | 595 | |
Impaired loans with a related allowance, recorded investment | 775 | 781 | |
Impaired loans with a related allowance, unpaid principal balance | 782 | 797 | |
Impaired loans, related allowance | 117 | 118 | |
Impaired loans, recorded investment | 1,245 | 1,136 | |
Impaired loans, unpaid principal balance | 1,474 | 1,392 | |
Average recorded investment, with no related allowance recorded | 471 | $ 1,328 | |
Interest income recognized, with no related allowance recorded | 6 | 19 | |
Average recorded investment, with a related allowance recorded | 778 | 985 | |
Interest income recognized, with a related allowance recorded | 7 | 12 | |
Average recorded investment | 1,249 | 2,313 | |
Interest income recognized | 13 | 31 | |
First Mortgage Loans [Member] | |||
Impaired loans, unpaid principal balance | 14,600 | 15,800 | |
Consumer Portfolio Segment [Member] | |||
Impaired loans with no related allowance, recorded investment | 0 | 0 | |
Impaired loans with no related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Average recorded investment, with no related allowance recorded | 0 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment, with a related allowance recorded | 0 | 0 | |
Interest income recognized, with a related allowance recorded | 0 | 0 | |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | |||
Impaired loans with no related allowance, recorded investment | 470 | 355 | |
Impaired loans with no related allowance, unpaid principal balance | 692 | 595 | |
Impaired loans with a related allowance, recorded investment | 775 | 781 | |
Impaired loans with a related allowance, unpaid principal balance | 782 | 797 | |
Impaired loans, related allowance | 117 | 118 | |
Average recorded investment, with no related allowance recorded | 471 | 1,328 | |
Interest income recognized, with no related allowance recorded | 6 | 19 | |
Average recorded investment, with a related allowance recorded | 778 | 985 | |
Interest income recognized, with a related allowance recorded | 7 | 12 | |
Multifamily [Member] | First Mortgage Loans [Member] | |||
Impaired loans with no related allowance, recorded investment | 0 | 0 | |
Impaired loans with no related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Average recorded investment, with no related allowance recorded | 0 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment, with a related allowance recorded | 0 | 0 | |
Interest income recognized, with a related allowance recorded | 0 | 0 | |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | |||
Impaired loans with no related allowance, recorded investment | 0 | 0 | |
Impaired loans with no related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | $ 0 | |
Average recorded investment, with no related allowance recorded | 0 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment, with a related allowance recorded | 0 | 0 | |
Interest income recognized, with a related allowance recorded | $ 0 | $ 0 |
Note 4 - Other Real Estate Ow_3
Note 4 - Other Real Estate Owned (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Other Real Estate, Ending Balance | $ 0 | $ 68,000 |
Mortgage Loans in Process of Foreclosure, Amount | $ 60,000 |
Note 4 - Other Real Estate Ow_4
Note 4 - Other Real Estate Owned - Movement in OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Transfer of loan to OREO | $ 0 | $ 62 |
Sale of OREO | 0 | 0 |
Gross gain realized on transfer to OREO | 0 | 6 |
Gross gain realized on sale of OREO | $ 0 | $ 0 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits, Total | $ 188,152,000 | $ 285,621,000 |
Directors and Officers [Member] | ||
Deposits, Total | $ 794,000 | $ 1,100,000 |
Note 5 - Deposits - Scheduled M
Note 5 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2023 | $ 34,664 |
2024 | 14,022 |
2025 | 7,773 |
2026 | 4,288 |
2027 and beyond | 2,851 |
Total | $ 63,598 |
Note 6 - Other Borrowings (Deta
Note 6 - Other Borrowings (Details Textual) - USD ($) Pure in Thousands, $ in Millions | May 21, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Proceeds from FHLBank Borrowings, Financing Activities | $ 5 | ||
Federal Home Loan Bank, Advances, Interest Rate | 0.00% | ||
Payments of FHLBank Borrowings, Financing Activities | $ 4 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 62 | $ 60.8 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 78.4 | $ 76.8 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements - Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 113,456 | $ 100,950 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 15,140 | 10,053 |
Municipal Bonds [Member] | ||
Securities available for sale | 20,754 | 18,000 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale | 44,220 | 42,148 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 113,456 | 100,950 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 113,456 | 100,950 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 15,140 | 10,053 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 15,140 | 10,053 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Securities available for sale | 20,754 | 18,000 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 20,754 | 18,000 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale | 44,220 | 42,148 |
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 44,220 | 42,148 |
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available for sale | 33,342 | 30,749 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 33,342 | 30,749 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Measure Nonrecurring Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Impaired loans | $ 658 | $ 663 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 658 | $ 663 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Value Hierarchy of Certain Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Loans, net | $ 97,345 | $ 96,534 |
Loans held for sale | 175 | 104 |
Interest-bearing deposits | 174,958 | 186,531 |
Estimate of Fair Value Measurement [Member] | ||
Loans, net | 92,803 | 96,391 |
Loans held for sale | 180 | 112 |
Interest-bearing deposits | 162,982 | 181,564 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans, net | 92,018 | 95,612 |
Loans held for sale | 180 | 112 |
Interest-bearing deposits | 162,982 | 181,564 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 785 | 779 |
Loans held for sale | 0 | 0 |
Interest-bearing deposits | $ 0 | $ 0 |
Note 9 - Capital Ratios - Actua
Note 9 - Capital Ratios - Actual Capital Amount and Ratios (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Tier 1 capital (to Average Assets), actual amount | $ 64,945 | $ 44,262 | |
Tier 1 capital (to Average Assets), actual ratio | 0.2174 | 0.1611 | |
Tier 1 capital (to Average Assets), minimum required to be well capitalized | [1] | $ 26,887 | $ 23,349 |
Tier 1 capital (to Average Assets), minimum required to be well capitalized ratio | [1] | 0.09 | 0.085 |
[1] | As defined by regulatory agencies. Failure to exceed the leverage ratio thresholds required under CBLR in the future, subject to any applicable grace period, would require the Bank to return to the risk-based capital ratio thresholds previously utilized under the fully phased-in Basel III Capital Rules to determine capital adequacy. |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | Mar. 31, 2022 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |
Financing Receivable, Minimum Percentage of Loan-to-value Ratio, Requires Mortgage Insurance | 80.00% |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Outstanding Commitments to Originate Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total commitments | $ 3,848 | $ 4,220 |
Unused Line of Credit [Member] | ||
Total commitments | 3,751 | 4,001 |
Commitments to Extend Credit [Member] | ||
Total commitments | $ 97 | $ 219 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 0 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 5,397,959 | 0 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net losses | $ (279) | $ (81) |
Average number of common shares outstanding (in shares) | 4,318,367 | |
Less: Average unallocated ESOP shares (in shares) | 343,981 | |
Average number of common shares oustanding used to calculate basic earnings per common share (in shares) | 3,974,386 | |
Earnings per common share basic and diluted (in dollars per share) | $ (0.07) |
Note 12 - ESOP (Details Textual
Note 12 - ESOP (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 431,836 | |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 10 | |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 0 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 54,000 | $ 0 |
Note 12 - ESOP - Shares Held by
Note 12 - ESOP - Shares Held by ESOP (Details) $ in Thousands | Mar. 31, 2022USD ($)shares |
Shares committed for allocation (in shares) | 4,320 |
Unallocated (in shares) | 427,516 |
Total ESOP shares (in shares) | 431,836 |
Fair value of unearned shares at March 31, 2022 | $ | $ 5,164 |