Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000919864 | |
Entity Registrant Name | Finward Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-26128 | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1927981 | |
Entity Address, Address Line One | 9204 Columbia Avenue | |
Entity Address, City or Town | Munster | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46321 | |
City Area Code | 219 | |
Local Phone Number | 836‑4400 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | FNWD | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,297,900 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 20,844 | $ 12,725 |
Interest bearing deposits in other financial institutions | 55,602 | 19,987 |
Federal funds sold | 2,856 | 464 |
Total cash and cash equivalents | 79,302 | 33,176 |
Certificates of deposit in other financial institutions | 1,482 | 1,709 |
Securities available-for-sale | 400,466 | 526,889 |
Loans held-for-sale | 1,525 | 4,987 |
Loans receivable, net of deferred fees and costs | 1,474,381 | 966,720 |
Less: allowance for loan losses | (13,406) | (13,343) |
Net loans receivable | 1,460,975 | 953,377 |
Federal Home Loan Bank stock | 3,038 | 3,247 |
Accrued interest receivable | 6,892 | 5,444 |
Premises and equipment | 45,985 | 31,385 |
Cash value of bank owned life insurance | 31,571 | 31,440 |
Goodwill | 22,615 | 11,109 |
Other intangible assets | 5,588 | 3,126 |
Other assets | 42,046 | 14,854 |
Total assets | 2,101,485 | 1,620,743 |
Deposits: | ||
Non-interest bearing | 370,567 | 295,294 |
Interest bearing | 1,546,648 | 1,138,907 |
Total | 1,917,215 | 1,434,201 |
Repurchase agreements | 24,536 | 14,581 |
Accrued expenses and other liabilities | 23,080 | 15,346 |
Total liabilities | 1,964,831 | 1,464,128 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding | 0 | 0 |
Additional paid-in capital | 68,623 | 30,430 |
Accumulated other comprehensive (loss) income | (57,781) | 4,276 |
Retained earnings | 125,812 | 121,909 |
Total stockholders' equity | 136,654 | 156,615 |
Total liabilities and stockholders' equity | $ 2,101,485 | $ 1,620,743 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authoirzed (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par or stated value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 4,296,949 | 3,480,701 |
Common stock, shares outstanding (in shares) | 4,296,949 | 3,480,701 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Loans receivable | $ 15,221 | $ 10,275 | $ 28,507 | $ 21,021 |
Securities | 2,469 | 2,144 | 5,066 | 4,105 |
Other interest earning assets | 50 | 16 | 61 | 36 |
Total interest income | 17,740 | 12,435 | 33,634 | 25,162 |
Interest expense: | ||||
Deposits | 389 | 549 | 726 | 1,200 |
Repurchase agreements | 26 | 12 | 42 | 22 |
Borrowed funds | 27 | 2 | 33 | 22 |
Total interest expense | 442 | 563 | 801 | 1,244 |
Net interest income | 17,298 | 11,872 | 32,833 | 23,918 |
Provision for loan losses | 0 | 576 | 0 | 1,154 |
Net interest income after provision for loan losses | 17,298 | 11,296 | 32,833 | 22,764 |
Noninterest income: | ||||
Fees and service charges | 1,560 | 1,471 | 2,864 | 2,537 |
Wealth management operations | 588 | 576 | 1,183 | 1,183 |
Gain on sale of loans held-for-sale, net | 291 | 1,116 | 898 | 3,165 |
Gain on sale of securities, net | 258 | 269 | 639 | 686 |
Increase in cash value of bank owned life insurance | 193 | 188 | 445 | 357 |
Gain (loss) on sale of foreclosed real estate | 0 | 36 | 0 | 27 |
Other | 6 | 24 | 11 | 38 |
Total noninterest income | 2,896 | 3,680 | 6,040 | 7,993 |
Noninterest expense: | ||||
Compensation and benefits | 7,538 | 5,897 | 14,905 | 11,582 |
Data processing | 1,246 | 597 | 4,300 | 1,125 |
Occupancy and equipment | 1,729 | 1,324 | 3,229 | 2,696 |
Marketing | 385 | 195 | 1,036 | 394 |
Federal deposit insurance premiums | 380 | 204 | 599 | 384 |
Other | 3,898 | 2,793 | 7,376 | 5,322 |
Total noninterest expense | 15,176 | 11,010 | 31,445 | 21,503 |
Income before income tax expenses | 5,018 | 3,966 | 7,428 | 9,254 |
Income tax expenses | 587 | 395 | 862 | 1,140 |
Net income | $ 4,431 | $ 3,571 | $ 6,566 | $ 8,114 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.04 | $ 1.03 | $ 1.60 | $ 2.33 |
Diluted (in dollars per share) | 1.04 | 1.03 | 1.59 | 2.33 |
Dividends declared per common share (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.62 | $ 0.62 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 4,431 | $ 3,571 | $ 6,566 | $ 8,114 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||||
Unrealized (loss) gain arising during the period | (30,521) | 5,624 | (77,910) | (2,137) |
Less: reclassification adjustment for gains included in net income | (258) | (269) | (639) | (686) |
Net securities (loss) gain during the period | (30,779) | 5,355 | (78,549) | (2,823) |
Tax effect | 6,460 | (1,126) | 16,492 | 591 |
Other comprehensive (loss) gain, net of tax | (24,319) | 4,229 | (62,057) | (2,232) |
Comprehensive (loss) gain, net of tax | $ (19,888) | $ 7,800 | $ (55,491) | $ 5,882 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 0 | $ 29,987 | $ 10,441 | $ 111,261 | $ 151,689 |
Net income | 0 | 0 | 0 | 4,543 | 4,543 |
Other comprehensive loss, net of tax | (6,461) | 0 | (6,461) | ||
Net surrender value of restricted stock awards | 0 | (68) | 0 | 0 | (68) |
Stock-based compensation expense | 146 | 146 | |||
Cash dividends | 0 | 0 | 0 | (1,079) | (1,079) |
Balance at Mar. 31, 2021 | 0 | 30,065 | 3,980 | 114,725 | 148,770 |
Balance at Dec. 31, 2020 | 0 | 29,987 | 10,441 | 111,261 | 151,689 |
Net income | 8,114 | ||||
Balance at Jun. 30, 2021 | 0 | 30,141 | 8,209 | 117,219 | 155,569 |
Balance at Mar. 31, 2021 | 0 | 30,065 | 3,980 | 114,725 | 148,770 |
Net income | 0 | 0 | 0 | 3,571 | 3,571 |
Other comprehensive loss, net of tax | 4,229 | 0 | 4,229 | ||
Net surrender value of restricted stock awards | 0 | (63) | 0 | 0 | (63) |
Stock-based compensation expense | 139 | 139 | |||
Cash dividends | 0 | 0 | 0 | (1,077) | (1,077) |
Balance at Jun. 30, 2021 | 0 | 30,141 | 8,209 | 117,219 | 155,569 |
Balance at Dec. 31, 2021 | 0 | 30,430 | 4,276 | 121,909 | 156,615 |
Net income | 0 | 0 | 0 | 2,135 | 2,135 |
Other comprehensive loss, net of tax | (37,738) | (37,738) | |||
Net surrender value of restricted stock awards | (115) | (115) | |||
Stock-based compensation expense | 0 | 169 | 0 | 0 | 169 |
Cash dividends | 0 | 0 | 0 | (1,331) | (1,331) |
Balance at Mar. 31, 2022 | 0 | 68,386 | (33,462) | 122,713 | 157,637 |
Issuance of 795,423 shares at $47.75 per share, for acquisition of Royal Financial, Inc | 37,902 | 37,902 | |||
Balance at Dec. 31, 2021 | 0 | 30,430 | 4,276 | 121,909 | 156,615 |
Net income | 6,566 | ||||
Balance at Jun. 30, 2022 | 0 | 68,623 | (57,781) | 125,812 | 136,654 |
Balance at Mar. 31, 2022 | 0 | 68,386 | (33,462) | 122,713 | 157,637 |
Net income | 0 | 0 | 0 | 4,431 | 4,431 |
Other comprehensive loss, net of tax | (24,319) | (24,319) | |||
Net surrender value of restricted stock awards | (5) | (5) | |||
Stock-based compensation expense | 0 | 163 | 0 | 0 | 163 |
Cash dividends | 0 | 0 | 0 | (1,332) | (1,332) |
Balance at Jun. 30, 2022 | 0 | 68,623 | (57,781) | 125,812 | 136,654 |
Other adjustments | $ 0 | $ 79 | $ 0 | $ 0 | $ 79 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Shares of restricted stock awards surrendered (in shares) | 113 | 2,336 | 1,404 | 1,711 |
Cash dividends per share (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 |
Acquisition, shares issued (in shares) | 795,423 | |||
Shares issued, price per share (in dollars per share) | $ 47.75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 6,566 | $ 8,114 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Origination of loans for sale | (29,179) | (85,903) |
Sale of loans originated for sale | 33,506 | 94,163 |
Depreciation and amortization, net of accretion | 3,121 | 2,154 |
Stock based compensation expense | 332 | 285 |
Gain on sale of securities, net | (639) | (686) |
Gain on sale of loans held-for-sale, net | (966) | (3,293) |
Gain on sale of foreclosed real estate | 0 | (27) |
Gain on cash value of bank owned life insurance | (445) | (357) |
Loss on derivatives | 68 | 128 |
Provision for loan losses | 0 | 1,154 |
Net change in: | ||
Interest receivable | 388 | (90) |
Other assets | (3,038) | 1,728 |
Accrued expenses and other liabilities | (3,824) | (3,723) |
Net cash provided by operating activities | 5,890 | 13,647 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit in other financial institutions | 472 | 426 |
Proceeds from maturities and pay downs of securities available-for-sale | 15,596 | 43,322 |
Proceeds from sales of securities available-for-sale | 43,775 | 19,290 |
Purchase of securities available-for-sale | (11,713) | (119,075) |
Proceeds from bank owned life insurance | 314 | 0 |
Net change in loans receivable | (54,178) | 1,660 |
Proceeds of Federal Home Loan Bank Stock | 1,512 | 671 |
Purchase of loans receivable | (2,663) | (5,978) |
Purchase of premises and equipment, net | (2,081) | (470) |
Proceeds from sale of foreclosed real estate | 0 | 197 |
Cash and cash equivalents from acquisition activity, net | 33,799 | 0 |
Net cash provided by (used in) investing activities | 24,833 | (59,957) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in deposits | 7,978 | 92,757 |
Repayment of FHLB advances | 0 | (6,000) |
Net surrender value of restricted stock awards | (120) | (131) |
Change in repurchase agreements and other borrowed funds | 9,955 | 10,539 |
Dividends paid | (2,410) | (2,152) |
Net cash (used in) provided by financing activities | 15,403 | 95,013 |
Net change in cash and cash equivalents | 46,126 | 48,703 |
Cash and cash equivalents at beginning of period | 33,176 | 19,922 |
Cash and cash equivalents at end of period | 79,302 | 68,625 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 781 | 1,262 |
Income taxes | 1,157 | 2,020 |
Fair value of assets acquired, including cash and cash equivalents | 528,321 | 0 |
Value of goodwill and other intangible assets | 14,726 | 0 |
Fair value of liabilities assumed | 486,341 | 0 |
Cash paid for acquisition | 18,725 | 0 |
Issuance of common stock for acquisition | 37,981 | 0 |
Noncash activities: | ||
Dividends declared not paid | 1,332 | 1,077 |
Securities purchased not settled | $ 0 | $ 9,764 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 Organization and Description of Business The consolidated financial statements include the accounts of Finward Bancorp (the “Bancorp” or “FNWD”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, 1683 10 not June 30, 2022, December 31, 2021, three six June 30, 2022, 2021, six June 30, 2022, 2021. six June 30, 2022, not The Notes to the Consolidated Financial Statements appearing in Finward Bancorp’s Annual Report on Form 10 2021 December 31, 2021 not no |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | Note 2 Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term. |
Note 3 - Acquisition Activity
Note 3 - Acquisition Activity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3 On January 31, 2022, July 28, 2021 ( December 13, 2021. Under the terms of the merger agreement, RYFL stockholders who owned 101 no As a result of RYFL stockholder stock and cash elections and the related allocation and proration provisions of the merger agreement, Finward issued 795,423 shares of its common stock and paid cash consideration of approximately $18.7 million in the Merger. Based on the January 28, 2022, eight Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on the valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the RYFL acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 52,524 Deposits Investment securities, available for sale - Non-interest bearing $ 32,095 Certificate of deposit in other financial institutions 245 NOW accounts 63,639 Savings and money market 184,149 Total Loans 450,757 Certificates of deposits 195,153 Total Deposits 475,036 Premises and equipment, net 13,896 FHLB stock 1,303 Interest payable 75 Goodwill 11,506 Other liabilities 11,228 Core deposit intangible 3,220 Interest receivable 1,836 Other assets 7,758 Total assets purchased $ 543,045 Common shares issued 37,981 Cash paid 18,725 Total purchase price $ 56,706 Total liabilities assumed $ 486,339 During the second 2022, Final estimates of fair value on the date of acquisition have not one Goodwill of approximately $11.5 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, is expected to be recorded in the RYFL acquisition and is the result of expected operational synergies and other factors. This goodwill is not Gross loans acquired during the RYFL transaction totaled $456.7 million. As of the six June 30, 2022, The following pro-forma and earnings (unaudited) of the combined company are presented as if the RYFL merger had occurred on January 1, 2022 January 1, 2021: For the three months ended For the three months ended For the six months ended For the six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Selected Financial Data Interest income $ 17,740 $ 17,263 $ 35,329 $ 34,654 Interest expense (442 ) (998 ) (902 ) (2,189 ) Recovery of (provision for) loan losses - (816 ) - (1,094 ) Non-interest income 2,896 3,902 6,179 8,418 Non-interest expense (1) (15,176 ) (13,831 ) (29,573 ) (26,776 ) Income before provision for income taxes 5,018 5,520 11,033 13,013 Income tax expense (587 ) (639 ) (1,619 ) (1,812 ) Net income $ 4,431 $ 4,881 $ 9,414 $ 11,201 Earnings per common share: Basic $ 1.04 $ 1.40 $ 2.29 $ 3.22 Diluted $ 1.04 $ 1.40 $ 2.28 $ 3.22 ( 1 Excludes $2.9 million in pre-tax merger expenses for the six June 30, 2022. For the six June 30, 2022, $2.9 one (in thousands) Six months ended Noninterest expense: June 30, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 4 - Securities
Note 4 - Securities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value June 30, 2022 U.S. government sponsored entities $ 8,883 $ - $ (949 ) $ 7,934 U.S. treasury securities 594 - - 594 Collateralized mortgage obligations and residential mortgage-backed securities 171,286 2 (21,227 ) 150,061 Municipal securities 290,675 20 (49,848 ) 240,847 Collateralized debt obligations 2,173 - (1,143 ) 1,030 Total securities available-for-sale $ 473,611 $ 22 $ (73,167 ) $ 400,466 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2021 U.S. government sponsored entities $ 8,883 $ - $ (214 ) $ 8,669 U.S. treasury securities 400 - - 400 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 961 (3,539 ) 184,701 Municipal securities 322,750 9,904 (527 ) 332,127 Collateralized debt obligations 2,173 - (1,181 ) 992 Total securities available-for-sale $ 521,485 $ 10,865 $ (5,461 ) $ 526,889 The cost basis and estimated fair value of available-for-sale debt securities at June 30, 2022, not (Dollars in thousands) Available-for-sale Estimated Cost Fair June 30, 2022 Basis Value Due in one year or less $ 494 $ 495 Due from one to five years 1,954 1,956 Due from five to ten years 26,832 24,869 Due over ten years 273,045 223,085 Collateralized mortgage obligations and residential mortgage-backed securities 171,286 150,061 Total $ 473,611 $ 400,466 Sales of available-for-sale securities were as follows for the three (Dollars in thousands) June 30, June 30, 2022 2021 Proceeds $ 27,539 $ 12,386 Gross gains 295 289 Gross losses (37 ) (20 ) Sales of available-for-sale securities were as follows for the six (Dollars in thousands) June 30, June 30, 2022 2021 Proceeds $ 43,775 $ 19,290 Gross gains 692 706 Gross losses (53 ) (20 ) Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (62,057 ) Ending balance, June 30, 2022 $ (57,781 ) Securities with market values of approximately $236.7 million and $39.5 million were pledged as of June 30, 2022 December 31, 2021, Securities with gross unrealized losses at June 30, 2022, December 31, 2021 not (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position June 30, 2022 U.S. government sponsored entities $ - $ - $ 7,934 $ (949 ) $ 7,934 $ (949 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 91,051 (11,037 ) 58,348 (10,190 ) 149,399 (21,227 ) 99.6 % Municipal securities 230,567 (48,029 ) 6,170 (1,819 ) 236,737 (49,848 ) 98.3 % Collateralized debt obligations - - 1,030 (1,143 ) 1,030 (1,143 ) 100.0 % Total temporarily impaired $ 321,618 $ (59,066 ) $ 73,482 $ (14,101 ) $ 395,100 $ (73,167 ) 98.7 % Number of securities 415 41 456 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2021 U.S. government sponsored entities $ 8,669 $ (214 ) $ - $ - $ 8,669 $ (214 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 126,373 (3,175 ) 8,109 (364 ) 134,482 (3,539 ) 72.8 % Municipal securities 70,309 (527 ) - - 70,309 (527 ) 21.2 % Collateralized debt obligations - - 992 (1,181 ) 992 (1,181 ) 100.0 % Total temporarily impaired $ 205,351 $ (3,916 ) $ 9,101 $ (1,545 ) $ 214,452 $ (5,461 ) 40.7 % Number of securities 133 5 138 Unrealized losses on securities have not |
Note 5 - Loans Receivable
Note 5 - Loans Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 The Bancorp’s current lending programs are described below: Residential Real Estate. 80% 97% not Fixed rate loans currently originated generally conform to Freddie Mac guidelines for loans purchased under the one‑to‑four family program. Loan interest rates are determined based on secondary market yield requirements and local market conditions. Fixed rate mortgage loans with contractual maturities generally exceeding fifteen may The 15 20 30 15 15 second The Bancorp’s Adjustable Rate Mortgage Loans (“ARMs”) include offerings that reprice annually or are “Mini-Fixed.” The “Mini‑Fixed” mortgage reprices annually after a one, three, five, seven ten Home Equity Line of Credit. second second Fixed term home improvement and equity loans are made up to a maximum of 85% of the appraised value of the improved property, less any outstanding liens. These loans are offered on both a fixed and variable rate basis with a maximum term of 240 months. All home equity loans are made on a direct basis to borrowers. Commercial Real Estate and Multifamily Loans. 15 20 15 seven ten While commercial real estate lending is generally considered to involve a higher degree of risk than single‑family residential lending due to the concentration of principal in a limited number of loans and the effects of general economic conditions on real estate developers and managers, the Bancorp has endeavored to reduce this risk in several ways. In originating commercial real estate loans, the Bancorp considers the feasibility of the project, the financial strength of the borrowers and lessees, the managerial ability of the borrowers, the location of the project and the economic environment. Management evaluates the debt coverage ratio and analyzes the reliability of cash flows, as well as the quality of earnings. All such loans are made in accordance with well-defined underwriting standards and are generally supported by personal guarantees, which represent a secondary source of repayment. Loans for the construction of commercial properties are generally located within an area permitting physical inspection and regular review of business records. Projects financed outside of the Bancorp’s primary lending area generally involve borrowers and guarantors who are or were previous customers of the Bancorp or projects that are underwritten according to the Bank’s underwriting standards. Construction and Land Development. six one Loans are also made for the construction of commercial properties. All such loans are made in accordance with well-defined underwriting standards. Generally if the loans are not not not two Commercial Business and Farmland Loans. not Consumer Loans. Manufactured Homes. third 25 Government Loans. Loans receivable are summarized below: (Dollars in thousands) June 30, 2022 December 31, 2021 Loans secured by real estate: Residential real estate $ 459,151 $ 260,134 Home equity 35,672 34,612 Commercial real estate 420,735 317,145 Construction and land development 153,422 123,822 Multifamily 248,495 61,194 Total loans secured by real estate 1,317,475 796,907 Commercial business 103,649 115,772 Consumer 1,673 582 Manufactured homes 37,693 37,887 Government 8,081 8,991 Loans receivable 1,468,571 960,139 Add (less): Net deferred loan origination costs 6,482 6,810 Undisbursed loan funds (672 ) (229 ) Loans receivable, net of deferred fees and costs.. $ 1,474,381 $ 966,720 (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended June 30, 2022: Allowance for loan losses: Residential real estate $ 2,493 $ - $ 29 $ 234 $ 2,756 Home equity 354 - - 19 373 Commercial real estate 5,530 - - (3 ) 5,527 Construction and land development 2,135 - - (391 ) 1,744 Multifamily 889 - - 239 1,128 Commercial business 1,941 - 7 (140 ) 1,808 Consumer 45 (27 ) 10 42 70 Manufactured homes - - - - - Government - - - - - Total $ 13,387 $ (27 ) $ 46 $ - $ 13,406 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three June 30, 2021: Allowance for loan losses: Residential real estate $ 2,176 $ - $ 15 $ 103 $ 2,294 Home equity 309 - - 62 371 Commercial real estate 5,726 - - 213 5,939 Construction and land development 1,587 - - 211 1,798 Multifamily 680 - - 60 740 Commercial business 2,552 - 11 (89 ) 2,474 Consumer 17 (11 ) 1 16 23 Manufactured homes - - - - - Government - - - - - Total $ 13,047 $ (11 ) $ 27 $ 576 $ 13,639 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the six June 30, 2022: Allowance for loan losses: Residential real estate $ 2,480 $ - $ 50 $ 226 $ 2,756 Home equity 357 - - 16 373 Commercial real estate 5,515 - - 12 5,527 Construction and land development 2,119 - - (375 ) 1,744 Multifamily 848 - - 280 1,128 Commercial business 2,009 - 38 (239 ) 1,808 Consumer 15 (37 ) 12 80 70 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (37 ) $ 100 $ - $ 13,406 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the six June 30, 2021: Allowance for loan losses: Residential real estate $ 2,211 $ (4 ) $ 25 $ 62 $ 2,294 Home equity 276 (1 ) - 96 371 Commercial real estate 5,406 - - 533 5,939 Construction and land development 1,405 - - 393 1,798 Multifamily 626 - - 114 740 Commercial business 2,508 - 19 (53 ) 2,474 Consumer 26 (17 ) 5 9 23 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (22 ) $ 49 $ 1,154 $ 13,639 A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectations, the deferred cost reserve is paid as a premium to the third June 30, 2022 December 31, 2021, The Bancorp's impairment analysis is summarized below: Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at June 30, 2022: Residential real estate $ 31 $ 2,725 $ 459,151 $ 290 $ 2,057 $ 456,804 Home equity 3 370 35,672 21 133 35,518 Commercial real estate 446 5,081 420,735 846 2,970 416,919 Construction and land development - 1,744 153,422 - 800 152,622 Multifamily - 1,128 248,495 - 2,940 245,555 Commercial business 251 1,557 103,649 306 1,024 102,319 Consumer - 70 1,673 - 20 1,653 Manufactured homes - - 37,693 - - 37,693 Government - - 8,081 - - 8,081 Total $ 731 $ 12,675 $ 1,468,571 $ 1,463 $ 9,944 $ 1,457,164 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2021: Residential real estate $ 17 $ 2,463 $ 260,134 $ 755 $ 1,016 $ 258,363 Home equity 4 353 34,612 147 137 34,328 Commercial real estate 386 5,129 317,145 1,600 - 315,545 Construction and land development - 2,119 123,822 - - 123,822 Multifamily - 848 61,194 - 556 60,638 Commercial business 277 1,732 115,772 524 1,073 114,175 Consumer - 15 582 - - 582 Manufactured homes - - 37,887 - - 37,887 Government - - 8,991 - - 8,991 Total $ 684 $ 12,659 $ 960,139 $ 3,026 $ 2,782 $ 954,331 The Bancorp's credit quality indicators are summarized below at June 30, 2022 December 31, 2021: Credit Exposure - Credit Risk Portfolio By Creditworthiness Category June 30, 2022 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 451,077 $ 2,055 $ 6,019 $ 459,151 Home equity 34,648 400 624 35,672 Commercial real estate 403,000 10,890 6,845 420,735 Construction and land development 152,622 800 - 153,422 Multifamily 244,053 1,541 2,901 248,495 Commercial business 100,313 3,057 279 103,649 Consumer 1,673 - - 1,673 Manufactured homes 37,693 - - 37,693 Government 8,081 - - 8,081 Total $ 1,433,160 $ 18,743 $ 16,668 $ 1,468,571 December 31, 2021 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 253,472 $ 2,940 $ 3,722 $ 260,134 Home equity 33,565 415 632 34,612 Commercial real estate 301,572 12,011 3,562 317,145 Construction and land development 120,192 3,630 - 123,822 Multifamily 60,657 153 384 61,194 Commercial business 113,470 1,915 387 115,772 Consumer 582 - - 582 Manufactured homes 37,828 59 - 37,887 Government 8,991 - - 8,991 Total $ 930,329 $ 21,123 $ 8,687 $ 960,139 The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of these grades by the Bancorp is uniform and conforms to regulatory definitions. The loan grading system is as follows: 1 Superior Quality Loans in this category are substantially risk free. Loans fully collateralized by a Bank certificate of deposit or Bank deposits with a hold are substantially risk free. 2 Excellent Quality The borrower generates excellent and consistent cash flow for debt coverage, excellent average credit scores, excellent liquidity and net worth and are reputable operators with over 15 3 Great Quality The borrower generates more than sufficient cash flow to fund debt service and cash flow is improving. Average credit scores are very strong. Operators are reputable with significant years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are very strong. Loan to value is significantly below policy and collateral condition is significantly above average. 4 Above Average Quality The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may 5 Average Quality Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may 6 Pass Borrowers are considered credit worthy but financial condition may may may 7 Special Mention A special mention asset has identified weaknesses that deserve Management’s close attention. If left uncorrected, these weaknesses may not not Loans in this category may may may may 1:1. may may may may may may 8 Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not 9 Doubtful Such loans have been placed on nonaccrual status and may 10 Loss Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not Performing loans are loans that are paying as agreed and are approximately less than ninety During the six June 30, 2022, ten one No six June 30, 2022. six June 30, 2021, two one one Two six June 30, 2021. not The Bancorp’s individually evaluated impaired loans are summarized below. (Dollars in thousands) For the six months ended For the three months ended (unaudited) As of June 30, 2022 June 30, 2022 June 30, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 2,057 $ 4,844 $ - $ 2,438 $ 155 $ 2,816 $ 125 Home equity 133 253 - 214 13 191 6 Commercial real estate 2,970 3,236 - 2,448 220 3,290 210 Construction and land development 800 1,023 - 573 - 860 - Multifamily 2,940 3,269 - 2,337 62 3,228 62 Commercial business 1,024 1,024 - 1,159 76 1,136 61 Consumer 20 20 - 14 - 21 - Manufactured homes - - - - - - - Government - - - - - - - With an allowance recorded: Residential real estate $ 290 $ 328 $ 31 $ 154 $ 9 $ 188 $ 6 Home equity 21 21 3 21 1 21 - Commercial real estate 846 847 446 844 - 849 - Construction and land development - - - - - - - Multifamily - - - - - - - Commercial business 306 369 251 338 16 311 - Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - Total: Residential real estate $ 2,347 $ 5,172 $ 31 $ 2,592 $ 164 $ 3,004 $ 131 Home equity $ 154 $ 274 $ 3 $ 235 $ 14 $ 212 $ 6 Commercial real estate $ 3,816 $ 4,083 $ 446 $ 3,292 $ 220 $ 4,139 $ 210 Construction & land development $ 800 $ 1,023 $ - $ 573 $ - $ 860 $ - Multifamily $ 2,940 $ 3,269 $ - $ 2,337 $ 62 $ 3,228 $ 62 Commercial business $ 1,330 $ 1,393 $ 251 $ 1,497 $ 92 $ 1,447 $ 61 Consumer $ 20 $ 20 $ - $ 14 $ - $ 21 $ - Manufactured homes $ - $ - $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - $ - $ - For the six months ended For the three months ended As of December 31, 2021 June 30, 2021 June 30, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,735 $ 42 $ 1,817 $ 20 Home equity 262 275 - 317 5 341 1 Commercial real estate 765 765 - 1,295 26 1,174 14 Construction & land development - - - - - - - Multifamily 556 647 - 670 11 708 6 Commercial business 1,205 1,324 - 1,447 36 1,467 18 Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 198 $ 5 $ 165 $ - Home equity 22 22 4 15 - 23 - Commercial real estate 835 835 386 5,655 113 5,901 63 Construction & land development - - - - - - - Multifamily - - - - - - - Commercial business 392 392 277 719 22 704 11 Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,933 $ 47 $ 1,982 $ 20 Home equity $ 284 $ 297 $ 4 $ 332 $ 5 $ 364 $ 1 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 6,950 $ 139 $ 7,075 $ 77 Construction & land development $ - $ - $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 670 $ 11 $ 708 $ 6 Commercial business $ 1,597 $ 1,716 $ 277 $ 2,166 $ 58 $ 2,171 $ 29 Consumer $ - $ - $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - $ - $ - The Bancorp's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing June 30, 2022 Residential real estate $ 2,137 $ 2,306 $ 3,260 $ 7,703 $ 451,448 $ 459,151 $ 610 Home equity 114 7 527 648 35,024 35,672 - Commercial real estate 135 1,734 2,477 4,346 416,389 420,735 517 Construction and land development 337 56 - 393 153,029 153,422 - Multifamily 24 307 109 440 248,055 248,495 - Commercial business 1,706 1,205 281 3,192 100,457 103,649 81 Consumer 4 - - 4 1,669 1,673 - Manufactured homes 230 334 - 564 37,129 37,693 - Government - - - - 8,081 8,081 - Total $ 4,687 $ 5,949 $ 6,654 $ 17,290 $ 1,451,281 $ 1,468,571 $ 1,208 December 31, 2021 Residential real estate $ 2,507 $ 824 $ 2,142 $ 5,473 $ 254,661 $ 260,134 $ 31 Home equity 169 67 565 801 33,811 34,612 34 Commercial real estate 231 1,960 944 3,135 314,010 317,145 91 Construction and land development 5,148 283 - 5,431 118,391 123,822 - Multifamily - - 109 109 61,085 61,194 - Commercial business 573 1,594 242 2,409 113,363 115,772 49 Consumer - 3 - 3 579 582 - Manufactured homes 633 171 - 804 37,083 37,887 - Government - - - - 8,991 8,991 - Total $ 9,261 $ 4,902 $ 4,002 $ 18,165 $ 941,974 $ 960,139 $ 205 The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) June 30, 2022 December 31, 2021 Residential real estate $ 4,975 $ 4,651 Home equity 610 623 Commercial real estate 2,594 940 Construction and land development - - Multifamily 369 455 Commercial business 265 387 Consumer - - Manufactured homes - - Government - - Total $ 8,813 $ 7,056 As a result of acquisition activity, the Bancorp acquired loans for which there was evidence of credit quality deterioration since origination and it was determined that it was probable that the Bancorp would be unable to collect all contractually required principal and interest payments. At June 30, 2022, December 31, 2021, As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $6.0 million at June 30, 2022, December 31, 2021. Accretable yield, or income recorded for the three June 30, (dollars in thousands) Total 2021 $ 300 2022 440 Accretable yield, or income recorded for the six June 30, (dollars in thousands) Total 2021 $ 605 2022 547 Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) Total Remainder 2022 $ 240 2023 665 2024 649 2025 507 2026 and thereafter 3,565 Total $ 5,958 |
Note 6 - Intangibles and Acquis
Note 6 - Intangibles and Acquisition Related Accounting | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Intangibles and Acquisition Related Accounting The Bancorp established a goodwill balance totaling $11.5 million with the acquisition of RYFL, and also maintains goodwill balances totaling $11.1 million from prior acquisitions. Goodwill totaled $22.6 million and $11.1 June 30, 2022 December 31, 2021, three June 30, 2022, 3 not In addition to goodwill, a core deposit intangible was established with the acquisition of RYFL and from previous acquisitons. The Bancorp had core deposit intangible balances of $5.6 million and $3.1 million as of June 30, 2022, December 31, 2021, The amortization recorded for the three June 30, (dollars in thousands) Total 2021 $ 249 2022 $ 410 The amortization recorded for the six June 30, (dollars in thousands) Total 2021 $ 497 2022 $ 757 Amortization to be recorded in future periods, is as follows: (dollars in thousands) Total Current year 795 2023 1,522 2024 1,411 2025 688 2026 360 5 years and thereafter 812 Total $ 5,588 For the RYFL acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of $1.0 million. Approximately $175 thousand and $304 thousand of amortization was taken as income during the three six June 30, 2022, 2022, 2023, 2024, 2025, |
Note 7 - Concentrations of Cred
Note 7 - Concentrations of Credit Risk | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7 The primary lending area of the Bancorp encompasses Lake County in northwest Indiana and Cook County in northeast Illinois, where collectively a majority of loan activity is concentrated. The Bancorp is also an active lender in Porter County, and to a lesser extent, LaPorte, Newton and Jasper counties in Indiana; and DuPage, Lake, and Will counties in Illinois. Substantially all loans are secured by specific items of collateral including residences, commercial real estate, land development, business assets and consumer assets. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three six June 30, 2022, 2021, (dollars in thousands except per share data) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic earnings per common share: Net income as reported $ 4,431 $ 3,571 $ 6,566 $ 8,114 Weighted average common shares outstanding 4,242,559 3,478,392 4,108,579 3,475,017 Basic earnings per common share $ 1.04 $ 1.03 $ 1.60 $ 2.33 Diluted earnings per common share: Net income as reported $ 4,431 $ 3,571 $ 6,566 $ 8,114 Weighted average common shares outstanding 4,242,559 3,478,392 4,108,579 3,475,017 Add: Dilutive effect of unvested restricted stock awards 15,944 - 16,316 - Weighted average common and dilutive potential common shares outstanding 4,258,503 3,478,392 4,124,895 3,475,017 Diluted earnings per common share $ 1.04 $ 1.03 $ 1.59 $ 2.33 |
Note 9 - Stock Based Compensati
Note 9 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 The Bancorp’s 2015 February 27, 2015, April 24, 2015, may As required by the Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the three June 30, 2022, three June 30, 2021. six June 30, 2022, six June 30, 2021. 2025 Restricted stock awards are issued with an award price equal to the market price of the Bancorp’s common stock on the award date and vest between three five six June 30, 2022, Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 44,235 $ 42.33 Granted 22,891 46.42 Vested (11,158 ) 41.63 Forfeited (1,587 ) 44.17 Non-vested at June 30, 2022 54,381 $ 44.14 |
Note 10 - Change in Accounting
Note 10 - Change in Accounting Principles | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 10 Change in Accounting Principles In December 2019, 2019 12 740 not December 15, 2020. 2019 12 January 1, 2021 not |
Note 11 - Upcoming Accounting S
Note 11 - Upcoming Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Description of Upcoming Accounting Pronouncements [Text Block] | Note 11 In June 2016, No. 2016 13, October 2019, December 15, 2022, January 1, 2023. first December 15, 2018, In March 2020, No. 2020 04 848 January 2021, 2021 01 848 March 12, 2020, December 31, 2022. December 31, 2020, December 31, 2022, not In October 2021, 2021 08 December 15, 2022, January 1, 2023, not In March 2022, 2022 01 December 15, 2022, not not In March 2022, 2022 02, 326 2022 02 December 15, 2022, 2022 02 In June 2022, No. 2022 03 820 not not December 15, 2023. 2022 03 not |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12 Derivative Financial Instruments The Bancorp uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may not not not not The Bancorp enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (i.e., interest rate lock commitment). The interest rate lock commitments are considered derivatives and are recorded on the accompanying consolidated balance sheets at fair value in accordance with FASB ASC 815, The following table shows the amounts of non-hedging derivative financial instruments: June 30, 2022 Asset derivatives Liability derivatives (Dollars in thousands) Notational or contractual amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 92,565 Other assets $ 6,696 Other liabilties $ 6,696 Interest rate lock commitments 3,965 Other assets 73 N/A - Total $ 96,530 $ 6,769 $ 6,696 December 31, 2021 Asset derivatives Liability derivatives (Dollars in thousands) Notational or contractual amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 94,154 Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments 7,837 Other assets 141 N/A - Total $ 101,991 $ 2,827 $ 2,686 The following table shows the amounts included in the Statements of Income for non-hedging derivative financial instruments: Six Months Ended June 30, (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ - $ 218 Interest rate lock commitments Gain on sale of loans held-for-sale, net (68 ) (128 ) Total $ (68 ) $ 90 Three Months Ended June 30, (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ - $ 231 Interest rate lock commitments Gain on sale of loans held-for-sale, net (93 ) (151 ) Total $ (93 ) $ 80 The following table shows the offsetting of financial assets and derivative assets: Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount June 30, 2022 Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - $ - $ 6,696 Interest rate lock commitments 73 - 73 - - 73 Total $ 6,769 $ - $ 6,769 $ - $ - $ 6,769 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ - $ 2,686 Interest rate lock commitments 141 - 141 - - 141 Total $ 2,827 $ - $ 2,827 $ - $ - $ 2,827 The following table shows the offsetting of financial liabilities and derivative liabilities: Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount June 30, 2022 Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - $ 3,930 $ 2,766 Total $ 6,696 $ - $ 6,696 $ - $ 3,930 $ 2,766 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Total $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) |
Note 13 - Fair Value
Note 13 - Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13 The Fair Value Measurements Topic establishes a hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Topic describes three may Level 1: Level 2: 1 not Level 3: The fair values of securities available-for-sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges or pricing models utilizing significant observable inputs such as matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Different judgments and assumptions used in pricing could result in different estimates of value. In certain cases where market data is not may 3 At the end of each reporting period, securities held in the investment portfolio are evaluated on an individual security level for other-than-temporary impairment in accordance with GAAP. Impairment is other-than-temporary if the decline in the fair value is below its amortized cost and it is probable that all amounts due according to the contractual terms of a debt security will not 1 2 not In addition to the impairment evaluation noted above, the Bancorp’s management utilizes a specialist to perform an other-than-temporary impairment analysis for each of its pooled collateralized debt obligations. The specialist analysis is performed annually in December, December 31, 2021. June 30, 2022. The table below shows the credit loss roll forward on a year-to-date basis for the Bancorp’s pooled collateralized debt obligations that have been classified with other-than-temporary impairment: (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2021 $ 173 Additions not previously recognized - Ending balance, June 30, 2022 $ 173 At June 30, 2022, not not Assets and Liabilities Measured at Fair Value on a Recurring Basis There were no 1 2 six June 30, 2022. (Dollars in thousands) Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - Interest rate lock commitments 73 - 73 - Available-for-sale debt securities: U.S. government sponsored entities 7,934 - 7,934 - U.S. treasury securities 594 - 594 - Collateralized mortgage obligations and residential mortgage-backed securities 150,061 - 150,061 - Municipal securities 240,847 - 240,847 - Collateralized debt obligations 1,030 - - 1,030 Total securities available-for-sale $ 400,466 $ - $ 399,436 $ 1,030 Liabilities: Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - Interest rate lock commitments 141 - 141 - Available-for-sale debt securities: U.S. government sponsored entities 8,669 - 8,669 - U.S. treasury securities 400 - 400 - Collateralized mortgage obligations and residential mortgage-backed securities 184,701 - 184,701 - Municipal securities 332,127 - 332,127 - Collateralized debt obligations 992 - - 992 Total securities available-for-sale $ 526,889 $ - $ 525,897 $ 992 Liabilities: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table: (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- Beginning balance, January 1, 2021 $ 929 Principal payments (9 ) Total unrealized gains, included in other comprehensive income 50 Ending balance, June 30, 2021 $ 970 Beginning balance, January 1, 2022 $ 992 Principal payments - Total unrealized gains, included in other comprehensive income 38 Ending balance, June 30, 2022 $ 1,030 Assets measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 1,309 $ - $ - $ 1,309 (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 896 $ - $ - $ 896 Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2 3 not The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not not June 30, 2022 Estimated Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 79,302 $ 79,302 $ 79,302 $ - $ - Certificates of deposit in other financial institutions 1,482 1,453 - 1,453 - Loans held-for-sale 1,525 1,552 - 1,552 - Loans receivable, net 1,460,975 1,418,593 - - 1,418,593 Federal Home Loan Bank stock 3,038 3,038 - 3,038 - Accrued interest receivable 6,892 6,892 - 6,892 - Financial liabilities: Non-interest bearing deposits 370,567 370,567 370,567 - - Interest bearing deposits 1,546,648 1,547,211 1,148,252 398,959 - Repurchase agreements 24,536 24,311 16,273 8,038 - Accrued interest payable 56 56 - 56 - December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 33,176 $ 33,176 $ 33,176 $ - $ - Certificates of deposit in other financial institutions 1,709 1,737 - 1,737 - Loans held-for-sale 4,987 5,065 - 5,065 - Loans receivable, net 953,377 951,744 - - 951,744 Federal Home Loan Bank stock 3,247 3,247 - 3,247 - Accrued interest receivable 5,444 5,444 - 5,444 - Financial liabilities: Non-interest bearing deposits 295,294 295,294 295,294 - - Interest bearing deposits 1,138,907 1,139,126 899,690 239,436 - Repurchase agreements 14,581 14,579 12,842 1,737 - Accrued interest payable 22 22 - 22 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended June 30, 2022 December 31, 2021: Cash and cash equivalent carrying amounts approximate fair value. Certificates of deposits in other financial institutions carrying amounts approximate fair value (Level 2 2 third 3 1 3 third 2 Non-interest and interest bearing deposits, which include checking, savings, and money market deposits, are estimated to have fair values based on the amount payable as of the reporting date (Level 1 2 1 three 2 1 2 not |
Note 3 - Acquisition Activity (
Note 3 - Acquisition Activity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ASSETS LIABILITIES Cash and due from banks $ 52,524 Deposits Investment securities, available for sale - Non-interest bearing $ 32,095 Certificate of deposit in other financial institutions 245 NOW accounts 63,639 Savings and money market 184,149 Total Loans 450,757 Certificates of deposits 195,153 Total Deposits 475,036 Premises and equipment, net 13,896 FHLB stock 1,303 Interest payable 75 Goodwill 11,506 Other liabilities 11,228 Core deposit intangible 3,220 Interest receivable 1,836 Other assets 7,758 Total assets purchased $ 543,045 Common shares issued 37,981 Cash paid 18,725 Total purchase price $ 56,706 Total liabilities assumed $ 486,339 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended For the three months ended For the six months ended For the six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Selected Financial Data Interest income $ 17,740 $ 17,263 $ 35,329 $ 34,654 Interest expense (442 ) (998 ) (902 ) (2,189 ) Recovery of (provision for) loan losses - (816 ) - (1,094 ) Non-interest income 2,896 3,902 6,179 8,418 Non-interest expense (1) (15,176 ) (13,831 ) (29,573 ) (26,776 ) Income before provision for income taxes 5,018 5,520 11,033 13,013 Income tax expense (587 ) (639 ) (1,619 ) (1,812 ) Net income $ 4,431 $ 4,881 $ 9,414 $ 11,201 Earnings per common share: Basic $ 1.04 $ 1.40 $ 2.29 $ 3.22 Diluted $ 1.04 $ 1.40 $ 2.28 $ 3.22 |
Business Combination, Separately Recognized Transactions [Table Text Block] | (in thousands) Six months ended Noninterest expense: June 30, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value June 30, 2022 U.S. government sponsored entities $ 8,883 $ - $ (949 ) $ 7,934 U.S. treasury securities 594 - - 594 Collateralized mortgage obligations and residential mortgage-backed securities 171,286 2 (21,227 ) 150,061 Municipal securities 290,675 20 (49,848 ) 240,847 Collateralized debt obligations 2,173 - (1,143 ) 1,030 Total securities available-for-sale $ 473,611 $ 22 $ (73,167 ) $ 400,466 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2021 U.S. government sponsored entities $ 8,883 $ - $ (214 ) $ 8,669 U.S. treasury securities 400 - - 400 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 961 (3,539 ) 184,701 Municipal securities 322,750 9,904 (527 ) 332,127 Collateralized debt obligations 2,173 - (1,181 ) 992 Total securities available-for-sale $ 521,485 $ 10,865 $ (5,461 ) $ 526,889 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) Available-for-sale Estimated Cost Fair June 30, 2022 Basis Value Due in one year or less $ 494 $ 495 Due from one to five years 1,954 1,956 Due from five to ten years 26,832 24,869 Due over ten years 273,045 223,085 Collateralized mortgage obligations and residential mortgage-backed securities 171,286 150,061 Total $ 473,611 $ 400,466 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) June 30, June 30, 2022 2021 Proceeds $ 27,539 $ 12,386 Gross gains 295 289 Gross losses (37 ) (20 ) (Dollars in thousands) June 30, June 30, 2022 2021 Proceeds $ 43,775 $ 19,290 Gross gains 692 706 Gross losses (53 ) (20 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (62,057 ) Ending balance, June 30, 2022 $ (57,781 ) |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position June 30, 2022 U.S. government sponsored entities $ - $ - $ 7,934 $ (949 ) $ 7,934 $ (949 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 91,051 (11,037 ) 58,348 (10,190 ) 149,399 (21,227 ) 99.6 % Municipal securities 230,567 (48,029 ) 6,170 (1,819 ) 236,737 (49,848 ) 98.3 % Collateralized debt obligations - - 1,030 (1,143 ) 1,030 (1,143 ) 100.0 % Total temporarily impaired $ 321,618 $ (59,066 ) $ 73,482 $ (14,101 ) $ 395,100 $ (73,167 ) 98.7 % Number of securities 415 41 456 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2021 U.S. government sponsored entities $ 8,669 $ (214 ) $ - $ - $ 8,669 $ (214 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 126,373 (3,175 ) 8,109 (364 ) 134,482 (3,539 ) 72.8 % Municipal securities 70,309 (527 ) - - 70,309 (527 ) 21.2 % Collateralized debt obligations - - 992 (1,181 ) 992 (1,181 ) 100.0 % Total temporarily impaired $ 205,351 $ (3,916 ) $ 9,101 $ (1,545 ) $ 214,452 $ (5,461 ) 40.7 % Number of securities 133 5 138 |
Note 5 - Loans Receivable (Tabl
Note 5 - Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) June 30, 2022 December 31, 2021 Loans secured by real estate: Residential real estate $ 459,151 $ 260,134 Home equity 35,672 34,612 Commercial real estate 420,735 317,145 Construction and land development 153,422 123,822 Multifamily 248,495 61,194 Total loans secured by real estate 1,317,475 796,907 Commercial business 103,649 115,772 Consumer 1,673 582 Manufactured homes 37,693 37,887 Government 8,081 8,991 Loans receivable 1,468,571 960,139 Add (less): Net deferred loan origination costs 6,482 6,810 Undisbursed loan funds (672 ) (229 ) Loans receivable, net of deferred fees and costs.. $ 1,474,381 $ 966,720 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended June 30, 2022: Allowance for loan losses: Residential real estate $ 2,493 $ - $ 29 $ 234 $ 2,756 Home equity 354 - - 19 373 Commercial real estate 5,530 - - (3 ) 5,527 Construction and land development 2,135 - - (391 ) 1,744 Multifamily 889 - - 239 1,128 Commercial business 1,941 - 7 (140 ) 1,808 Consumer 45 (27 ) 10 42 70 Manufactured homes - - - - - Government - - - - - Total $ 13,387 $ (27 ) $ 46 $ - $ 13,406 Allowance for loan losses: Residential real estate $ 2,176 $ - $ 15 $ 103 $ 2,294 Home equity 309 - - 62 371 Commercial real estate 5,726 - - 213 5,939 Construction and land development 1,587 - - 211 1,798 Multifamily 680 - - 60 740 Commercial business 2,552 - 11 (89 ) 2,474 Consumer 17 (11 ) 1 16 23 Manufactured homes - - - - - Government - - - - - Total $ 13,047 $ (11 ) $ 27 $ 576 $ 13,639 Allowance for loan losses: Residential real estate $ 2,480 $ - $ 50 $ 226 $ 2,756 Home equity 357 - - 16 373 Commercial real estate 5,515 - - 12 5,527 Construction and land development 2,119 - - (375 ) 1,744 Multifamily 848 - - 280 1,128 Commercial business 2,009 - 38 (239 ) 1,808 Consumer 15 (37 ) 12 80 70 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (37 ) $ 100 $ - $ 13,406 Allowance for loan losses: Residential real estate $ 2,211 $ (4 ) $ 25 $ 62 $ 2,294 Home equity 276 (1 ) - 96 371 Commercial real estate 5,406 - - 533 5,939 Construction and land development 1,405 - - 393 1,798 Multifamily 626 - - 114 740 Commercial business 2,508 - 19 (53 ) 2,474 Consumer 26 (17 ) 5 9 23 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (22 ) $ 49 $ 1,154 $ 13,639 |
Financing Receivable, Impairment Evaluation [Table Text Block] | Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at June 30, 2022: Residential real estate $ 31 $ 2,725 $ 459,151 $ 290 $ 2,057 $ 456,804 Home equity 3 370 35,672 21 133 35,518 Commercial real estate 446 5,081 420,735 846 2,970 416,919 Construction and land development - 1,744 153,422 - 800 152,622 Multifamily - 1,128 248,495 - 2,940 245,555 Commercial business 251 1,557 103,649 306 1,024 102,319 Consumer - 70 1,673 - 20 1,653 Manufactured homes - - 37,693 - - 37,693 Government - - 8,081 - - 8,081 Total $ 731 $ 12,675 $ 1,468,571 $ 1,463 $ 9,944 $ 1,457,164 Residential real estate $ 17 $ 2,463 $ 260,134 $ 755 $ 1,016 $ 258,363 Home equity 4 353 34,612 147 137 34,328 Commercial real estate 386 5,129 317,145 1,600 - 315,545 Construction and land development - 2,119 123,822 - - 123,822 Multifamily - 848 61,194 - 556 60,638 Commercial business 277 1,732 115,772 524 1,073 114,175 Consumer - 15 582 - - 582 Manufactured homes - - 37,887 - - 37,887 Government - - 8,991 - - 8,991 Total $ 684 $ 12,659 $ 960,139 $ 3,026 $ 2,782 $ 954,331 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Exposure - Credit Risk Portfolio By Creditworthiness Category June 30, 2022 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 451,077 $ 2,055 $ 6,019 $ 459,151 Home equity 34,648 400 624 35,672 Commercial real estate 403,000 10,890 6,845 420,735 Construction and land development 152,622 800 - 153,422 Multifamily 244,053 1,541 2,901 248,495 Commercial business 100,313 3,057 279 103,649 Consumer 1,673 - - 1,673 Manufactured homes 37,693 - - 37,693 Government 8,081 - - 8,081 Total $ 1,433,160 $ 18,743 $ 16,668 $ 1,468,571 December 31, 2021 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 253,472 $ 2,940 $ 3,722 $ 260,134 Home equity 33,565 415 632 34,612 Commercial real estate 301,572 12,011 3,562 317,145 Construction and land development 120,192 3,630 - 123,822 Multifamily 60,657 153 384 61,194 Commercial business 113,470 1,915 387 115,772 Consumer 582 - - 582 Manufactured homes 37,828 59 - 37,887 Government 8,991 - - 8,991 Total $ 930,329 $ 21,123 $ 8,687 $ 960,139 |
Impaired Financing Receivables [Table Text Block] | (Dollars in thousands) For the six months ended For the three months ended (unaudited) As of June 30, 2022 June 30, 2022 June 30, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 2,057 $ 4,844 $ - $ 2,438 $ 155 $ 2,816 $ 125 Home equity 133 253 - 214 13 191 6 Commercial real estate 2,970 3,236 - 2,448 220 3,290 210 Construction and land development 800 1,023 - 573 - 860 - Multifamily 2,940 3,269 - 2,337 62 3,228 62 Commercial business 1,024 1,024 - 1,159 76 1,136 61 Consumer 20 20 - 14 - 21 - Manufactured homes - - - - - - - Government - - - - - - - With an allowance recorded: Residential real estate $ 290 $ 328 $ 31 $ 154 $ 9 $ 188 $ 6 Home equity 21 21 3 21 1 21 - Commercial real estate 846 847 446 844 - 849 - Construction and land development - - - - - - - Multifamily - - - - - - - Commercial business 306 369 251 338 16 311 - Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - Total: Residential real estate $ 2,347 $ 5,172 $ 31 $ 2,592 $ 164 $ 3,004 $ 131 Home equity $ 154 $ 274 $ 3 $ 235 $ 14 $ 212 $ 6 Commercial real estate $ 3,816 $ 4,083 $ 446 $ 3,292 $ 220 $ 4,139 $ 210 Construction & land development $ 800 $ 1,023 $ - $ 573 $ - $ 860 $ - Multifamily $ 2,940 $ 3,269 $ - $ 2,337 $ 62 $ 3,228 $ 62 Commercial business $ 1,330 $ 1,393 $ 251 $ 1,497 $ 92 $ 1,447 $ 61 Consumer $ 20 $ 20 $ - $ 14 $ - $ 21 $ - Manufactured homes $ - $ - $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - $ - $ - For the six months ended For the three months ended As of December 31, 2021 June 30, 2021 June 30, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,735 $ 42 $ 1,817 $ 20 Home equity 262 275 - 317 5 341 1 Commercial real estate 765 765 - 1,295 26 1,174 14 Construction & land development - - - - - - - Multifamily 556 647 - 670 11 708 6 Commercial business 1,205 1,324 - 1,447 36 1,467 18 Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 198 $ 5 $ 165 $ - Home equity 22 22 4 15 - 23 - Commercial real estate 835 835 386 5,655 113 5,901 63 Construction & land development - - - - - - - Multifamily - - - - - - - Commercial business 392 392 277 719 22 704 11 Consumer - - - - - - - Manufactured homes - - - - - - - Government - - - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,933 $ 47 $ 1,982 $ 20 Home equity $ 284 $ 297 $ 4 $ 332 $ 5 $ 364 $ 1 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 6,950 $ 139 $ 7,075 $ 77 Construction & land development $ - $ - $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 670 $ 11 $ 708 $ 6 Commercial business $ 1,597 $ 1,716 $ 277 $ 2,166 $ 58 $ 2,171 $ 29 Consumer $ - $ - $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - $ - $ - |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing June 30, 2022 Residential real estate $ 2,137 $ 2,306 $ 3,260 $ 7,703 $ 451,448 $ 459,151 $ 610 Home equity 114 7 527 648 35,024 35,672 - Commercial real estate 135 1,734 2,477 4,346 416,389 420,735 517 Construction and land development 337 56 - 393 153,029 153,422 - Multifamily 24 307 109 440 248,055 248,495 - Commercial business 1,706 1,205 281 3,192 100,457 103,649 81 Consumer 4 - - 4 1,669 1,673 - Manufactured homes 230 334 - 564 37,129 37,693 - Government - - - - 8,081 8,081 - Total $ 4,687 $ 5,949 $ 6,654 $ 17,290 $ 1,451,281 $ 1,468,571 $ 1,208 December 31, 2021 Residential real estate $ 2,507 $ 824 $ 2,142 $ 5,473 $ 254,661 $ 260,134 $ 31 Home equity 169 67 565 801 33,811 34,612 34 Commercial real estate 231 1,960 944 3,135 314,010 317,145 91 Construction and land development 5,148 283 - 5,431 118,391 123,822 - Multifamily - - 109 109 61,085 61,194 - Commercial business 573 1,594 242 2,409 113,363 115,772 49 Consumer - 3 - 3 579 582 - Manufactured homes 633 171 - 804 37,083 37,887 - Government - - - - 8,991 8,991 - Total $ 9,261 $ 4,902 $ 4,002 $ 18,165 $ 941,974 $ 960,139 $ 205 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) June 30, 2022 December 31, 2021 Residential real estate $ 4,975 $ 4,651 Home equity 610 623 Commercial real estate 2,594 940 Construction and land development - - Multifamily 369 455 Commercial business 265 387 Consumer - - Manufactured homes - - Government - - Total $ 8,813 $ 7,056 |
Schedule of Accretable Yield from Financing Receivables [Table Text Block] | (dollars in thousands) Total 2021 $ 300 2022 440 (dollars in thousands) Total 2021 $ 605 2022 547 (dollars in thousands) Total Remainder 2022 $ 240 2023 665 2024 649 2025 507 2026 and thereafter 3,565 Total $ 5,958 |
Note 6 - Intangibles and Acqu_2
Note 6 - Intangibles and Acquisition Related Accounting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | (dollars in thousands) Total 2021 $ 249 2022 $ 410 (dollars in thousands) Total 2021 $ 497 2022 $ 757 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) Total Current year 795 2023 1,522 2024 1,411 2025 688 2026 360 5 years and thereafter 812 Total $ 5,588 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands except per share data) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic earnings per common share: Net income as reported $ 4,431 $ 3,571 $ 6,566 $ 8,114 Weighted average common shares outstanding 4,242,559 3,478,392 4,108,579 3,475,017 Basic earnings per common share $ 1.04 $ 1.03 $ 1.60 $ 2.33 Diluted earnings per common share: Net income as reported $ 4,431 $ 3,571 $ 6,566 $ 8,114 Weighted average common shares outstanding 4,242,559 3,478,392 4,108,579 3,475,017 Add: Dilutive effect of unvested restricted stock awards 15,944 - 16,316 - Weighted average common and dilutive potential common shares outstanding 4,258,503 3,478,392 4,124,895 3,475,017 Diluted earnings per common share $ 1.04 $ 1.03 $ 1.59 $ 2.33 |
Note 9 - Stock Based Compensa_2
Note 9 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 44,235 $ 42.33 Granted 22,891 46.42 Vested (11,158 ) 41.63 Forfeited (1,587 ) 44.17 Non-vested at June 30, 2022 54,381 $ 44.14 |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | June 30, 2022 Asset derivatives Liability derivatives (Dollars in thousands) Notational or contractual amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 92,565 Other assets $ 6,696 Other liabilties $ 6,696 Interest rate lock commitments 3,965 Other assets 73 N/A - Total $ 96,530 $ 6,769 $ 6,696 December 31, 2021 Asset derivatives Liability derivatives (Dollars in thousands) Notational or contractual amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 94,154 Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments 7,837 Other assets 141 N/A - Total $ 101,991 $ 2,827 $ 2,686 Six Months Ended June 30, (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ - $ 218 Interest rate lock commitments Gain on sale of loans held-for-sale, net (68 ) (128 ) Total $ (68 ) $ 90 Three Months Ended June 30, (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ - $ 231 Interest rate lock commitments Gain on sale of loans held-for-sale, net (93 ) (151 ) Total $ (93 ) $ 80 |
Offsetting Assets [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount June 30, 2022 Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - $ - $ 6,696 Interest rate lock commitments 73 - 73 - - 73 Total $ 6,769 $ - $ 6,769 $ - $ - $ 6,769 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ - $ 2,686 Interest rate lock commitments 141 - 141 - - 141 Total $ 2,827 $ - $ 2,827 $ - $ - $ 2,827 |
Offsetting Liabilities [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount June 30, 2022 Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - $ 3,930 $ 2,766 Total $ 6,696 $ - $ 6,696 $ - $ 3,930 $ 2,766 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Total $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) |
Note 13 - Fair Value (Tables)
Note 13 - Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2021 $ 173 Additions not previously recognized - Ending balance, June 30, 2022 $ 173 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Dollars in thousands) Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - Interest rate lock commitments 73 - 73 - Available-for-sale debt securities: U.S. government sponsored entities 7,934 - 7,934 - U.S. treasury securities 594 - 594 - Collateralized mortgage obligations and residential mortgage-backed securities 150,061 - 150,061 - Municipal securities 240,847 - 240,847 - Collateralized debt obligations 1,030 - - 1,030 Total securities available-for-sale $ 400,466 $ - $ 399,436 $ 1,030 Liabilities: Interest rate swap contracts $ 6,696 $ - $ 6,696 $ - (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - Interest rate lock commitments 141 - 141 - Available-for-sale debt securities: U.S. government sponsored entities 8,669 - 8,669 - U.S. treasury securities 400 - 400 - Collateralized mortgage obligations and residential mortgage-backed securities 184,701 - 184,701 - Municipal securities 332,127 - 332,127 - Collateralized debt obligations 992 - - 992 Total securities available-for-sale $ 526,889 $ - $ 525,897 $ 992 Liabilities: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- Beginning balance, January 1, 2021 $ 929 Principal payments (9 ) Total unrealized gains, included in other comprehensive income 50 Ending balance, June 30, 2021 $ 970 Beginning balance, January 1, 2022 $ 992 Principal payments - Total unrealized gains, included in other comprehensive income 38 Ending balance, June 30, 2022 $ 1,030 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Dollars in thousands) Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 1,309 $ - $ - $ 1,309 (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 896 $ - $ - $ 896 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 Estimated Fair Value Measurements at June 30, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 79,302 $ 79,302 $ 79,302 $ - $ - Certificates of deposit in other financial institutions 1,482 1,453 - 1,453 - Loans held-for-sale 1,525 1,552 - 1,552 - Loans receivable, net 1,460,975 1,418,593 - - 1,418,593 Federal Home Loan Bank stock 3,038 3,038 - 3,038 - Accrued interest receivable 6,892 6,892 - 6,892 - Financial liabilities: Non-interest bearing deposits 370,567 370,567 370,567 - - Interest bearing deposits 1,546,648 1,547,211 1,148,252 398,959 - Repurchase agreements 24,536 24,311 16,273 8,038 - Accrued interest payable 56 56 - 56 - December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 33,176 $ 33,176 $ 33,176 $ - $ - Certificates of deposit in other financial institutions 1,709 1,737 - 1,737 - Loans held-for-sale 4,987 5,065 - 5,065 - Loans receivable, net 953,377 951,744 - - 951,744 Federal Home Loan Bank stock 3,247 3,247 - 3,247 - Accrued interest receivable 5,444 5,444 - 5,444 - Financial liabilities: Non-interest bearing deposits 295,294 295,294 295,294 - - Interest bearing deposits 1,138,907 1,139,126 899,690 239,436 - Repurchase agreements 14,581 14,579 12,842 1,737 - Accrued interest payable 22 22 - 22 - |
Note 3 - Acquisition Activity_2
Note 3 - Acquisition Activity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2022 | Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 28, 2022 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ (33,799) | $ 0 | |||||
Share Price (in dollars per share) | $ 47.75 | ||||||
Goodwill, Ending Balance | $ 22,615 | 22,615 | $ 11,109 | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,474,381 | 1,474,381 | $ 966,720 | ||||
Royal Financial, Inc. [Member] | |||||||
Business Combination, Shares Issued Per Share (in dollars per share) | $ 0.4609 | ||||||
Business Acquisition, Right to Receive, Share Price (in dollars per share) | $ 20.14 | ||||||
Business Acquisition, Percentage of Share Outstanding Can Be Converted to Right to Receive Shares | 65% | ||||||
Business Acquisition, Percentage of Share Outstanding Can Be Converted to Right to Receive Cash | 35% | ||||||
Business Combination, Maximum Number of Shares to Receive Cash (in shares) | 101 | ||||||
Business Acquisition, Maximum Right to Receive, Share Price (in dollars per share) | $ 20.14 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 795,423 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 18,700 | ||||||
Business Combination, Consideration Transferred, Total | 56,700 | $ 56,706 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (189) | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (48) | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests | 79 | ||||||
Goodwill, Purchase Accounting Adjustments | (158) | ||||||
Goodwill, Ending Balance | 11,500 | $ 11,506 | 11,500 | 11,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Gross Loans | $ 456,700 | ||||||
Loans and Leases Receivable, Net of Deferred Income | 425,800 | 425,800 | |||||
Business Combination, Acquisition Related Costs | 2,852 | ||||||
Royal Financial, Inc. [Member] | Unlikely to be Collected Financing Receivable [Member] | |||||||
Loans and Leases Receivable, Net of Deferred Income | $ 8,100 | $ 8,100 |
Note 3 - Acquisition Activity -
Note 3 - Acquisition Activity - Purchase Price (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill | $ 22,615 | $ 11,109 | |||
Cash paid | 18,725 | $ 0 | |||
Royal Financial, Inc. [Member] | |||||
Cash and due from banks | $ 52,524 | ||||
Investment securities, available for sale | 0 | ||||
Non-interest bearing | 32,095 | ||||
Certificate of deposit in other financial institutions | 245 | ||||
NOW accounts | 63,639 | ||||
Savings and money market | 184,149 | ||||
Total Loans | 450,757 | ||||
Certificates of deposits | 195,153 | ||||
Total Deposits | 475,036 | ||||
Premises and equipment, net | 13,896 | ||||
FHLB stock | 1,303 | ||||
Interest payable | 75 | ||||
Goodwill | $ 11,500 | 11,506 | $ 11,500 | ||
Other liabilities | 11,228 | ||||
Core deposit intangible | 3,220 | ||||
Interest receivable | 1,836 | ||||
Other assets | 7,758 | ||||
Total assets purchased | 543,045 | ||||
Common shares issued | 37,981 | ||||
Cash paid | 18,725 | ||||
Total purchase price | $ 56,700 | 56,706 | |||
Total liabilities assumed | $ 486,339 |
Note 3 - Acquisition Activity_3
Note 3 - Acquisition Activity - Pro Forma Information (Details) - Royal Financial, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Interest income | $ 17,740 | $ 17,263 | $ 35,329 | $ 34,654 | |
Interest expense | (442) | (998) | (902) | (2,189) | |
Recovery of (provision for) loan losses | 0 | (816) | 0 | (1,094) | |
Non-interest income | 2,896 | 3,902 | 6,179 | 8,418 | |
Non-interest expense (1) | [1] | (15,176) | (13,831) | (29,573) | (26,776) |
Income before provision for income taxes | 5,018 | 5,520 | 11,033 | 13,013 | |
Income tax expense | (587) | (639) | (1,619) | (1,812) | |
Net income | $ 4,431 | $ 4,881 | $ 9,414 | $ 11,201 | |
Basic (in dollars per share) | $ 1.04 | $ 1.40 | $ 2.29 | $ 3.22 | |
Diluted (in dollars per share) | $ 1.04 | $ 1.40 | $ 2.28 | $ 3.22 | |
[1]Excludes $2.9 million in pre-tax merger expenses for the six months ended June 30, 2022. |
Note 3 - Acquisition Activity_4
Note 3 - Acquisition Activity - Merger Expenses (Details) - Royal Financial, Inc. [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Period merger expense | $ 2,852 |
Compensation and Benefits [Member] | |
Period merger expense | 132 |
Data Processing [Member] | |
Period merger expense | 1,929 |
Marketing [Member] | |
Period merger expense | 135 |
Other [Member] | |
Period merger expense | $ 656 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Asset Pledged as Collateral [Member] | ||
Financial Instruments, Owned, at Fair Value, Total | $ 236.7 | $ 39.5 |
Note 4 - Securities - Available
Note 4 - Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 473,611 | $ 521,485 |
Available for sale securities, gross unrealized gains | 22 | 10,865 |
Available for sale securities, gross unrealized losses | (73,167) | (5,461) |
Available for sale securities, estimated fair value | 400,466 | 526,889 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 8,883 | 8,883 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (949) | (214) |
Available for sale securities, estimated fair value | 7,934 | 8,669 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 594 | 400 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Available for sale securities, estimated fair value | 594 | 400 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 171,286 | 187,279 |
Available for sale securities, gross unrealized gains | 2 | 961 |
Available for sale securities, gross unrealized losses | (21,227) | (3,539) |
Available for sale securities, estimated fair value | 150,061 | 184,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 290,675 | 322,750 |
Available for sale securities, gross unrealized gains | 20 | 9,904 |
Available for sale securities, gross unrealized losses | (49,848) | (527) |
Available for sale securities, estimated fair value | 240,847 | 332,127 |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 2,173 | 2,173 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1,143) | (1,181) |
Available for sale securities, estimated fair value | $ 1,030 | $ 992 |
Note 4 - Securities - Estimated
Note 4 - Securities - Estimated Fair Value of Available for Sale Securities, by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Due in one year or less, cost basis | $ 494 | |
Available for sale securities, due in one year or less, estimated fair value | 495 | |
Due from one to five years, cost basis | 1,954 | |
Available for sale securities, due from one to five years, estimated fair value | 1,956 | |
Due from five to ten years, cost basis | 26,832 | |
Available for sale securities, due from five to ten years, estimated fair value | 24,869 | |
Due over ten years, cost basis | 273,045 | |
Available for sale securities, due over ten years, estimated fair value | 223,085 | |
Collateralized mortgage obligations and residential mortgage-backed securities, cost basis | 171,286 | |
Collateralized mortgage obligations and residential mortgage-backed securities, estimated fair value | 150,061 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 473,611 | $ 521,485 |
Available for sale securities, estimated fair value | $ 400,466 | $ 526,889 |
Note 4 - Securities - Sales of
Note 4 - Securities - Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Proceeds | $ 27,539 | $ 12,386 | $ 43,775 | $ 19,290 |
Gross gains | 295 | 289 | 692 | 706 |
Gross losses | $ (37) | $ (20) | $ (53) | $ (20) |
Note 4 - Securities - Availab_2
Note 4 - Securities - Available for Sale Securities, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Ending balance | $ 4,276 | |||
Current period change | $ (24,319) | $ 4,229 | (62,057) | $ (2,232) |
Ending balance | $ (57,781) | $ (57,781) |
Note 4 - Securities - Securitie
Note 4 - Securities - Securities with Gross Unrealized Losses Not Recognized in Income (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Estimated fair value, less than 12 months | $ 321,618 | $ 205,351 |
Unrealized losses, less than 12 months | (59,066) | (3,916) |
Estimated fair value, 12 months or longer | 73,482 | 9,101 |
Unrealized losses, 12 months or longer | (14,101) | (1,545) |
Estimated fair value, total | 395,100 | 214,452 |
Unrealized losses, total | $ (73,167) | $ (5,461) |
percentage | 98.70% | 40.70% |
Number of securities, unrealized losses, less than 12 months | 415 | 133 |
Number of securities, unrealized losses, 12 months or longer | 41 | 5 |
Number of securitiesunrealized losses, total | 456 | 138 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 0 | $ 8,669 |
Unrealized losses, less than 12 months | 0 | (214) |
Estimated fair value, 12 months or longer | 7,934 | 0 |
Unrealized losses, 12 months or longer | (949) | 0 |
Estimated fair value, total | 7,934 | 8,669 |
Unrealized losses, total | $ (949) | $ (214) |
percentage | 100% | 100% |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Estimated fair value, less than 12 months | $ 91,051 | $ 126,373 |
Unrealized losses, less than 12 months | (11,037) | (3,175) |
Estimated fair value, 12 months or longer | 58,348 | 8,109 |
Unrealized losses, 12 months or longer | (10,190) | (364) |
Estimated fair value, total | 149,399 | 134,482 |
Unrealized losses, total | $ (21,227) | $ (3,539) |
percentage | 99.60% | 72.80% |
US States and Political Subdivisions Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 230,567 | $ 70,309 |
Unrealized losses, less than 12 months | (48,029) | (527) |
Estimated fair value, 12 months or longer | 6,170 | 0 |
Unrealized losses, 12 months or longer | (1,819) | 0 |
Estimated fair value, total | 236,737 | 70,309 |
Unrealized losses, total | $ (49,848) | $ (527) |
percentage | 98.30% | 21.20% |
Collateralized Debt Obligations [Member] | ||
Estimated fair value, less than 12 months | $ 0 | $ 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Estimated fair value, 12 months or longer | 1,030 | 992 |
Unrealized losses, 12 months or longer | (1,143) | (1,181) |
Estimated fair value, total | 1,030 | 992 |
Unrealized losses, total | $ (1,143) | $ (1,181) |
percentage | 100% | 100% |
Note 5 - Loans Receivable (Deta
Note 5 - Loans Receivable (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 6,482 | $ 6,810 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Impaired Financing Receivable, Unpaid Principal Balance | 11,900 | 4,200 | |
Impaired Financing Receivable, Recorded Investment | 9,900 | 2,800 | |
Financial Asset Acquired [Member] | |||
Financing Receivable, Unamortized Purchase Premium (Discount) | $ (6,000) | (1,100) | |
Principal Forgiveness [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Financing Receivable, Troubled Debt Restructuring | $ 73 | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 5,172 | 3,105 | |
Impaired Financing Receivable, Recorded Investment | $ 2,347 | $ 1,771 | |
Residential Portfolio Segment [Member] | Principal Forgiveness [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 10 | 2 | |
Financing Receivable, Troubled Debt Restructuring | $ 974 | $ 150 | |
Residential Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 97% | ||
Loans Receivable, Percentage of Value in Excess Requiring Private Mortgage Insurance | 80% | ||
Loans Receivable, Percentage of Equity, Excess Does Not Require Private Mortgage Insurance | 20% | ||
Residential Portfolio Segment [Member] | Fixed Rate Residential Mortgage [Member] | |||
Loans Receivable, Minimum Contractual Maturity to be Classified as Held for Sale (Year) | 15 years | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Troubled Debt Restructuring | $ 7 | ||
Home Equity Portfolio Segment [Member] | |||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 89% | ||
Loans Receivable, Maximum Percentage of Appraised Value of Improved Property | 85% | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 274 | 297 | |
Impaired Financing Receivable, Recorded Investment | $ 154 | $ 284 | |
Home Equity Portfolio Segment [Member] | Maximum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 240 months | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 80% | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Troubled Debt Restructuring | $ 835 | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 4,083 | 1,600 | |
Impaired Financing Receivable, Recorded Investment | $ 3,816 | 1,600 | |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 20 years | ||
Loans Receivable, Balloon Feature, Period for Full Repayment (Year) | 10 years | ||
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 15 years | ||
Loans Receivable, Balloon Feature, Period for Full Repayment (Year) | 7 years | ||
Construction and Land Development Portfolio Segment [Member] | |||
Impaired Financing Receivable, Unpaid Principal Balance | $ 1,023 | 0 | |
Impaired Financing Receivable, Recorded Investment | $ 800 | $ 0 | |
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 89% | ||
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | Maximum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 1 year | ||
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | Minimum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 6 months | ||
Construction and Land Development Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 80% | ||
Construction and Land Development Portfolio Segment [Member] | Commercial Real Estate [Member] | Maximum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 2 years | ||
Manufactured Homes Portfolio Segment [Member] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5,300 | $ 5,800 | |
Manufactured Homes Portfolio Segment [Member] | Maximum [Member] | |||
Loans Receivable, Contractual Maturity (Month) | 25 years |
Note 5 - Loans Receivable - Loa
Note 5 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Total loans secured by real estate | $ 1,317,475 | $ 796,907 |
Total loans | 1,468,571 | 960,139 |
Net deferred loan origination costs | 6,482 | 6,810 |
Undisbursed loan funds | (672) | (229) |
Loans receivable, net of deferred fees and costs.. | 1,474,381 | 966,720 |
Residential Portfolio Segment [Member] | ||
Total loans secured by real estate | 459,151 | 260,134 |
Total loans | 459,151 | 260,134 |
Home Equity Portfolio Segment [Member] | ||
Total loans secured by real estate | 35,672 | 34,612 |
Total loans | 35,672 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total loans secured by real estate | 420,735 | 317,145 |
Total loans | 420,735 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | ||
Total loans secured by real estate | 153,422 | 123,822 |
Total loans | 153,422 | 123,822 |
Multifamily Portfolio Segment [Member] | ||
Total loans secured by real estate | 248,495 | 61,194 |
Total loans | 248,495 | 61,194 |
Commercial Portfolio Segment [Member] | ||
Total loans | 103,649 | 115,772 |
Consumer Portfolio Segment [Member] | ||
Total loans | 1,673 | 582 |
Manufactured Homes Portfolio Segment [Member] | ||
Total loans | 37,693 | 37,887 |
Net deferred loan origination costs | 5,300 | 5,800 |
Government Portfolio Segment [Member] | ||
Total loans | $ 8,081 | $ 8,991 |
Note 5 - Loans Receivable - All
Note 5 - Loans Receivable - Allowance for Loan Losses, by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning Balance | $ 13,387 | $ 13,047 | $ 13,343 | $ 12,458 |
Recoveries | 46 | 27 | 100 | 49 |
Provisions | 576 | 1,154 | ||
Ending Balance | 13,406 | 13,639 | 13,406 | 13,639 |
Charge-offs | (27) | (11) | (37) | (22) |
Residential Portfolio Segment [Member] | ||||
Beginning Balance | 2,493 | 2,176 | 2,480 | 2,211 |
Recoveries | 29 | 15 | 50 | 25 |
Provisions | 234 | 103 | 226 | 62 |
Ending Balance | 2,756 | 2,294 | 2,756 | 2,294 |
Charge-offs | 0 | (4) | ||
Home Equity Portfolio Segment [Member] | ||||
Beginning Balance | 354 | 309 | 357 | 276 |
Provisions | 19 | 62 | 16 | 96 |
Ending Balance | 373 | 371 | 373 | 371 |
Charge-offs | 0 | (1) | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning Balance | 5,530 | 5,726 | 5,515 | 5,406 |
Provisions | (3) | 213 | 12 | 533 |
Ending Balance | 5,527 | 5,939 | 5,527 | 5,939 |
Construction and Land Development Portfolio Segment [Member] | ||||
Beginning Balance | 2,135 | 1,587 | 2,119 | 1,405 |
Provisions | (391) | 211 | (375) | 393 |
Ending Balance | 1,744 | 1,798 | 1,744 | 1,798 |
Multifamily Portfolio Segment [Member] | ||||
Beginning Balance | 889 | 680 | 848 | 626 |
Provisions | 239 | 60 | 280 | 114 |
Ending Balance | 1,128 | 740 | 1,128 | 740 |
Commercial Portfolio Segment [Member] | ||||
Beginning Balance | 1,941 | 2,552 | 2,009 | 2,508 |
Recoveries | 7 | 11 | 38 | 19 |
Provisions | (140) | (89) | (239) | (53) |
Ending Balance | 1,808 | 2,474 | 1,808 | 2,474 |
Consumer Portfolio Segment [Member] | ||||
Beginning Balance | 45 | 17 | 15 | 26 |
Recoveries | 10 | 1 | 12 | 5 |
Provisions | 42 | 16 | 80 | 9 |
Ending Balance | 70 | 23 | 70 | 23 |
Charge-offs | (27) | $ (11) | (37) | $ (17) |
Manufactured Homes Portfolio Segment [Member] | ||||
Ending Balance | 0 | 0 | ||
Government Portfolio Segment [Member] | ||||
Ending Balance | $ 0 | $ 0 |
Note 5 - Loans Receivable - Imp
Note 5 - Loans Receivable - Impairment Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance individually evaluated for impairment reserves | $ 731 | $ 684 |
Allowance collectively evaluated for impairment reserves | 12,675 | 12,659 |
Total loans | 1,468,571 | 960,139 |
Loans receivable individually evaluated for impairment | 1,463 | 3,026 |
Loans receivable purchased credit impaired individually evaluated for impairment | 9,944 | 2,782 |
Loans receivable collectively evaluated for impairment | 1,457,164 | 954,331 |
Loans | 1,468,571 | 960,139 |
Residential Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 31 | 17 |
Allowance collectively evaluated for impairment reserves | 2,725 | 2,463 |
Total loans | 459,151 | 260,134 |
Loans receivable individually evaluated for impairment | 290 | 755 |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,057 | 1,016 |
Loans receivable collectively evaluated for impairment | 456,804 | 258,363 |
Loans | 459,151 | 260,134 |
Home Equity Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 3 | 4 |
Allowance collectively evaluated for impairment reserves | 370 | 353 |
Total loans | 35,672 | 34,612 |
Loans receivable individually evaluated for impairment | 21 | 147 |
Loans receivable purchased credit impaired individually evaluated for impairment | 133 | 137 |
Loans receivable collectively evaluated for impairment | 35,518 | 34,328 |
Loans | 35,672 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 446 | 386 |
Allowance collectively evaluated for impairment reserves | 5,081 | 5,129 |
Total loans | 420,735 | 317,145 |
Loans receivable individually evaluated for impairment | 846 | 1,600 |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,970 | |
Loans receivable collectively evaluated for impairment | 416,919 | 315,545 |
Loans | 420,735 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 1,744 | 2,119 |
Total loans | 153,422 | 123,822 |
Loans receivable purchased credit impaired individually evaluated for impairment | 800 | |
Loans receivable collectively evaluated for impairment | 152,622 | 123,822 |
Loans | 153,422 | 123,822 |
Multifamily Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 1,128 | 848 |
Total loans | 248,495 | 61,194 |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,940 | 556 |
Loans receivable collectively evaluated for impairment | 245,555 | 60,638 |
Loans | 248,495 | 61,194 |
Commercial Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 251 | 277 |
Allowance collectively evaluated for impairment reserves | 1,557 | 1,732 |
Total loans | 103,649 | 115,772 |
Loans receivable individually evaluated for impairment | 306 | 524 |
Loans receivable purchased credit impaired individually evaluated for impairment | 1,024 | 1,073 |
Loans receivable collectively evaluated for impairment | 102,319 | 114,175 |
Loans | 103,649 | 115,772 |
Consumer Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 70 | 15 |
Total loans | 1,673 | 582 |
Loans receivable purchased credit impaired individually evaluated for impairment | 20 | |
Loans receivable collectively evaluated for impairment | 1,653 | 582 |
Loans | 1,673 | 582 |
Manufactured Homes Portfolio Segment [Member] | ||
Total loans | 37,693 | 37,887 |
Loans receivable collectively evaluated for impairment | 37,693 | 37,887 |
Loans | 37,693 | 37,887 |
Government Portfolio Segment [Member] | ||
Total loans | 8,081 | 8,991 |
Loans receivable collectively evaluated for impairment | 8,081 | 8,991 |
Loans | $ 8,081 | $ 8,991 |
Note 5 - Loans Receivable - Cre
Note 5 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Pass [Member] | ||
Loan Receivable | $ 1,433,160 | $ 930,329 |
Pass/monitor [Member] | ||
Loan Receivable | 18,743 | 21,123 |
Special Mention [Member] | ||
Loan Receivable | 16,668 | 8,687 |
Substandard [Member] | ||
Loan Receivable | 1,468,571 | 960,139 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 451,077 | 253,472 |
Residential Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 2,055 | 2,940 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 6,019 | 3,722 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 459,151 | 260,134 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 34,648 | 33,565 |
Home Equity Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 400 | 415 |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 624 | 632 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 35,672 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 403,000 | 301,572 |
Commercial Real Estate Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 10,890 | 12,011 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 6,845 | 3,562 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 420,735 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 152,622 | 120,192 |
Construction and Land Development Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 800 | 3,630 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 153,422 | 123,822 |
Multifamily Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 244,053 | 60,657 |
Multifamily Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 1,541 | 153 |
Multifamily Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 2,901 | 384 |
Multifamily Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 248,495 | 61,194 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 100,313 | 113,470 |
Commercial Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 3,057 | 1,915 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 279 | 387 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 103,649 | 115,772 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 1,673 | 582 |
Consumer Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 1,673 | 582 |
Manufactured Homes Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 37,693 | 37,828 |
Manufactured Homes Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 59 |
Manufactured Homes Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 37,693 | 37,887 |
Government Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 8,081 | 8,991 |
Government Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | $ 8,081 | $ 8,991 |
Note 5 - Loans Receivable - Ind
Note 5 - Loans Receivable - Individually Evaluated Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Residential Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | $ 2,057 | $ 1,683 | $ 2,057 | $ 1,683 |
With no related allowance recorded, unpaid principal balance | 4,844 | 3,017 | 4,844 | 3,017 |
With no related allowance recorded, average recorded investment | 2,816 | 1,817 | 2,438 | 1,735 |
With no related allowance recorded, interest income recognized | 125 | 20 | 155 | 42 |
With an allowance recorded, recorded investment | 290 | 88 | 290 | 88 |
With an allowance recorded, unpaid principal balance | 328 | 88 | 328 | 88 |
With an allowance recorded, related allowance | 31 | 17 | 31 | 17 |
With an allowance recorded, average recorded investment | 188 | 165 | 154 | 198 |
With an allowance recorded, interest income recognized | 6 | 0 | 9 | 5 |
Total, recorded investment | 2,347 | 1,771 | 2,347 | 1,771 |
Total, unpaid principal balance | 5,172 | 3,105 | 5,172 | 3,105 |
Total, average recorded investment | 3,004 | 1,982 | 2,592 | 1,933 |
Total, interest income recognized | 131 | 20 | 164 | 47 |
Home Equity Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 133 | 262 | 133 | 262 |
With no related allowance recorded, unpaid principal balance | 253 | 275 | 253 | 275 |
With no related allowance recorded, average recorded investment | 191 | 341 | 214 | 317 |
With no related allowance recorded, interest income recognized | 6 | 1 | 13 | 5 |
With an allowance recorded, recorded investment | 21 | 22 | 21 | 22 |
With an allowance recorded, unpaid principal balance | 21 | 22 | 21 | 22 |
With an allowance recorded, related allowance | 3 | 4 | 3 | 4 |
With an allowance recorded, average recorded investment | 21 | 23 | 21 | 15 |
With an allowance recorded, interest income recognized | 0 | 0 | 1 | 0 |
Total, recorded investment | 154 | 284 | 154 | 284 |
Total, unpaid principal balance | 274 | 297 | 274 | 297 |
Total, average recorded investment | 212 | 364 | 235 | 332 |
Total, interest income recognized | 6 | 1 | 14 | 5 |
Commercial Real Estate Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 2,970 | 765 | 2,970 | 765 |
With no related allowance recorded, unpaid principal balance | 3,236 | 765 | 3,236 | 765 |
With no related allowance recorded, average recorded investment | 3,290 | 1,174 | 2,448 | 1,295 |
With no related allowance recorded, interest income recognized | 210 | 14 | 220 | 26 |
With an allowance recorded, recorded investment | 846 | 835 | 846 | 835 |
With an allowance recorded, unpaid principal balance | 847 | 835 | 847 | 835 |
With an allowance recorded, related allowance | 446 | 386 | 446 | 386 |
With an allowance recorded, average recorded investment | 849 | 5,901 | 844 | 5,655 |
With an allowance recorded, interest income recognized | 0 | 63 | 0 | 113 |
Total, recorded investment | 3,816 | 1,600 | 3,816 | 1,600 |
Total, unpaid principal balance | 4,083 | 1,600 | 4,083 | 1,600 |
Total, average recorded investment | 4,139 | 7,075 | 3,292 | 6,950 |
Total, interest income recognized | 210 | 77 | 220 | 139 |
Construction and Land Development Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 800 | 0 | 800 | 0 |
With no related allowance recorded, unpaid principal balance | 1,023 | 0 | 1,023 | 0 |
With no related allowance recorded, average recorded investment | 860 | 0 | 573 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
Total, recorded investment | 800 | 0 | 800 | 0 |
Total, unpaid principal balance | 1,023 | 0 | 1,023 | 0 |
Total, average recorded investment | 860 | 0 | 573 | 0 |
Total, interest income recognized | 0 | 0 | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 2,940 | 556 | 2,940 | 556 |
With no related allowance recorded, unpaid principal balance | 3,269 | 647 | 3,269 | 647 |
With no related allowance recorded, average recorded investment | 3,228 | 708 | 2,337 | 670 |
With no related allowance recorded, interest income recognized | 62 | 6 | 62 | 11 |
With an allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
Total, recorded investment | 2,940 | 556 | 2,940 | 556 |
Total, unpaid principal balance | 3,269 | 647 | 3,269 | 647 |
Total, average recorded investment | 3,228 | 708 | 2,337 | 670 |
Total, interest income recognized | 62 | 6 | 62 | 11 |
Commercial Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 1,024 | 1,205 | 1,024 | 1,205 |
With no related allowance recorded, unpaid principal balance | 1,024 | 1,324 | 1,024 | 1,324 |
With no related allowance recorded, average recorded investment | 1,136 | 1,467 | 1,159 | 1,447 |
With no related allowance recorded, interest income recognized | 61 | 18 | 76 | 36 |
With an allowance recorded, recorded investment | 306 | 392 | 306 | 392 |
With an allowance recorded, unpaid principal balance | 369 | 392 | 369 | 392 |
With an allowance recorded, related allowance | 251 | 277 | 251 | 277 |
With an allowance recorded, average recorded investment | 311 | 704 | 338 | 719 |
With an allowance recorded, interest income recognized | 0 | 11 | 16 | 22 |
Total, recorded investment | 1,330 | 1,597 | 1,330 | 1,597 |
Total, unpaid principal balance | 1,393 | 1,716 | 1,393 | 1,716 |
Total, average recorded investment | 1,447 | 2,171 | 1,497 | 2,166 |
Total, interest income recognized | 61 | 29 | 92 | 58 |
Consumer Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 20 | 0 | 20 | 0 |
With no related allowance recorded, unpaid principal balance | 20 | 0 | 20 | 0 |
With no related allowance recorded, average recorded investment | 21 | 0 | 14 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
Total, recorded investment | 20 | 0 | 20 | 0 |
Total, unpaid principal balance | 20 | 0 | 20 | 0 |
Total, average recorded investment | 21 | 0 | 14 | 0 |
Total, interest income recognized | 0 | 0 | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
Total, average recorded investment | 0 | 0 | 0 | 0 |
Total, interest income recognized | 0 | 0 | 0 | 0 |
Government Portfolio Segment [Member] | ||||
With no related allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 |
Total, average recorded investment | 0 | 0 | 0 | 0 |
Total, interest income recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Loans Receivable - Age
Note 5 - Loans Receivable - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,468,571 | $ 960,139 | |
Recorded investments greater than 90 past due and still accruing | 1,208 | $ 205 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 4,687 | 9,261 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 5,949 | 4,902 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 6,654 | 4,002 | |
Financial Asset, Past Due [Member] | |||
Loans | 17,290 | 18,165 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 1,451,281 | 941,974 | |
Residential Portfolio Segment [Member] | |||
Loans | 459,151 | 260,134 | |
Recorded investments greater than 90 past due and still accruing | 610 | 31 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 2,137 | 2,507 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2,306 | 824 | |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 3,260 | 2,142 | |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 7,703 | 5,473 | |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 451,448 | 254,661 | |
Home Equity Portfolio Segment [Member] | |||
Loans | 35,672 | 34,612 | |
Recorded investments greater than 90 past due and still accruing | 0 | 34 | |
Home Equity Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 114 | 169 | |
Home Equity Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 7 | 67 | |
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 527 | 565 | |
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 648 | 801 | |
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 35,024 | 33,811 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 420,735 | 317,145 | |
Recorded investments greater than 90 past due and still accruing | 517 | 91 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 135 | 231 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 1,734 | 1,960 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2,477 | 944 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 4,346 | 3,135 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 416,389 | 314,010 | |
Construction and Land Development Portfolio Segment [Member] | |||
Loans | 153,422 | 123,822 | |
Recorded investments greater than 90 past due and still accruing | 0 | 0 | |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 337 | 5,148 | |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 56 | 283 | |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 393 | 5,431 | |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 153,029 | 118,391 | |
Multifamily Portfolio Segment [Member] | |||
Loans | 248,495 | 61,194 | |
Recorded investments greater than 90 past due and still accruing | 0 | 0 | |
Multifamily Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 24 | 0 | |
Multifamily Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 307 | 0 | |
Multifamily Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 109 | 109 | |
Multifamily Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 440 | 109 | |
Multifamily Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 248,055 | 61,085 | |
Commercial Portfolio Segment [Member] | |||
Loans | 103,649 | 115,772 | |
Recorded investments greater than 90 past due and still accruing | 81 | 49 | |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,706 | 573 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 1,205 | 1,594 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 281 | 242 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 3,192 | 2,409 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 100,457 | 113,363 | |
Consumer Portfolio Segment [Member] | |||
Loans | 1,673 | 582 | |
Recorded investments greater than 90 past due and still accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 4 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 3 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 4 | 3 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,669 | 579 | |
Manufactured Homes Portfolio Segment [Member] | |||
Loans | 37,693 | 37,887 | |
Recorded investments greater than 90 past due and still accruing | 0 | 0 | |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 230 | 633 | |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 334 | 171 | |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 564 | 804 | |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 37,129 | 37,083 | |
Government Portfolio Segment [Member] | |||
Loans | 8,081 | 8,991 | |
Recorded investments greater than 90 past due and still accruing | 0 | $ 0 | |
Government Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Government Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Government Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Government Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 0 | |
Government Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 8,081 | $ 8,991 |
Note 5 - Loans Receivable - L_2
Note 5 - Loans Receivable - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing receivables on nonaccrual status | $ 8,813 | $ 7,056 |
Residential Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 4,975 | 4,651 |
Home Equity Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 610 | 623 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 2,594 | 940 |
Construction and Land Development Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 369 | 455 |
Commercial Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 265 | 387 |
Consumer Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Government Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | $ 0 | $ 0 |
Note 5 - Loans Receivable - Acc
Note 5 - Loans Receivable - Accretable Yield (Details) - First Personal Financial Corporation [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Remainder 2022, to be collected | $ 240 | |
2023, to be collected | 665 | |
2024, to be collected | 649 | |
2025, to be collected | 507 | |
2026 and thereafter, to be collected | 3,565 | |
Total, to be collected | 5,958 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
2020, accretable yield collected | $ 300 | 605 |
2021, accretable yield collected | $ 440 | $ 547 |
Note 6 - Intangibles and Acqu_3
Note 6 - Intangibles and Acquisition Related Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2021 | |
Goodwill, Ending Balance | $ 22,615 | $ 22,615 | $ 11,109 | ||
Goodwill, Impairment Loss | 0 | ||||
Core Deposits [Member] | |||||
Finite-Lived Core Deposits, Gross | 5,600 | 5,600 | $ 3,100 | ||
Royal Financial, Inc. [Member] | |||||
Goodwill, Ending Balance | 11,500 | 11,500 | $ 11,500 | $ 11,506 | |
Goodwill, Purchase Accounting Adjustments | (158) | ||||
Certificates of Deposit, Fair Value Premium | 1,000 | 1,000 | |||
Amortization of Intangible Assets | 175 | 304 | |||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 237 | 237 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 217 | 217 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 124 | 124 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 72 | 72 | |||
Finite-Lived Intangible Asset, Expected Amortization, after Year Three | $ 55 | $ 55 |
Note 6 - Intangibles and Acqu_4
Note 6 - Intangibles and Acquisition Related Accounting - Annual Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
First Federal Savings and Loan [Member] | ||||
Amortization of intangible assets | $ 757 | $ 497 | $ 410 | $ 249 |
Note 6 - Intangibles and Acqu_5
Note 6 - Intangibles and Acquisition Related Accounting - Future Annual Amortization (Details) - First Federal Savings and Loan [Member] $ in Thousands | Jun. 30, 2022 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 795 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,522 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,411 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 688 |
2026 | 360 |
5 years and thereafter | 812 |
Total | $ 5,588 |
Note 8 - Earnings Per Share - R
Note 8 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income as reported | $ 4,431 | $ 3,571 | $ 6,566 | $ 8,114 |
Weighted average common shares outstanding (in shares) | 4,242,559 | 3,478,392 | 4,108,579 | 3,475,017 |
Basic earnings per common share (in dollars per share) | $ 1.04 | $ 1.03 | $ 1.60 | $ 2.33 |
Add: Dilutive effect of unvested restricted stock awards (in shares) | 15,944 | 0 | 16,316 | 0 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 4,258,503 | 3,478,392 | 4,124,895 | 3,475,017 |
Diluted earnings per common share (in dollars per share) | $ 1.04 | $ 1.03 | $ 1.59 | $ 2.33 |
Note 9 - Stock Based Compensa_3
Note 9 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Feb. 27, 2015 | |
Share-Based Payment Arrangement, Expense | $ 163 | $ 139 | $ 332 | $ 285 | |
Share Based Compensation Expense, Estimated Future Compensation, Total | $ 1,500 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | ||||
2015 Stock Option and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 9 - Stock Based Compensa_4
Note 9 - Stock Based Compensation - Restricted Stock Activity (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Non-vested, shares (in shares) | shares | 44,235 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 42.33 |
Granted, shares (in shares) | shares | 22,891 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 46.42 |
Vested, shares (in shares) | shares | (11,158) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 41.63 |
Forfeited, shares (in shares) | shares | (1,587) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 44.17 |
Non-vested, shares (in shares) | shares | 54,381 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 44.14 |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments - Non-hedging Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative assets, fair vale | $ 6,769 | $ 6,769 | $ 2,827 | ||
Derivative liabilities, fair vale | 6,696 | 6,696 | 2,686 | ||
Derivative instrument, gain (loss) | (93) | $ 80 | (68) | $ 90 | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative, notational amount | 96,530 | 96,530 | 101,991 | ||
Interest Rate Swap [Member] | Fees and Service Charges [Member] | |||||
Derivative instrument, gain (loss) | 231 | 218 | |||
Interest Rate Swap [Member] | Other Assets [Member] | |||||
Derivative assets, fair vale | 6,696 | 6,696 | 2,686 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||||
Derivative liabilities, fair vale | 6,696 | 6,696 | 2,686 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, notational amount | 92,565 | 92,565 | 94,154 | ||
Interest Rate Lock Commitments [Member] | Gain (Loss) on Sale of Loans Held-for-Sale, Net [Member] | |||||
Derivative instrument, gain (loss) | (93) | $ (151) | (68) | $ (128) | |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | |||||
Derivative assets, fair vale | 73 | 73 | 141 | ||
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | |||||
Derivative liabilities, fair vale | 0 | 0 | |||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, notational amount | $ 3,965 | $ 3,965 | $ 7,837 |
Note 12 - Derivative Financia_4
Note 12 - Derivative Financial Instruments - Offset Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Gross amount of recognized assets | $ 6,769 | $ 2,827 |
Gross amounts offset in the statements of financial condition | 0 | |
Net amount of assets presented in the statement of financial condition | 6,769 | 2,827 |
Financial instruments | 0 | |
Cash collateral received | 0 | |
Net amount | 6,769 | 2,827 |
Interest Rate Swap [Member] | ||
Gross amount of recognized assets | 6,696 | 2,686 |
Gross amounts offset in the statements of financial condition | 0 | |
Net amount of assets presented in the statement of financial condition | 6,696 | 2,686 |
Financial instruments | 0 | |
Cash collateral received | 0 | |
Net amount | 6,696 | 2,686 |
Interest Rate Lock Commitments [Member] | ||
Gross amount of recognized assets | 73 | 141 |
Gross amounts offset in the statements of financial condition | 0 | |
Net amount of assets presented in the statement of financial condition | 73 | 141 |
Financial instruments | 0 | |
Cash collateral received | 0 | |
Net amount | $ 73 | $ 141 |
Note 12 - Derivative Financia_5
Note 12 - Derivative Financial Instruments - Offset Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Gross amount of recognized liabilities | $ 6,696 | $ 2,686 |
Gross amounts offset in the statement of financial condition | 0 | |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
Financial instruments | 0 | |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | 2,766 | |
Net amount | (1,244) | |
Interest Rate Swap [Member] | ||
Gross amount of recognized liabilities | 6,696 | 2,686 |
Gross amounts offset in the statement of financial condition | 0 | |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
Financial instruments | 0 | |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | $ 2,766 | |
Net amount | $ (1,244) |
Note 13 - Fair Value (Details T
Note 13 - Fair Value (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 473,611 | $ 521,485 |
Trust Preferred Securities Debt [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 2,200 |
Note 13 - Fair Value - Credit L
Note 13 - Fair Value - Credit Loss Roll Forward for Trust Preferred Securities Classified with Other Than Temporary Impairment (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance | $ 173 |
Additions not previously recognized | 0 |
Balance | $ 173 |
Note 13 - Fair Value - Assets M
Note 13 - Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative Assets | $ 6,769 | $ 2,827 |
Available for sale securities, estimated fair value | 400,466 | 526,889 |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,934 | 8,669 |
US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 594 | 400 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 150,061 | 184,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 240,847 | 332,127 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,030 | 992 |
Interest Rate Swap [Member] | ||
Derivative Assets | 6,696 | 2,686 |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
Fair Value, Recurring [Member] | ||
Available for sale securities, estimated fair value | 400,466 | 526,889 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 73 | 141 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,934 | 8,669 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 594 | 400 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 150,061 | 184,701 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 240,847 | 332,127 |
Fair Value, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,030 | 992 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities, estimated fair value | 399,436 | 525,897 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 73 | 141 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,934 | 8,669 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 594 | 400 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 150,061 | 184,701 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 240,847 | 332,127 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities, estimated fair value | 1,030 | 992 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,030 | 992 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Assets | 6,696 | 2,686 |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Assets | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets | 6,696 | 2,686 |
Net amount of liabilities present in the statement of financial condition | 6,696 | 2,686 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Assets | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | $ 0 | $ 0 |
Note 13 - Fair Value - Availabl
Note 13 - Fair Value - Available for Sale Securities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 992 | $ 929 |
Principal payments | 0 | (9) |
Total unrealized gains, included in other comprehensive income | 38 | 50 |
Ending balance | $ 1,030 | $ 970 |
Note 13 - Fair Value - Assets_2
Note 13 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Impaired Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets, fair value | $ 1,309 | $ 896 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 1,309 | $ 896 |
Note 13 - Fair Value - Financia
Note 13 - Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 79,302 | $ 33,176 |
Certificates of deposit in other financial institutions | 1,482 | 1,709 |
Loans held-for-sale | 1,525 | 4,987 |
Loans receivable, net | 1,460,975 | 953,377 |
Federal Home Loan Bank stock | 3,038 | 3,247 |
Accrued interest receivable | 6,892 | 5,444 |
Non-interest bearing deposits | 370,567 | 295,294 |
Interest bearing deposits | 1,546,648 | 1,138,907 |
Repurchase agreements | 24,536 | 14,581 |
Accrued interest payable | 56 | 22 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 79,302 | 33,176 |
Certificates of deposit in other financial institutions | 1,453 | 1,737 |
Loans held-for-sale | 1,552 | 5,065 |
Loans receivable, net | 1,418,593 | 951,744 |
Federal Home Loan Bank stock | 3,038 | 3,247 |
Accrued interest receivable | 6,892 | 5,444 |
Non-interest bearing deposits | 370,567 | 295,294 |
Interest bearing deposits | 1,547,211 | 1,139,126 |
Repurchase agreements | 24,311 | 14,579 |
Accrued interest payable | 56 | 22 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 79,302 | 33,176 |
Certificates of deposit in other financial institutions | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 370,567 | 295,294 |
Interest bearing deposits | 1,148,252 | 899,690 |
Repurchase agreements | 16,273 | 12,842 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other financial institutions | 1,453 | 1,737 |
Loans held-for-sale | 1,552 | 5,065 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 3,038 | 3,247 |
Accrued interest receivable | 6,892 | 5,444 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 398,959 | 239,436 |
Repurchase agreements | 8,038 | 1,737 |
Accrued interest payable | 56 | 22 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other financial institutions | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans receivable, net | 1,418,593 | 951,744 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |