Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001881592 | |
Entity Registrant Name | NSTS Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41232 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-2522769 | |
Entity Address, Address Line One | 700 S. Lewis Ave. | |
Entity Address, City or Town | Waukegan | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60085 | |
City Area Code | 847 | |
Local Phone Number | 336-4430 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | NSTS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,310,553 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 1,080 | $ 1,000 |
Interest-bearing bank deposits | 35,280 | 30,388 |
Cash and cash equivalents | 36,360 | 31,388 |
Time deposits with other financial institutions | 1,991 | 1,991 |
Securities available for sale | 79,799 | 82,135 |
Federal Home Loan Bank stock (FHLB) | 550 | 550 |
Loans held for sale | 1,286 | 380 |
Loans, net of unearned income | 127,014 | 121,799 |
Allowance for credit losses on loans | (1,177) | (1,176) |
Loans, net | 125,837 | 120,623 |
Premises and equipment, net | 5,227 | 5,285 |
Accrued interest receivable | 841 | 758 |
Bank-owned life insurance (BOLI) | 9,494 | 9,441 |
Other assets | 4,179 | 4,225 |
Total assets | 265,564 | 256,776 |
Deposits: | ||
Noninterest bearing | 12,228 | 12,424 |
Interest-bearing | ||
Demand and NOW checking | 15,872 | 15,346 |
Money market | 31,651 | 32,027 |
Savings | 42,154 | 41,774 |
Time deposits over $250,000 | 15,043 | 9,975 |
Other time deposits | 61,099 | 57,280 |
Total deposits | 178,047 | 168,826 |
Escrow deposits | 2,081 | 1,382 |
Other borrowings | 5,000 | 5,000 |
Accrued expenses and other liabilities | 3,474 | 4,023 |
Total liabilities | 188,602 | 179,231 |
Stockholders' equity: | ||
Common Stock ($0.01 par value; 10,000,000 shares authorized; 5,315,261 shares outstanding at March 31, 2024 and December 31, 2023) | 56 | 56 |
Treasury Stock, at cost (269,898 shares at March 31, 2024 and December 31, 2023) | (2,381) | (2,381) |
Additional paid-in capital | 51,080 | 50,920 |
Retained earnings | 40,809 | 41,055 |
Unallocated common shares held by ESOP | (3,829) | (3,882) |
Accumulated other comprehensive loss, net | (8,773) | (8,223) |
Total stockholders' equity | 76,962 | 77,545 |
Total liabilities and stockholders' equity | $ 265,564 | $ 256,776 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 5,315,261 |
Treasury stock, shares (in shares) | 269,898 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 1,475 | $ 1,018 |
Securities | ||
Taxable | 418 | 658 |
Tax-exempt | 63 | 102 |
Federal funds sold and other | 417 | 52 |
Time deposits with other financial institutions | 23 | 24 |
FHLB Stock | 9 | 4 |
Total interest income | 2,405 | 1,858 |
Interest expense: | ||
Deposits | 640 | 221 |
Other borrowings | 60 | 0 |
Total interest expense | 700 | 221 |
Net interest income | 1,705 | 1,637 |
Reversal of provision for credit losses | (1) | (28) |
Net interest income after reversal of provision for credit losses | 1,706 | 1,665 |
Noninterest income: | ||
Gain on sale of mortgage loans | 156 | 11 |
Rental income on office building | 16 | 16 |
Service charges on deposits | 61 | 64 |
Increase in cash surrender value of BOLI | 53 | 46 |
Other non-interest income | 26 | 10 |
Total noninterest income | 312 | 147 |
Noninterest expense: | ||
Salaries and employee benefits | 1,374 | 928 |
Equipment and occupancy | 214 | 166 |
Data processing | 195 | 161 |
Professional services | 111 | 121 |
Advertising | 84 | 24 |
Supervisory fees and assessments | 36 | 35 |
Loan expenses | 30 | 21 |
Deposit expenses | 54 | 52 |
Director fees | 48 | 56 |
Other non-interest expense | 118 | 106 |
Total noninterest expense | 2,264 | 1,670 |
(Loss) income before income taxes | (246) | 142 |
Income tax benefit | 0 | (28) |
Net (loss) income | $ (246) | $ 170 |
(Loss) earnings income per common share basic and diluted (in dollars per share) | $ (0.05) | $ 0.03 |
Weighted average shares outstanding (in shares) | 4,927,032 | 4,989,933 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Losses) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net (loss) income | $ (246) | $ 170 |
Unrealized net holding (loss) gain on securities | ||
Unrealized net holding (loss) gain on securities arising during period, net of realized gains on sales of $0 in the three months ended March 31, 2024 and 2023 | (770) | 2,212 |
Tax effect | 220 | (631) |
Other comprehensive (loss) income, net of taxes | (550) | 1,581 |
Comprehensive (loss) income | $ (796) | $ 1,751 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Losses) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Realized gains on sales | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 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 | 170 | 0 | 0 | 170 | ||||||||
ESOP shares committed to be released | 0 | 0 | 1 | 0 | 0 | 54 | 55 | ||||||||
Change in net unrealized loss on securities available for sale, net | 0 | 0 | 0 | 0 | 1,581 | 0 | 1,581 | ||||||||
Balance (in shares) at Mar. 31, 2023 | 5,397,959 | ||||||||||||||
Balance at Mar. 31, 2023 | 54 | 0 | 50,421 | 45,182 | (9,544) | (4,044) | 82,069 | ||||||||
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 | ||||||||
Net income (losses) | 0 | 0 | 0 | (246) | 0 | 0 | (246) | ||||||||
ESOP shares committed to be released | 0 | 0 | (2) | 0 | 0 | 53 | 51 | ||||||||
Change in net unrealized loss on securities available for sale, net | 0 | 0 | 0 | 0 | (550) | 0 | (550) | ||||||||
Stock based compensation | 0 | 0 | 162 | 0 | 0 | 0 | 162 | ||||||||
Balance (in shares) at Mar. 31, 2024 | 5,315,261 | ||||||||||||||
Balance at Mar. 31, 2024 | $ 56 | $ (2,381) | $ 51,080 | $ 40,809 | $ (8,773) | $ (3,829) | $ 76,962 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (246,000) | $ 170,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 74,000 | 65,000 |
Securities amortization and accretion, net | 129,000 | 135,000 |
Loans originated for sale | (5,964,000) | (576,000) |
Proceeds from sales of loans held for sale | 6,460,000 | 587,000 |
Gain on sale of mortgage loans | (156,000) | (11,000) |
Reversal of provision for credit losses | (1,000) | (28,000) |
Earnings on bank owned life insurance | (53,000) | (46,000) |
ESOP expense | 51,000 | 55,000 |
Stock based compensation | 162,000 | 0 |
Net change in accrued interest receivable and other assets | 183,000 | 173,000 |
Net change in accrued expenses and other liabilities | (547,000) | (261,000) |
Net cash provided by operating activities | 92,000 | 263,000 |
Cash flows from investing activities: | ||
Net change in portfolio loans | (6,461,000) | (540,000) |
Principal repayments on mortgage-backed securities | 1,437,000 | 2,155,000 |
Net change in time deposits with other financial institutions | 0 | 747,000 |
Purchases of premises and equipment, net | (16,000) | 0 |
Net cash (used in) provided by investing activities | (5,040,000) | 2,362,000 |
Cash flows from financing activities: | ||
Net change in deposits | 9,221,000 | (6,462,000) |
Net change in escrow deposits | 699,000 | 545,000 |
Net cash provided by (used in) financing activities | 9,920,000 | (5,917,000) |
Net change in cash and cash equivalents | 4,972,000 | (3,292,000) |
Cash and cash equivalents at beginning of period | 31,388,000 | 13,147,000 |
Cash and cash equivalents at end of period | 36,360,000 | 9,855,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for Interest | 694,000 | 221,000 |
Loans transferred to held for sale from portfolio, net | $ 1,246,000 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the three March 31, 2024 not may December 31, 2024. Nature of Operations NSTS Bancorp, Inc. (“NSTS” or the “Company”, “we” or “our”) was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, into the stock form of organization, which was completed on January 18, 2022. January 19, 2022 The Bank operates primarily in the northern suburbs of Chicago, Illinois. During the third 2023, two 1 4 no one Basis of Presentation The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10 10 01 X. not 10 December 31, 2023 Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may three March 31, 2024 not may December 31, 2024. No In March 2024, No. 2024 01, 718 2024 01 2024 01 718 718 2024 01 December 15, 2025, 2024 01 not |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: The amortized cost and estimated fair value of debt securities at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023, may may March 31, 2024 U.S. Treasury Notes 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 $ 2,992 $ 992 $ 1,297 $ — $ — $ 5,281 1 to 5 years — 3,629 1,447 9,053 12,151 26,280 5 to 10 years — 4,182 1,266 18,492 9,629 33,569 After 10 years — — 9,377 1,421 3,871 14,669 Fair value 2,992 8,803 13,387 28,966 25,651 79,799 Gross unrealized gains — — — — — — Gross unrealized losses (8 ) (1,193 ) (2,051 ) (4,876 ) (4,144 ) (12,272 ) Amortized cost $ 3,000 $ 9,996 $ 15,438 $ 33,842 $ 29,795 $ 92,071 December 31, 2023 U.S. Treasury Notes 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 As of March 31, 2024 December 31, 2023 Information pertaining to securities with gross unrealized losses at March 31, 2024 December 31, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2024 U.S. Treasury Notes $ — $ — $ 1,492 $ 8 $ 1,492 $ 8 U.S. government agency obligations — — 8,803 1,193 8,803 1,193 Municipal obligations 565 9 12,352 2,042 12,917 2,051 Mortgage-backed residential obligations — — 28,966 4,876 28,966 4,876 Collateralized mortgage obligations — — 25,651 4,144 25,651 4,144 Total $ 565 $ 9 $ 77,264 $ 12,263 $ 77,829 $ 12,272 December 31, 2023 U.S. Treasury Notes $ — $ — $ 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 At March 31, 2024 December 31, 2023 no March 31, 2024 December 31, 2023 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 March 31, 2024 There were no sales of securities available-for-sale during the three March 31, 2024 2023 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 3: A summary of loans by major category as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in thousands) First mortgage loans 1-4 family residential $ 115,700 $ 111,081 Multi-family 3,081 3,111 Commercial 3,828 3,835 Construction 3,245 2,508 Total first mortgage loans 125,854 120,535 Consumer loans 226 248 Total loans 126,080 120,783 Net deferred loan costs 934 1,016 Allowance for credit losses on loans (1,177 ) (1,176 ) Total loans, net $ 125,837 $ 120,623 First mortgage loans serviced for others are not March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The accrued interest receivable for loans, net, was $476,000 and $392,000 for March 31, 2024 December 31, 2023, 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 March 31, 2024 December 31, 2023 The following tables present the activity in the allowance for credit losses for the three March 31, 2024 2023 March 31, 2024 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 1,094 $ 40 $ 37 $ 4 $ 1 $ 1,176 Charge-offs — — — — — — Recoveries — — — — — — Net recoveries (charge-offs) — — — — — — (Release of) provision for credit losses (3 ) (4 ) — 7 1 1 Ending balance $ 1,091 $ 36 $ 37 $ 11 $ 2 $ 1,177 March 31, 2023 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Three months 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) — — — — — — Release of provision for credit losses (26 ) (1 ) (2 ) — — (29 ) Ending balance $ 890 $ 41 $ 46 $ — $ 2 $ 979 The ACL on loans excludes $11,000 of allowance for off-balance sheet exposures as of March 31, 2024 As of March 31, 2024 1 4 March 31, 2024 no March 31, 2024 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 March 31, 2024 December 31, 2023 As of March 31, 2024 Term loans amortized cost basis by origination year 2024 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 $ 7,303 $ 21,211 $ 18,844 $ 19,421 $ 46,387 $ 2,297 $ — 115,463 Special Mention — — — — — — — — Substandard — — — — 237 — — 237 Total 1-4 family residential 7,303 21,211 18,844 19,421 46,624 2,297 — 115,700 Current year-to-date gross write-offs — — — — — — — — Multi-family Pass — — — 236 2,845 — — 3,081 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family — — — 236 2,845 — — 3,081 Current year-to-date gross write-offs — — — — — — — — Commercial Pass 10 184 — 99 3,327 208 — 3,828 Special Mention — — — — — — — — Substandard — — — — — — — — Total commercial 10 184 — 99 3,327 208 — 3,828 Current year-to-date gross write-offs — — — — — — — — Construction Pass 244 3,001 — — — — — 3,245 Special Mention — — — — — — — — Substandard — — — — — — — — Total construction 244 3,001 — — — — — 3,245 Current year-to-date gross write-offs — — — — — — — — Consumer Pass 11 100 87 25 3 — — 226 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer 11 100 87 25 3 — — 226 Current year-to-date gross write-offs — — — — — — — — Total $ 7,568 $ 24,496 $ 18,931 $ 19,781 $ 52,799 $ 2,505 $ — $ 126,080 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 The aging of the Bank’s loan portfolio as of March 31, 2024 December 31, 2023 31-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non-Accrual Total Past Due and Non-Accrual Current Total Loan Balance (Dollars in thousands) March 31, 2024 1-4 family residential $ — $ — $ 237 $ 237 $ 115,463 $ 115,700 Multi-family — — — — 3,081 3,081 Commercial — — — — 3,828 3,828 Construction — — — — 3,245 3,245 Consumer — — — — 226 226 Total $ — $ — $ 237 $ 237 $ 125,843 $ 126,080 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 The following table presents the amortized cost basis of loans on nonaccrual status recorded at March 31, 2024 December 31, 2023 three March 31, 2024. March 31, 2024 December 31, 2023 Nonaccrual with no Allowance for Credit Losses Nonaccrual Nonaccrual with no Allowance for Credit Losses Nonaccrual (Dollars in thousands) First mortgage loans 1-4 family residential $ 237 $ 237 $ 200 $ 200 Multi-family — — — — Commercial — — — — Construction — — — — Consumer loans — — — — Total loans $ 237 $ 237 $ 200 $ 200 The Bank may three March 31, 2024 2023. |
Note 4 - Deposits
Note 4 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 4: As of March 31, 2024 For the 12 months ended March 31, Amount (Dollars in thousands) 2025 $ 52,021 2026 7,420 2027 4,472 2028 6,245 2029 and beyond 5,984 Total $ 76,142 In the normal course of business, deposit accounts are held by directors and executive officers of the Company and the Bank (related parties). The terms for these accounts, including interest rates, fees, and other attributes, are similar to those prevailing for comparable transactions with other customers and do not March 31, 2024 December 31, 2023 |
Note 5 - Other Borrowings
Note 5 - Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 5: There were no three March 31, 2024 2023. The following table shows certain information regarding our borrowings at or for the dates indicated: For the three months ended March 31, 2024 2023 (Dollars in thousands) FHLB of Chicago advances and other borrowings: Average balance outstanding $ 5,000 $ — Maximum amount outstanding at any month-end during the period 5,000 — Average interest rate during the period 4.8 % 0.0 % March 31, 2024 December 31, 2023 (Dollars in thousands) Balance outstanding at end of period 5,000 5,000 Weighted average interest rate at end of period 4.8 % 4.8 % The eligible borrowings are collateralized by $103.2 million and $102.6 million of first March 31, 2024 December 31, 2023 The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented. March 31, 2024 December 31, 2023 (Dollars in thousands) Outstanding advances $ 5,000 $ 5,000 Additional borrowing capacity 72,882 72,200 Total borrowing capacity $ 77,882 $ 77,200 Additionally, at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 6: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three may Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 not Level 3 Unobservable inputs supported by little or no An asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no March 31, 2024 December 31, 2023 Securities available for sale (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 The following table presents the Bank’s assets that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of March 31, 2024 December 31, 2023 Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2024 Securities Available-for-sale U.S. Treasury Notes $ 2,992 $ 2,992 $ — $ — U.S. government agency obligations 8,803 — 8,803 — Municipal obligations 13,387 — 13,387 — Mortgage-backed residential obligations 28,966 — 28,966 — Collateralized mortgage obligations 25,651 — 25,651 — Total $ 79,799 $ 2,992 $ 76,807 $ — December 31, 2023 Securities Available-for-sale U.S. Treasury Notes $ 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 $ — The Bank may no March 31, 2024 December 31, 2023. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7: Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 6 not may not Certain financial instruments generally expose the Company to limited credit risk and have no The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows: Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value (Dollars in thousands) March 31, 2024 Financial assets: Loans, net $ 125,837 $ — $ — $ 115,646 $ 115,646 Loans held for sale 1,286 — 1,309 — 1,309 Financial liabilities: Interest-bearing deposits $ 165,819 $ — $ 166,153 $ — $ 166,153 Other Borrowings 5,000 — 5,015 — 5,015 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 |
Note 8 - Capital Ratios
Note 8 - Capital Ratios | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 8: The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under accounting principles generally accepted in the United States of America, regulatory reporting requirements and regulatory capital standards. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulatory reporting standards to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital to risk-weighted assets, common equity Tier 1 As of March 31, 2024 no November 13, 2019, January 1, 2020. 1 9% two 100 not first 2020. March 31, 2024 The Bank’s actual capital amounts and ratios as of March 31, 2024 December 31, 2023 Minimum Required to be Actual Well-Capitalized (1) Amount Ratio Amount Ratio As of March 31, 2024 (Dollars in thousands) Tier 1 capital (to Average Assets) $ 63,497 24.25 % $ 23,566 >9% As of December 31, 2023 Tier 1 capital (to Average Assets) $ 63,258 24.72 % $ 23,031 >9% ( 1 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9: In the ordinary course of business, the Bank has various commitments and contingent liabilities that are not not Financial Instruments The Bank does not At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in thousands) Unused line of credit $ 4,781 $ 4,050 Commitments to originate loans 8,165 3770 Total commitments $ 12,946 $ 7,820 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 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10: 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 for the three March 31, 2024 2023, not not Three Months Ended March 31, 2024 2023 (Income in thousands) Net (loss) income applicable to common shares $ (246 ) $ 170 Average number of common shares outstanding 5,315,261 5,397,959 Less: Average unallocated ESOP shares 388,229 408,026 Average number of common shares outstanding used to calculate basic earnings per common share 4,927,032 4,989,933 (Loss) earnings income per common share basic and diluted $ (0.05 ) $ 0.03 All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. The computation of diluted earnings per share excludes certain outstanding stock options that were outstanding and anti-dilutive, since the Company was in a loss position or since the grant date fair value of these outstanding stock options exceeded the average market price of the Company's common stock. |
Note 11 - Stock Based Compensat
Note 11 - Stock Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 11: ESOP Employees participate in an Employee Stock Ownership Plan ("ESOP"). The ESOP borrowed funds from the Company to purchase 431,836 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP, as well as paying dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. There were no contributions to the ESOP during the first three 2024, fourth three March 31, 2024 2023 Shares held by the ESOP were as follows: As of March 31, 2024 2023 (Dollars in thousands) Shares allocated 43,624 22,009 Shares committed for allocation 5,295 5,404 Unallocated 382,917 404,423 Total ESOP shares 431,836 431,836 Fair value of unearned shares as of March 31, 2024 and 2023, respectively $ 3,653 $ 3,676 Fair value of unearned shares is based on a stock price of $9.54 and $9.09 as of March 31, 2024 2023 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 March 31, 2024 2023 first three March 31, 2024 March 31, 2023. The following is a summary of the Company's stock option activity and related information for the period presented. There was no three March 31, 2023. Stock Option Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Outstanding at December 31, 2023 442,500 $ 9.36 Granted — — Forfeited — — Outstanding at March 31, 2024 442,500 $ 9.36 $ 80 Exercisable - End of Period 23,000 9.36 4 ( 1 March 31, 2024 March 31, 2024 Expected future expense relating to the non-vested options outstanding as of March 31, 2024 March 31, 2024, Restricted shares granted under the 2023 five 2023 As of March 31, 2024 2023 The following is a summary of the status of the Company's restricted shares as of March 31, 2024 three March 31, 2024 2023. no three March 31, 2023. Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested balance as of December 31, 2023 178,000 $ 9.36 Granted — — Forfeited — — Nonvested balance as of March 31, 2024 178,000 $ 9.36 Expected future expense related to the non-vested restricted shares outstanding as of period end is $1.4 million over a weighted average period of 4.2 years. The following table presents the stock based compensation expense for the periods presented. Three Months Ended March 31, 2024 2023 (Dollars in thousands) Stock option expense $ 79 $ — Restricted stock expense 83 — Total stock based compensation expense $ 162 $ — |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations NSTS Bancorp, Inc. (“NSTS” or the “Company”, “we” or “our”) was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, into the stock form of organization, which was completed on January 18, 2022. January 19, 2022 The Bank operates primarily in the northern suburbs of Chicago, Illinois. During the third 2023, two 1 4 no one |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10 10 01 X. not 10 December 31, 2023 Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may three March 31, 2024 not may December 31, 2024. No In March 2024, No. 2024 01, 718 2024 01 2024 01 718 718 2024 01 December 15, 2025, 2024 01 not |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2024 U.S. Treasury Notes 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 $ 2,992 $ 992 $ 1,297 $ — $ — $ 5,281 1 to 5 years — 3,629 1,447 9,053 12,151 26,280 5 to 10 years — 4,182 1,266 18,492 9,629 33,569 After 10 years — — 9,377 1,421 3,871 14,669 Fair value 2,992 8,803 13,387 28,966 25,651 79,799 Gross unrealized gains — — — — — — Gross unrealized losses (8 ) (1,193 ) (2,051 ) (4,876 ) (4,144 ) (12,272 ) Amortized cost $ 3,000 $ 9,996 $ 15,438 $ 33,842 $ 29,795 $ 92,071 December 31, 2023 U.S. Treasury Notes 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 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2024 U.S. Treasury Notes $ — $ — $ 1,492 $ 8 $ 1,492 $ 8 U.S. government agency obligations — — 8,803 1,193 8,803 1,193 Municipal obligations 565 9 12,352 2,042 12,917 2,051 Mortgage-backed residential obligations — — 28,966 4,876 28,966 4,876 Collateralized mortgage obligations — — 25,651 4,144 25,651 4,144 Total $ 565 $ 9 $ 77,264 $ 12,263 $ 77,829 $ 12,272 December 31, 2023 U.S. Treasury Notes $ — $ — $ 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 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (Dollars in thousands) First mortgage loans 1-4 family residential $ 115,700 $ 111,081 Multi-family 3,081 3,111 Commercial 3,828 3,835 Construction 3,245 2,508 Total first mortgage loans 125,854 120,535 Consumer loans 226 248 Total loans 126,080 120,783 Net deferred loan costs 934 1,016 Allowance for credit losses on loans (1,177 ) (1,176 ) Total loans, net $ 125,837 $ 120,623 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | March 31, 2024 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Three months ended Beginning balance $ 1,094 $ 40 $ 37 $ 4 $ 1 $ 1,176 Charge-offs — — — — — — Recoveries — — — — — — Net recoveries (charge-offs) — — — — — — (Release of) provision for credit losses (3 ) (4 ) — 7 1 1 Ending balance $ 1,091 $ 36 $ 37 $ 11 $ 2 $ 1,177 March 31, 2023 1-4 family residential Multi-family Commercial Construction Consumer Total (Dollars in thousands) Three months 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) — — — — — — Release of provision for credit losses (26 ) (1 ) (2 ) — — (29 ) Ending balance $ 890 $ 41 $ 46 $ — $ 2 $ 979 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of March 31, 2024 Term loans amortized cost basis by origination year 2024 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 $ 7,303 $ 21,211 $ 18,844 $ 19,421 $ 46,387 $ 2,297 $ — 115,463 Special Mention — — — — — — — — Substandard — — — — 237 — — 237 Total 1-4 family residential 7,303 21,211 18,844 19,421 46,624 2,297 — 115,700 Current year-to-date gross write-offs — — — — — — — — Multi-family Pass — — — 236 2,845 — — 3,081 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family — — — 236 2,845 — — 3,081 Current year-to-date gross write-offs — — — — — — — — Commercial Pass 10 184 — 99 3,327 208 — 3,828 Special Mention — — — — — — — — Substandard — — — — — — — — Total commercial 10 184 — 99 3,327 208 — 3,828 Current year-to-date gross write-offs — — — — — — — — Construction Pass 244 3,001 — — — — — 3,245 Special Mention — — — — — — — — Substandard — — — — — — — — Total construction 244 3,001 — — — — — 3,245 Current year-to-date gross write-offs — — — — — — — — Consumer Pass 11 100 87 25 3 — — 226 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer 11 100 87 25 3 — — 226 Current year-to-date gross write-offs — — — — — — — — Total $ 7,568 $ 24,496 $ 18,931 $ 19,781 $ 52,799 $ 2,505 $ — $ 126,080 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 |
Financing Receivable, Past Due [Table Text Block] | 31-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non-Accrual Total Past Due and Non-Accrual Current Total Loan Balance (Dollars in thousands) March 31, 2024 1-4 family residential $ — $ — $ 237 $ 237 $ 115,463 $ 115,700 Multi-family — — — — 3,081 3,081 Commercial — — — — 3,828 3,828 Construction — — — — 3,245 3,245 Consumer — — — — 226 226 Total $ — $ — $ 237 $ 237 $ 125,843 $ 126,080 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 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 December 31, 2023 Nonaccrual with no Allowance for Credit Losses Nonaccrual Nonaccrual with no Allowance for Credit Losses Nonaccrual (Dollars in thousands) First mortgage loans 1-4 family residential $ 237 $ 237 $ 200 $ 200 Multi-family — — — — Commercial — — — — Construction — — — — Consumer loans — — — — Total loans $ 237 $ 237 $ 200 $ 200 |
Note 4 - Deposits (Tables)
Note 4 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | For the 12 months ended March 31, Amount (Dollars in thousands) 2025 $ 52,021 2026 7,420 2027 4,472 2028 6,245 2029 and beyond 5,984 Total $ 76,142 |
Note 5 - Other Borrowings (Tabl
Note 5 - Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | For the three months ended March 31, 2024 2023 (Dollars in thousands) FHLB of Chicago advances and other borrowings: Average balance outstanding $ 5,000 $ — Maximum amount outstanding at any month-end during the period 5,000 — Average interest rate during the period 4.8 % 0.0 % March 31, 2024 December 31, 2023 (Dollars in thousands) Balance outstanding at end of period 5,000 5,000 Weighted average interest rate at end of period 4.8 % 4.8 % March 31, 2024 December 31, 2023 (Dollars in thousands) Outstanding advances $ 5,000 $ 5,000 Additional borrowing capacity 72,882 72,200 Total borrowing capacity $ 77,882 $ 77,200 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2024 Securities Available-for-sale U.S. Treasury Notes $ 2,992 $ 2,992 $ — $ — U.S. government agency obligations 8,803 — 8,803 — Municipal obligations 13,387 — 13,387 — Mortgage-backed residential obligations 28,966 — 28,966 — Collateralized mortgage obligations 25,651 — 25,651 — Total $ 79,799 $ 2,992 $ 76,807 $ — December 31, 2023 Securities Available-for-sale U.S. Treasury Notes $ 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 $ — |
Note 7 - Fair Value of Financ_2
Note 7 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value (Dollars in thousands) March 31, 2024 Financial assets: Loans, net $ 125,837 $ — $ — $ 115,646 $ 115,646 Loans held for sale 1,286 — 1,309 — 1,309 Financial liabilities: Interest-bearing deposits $ 165,819 $ — $ 166,153 $ — $ 166,153 Other Borrowings 5,000 — 5,015 — 5,015 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 |
Note 8 - Capital Ratios (Tables
Note 8 - Capital Ratios (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required to be Actual Well-Capitalized (1) Amount Ratio Amount Ratio As of March 31, 2024 (Dollars in thousands) Tier 1 capital (to Average Assets) $ 63,497 24.25 % $ 23,566 >9% As of December 31, 2023 Tier 1 capital (to Average Assets) $ 63,258 24.72 % $ 23,031 >9% |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Other Commitments [Table Text Block] | March 31, 2024 December 31, 2023 (Dollars in thousands) Unused line of credit $ 4,781 $ 4,050 Commitments to originate loans 8,165 3770 Total commitments $ 12,946 $ 7,820 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 (Income in thousands) Net (loss) income applicable to common shares $ (246 ) $ 170 Average number of common shares outstanding 5,315,261 5,397,959 Less: Average unallocated ESOP shares 388,229 408,026 Average number of common shares outstanding used to calculate basic earnings per common share 4,927,032 4,989,933 (Loss) earnings income per common share basic and diluted $ (0.05 ) $ 0.03 |
Note 11 - Stock Based Compens_2
Note 11 - Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | As of March 31, 2024 2023 (Dollars in thousands) Shares allocated 43,624 22,009 Shares committed for allocation 5,295 5,404 Unallocated 382,917 404,423 Total ESOP shares 431,836 431,836 Fair value of unearned shares as of March 31, 2024 and 2023, respectively $ 3,653 $ 3,676 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Outstanding at December 31, 2023 442,500 $ 9.36 Granted — — Forfeited — — Outstanding at March 31, 2024 442,500 $ 9.36 $ 80 Exercisable - End of Period 23,000 9.36 4 |
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, 2023 178,000 $ 9.36 Granted — — Forfeited — — Nonvested balance as of March 31, 2024 178,000 $ 9.36 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 (Dollars in thousands) Stock option expense $ 79 $ — Restricted stock expense 83 — Total stock based compensation expense $ 162 $ — |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 01, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 297,000 | $ 351,000 | ||
Debt Securities, Available-for-sale, Total | $ 79,799,000 | 82,135,000 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | ||
Asset Pledged as Collateral [Member] | ||||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Amortized Cost and Estimated Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
1 year or less | $ 5,281 | $ 4,265 |
1 to 5 years | 26,280 | 28,125 |
5 to 10 years | 33,569 | 34,752 |
After 10 years | 14,669 | 14,993 |
Fair value | 79,799 | 82,135 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (12,272) | (11,503) |
Amortized cost | 92,071 | 93,637 |
U.S. Treasury Notes [Member] | ||
1 year or less | 2,992 | 2,973 |
1 to 5 years | 0 | 0 |
5 to 10 years | 0 | 0 |
After 10 years | 0 | 0 |
Fair value | 2,992 | 2,973 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (8) | (22) |
Amortized cost | 3,000 | 2,995 |
US Government Agencies Debt Securities [Member] | ||
1 year or less | 992 | 0 |
1 to 5 years | 3,629 | 4,769 |
5 to 10 years | 4,182 | 4,337 |
After 10 years | 0 | 0 |
Fair value | 8,803 | 9,106 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,193) | (1,128) |
Amortized cost | 9,996 | 10,234 |
Municipal Bonds [Member] | ||
1 year or less | 1,297 | 1,292 |
1 to 5 years | 1,447 | 1,461 |
5 to 10 years | 1,266 | 882 |
After 10 years | 9,377 | 9,935 |
Fair value | 13,387 | 13,570 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (2,051) | (1,882) |
Amortized cost | 15,438 | 15,451 |
Residential Mortgage-Backed Securities [Member] | ||
1 year or less | 0 | 0 |
1 to 5 years | 9,053 | 8,976 |
5 to 10 years | 18,492 | 19,777 |
After 10 years | 1,421 | 1,598 |
Fair value | 28,966 | 30,351 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (4,876) | (4,533) |
Amortized cost | 33,842 | 34,884 |
Commercial Mortgage-Backed Securities [Member] | ||
1 year or less | 0 | 0 |
1 to 5 years | 12,151 | 12,919 |
5 to 10 years | 9,629 | 9,756 |
After 10 years | 3,871 | 3,460 |
Fair value | 25,651 | 26,135 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (4,144) | (3,938) |
Amortized cost | $ 29,795 | $ 30,073 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less than 12 Months, Fair Value | $ 565 | $ 279 |
Less than 12 Months, Unrealized Losses | 9 | 1 |
12 Months or Longer, Fair Value | 77,264 | 81,361 |
12 Months or Longer, Unrealized Losses | 12,263 | 11,502 |
Total, Fair Value | 77,829 | 81,640 |
Total, Unrealized Losses | 12,272 | 11,503 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 8,803 | 9,106 |
12 Months or Longer, Unrealized Losses | 1,193 | 1,128 |
Total, Fair Value | 8,803 | 9,106 |
Total, Unrealized Losses | 1,193 | 1,128 |
Municipal Bonds [Member] | ||
Less than 12 Months, Fair Value | 565 | 279 |
Less than 12 Months, Unrealized Losses | 9 | 1 |
12 Months or Longer, Fair Value | 12,352 | 12,796 |
12 Months or Longer, Unrealized Losses | 2,042 | 1,881 |
Total, Fair Value | 12,917 | 13,075 |
Total, Unrealized Losses | 2,051 | 1,882 |
Residential Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 28,966 | 30,351 |
12 Months or Longer, Unrealized Losses | 4,876 | 4,533 |
Total, Fair Value | 28,966 | 30,351 |
Total, Unrealized Losses | 4,876 | 4,533 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 25,651 | 26,135 |
12 Months or Longer, Unrealized Losses | 4,144 | 3,938 |
Total, Fair Value | 25,651 | 26,135 |
Total, Unrealized Losses | $ 4,144 | $ 3,938 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Escrow Deposit | $ 321,000 | $ 231,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 476,000 | 392,000 | ||
Loans and Leases Receivable, Related Parties | 542,000 | 550,000 | ||
Off-Balance-Sheet, Credit Loss, Liability | 11,000 | |||
Financing Receivable, before Allowance for Credit Loss | 127,014,000 | 121,799,000 | ||
Financing Receivable, Allowance for Credit Loss | 1,177,000 | 1,176,000 | $ 979,000 | $ 624,000 |
Financing Receivable, Nonaccrual, Interest Income | 0 | |||
Financing Receivable, Modified, Accumulated | 0 | 0 | ||
First Mortgage Loans [Member] | ||||
Financing Receivable, Unpaid Principal Balance | 14,700,000 | 13,200,000 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 1,091,000 | 1,094,000 | $ 890,000 | $ 581,000 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Collateral Pledged [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | 237,000 | 200,000 | ||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Summary of Loans by Major Category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 126,080 | $ 120,783 | ||
Net deferred loan costs | 934 | 1,016 | ||
Allowance for credit losses on loans | (1,177) | (1,176) | $ (979) | $ (624) |
Loans, net | 125,837 | 120,623 | ||
First Mortgage Loans [Member] | ||||
Loans | 125,854 | 120,535 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 226 | 248 | ||
Allowance for credit losses on loans | (2) | (1) | (2) | (5) |
One To Four Family Residential [Member] | First Mortgage Loans [Member] | ||||
Loans | 115,700 | 111,081 | ||
Allowance for credit losses on loans | (1,091) | (1,094) | (890) | (581) |
Multifamily [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,081 | 3,111 | ||
Allowance for credit losses on loans | (36) | (40) | (41) | (19) |
Commercial Real Estate [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,828 | 3,835 | ||
Allowance for credit losses on loans | (37) | (37) | (46) | (19) |
Construction Loans [Member] | First Mortgage Loans [Member] | ||||
Loans | 3,245 | 2,508 | ||
Allowance for credit losses on loans | $ (11) | $ (4) | $ 0 | $ 0 |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Beginning balance | $ 1,176 | $ 624 | $ 624 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | 1 | (29) | |
Ending balance | 1,177 | 979 | 1,176 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 384 | 384 | |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |||
Beginning balance | 1,094 | 581 | 581 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | (3) | (26) | |
Ending balance | 1,091 | 890 | 1,094 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 335 | 335 | |
First Mortgage Loans [Member] | Multifamily [Member] | |||
Beginning balance | 40 | 19 | 19 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | (4) | (1) | |
Ending balance | 36 | 41 | 40 |
First Mortgage Loans [Member] | Multifamily [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 23 | 23 | |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | |||
Beginning balance | 37 | 19 | 19 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | 0 | (2) | |
Ending balance | 37 | 46 | 37 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 29 | 29 | |
First Mortgage Loans [Member] | Construction Loans [Member] | |||
Beginning balance | 4 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | 7 | 0 | |
Ending balance | 11 | 0 | 4 |
First Mortgage Loans [Member] | Construction Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Beginning balance | 1 | 5 | 5 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
(Release of) provision for credit losses | 1 | 0 | |
Ending balance | $ 2 | 2 | 1 |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | $ (3) | $ (3) |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loan, current | $ 7,568 | $ 26,211 | |
Loan, one year before | 24,496 | 19,045 | |
Loan, two years before | 18,931 | 19,972 | |
Loan, three years before | 19,781 | ||
Loan, prior | 52,799 | ||
Loan, revolving | 2,505 | 1,564 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 126,080 | 120,783 | |
Current year-to-date gross write-offs, current | 0 | 0 | |
Current year-to-date gross write-offs, one year before | 0 | 0 | |
Current year-to-date gross write-offs, two years before | 0 | 0 | |
Loan, three years before, writeoff | 0 | ||
Loan, prior, write-offs | 0 | ||
Loan, revolving, writeoff | 0 | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | 0 | |
Charge-offs | 0 | $ 0 | 0 |
Loan, prior | 53,991 | ||
Current year-to-date gross write-offs, prior | 0 | ||
First Mortgage Loans [Member] | |||
Loans | 125,854 | 120,535 | |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |||
Loan, current | 7,303 | 23,395 | |
Loan, one year before | 21,211 | 18,950 | |
Loan, two years before | 18,844 | 19,605 | |
Loan, three years before | 19,421 | ||
Loan, prior | 46,624 | ||
Loan, revolving | 2,297 | 1,414 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 115,700 | 111,081 | |
Current year-to-date gross write-offs, current | 0 | 0 | |
Current year-to-date gross write-offs, one year before | 0 | 0 | |
Current year-to-date gross write-offs, two years before | 0 | 0 | |
Loan, three years before, writeoff | 0 | ||
Loan, prior, write-offs | 0 | ||
Loan, revolving, writeoff | 0 | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | 0 | |
Charge-offs | 0 | 0 | 0 |
Loan, prior | 47,717 | ||
Current year-to-date gross write-offs, prior | 0 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Pass [Member] | |||
Loan, current | 7,303 | 23,395 | |
Loan, one year before | 21,211 | 18,950 | |
Loan, two years before | 18,844 | 19,605 | |
Loan, three years before | 19,421 | ||
Loan, prior | 46,387 | ||
Loan, revolving | 2,297 | 1,414 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 115,463 | 110,881 | |
Loan, prior | 47,517 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Special Mention [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | One To Four Family Residential [Member] | Substandard [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 237 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 237 | 200 | |
Loan, prior | 200 | ||
First Mortgage Loans [Member] | Multifamily [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 239 | |
Loan, three years before | 236 | ||
Loan, prior | 2,845 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,081 | 3,111 | |
Current year-to-date gross write-offs, current | 0 | 0 | |
Current year-to-date gross write-offs, one year before | 0 | 0 | |
Current year-to-date gross write-offs, two years before | 0 | 0 | |
Loan, three years before, writeoff | 0 | ||
Loan, prior, write-offs | 0 | ||
Loan, revolving, writeoff | 0 | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | 0 | |
Charge-offs | 0 | 0 | 0 |
Loan, prior | 2,872 | ||
Current year-to-date gross write-offs, prior | 0 | ||
First Mortgage Loans [Member] | Multifamily [Member] | Pass [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 239 | |
Loan, three years before | 236 | ||
Loan, prior | 2,845 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,081 | 3,111 | |
Loan, prior | 2,872 | ||
First Mortgage Loans [Member] | Multifamily [Member] | Special Mention [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Multifamily [Member] | Substandard [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Commercial Real Estate [Member] | |||
Loan, current | 10 | 186 | |
Loan, one year before | 184 | 0 | |
Loan, two years before | 0 | 100 | |
Loan, three years before | 99 | ||
Loan, prior | 3,327 | ||
Loan, revolving | 208 | 150 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,828 | 3,835 | |
Current year-to-date gross write-offs, current | 0 | 0 | |
Current year-to-date gross write-offs, one year before | 0 | 0 | |
Current year-to-date gross write-offs, two years before | 0 | 0 | |
Loan, three years before, writeoff | 0 | ||
Loan, prior, write-offs | 0 | ||
Loan, revolving, writeoff | 0 | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | 0 | |
Charge-offs | 0 | 0 | 0 |
Loan, prior | 3,399 | ||
Current year-to-date gross write-offs, prior | 0 | ||
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Loan, current | 10 | 186 | |
Loan, one year before | 184 | 0 | |
Loan, two years before | 0 | 100 | |
Loan, three years before | 99 | ||
Loan, prior | 3,327 | ||
Loan, revolving | 208 | 150 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,828 | 3,835 | |
Loan, prior | 3,399 | ||
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Construction Loans [Member] | |||
Loan, current | 244 | 2,508 | |
Loan, one year before | 3,001 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,245 | 2,508 | |
Current year-to-date gross write-offs, current | 0 | 0 | |
Current year-to-date gross write-offs, one year before | 0 | 0 | |
Current year-to-date gross write-offs, two years before | 0 | 0 | |
Loan, three years before, writeoff | 0 | ||
Loan, prior, write-offs | 0 | ||
Loan, revolving, writeoff | 0 | 0 | |
Current year-to-date gross write-offs,Revolving, Converted to Term Loan | 0 | 0 | |
Charge-offs | 0 | 0 | 0 |
Loan, prior | 0 | ||
Current year-to-date gross write-offs, prior | 0 | ||
First Mortgage Loans [Member] | Construction Loans [Member] | Pass [Member] | |||
Loan, current | 244 | 2,508 | |
Loan, one year before | 3,001 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 3,245 | 2,508 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
First Mortgage Loans [Member] | Construction Loans [Member] | Substandard [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
Consumer Portfolio Segment [Member] | |||
Loan, current | 11 | 122 | |
Loan, one year before | 100 | 95 | |
Loan, two years before | 87 | 28 | |
Loan, three years before | 25 | ||
Loan, prior | 3 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 226 | 248 | |
Charge-offs | 0 | $ 0 | |
Loan, prior | 3 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loan, current | 11 | 122 | |
Loan, one year before | 100 | 95 | |
Loan, two years before | 87 | 28 | |
Loan, three years before | 25 | ||
Loan, prior | 3 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 226 | 248 | |
Loan, prior | 3 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Loan, prior | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loan, current | 0 | 0 | |
Loan, one year before | 0 | 0 | |
Loan, two years before | 0 | 0 | |
Loan, three years before | 0 | ||
Loan, prior | 0 | ||
Loan, revolving | 0 | 0 | |
Loan, revolving converted to term loans | 0 | 0 | |
Loans | $ 0 | 0 | |
Loan, prior | $ 0 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Aging of Bank's Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 126,080 | $ 120,783 |
Non-accrual | 237 | 200 |
First Mortgage Loans [Member] | ||
Loans | 125,854 | 120,535 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 115,700 | 111,081 |
Non-accrual | 237 | 200 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,081 | 3,111 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 3,828 | 3,835 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 3,245 | 2,508 |
Non-accrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 226 | 248 |
Non-accrual | 0 | 0 |
Financial Asset, 31 to 89 Days Past Due [Member] | ||
Loans | 0 | 131 |
Financial Asset, 31 to 89 Days Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 0 | 131 |
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 | 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 | 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 | 237 | 331 |
Financial Asset, Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 237 | 331 |
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 | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 125,843 | 120,452 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Loans | 115,463 | 110,750 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Multifamily [Member] | ||
Loans | 3,081 | 3,111 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Loans | 3,828 | 3,835 |
Financial Asset, Not Past Due [Member] | First Mortgage Loans [Member] | Construction Loans [Member] | ||
Loans | 3,245 | 2,508 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 226 | $ 248 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual, No Allowance | $ 237 | $ 200 |
Non-accrual | 237 | 200 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | ||
Nonaccrual, No Allowance | 237 | 200 |
Non-accrual | 237 | 200 |
First Mortgage Loans [Member] | Multifamily [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Commercial Real Estate [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Non-accrual | 0 | 0 |
First Mortgage Loans [Member] | Construction Loans [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Non-accrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Non-accrual | $ 0 | $ 0 |
Note 4 - Deposits (Details Text
Note 4 - Deposits (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits | $ 178,047,000 | $ 168,826,000 |
Directors and Officers [Member] | ||
Deposits | $ 826,000 | $ 739,000 |
Note 4 - Deposits - Scheduled M
Note 4 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 52,021 |
2026 | 7,420 |
2027 | 4,472 |
2028 | 6,245 |
2029 and beyond | 5,984 |
Total | $ 76,142 |
Note 5 - Other Borrowings (Deta
Note 5 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 103,200 | $ 102,600 |
BMO Harris Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | 10,000 |
Federal Funds Purchased | $ 0 | $ 0 |
Note 5 - Other Borrowings - Out
Note 5 - Other Borrowings - Outstanding Advances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Other borrowings | $ 5,000 | $ 5,000 | |
Federal Home Loan Bank of Chicago [Member] | |||
Average balance outstanding | 5,000 | $ 0 | |
Maximum amount outstanding at any month-end during the period | $ 5,000 | $ 0 | |
Average interest rate during the period | 4.80% | 0% | |
Other borrowings | $ 5,000 | $ 5,000 | |
Weighted average interest rate at end of period | 4.80% | 4.80% | |
Additional borrowing capacity | $ 72,882 | $ 72,200 | |
Total borrowing capacity | $ 77,882 | $ 77,200 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements - Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available for sale | $ 79,799 | $ 82,135 |
U.S. Treasury Notes [Member] | ||
Securities available for sale | 2,992 | 2,973 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 8,803 | 9,106 |
Municipal Bonds [Member] | ||
Securities available for sale | 13,387 | 13,570 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale | 28,966 | 30,351 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 79,799 | 82,135 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 2,992 | 2,973 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 76,807 | 79,162 |
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 | 2,992 | 2,973 |
Fair Value, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 2,992 | 2,973 |
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 | 8,803 | 9,106 |
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 | 8,803 | 9,106 |
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 | 13,387 | 13,570 |
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 | 13,387 | 13,570 |
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 | 28,966 | 30,351 |
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 | 28,966 | 30,351 |
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 | 25,651 | 26,135 |
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 | 25,651 | 26,135 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 7 - Fair Value of Financ_3
Note 7 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Value Hierarchy of Certain Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Reported Value Measurement [Member] | ||
Loans, net | $ 125,837 | $ 120,623 |
Loans held for sale | 1,286 | 380 |
Interest-bearing deposits | 165,819 | 156,402 |
Other Borrowings | 5,000 | 5,000 |
Estimate of Fair Value Measurement [Member] | ||
Loans, net | 115,646 | 110,288 |
Loans held for sale | 1,309 | 387 |
Interest-bearing deposits | 166,153 | 156,092 |
Other Borrowings | 5,015 | 4,990 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Other Borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans, net | 0 | 0 |
Loans held for sale | 1,309 | 387 |
Interest-bearing deposits | 166,153 | 156,092 |
Other Borrowings | 5,015 | 4,990 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 115,646 | 110,288 |
Loans held for sale | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Other Borrowings | $ 0 | $ 0 |
Note 8 - Capital Ratios - Actua
Note 8 - Capital Ratios - Actual Capital Amount and Ratios (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Tier 1 capital (to Average Assets), actual amount | $ 63,497 | $ 63,258 | |
Tier 1 capital (to Average Assets), actual ratio | 0.2425 | 0.2472 | |
Tier 1 capital (to Average Assets), minimum required to be well capitalized | [1] | $ 23,566 | $ 23,031 |
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 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) | Mar. 31, 2024 |
First Mortgage Loans [Member] | One To Four Family Residential [Member] | |
Financing Receivable, Minimum Percentage of Loan-to-value Ratio, Requires Mortgage Insurance | 80% |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Outstanding Commitments to Originate Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total commitments | $ 12,946 | $ 7,820 |
Unused Line of Credit [Member] | ||
Total commitments | 4,781 | 4,050 |
Commitments to Extend Credit [Member] | ||
Total commitments | $ 8,165 | $ 3,770 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment (in shares) | 0 | 0 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net (loss) income applicable to common shares | $ (246) | $ 170 |
Average number of common shares outstanding (in shares) | 5,315,261 | 5,397,959 |
Less: Average unallocated ESOP shares (in shares) | 388,229 | 408,026 |
Average number of common shares outstanding used to calculate basic earnings per common share (in shares) | 4,927,032 | 4,989,933 |
(Loss) earnings income per common share basic and diluted (in dollars per share) | $ (0.05) | $ 0.03 |
Note 11 - Stock Based Compens_3
Note 11 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
May 24, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 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), Shares Contributed to ESOP (in shares) | 0 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 51,000 | $ 55,000 | |
Share Price (in dollars per share) | $ 9.54 | $ 9.09 | |
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) | 0 | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,300,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 442,500 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 9 years 2 months 12 days | ||
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 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 28,718 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 2 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 0 | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,400,000 | ||
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 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 2 months 12 days |
Note 11 - Stock Based Compens_4
Note 11 - Stock Based Compensation - Shares Held by ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Shares allocated (in shares) | 43,624 | 22,009 |
Shares committed for allocation (in shares) | 5,295 | 5,404 |
Unallocated (in shares) | 382,917 | 404,423 |
Total ESOP shares (in shares) | 431,836 | 431,836 |
Fair value of unearned shares as of March 31, 2024 and 2023, respectively | $ 3,653 | $ 3,676 |
Note 11 - Share Based Compensat
Note 11 - Share Based Compensation - Stock Option Activity (Details) - The 2023 Equity Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Outstanding, options (in shares) | 442,500 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 9.36 | ||
Granted, options (in shares) | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||
Forfeited, options (in shares) | 0 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, options (in shares) | 442,500 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 9.36 | ||
Options, outstanding, aggregate intrinsic value | $ 80 | ||
Exercisable, options (in shares) | 23,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 9.36 | ||
Exercisable, aggregate intrinsic value | [1] | $ 4 | |
[1]Dollars in thousands. The aggregate intrinsic value of outstanding and exercisable options at March 31, 2024 were calculated based on the closing market price of the Company's common stock of March 31, 2024 of $9.54 per share less the exercise price. |
Note 11 - Share Based Compens_2
Note 11 - Share Based Compensation - Restricted Stock Activity (Details) - The 2023 Equity Plan [Member] - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested, restricted stock awards (in shares) | shares | 178,000 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.36 |
Granted, restricted stock awards (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
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 11 - Share Based Compens_3
Note 11 - Share Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total stock based compensation expense | $ 162 | $ 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Total stock based compensation expense | 79 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Total stock based compensation expense | $ 83 | $ 0 |