Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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, par value $0.01 share | ||
Trading Symbol | NSTS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 46,400,000 | ||
Entity Common Stock, Shares Outstanding | 5,315,261 | ||
Auditor Name | Plante & Moran, PLLC | ||
Auditor Location | Chicago, Illinois | ||
Auditor Firm ID | 166 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 1,000,000 | $ 1,583,000 |
Interest-bearing bank deposits | 30,388,000 | 11,564,000 |
Cash and cash equivalents | 31,388,000 | 13,147,000 |
Time deposits with other financial institutions | 1,991,000 | 4,477,000 |
Securities available for sale | 82,135,000 | 121,205,000 |
Federal Home Loan Bank stock (FHLB) | 550,000 | 550,000 |
Loans held for sale | 380,000 | 0 |
Loans, net of unearned income | 121,799,000 | 103,983,000 |
Allowance for credit losses on loans | (1,176,000) | (624,000) |
Loans, net | 120,623,000 | 103,359,000 |
Premises and equipment, net | 5,285,000 | 5,035,000 |
Accrued interest receivable | 758,000 | 852,000 |
Bank-owned life insurance (BOLI) | 9,441,000 | 9,249,000 |
Other assets | 4,225,000 | 6,332,000 |
Total assets | 256,776,000 | 264,206,000 |
Deposits: | ||
Noninterest bearing | 12,424,000 | 12,977,000 |
Interest-bearing | ||
Demand and NOW checking | 15,346,000 | 18,659,000 |
Money market | 32,027,000 | 42,624,000 |
Savings | 41,774,000 | 49,068,000 |
Time deposits over $250,000 | 9,975,000 | 8,801,000 |
Other time deposits | 57,280,000 | 46,585,000 |
Total deposits | 168,826,000 | 178,714,000 |
Escrow deposits | 1,382,000 | 1,253,000 |
Other borrowings | 5,000,000 | 0 |
Accrued expenses and other liabilities | 4,023,000 | 3,697,000 |
Total liabilities | 179,231,000 | 183,664,000 |
Stockholders' equity: | ||
Common stock ($0.01 par value; 10,000,000 shares authorized; 5,315,261 and 5,397,959 shares outstanding at December 31, 2023 and December 31, 2022, respectively) | 56,000 | 54,000 |
Treasury Stock, at cost (269,898 shares at December 31, 2023) | (2,381,000) | 0 |
Additional paid-in capital | 50,920,000 | 50,420,000 |
Retained earnings | 41,055,000 | 45,291,000 |
Unallocated common shares held by ESOP | (3,882,000) | (4,098,000) |
Accumulated other comprehensive loss, net | (8,223,000) | (11,125,000) |
Total stockholders' equity | 77,545,000 | 80,542,000 |
Total liabilities and stockholders' equity | $ 256,776,000 | $ 264,206,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, Shares, Outstanding (in shares) | 5,315,261 | 5,397,959 |
Treasury stock, shares (in shares) | 269,898 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income: | ||
Loans, including fees | $ 4,360 | $ 3,618 |
Securities | ||
Taxable | 2,506 | 2,013 |
Tax-exempt | 396 | 402 |
Federal funds sold and other | 348 | 259 |
Time deposits with other financial institutions | 94 | 41 |
FHLB stock | 24 | 15 |
Total interest income | 7,728 | 6,348 |
Interest expense: | ||
Deposits | 1,336 | 764 |
Other borrowings | 172 | 0 |
Total interest expense | 1,508 | 764 |
Net interest income | 6,220 | 5,584 |
Provision for (reversal of) credit losses | 176 | (230) |
Net interest income after provision for (reversal of) credit losses | 6,044 | 5,814 |
Noninterest income: | ||
Gain on sale of mortgage loans | 32 | 106 |
Loss on sale of securities | (1,794) | 0 |
Rental income on office building | 64 | 53 |
Service charges on deposits | 270 | 291 |
Increase in cash surrender value of BOLI | 192 | 178 |
Other | 86 | 608 |
Total noninterest income | (1,150) | 1,236 |
Noninterest expense: | ||
Salaries and employee benefits | 4,554 | 3,846 |
Equipment and occupancy | 739 | 658 |
Data processing | 684 | 632 |
Professional services | 601 | 500 |
Advertising | 104 | 90 |
Supervisory fees and assessments | 140 | 142 |
Loan expenses | 117 | 86 |
Deposit expenses | 217 | 203 |
Director fees | 216 | 223 |
Other | 480 | 497 |
Total noninterest expense | 7,852 | 6,877 |
(Loss) income before income taxes | (2,958) | 173 |
Income tax expense (benefit) | 999 | 146 |
Net (loss) income | $ (3,957) | $ 27 |
Basic and diluted (loss) earnings per share (in dollars per share) | $ (0.79) | $ 0.01 |
Weighted average shares outstanding (in shares) | 5,004,498 | 4,729,236 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net (loss) income | $ (3,957) | $ 27 |
Unrealized net holding gain (loss) on securities | ||
Unrealized net holding gain (loss) on securities arising during period, net of realized loss on sales of $1,794,000 and $0, in the years ended December 31, 2023 and 2022, respectively | 4,058 | (15,447) |
Tax effect | (1,156) | 4,403 |
Other comprehensive income (loss), net of taxes | 2,902 | (11,044) |
Comprehensive loss | $ (1,055) | $ (11,017) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Realized gains on sales | $ 1,794 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Unallocated Common Share Held By ESOP [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Treasury Stock, Common [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, 2021 | 0 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 45,264 | $ (81) | $ 0 | $ 45,183 | ||||||||
Net income (losses) | 0 | 0 | 0 | 27 | 0 | 0 | 27 | ||||||||
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 | 0 | 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 | 0 | 1,008 | 0 | 0 | 0 | 1,009 | ||||||||
Purchase of common shares by the ESOP (431,836 shares) | 0 | 0 | 0 | 0 | 0 | (4,319) | (4,319) | ||||||||
ESOP shares committed to be released | 0 | 0 | 25 | 0 | 0 | 221 | 246 | ||||||||
Change in net unrealized loss on securities available for sale, net | 0 | 0 | 0 | 0 | (11,044) | 0 | (11,044) | ||||||||
Balance (in shares) at Dec. 31, 2022 | 5,397,959 | ||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (279) | $ 0 | $ 0 | $ (279) | ||||||||
Balance at Dec. 31, 2022 | 54 | 0 | 50,420 | 45,291 | (11,125) | (4,098) | 80,542 | ||||||||
Net income (losses) | 0 | 0 | 0 | (3,957) | 0 | 0 | (3,957) | ||||||||
ESOP shares committed to be released | 0 | 0 | (17) | 0 | 0 | 216 | 199 | ||||||||
Change in net unrealized loss on securities available for sale, net | 0 | 0 | 0 | 0 | 2,902 | 0 | 2,902 | ||||||||
Purchase of treasury stock from stock repurchase program (in shares) | (269,898) | ||||||||||||||
Purchase of treasury stock from stock repurchase program | 0 | (2,381) | 0 | 0 | 0 | 0 | (2,381) | ||||||||
Compensation cost for stock options and restricted stock | 0 | 0 | 519 | 0 | 0 | 0 | 519 | ||||||||
Issuance of common shares for the restricted stock plan (in shares) | 187,200 | ||||||||||||||
Issuance of common shares for the restricted stock plan | 2 | 0 | (2) | 0 | 0 | 0 | 0 | ||||||||
Balance (in shares) at Dec. 31, 2023 | 5,315,261 | ||||||||||||||
Balance at Dec. 31, 2023 | $ 56 | $ (2,381) | $ 50,920 | $ 41,055 | $ (8,223) | $ (3,882) | $ 77,545 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Issuance costs | $ | $ 2.5 |
ESOP shares purchased (in shares) | shares | 431,836 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (3,957,000) | $ 27,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 266,000 | 267,000 |
Securities amortization and accretion, net | 538,000 | 958,000 |
Loans originated for sale | (3,738,000) | (8,540,000) |
Proceeds from sales of loans held for sale | 3,390,000 | 8,750,000 |
Gain on sale of mortgage loans | (32,000) | (106,000) |
Loss on sale of securities | 1,794,000 | 0 |
Provision for (reversal of) credit losses | 176,000 | (230,000) |
Earnings on bank owned life insurance | (192,000) | (178,000) |
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation | 0 | 1,009,000 |
ESOP expense | 199,000 | 246,000 |
Stock based compensation expense | 519,000 | 0 |
Change in deferred income taxes | 990,000 | 64,000 |
Net change in accrued interest receivable and other assets | 165,000 | 648,000 |
Net change in accrued expenses and other liabilities | 313,000 | 74,000 |
Net cash provided by operating activities | 431,000 | 2,989,000 |
Cash flows from investing activities: | ||
Purchases of loans, net | 0 | (5,357,000) |
Net change in portfolio loans | (17,816,000) | (1,238,000) |
Principal repayments on mortgage-backed securities | 8,207,000 | 16,165,000 |
Purchases of securities available for sale | 0 | (59,530,000) |
Maturities and calls of securities available for sale | 4,080,000 | 6,705,000 |
Sales of securities available for sale | 28,509,000 | 0 |
Decrease (increase) in time deposits with other financial institutions, net | 2,486,000 | (1,008,000) |
Purchases of premises and equipment, net | (516,000) | (215,000) |
Net cash provided by (used in) investing activities | 24,950,000 | (44,478,000) |
Cash flows from financing activities: | ||
Net change in deposits | (9,888,000) | (106,907,000) |
Net change in escrow deposits | 129,000 | (189,000) |
Repayment of FHLB advance | 0 | (5,000,000) |
Proceeds from FHLB advance | 5,000,000 | 0 |
Purchase of treasury shares | (2,381,000) | 0 |
Net proceeds from issuance of common shares | 0 | 49,440,000 |
Loan to ESOP | 0 | (4,319,000) |
Net cash used in financing activities | (7,140,000) | (66,975,000) |
Net change in cash and cash equivalents | 18,241,000 | (108,464,000) |
Cash and cash equivalents at beginning of period | 13,147,000 | 121,611,000 |
Cash and cash equivalents at end of period | 31,388,000 | 13,147,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for: Interest | 1,464,000 | 766,000 |
Bank Term Funding Program [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Federal Reserve Bank - Bank Term Funding Program | 10,000,000 | 0 |
Repayment of Federal Reserve Bank - Bank Term Funding Program | $ (10,000,000) | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B On March 27, 2024, eighteen 10 Additionally, on March 27, 2024, three one three one 90 may not may 2023 may may The employment agreement is terminable with or without cause by us. Mr. Walker has no 25 eighteen If a qualifying termination event occurs within 24 two one three 3 one The employment agreement terminates upon Mr. Walker’s death, and in such event, his estate or beneficiary will be paid his accrued benefits through such date. The foregoing description of Mr. Walker's employment agreement is a summary only, and accordingly, does not 10 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1: The accompanying consolidated financial statements (“the financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America and conform to practices within the banking industry. Nature of Operations NSTS Bancorp, Inc. 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, from the mutual to 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 one four no one All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year financial statements have been reclassified to conform to the 2023 presentation. Employee Retention Credit March 27, 2020 June 30, 2021 September 30, 2021 second 2022, 2021. 2023, June 30, 2021. September 30, 2021, not Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management 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 The determination of the adequacy of the allowance for credit losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. The Bank’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may may Additional material estimates that are particularly susceptible to significant change in the near term include the determination of the valuation allowance on deferred tax assets and the valuation of investment securities. Comprehensive Income Comprehensive income includes net income (losses) and other changes in net worth which bypass the statement of operations. For all periods presented, other comprehensive income includes only one Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash on hand and amounts due from banks, including cash items in process of clearing. Time Deposits with Other Financial Institutions Time deposits with other financial institutions are carried at cost and generally mature within the next two Investment Securities Securities are classified as available-for-sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Discounts are accreted into interest income over the estimated life of the related security and premiums are amortized against income over the earlier of the call date or weighted average life of the related security using the level yield method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Securities available-for-sale are securities that are intended to be held for indefinite periods of time, but which may not may may For available-for-sale debt securities in an unrealized loss position, the Company first not December 31, 2023, not In evaluating securities available-for sale for potential impairment, the Company considers many factors, including the financial condition and near-term prospects of the issuer, which for debt securities considers external credit ratings and recent downgrades; and its ability and intent to hold the security for a period of time sufficient for a recovery in value. The Company also considers the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). Prior to the adoption of ASU No. 2016 13 January 1, 2023, Federal Home Loan Bank Stock The Bank, as a member of the Federal Home Loan Bank (FHLB) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no at December 31, 2023 2022 Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or market value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains or losses are recognized through earnings. Loans The Bank’s loan portfolio includes segments for mortgage loans and consumer loans. Mortgage loans include classes for one four Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge offs, the allowance for credit losses on loans, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to the related loan yield using the interest method, adjusted for prepayments. The accrual of interest on all loans is discontinued at the time the loan is 90 not Allowance for Credit Losses The allowance for credit losses (“ACL”) is an estimate of the expected credit losses on the loans held for investment, unfunded loan commitments, and available-for-sale debt securities portfolios. Allowance for Credit Losses on Loans The ACL is calculated according to GAAP standards and is maintained by management at a level believed adequate to absorb estimated credit losses that are expected to occur within the existing loan portfolio through their contractual terms. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on loans. Determination of the ACL is inherently subjective in nature since it requires significant estimates and management judgment, and includes a level of imprecision given the difficulty of identifying and assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the ultimate adequacy of the ACL is dependent upon a variety of factors beyond the Company’s direct control, including, but not The ACL methodology consists of measuring loans on a collective (pool) basis when similar risk characteristics exist. The Company has identified five one four The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Mortgage Loans 1 4 first not not Although terms for commercial real estate and multi-family residential loans vary, our underwriting standards generally allow for terms not not one four Construction lending is generally originated with a loan-to-value ratio, based on the estimated cost to construct, less than or equal to 80%. Additionally, the construction loan terms generally include interest only payments for the first 18 Consumer Loans The qualitative factors applied to each loan portfolio consist of the impact of other internal and external qualitative and credit market factors as assessed by management through a detailed loan review, ACL analysis and credit discussions. These internal and external qualitative and credit market factors include: ● changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs and recovery practices; ● changes in international, national, regionally and local conditions; ● changes in the experience, depth and ability of lending management; ● changes in the volume and severity of past due loans and other similar loan conditions; ● changes in the nature and volume of the loan portfolio and terms of loans; ● the existence and effect of any concentrations of credit and changes in the levels of such concentrations; ● effects of other external factors, such as competition, legal or regulatory factors, on the level of estimated credit losses; ● changes in the quality of our loan review functions; and ● changes in the value of underlying collateral for collateral dependent loans. The impact of the above listed internal and external qualitative and credit market risk factors is assessed within predetermined ranges to adjust the ACL totals calculated. In addition to the pooled analysis performed for the majority of our loan and commitment balances, we also review those loans that have collateral dependency or nonperforming status which requires a specific review of that loan, per our individually analyzed CECL calculations. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed, while recoveries of amounts previously charged-off are credited to the ACL. Approved releases from previously established ACL reserves authorized under our ACL methodology also reduce the ACL. Additions to the ACL are established through the provision for credit losses on loans, which is charged to expense. The Company’s ACL methodology is intended to reflect all loan portfolio risk, but management recognizes the inability to accurately depict all future credit losses in a current ACL estimate, as the impact of various factors cannot be fully known. Accrued interest receivable on loans, totaling $392,000 as of December 31, 2023, Allowance for Credit Losses on Unfunded Loan Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk by a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL related to off-balance sheet credit exposures, which is within other liabilities on the Company’s Consolidated Balance Sheet, is estimated at each balance sheet date under the CECL model, and is adjusted as determined necessary through the provision for credit losses on the statement of operations. The estimate for ACL on unfunded loan commitments includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Prior to the implementation of ASU No. 2016 13 January 1, 2023, 310 450. 310, The allowance for loan losses (the “allowance”) is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general and allocated components, as further described below. General Component first Allocated Component not may Premises and Equipment Land is stated at cost. Property, improvements, and equipment are stated at cost less accumulated depreciation. Depreciation is determined under the straight-line method over the following estimated useful lives of assets: Years Land improvements 3 - 10 Office building and improvements 10 - 40 Furniture and equipment 3 - 10 Income Taxes Deferred taxes are recognized using the asset/liability method. Deferred tax assets are recognized for deductible temporary differences, operating loss and tax credit carryforwards; deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the financial statement amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% Interest and penalties associated with unrecognized tax benefits, if any, are classified as additional income taxes in the statement of operations. Bank management believes that the Bank maintains no uncertain tax positions for tax reporting purposes and accordingly, no The Bank is subject to U.S. federal income tax as well as income tax of the States of Illinois and Wisconsin. Other Real Estate Owned Property acquired in satisfaction of debt or through foreclosure is carried at the lower of cost or market value less estimated costs to sell. At foreclosure, if the fair value of the property acquired is less than the recorded investment in the related loan, a reduction in the carrying amount of the loan is recognized with a charge to the allowance for credit losses. The cost of carrying the assets subsequent to foreclosure and any decrease in the market value occurring after that date are charged to operating expenses as incurred. Bank-owned Life Insurance The Bank purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at the amount estimated to be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due which are probable at settlement. Service Charges on Deposits Service charges on deposits represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue, or some other individual attribute-based revenue. Revenue is recognized when the Bank’s performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time performance obligations are satisfied. Dividend Restrictions Banking regulations require maintaining certain capital levels and may Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Bank, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Bank does not Stock Based Compensation The Company maintains an equity incentive plan under which restricted stock and stock options may 12. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, not The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company’s accounting policy is to recognize forfeitures as they occur. Forfeited shares are added back to the pool of shares available for future grants. Employee Stock Ownership Plan The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. 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. Treasury Stock Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Consolidated Balance Sheets. Treasury stock issued is valued based on the “last in, first 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 |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 2022 , by contractual maturity, are shown below. Maturities may may December 31, 2023 U.S. Treasuries U.S. government agency obligations Municipal obligations Mortgage-backed residential obligations Collateralized mortgage obligations Total available-for-sale (Dollars in thousands) 1 year or less $ 2,973 $ — $ 1,292 $ — $ — $ 4,265 1 to 5 years — 4,769 1,461 8,976 12,919 28,125 5 to 10 years — 4,337 882 19,777 9,756 34,752 After 10 years — — 9,935 1,598 3,460 14,993 Fair value $ 2,973 $ 9,106 $ 13,570 $ 30,351 $ 26,135 $ 82,135 Gross unrealized gains — — 1 — — 1 Gross unrealized losses (22 ) (1,128 ) (1,882 ) (4,533 ) (3,938 ) (11,503 ) Amortized cost $ 2,995 $ 10,234 $ 15,451 $ 34,884 $ 30,073 $ 93,637 December 31, 2022 U.S. Treasuries U.S. government agency obligations Municipal obligations Mortgage-backed residential obligations Collateralized mortgage obligations Total available-for-sale (Dollars in thousands) 1 year or less $ 2,433 $ 1,007 $ 528 $ — $ — $ 3,968 1 to 5 years 4,855 11,511 5,394 20,033 22,809 64,602 5 to 10 years — 8,872 2,655 15,046 11,848 38,421 After 10 years — — 11,060 659 2,495 14,214 Fair value $ 7,288 $ 21,390 $ 19,637 $ 35,738 $ 37,152 $ 121,205 Gross unrealized gains — — 6 — — 6 Gross unrealized losses (155 ) (1,870 ) (2,972 ) (5,464 ) (5,105 ) (15,566 ) Amortized cost $ 7,443 $ 23,260 $ 22,603 $ 41,202 $ 42,257 $ 136,765 As of December 31, 2023 2022 , no securities were pledged to secure public deposits or for other purposes as required or permitted by law. December 31, 2023 and 2022 , there were no one 10% Information pertaining to securities with gross unrealized losses at December 31, 2023 2022 , aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses (Dollars in thousands) U.S. Treasuries $ — $ — $ 2,973 $ 22 $ 2,973 $ 22 U.S. government agency obligations — — 9,106 1,128 9,106 1,128 Municipal obligations 279 1 12,796 1,881 13,075 1,882 Mortgage-backed residential obligations — — 30,351 4,533 30,351 4,533 Collateralized mortgage obligations — — 26,135 3,938 26,135 3,938 Total $ 279 $ 1 $ 81,361 $ 11,502 $ 81,640 $ 11,503 December 31, 2022 U.S. Treasuries $ 7,288 $ 155 $ — $ — $ 7,288 $ 155 U.S. government agency obligations 17,274 1,296 4,116 574 21,390 1,870 Municipal obligations 16,823 2,349 2,037 623 18,860 2,972 Mortgage-backed residential obligations 14,365 1,618 21,373 3,846 35,738 5,464 Collateralized mortgage obligations 21,449 2,014 15,703 3,091 37,152 5,105 Total $ 77,199 $ 7,432 $ 43,229 $ 8,134 $ 120,428 $ 15,566 At December 31, 2023 2022, no December 31, 2023, no December 31, 2022. not All U.S. Treasuries, U.S. government agency obligations, mortgage-based residential obligations and collateralized mortgage obligations are agency-issued or government-sponsored enterprise issued. Agency-issued securities are generally guaranteed by a U.S. government agency, such as the Government National Mortgage Association. Government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Small Business Administration, have either a direct or implied guarantee by the U.S. government. The Bank holds two not no December 31, 2023, The following table represents the proceeds from the sale of securities available-for-sale and the related gross gains and losses during the periods presented. At December 31, 2023 2022 (Dollars in thousands) Sales of securities available for sale $ 28,509 $ — Gross gain realized on the sale of securities available for sale — — Gross loss realized on the sale of securities available for sale (1,794 ) — |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: A summary of loans by major category as of December 31, 2023 2022 is as follows: December 31, 2023 December 31, 2022 (Dollars in thousands) First mortgage loans 1-4 family residential $ 111,081 $ 95,584 Multi-family 3,111 3,237 Commercial 3,835 3,921 Construction 2,508 — Total first mortgage loans 120,535 102,742 Consumer loans 248 249 Total loans 120,783 102,991 Net deferred loan costs 1,016 992 Allowance for credit losses on loans (1,176 ) (624 ) Total loans, net $ 120,623 $ 103,359 First mortgage loans serviced for others are not million and million at December 31, 2023 2022 , respectively. Custodial escrow balances maintained in connection with the foregoing loan servicing were at December 31, 2023 2022 . In the normal course of business, loans are made by the Bank to directors and officers of the Company and 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 December 31, 2023 2022 , such borrowers were indebted to the Bank in the aggregate amount of and , respectively. |
Note 4 - Allowance for Loan Los
Note 4 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4: The following tables present the activity in the allowance for credit losses and allowance for loan losses for the years ended December 31, 2023 2022: December 31, 2023 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Year ended: Beginning balance $ 581 $ 19 $ 19 $ — $ 5 $ 624 Cumulative effect of change in accounting principle 335 23 29 — (3 ) 384 Charge-offs — — — — — — Recoveries — — — — — — Net recoveries (charge-offs) — — — — — — Provision for (release of) credit losses 178 (2 ) (11 ) 4 (1 ) 168 Ending balance $ 1,094 $ 40 $ 37 $ 4 $ 1 $ 1,176 December 31, 2022 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Year ended: Beginning balance $ 675 $ 69 $ 25 $ 10 $ 779 Charge-offs — — — — — Recoveries 75 — — — 75 Net recoveries 75 — — — 75 Release of loan losses (169 ) (50 ) (6 ) (5 ) (230 ) Ending balance $ 581 $ 19 $ 19 $ 5 $ 624 The ACL on loans excludes $14,000 of allowance for off-balance sheet exposures as of December 31, 2023 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2022 Collectively evaluated Individually evaluated Total Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans (Dollars in thousands) December 31, 2022 1-4 family residential $ 512 $ 94,711 $ 69 $ 873 $ 581 $ 95,584 Multi-family 19 3,237 — — 19 3,237 Commercial 19 3,921 — — 19 3,921 Consumer 5 249 — — 5 249 Total $ 555 $ 102,118 $ 69 $ 873 $ 624 $ 102,991 As of December 31, 2023, one four December 31, 2023. no December 31, 2023. 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 tables present the credit risk profile of the Company's loan portfolio based on risk rating category and year of origination as of December 31, 2023 December 31, 2022. As of December 31, 2023 Term loans amortized cost basis by origination year 2023 2022 2021 Prior Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Total (Dollars in thousands) 1-4 family residential Pass $ 23,395 $ 18,950 $ 19,605 $ 47,517 $ 1,414 $ — $ 110,881 Special Mention — — — — — — — Substandard — — — 200 — — 200 Total 1-4 family residential 23,395 18,950 19,605 47,717 1,414 — 111,081 Current year-to-date gross write-offs — — — — — — — Multi-family Pass — — 239 2,872 — — 3,111 Special Mention — — — — — — — Substandard — — — — — — — Total multi-family — — 239 2,872 — — 3,111 Current year-to-date gross write-offs — — — — — — — Commercial Pass 186 — 100 3,399 150 — 3,835 Special Mention — — — — — — — Substandard — — — — — — — Total commercial 186 — 100 3,399 150 — 3,835 Current year-to-date gross write-offs — — — — — — — Construction Pass 2,508 — — — — — 2,508 Special Mention — — — — — — — Substandard — — — — — — — Total construction 2,508 — — — — — 2,508 Current year-to-date gross write-offs — — — — — — — Consumer Pass 122 95 28 3 — — 248 Special Mention — — — — — — — Substandard — — — — — — — Total consumer 122 95 28 3 — — 248 Current year-to-date gross write-offs — — — — — — — Total $ 26,211 $ 19,045 $ 19,972 $ 53,991 $ 1,564 $ — $ 120,783 Pass Special Mention Substandard Doubtful Total loans (Dollars in thousands) December 31, 2022 1-4 family residential $ 95,353 $ 43 $ 188 $ — $ 95,584 Multi-family 3,237 — — — 3,237 Commercial 3,921 — — — 3,921 Consumer 249 — — — 249 Total $ 102,760 $ 43 $ 188 $ — $ 102,991 The aging of the Bank’s loan portfolio as of December 31, 2023 2022, 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) December 31, 2023 1-4 family residential $ 131 $ — $ 200 $ 331 $ 110,750 $ 111,081 Multi-family — — — — 3,111 3,111 Commercial — — — — 3,835 3,835 Construction — — — — 2,508 2,508 Consumer — — — — 248 248 Total $ 131 $ — $ 200 $ 331 $ 120,452 $ 120,783 December 31, 2022 1-4 family residential $ 28 $ — $ 154 $ 182 $ 95,402 $ 95,584 Multi-family — — — — 3,237 3,237 Commercial — — — — 3,921 3,921 Consumer — — — — 249 249 Total $ 28 $ — $ 154 $ 182 $ 102,809 $ 102,991 The following table presents the amortized cost basis of loans on nonaccrual status recorded at December 31, 2023 2022. December 31, 2023 December 31, 2022 Nonaccrual with no Allowance for Credit Losses Nonaccrual Nonaccrual (Dollars in thousands) First mortgage loans 1-4 family residential $ 200 $ 200 $ 154 Multi-family — — — Commercial — — — Construction — — — Consumer loans — — — Total loans $ 200 $ 200 $ 154 Loans individually evaluated for impairment by class of loans as of December 31, 2022 Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized (Dollars in thousands) December 31, 2022 With no related allowance recorded 1-4 family residential $ 429 $ 635 $ — $ 442 $ 29 Multi-family — — — — — Commercial — — — — — Consumer — — — — — Total $ 429 $ 635 $ — $ 442 $ 29 With a related allowance recorded 1-4 family residential $ 444 $ 444 $ 69 $ 452 $ 21 Multi-family — — — — — Commercial — — — — — Consumer — — — — — Total $ 444 $ 444 $ 69 $ 452 $ 21 Total individually assessed as of December 31, 2022 $ 873 $ 1,079 $ 69 $ 894 $ 50 The recorded investment in loans excludes accrued interest receivable and loan origination fees, net, due to immateriality. For purposes of this disclosure, the unpaid principal balance is not The Bank may As of January 1, 2023, 2022 02, Financial Instruments - Credit Losses (Topic 326 1. December 31, 2023. December 31, 2022. |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5: The components of premises and equipment as of December 31, 2023 2022 , are as follows: 2023 2022 (Dollars in thousands) Land and improvements $ 2,940 $ 2,703 Building and improvements 7,012 6,768 Furniture and equipment 1,424 1,390 Total gross equipment 11,376 10,861 Less accumulated depreciation 6,091 5,826 Premises and equipment, net $ 5,285 $ 5,035 |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 6: There was no other real estate owned ("OREO") at December 31, 2023 2022. December 31, 2023 2022. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $64,000 as of December 31, 2023. December 31, 2022. |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7: As of December 31, 2023 , for years below ended December 31, Years Ended Amount (Dollars in thousands) 2024 $ 46,637 2025 10,080 2026 3,865 2027 1,696 2028 and beyond 4,977 Total $ 67,255 In the normal course of business, deposit accounts are held by directors and 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 December 31, 2023 2022 , total deposits held by directors and officers of the Company and the Bank were and , respectively. |
Note 8 - Other Borrowings
Note 8 - Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 8: During the year ended December 31, 2023, 24 June 20, 2025. Additionally, during the fourth 2023, November 2024. December 2023. no The following table shows certain information regarding our borrowings at or for the dates indicated: At or For the Year Ended December 31, 2023 2022 (Dollars in thousands) FHLB of Chicago advances and other borrowings: Average balance outstanding $ 3,461 $ 1,945 Maximum amount outstanding at any month-end during the period 15,000 5,000 Balance outstanding at end of period 5,000 — Average interest rate during the period 5.0 % 0.0 % Weighted average interest rate at end of period 4.8 % 0.0 % The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented. December 31, 2023 December 31, 2022 (Dollars in thousands) Outstanding advances $ 5,000 $ — Additional borrowing capacity 72,200 68,586 Total borrowing capacity $ 77,200 $ 68,586 The eligible borrowings are collateralized by million and million of first December 31, 2023 2022 , respectively. Additionally, at December 31, 2023 2022 December 31, 2023 2022. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9: Income tax expense for the years ended December 31, 2023 2022 , is summarized as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Current expense (benefit) Federal $ 9 $ (133 ) State — — Total current expense (benefit) 9 (133 ) Deferred (benefit) expense (1,150 ) 64 Change in valuation allowance 2,140 215 Total deferred expense 990 279 Total income tax expense $ 999 $ 146 The difference between the income tax expense shown on the statements of income and the amounts computed by applying the statutory federal income tax rate to income before income taxes is primarily due to tax-exempt income, the change in valuation allowance, and the adjustment of deferred taxes for enacted changes in tax laws. The provision for income taxes differs from that computed are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) (Loss) Income before income tax expense $ (2,958 ) $ 173 Tax benefit (expense) at statutory federal rate of 21 621 (36 ) State income tax benefit (expense), net of federal effect 222 (13 ) Tax-exempt security and loan income, net of TEFRA adjustments 77 83 BOLI 40 37 Change in valuation allowance (2,140 ) (150 ) Other 181 (67 ) Total income tax expense $ (999 ) $ (146 ) Effective tax rate (33.8 )% (84.4 )% The tax effects of existing temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 2022 , are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Deferred tax assets Allowance for credit losses $ 339 $ 178 Deferred compensation 556 481 Retirement plans 181 55 Premises held for sale impairment 101 101 Unrealized loss on securities available-for-sale 3,279 4,435 Federal net operating loss carryforwards 1,042 358 Other 15 38 State net operating loss carryforwards 532 371 Gross deferred tax assets 6,045 6,017 Valuation allowance (2,661 ) (521 ) Net deferred tax assets 3,384 5,496 Deferred tax liabilities FHLB stock dividends (101 ) (101 ) Accumulated depreciation (4 ) (80 ) Deferred tax liabilities (105 ) (181 ) Net deferred tax asset $ 3,279 $ 5,315 The Bank does not twelve December 31, 2023 2022 are $5.0 million, and $1.7 million, respectively. A portion of the Federal NOL, related to charitable contributions, totaling $1.3 million, as of December 31, 2023, 2027. not 2023, four December 31, 2023. On the basis of this evaluation, as of December 31, 2023, not NOL carryforwards for state income tax purposes were approximately $5.6 million and $3.9 million at December 31, 2023 2022 , respectively, and will begin expiring in 2024. There were no uncertain tax positions outstanding as of December 31, 2023 2022 . As of December 31, 2023 , tax years remaining open for State of Illinois and Wisconsin were 2019 2022. 2020 2022. December 31, 2023 , there were also no unrecognized tax benefits that are expected to significantly increase or decrease within the next twelve |
Note 10 - Capital Ratios
Note 10 - Capital Ratios | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 10: 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 of total and Tier I capital to risk-weighted assets, common equity Tier 1 December 31, 2023 , the most recent notification from the regulators categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no On November 13, 2019, January 1, 2020. 1 9% two 100 not first 2020. December 31, 2023 , that the Bank met all capital adequacy requirements to which it was subject. The Bank’s actual capital amounts and ratios as of December 31, 2023 2022 , are presented below: Actual Minimum Required to be Well-Capitalized (1) Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Tier 1 capital (to Average Assets) $ 63,258 24.72 % $ 23,031 >9% As of December 31, 2022 Tier 1 capital (to Average Assets) $ 65,634 24.81 % $ 23,809 >9% ( 1 The Company's principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that the Bank may may two |
Note 11 - Benefit Plans
Note 11 - Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Defined Benefit Plan [Text Block] | Note 11: Management implemented a 401 2007. first for 2023 for 2022 . As part of the conversion, North Shore Trust and Savings established the Employee Stock Ownership Plan ("ESOP") for its employees. Shares of the ESOP will be released and allocated to employees based on the ratio of each such participant's compensation. Refer to Note 12 The Bank sponsors a noncontributory Profit-Sharing Plan covering all employees who have worked more than 1,000 2023 2022 |
Note 12 - Stock Based Compensat
Note 12 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 12: ESOP In connection with the Bank’s mutual to stock conversion in January 2022, twenty-five may not five ESOP compensation represents the average fair market value of the shares of Company common stock allocated or committed to be released as of that date. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends, if any, on allocated shares are recorded as a reduction of retained earnings and dividends, if any, on unallocated shares are recorded as a reduction of the debt service. The ESOP compensation expense for the year ended December 31, 2023 2022 Shares held by the ESOP were as follows: As of December 31, 2023 2022 (Dollars in thousands) Shares allocated 43,624 22,009 Unallocated 388,212 409,827 Total ESOP shares 431,836 431,836 Fair value of unearned shares as of December 31, 2023 and December 31, 2022 respectively $ 3,692 $ 4,152 Equity Incentive Plan At the Company's annual meeting of stockholders held on May 24, 2023, 2023 “2023 2023 Stock options granted under the 2023 five ten June 2023, 2023 December 31, 2023, 2023 The fair value of stock options granted is estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years, risk-free rate of 3.82%, volatility of 29.0% and a dividend yield of 0.0%. Due to the limited historical information of the Company’s stock, management considered the weighted historical volatility of the common stock of the Company and other similar entities for an appropriate period in determining the volatility rate used in the estimation of fair value. The expected life of the stock option was estimated using the simplified method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to first December 31, 2023 The following is a summary of the Company's stock option activity and related information for the periods presented. There was no December 31, 2022. Stock Option Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options, outstanding January 1, 2023 — $ — $ — Granted 465,500 9.36 Vested (23,000 ) 9.36 Forfeited — — Options, outstanding December 31, 2023 442,500 $ 9.36 $ 66 Exercisable - End of Period 23,000 $ 9.36 $ 3 ( 1 Expected future expense relating to the non-vested options outstanding as of December 31, 2023 December 31, 2023, Restricted shares granted under the 2023 five 2023 On June 15, 2023, 2023 five one December 31, 2023, 2023 The following is a summary of the status of the Company's restricted shares as of December 31, 2023 Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested balance as of December 31, 2022 — $ — Granted 187,200 9.36 Vested (9,200 ) 9.36 Forfeited — — Nonvested balance as of December 31, 2023 178,000 $ 9.36 Expected future expense related to the non-vested restricted shares outstanding as of period end is $1.5 million over a weighted average period of 4.5 years. The following table presents the stock based compensation expense for the periods presented. Year Ended December 31, 2023 2022 (Dollars in thousands) Stock option expense $ 252 $ — Restricted stock expense 267 — Total stock based compensation expense $ 519 $ — For the year ended December 31, 2023, fourth December 31, 2023. December 31, 2023. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13: 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 December 31, 2023 2022 , unused lines of credit and outstanding commitments to originate loans were as follows: 2023 2022 (Dollars in thousands) Unused line of credit $ 4,050 $ 2,872 Commitments to originate loans 3,770 793 Total commitments $ 7,820 $ 3,665 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 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 14: 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 December 31, 2023 2022 . 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 Individually Evaluated (Nonrecurring) Individually evaluated (formerly, 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 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 December 31, 2023 2022 : Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2023 Securities Available-for-sale U.S. Treasuries $ 2,973 $ 2,973 $ — $ — U.S. government agency obligations 9,106 — 9,106 — Municipal obligations 13,570 — 13,570 — Mortgage-backed residential obligations 30,351 — 30,351 — Collateralized mortgage obligations 26,135 — 26,135 — Total $ 82,135 $ 2,973 $ 79,162 $ — December 31, 2022 Securities Available-for-sale U.S. Treasuries $ 7,288 $ 7,288 $ — $ — U.S. government agency obligations 21,390 — 21,390 — Municipal obligations 19,637 — 19,637 — Mortgage-backed residential obligations 35,738 — 35,738 — Collateralized mortgage obligations 37,152 — 37,152 — Total $ 121,205 $ 7,288 $ 113,917 $ — The Bank may no December 31, 2023 3 December 31, 2023 2022 , were as follows: Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Gain/(Loss) (Dollars in thousands) December 31, 2022 Impaired loans $ 375 — — 375 $ — The numerical range of unobservable inputs for the valuation assumptions used in calculating the amounts disclosed above is not |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 15: Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 14 Fair value estimates, methods and assumptions for the Company’s financial instruments that are not Loans, net: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. Estimated fair value of loans is determined using a discounted cash flow model that employs an exit discount rate that reflects the current market pricing for loans with similar characteristics and remaining maturity, adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. Interest-bearing deposits: The fair value of interest-bearing deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates for currently offered deposits of similar remaining maturities. Other borrowings: The fair value of borrowings is based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. 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) December 31, 2023 Financial assets: Loans, net $ 120,623 $ — $ — $ 110,288 $ 110,288 Loans held for sale 380 — 387 — 387 Financial liabilities: Interest-bearing deposits 156,402 — 156,092 — 156,092 Other borrowings 5,000 — 4,990 — 4,990 December 31, 2022 Financial assets: Loans, net $ 103,359 $ — $ — $ 94,779 $ 94,779 Financial liabilities: Interest-bearing deposits 165,737 — 165,535 — 165,535 |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 16: 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 twelve December 31, 2023 and 2022, not not Year Ended December 31, 2023 2022 Net (loss) income applicable to common shares $ (3,957 ) $ 27 Average number of common shares outstanding 5,404,371 5,131,758 Less: Average unallocated ESOP shares 399,873 402,522 Average number of common shares outstanding used to calculate basic earnings per common share 5,004,498 4,729,236 (Loss) Earnings per common share basic and diluted $ (0.79 ) $ 0.01 All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. |
Note 17 - Condensed Parent Only
Note 17 - Condensed Parent Only Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 17: The Parent Company’s condensed balance sheet and related condensed statements of operations and cash flows are as follows. NSTS BANCORP, INC. Condensed Balance Sheets Year ended December 31, 2023 2022 (Dollars in thousands) Assets: Cash $ 18,634 $ 22,194 Investment in subsidiary 55,035 54,510 Loan to ESOP 3,973 4,145 Other assets 7 104 Total assets $ 77,649 $ 80,953 Liabilities: Accrued expense and other liabilities $ 104 $ 411 Total liabilities 104 411 Stockholders' equity Common Stock 56 54 Treasury Stock (2,381 ) — Additional paid-in capital 50,920 50,420 Retained earnings 41,055 45,291 Unallocated common shares held by ESOP (3,882 ) (4,098 ) Accumulated other comprehensive loss, net (8,223 ) (11,125 ) Total stockholders' equity 77,545 80,542 Total liabilities and stockholders’ equity $ 77,649 $ 80,953 NSTS BANCORP, INC. Condensed Statements of Operations Year ended December 31, 2023 2022 (Dollars in thousands) Income: Interest income $ 135 $ 140 Total income 135 140 Expense: Noninterest expense $ 1,180 $ 425 Total expense 1,180 425 Losses before income tax expense (benefit) and equity in undistributed (losses) earnings of subsidiary $ (1,045 ) $ (285 ) Income tax expense (benefit) 96 (91 ) Losses before equity in undistributed (losses) earnings of subsidiary $ (1,141 ) $ (194 ) Equity in undistributed (losses) earnings of subsidiary (2,816 ) 221 Net (loss) income $ (3,957 ) $ 27 NSTS BANCORP, INC. Condensed Statements of Cash Flows Year ended December 31, 2023 2022 (Dollars in thousands) Cash flows from operating activities: Net (loss) income $ (3,957 ) $ 27 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Net change in other assets 97 651 Net change in accrued expenses and other liabilities (307 ) 411 Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation — 1,009 Equity in undistributed losses (earnings) of subsidiary 2,816 (221 ) Net cash (used in) provided by operating activities (1,351 ) 1,877 Cash flows from investing activities: Principal payments on loan to ESOP $ 172 $ 174 Net cash provided by investing activities 172 174 Cash flows from financing activities: Net proceeds from issuance of common shares — 49,440 Loan to ESOP — (4,319 ) Proceeds from conversion transferred to subsidiary — (25,225 ) Purchase of treasury shares (2,381 ) — Net cash (used in ) provided by financing activities (2,381 ) 19,896 Net change in cash (3,560 ) 21,947 Cash at beginning of period 22,194 247 Cash at end of period $ 18,634 $ 22,194 |
Note 18 - Changes in Accounting
Note 18 - Changes in Accounting Principles | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 18: Accounting for Financial Instruments Credit Losses In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 We adopted ASU 2016 13 January 1, 2023. January 1, 2023 2016 13, 2016 13. The following table illustrates the impact of ASU 2016 13 Allowance for credit losses as reported under ASU 2016-13 Allowance pre-ASU 2016-13 Adoption Impact on Allowance of ASU 2016-13 Adoption Assets: (Dollars in thousands) First mortgage loans 1-4 family residential $ 916 $ 581 $ 335 Multi-family 42 19 23 Commercial 48 19 29 Consumer loans 2 5 (3 ) Allowance for credit losses for all loans $ 1,008 $ 624 $ 384 Liabilities: Allowance for credit losses on off-balance sheet exposures $ 5 $ — $ 5 In March 2022, 2022 02, Financial Instruments-Credit Losses (Topic 326 Vintage Disclosures . 310 40, Receivables Troubled Debt Restructurings by Creditors 326 20, Financial Instruments Credit Losses Measured at Amortized Cost December 15, 2022, may As of January 1, 2023, No. 2022 02, |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 19: Management evaluated subsequent events through March 28, 2024 , the date the financial statements were issued. Management does not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations NSTS Bancorp, Inc. 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, from the mutual to 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 one four no one All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year financial statements have been reclassified to conform to the 2023 presentation. |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit March 27, 2020 June 30, 2021 September 30, 2021 second 2022, 2021. 2023, June 30, 2021. September 30, 2021, not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management 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 The determination of the adequacy of the allowance for credit losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. The Bank’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may may Additional material estimates that are particularly susceptible to significant change in the near term include the determination of the valuation allowance on deferred tax assets and the valuation of investment securities. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income includes net income (losses) and other changes in net worth which bypass the statement of operations. For all periods presented, other comprehensive income includes only one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash on hand and amounts due from banks, including cash items in process of clearing. |
Time Deposits With Other Financial Institutions [Policy Text Block] | Time Deposits with Other Financial Institutions Time deposits with other financial institutions are carried at cost and generally mature within the next two |
Investment, Policy [Policy Text Block] | Investment Securities Securities are classified as available-for-sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Discounts are accreted into interest income over the estimated life of the related security and premiums are amortized against income over the earlier of the call date or weighted average life of the related security using the level yield method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Securities available-for-sale are securities that are intended to be held for indefinite periods of time, but which may not may may For available-for-sale debt securities in an unrealized loss position, the Company first not December 31, 2023, not In evaluating securities available-for sale for potential impairment, the Company considers many factors, including the financial condition and near-term prospects of the issuer, which for debt securities considers external credit ratings and recent downgrades; and its ability and intent to hold the security for a period of time sufficient for a recovery in value. The Company also considers the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). Prior to the adoption of ASU No. 2016 13 January 1, 2023, |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock The Bank, as a member of the Federal Home Loan Bank (FHLB) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no at December 31, 2023 2022 |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or market value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains or losses are recognized through earnings. |
Financing Receivable, Held-for-Investment [Policy Text Block] | Loans The Bank’s loan portfolio includes segments for mortgage loans and consumer loans. Mortgage loans include classes for one four Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge offs, the allowance for credit losses on loans, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to the related loan yield using the interest method, adjusted for prepayments. The accrual of interest on all loans is discontinued at the time the loan is 90 not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses (“ACL”) is an estimate of the expected credit losses on the loans held for investment, unfunded loan commitments, and available-for-sale debt securities portfolios. Allowance for Credit Losses on Loans The ACL is calculated according to GAAP standards and is maintained by management at a level believed adequate to absorb estimated credit losses that are expected to occur within the existing loan portfolio through their contractual terms. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on loans. Determination of the ACL is inherently subjective in nature since it requires significant estimates and management judgment, and includes a level of imprecision given the difficulty of identifying and assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the ultimate adequacy of the ACL is dependent upon a variety of factors beyond the Company’s direct control, including, but not The ACL methodology consists of measuring loans on a collective (pool) basis when similar risk characteristics exist. The Company has identified five one four The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Mortgage Loans 1 4 first not not Although terms for commercial real estate and multi-family residential loans vary, our underwriting standards generally allow for terms not not one four Construction lending is generally originated with a loan-to-value ratio, based on the estimated cost to construct, less than or equal to 80%. Additionally, the construction loan terms generally include interest only payments for the first 18 Consumer Loans The qualitative factors applied to each loan portfolio consist of the impact of other internal and external qualitative and credit market factors as assessed by management through a detailed loan review, ACL analysis and credit discussions. These internal and external qualitative and credit market factors include: ● changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs and recovery practices; ● changes in international, national, regionally and local conditions; ● changes in the experience, depth and ability of lending management; ● changes in the volume and severity of past due loans and other similar loan conditions; ● changes in the nature and volume of the loan portfolio and terms of loans; ● the existence and effect of any concentrations of credit and changes in the levels of such concentrations; ● effects of other external factors, such as competition, legal or regulatory factors, on the level of estimated credit losses; ● changes in the quality of our loan review functions; and ● changes in the value of underlying collateral for collateral dependent loans. The impact of the above listed internal and external qualitative and credit market risk factors is assessed within predetermined ranges to adjust the ACL totals calculated. In addition to the pooled analysis performed for the majority of our loan and commitment balances, we also review those loans that have collateral dependency or nonperforming status which requires a specific review of that loan, per our individually analyzed CECL calculations. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed, while recoveries of amounts previously charged-off are credited to the ACL. Approved releases from previously established ACL reserves authorized under our ACL methodology also reduce the ACL. Additions to the ACL are established through the provision for credit losses on loans, which is charged to expense. The Company’s ACL methodology is intended to reflect all loan portfolio risk, but management recognizes the inability to accurately depict all future credit losses in a current ACL estimate, as the impact of various factors cannot be fully known. Accrued interest receivable on loans, totaling $392,000 as of December 31, 2023, Allowance for Credit Losses on Unfunded Loan Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk by a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL related to off-balance sheet credit exposures, which is within other liabilities on the Company’s Consolidated Balance Sheet, is estimated at each balance sheet date under the CECL model, and is adjusted as determined necessary through the provision for credit losses on the statement of operations. The estimate for ACL on unfunded loan commitments includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Prior to the implementation of ASU No. 2016 13 January 1, 2023, 310 450. 310, The allowance for loan losses (the “allowance”) is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general and allocated components, as further described below. General Component first Allocated Component not may |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is stated at cost. Property, improvements, and equipment are stated at cost less accumulated depreciation. Depreciation is determined under the straight-line method over the following estimated useful lives of assets: Years Land improvements 3 - 10 Office building and improvements 10 - 40 Furniture and equipment 3 - 10 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred taxes are recognized using the asset/liability method. Deferred tax assets are recognized for deductible temporary differences, operating loss and tax credit carryforwards; deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the financial statement amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% Interest and penalties associated with unrecognized tax benefits, if any, are classified as additional income taxes in the statement of operations. Bank management believes that the Bank maintains no uncertain tax positions for tax reporting purposes and accordingly, no The Bank is subject to U.S. federal income tax as well as income tax of the States of Illinois and Wisconsin. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned Property acquired in satisfaction of debt or through foreclosure is carried at the lower of cost or market value less estimated costs to sell. At foreclosure, if the fair value of the property acquired is less than the recorded investment in the related loan, a reduction in the carrying amount of the loan is recognized with a charge to the allowance for credit losses. The cost of carrying the assets subsequent to foreclosure and any decrease in the market value occurring after that date are charged to operating expenses as incurred. |
Bank-owned Life Insurance, Policy [Policy Text Block] | Bank-owned Life Insurance The Bank purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at the amount estimated to be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due which are probable at settlement. |
Service Charges On Deposits [Policy Text Block] | Service Charges on Deposits Service charges on deposits represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue, or some other individual attribute-based revenue. Revenue is recognized when the Bank’s performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time performance obligations are satisfied. |
Dividends Restrictions [Policy Text Block] | Dividend Restrictions Banking regulations require maintaining certain capital levels and may |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Bank, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Bank does not |
Share-Based Payment Arrangement [Policy Text Block] | Stock Based Compensation The Company maintains an equity incentive plan under which restricted stock and stock options may 12. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, not The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company’s accounting policy is to recognize forfeitures as they occur. Forfeited shares are added back to the pool of shares available for future grants. |
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 Balance Sheets. 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. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Consolidated Balance Sheets. Treasury stock issued is valued based on the “last in, first |
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 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment Useful Life [Table Text Block] | Years Land improvements 3 - 10 Office building and improvements 10 - 40 Furniture and equipment 3 - 10 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 U.S. Treasuries U.S. government agency obligations Municipal obligations Mortgage-backed residential obligations Collateralized mortgage obligations Total available-for-sale (Dollars in thousands) 1 year or less $ 2,973 $ — $ 1,292 $ — $ — $ 4,265 1 to 5 years — 4,769 1,461 8,976 12,919 28,125 5 to 10 years — 4,337 882 19,777 9,756 34,752 After 10 years — — 9,935 1,598 3,460 14,993 Fair value $ 2,973 $ 9,106 $ 13,570 $ 30,351 $ 26,135 $ 82,135 Gross unrealized gains — — 1 — — 1 Gross unrealized losses (22 ) (1,128 ) (1,882 ) (4,533 ) (3,938 ) (11,503 ) Amortized cost $ 2,995 $ 10,234 $ 15,451 $ 34,884 $ 30,073 $ 93,637 December 31, 2022 U.S. Treasuries U.S. government agency obligations Municipal obligations Mortgage-backed residential obligations Collateralized mortgage obligations Total available-for-sale (Dollars in thousands) 1 year or less $ 2,433 $ 1,007 $ 528 $ — $ — $ 3,968 1 to 5 years 4,855 11,511 5,394 20,033 22,809 64,602 5 to 10 years — 8,872 2,655 15,046 11,848 38,421 After 10 years — — 11,060 659 2,495 14,214 Fair value $ 7,288 $ 21,390 $ 19,637 $ 35,738 $ 37,152 $ 121,205 Gross unrealized gains — — 6 — — 6 Gross unrealized losses (155 ) (1,870 ) (2,972 ) (5,464 ) (5,105 ) (15,566 ) Amortized cost $ 7,443 $ 23,260 $ 22,603 $ 41,202 $ 42,257 $ 136,765 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses (Dollars in thousands) U.S. Treasuries $ — $ — $ 2,973 $ 22 $ 2,973 $ 22 U.S. government agency obligations — — 9,106 1,128 9,106 1,128 Municipal obligations 279 1 12,796 1,881 13,075 1,882 Mortgage-backed residential obligations — — 30,351 4,533 30,351 4,533 Collateralized mortgage obligations — — 26,135 3,938 26,135 3,938 Total $ 279 $ 1 $ 81,361 $ 11,502 $ 81,640 $ 11,503 December 31, 2022 U.S. Treasuries $ 7,288 $ 155 $ — $ — $ 7,288 $ 155 U.S. government agency obligations 17,274 1,296 4,116 574 21,390 1,870 Municipal obligations 16,823 2,349 2,037 623 18,860 2,972 Mortgage-backed residential obligations 14,365 1,618 21,373 3,846 35,738 5,464 Collateralized mortgage obligations 21,449 2,014 15,703 3,091 37,152 5,105 Total $ 77,199 $ 7,432 $ 43,229 $ 8,134 $ 120,428 $ 15,566 |
Schedule of Realized Gain (Loss) [Table Text Block] | At December 31, 2023 2022 (Dollars in thousands) Sales of securities available for sale $ 28,509 $ — Gross gain realized on the sale of securities available for sale — — Gross loss realized on the sale of securities available for sale (1,794 ) — |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 December 31, 2022 (Dollars in thousands) First mortgage loans 1-4 family residential $ 111,081 $ 95,584 Multi-family 3,111 3,237 Commercial 3,835 3,921 Construction 2,508 — Total first mortgage loans 120,535 102,742 Consumer loans 248 249 Total loans 120,783 102,991 Net deferred loan costs 1,016 992 Allowance for credit losses on loans (1,176 ) (624 ) Total loans, net $ 120,623 $ 103,359 |
Note 4 - Allowance for Loan L_2
Note 4 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2023 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Year ended: Beginning balance $ 581 $ 19 $ 19 $ — $ 5 $ 624 Cumulative effect of change in accounting principle 335 23 29 — (3 ) 384 Charge-offs — — — — — — Recoveries — — — — — — Net recoveries (charge-offs) — — — — — — Provision for (release of) credit losses 178 (2 ) (11 ) 4 (1 ) 168 Ending balance $ 1,094 $ 40 $ 37 $ 4 $ 1 $ 1,176 December 31, 2022 1-4 family residential Multi-family Commercial Consumer Total (Dollars in thousands) Year ended: Beginning balance $ 675 $ 69 $ 25 $ 10 $ 779 Charge-offs — — — — — Recoveries 75 — — — 75 Net recoveries 75 — — — 75 Release of loan losses (169 ) (50 ) (6 ) (5 ) (230 ) Ending balance $ 581 $ 19 $ 19 $ 5 $ 624 Collectively evaluated Individually evaluated Total Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans (Dollars in thousands) December 31, 2022 1-4 family residential $ 512 $ 94,711 $ 69 $ 873 $ 581 $ 95,584 Multi-family 19 3,237 — — 19 3,237 Commercial 19 3,921 — — 19 3,921 Consumer 5 249 — — 5 249 Total $ 555 $ 102,118 $ 69 $ 873 $ 624 $ 102,991 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2023 Term loans amortized cost basis by origination year 2023 2022 2021 Prior Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Total (Dollars in thousands) 1-4 family residential Pass $ 23,395 $ 18,950 $ 19,605 $ 47,517 $ 1,414 $ — $ 110,881 Special Mention — — — — — — — Substandard — — — 200 — — 200 Total 1-4 family residential 23,395 18,950 19,605 47,717 1,414 — 111,081 Current year-to-date gross write-offs — — — — — — — Multi-family Pass — — 239 2,872 — — 3,111 Special Mention — — — — — — — Substandard — — — — — — — Total multi-family — — 239 2,872 — — 3,111 Current year-to-date gross write-offs — — — — — — — Commercial Pass 186 — 100 3,399 150 — 3,835 Special Mention — — — — — — — Substandard — — — — — — — Total commercial 186 — 100 3,399 150 — 3,835 Current year-to-date gross write-offs — — — — — — — Construction Pass 2,508 — — — — — 2,508 Special Mention — — — — — — — Substandard — — — — — — — Total construction 2,508 — — — — — 2,508 Current year-to-date gross write-offs — — — — — — — Consumer Pass 122 95 28 3 — — 248 Special Mention — — — — — — — Substandard — — — — — — — Total consumer 122 95 28 3 — — 248 Current year-to-date gross write-offs — — — — — — — Total $ 26,211 $ 19,045 $ 19,972 $ 53,991 $ 1,564 $ — $ 120,783 Pass Special Mention Substandard Doubtful Total loans (Dollars in thousands) December 31, 2022 1-4 family residential $ 95,353 $ 43 $ 188 $ — $ 95,584 Multi-family 3,237 — — — 3,237 Commercial 3,921 — — — 3,921 Consumer 249 — — — 249 Total $ 102,760 $ 43 $ 188 $ — $ 102,991 |
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) December 31, 2023 1-4 family residential $ 131 $ — $ 200 $ 331 $ 110,750 $ 111,081 Multi-family — — — — 3,111 3,111 Commercial — — — — 3,835 3,835 Construction — — — — 2,508 2,508 Consumer — — — — 248 248 Total $ 131 $ — $ 200 $ 331 $ 120,452 $ 120,783 December 31, 2022 1-4 family residential $ 28 $ — $ 154 $ 182 $ 95,402 $ 95,584 Multi-family — — — — 3,237 3,237 Commercial — — — — 3,921 3,921 Consumer — — — — 249 249 Total $ 28 $ — $ 154 $ 182 $ 102,809 $ 102,991 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2023 December 31, 2022 Nonaccrual with no Allowance for Credit Losses Nonaccrual Nonaccrual (Dollars in thousands) First mortgage loans 1-4 family residential $ 200 $ 200 $ 154 Multi-family — — — Commercial — — — Construction — — — Consumer loans — — — Total loans $ 200 $ 200 $ 154 |
Impaired Financing Receivables [Table Text Block] | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized (Dollars in thousands) December 31, 2022 With no related allowance recorded 1-4 family residential $ 429 $ 635 $ — $ 442 $ 29 Multi-family — — — — — Commercial — — — — — Consumer — — — — — Total $ 429 $ 635 $ — $ 442 $ 29 With a related allowance recorded 1-4 family residential $ 444 $ 444 $ 69 $ 452 $ 21 Multi-family — — — — — Commercial — — — — — Consumer — — — — — Total $ 444 $ 444 $ 69 $ 452 $ 21 Total individually assessed as of December 31, 2022 $ 873 $ 1,079 $ 69 $ 894 $ 50 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 (Dollars in thousands) Land and improvements $ 2,940 $ 2,703 Building and improvements 7,012 6,768 Furniture and equipment 1,424 1,390 Total gross equipment 11,376 10,861 Less accumulated depreciation 6,091 5,826 Premises and equipment, net $ 5,285 $ 5,035 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | Years Ended Amount (Dollars in thousands) 2024 $ 46,637 2025 10,080 2026 3,865 2027 1,696 2028 and beyond 4,977 Total $ 67,255 |
Note 8 - Other Borrowings (Tabl
Note 8 - Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | At or For the Year Ended December 31, 2023 2022 (Dollars in thousands) FHLB of Chicago advances and other borrowings: Average balance outstanding $ 3,461 $ 1,945 Maximum amount outstanding at any month-end during the period 15,000 5,000 Balance outstanding at end of period 5,000 — Average interest rate during the period 5.0 % 0.0 % Weighted average interest rate at end of period 4.8 % 0.0 % December 31, 2023 December 31, 2022 (Dollars in thousands) Outstanding advances $ 5,000 $ — Additional borrowing capacity 72,200 68,586 Total borrowing capacity $ 77,200 $ 68,586 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) Current expense (benefit) Federal $ 9 $ (133 ) State — — Total current expense (benefit) 9 (133 ) Deferred (benefit) expense (1,150 ) 64 Change in valuation allowance 2,140 215 Total deferred expense 990 279 Total income tax expense $ 999 $ 146 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) (Loss) Income before income tax expense $ (2,958 ) $ 173 Tax benefit (expense) at statutory federal rate of 21 621 (36 ) State income tax benefit (expense), net of federal effect 222 (13 ) Tax-exempt security and loan income, net of TEFRA adjustments 77 83 BOLI 40 37 Change in valuation allowance (2,140 ) (150 ) Other 181 (67 ) Total income tax expense $ (999 ) $ (146 ) Effective tax rate (33.8 )% (84.4 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) Deferred tax assets Allowance for credit losses $ 339 $ 178 Deferred compensation 556 481 Retirement plans 181 55 Premises held for sale impairment 101 101 Unrealized loss on securities available-for-sale 3,279 4,435 Federal net operating loss carryforwards 1,042 358 Other 15 38 State net operating loss carryforwards 532 371 Gross deferred tax assets 6,045 6,017 Valuation allowance (2,661 ) (521 ) Net deferred tax assets 3,384 5,496 Deferred tax liabilities FHLB stock dividends (101 ) (101 ) Accumulated depreciation (4 ) (80 ) Deferred tax liabilities (105 ) (181 ) Net deferred tax asset $ 3,279 $ 5,315 |
Note 10 - Capital Ratios (Table
Note 10 - Capital Ratios (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Required to be Well-Capitalized (1) Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Tier 1 capital (to Average Assets) $ 63,258 24.72 % $ 23,031 >9% As of December 31, 2022 Tier 1 capital (to Average Assets) $ 65,634 24.81 % $ 23,809 >9% |
Note 12 - Stock Based Compens_2
Note 12 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | As of December 31, 2023 2022 (Dollars in thousands) Shares allocated 43,624 22,009 Unallocated 388,212 409,827 Total ESOP shares 431,836 431,836 Fair value of unearned shares as of December 31, 2023 and December 31, 2022 respectively $ 3,692 $ 4,152 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options, outstanding January 1, 2023 — $ — $ — Granted 465,500 9.36 Vested (23,000 ) 9.36 Forfeited — — Options, outstanding December 31, 2023 442,500 $ 9.36 $ 66 Exercisable - End of Period 23,000 $ 9.36 $ 3 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested balance as of December 31, 2022 — $ — Granted 187,200 9.36 Vested (9,200 ) 9.36 Forfeited — — Nonvested balance as of December 31, 2023 178,000 $ 9.36 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) Stock option expense $ 252 $ — Restricted stock expense 267 — Total stock based compensation expense $ 519 $ — |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Commitments [Table Text Block] | 2023 2022 (Dollars in thousands) Unused line of credit $ 4,050 $ 2,872 Commitments to originate loans 3,770 793 Total commitments $ 7,820 $ 3,665 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) December 31, 2023 Securities Available-for-sale U.S. Treasuries $ 2,973 $ 2,973 $ — $ — U.S. government agency obligations 9,106 — 9,106 — Municipal obligations 13,570 — 13,570 — Mortgage-backed residential obligations 30,351 — 30,351 — Collateralized mortgage obligations 26,135 — 26,135 — Total $ 82,135 $ 2,973 $ 79,162 $ — December 31, 2022 Securities Available-for-sale U.S. Treasuries $ 7,288 $ 7,288 $ — $ — U.S. government agency obligations 21,390 — 21,390 — Municipal obligations 19,637 — 19,637 — Mortgage-backed residential obligations 35,738 — 35,738 — Collateralized mortgage obligations 37,152 — 37,152 — Total $ 121,205 $ 7,288 $ 113,917 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Gain/(Loss) (Dollars in thousands) December 31, 2022 Impaired loans $ 375 — — 375 $ — |
Note 15 - Fair Value of Finan_2
Note 15 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) December 31, 2023 Financial assets: Loans, net $ 120,623 $ — $ — $ 110,288 $ 110,288 Loans held for sale 380 — 387 — 387 Financial liabilities: Interest-bearing deposits 156,402 — 156,092 — 156,092 Other borrowings 5,000 — 4,990 — 4,990 December 31, 2022 Financial assets: Loans, net $ 103,359 $ — $ — $ 94,779 $ 94,779 Financial liabilities: Interest-bearing deposits 165,737 — 165,535 — 165,535 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 Net (loss) income applicable to common shares $ (3,957 ) $ 27 Average number of common shares outstanding 5,404,371 5,131,758 Less: Average unallocated ESOP shares 399,873 402,522 Average number of common shares outstanding used to calculate basic earnings per common share 5,004,498 4,729,236 (Loss) Earnings per common share basic and diluted $ (0.79 ) $ 0.01 |
Note 17 - Condensed Parent On_2
Note 17 - Condensed Parent Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Year ended December 31, 2023 2022 (Dollars in thousands) Assets: Cash $ 18,634 $ 22,194 Investment in subsidiary 55,035 54,510 Loan to ESOP 3,973 4,145 Other assets 7 104 Total assets $ 77,649 $ 80,953 Liabilities: Accrued expense and other liabilities $ 104 $ 411 Total liabilities 104 411 Stockholders' equity Common Stock 56 54 Treasury Stock (2,381 ) — Additional paid-in capital 50,920 50,420 Retained earnings 41,055 45,291 Unallocated common shares held by ESOP (3,882 ) (4,098 ) Accumulated other comprehensive loss, net (8,223 ) (11,125 ) Total stockholders' equity 77,545 80,542 Total liabilities and stockholders’ equity $ 77,649 $ 80,953 |
Condensed Income Statement [Table Text Block] | Year ended December 31, 2023 2022 (Dollars in thousands) Income: Interest income $ 135 $ 140 Total income 135 140 Expense: Noninterest expense $ 1,180 $ 425 Total expense 1,180 425 Losses before income tax expense (benefit) and equity in undistributed (losses) earnings of subsidiary $ (1,045 ) $ (285 ) Income tax expense (benefit) 96 (91 ) Losses before equity in undistributed (losses) earnings of subsidiary $ (1,141 ) $ (194 ) Equity in undistributed (losses) earnings of subsidiary (2,816 ) 221 Net (loss) income $ (3,957 ) $ 27 |
Condensed Cash Flow Statement [Table Text Block] | Year ended December 31, 2023 2022 (Dollars in thousands) Cash flows from operating activities: Net (loss) income $ (3,957 ) $ 27 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Net change in other assets 97 651 Net change in accrued expenses and other liabilities (307 ) 411 Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation — 1,009 Equity in undistributed losses (earnings) of subsidiary 2,816 (221 ) Net cash (used in) provided by operating activities (1,351 ) 1,877 Cash flows from investing activities: Principal payments on loan to ESOP $ 172 $ 174 Net cash provided by investing activities 172 174 Cash flows from financing activities: Net proceeds from issuance of common shares — 49,440 Loan to ESOP — (4,319 ) Proceeds from conversion transferred to subsidiary — (25,225 ) Purchase of treasury shares (2,381 ) — Net cash (used in ) provided by financing activities (2,381 ) 19,896 Net change in cash (3,560 ) 21,947 Cash at beginning of period 22,194 247 Cash at end of period $ 18,634 $ 22,194 |
Note 18 - Changes in Accounti_2
Note 18 - Changes in Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Allowance for credit losses as reported under ASU 2016-13 Allowance pre-ASU 2016-13 Adoption Impact on Allowance of ASU 2016-13 Adoption Assets: (Dollars in thousands) First mortgage loans 1-4 family residential $ 916 $ 581 $ 335 Multi-family 42 19 23 Commercial 48 19 29 Consumer loans 2 5 (3 ) Allowance for credit losses for all loans $ 1,008 $ 624 $ 384 Liabilities: Allowance for credit losses on off-balance sheet exposures $ 5 $ — $ 5 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jan. 18, 2022 | Mar. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Proceeds from Issuance of Common Stock | $ 0 | $ 49,440,000 | ||||
Percentage of Qualified Wages, Tax Credit | 70% | 70% | ||||
Qualified Wages per Employee | $ 10,000 | $ 10,000 | ||||
Proceeds from Employee Retention Tax Credit Receivable | $ 259,000 | |||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 351,000 | 351,000 | ||||
Federal Home Loan Bank Stock | 550,000 | 550,000 | 550,000 | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 392,000 | 392,000 | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 | |||
One To Four Family Residential [Member] | First Mortgage Loans [Member] | ||||||
Financing Receivable, Minimum Percentage of Loan-to-value Ratio, Requires Mortgage Insurance | 80% | 80% | ||||
Multifamily and Commercial Real Estate [Member] | First Mortgage Loans [Member] | ||||||
Financing Receivable, Maximum Term (Year) | 30 years | |||||
Financing Receivable, Maximum Loan-to-value Ratio | 75% | 75% | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Minimum Percentage of Loan-to-value Ratio, Requires Mortgage Insurance | 80% | 80% | ||||
Non Interest Income [Member] | ||||||
Employee Retention Credit Amount | $ 503,000 | |||||
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 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Premises and Equipment (Details) | Dec. 31, 2023 |
Land Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Land Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Total | $ 82,135 | $ 121,205 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Collateralized Mortgage-Backed Securities [Member] | Minimum [Member] | ||
Debt Securities, Available-for-Sale, Term (Year) | 1 year | |
Collateralized Mortgage-Backed Securities [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale, Term (Year) | 5 years |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
1 year or less | $ 4,265 | $ 3,968 |
1 to 5 years | 28,125 | 64,602 |
5 to 10 years | 34,752 | 38,421 |
After 10 years | 14,993 | 14,214 |
Fair value | 82,135 | 121,205 |
Gross unrealized gains | 1 | 6 |
Gross unrealized losses | (11,503) | (15,566) |
Amortized cost | 93,637 | 136,765 |
U.S. Treasury Notes [Member] | ||
1 year or less | 2,973 | 2,433 |
1 to 5 years | 0 | 4,855 |
5 to 10 years | 0 | 0 |
After 10 years | 0 | 0 |
Fair value | 2,973 | 7,288 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (22) | (155) |
Amortized cost | 2,995 | 7,443 |
US Government Agencies Debt Securities [Member] | ||
1 year or less | 0 | 1,007 |
1 to 5 years | 4,769 | 11,511 |
5 to 10 years | 4,337 | 8,872 |
After 10 years | 0 | 0 |
Fair value | 9,106 | 21,390 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,128) | (1,870) |
Amortized cost | 10,234 | 23,260 |
Municipal Bonds [Member] | ||
1 year or less | 1,292 | 528 |
1 to 5 years | 1,461 | 5,394 |
5 to 10 years | 882 | 2,655 |
After 10 years | 9,935 | 11,060 |
Fair value | 13,570 | 19,637 |
Gross unrealized gains | 1 | 6 |
Gross unrealized losses | (1,882) | (2,972) |
Amortized cost | 15,451 | 22,603 |
Residential Mortgage-Backed Securities [Member] | ||
1 year or less | 0 | 0 |
1 to 5 years | 8,976 | 20,033 |
5 to 10 years | 19,777 | 15,046 |
After 10 years | 1,598 | 659 |
Fair value | 30,351 | 35,738 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (4,533) | (5,464) |
Amortized cost | 34,884 | 41,202 |
Commercial Mortgage-Backed Securities [Member] | ||
1 year or less | 0 | 0 |
1 to 5 years | 12,919 | 22,809 |
5 to 10 years | 9,756 | 11,848 |
After 10 years | 3,460 | 2,495 |
Fair value | 26,135 | 37,152 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3,938) | (5,105) |
Amortized cost | $ 30,073 | $ 42,257 |
Note 2 - Securities - Gross Unr
Note 2 - Securities - Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 12 Months, Fair Value | $ 279 | $ 77,199 |
Less than 12 Months, Unrealized Losses | 1 | 7,432 |
12 Months or Longer, Fair Value | 81,361 | 43,229 |
12 Months or Longer, Unrealized Losses | 11,502 | 8,134 |
Total, Fair Value | 81,640 | 120,428 |
Total, Unrealized Losses | 11,503 | 15,566 |
U.S. Treasury Notes [Member] | ||
Less than 12 Months, Fair Value | 0 | 7,288 |
Less than 12 Months, Unrealized Losses | 0 | 155 |
12 Months or Longer, Fair Value | 2,973 | 0 |
12 Months or Longer, Unrealized Losses | 22 | 0 |
Total, Fair Value | 2,973 | 7,288 |
Total, Unrealized Losses | 22 | 155 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 17,274 |
Less than 12 Months, Unrealized Losses | 0 | 1,296 |
12 Months or Longer, Fair Value | 9,106 | 4,116 |
12 Months or Longer, Unrealized Losses | 1,128 | 574 |
Total, Fair Value | 9,106 | 21,390 |
Total, Unrealized Losses | 1,128 | 1,870 |
Municipal Bonds [Member] | ||
Less than 12 Months, Fair Value | 279 | 16,823 |
Less than 12 Months, Unrealized Losses | 1 | 2,349 |
12 Months or Longer, Fair Value | 12,796 | 2,037 |
12 Months or Longer, Unrealized Losses | 1,881 | 623 |
Total, Fair Value | 13,075 | 18,860 |
Total, Unrealized Losses | 1,882 | 2,972 |
Residential Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 14,365 |
Less than 12 Months, Unrealized Losses | 0 | 1,618 |
12 Months or Longer, Fair Value | 30,351 | 21,373 |
12 Months or Longer, Unrealized Losses | 4,533 | 3,846 |
Total, Fair Value | 30,351 | 35,738 |
Total, Unrealized Losses | 4,533 | 5,464 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 21,449 |
Less than 12 Months, Unrealized Losses | 0 | 2,014 |
12 Months or Longer, Fair Value | 26,135 | 15,703 |
12 Months or Longer, Unrealized Losses | 3,938 | 3,091 |
Total, Fair Value | 26,135 | 37,152 |
Total, Unrealized Losses | $ 3,938 | $ 5,105 |
Note 2 - Securities - Proceeds
Note 2 - Securities - Proceeds from Sale of Securities and Related Gross Gains (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Sales of securities available for sale | $ 28,509 | $ 0 |
Gross gain realized on the sale of securities available for sale | 0 | 0 |
Gross loss realized on the sale of securities available for sale | $ (1,794) | $ 0 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Escrow Deposit | $ 231,000 | $ 231,000 |
Loans and Leases Receivable, Related Parties | 550,000 | 597,000 |
First Mortgage Loans [Member] | ||
Financing Receivable, Unpaid Principal Balance | $ 13,200,000 | $ 13,700,000 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans by Major Category (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 120,783 | $ 102,991 | ||
Net deferred loan costs | 1,016 | 992 | ||
Allowance for credit losses on loans | (1,176) | $ (624) | (624) | $ (779) |
Loans, net | 120,623 | 103,359 | ||
First Mortgage Loans [Member] | ||||
Loans | 120,535 | 102,742 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 248 | 249 | ||
Allowance for credit losses on loans | (1) | (5) | (5) | (10) |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | ||||
Loans | 111,081 | 95,584 | ||
Allowance for credit losses on loans | (1,094) | (581) | (581) | (675) |
Multifamily [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,111 | 3,237 | ||
Allowance for credit losses on loans | (40) | (19) | (19) | (69) |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,835 | 3,921 | ||
Allowance for credit losses on loans | (37) | $ (19) | (19) | $ (25) |
Construction Loans [Member] | First Mortgage Loans [Member] | ||||
Loans | 2,508 | 0 | ||
Allowance for credit losses on loans | $ (4) | $ 0 |
Note 4 - Allowance for Loan L_3
Note 4 - Allowance for Loan Losses (Details Textual) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Off-Balance-Sheet, Credit Loss, Liability | $ 14,000 | $ 0 | ||
Financing Receivable, before Allowance for Credit Loss | 121,799,000 | $ 103,983,000 | ||
Financing Receivable, Allowance for Credit Loss | 1,176,000 | 624,000 | 624,000 | $ 779,000 |
Financing Receivable, Modified, Accumulated | 0 | 0 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 1,094,000 | $ 581,000 | $ 581,000 | $ 675,000 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Collateral Pledged [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | 200,000 | |||
Financing Receivable, Allowance for Credit Loss | $ 0 |
Note 4 - Allowance for Loan L_4
Note 4 - Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Beginning balance | $ 624 | $ 779 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 75 | |
Net recoveries (charge-offs) | 0 | 75 | |
Provision for (release of) credit losses | 168 | (230) | |
Ending balance | 1,176 | 624 | |
Collectively evaluated allowance for loan losses | 555 | ||
Collectively evaluated, Recorded investment in loans | 102,118 | ||
Allowance for loan losses, individually evaluated | 69 | ||
Individually evaluated, recorded investment in loans | 873 | ||
Allowance for credit losses for all loans | 1,176 | 624 | $ 624 |
Loans | 120,783 | 102,991 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 384 | ||
Ending balance | 384 | ||
Allowance for credit losses for all loans | 384 | 384 | |
First Mortgage Loans [Member] | |||
Loans | 120,535 | 102,742 | |
Consumer Portfolio Segment [Member] | |||
Beginning balance | 5 | 10 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for (release of) credit losses | (1) | (5) | |
Ending balance | 1 | 5 | |
Collectively evaluated allowance for loan losses | 5 | ||
Collectively evaluated, Recorded investment in loans | 249 | ||
Allowance for loan losses, individually evaluated | 0 | ||
Individually evaluated, recorded investment in loans | 0 | ||
Allowance for credit losses for all loans | 1 | 5 | 5 |
Loans | 248 | 249 | |
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | (3) | ||
Ending balance | (3) | ||
Allowance for credit losses for all loans | (3) | (3) | |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | |||
Beginning balance | 581 | 675 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 75 | |
Net recoveries (charge-offs) | 0 | 75 | |
Provision for (release of) credit losses | 178 | (169) | |
Ending balance | 1,094 | 581 | |
Collectively evaluated allowance for loan losses | 512 | ||
Collectively evaluated, Recorded investment in loans | 94,711 | ||
Allowance for loan losses, individually evaluated | 69 | ||
Individually evaluated, recorded investment in loans | 873 | ||
Allowance for credit losses for all loans | 1,094 | 581 | 581 |
Loans | 111,081 | 95,584 | |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 335 | ||
Ending balance | 335 | ||
Allowance for credit losses for all loans | 335 | 335 | |
Multifamily [Member] | First Mortgage Loans [Member] | |||
Beginning balance | 19 | 69 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for (release of) credit losses | (2) | (50) | |
Ending balance | 40 | 19 | |
Collectively evaluated allowance for loan losses | 19 | ||
Collectively evaluated, Recorded investment in loans | 3,237 | ||
Allowance for loan losses, individually evaluated | 0 | ||
Individually evaluated, recorded investment in loans | 0 | ||
Allowance for credit losses for all loans | 40 | 19 | 19 |
Loans | 3,111 | 3,237 | |
Multifamily [Member] | First Mortgage Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 23 | ||
Ending balance | 23 | ||
Allowance for credit losses for all loans | 23 | 23 | |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | |||
Beginning balance | 19 | 25 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision for (release of) credit losses | (11) | (6) | |
Ending balance | 37 | 19 | |
Collectively evaluated allowance for loan losses | 19 | ||
Collectively evaluated, Recorded investment in loans | 3,921 | ||
Allowance for loan losses, individually evaluated | 0 | ||
Individually evaluated, recorded investment in loans | 0 | ||
Allowance for credit losses for all loans | 37 | 19 | 19 |
Loans | 3,835 | 3,921 | |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 29 | ||
Ending balance | 29 | ||
Allowance for credit losses for all loans | 29 | $ 29 | |
Construction Loans [Member] | First Mortgage Loans [Member] | |||
Beginning balance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision for (release of) credit losses | 4 | ||
Ending balance | 4 | 0 | |
Allowance for credit losses for all loans | 4 | 0 | |
Loans | 2,508 | 0 | |
Construction Loans [Member] | First Mortgage Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | $ 0 | ||
Ending balance | 0 | ||
Allowance for credit losses for all loans | $ 0 |
Note 4 - Allowance for Loan L_5
Note 4 - Allowance for Loan Losses - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan, current | $ 26,211 | |
Loan, one year before | 19,045 | |
Loan, two years before | 19,972 | |
Loan, prior | 53,991 | |
Loan, revolving | 1,564 | |
Loan, revolving converted to term loans | 0 | |
Loans | 120,783 | $ 102,991 |
Current year-to-date gross write-offs, current | 0 | |
Current year-to-date gross write-offs, one year before | 0 | |
Current year-to-date gross write-offs, two years before | 0 | |
Current year-to-date gross write-offs, prior | 0 | |
Current year-to-date gross write-offs, revolving | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | |
Charge-offs | 0 | 0 |
Pass [Member] | ||
Loans | 102,760 | |
Special Mention [Member] | ||
Loans | 43 | |
Substandard [Member] | ||
Loans | 188 | |
Doubtful [Member] | ||
Loans | 0 | |
First Mortgage Loans [Member] | ||
Loans | 120,535 | 102,742 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loan, current | 23,395 | |
Loan, one year before | 18,950 | |
Loan, two years before | 19,605 | |
Loan, prior | 47,717 | |
Loan, revolving | 1,414 | |
Loan, revolving converted to term loans | 0 | |
Loans | 111,081 | 95,584 |
Current year-to-date gross write-offs, current | 0 | |
Current year-to-date gross write-offs, one year before | 0 | |
Current year-to-date gross write-offs, two years before | 0 | |
Current year-to-date gross write-offs, prior | 0 | |
Current year-to-date gross write-offs, revolving | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | |
Charge-offs | 0 | 0 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Pass [Member] | ||
Loan, current | 23,395 | |
Loan, one year before | 18,950 | |
Loan, two years before | 19,605 | |
Loan, prior | 47,517 | |
Loan, revolving | 1,414 | |
Loan, revolving converted to term loans | 0 | |
Loans | 110,881 | 95,353 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Special Mention [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 43 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Substandard [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 200 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 200 | 188 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Doubtful [Member] | ||
Loans | 0 | |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 239 | |
Loan, prior | 2,872 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 3,111 | 3,237 |
Current year-to-date gross write-offs, current | 0 | |
Current year-to-date gross write-offs, one year before | 0 | |
Current year-to-date gross write-offs, two years before | 0 | |
Current year-to-date gross write-offs, prior | 0 | |
Current year-to-date gross write-offs, revolving | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | |
Charge-offs | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | Pass [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 239 | |
Loan, prior | 2,872 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 3,111 | 3,237 |
First Mortgage Loans [Member] | Multifamily [Member] | Special Mention [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | Substandard [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 0 |
First Mortgage Loans [Member] | Multifamily [Member] | Doubtful [Member] | ||
Loans | 0 | |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loan, current | 186 | |
Loan, one year before | 0 | |
Loan, two years before | 100 | |
Loan, prior | 3,399 | |
Loan, revolving | 150 | |
Loan, revolving converted to term loans | 0 | |
Loans | 3,835 | 3,921 |
Current year-to-date gross write-offs, current | 0 | |
Current year-to-date gross write-offs, one year before | 0 | |
Current year-to-date gross write-offs, two years before | 0 | |
Current year-to-date gross write-offs, prior | 0 | |
Current year-to-date gross write-offs, revolving | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | |
Charge-offs | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Loan, current | 186 | |
Loan, one year before | 0 | |
Loan, two years before | 100 | |
Loan, prior | 3,399 | |
Loan, revolving | 150 | |
Loan, revolving converted to term loans | 0 | |
Loans | 3,835 | 3,921 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Loans | 0 | |
First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loan, current | 2,508 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 2,508 | 0 |
Current year-to-date gross write-offs, current | 0 | |
Current year-to-date gross write-offs, one year before | 0 | |
Current year-to-date gross write-offs, two years before | 0 | |
Current year-to-date gross write-offs, prior | 0 | |
Current year-to-date gross write-offs, revolving | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | |
Charge-offs | 0 | |
First Mortgage Loans [Member] | Construction Loans [Member] | Pass [Member] | ||
Loan, current | 2,508 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 2,508 | |
First Mortgage Loans [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | |
First Mortgage Loans [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | |
Consumer Portfolio Segment [Member] | ||
Loan, current | 122 | |
Loan, one year before | 95 | |
Loan, two years before | 28 | |
Loan, prior | 3 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 248 | 249 |
Charge-offs | 0 | 0 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loan, current | 122 | |
Loan, one year before | 95 | |
Loan, two years before | 28 | |
Loan, prior | 3 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 248 | 249 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loan, current | 0 | |
Loan, one year before | 0 | |
Loan, two years before | 0 | |
Loan, prior | 0 | |
Loan, revolving | 0 | |
Loan, revolving converted to term loans | 0 | |
Loans | $ 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 |
Note 4 - Allowance for Loan L_6
Note 4 - Allowance for Loan Losses - Aging of Bank's Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 120,783 | $ 102,991 |
Non-accrual | 200 | 154 |
First Mortgage Loans [Member] | ||
Loans | 120,535 | 102,742 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 111,081 | 95,584 |
Non-accrual | 200 | 154 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,111 | 3,237 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 3,835 | 3,921 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 2,508 | 0 |
Non-accrual | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans | 248 | 249 |
Non-accrual | 0 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | ||
Loans | 131 | 28 |
Financial Asset, 31 to 89 Days Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 131 | 28 |
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] | First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 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 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 0 | 0 |
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] | First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 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 | 331 | 182 |
Financial Asset, Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 331 | 182 |
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] | First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 0 | |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 120,452 | 102,809 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 110,750 | 95,402 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,111 | 3,237 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 3,835 | 3,921 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 2,508 | |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 248 | $ 249 |
Note 4 - Allowance for Loan L_7
Note 4 - Allowance for Loan Losses - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 200 | |
Non-accrual | 200 | $ 154 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Nonaccrual, No Allowance | 200 | |
Non-accrual | 200 | 154 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Nonaccrual, No Allowance | 0 | |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Nonaccrual, No Allowance | 0 | |
Non-accrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | |
Non-accrual | $ 0 | $ 0 |
Note 4 - Allowance for Loan L_8
Note 4 - Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Impaired loans with no related allowance, recorded investment | $ 429 |
Impaired loans with no related allowance, unpaid principal balance | 635 |
Average recorded investment, with no related allowance recorded | 442 |
Interest income recognized, with no related allowance recorded | 29 |
Impaired loans with a related allowance, recorded investment | 444 |
Impaired loans with a related allowance, unpaid principal balance | 444 |
Impaired loans, related allowance | 69 |
Average recorded investment, with a related allowance recorded | 452 |
Interest income recognized, with a related allowance recorded | 21 |
Impaired loans, recorded investment | 873 |
Impaired loans, unpaid principal balance | 1,079 |
Average recorded investment | 894 |
Interest income recognized | 50 |
Consumer Portfolio Segment [Member] | |
Impaired loans with no related allowance, recorded investment | 0 |
Impaired loans with no related allowance, unpaid principal balance | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Impaired loans with a related allowance, recorded investment | 0 |
Impaired loans with a related allowance, unpaid principal balance | 0 |
Impaired loans, related allowance | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | |
Impaired loans with no related allowance, recorded investment | 429 |
Impaired loans with no related allowance, unpaid principal balance | 635 |
Average recorded investment, with no related allowance recorded | 442 |
Interest income recognized, with no related allowance recorded | 29 |
Impaired loans with a related allowance, recorded investment | 444 |
Impaired loans with a related allowance, unpaid principal balance | 444 |
Impaired loans, related allowance | 69 |
Average recorded investment, with a related allowance recorded | 452 |
Interest income recognized, with a related allowance recorded | 21 |
Multifamily [Member] | First Mortgage Loans [Member] | |
Impaired loans with no related allowance, recorded investment | 0 |
Impaired loans with no related allowance, unpaid principal balance | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Impaired loans with a related allowance, recorded investment | 0 |
Impaired loans with a related allowance, unpaid principal balance | 0 |
Impaired loans, related allowance | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | |
Impaired loans with no related allowance, recorded investment | 0 |
Impaired loans with no related allowance, unpaid principal balance | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Impaired loans with a related allowance, recorded investment | 0 |
Impaired loans with a related allowance, unpaid principal balance | 0 |
Impaired loans, related allowance | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | $ 0 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Land and improvements | $ 2,940 | $ 2,703 |
Building and improvements | 7,012 | 6,768 |
Furniture and equipment | 1,424 | 1,390 |
Total gross equipment | 11,376 | 10,861 |
Less accumulated depreciation | 6,091 | 5,826 |
Premises and equipment, net | $ 5,285 | $ 5,035 |
Note 6 - Other Real Estate Ow_2
Note 6 - Other Real Estate Owned (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Real Estate | $ 0 | $ 0 |
Other Real Estate, Period Increase (Decrease) | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 64,000 | $ 0 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits | $ 168,826,000 | $ 178,714,000 |
Directors and Officers [Member] | ||
Deposits | $ 739,000 | $ 724,000 |
Note 7 - Deposits - Scheduled M
Note 7 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 46,637 |
2025 | 10,080 |
2026 | 3,865 |
2027 | 1,696 |
2028 and beyond | 4,977 |
Total | $ 67,255 |
Note 8 - Other Borrowings (Deta
Note 8 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from FHLBank Borrowings, Financing Activities | $ 5,000 | $ 0 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 102,600 | 102,600 | 86,600 |
Federal Reserve Bank of Chicago [Member] | Bank Term Funding Program [Member] | |||
Short-Term Debt | $ 10,000 | $ 10,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.31% | 5.31% | |
Debt Instrument, Term (Month) | 12 months | ||
BMO Harris Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | $ 10,000 | 10,000 |
Federal Funds Purchased | $ 0 | 0 | $ 0 |
Federal Home Loan Bank of Chicago [Member] | |||
Proceeds from FHLBank Borrowings, Financing Activities | $ 5,000 | ||
Federal Home Loan Bank, Advances, Interest Rate | 4.78% | 4.78% |
Note 8 - Other Borrowings - Out
Note 8 - Other Borrowings - Outstanding Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other borrowings | $ 5,000 | $ 0 |
Federal Home Loan Bank of Chicago [Member] | ||
Average balance outstanding | 3,461 | 1,945 |
Maximum amount outstanding at any month-end during the period | 15,000 | 5,000 |
Other borrowings | $ 5,000 | $ 0 |
Average interest rate during the period | 5% | 0% |
Weighted average interest rate at end of period | 4.80% | 0% |
Additional borrowing capacity | $ 72,200 | $ 68,586 |
Total borrowing capacity | $ 77,200 | $ 68,586 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets, Valuation Allowance | $ 2,661,000 | $ 521,000 |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 5,000,000 | 1,700,000 |
Charitable Contribustions Carryforward | $ 1,300,000 | |
Open Tax Year | 2020 2021 2022 | |
Domestic Tax Authority [Member] | Net Operating Loss Carryforwards [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 2,100,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 5,600,000 | $ 3,900,000 |
Open Tax Year | 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | Net Operating Loss Carryforwards [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 532,000 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal | $ 9 | $ (133) |
State | 0 | 0 |
Total current expense (benefit) | 9 | (133) |
Deferred (benefit) expense | (1,150) | 64 |
Change in valuation allowance | 2,140 | 215 |
Total deferred expense | 990 | 279 |
Total income tax expense | $ 999 | $ 146 |
Note 9 - Income Taxes - Provisi
Note 9 - Income Taxes - Provisions for Income Taxes Differs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
(Loss) Income before income tax expense | $ (2,958) | $ 173 |
Tax benefit (expense) at statutory federal rate of 21% applied to income before income tax benefit (expense) | 621 | (36) |
State income tax benefit (expense), net of federal effect | 222 | (13) |
Tax-exempt security and loan income, net of TEFRA adjustments | 77 | 83 |
BOLI | 40 | 37 |
Change in valuation allowance | (2,140) | (150) |
Other | 181 | (67) |
Total income tax expense | $ (999) | $ (146) |
Effective tax rate | (33.80%) | (84.40%) |
Note 9 - Income Taxes - Provi_2
Note 9 - Income Taxes - Provisions for Income Taxes Differs (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal rate | 21% | 21% |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 339 | $ 178 |
Deferred compensation | 556 | 481 |
Retirement plans | 181 | 55 |
Premises held for sale impairment | 101 | 101 |
Unrealized loss on securities available-for-sale | 3,279 | 4,435 |
Federal net operating loss carryforwards | 1,042 | 358 |
Other | 15 | 38 |
State net operating loss carryforwards | 532 | 371 |
Gross deferred tax assets | 6,045 | 6,017 |
Valuation allowance | (2,661) | (521) |
Net deferred tax assets | 3,384 | 5,496 |
FHLB stock dividends | (101) | (101) |
Accumulated depreciation | (4) | (80) |
Deferred tax liabilities | (105) | (181) |
Net deferred tax asset | $ 3,279 | $ 5,315 |
Note 10 - Capital Ratios (Detai
Note 10 - Capital Ratios (Details Textual) | Dec. 31, 2023 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Note 10 - Capital Ratios - Actu
Note 10 - Capital Ratios - Actual Capital Amount and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Tier 1 capital (to Average Assets), actual amount | $ 63,258 | $ 65,634 | |
Tier 1 capital (to Average Assets), actual ratio | 0.2472 | 0.2481 | |
Tier 1 capital (to Average Assets), minimum required to be well capitalized | [1] | $ 23,031 | $ 23,809 |
Tier 1 capital (to Average Assets), minimum required to be well capitalized ratio | [1] | 0.09 | 0.09 |
[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 11 - Benefit Plans (Detail
Note 11 - Benefit Plans (Details Textual) - Benefit Plan 401 K [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 161,000 | $ 150,000 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Note 12 - Stock Based Compens_3
Note 12 - Stock Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 15, 2023 | May 24, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 431,836 | 431,836 | 431,836 | |||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 10 | |||||
Employee Stock Ownership Plan (ESOP), Vesting Percentage | 100% | 100% | ||||
Employee Stock Ownership Plan (ESOP), Award Vesting, Period of Service (Year) | 5 years | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 199,000 | $ 246,000 | ||||
Share-Based Payment Arrangement, Expense | 519,000 | 0 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 123,000 | |||||
Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 23,000 | |||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 77,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 9,200 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 252,000 | $ 0 | ||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 73,000 | |||||
The 2023 Equity Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 755,714 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 465,500 | 465,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.56 | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400,000 | $ 1,400,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 442,500 | 442,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 9 years 6 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 23,000 | |||||
The 2023 Equity Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 215,918 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 28,718 | 28,718 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 6 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 187,200 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value | $ 1,800,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,500,000 | $ 1,500,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 9,200 | |||||
The 2023 Equity Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 539,796 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 74,296 | 74,296 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 6 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.82% | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29% | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 6 months | |||||
ESOP Loan [Member] | ||||||
Debt Instrument, Term (Month) | 25 years | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 4,300,000 | $ 4,300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% |
Note 12 - Stock Based Compens_4
Note 12 - Stock Based Compensation - Shares Held by ESOP (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Shares allocated (in shares) | 43,624 | 22,009 |
Unallocated (in shares) | 388,212 | 409,827 |
Total ESOP shares (in shares) | 431,836 | 431,836 |
Fair value of unearned shares as of December 31, 2023 and December 31, 2022 respectively | $ 3,692 | $ 4,152 |
Note 12 - Share Based Compensat
Note 12 - Share Based Compensation - Stock Option Activity (Details) - The 2023 Equity Plan [Member] $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2023 shares | Dec. 31, 2023 USD ($) $ / shares shares | ||
Options, outstanding January 1, 2023 (in shares) | shares | 0 | ||
Options, outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | ||
Granted, options (in shares) | shares | 465,500 | 465,500 | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 9.36 | ||
Vested, options (in shares) | shares | (23,000) | ||
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 9.36 | ||
Forfeited, options (in shares) | shares | 0 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | ||
Options, outstanding December 31, 2023 (in shares) | shares | 442,500 | ||
Options, outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.36 | ||
Options, outstanding, aggregate intrinsic value | $ | $ 66 | [1] | |
Exercisable, options (in shares) | shares | 23,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 9.36 | ||
Exercisable, aggregate intrinsic value | $ | $ 3 | [1] | |
[1]Dollars in thousands. |
Note 12 - Share Based Compens_2
Note 12 - Share Based Compensation - Restricted Stock Activity (Details) - The 2023 Equity Plan [Member] - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Nonvested, restricted stock awards (in shares) | shares | 0 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, restricted stock awards (in shares) | shares | 187,200 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.36 |
Vested, restricted stock awards (in shares) | shares | (9,200) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.36 |
Forfeited, restricted stock awards (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Nonvested, restricted stock awards (in shares) | shares | 178,000 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.36 |
Note 12 - Share Based Compens_3
Note 12 - Share Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total stock based compensation expense | $ 519,000 | $ 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Total stock based compensation expense | 252,000 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Total stock based compensation expense | $ 267,000 | $ 0 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) | Dec. 31, 2023 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |
Financing Receivable, Minimum Percentage of Loan-to-value Ratio, Requires Mortgage Insurance | 80% |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Outstanding Commitments to Originate Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total commitments | $ 7,820 | $ 3,665 |
Unused Line of Credit [Member] | ||
Total commitments | 4,050 | 2,872 |
Commitments to Extend Credit [Member] | ||
Total commitments | $ 3,770 | $ 793 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements - Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale | $ 82,135 | $ 121,205 |
U.S. Treasury Notes [Member] | ||
Securities available for sale | 2,973 | 7,288 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 9,106 | 21,390 |
Municipal Bonds [Member] | ||
Securities available for sale | 13,570 | 19,637 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale | 30,351 | 35,738 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 82,135 | 121,205 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 2,973 | 7,288 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 79,162 | 113,917 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Securities available for sale | 2,973 | 7,288 |
Fair Value, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 2,973 | 7,288 |
Fair Value, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Treasury Notes [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 | 9,106 | 21,390 |
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 | 9,106 | 21,390 |
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 | 13,570 | 19,637 |
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 | 13,570 | 19,637 |
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 | 30,351 | 35,738 |
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 | 30,351 | 35,738 |
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 | 26,135 | 37,152 |
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 | 26,135 | 37,152 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Measure Nonrecurring Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Impaired loans | $ 375 |
Fair Value, Inputs, Level 1 [Member] | |
Impaired loans | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Impaired loans | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Impaired loans | $ 375 |
Note 15 - Fair Value of Finan_3
Note 15 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Value Hierarchy of Certain Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Loans, net | $ 120,623 | $ 103,359 |
Loans held for sale | 380 | |
Interest-bearing deposits | 156,402 | 165,737 |
Other borrowings | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Loans, net | 110,288 | 94,779 |
Loans held for sale | 387 | |
Interest-bearing deposits | 156,092 | 165,535 |
Other borrowings | 4,990 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans, net | 0 | 0 |
Loans held for sale | 0 | |
Interest-bearing deposits | 0 | 0 |
Other borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans, net | 0 | 0 |
Loans held for sale | 387 | |
Interest-bearing deposits | 156,092 | 165,535 |
Other borrowings | 4,990 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 110,288 | 94,779 |
Loans held for sale | 0 | |
Interest-bearing deposits | 0 | $ 0 |
Other borrowings | $ 0 |
Note 16 - Earnings Per Share (D
Note 16 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment (in shares) | 0 | 0 |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net (loss) income applicable to common shares | $ (3,957) | $ 27 |
Average number of common shares outstanding (in shares) | 5,404,371 | 5,131,758 |
Less: Average unallocated ESOP shares (in shares) | 399,873 | 402,522 |
Average number of common shares outstanding used to calculate basic earnings per common share (in shares) | 5,004,498 | 4,729,236 |
Basic and diluted (loss) earnings per share (in dollars per share) | $ (0.79) | $ 0.01 |
Note 17 - Condensed Parent On_3
Note 17 - Condensed Parent Only Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other assets | $ 4,225 | $ 6,332 | |
Total assets | 256,776 | 264,206 | |
Accrued expenses and other liabilities | 4,023 | 3,697 | |
Total liabilities | 179,231 | 183,664 | |
Common stock ($0.01 par value; 10,000,000 shares authorized; 5,315,261 and 5,397,959 shares outstanding at December 31, 2023 and December 31, 2022, respectively) | 56 | 54 | |
Treasury Stock, at cost (269,898 shares at December 31, 2023) | (2,381) | 0 | |
Additional paid-in capital | 50,920 | 50,420 | |
Retained earnings | 41,055 | 45,291 | |
Unallocated common shares held by ESOP | (3,882) | (4,098) | |
Accumulated other comprehensive loss, net | (8,223) | (11,125) | |
Total stockholders' equity | 77,545 | 80,542 | $ 45,183 |
Total liabilities and stockholders' equity | 256,776 | 264,206 | |
Parent Company [Member] | |||
Cash | 18,634 | 22,194 | |
Investment in subsidiary | 55,035 | 54,510 | |
Loan to ESOP | 3,973 | 4,145 | |
Other assets | 7 | 104 | |
Total assets | 77,649 | 80,953 | |
Accrued expenses and other liabilities | 104 | 411 | |
Total liabilities | 104 | 411 | |
Common stock ($0.01 par value; 10,000,000 shares authorized; 5,315,261 and 5,397,959 shares outstanding at December 31, 2023 and December 31, 2022, respectively) | 56 | 54 | |
Treasury Stock, at cost (269,898 shares at December 31, 2023) | (2,381) | 0 | |
Additional paid-in capital | 50,920 | 50,420 | |
Retained earnings | 41,055 | 45,291 | |
Unallocated common shares held by ESOP | (3,882) | (4,098) | |
Accumulated other comprehensive loss, net | (8,223) | (11,125) | |
Total stockholders' equity | 77,545 | 80,542 | |
Total liabilities and stockholders' equity | $ 77,649 | $ 80,953 |
Note 17 - Condensed Parent On_4
Note 17 - Condensed Parent Only Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest expense | $ 7,852 | $ 6,877 |
(Loss) income before income taxes | (2,958) | 173 |
Income tax expense (benefit) | 999 | 146 |
Net (loss) income | (3,957) | 27 |
Parent Company [Member] | ||
Interest income | 135 | 140 |
Total income | 135 | 140 |
Noninterest expense | 1,180 | 425 |
Total expense | 1,180 | 425 |
(Loss) income before income taxes | (1,045) | (285) |
Income tax expense (benefit) | 96 | (91) |
Losses before equity in undistributed (losses) earnings of subsidiary | (1,141) | (194) |
Equity in undistributed (losses) earnings of subsidiary | (2,816) | 221 |
Net (loss) income | $ (3,957) | $ 27 |
Note 17 - Condensed Parent On_5
Note 17 - Condensed Parent Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net (loss) income | $ (3,957) | $ 27 |
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation | 0 | 1,009 |
Net cash provided by operating activities | 431 | 2,989 |
Net cash provided by (used in) investing activities | 24,950 | (44,478) |
Net proceeds from issuance of common shares | 0 | 49,440 |
Loan to ESOP | 0 | (4,319) |
Purchase of treasury shares | (2,381) | 0 |
Net cash used in financing activities | (7,140) | (66,975) |
Net change in cash and cash equivalents | 18,241 | (108,464) |
Cash and cash equivalents at beginning of period | 13,147 | 121,611 |
Cash and cash equivalents at end of period | 31,388 | 13,147 |
Parent Company [Member] | ||
Net (loss) income | (3,957) | 27 |
Net change in other assets | 97 | 651 |
Net change in accrued expenses and other liabilities | (307) | 411 |
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation | 0 | 1,009 |
Equity in undistributed losses (earnings) of subsidiary | 2,816 | (221) |
Net cash provided by operating activities | (1,351) | 1,877 |
Principal payments on loan to ESOP | 172 | 174 |
Net cash provided by (used in) investing activities | 172 | 174 |
Net proceeds from issuance of common shares | 0 | 49,440 |
Loan to ESOP | 0 | (4,319) |
Proceeds from conversion transferred to subsidiary | 0 | (25,225) |
Purchase of treasury shares | (2,381) | 0 |
Net cash used in financing activities | (2,381) | 19,896 |
Net change in cash and cash equivalents | (3,560) | 21,947 |
Cash and cash equivalents at beginning of period | 22,194 | 247 |
Cash and cash equivalents at end of period | $ 18,634 | $ 22,194 |
Note 18 - Changes in Accounti_3
Note 18 - Changes in Accounting Principles (Details Textual) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Retained Earnings (Accumulated Deficit) | $ 41,055,000 | $ 45,291,000 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 14,000 | $ 0 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Retained Earnings (Accumulated Deficit) | (279,000) | ||
Accounts Receivable, Allowance for Credit Loss | 384,000 | ||
Off-Balance-Sheet, Credit Loss, Liability | $ 5,000 |
Note 18 - Changes in Accounti_4
Note 18 - Changes in Accounting Principles - Impact of Adoption of ASU (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses for all loans | $ 1,176,000 | $ 624,000 | $ 624,000 | $ 779,000 |
Allowance for credit losses on off-balance sheet exposures | 14,000 | 0 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||||
Allowance for credit losses for all loans | 1,094,000 | 581,000 | 581,000 | 675,000 |
First Mortgage Loans [Member] | Multifamily [Member] | ||||
Allowance for credit losses for all loans | 40,000 | 19,000 | 19,000 | 69,000 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||||
Allowance for credit losses for all loans | 37,000 | 19,000 | 19,000 | 25,000 |
Consumer Portfolio Segment [Member] | ||||
Allowance for credit losses for all loans | $ 1,000 | 5,000 | 5,000 | $ 10,000 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses for all loans | 1,008,000 | |||
Allowance for credit losses on off-balance sheet exposures | 5,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||||
Allowance for credit losses for all loans | 916,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||||
Allowance for credit losses for all loans | 42,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||||
Allowance for credit losses for all loans | 48,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | ||||
Allowance for credit losses for all loans | 2,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses for all loans | 384,000 | 384,000 | ||
Allowance for credit losses on off-balance sheet exposures | 5,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||||
Allowance for credit losses for all loans | 335,000 | 335,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||||
Allowance for credit losses for all loans | 23,000 | 23,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||||
Allowance for credit losses for all loans | 29,000 | 29,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | ||||
Allowance for credit losses for all loans | $ (3,000) | $ (3,000) |