Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 30, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, Postal Zip Code | 46321 | ||
Entity Address, City or Town | Munster | ||
Entity Address, State or Province | IN | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 133,611,144 | ||
Entity Common Stock, Shares Outstanding | 4,304,026 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Location | Indianapolis, Indiana | ||
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 19,965 | $ 12,725 |
Interest bearing deposits in other financial institutions | 11,210 | 19,987 |
Federal funds sold | 107 | 464 |
Total cash and cash equivalents | 31,282 | 33,176 |
Certificates of deposit in other financial institutions | 2,456 | 1,709 |
Securities available-for-sale | 370,896 | 526,889 |
Loans held-for-sale | 1,543 | 4,987 |
Loans receivable, net of deferred fees and costs | 1,513,631 | 966,720 |
Less: allowance for loan losses | (12,897) | (13,343) |
Net loans receivable | 1,500,734 | 953,377 |
Federal Home Loan Bank stock | 6,547 | 3,247 |
Accrued interest receivable | 7,421 | 5,444 |
Premises and equipment | 40,212 | 31,385 |
Cash value of bank owned life insurance | 31,936 | 31,440 |
Goodwill | 22,395 | 11,109 |
Other intangible assets | 4,794 | 3,126 |
Other assets | 50,123 | 14,854 |
Total assets | 2,070,339 | 1,620,743 |
Deposits: | ||
Non-interest bearing | 359,092 | 295,294 |
Interest bearing | 1,415,925 | 1,138,907 |
Total | 1,775,017 | 1,434,201 |
Repurchase agreements | 15,503 | 14,581 |
Borrowed funds | 120,000 | 0 |
Accrued expenses and other liabilities | 23,426 | 15,346 |
Total liabilities | 1,933,946 | 1,464,128 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2022 - 4,298,401 December 31, 2021 - 3,480,701 | 0 | 0 |
Additional paid-in capital | 69,032 | 30,430 |
Accumulated other comprehensive (loss) income | (64,300) | 4,276 |
Retained earnings | 131,661 | 121,909 |
Total stockholders' equity | 136,393 | 156,615 |
Total liabilities and stockholders' equity | $ 2,070,339 | $ 1,620,743 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 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, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 4,298,401 | 3,480,701 |
Common stock, outstanding (in shares) | 4,298,401 | 3,480,701 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | ||
Loans receivable | $ 62,133 | $ 41,573 |
Securities | 9,576 | 9,021 |
Other interest earning assets | 326 | 61 |
Total interest income | 72,035 | 50,655 |
Interest expense: | ||
Deposits | 3,604 | 2,002 |
Repurchase agreements | 195 | 47 |
Borrowed funds | 1,087 | 31 |
Total interest expense | 4,886 | 2,080 |
Net interest income | 67,149 | 48,575 |
Provision for loan losses | 0 | 1,509 |
Net interest income after provision for loan losses | 67,149 | 47,066 |
Noninterest income: | ||
Fees and service charges | 6,257 | 5,388 |
Wealth management operations | 2,113 | 2,375 |
Gain on sale of loans held-for-sale, net | 1,368 | 5,296 |
Gain on sale of securities, net | 662 | 1,987 |
Increase in cash value of bank owned life insurance | 810 | 715 |
Gain on sale of foreclosed real estate | 16 | 47 |
Other | 283 | 139 |
Total noninterest income | 11,509 | 15,947 |
Noninterest expense: | ||
Compensation and benefits | 28,990 | 24,241 |
Occupancy and equipment | 6,785 | 5,537 |
Data processing | 6,750 | 3,648 |
Marketing | 1,907 | 1,085 |
Impairment charge on assets held for sale | 1,232 | 0 |
Federal deposit insurance premiums | 1,228 | 861 |
Professional services | 1,211 | 1,205 |
Net loss recognized on sale of premises and equipment | 303 | 0 |
Other | 13,694 | 10,059 |
Total noninterest expense | 62,100 | 46,636 |
Income before income tax expenses | 16,558 | 16,377 |
Income tax expenses | 1,478 | 1,414 |
Net income | $ 15,080 | $ 14,963 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 3.61 | $ 4.30 |
Diluted (in dollars per share) | 3.60 | 4.30 |
Dividends declared per common share (in dollars per share) | $ 1.24 | $ 1.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 15,080 | $ 14,963 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized (loss) gain arising during the period | (89,323) | (5,816) |
Less: reclassification adjustment for gains included in net income | (662) | (1,987) |
Net securities (loss) gain during the period | (89,985) | (7,803) |
Tax effect | 21,409 | 1,638 |
Other comprehensive loss, net of tax | (68,576) | (6,165) |
Comprehensive (loss) gain, net of tax | $ (53,496) | $ 8,798 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity - 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 | 14,963 | 14,963 |
Other comprehensive loss, net of tax | 0 | 0 | (6,165) | 0 | (6,165) |
Net surrender value of restricted stock awards | 0 | (131) | 0 | 0 | (131) |
Stock-based compensation expense | 0 | 574 | 0 | 0 | 574 |
Cash dividends | 0 | 0 | 0 | (4,315) | (4,315) |
Balance at Dec. 31, 2021 | 0 | 30,430 | 4,276 | 121,909 | 156,615 |
Net income | 0 | 0 | 0 | 15,080 | 15,080 |
Other comprehensive loss, net of tax | 0 | 0 | (68,576) | 0 | (68,576) |
Net surrender value of restricted stock awards | 0 | (120) | 0 | 0 | (120) |
Stock-based compensation expense | 0 | 741 | 0 | 0 | 741 |
Cash dividends | 0 | 0 | 0 | (5,328) | (5,328) |
Issuance of 795,423 shares at $47.75 per share, for acquisition of Royal Financial, Inc | 0 | 37,981 | 0 | 0 | 37,981 |
Balance at Dec. 31, 2022 | $ 0 | $ 69,032 | $ (64,300) | $ 131,661 | $ 136,393 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shares of restricted stock awards surrendered (in shares) | 2,479 | 3,115 |
Cash dividends per share (in dollars per share) | $ 1.24 | |
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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 15,080 | $ 14,963 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Origination of loans for sale | (44,856) | (153,082) |
Sale of loans originated for sale | 49,628 | 164,203 |
Depreciation and amortization, net of accretion | 5,968 | 4,559 |
Deferred tax expense | 1,187 | 137 |
Stock based compensation expense | 741 | 574 |
Gain on sale of securities, net | (662) | (1,987) |
Gain on sale of loans held-for-sale, net | (1,470) | (5,529) |
Net loss recognized on sale of premises and equipment | 303 | 0 |
Impairment of Long-Lived Assets to be Disposed of | 1,232 | 0 |
Gain (loss) on sale of foreclosed real estate | 16 | (47) |
Gain on cash value of bank owned life insurance | (810) | (715) |
Loss on derivatives | 102 | 233 |
Provision for loan losses | 0 | 1,509 |
Net change in: | ||
Interest receivable | (141) | (731) |
Other assets | (5,080) | 1,784 |
Accrued expenses and other liabilities | (3,476) | (8,828) |
Net cash provided by operating activities | 17,762 | 17,043 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit in other financial institutions | 232 | 923 |
Purchase of certificates of deposit in other financial institutions | (734) | (735) |
Proceeds from maturities and pay downs of securities available-for-sale | 41,524 | 55,431 |
Proceeds from sales of securities available-for-sale | 53,953 | 43,756 |
Purchase of securities available-for-sale | (30,421) | (221,236) |
Proceeds from bank owned life insurance | 314 | 0 |
Net change in loans receivable | (94,030) | 12,345 |
Proceeds of Federal Home Loan Bank Stock | 0 | 671 |
Purchase of Federal Home Loan Bank Stock | (1,997) | 0 |
Purchase of loans receivable | (2,663) | (14,543) |
Purchase of premises and equipment, net | (3,031) | (3,128) |
Proceeds from sale of premises and equipment | 1,798 | 0 |
Proceeds from sale of foreclosed real estate | 93 | 585 |
Cash and cash equivalents from acquisition activity, net | 33,799 | 0 |
Net cash provided by (used in) investing activities | (1,163) | (125,931) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in deposits | (134,220) | 131,862 |
Proceeds from FHLB advances | 120,000 | 0 |
Repayment of FHLB advances | 0 | (6,000) |
Net surrender value of restricted stock awards | (120) | (131) |
Change in repurchase agreements | 922 | 870 |
Change in other borrowed funds | 0 | (149) |
Dividends paid | (5,075) | (4,310) |
Net cash (used in) provided by financing activities | (18,493) | 122,142 |
Net change in cash and cash equivalents | (1,894) | 13,254 |
Cash and cash equivalents at beginning of period | 33,176 | 19,922 |
Cash and cash equivalents at end of period | 31,282 | 33,176 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 4,572 | 2,112 |
Income taxes | 1,347 | 2,185 |
Fair value of assets acquired, including cash and cash equivalents | 528,539 | 0 |
Value of goodwill and other intangible assets | 14,506 | 0 |
Fair value of liabilities assumed | 486,339 | 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 | 1,079 |
Transfer of premises and equipment to other real estate | 1,815 | 0 |
Securities purchased not settled | $ 0 | $ 1,765 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Summary of Significant Accounting Policies Principles of Consolidation may Use of Estimates Concentrations of Credit Risk Cash Flow Reporting 90 90 Certificates of deposits in other financial institutions 5 Securities may December 31, 2022, 2021, not The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has ( 1 2 not Loans Held-for-Sale Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans and Loan Interest Income The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 no 120 Generally, interest accrued but not Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Troubled Debt Restructures not not Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: ( 1 2 3 Federal Home Loan Bank Stock may Transfers of Financial Assets 1 2 3 not Premises and Equipment Foreclosed Real Estate Long-term Assets may not Bank Owned Life Insurance Goodwill and Intangibles third may 350, Repurchase Agreements not Income Taxes At December 31, 2022 2021, not not December 31, 2022 2021. Loan Commitments and Related Financial Instruments As part of mortgage banking operations, the Company enters into commitments to originate loans whereby the interest rate on these loans is determined prior to funding (“interest rate lock commitments”). Similar to loans held for sale, the fair value of rate lock commitments is subject to change primarily due to changes in interest rates. The interest rate lock commitments on mortgage loans intended to be sold are recorded at fair value with changes in fair value recorded in current earnings as part of gain on sale of loans held-for-sale, net. Earnings Per Common Share Comprehensive (Loss) Income Loss Contingencies not Restrictions on Cash March 26, 2021, no December 31, 2022. December 31, 2022 2021. December 31, 2022, not Fair Value of Financial Instruments Operating Segments not one Reclassification December 31, 2021, may December 31, 2022 Trust Assets not not Adoption of New Accounting Pronouncements In December 2019, 2019 12 740 not December 15, 2020. 2019 12 January 1, 2021, not Upcoming Accounting Pronouncements - In June 2016, No. 2016 13, October 2019, December 15, 2022, January 1, 2023. first The Bancorp has completed data and model validation testing, determined qualitative adjustments, established additional supporting analytics, and developed related internal controls over model inputs (data and assumptions) and model operations. While the model is operational, approval of certain governance related matters, procedures and policies are being finalized. The final effective date estimate for our Current Expected Credit Loss (“CECL”) has not Internal controls over financial reporting specifically related to CECL have been designed and are being evaluated, however, all internal controls related to CECL implementation are not We expect the one January 1, 2023. first 2023, January 1, 2023, 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 In September 2022, No. 2022 04 405 50 2022 04 January 1, 2023, January 1, 2024, not In December 2022, No. 2022 06 848 848", December 30, 2024 June 30, 2023. no |
Note 2 - Acquisition Activity
Note 2 - Acquisition Activity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 Acquisition Activity 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 (in thousands): ASSETS Cash and due from banks $ 52,524 Investment securities, available for sale - Certificate of deposit in other financial institutions 245 Total Loans 450,757 Premises and equipment, net 13,896 FHLB stock 1,303 Goodwill 11,286 Core deposit intangible 3,220 Interest receivable 1,836 Other assets 7,978 Total assets purchased $ 543,045 Common shares issued 37,981 Cash paid 18,725 Total purchase price $ 56,706 LIABILITIES Deposits Non-interest bearing $ 32,095 NOW accounts 63,639 Savings and money market 184,149 Certificates of deposits 195,153 Total Deposits 475,036 Interest payable 75 Other liabilities 11,228 Total liabilities assumed $ 486,339 During the year-ended December 31, 2022, not Gross loans acquired during the RYFL transaction totaled $456.7 million. As of December 31, 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 twelve months ended For the twelve months ended (in thousands) December 31, 2022 December 31, 2021 Selected Financial Data Interest income $ 73,730 $ 70,585 Interest expense (4,987 ) (3,538 ) Recovery of (provision for) loan losses - (1,181 ) Non-interest income 11,648 16,607 Non-interest expense (1) (60,228 ) (57,290 ) Income before provision for income taxes 20,163 25,183 Income tax expense (2,235 ) (3,525 ) Net income $ 17,928 $ 21,658 Earnings per common share: Basic $ 4.29 $ 6.23 Diluted $ 4.28 $ 6.23 ( 1 Excludes $2.9 million in pre-tax merger expenses for the nine September 30, 2022. For the twelve December 31, 2022, $2.9 one (in thousands) Twelve months ended Noninterest expense: December 31, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2022 U.S. government sponsored entities $ 8,883 $ - $ (1,258 ) 7,625 U.S. treasury securities 389 - - 389 Collateralized mortgage obligations and residential mortgage-backed securities 163,000 - (28,884 ) 134,116 Municipal securities 281,032 7 (53,321 ) 227,718 Collateralized debt obligations 2,173 - (1,125 ) 1,048 Total securities available-for-sale $ 455,477 $ 7 $ (84,588 ) $ 370,896 (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, estimated fair value of available-for-sale securities, and carrying amount, if different, at December 31, 2022, not (Dollars in thousands) Available-for-sale Estimated Cost Fair December 31, 2022 Basis Value Due in one year or less $ 105 $ 105 Due from one to five years 4,868 4,493 Due from five to ten years 21,099 18,993 Due over ten years 266,405 213,189 Collateralized mortgage obligations and residential mortgage-backed securities 163,000 134,116 Total $ 455,477 $ 370,896 Sales of available-for-sale securities were as follows: (Dollars in thousands) December 31, December 31, 2022 2021 Proceeds $ 53,953 $ 43,756 Gross gains 733 2,010 Gross losses (71 ) (23 ) The tax provisions related to these net realized gains were approximately $157 thousand for 2022 2021. Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized gain/(loss) Ending balance, December 31, 2020 $ 10,441 Current period change (6,165 ) Ending balance, December 31, 2021 $ 4,276 (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (68,576 ) Ending balance, December 31, 2022 $ (64,300 ) Securities with carrying values of approximately $223.7 million and $39.5 million were pledged as of December 31, 2022 2021, Securities with unrealized losses at December 31, 2022, 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 December 31, 2022 U.S. government sponsored entities $ - $ - $ 7,625 $ (1,258 ) $ 7,625 $ (1,258 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 32,700 (4,955 ) 101,416 (23,929 ) 134,116 (28,884 ) 100.0 % Municipal securities 171,581 (35,935 ) 52,961 (17,386 ) 224,542 (53,321 ) 98.6 % Collateralized debt obligations - - 1,048 (1,125 ) 1,048 (1,125 ) 100.0 % Total temporarily impaired $ 204,281 $ (40,890 ) $ 163,050 $ (43,698 ) $ 367,331 $ (84,588 ) 99.0 % Number of securities 311 135 446 (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 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 Loans Receivable Year end loans are summarized below: (Dollars in thousands) December 31, 2022 December 31, 2021 Loans secured by real estate: Residential real estate $ 484,595 $ 260,134 Home equity 38,978 34,612 Commercial real estate 486,431 317,145 Construction and land development 108,926 123,822 Multifamily 251,014 61,194 Total loans secured by real estate 1,369,944 796,907 Commercial business 93,278 115,772 Consumer 918 582 Manufactured homes 34,882 37,887 Government 9,549 8,991 Loans receivable 1,508,571 960,139 Add (less): Net deferred loan origination costs 5,083 6,810 Undisbursed loan funds (23 ) (229 ) Loans receivable, net of deferred fees and costs.. $ 1,513,631 $ 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 twelve months ended December 31, 2022: Allowance for loan losses: Residential real estate $ 2,480 $ (29 ) $ 53 $ 517 $ 3,021 Home equity 357 - - 53 410 Commercial real estate 5,515 (431 ) - 700 5,784 Construction and land development... 2,119 - - (866 ) 1,253 Multifamily 848 - - 159 1,007 Commercial business 2,009 (57 ) 89 (676 ) 1,365 Consumer 15 (91 ) 20 113 57 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (608 ) $ 162 $ - $ 12,897 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve December 31, 2021: Allowance for loan losses: Residential real estate $ 2,211 $ (32 ) $ 81 $ 220 $ 2,480 Home equity 276 (1 ) 1 81 357 Commercial real estate 5,406 (530 ) - 639 5,515 Construction and land development 1,405 - - 714 2,119 Multifamily 626 - - 222 848 Commercial business 2,508 (158 ) 36 (377 ) 2,009 Consumer 26 (29 ) 8 10 15 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (750 ) $ 126 $ 1,509 $ 13,343 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 expectation, the deferred cost reserve is paid as an origination cost to the third December 31, 2022 December 31, 2021, (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 December 31, 2022: Residential real estate $ 24 $ 2,997 $ 484,595 $ 1,518 $ 988 $ 482,089 Home equity 3 407 38,978 294 125 38,559 Commercial real estate 13 5,771 486,431 2,392 2,935 481,104 Construction and land development... - 1,253 108,926 - - 108,926 Multifamily - 1,007 251,014 6,739 382 243,893 Commercial business 297 1,068 93,278 1,758 953 90,567 Consumer - 57 918 - 17 901 Manufactured homes - - 34,882 - - 34,882 Government - - 9,549 - - 9,549 Total $ 337 $ 12,560 $ 1,508,571 $ 12,701 $ 5,400 $ 1,490,470 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 December 31, 2022 December 31, 2021: Credit Exposure - Credit Risk Portfolio By Creditworthiness Category December 31, 2022 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 477,222 $ 1,338 $ 6,035 $ 484,595 Home equity 37,981 385 612 38,978 Commercial real estate 474,055 4,955 7,421 486,431 Construction and land development 106,580 2,346 - 108,926 Multifamily 242,091 1,859 7,064 251,014 Commercial business 90,694 703 1,881 93,278 Consumer 918 - - 918 Manufactured homes 34,882 - - 34,882 Government 9,549 - - 9,549 Total $ 1,473,972 $ 11,586 $ 23,013 $ 1,508,571 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. During the year, the Bancorp reassessed its risk ratings, and while the credit quality indicators have not 1 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 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 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 The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may 5 Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may 6 Borrowers are considered credit worthy but financial condition may may may 7 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 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 Such loans have been placed on nonaccrual status and may 10 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 twelve December 31, 2022, nine nine Two two One twelve December 31, 2022. During the twelve December 31, 2021, three three One twelve December 31, 2022. As of December 31, 2022, one not December 31, 2021. All of the loans classified as troubled debt restructurings are also considered impaired. The valuation basis for the Bancorp’s troubled debt restructurings is based on the present value of cash flows, unless consistent cash flows are not The Bancorp's individually evaluated impaired loans are summarized below: (Dollars in thousands) For the twelve months ended (unaudited) As of December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 2,255 $ 3,711 $ - $ 2,528 $ 202 Home equity 399 416 - 253 12 Commercial real estate 5,314 5,406 - 3,409 205 Construction and land development. - - - 344 - Multifamily 7,121 7,163 - 3,387 16 Commercial business 2,278 2,392 - 1,365 76 Consumer 17 17 - 15 - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 251 $ 276 $ 24 $ 194 $ 5 Home equity 20 20 3 21 1 Commercial real estate 13 14 13 678 - Construction and land development. - - - - - Multifamily - - - - - Commercial business 433 561 297 352 13 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,506 $ 3,987 $ 24 $ 2,722 $ 207 Home equity $ 419 $ 436 $ 3 $ 274 $ 13 Commercial real estate $ 5,327 $ 5,420 $ 13 $ 4,087 $ 205 Construction & land development $ - $ - $ - $ 344 $ - Multifamily $ 7,121 $ 7,163 $ - $ 3,387 $ 16 Commercial business $ 2,711 $ 2,953 $ 297 $ 1,717 $ 89 Consumer $ 17 $ 17 $ - $ 15 $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - For the twelve months ended As of December 31, 2021 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,689 $ 113 Home equity 262 275 - 298 12 Commercial real estate 765 765 - 1,167 43 Construction & land development - - - - - Multifamily 556 647 - 629 31 Commercial business 1,205 1,324 - 1,369 52 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 145 $ 2 Home equity 22 22 4 18 1 Commercial real estate 835 835 386 4,727 225 Construction & land development - - - - - Multifamily - - - - - Commercial business 392 392 277 637 24 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,834 $ 115 Home equity $ 284 $ 297 $ 4 $ 316 $ 13 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 5,894 $ 268 Construction & land development $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 629 $ 31 Commercial business $ 1,597 $ 1,716 $ 277 $ 2,006 $ 76 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 December 31, 2022 Residential real estate $ 3,758 $ 2,520 $ 2,309 $ 8,587 $ 476,008 $ 484,595 $ 166 Home equity 315 42 162 519 38,459 38,978 - Commercial real estate 1,399 150 1,817 3,366 483,065 486,431 - Construction and land development. 2,673 - - 2,673 106,253 108,926 - Multifamily 1,724 616 1,004 3,344 247,670 251,014 - Commercial business 1,775 - 529 2,304 90,974 93,278 - Consumer 3 - - 3 915 918 - Manufactured homes 601 256 82 939 33,943 34,882 82 Government - - - - 9,549 9,549 - Total $ 12,248 $ 3,584 $ 5,903 $ 21,735 $ 1,486,836 $ 1,508,571 $ 248 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) December 31, 2022 December 31, 2021 Residential real estate $ 5,347 $ 4,651 Home equity 594 623 Commercial real estate 3,242 940 Construction and land development. - - Multifamily 7,064 455 Commercial business 1,881 387 Consumer - - Manufactured homes - - Government - - Total $ 18,128 $ 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 December 31, 2022, December 31, 2021, As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $5.5 million at December 31, 2022, December 31, 2021. December 31, 2022, December 31, 2021, Accretable yield, or income recorded for the three September 30, (dollars in thousands) Total 2021 $ 960 2022 1,010 Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) Total 2023 541 2024 605 2025 511 2026 342 2027 and thereafter 3,494 Total $ 5,493 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Premises and Equipment, Net At year end, premises and equipment are summarized as follows: (Dollars in thousands) 2022 2021 Cost: Land $ 11,773 $ 8,933 Buildings and improvements 40,753 35,837 Furniture and equipment 19,434 18,724 Total cost 71,960 63,494 Less accumulated depreciation (31,748 ) (32,109 ) Premises and equipment, net $ 40,212 $ 31,385 Depreciation expense was approximately $3.0 million and $2.5 million for 2022 2021, During 2022, three December 31, 2022, December 31, 2021. December 31, 2022, |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill and Other Intangible Assets (Dollars in thousands) 2022 2021 Goodwill balance January 1, $ 11,109 $ 11,109 Goodwill acquired - Royal Financial 11,286 - Goodwill balance December 31, $ 22,395 $ 11,109 During the year ended December 31, 2022, 2 not In addition to goodwill, a core deposit intangible was established with the acquisition of RYFL and from previous acquisitions. The Bancorp had core deposit intangible balances of $4.8 million and $3.1 million as of December 31, 2022, December 31, 2021, The amortization recorded for the twelve months ended December 31, is as follows: (dollars in thousands) Total 2021 $ 994 2022 $ 1,552 Amortization to be recorded in future periods, is as follows: (dollars in thousands Total 2023 $ 1,522 2024 1,411 2025 688 2026 360 2027 294 Thereafter 519 Total $ 4,794 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 $541 thousand of amortization was taken as income during the year ended December 31, 2022. 2023, 2024, 2025, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 Income Taxes At year-end, components of income tax expense consist of the following: (Dollars in thousands) 2022 2021 Federal: Current $ (169 ) $ 1,021 Deferred 1,074 154 State: Current 460 256 Deferred, net of valuation allowance 113 (17 ) Income tax expense $ 1,478 $ 1,414 Effective tax rates differ from the federal statutory rate of 21% for 2022 2021 (Dollars in thousands) 2022 2021 Federal statutory rate 21 % 21 % Tax expense at statutory rate $ 3,477 $ 3,439 State tax, net of federal effect 453 189 Tax exempt income (1,419 ) (1,297 ) Bank owned life insurance (153 ) (150 ) Captive insurance (282 ) (212 ) Tax credit investments (494 ) (415 ) Non-deductible transaction costs 98 - Other (202 ) (140 ) Total income tax expense $ 1,478 $ 1,414 At December 31, (Dollars in thousands) 2022 2021 Deferred tax assets: Bad debts $ 3,346 $ 3,385 Deferred compensation 361 352 Unrealized depreciation on securities available-for-sale, net 20,280 - Net operating loss 7,010 2,238 Tax credits 52 73 Nonaccrual loan interest income 288 244 Share based compensation 339 255 Unqualified deferred compensation plan 65 61 Other-than-temporary impairment 42 39 Accrued vacation 55 56 Purchase accounting 364 - Nondeductible transaction costs - 74 Deferred loan costs, net of fees 339 288 Other 190 92 Total deferred tax assets 32,731 7,157 Deferred tax liabilities: Depreciation (1,322 ) (1,134 ) Prepaids (637 ) (510 ) Mortgage servicing rights (295 ) (289 ) Deferred stock dividends (121 ) (100 ) Goodwill (533 ) (317 ) Unrealized appreciation on securities available-for-sale, net - (1,129 ) Purchase accounting - (391 ) Partnership (366 ) (311 ) Other (213 ) (119 ) Total deferred tax liabilities (3,487 ) (4,300 ) Valuation allowance - (12 ) Net deferred tax asset $ 29,244 $ 2,845 At December 31, 2022, 2037 not 2023 2032. No 2022. The Bancorp acquired $3.3 million of federal net operating loss carryforwards and $7.2 million of Illinois net operating loss carryforwards with the acquisition of First Personal Financial Corp during 2018 2029 2035, not 2028 2036 382 no not The Bancorp acquired $7.2 million of federal net operating loss carryforwards and $11.4 million of Illinois net operating loss carryforwards with the acquisition of AJS Bancorp Inc. during 2019 2029 2034, not 2028 2037. 382 no not The Bancorp acquired $2.5 million of federal net operating loss carryforwards and $57.4 million of Illinois net operating loss carryforwards with the acquisition of Royal Financial, Inc. during 2022 2030 2036, not 2035. 382 no not At December 31, 2022 The Bancorp qualified under provisions of the Internal Revenue Code, to deduct from taxable income a provision for bad debts in excess of the provision for such losses charged to income in the financial statements, if any. Accordingly, retained earnings at December 31, 2022, 2021, no December 31, 2022, 2021, The Bancorp had no 2022 2021 not 2022. 2022 2021. The Bancorp and its subsidiaries are subject to US Federal income tax as well as income tax of the states of Indiana and Illinois. The Bancorp is no 2019. |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 Deposits The aggregate amount of retail and brokered certificates of deposit with a balance of $250 December 31, 2022 December 31, 2021. At December 31, 2022, (Dollars in thousands) Retail Brokered Total 2023 $ 258,266 $ 10,000 $ 268,266 2024 48,013 10,000 58,013 2025 10,815 20,000 30,815 2026 2,558 - 2,558 2027 3,151 - 3,151 Thereafter 315 - 315 Total $ 323,118 $ 40,000 $ 363,118 The Bancorp’s end-of-period deposit portfolio balances were as follows: December 31, December 31, (Dollars in thousands) 2022 2021 Balance Balance Checking $ 755,377 $ 629,038 Savings 402,365 293,976 Money market 254,157 271,970 Certificates of deposit 363,118 239,217 Total deposits $ 1,775,017 $ 1,434,201 As of December 31, 2022, 2021, |
Note 9 -Borrowed Funds
Note 9 -Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Line of Credit Facility, Borrowing Capacity, Description | <b>Note <em style="font: inherit;">9</em> </b>–<b> </b><b><i>Borrowed Funds</i></b></p>
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>and <em style="font: inherit;"> December 31, 2021, </em>borrowed funds and their outstanding rates are summarized below:</p>
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<table cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>December 31,</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>December 31,</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>2022</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>2021</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 62%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Fixed rate advances from the FHLB with outstanding rates of 4.30% as of December 31, 2022</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
</tbody></table>
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<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>scheduled maturities of borrowed funds were as follows:</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 40%;"><i> </i></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><i> </i></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="width: 40%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2023</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 56%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td colspan="1" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 40%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; width: 1%;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 56%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $842.0 million at <em style="font: inherit;"> December 31, 2022. </em>In addition to the fixed rate advances, the Bank maintains a $25.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Bank did <span style="-sec-ix-hidden:c96038738"><span style="-sec-ix-hidden:c96038744">not</span></span> have a balance on the line of credit at <em style="font: inherit;"> December 31, 2022 </em>or <em style="font: inherit;"> December 31, 2021. </em>The Bank did <span style="-sec-ix-hidden:c96038739"><span style="-sec-ix-hidden:c96038745">not</span></span> have other borrowings at <em style="font: inherit;"> December 31, 2022, </em>or <em style="font: inherit;"> December 31, 2021.</em></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>the Bank had available approximately $658.0 million in credit lines with various money center banks, including the FHLB and Federal Reserve.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:18pt;"> </p>
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">Repurchase agreements generally mature within <em style="font: inherit;">one</em> year and are secured by U.S. government and U.S. agency securities, under the Bank’s control. At <em style="font: inherit;"> December 31, </em>information concerning these retail repurchase agreements is summarized below:</p>
<p style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 5%; width: 90%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2022</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2021</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 66%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">15,503</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,581</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average balance during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">20,649</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">17,789</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Maximum month-end balance during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">28,328</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">24,514</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Securities underlying the agreements at year end:</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="text-align: justify; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="text-align: justify; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Carrying value</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">32,660</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,885</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Fair value</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">32,660</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,885</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average interest rate during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.94</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.26</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average interest rate at year end</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">2.43</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.26</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
" id="sjs-B4" xml:space="preserve"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Note <em style="font: inherit;">9</em> </b>–<b> </b><b><i>Borrowed Funds</i></b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>and <em style="font: inherit;"> December 31, 2021, </em>borrowed funds and their outstanding rates are summarized below:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>December 31,</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>December 31,</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>2022</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>2021</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 62%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Fixed rate advances from the FHLB with outstanding rates of 4.30% as of December 31, 2022</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>scheduled maturities of borrowed funds were as follows:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 40%;"><i> </i></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"><i> </i></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="width: 40%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">2023</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 56%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td colspan="1" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 40%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; width: 1%;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 56%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">120,000</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $842.0 million at <em style="font: inherit;"> December 31, 2022. </em>In addition to the fixed rate advances, the Bank maintains a $25.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Bank did <span style="-sec-ix-hidden:c96038738"><span style="-sec-ix-hidden:c96038744">not</span></span> have a balance on the line of credit at <em style="font: inherit;"> December 31, 2022 </em>or <em style="font: inherit;"> December 31, 2021. </em>The Bank did <span style="-sec-ix-hidden:c96038739"><span style="-sec-ix-hidden:c96038745">not</span></span> have other borrowings at <em style="font: inherit;"> December 31, 2022, </em>or <em style="font: inherit;"> December 31, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">At <em style="font: inherit;"> December 31, 2022, </em>the Bank had available approximately $658.0 million in credit lines with various money center banks, including the FHLB and Federal Reserve.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:18pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">Repurchase agreements generally mature within <em style="font: inherit;">one</em> year and are secured by U.S. government and U.S. agency securities, under the Bank’s control. At <em style="font: inherit;"> December 31, </em>information concerning these retail repurchase agreements is summarized below:</p> <p style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 5%; width: 90%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><i>(Dollars in thousands)</i></i></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2022</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2021</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td><td style="font-family: Arial, Helvetica, sans-serif;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 66%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">15,503</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,581</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average balance during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">20,649</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">17,789</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Maximum month-end balance during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">28,328</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">24,514</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Securities underlying the agreements at year end:</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="text-align: justify; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="text-align: justify; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Carrying value</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">32,660</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,885</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Fair value</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">32,660</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">14,885</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average interest rate during the year</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.94</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.26</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average interest rate at year end</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">2.43</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.26</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> |
Note 10 - Employees' Benefit Pl
Note 10 - Employees' Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 Employees Benefit Plans The Bancorp maintains an Employees’ Savings and Profit Sharing Plan and Trust for all employees who meet the plan qualifications. Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 July 1 one 18, 1,000 401 first 90 December 31, 2022, 2021, two three four five 100% 65 2022 2021. The Bancorp maintains an Unqualified Deferred Compensation Plan (the “UDC Plan”). The purpose of the UDC Plan is to provide deferred compensation to key senior management employees of the Bancorp in order to recognize their substantial contributions to the Bank and provide them with additional financial security as inducement to remain with the Bank. The Compensation Committee selects which persons shall be participants in the UDC Plan. Participants’ accounts are credited each year with an amount based on a formula involving the participant’s employer funded contributions under all qualified plans and the limitations imposed by Internal Revenue Code subsection 401 17 415. December 31, 2022 2021 2022 2021. Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $53 thousand and $74 thousand for 2022 2021, December 31, 2022 2021 |
Note 11 - Stock Based Compensat
Note 11 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 11 Stock Based Compensation The Bancorp’s 2015 February 17, 2015 April 24, 2015, may Restricted stock awards are generally granted with an award price equal to the market price of the Bancorp’s common stock on the award date. Restricted stock awards have been issued with a three 2022 2021, When awarded restricted shares vest, employees of the Bank can elect to surrender a portion of their vested shares back to the Bancorp to cover the tax liability of their awards. Shares were surrendered with a total value of $120 thousand and $131 thousand in 2022 2021, A summary of changes in the Bancorp’s non-vested restricted stock for the year ended December 31, 2022, Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 44,235 $ 42.33 Granted 24,555 45.64 Vested (11,158 ) 41.63 Forfeited (1,799 ) 44.20 Non-vested at December 31, 2022 55,833 $ 43.87 As of December 31, 2022, |
Note 12 - Regulatory Capital
Note 12 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 12 Regulatory Capital The Bank is subject to regulatory capital guidelines adopted by the FDIC. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet various capital requirements can initiate regulatory action. Prompt corrective action regulations provide five not December 31, 2022, 2021, no In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions by the institution and certain discretionary bonus payments to management if an institution does not 2.5% 1 In addition, the following table shows that, at December 31, 2022, 2021, (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 161.3 10.1 % $ 71.6 4.5 % $ 103.4 6.5 % Tier 1 capital to risk-weighted assets $ 161.3 10.1 % $ 95.5 6.0 % $ 127.3 8.0 % Total capital to risk-weighted assets $ 174.2 10.9 % $ 127.3 8.0 % $ 159.1 10.0 % Tier 1 capital to adjusted average assets $ 161.3 7.7 % $ 84.3 4.0 % $ 105.4 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 47.8 4.5 % $ 69.0 6.5 % Tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 63.7 6.0 % $ 85.0 8.0 % Total capital to risk-weighted assets $ 147.0 13.9 % $ 85.0 8.0 % $ 106.2 10.0 % Tier 1 capital to adjusted average assets $ 133.7 8.4 % $ 64.1 4.0 % $ 80.1 5.0 % The Bancorp’s ability to pay dividends to its shareholders is entirely dependent upon the Bank’s ability to pay dividends to the Bancorp. Under Indiana law, the Bank may two 1 2 not 1 7.5%; not may 2022, 2023 may November 29, 2022, fourth fourth January 6, 2023. |
Note 13 - Earnings Per Common S
Note 13 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 13 Earnings per Common Share 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 earnings per common share and diluted earnings per common share computations for 2022 2021 (dollars in thousands except per share data) 2022 2021 Basic earnings per common share: Net income as reported $ 15,080 $ 14,963 Weighted average common shares outstanding 4,176,125 3,477,309 Basic earnings per common share $ 3.61 $ 4.30 Diluted earnings per common share: Net income as reported $ 15,080 $ 14,963 Weighted average common shares outstanding 4,176,125 3,477,309 Add: Dilutive effect of unvested restricted stock awards 17,357 - Weighted average common and dilutive potential common shares outstanding 4,193,482 3,477,309 Diluted earnings per common share $ 3.60 $ 4.30 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 14 Related Party Transactions The Bancorp had aggregate loans outstanding to directors and executive officers (with individual balances exceeding $120 thousand) of approximately $3.5 million at December 31, 2022, December 31, 2021. December 31, 2022, (Dollars in thousands) Aggregate balance at the beginning of the year $ 3,883 New loans - Repayments (354 ) Aggregate balance at the end of the year $ 3,529 Deposits from directors and executive officers totaled approximately $3.7 million and $3.9 million at December 31, 2022, 2021, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15 Commitments and Contingencies The Bancorp is a party to financial instruments in the normal course of business to meet the financing needs of its customers. These financial instruments, which include commitments to make loans and standby letters of credit, are not The Bancorp’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to originate loans and standby letters of credit is represented by the contractual amount of those instruments. Commitments generally have fixed expiration dates or other termination clauses and may may not The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) December 31, 2022: Residential real estate $ 21,983 Home equity 54,432 Commercial real estate 14,776 Construction and land development 46,723 Multifamily 2,222 Consumer 29,586 Commercial business 76,446 Lot 6,143 Total $ 252,311 December 31, 2021: Residential real estate $ 19,295 Home equity 49,010 Commercial real estate 10,778 Construction and land development 59,308 Multifamily 1,187 Consumer 23,422 Commercial business 61,985 Lot 9,399 Total $ 234,384 Standby letters of credit are conditional commitments issued by the Bancorp to guarantee the performance of a customer to a third December 31, 2022, 2021, not may |
Note 16 - Derivative Financial
Note 16 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 16 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: December 31, 2022 Asset derivatives Liability derivatives (Dollars in thousands) Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts Other assets $ 8,972 Other liabilties $ 8,972 Interest rate lock commitments Other assets 38 N/A - Total $ 9,010 $ 8,972 December 31, 2021 Asset derivatives Liability derivatives (Dollars in thousands) Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments Other assets 141 N/A - Total $ 2,827 $ 2,686 The following table shows the amounts included in the Statements of Income for non-hedging derivative financial instruments: Year-ended (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ 267 $ 379 Interest rate lock commitments Gain on sale of loans held-for-sale, net (103 ) (233 ) Total $ 164 $ 146 The following table shows the offsetting of financial assets and derivative assets: Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented Cash Collateral (Dollars in thousands) Recognized Assets Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ - $ 8,972 Interest rate lock commitments 38 - 38 - - 38 Total $ 9,010 $ - $ 9,010 $ - $ - $ 9,010 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments 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 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Total $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments 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 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 17 Fair Values of Financial Instruments The Fair Value Measurements Topic (the “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 the Investments – Debt and Equity Securities Topic. Impairment is other-than-temporary if the decline in the fair value of the security 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 The Bancorp’s management utilizes a specialist to perform an other-than-temporary impairment analysis for each of its two December 31, 2022. December 31 10 10 9C 9SP six 1, two December 31, 2022 2021. The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities 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, December 31, 2022 $ 173 The Bancorp’s subordination for each trust preferred security is calculated by taking the total performing collateral and subtracting the sum of the total collateral within the Bancorp’s class and the total collateral within all senior classes, and then stating this result as a percentage of the total performing collateral. This measure is an indicator of the level of collateral that can default before potential cash flow disruptions may December 31, 2022 2021, Management calculated the other-than-temporary impairment model assumptions based on the specific collateral underlying each individual security. The following assumption methodology was applied consistently to each of the two no no 3 At December 31, 2022 2021, not not The fair value of the Bancorp’s interest rate swap contracts, both assets and liabilities, are valued by a third 2 The fair value of the Bancorp’s is based on the price of the underlying loans to are expected to be sold to an investor while taking into consideration the probability the rate lock commitments will close and are classified within Level 2 Assets and Liabilities Measured at Fair Values on a Recurring Basis There were no 1 2 December 31, 2022 2021. 3 3 2022 2021. (Dollars in thousands) Fair Value Measurements at December 31, 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 $ 8,972 $ - $ 8,972 $ - Interest rate lock commitments 38 - 38 - Available-for-sale debt securities: U.S. government sponsored entities 7,625 - 7,625 - U.S. treasury securities 389 - 389 - Collateralized mortgage obligations and residential mortgage-backed securities 134,116 - 134,116 - Municipal securities 227,718 - 227,718 - Collateralized debt obligations 1,048 - - 1,048 Total securities available-for-sale $ 370,896 $ - $ 369,848 $ 1,048 Liabilities: Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - (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 reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below: (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 72 Ending balance, December 31, 2021 $ 992 Beginning balance, January 1, 2022 $ 992 Principal payments - Total unrealized gains, included in other comprehensive loss 56 Ending balance, December 31, 2022 $ 1,048 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 2,620 $ - $ - $ 2,620 (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 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 December 31, 2022 Estimated Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 31,282 $ 31,282 $ 31,282 $ - $ - Certificates of deposit in other financial institutions 2,456 2,404 - 2,404 - Loans held-for-sale 1,543 1,555 - 1,555 - Loans receivable, net 1,500,734 1,437,496 - - 1,437,496 Federal Home Loan Bank stock 6,547 6,547 - 6,547 - Accrued interest receivable 7,421 7,421 - 7,421 - Financial liabilities: Non-interest bearing deposits 359,092 359,092 359,092 - - Interest bearing deposits 1,415,925 1,414,738 1,052,807 361,931 - Repurchase agreements 15,503 15,361 7,975 7,386 - Borrowed funds 120,000 119,689 - 119,689 - Accrued interest payable 336 336 - 336 - December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in 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 December 31, 2022 2021: Cash and cash equivalent carrying amounts approximate fair value. Certificates of deposits in other financial institutions fair value amounts are based on estimates of the rate the Bancorp would receive on similar deposits (Level 2 2 3 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 2 not |
Note 18 - Parent Company Only S
Note 18 - Parent Company Only Statements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 18 Parent Company Only Statements (Dollars in thousands) Finward Bancorp Condensed Balance Sheets December 31, December 31, 2022 2021 Assets Cash on deposit with Peoples Bank $ 2,061 $ 1,183 Investment in Peoples Bank 131,431 153,772 Investment in NWIN Risk Management, Inc 2,401 1,970 Dividends receivable from Peoples Bank 1,331 1,070 Other assets 538 581 Total assets $ 137,762 $ 158,576 Liabilities and stockholders’ equity Dividends payable $ 1,333 $ 1,079 Other liabilities 36 882 Total liabilities 1,369 1,961 Additional paid in capital 69,032 30,430 Accumulated other comprehensive (loss) income (64,300 ) 4,276 Retained earnings 131,661 121,909 Total stockholders’ equity 136,393 156,615 Total liabilities and stockholders’ equity $ 137,762 $ 158,576 (Dollars in thousands) Finward Bancorp Condensed Statements of Income Year Ended December 31, 2022 2021 Dividends from Peoples Bank $ 24,263 $ 4,880 Dividends from NWIN Risk 925 830 Operating expenses (117 ) (448 ) Income before income taxes and equity in undistributed income of Peoples Bank 25,071 5,262 Income tax benefit (50 ) (94 ) Income before equity in undistributed income of Peoples Bank 25,121 5,356 Equity in undistributed (distributions in excess of income) income of Peoples Bank (10,472 ) 9,413 income of NWIN Risk Management, Inc 431 194 Net income $ 15,080 $ 14,963 (Dollars in thousands) Finward Bancorp Condensed Statements of Comprehensive Income Year Ended December 31, 2022 2021 Net Income $ 15,080 $ 14,963 Net change in net unrealized gains and losses on securities available-for-sale: Unrealized loss arising during the period (89,323 ) (5,816 ) Less: reclassification adjustment for gains included in net income (662 ) (1,987 ) Net securities loss during the period (89,985 ) (7,803 ) Tax effect 21,409 1,638 Other comprehensive loss, net of tax (68,576 ) (6,165 ) Comprehensive (loss) income, net of tax $ (53,496 ) $ 8,798 (Dollars in thousands) Finward Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 15,080 $ 14,963 Adjustments to reconcile net income to net cash provided by operating activities Distributions in excess of income (equity in undistributed income): Peoples Bank 10,472 (9,413 ) NWIN Risk Management, Inc (431 ) (1,024 ) Stock based compensation expense 741 574 Change in other assets (218 ) (161 ) Change in other liabilities (846 ) (120 ) Net cash provided by operating activities 24,798 4,819 Cash flows from investing activities: Cash and cash equivalents from acquisition activity, net (18,725 ) - Investment in Peoples Bank - (830 ) Net cash used by investing activities (18,725 ) (830 ) Cash flows from financing activities: Dividends paid (5,075 ) (4,310 ) Net surrender value of restricted stock awards (120 ) (131 ) Net cash used by financing activities (5,195 ) (3,867 ) Net change in cash 878 378 Cash at beginning of year 1,183 805 Cash at end of year $ 2,061 $ 1,183 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Income taxes 1,347 2,185 Noncash activities: Dividends declared not paid 1,332 1,079 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Description of Cash Flow Hedge Risk Management Policy | 90</em> days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of <em style="font: inherit;">90</em> days or less." id="sjs-B7"><i>Cash Flow Reporting</i> – For purposes of the statements of cash flows, the Bancorp considers cash on hand, noninterest bearing deposits in other financial institutions, all interest bearing deposits in other financial institutions with original maturities of <em style="font: inherit;">90</em> days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of <em style="font: inherit;">90</em> days or less. |
Marketable Securities, Policy [Policy Text Block] | Securities may December 31, 2022, 2021, not The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has ( 1 2 not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held-for-Sale Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans and Loan Income [Policy Text Block] | Loans and Loan Interest Income The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 no 120 Generally, interest accrued but not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructures not not Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: ( 1 2 3 |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock may |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets 1 2 3 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Real Estate, Policy [Policy Text Block] | Foreclosed Real Estate |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets may not |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangibles third may 350, |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements not |
Income Tax, Policy [Policy Text Block] | Income Taxes At December 31, 2022 2021, not not December 31, 2022 2021. |
Malpractice Loss Contingency, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments As part of mortgage banking operations, the Company enters into commitments to originate loans whereby the interest rate on these loans is determined prior to funding (“interest rate lock commitments”). Similar to loans held for sale, the fair value of rate lock commitments is subject to change primarily due to changes in interest rates. The interest rate lock commitments on mortgage loans intended to be sold are recorded at fair value with changes in fair value recorded in current earnings as part of gain on sale of loans held-for-sale, net. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash March 26, 2021, no December 31, 2022. December 31, 2022 2021. December 31, 2022, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Operating Segments [Policy Text Block] | Operating Segments not one |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification December 31, 2021, may December 31, 2022 |
Trust Assets [Policy Text Block] | Trust Assets not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements In December 2019, 2019 12 740 not December 15, 2020. 2019 12 January 1, 2021, not Upcoming Accounting Pronouncements - In June 2016, No. 2016 13, October 2019, December 15, 2022, January 1, 2023. first The Bancorp has completed data and model validation testing, determined qualitative adjustments, established additional supporting analytics, and developed related internal controls over model inputs (data and assumptions) and model operations. While the model is operational, approval of certain governance related matters, procedures and policies are being finalized. The final effective date estimate for our Current Expected Credit Loss (“CECL”) has not Internal controls over financial reporting specifically related to CECL have been designed and are being evaluated, however, all internal controls related to CECL implementation are not We expect the one January 1, 2023. first 2023, January 1, 2023, 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 In September 2022, No. 2022 04 405 50 2022 04 January 1, 2023, January 1, 2024, not In December 2022, No. 2022 06 848 848", December 30, 2024 June 30, 2023. no |
Note 2 - Acquisition Activity (
Note 2 - Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ASSETS Cash and due from banks $ 52,524 Investment securities, available for sale - Certificate of deposit in other financial institutions 245 Total Loans 450,757 Premises and equipment, net 13,896 FHLB stock 1,303 Goodwill 11,286 Core deposit intangible 3,220 Interest receivable 1,836 Other assets 7,978 Total assets purchased $ 543,045 Common shares issued 37,981 Cash paid 18,725 Total purchase price $ 56,706 LIABILITIES Deposits Non-interest bearing $ 32,095 NOW accounts 63,639 Savings and money market 184,149 Certificates of deposits 195,153 Total Deposits 475,036 Interest payable 75 Other liabilities 11,228 Total liabilities assumed $ 486,339 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the twelve months ended For the twelve months ended (in thousands) December 31, 2022 December 31, 2021 Selected Financial Data Interest income $ 73,730 $ 70,585 Interest expense (4,987 ) (3,538 ) Recovery of (provision for) loan losses - (1,181 ) Non-interest income 11,648 16,607 Non-interest expense (1) (60,228 ) (57,290 ) Income before provision for income taxes 20,163 25,183 Income tax expense (2,235 ) (3,525 ) Net income $ 17,928 $ 21,658 Earnings per common share: Basic $ 4.29 $ 6.23 Diluted $ 4.28 $ 6.23 |
Business Combination, Separately Recognized Transactions [Table Text Block] | (in thousands) Twelve months ended Noninterest expense: December 31, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 U.S. government sponsored entities $ 8,883 $ - $ (1,258 ) 7,625 U.S. treasury securities 389 - - 389 Collateralized mortgage obligations and residential mortgage-backed securities 163,000 - (28,884 ) 134,116 Municipal securities 281,032 7 (53,321 ) 227,718 Collateralized debt obligations 2,173 - (1,125 ) 1,048 Total securities available-for-sale $ 455,477 $ 7 $ (84,588 ) $ 370,896 (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 December 31, 2022 Basis Value Due in one year or less $ 105 $ 105 Due from one to five years 4,868 4,493 Due from five to ten years 21,099 18,993 Due over ten years 266,405 213,189 Collateralized mortgage obligations and residential mortgage-backed securities 163,000 134,116 Total $ 455,477 $ 370,896 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) December 31, December 31, 2022 2021 Proceeds $ 53,953 $ 43,756 Gross gains 733 2,010 Gross losses (71 ) (23 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Unrealized gain/(loss) Ending balance, December 31, 2020 $ 10,441 Current period change (6,165 ) Ending balance, December 31, 2021 $ 4,276 (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (68,576 ) Ending balance, December 31, 2022 $ (64,300 ) |
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 December 31, 2022 U.S. government sponsored entities $ - $ - $ 7,625 $ (1,258 ) $ 7,625 $ (1,258 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 32,700 (4,955 ) 101,416 (23,929 ) 134,116 (28,884 ) 100.0 % Municipal securities 171,581 (35,935 ) 52,961 (17,386 ) 224,542 (53,321 ) 98.6 % Collateralized debt obligations - - 1,048 (1,125 ) 1,048 (1,125 ) 100.0 % Total temporarily impaired $ 204,281 $ (40,890 ) $ 163,050 $ (43,698 ) $ 367,331 $ (84,588 ) 99.0 % Number of securities 311 135 446 (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 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) December 31, 2022 December 31, 2021 Loans secured by real estate: Residential real estate $ 484,595 $ 260,134 Home equity 38,978 34,612 Commercial real estate 486,431 317,145 Construction and land development 108,926 123,822 Multifamily 251,014 61,194 Total loans secured by real estate 1,369,944 796,907 Commercial business 93,278 115,772 Consumer 918 582 Manufactured homes 34,882 37,887 Government 9,549 8,991 Loans receivable 1,508,571 960,139 Add (less): Net deferred loan origination costs 5,083 6,810 Undisbursed loan funds (23 ) (229 ) Loans receivable, net of deferred fees and costs.. $ 1,513,631 $ 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 twelve months ended December 31, 2022: Allowance for loan losses: Residential real estate $ 2,480 $ (29 ) $ 53 $ 517 $ 3,021 Home equity 357 - - 53 410 Commercial real estate 5,515 (431 ) - 700 5,784 Construction and land development... 2,119 - - (866 ) 1,253 Multifamily 848 - - 159 1,007 Commercial business 2,009 (57 ) 89 (676 ) 1,365 Consumer 15 (91 ) 20 113 57 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (608 ) $ 162 $ - $ 12,897 Allowance for loan losses: Residential real estate $ 2,211 $ (32 ) $ 81 $ 220 $ 2,480 Home equity 276 (1 ) 1 81 357 Commercial real estate 5,406 (530 ) - 639 5,515 Construction and land development 1,405 - - 714 2,119 Multifamily 626 - - 222 848 Commercial business 2,508 (158 ) 36 (377 ) 2,009 Consumer 26 (29 ) 8 10 15 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (750 ) $ 126 $ 1,509 $ 13,343 |
Financing Receivable, Impairment Evaluation [Table Text Block] | (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 December 31, 2022: Residential real estate $ 24 $ 2,997 $ 484,595 $ 1,518 $ 988 $ 482,089 Home equity 3 407 38,978 294 125 38,559 Commercial real estate 13 5,771 486,431 2,392 2,935 481,104 Construction and land development... - 1,253 108,926 - - 108,926 Multifamily - 1,007 251,014 6,739 382 243,893 Commercial business 297 1,068 93,278 1,758 953 90,567 Consumer - 57 918 - 17 901 Manufactured homes - - 34,882 - - 34,882 Government - - 9,549 - - 9,549 Total $ 337 $ 12,560 $ 1,508,571 $ 12,701 $ 5,400 $ 1,490,470 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 December 31, 2022 (Dollars in thousands) 1 6 7 8 Loan Segment Pass Special mention Substandard Total Residential real estate $ 477,222 $ 1,338 $ 6,035 $ 484,595 Home equity 37,981 385 612 38,978 Commercial real estate 474,055 4,955 7,421 486,431 Construction and land development 106,580 2,346 - 108,926 Multifamily 242,091 1,859 7,064 251,014 Commercial business 90,694 703 1,881 93,278 Consumer 918 - - 918 Manufactured homes 34,882 - - 34,882 Government 9,549 - - 9,549 Total $ 1,473,972 $ 11,586 $ 23,013 $ 1,508,571 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 twelve months ended (unaudited) As of December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 2,255 $ 3,711 $ - $ 2,528 $ 202 Home equity 399 416 - 253 12 Commercial real estate 5,314 5,406 - 3,409 205 Construction and land development. - - - 344 - Multifamily 7,121 7,163 - 3,387 16 Commercial business 2,278 2,392 - 1,365 76 Consumer 17 17 - 15 - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 251 $ 276 $ 24 $ 194 $ 5 Home equity 20 20 3 21 1 Commercial real estate 13 14 13 678 - Construction and land development. - - - - - Multifamily - - - - - Commercial business 433 561 297 352 13 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,506 $ 3,987 $ 24 $ 2,722 $ 207 Home equity $ 419 $ 436 $ 3 $ 274 $ 13 Commercial real estate $ 5,327 $ 5,420 $ 13 $ 4,087 $ 205 Construction & land development $ - $ - $ - $ 344 $ - Multifamily $ 7,121 $ 7,163 $ - $ 3,387 $ 16 Commercial business $ 2,711 $ 2,953 $ 297 $ 1,717 $ 89 Consumer $ 17 $ 17 $ - $ 15 $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - For the twelve months ended As of December 31, 2021 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,689 $ 113 Home equity 262 275 - 298 12 Commercial real estate 765 765 - 1,167 43 Construction & land development - - - - - Multifamily 556 647 - 629 31 Commercial business 1,205 1,324 - 1,369 52 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 145 $ 2 Home equity 22 22 4 18 1 Commercial real estate 835 835 386 4,727 225 Construction & land development - - - - - Multifamily - - - - - Commercial business 392 392 277 637 24 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,834 $ 115 Home equity $ 284 $ 297 $ 4 $ 316 $ 13 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 5,894 $ 268 Construction & land development $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 629 $ 31 Commercial business $ 1,597 $ 1,716 $ 277 $ 2,006 $ 76 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 December 31, 2022 Residential real estate $ 3,758 $ 2,520 $ 2,309 $ 8,587 $ 476,008 $ 484,595 $ 166 Home equity 315 42 162 519 38,459 38,978 - Commercial real estate 1,399 150 1,817 3,366 483,065 486,431 - Construction and land development. 2,673 - - 2,673 106,253 108,926 - Multifamily 1,724 616 1,004 3,344 247,670 251,014 - Commercial business 1,775 - 529 2,304 90,974 93,278 - Consumer 3 - - 3 915 918 - Manufactured homes 601 256 82 939 33,943 34,882 82 Government - - - - 9,549 9,549 - Total $ 12,248 $ 3,584 $ 5,903 $ 21,735 $ 1,486,836 $ 1,508,571 $ 248 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) December 31, 2022 December 31, 2021 Residential real estate $ 5,347 $ 4,651 Home equity 594 623 Commercial real estate 3,242 940 Construction and land development. - - Multifamily 7,064 455 Commercial business 1,881 387 Consumer - - Manufactured homes - - Government - - Total $ 18,128 $ 7,056 |
Schedule of Accretable Yield from Financing Receivables [Table Text Block] | (dollars in thousands) Total 2021 $ 960 2022 1,010 (dollars in thousands) Total 2023 541 2024 605 2025 511 2026 342 2027 and thereafter 3,494 Total $ 5,493 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2022 2021 Cost: Land $ 11,773 $ 8,933 Buildings and improvements 40,753 35,837 Furniture and equipment 19,434 18,724 Total cost 71,960 63,494 Less accumulated depreciation (31,748 ) (32,109 ) Premises and equipment, net $ 40,212 $ 31,385 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Dollars in thousands) 2022 2021 Goodwill balance January 1, $ 11,109 $ 11,109 Goodwill acquired - Royal Financial 11,286 - Goodwill balance December 31, $ 22,395 $ 11,109 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | The amortization recorded for the twelve months ended December 31, is as follows: (dollars in thousands) Total 2021 $ 994 2022 $ 1,552 Amortization to be recorded in future periods, is as follows: (dollars in thousands Total 2023 $ 1,522 2024 1,411 2025 688 2026 360 2027 294 Thereafter 519 Total $ 4,794 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2022 2021 Federal: Current $ (169 ) $ 1,021 Deferred 1,074 154 State: Current 460 256 Deferred, net of valuation allowance 113 (17 ) Income tax expense $ 1,478 $ 1,414 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2022 2021 Federal statutory rate 21 % 21 % Tax expense at statutory rate $ 3,477 $ 3,439 State tax, net of federal effect 453 189 Tax exempt income (1,419 ) (1,297 ) Bank owned life insurance (153 ) (150 ) Captive insurance (282 ) (212 ) Tax credit investments (494 ) (415 ) Non-deductible transaction costs 98 - Other (202 ) (140 ) Total income tax expense $ 1,478 $ 1,414 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) 2022 2021 Deferred tax assets: Bad debts $ 3,346 $ 3,385 Deferred compensation 361 352 Unrealized depreciation on securities available-for-sale, net 20,280 - Net operating loss 7,010 2,238 Tax credits 52 73 Nonaccrual loan interest income 288 244 Share based compensation 339 255 Unqualified deferred compensation plan 65 61 Other-than-temporary impairment 42 39 Accrued vacation 55 56 Purchase accounting 364 - Nondeductible transaction costs - 74 Deferred loan costs, net of fees 339 288 Other 190 92 Total deferred tax assets 32,731 7,157 Deferred tax liabilities: Depreciation (1,322 ) (1,134 ) Prepaids (637 ) (510 ) Mortgage servicing rights (295 ) (289 ) Deferred stock dividends (121 ) (100 ) Goodwill (533 ) (317 ) Unrealized appreciation on securities available-for-sale, net - (1,129 ) Purchase accounting - (391 ) Partnership (366 ) (311 ) Other (213 ) (119 ) Total deferred tax liabilities (3,487 ) (4,300 ) Valuation allowance - (12 ) Net deferred tax asset $ 29,244 $ 2,845 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (Dollars in thousands) Retail Brokered Total 2023 $ 258,266 $ 10,000 $ 268,266 2024 48,013 10,000 58,013 2025 10,815 20,000 30,815 2026 2,558 - 2,558 2027 3,151 - 3,151 Thereafter 315 - 315 Total $ 323,118 $ 40,000 $ 363,118 |
Deposit Liabilities, Type [Table Text Block] | December 31, December 31, (Dollars in thousands) 2022 2021 Balance Balance Checking $ 755,377 $ 629,038 Savings 402,365 293,976 Money market 254,157 271,970 Certificates of deposit 363,118 239,217 Total deposits $ 1,775,017 $ 1,434,201 |
Note 9 -Borrowed Funds (Tables)
Note 9 -Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Federal Home Loan Bank Advances Borrowed Funds [Table Text Block] | (Dollars in thousands) December 31, December 31, 2022 2021 Fixed rate advances from the FHLB with outstanding rates of 4.30% as of December 31, 2022 $ 120,000 $ - Total $ 120,000 $ - |
Schedule of Federal Home Loan Bank Advances Borrowed Funds, Maturities [Table Text Block] | (Dollars in thousands) 2023 120,000 Total $ 120,000 |
Schedule of Federal Home Loan Bank Advances Activity for Year [Table Text Block] | (Dollars in thousands) 2022 2021 Ending balance $ 15,503 $ 14,581 Average balance during the year 20,649 17,789 Maximum month-end balance during the year 28,328 24,514 Securities underlying the agreements at year end: Carrying value 32,660 14,885 Fair value 32,660 14,885 Average interest rate during the year 0.94 % 0.26 % Average interest rate at year end 2.43 % 0.26 % |
Note 11 - Stock Based Compens_2
Note 11 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 24,555 45.64 Vested (11,158 ) 41.63 Forfeited (1,799 ) 44.20 Non-vested at December 31, 2022 55,833 $ 43.87 |
Note 12 - Regulatory Capital (T
Note 12 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 161.3 10.1 % $ 71.6 4.5 % $ 103.4 6.5 % Tier 1 capital to risk-weighted assets $ 161.3 10.1 % $ 95.5 6.0 % $ 127.3 8.0 % Total capital to risk-weighted assets $ 174.2 10.9 % $ 127.3 8.0 % $ 159.1 10.0 % Tier 1 capital to adjusted average assets $ 161.3 7.7 % $ 84.3 4.0 % $ 105.4 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 47.8 4.5 % $ 69.0 6.5 % Tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 63.7 6.0 % $ 85.0 8.0 % Total capital to risk-weighted assets $ 147.0 13.9 % $ 85.0 8.0 % $ 106.2 10.0 % Tier 1 capital to adjusted average assets $ 133.7 8.4 % $ 64.1 4.0 % $ 80.1 5.0 % |
Note 13 - Earnings Per Common_2
Note 13 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands except per share data) 2022 2021 Basic earnings per common share: Net income as reported $ 15,080 $ 14,963 Weighted average common shares outstanding 4,176,125 3,477,309 Basic earnings per common share $ 3.61 $ 4.30 Diluted earnings per common share: Net income as reported $ 15,080 $ 14,963 Weighted average common shares outstanding 4,176,125 3,477,309 Add: Dilutive effect of unvested restricted stock awards 17,357 - Weighted average common and dilutive potential common shares outstanding 4,193,482 3,477,309 Diluted earnings per common share $ 3.60 $ 4.30 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (Dollars in thousands) Aggregate balance at the beginning of the year $ 3,883 New loans - Repayments (354 ) Aggregate balance at the end of the year $ 3,529 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Outstanding Commitments to Originate Loans [Table Text Block] | (Dollars in thousands) December 31, 2022: Residential real estate $ 21,983 Home equity 54,432 Commercial real estate 14,776 Construction and land development 46,723 Multifamily 2,222 Consumer 29,586 Commercial business 76,446 Lot 6,143 Total $ 252,311 December 31, 2021: Residential real estate $ 19,295 Home equity 49,010 Commercial real estate 10,778 Construction and land development 59,308 Multifamily 1,187 Consumer 23,422 Commercial business 61,985 Lot 9,399 Total $ 234,384 |
Note 16 - Derivative Financia_2
Note 16 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | December 31, 2022 Asset derivatives Liability derivatives (Dollars in thousands) Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts Other assets $ 8,972 Other liabilties $ 8,972 Interest rate lock commitments Other assets 38 N/A - Total $ 9,010 $ 8,972 December 31, 2021 Asset derivatives Liability derivatives (Dollars in thousands) Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments Other assets 141 N/A - Total $ 2,827 $ 2,686 Year-ended (Dollars in thousands) Statement of Income Classification 2022 2021 Interest rate swap contracts Fees and service charges $ 267 $ 379 Interest rate lock commitments Gain on sale of loans held-for-sale, net (103 ) (233 ) Total $ 164 $ 146 |
Offsetting Assets [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented Cash Collateral (Dollars in thousands) Recognized Assets Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ - $ 8,972 Interest rate lock commitments 38 - 38 - - 38 Total $ 9,010 $ - $ 9,010 $ - $ - $ 9,010 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments 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 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Total $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments 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 17 - Fair Value of Finan_2
Note 17 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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, December 31, 2022 $ 173 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Dollars in thousands) Fair Value Measurements at December 31, 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 $ 8,972 $ - $ 8,972 $ - Interest rate lock commitments 38 - 38 - Available-for-sale debt securities: U.S. government sponsored entities 7,625 - 7,625 - U.S. treasury securities 389 - 389 - Collateralized mortgage obligations and residential mortgage-backed securities 134,116 - 134,116 - Municipal securities 227,718 - 227,718 - Collateralized debt obligations 1,048 - - 1,048 Total securities available-for-sale $ 370,896 $ - $ 369,848 $ 1,048 Liabilities: Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - (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 72 Ending balance, December 31, 2021 $ 992 Beginning balance, January 1, 2022 $ 992 Principal payments - Total unrealized gains, included in other comprehensive loss 56 Ending balance, December 31, 2022 $ 1,048 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Dollars in thousands) Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 2,620 $ - $ - $ 2,620 (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] | December 31, 2022 Estimated Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 31,282 $ 31,282 $ 31,282 $ - $ - Certificates of deposit in other financial institutions 2,456 2,404 - 2,404 - Loans held-for-sale 1,543 1,555 - 1,555 - Loans receivable, net 1,500,734 1,437,496 - - 1,437,496 Federal Home Loan Bank stock 6,547 6,547 - 6,547 - Accrued interest receivable 7,421 7,421 - 7,421 - Financial liabilities: Non-interest bearing deposits 359,092 359,092 359,092 - - Interest bearing deposits 1,415,925 1,414,738 1,052,807 361,931 - Repurchase agreements 15,503 15,361 7,975 7,386 - Borrowed funds 120,000 119,689 - 119,689 - Accrued interest payable 336 336 - 336 - December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in 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 18 - Parent Company Only_2
Note 18 - Parent Company Only Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Balance Sheets December 31, December 31, 2022 2021 Assets Cash on deposit with Peoples Bank $ 2,061 $ 1,183 Investment in Peoples Bank 131,431 153,772 Investment in NWIN Risk Management, Inc 2,401 1,970 Dividends receivable from Peoples Bank 1,331 1,070 Other assets 538 581 Total assets $ 137,762 $ 158,576 Liabilities and stockholders’ equity Dividends payable $ 1,333 $ 1,079 Other liabilities 36 882 Total liabilities 1,369 1,961 Additional paid in capital 69,032 30,430 Accumulated other comprehensive (loss) income (64,300 ) 4,276 Retained earnings 131,661 121,909 Total stockholders’ equity 136,393 156,615 Total liabilities and stockholders’ equity $ 137,762 $ 158,576 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Income Year Ended December 31, 2022 2021 Dividends from Peoples Bank $ 24,263 $ 4,880 Dividends from NWIN Risk 925 830 Operating expenses (117 ) (448 ) Income before income taxes and equity in undistributed income of Peoples Bank 25,071 5,262 Income tax benefit (50 ) (94 ) Income before equity in undistributed income of Peoples Bank 25,121 5,356 Equity in undistributed (distributions in excess of income) income of Peoples Bank (10,472 ) 9,413 income of NWIN Risk Management, Inc 431 194 Net income $ 15,080 $ 14,963 |
Condensed Statement of Comprehensive Income [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Comprehensive Income Year Ended December 31, 2022 2021 Net Income $ 15,080 $ 14,963 Net change in net unrealized gains and losses on securities available-for-sale: Unrealized loss arising during the period (89,323 ) (5,816 ) Less: reclassification adjustment for gains included in net income (662 ) (1,987 ) Net securities loss during the period (89,985 ) (7,803 ) Tax effect 21,409 1,638 Other comprehensive loss, net of tax (68,576 ) (6,165 ) Comprehensive (loss) income, net of tax $ (53,496 ) $ 8,798 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 15,080 $ 14,963 Adjustments to reconcile net income to net cash provided by operating activities Distributions in excess of income (equity in undistributed income): Peoples Bank 10,472 (9,413 ) NWIN Risk Management, Inc (431 ) (1,024 ) Stock based compensation expense 741 574 Change in other assets (218 ) (161 ) Change in other liabilities (846 ) (120 ) Net cash provided by operating activities 24,798 4,819 Cash flows from investing activities: Cash and cash equivalents from acquisition activity, net (18,725 ) - Investment in Peoples Bank - (830 ) Net cash used by investing activities (18,725 ) (830 ) Cash flows from financing activities: Dividends paid (5,075 ) (4,310 ) Net surrender value of restricted stock awards (120 ) (131 ) Net cash used by financing activities (5,195 ) (3,867 ) Net change in cash 878 378 Cash at beginning of year 1,183 805 Cash at end of year $ 2,061 $ 1,183 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Income taxes 1,347 2,185 Noncash activities: Dividends declared not paid 1,332 1,079 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Allowance | $ 12,897 | $ 13,343 | $ 12,458 | |
Cash Accounts [Member] | ||||
Cash, Uninsured Amount | 13,500 | |||
Cash Held by FRB and FHLB [Member] | ||||
Cash, Uninsured Amount | 3,200 | |||
Asset Pledged as Collateral [Member] | ||||
Financial Instruments, Owned, at Fair Value, Total | 223,700 | 39,500 | ||
Asset Pledged as Collateral [Member] | Derivative [Member] | ||||
Financial Instruments, Owned, at Fair Value, Total | $ 3,900 | $ 3,900 | ||
Minimum [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Subsequent Event [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Loans and Leases Receivable, Allowance | $ 3,800 | |||
Maximum [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Subsequent Event [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Loans and Leases Receivable, Allowance | $ 6,800 | |||
Premises and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Premises and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Acquisition Activity_2
Note 2 - Acquisition Activity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 28, 2022 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ (33,799) | $ 0 | |||
Share Price (in dollars per share) | $ 47.75 | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,513,631 | $ 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 | (409) | ||||
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 | (378) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Gross Loans | $ 456,700 | ||||
Loans and Leases Receivable, Net of Deferred Income | 363,000 | ||||
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 | $ 5,000 |
Note 2 - Acquisition Activity -
Note 2 - Acquisition Activity - Purchase Price (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 22,395 | $ 11,109 | $ 11,109 | ||
Cash paid | $ 18,725 | $ 0 | |||
Royal Financial, Inc. [Member] | |||||
Cash and due from banks | $ 52,524 | ||||
Investment securities, available for sale | 0 | ||||
Certificate of deposit in other financial institutions | 245 | ||||
Total Loans | 450,757 | ||||
Premises and equipment, net | 13,896 | ||||
FHLB stock | 1,303 | ||||
Goodwill | 11,286 | ||||
Core deposit intangible | 3,220 | ||||
Interest receivable | 1,836 | ||||
Other assets | 7,978 | ||||
Total assets purchased | 543,045 | ||||
Common shares issued | 37,981 | ||||
Cash paid | 18,725 | ||||
Total purchase price | $ 56,700 | 56,706 | |||
Non-interest bearing | 32,095 | ||||
NOW accounts | 63,639 | ||||
Savings and money market | 184,149 | ||||
Certificates of deposits | 195,153 | ||||
Total Deposits | 475,036 | ||||
Interest payable | 75 | ||||
Other liabilities | 11,228 | ||||
Total liabilities assumed | $ 486,339 |
Note 2 - Acquisition Activity_3
Note 2 - Acquisition Activity - Pro Forma Information (Details) - Royal Financial, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest income | $ 73,730 | $ 70,585 | |
Interest expense | (4,987) | (3,538) | |
Recovery of (provision for) loan losses | 0 | (1,181) | |
Non-interest income | 11,648 | 16,607 | |
Non-interest expense (1) | [1] | (60,228) | (57,290) |
Income before provision for income taxes | 20,163 | 25,183 | |
Income tax expense | (2,235) | (3,525) | |
Net income | $ 17,928 | $ 21,658 | |
Basic (in dollars per share) | $ 4.29 | $ 6.23 | |
Diluted (in dollars per share) | $ 4.28 | $ 6.23 | |
[1]Excludes $2.9 million in pre-tax merger expenses for the nine months ended September 30, 2022. |
Note 2 - Acquisition Activity_4
Note 2 - Acquisition Activity - Merger Expenses (Details) - Royal Financial, Inc. [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 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 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, after Tax | $ 157 | $ 417 |
Asset Pledged as Collateral [Member] | ||
Financial Instruments, Owned, at Fair Value, Total | $ 223,700 | $ 39,500 |
Note 3 - Securities - Available
Note 3 - Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Amortized Cost, Total | $ 455,477 | $ 521,485 |
Available for sale securities, gross unrealized gains | 7 | 10,865 |
Available for sale securities, gross unrealized losses | (84,588) | (5,461) |
Debt Securities, Available-for-Sale, Total | 370,896 | 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 | (1,258) | (214) |
Debt Securities, Available-for-Sale, Total | 7,625 | 8,669 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 389 | 400 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Debt Securities, Available-for-Sale, Total | 389 | 400 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 163,000 | 187,279 |
Available for sale securities, gross unrealized gains | 0 | 961 |
Available for sale securities, gross unrealized losses | (28,884) | (3,539) |
Debt Securities, Available-for-Sale, Total | 134,116 | 184,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 281,032 | 322,750 |
Available for sale securities, gross unrealized gains | 7 | 9,904 |
Available for sale securities, gross unrealized losses | (53,321) | (527) |
Debt Securities, Available-for-Sale, Total | 227,718 | 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 | (1,125) | (1,181) |
Debt Securities, Available-for-Sale, Total | $ 1,048 | $ 992 |
Note 3 - Securities - Estimated
Note 3 - Securities - Estimated Fair Value of Available for Sale Securities, by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due in one year or less, cost basis | $ 105 | |
Available for sale securities, due in one year or less, estimated fair value | 105 | |
Due from one to five years, cost basis | 4,868 | |
Available for sale securities, due from one to five years, estimated fair value | 4,493 | |
Due from five to ten years, cost basis | 21,099 | |
Available for sale securities, due from five to ten years, estimated fair value | 18,993 | |
Due over ten years, cost basis | 266,405 | |
Available for sale securities, due over ten years, estimated fair value | 213,189 | |
Collateralized mortgage obligations and residential mortgage-backed securities, cost basis | 163,000 | |
Collateralized mortgage obligations and residential mortgage-backed securities, estimated fair value | 134,116 | |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 455,477 | $ 521,485 |
Debt Securities, Available-for-Sale, Total | $ 370,896 | $ 526,889 |
Note 3 - Securities - Sales of
Note 3 - Securities - Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds | $ 53,953 | $ 43,756 |
Gross gains | 733 | 2,010 |
Gross losses | $ (71) | $ (23) |
Note 3 - Securities - Availab_2
Note 3 - Securities - Available for Sale Securities, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Ending balance, December 31, 2020 | $ 4,276 | $ 10,441 |
Current period change | (68,576) | (6,165) |
Ending balance | $ (64,300) | $ 4,276 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities with Gross Unrealized Losses Not Recognized in Income (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Estimated fair value, less than 12 months | $ 204,281 | $ 205,351 |
Unrealized losses, less than 12 months | (40,890) | (3,916) |
Estimated fair value, 12 months or longer | 163,050 | 9,101 |
Unrealized losses, 12 months or longer | (43,698) | (1,545) |
Estimated fair value, total | 367,331 | 214,452 |
Unrealized losses, total | $ (84,588) | $ (5,461) |
percentage | 99% | 40.70% |
Number of securities, unrealized losses, less than 12 months | 311 | 133 |
Number of securities, unrealized losses, 12 months or longer | 135 | 5 |
Number of securitiesunrealized losses, total | 446 | 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 | 7,625 | 0 |
Unrealized losses, 12 months or longer | (1,258) | 0 |
Estimated fair value, total | 7,625 | 8,669 |
Unrealized losses, total | $ (1,258) | $ (214) |
percentage | 100% | 100% |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Estimated fair value, less than 12 months | $ 32,700 | $ 126,373 |
Unrealized losses, less than 12 months | (4,955) | (3,175) |
Estimated fair value, 12 months or longer | 101,416 | 8,109 |
Unrealized losses, 12 months or longer | (23,929) | (364) |
Estimated fair value, total | 134,116 | 134,482 |
Unrealized losses, total | $ (28,884) | $ (3,539) |
percentage | 100% | 72.80% |
US States and Political Subdivisions Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 171,581 | $ 70,309 |
Unrealized losses, less than 12 months | (35,935) | (527) |
Estimated fair value, 12 months or longer | 52,961 | 0 |
Unrealized losses, 12 months or longer | (17,386) | 0 |
Estimated fair value, total | 224,542 | 70,309 |
Unrealized losses, total | $ (53,321) | $ (527) |
percentage | 98.60% | 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 | 1,048 | 992 |
Unrealized losses, 12 months or longer | (1,125) | (1,181) |
Estimated fair value, total | 1,048 | 992 |
Unrealized losses, total | $ (1,125) | $ (1,181) |
percentage | 100% | 100% |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5,083 | $ 6,810 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 6,900 | 4,200 |
Impaired Financing Receivable, Recorded Investment | 5,400 | 2,800 |
Financial Asset Acquired [Member] | ||
Financing Receivable, Unamortized Purchase Premium (Discount) | (5,500) | (1,100) |
Financial Asset Acquired and No Credit Deterioration [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 347,700 | 72,500 |
Manufactured Homes Portfolio Segment [Member] | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 4,600 | 5,800 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 9 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 37 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 32,000 | |
Impaired Financing Receivable, Unpaid Principal Balance | 3,987 | 3,105 |
Impaired Financing Receivable, Recorded Investment | $ 2,506 | $ 1,771 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |
Financing Receivable, Troubled Debt Restructuring | $ 189 | |
Residential Portfolio Segment [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | |
Financing Receivable, Troubled Debt Restructuring | $ 743 | $ 203 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring | $ 1,400 | $ 601 |
Impaired Financing Receivable, Unpaid Principal Balance | 5,420 | 1,600 |
Impaired Financing Receivable, Recorded Investment | $ 5,327 | $ 1,600 |
Note 4 - Loans Receivable - Loa
Note 4 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Total loans secured by real estate | $ 1,369,944 | $ 796,907 | |
Total loans | 1,508,571 | $ 1,508,571 | 960,139 |
Net deferred loan origination costs | 5,083 | 6,810 | |
Undisbursed loan funds | (23) | (229) | |
Loans receivable, net of deferred fees and costs.. | 1,513,631 | 966,720 | |
Residential Portfolio Segment [Member] | |||
Total loans secured by real estate | 484,595 | 260,134 | |
Total loans | 484,595 | 484,595 | 260,134 |
Home Equity Portfolio Segment [Member] | |||
Total loans secured by real estate | 38,978 | 34,612 | |
Total loans | 38,978 | 38,978 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | |||
Total loans secured by real estate | 486,431 | 317,145 | |
Total loans | 486,431 | 486,431 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | |||
Total loans secured by real estate | 108,926 | 123,822 | |
Total loans | 108,926 | 108,926 | 123,822 |
Multifamily Portfolio Segment [Member] | |||
Total loans secured by real estate | 251,014 | 61,194 | |
Total loans | 251,014 | 251,014 | 61,194 |
Commercial Portfolio Segment [Member] | |||
Total loans | 93,278 | 93,278 | 115,772 |
Consumer Portfolio Segment [Member] | |||
Total loans | 918 | 918 | 582 |
Manufactured Homes Portfolio Segment [Member] | |||
Total loans | 34,882 | 34,882 | 37,887 |
Net deferred loan origination costs | 4,600 | 5,800 | |
Government Portfolio Segment [Member] | |||
Total loans | $ 9,549 | $ 9,549 | $ 8,991 |
Note 4 - Loans Receivable - All
Note 4 - Loans Receivable - Allowance for Loan Losses, by Loan Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance | $ 13,343 | $ 12,458 |
Charge-offs | (608) | (750) |
Recoveries | 162 | 126 |
Provisions | 1,509 | |
Ending Balance | 12,897 | 13,343 |
Residential Portfolio Segment [Member] | ||
Beginning Balance | 2,480 | 2,211 |
Charge-offs | (29) | (32) |
Recoveries | 53 | 81 |
Provisions | 517 | 220 |
Ending Balance | 3,021 | 2,480 |
Home Equity Portfolio Segment [Member] | ||
Beginning Balance | 357 | 276 |
Charge-offs | (1) | |
Provisions | 53 | 81 |
Ending Balance | 410 | 357 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning Balance | 5,515 | 5,406 |
Charge-offs | (431) | (530) |
Provisions | 700 | 639 |
Ending Balance | 5,784 | 5,515 |
Construction and Land Development Portfolio Segment [Member] | ||
Beginning Balance | 2,119 | 1,405 |
Provisions | (866) | 714 |
Ending Balance | 1,253 | 2,119 |
Multifamily Portfolio Segment [Member] | ||
Beginning Balance | 848 | 626 |
Provisions | 159 | 222 |
Ending Balance | 1,007 | 848 |
Commercial Portfolio Segment [Member] | ||
Beginning Balance | 2,009 | 2,508 |
Charge-offs | (57) | (158) |
Recoveries | 89 | 36 |
Provisions | (676) | (377) |
Ending Balance | 1,365 | 2,009 |
Consumer Portfolio Segment [Member] | ||
Beginning Balance | 15 | 26 |
Charge-offs | (91) | (29) |
Recoveries | 20 | 8 |
Provisions | 113 | 10 |
Ending Balance | 57 | $ 15 |
Manufactured Homes Portfolio Segment [Member] | ||
Ending Balance | 0 | |
Government Portfolio Segment [Member] | ||
Ending Balance | $ 0 |
Note 4 - Loans Receivable - Imp
Note 4 - Loans Receivable - Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance individually evaluated for impairment reserves | $ 337 | $ 684 | |
Allowance collectively evaluated for impairment reserves | 12,560 | 12,659 | |
Total loans | 1,508,571 | $ 1,508,571 | 960,139 |
Loans receivable individually evaluated for impairment | 12,701 | 3,026 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 5,400 | 2,782 | |
Loans receivable collectively evaluated for impairment | 1,490,470 | 954,331 | |
Loans | 1,508,571 | 1,508,571 | 960,139 |
Residential Portfolio Segment [Member] | |||
Allowance individually evaluated for impairment reserves | 24 | 17 | |
Allowance collectively evaluated for impairment reserves | 2,997 | 2,463 | |
Total loans | 484,595 | 484,595 | 260,134 |
Loans receivable individually evaluated for impairment | 1,518 | 755 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 988 | 1,016 | |
Loans receivable collectively evaluated for impairment | 482,089 | 258,363 | |
Loans | 484,595 | 484,595 | 260,134 |
Home Equity Portfolio Segment [Member] | |||
Allowance individually evaluated for impairment reserves | 3 | 4 | |
Allowance collectively evaluated for impairment reserves | 407 | 353 | |
Total loans | 38,978 | 38,978 | 34,612 |
Loans receivable individually evaluated for impairment | 294 | 147 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 125 | 137 | |
Loans receivable collectively evaluated for impairment | 38,559 | 34,328 | |
Loans | 38,978 | 38,978 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance individually evaluated for impairment reserves | 13 | 386 | |
Allowance collectively evaluated for impairment reserves | 5,771 | 5,129 | |
Total loans | 486,431 | 486,431 | 317,145 |
Loans receivable individually evaluated for impairment | 2,392 | 1,600 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,935 | ||
Loans receivable collectively evaluated for impairment | 481,104 | 315,545 | |
Loans | 486,431 | 486,431 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | |||
Allowance collectively evaluated for impairment reserves | 1,253 | 2,119 | |
Total loans | 108,926 | 108,926 | 123,822 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | ||
Loans receivable collectively evaluated for impairment | 108,926 | 123,822 | |
Loans | 108,926 | 108,926 | 123,822 |
Multifamily Portfolio Segment [Member] | |||
Allowance collectively evaluated for impairment reserves | 1,007 | 848 | |
Total loans | 251,014 | 251,014 | 61,194 |
Loans receivable purchased credit impaired individually evaluated for impairment | 382 | 556 | |
Loans receivable collectively evaluated for impairment | 243,893 | 60,638 | |
Loans | 251,014 | 251,014 | 61,194 |
Commercial Portfolio Segment [Member] | |||
Allowance individually evaluated for impairment reserves | 297 | 277 | |
Allowance collectively evaluated for impairment reserves | 1,068 | 1,732 | |
Total loans | 93,278 | 93,278 | 115,772 |
Loans receivable individually evaluated for impairment | 1,758 | 524 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 953 | 1,073 | |
Loans receivable collectively evaluated for impairment | 90,567 | 114,175 | |
Loans | 93,278 | 93,278 | 115,772 |
Consumer Portfolio Segment [Member] | |||
Allowance collectively evaluated for impairment reserves | 57 | 15 | |
Total loans | 918 | 918 | 582 |
Loans receivable purchased credit impaired individually evaluated for impairment | 17 | ||
Loans receivable collectively evaluated for impairment | 901 | 582 | |
Loans | 918 | 918 | 582 |
Manufactured Homes Portfolio Segment [Member] | |||
Total loans | 34,882 | 34,882 | 37,887 |
Loans receivable collectively evaluated for impairment | 34,882 | 37,887 | |
Loans | 34,882 | 34,882 | 37,887 |
Government Portfolio Segment [Member] | |||
Total loans | 9,549 | 9,549 | 8,991 |
Loans receivable collectively evaluated for impairment | 9,549 | 8,991 | |
Loans | $ 9,549 | $ 9,549 | $ 8,991 |
Note 4 - Loans Receivable - Cre
Note 4 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Pass [Member] | ||
Loan Receivable | $ 1,473,972 | $ 930,329 |
Pass/monitor [Member] | ||
Loan Receivable | 11,586 | 21,123 |
Special Mention [Member] | ||
Loan Receivable | 23,013 | 8,687 |
Substandard [Member] | ||
Loan Receivable | 1,508,571 | 960,139 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 477,222 | 253,472 |
Residential Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 1,338 | 2,940 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 6,035 | 3,722 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 484,595 | 260,134 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 37,981 | 33,565 |
Home Equity Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 385 | 415 |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 612 | 632 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 38,978 | 34,612 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 474,055 | 301,572 |
Commercial Real Estate Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 4,955 | 12,011 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 7,421 | 3,562 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 486,431 | 317,145 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 106,580 | 120,192 |
Construction and Land Development Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 2,346 | 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 | 108,926 | 123,822 |
Multifamily Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 242,091 | 60,657 |
Multifamily Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 1,859 | 153 |
Multifamily Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 7,064 | 384 |
Multifamily Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 251,014 | 61,194 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 90,694 | 113,470 |
Commercial Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 703 | 1,915 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 1,881 | 387 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 93,278 | 115,772 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 918 | 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 | 918 | 582 |
Manufactured Homes Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 34,882 | 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 | 34,882 | 37,887 |
Government Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 9,549 | 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 | $ 9,549 | $ 8,991 |
Note 4 - Loans Receivable - Ind
Note 4 - Loans Receivable - Individually Evaluated Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | $ 2,255 | $ 1,683 |
With no related allowance recorded, unpaid principal balance | 3,711 | 3,017 |
With no related allowance recorded, average recorded investment | 2,528 | 1,689 |
With no related allowance recorded, interest income (expense) recognized | 202 | 113 |
With an allowance recorded, recorded investment | 251 | 88 |
With an allowance recorded, unpaid principal balance | 276 | 88 |
With an allowance recorded, related allowance | 24 | 17 |
With an allowance recorded, average recorded investment | 194 | 145 |
With an allowance recorded, interest income recognized | 5 | 2 |
Total, recorded investment | 2,506 | 1,771 |
Total, unpaid principal balance | 3,987 | 3,105 |
Total, average recorded investment | 2,722 | 1,834 |
Total, interest income (expense) recognized | 207 | 115 |
Home Equity Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 399 | 262 |
With no related allowance recorded, unpaid principal balance | 416 | 275 |
With no related allowance recorded, average recorded investment | 253 | 298 |
With no related allowance recorded, interest income (expense) recognized | 12 | 12 |
With an allowance recorded, recorded investment | 20 | 22 |
With an allowance recorded, unpaid principal balance | 20 | 22 |
With an allowance recorded, related allowance | 3 | 4 |
With an allowance recorded, average recorded investment | 21 | 18 |
With an allowance recorded, interest income recognized | 1 | 1 |
Total, recorded investment | 419 | 284 |
Total, unpaid principal balance | 436 | 297 |
Total, average recorded investment | 274 | 316 |
Total, interest income (expense) recognized | 13 | 13 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 5,314 | 765 |
With no related allowance recorded, unpaid principal balance | 5,406 | 765 |
With no related allowance recorded, average recorded investment | 3,409 | 1,167 |
With no related allowance recorded, interest income (expense) recognized | 205 | 43 |
With an allowance recorded, recorded investment | 13 | 835 |
With an allowance recorded, unpaid principal balance | 14 | 835 |
With an allowance recorded, related allowance | 13 | 386 |
With an allowance recorded, average recorded investment | 678 | 4,727 |
With an allowance recorded, interest income recognized | 0 | 225 |
Total, recorded investment | 5,327 | 1,600 |
Total, unpaid principal balance | 5,420 | 1,600 |
Total, average recorded investment | 4,087 | 5,894 |
Total, interest income (expense) recognized | 205 | 268 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 344 | 0 |
With no related allowance recorded, interest income (expense) recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 344 | 0 |
Total, interest income (expense) recognized | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 7,121 | 556 |
With no related allowance recorded, unpaid principal balance | 7,163 | 647 |
With no related allowance recorded, average recorded investment | 3,387 | 629 |
With no related allowance recorded, interest income (expense) recognized | 16 | 31 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 7,121 | 556 |
Total, unpaid principal balance | 7,163 | 647 |
Total, average recorded investment | 3,387 | 629 |
Total, interest income (expense) recognized | 16 | 31 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 2,278 | 1,205 |
With no related allowance recorded, unpaid principal balance | 2,392 | 1,324 |
With no related allowance recorded, average recorded investment | 1,365 | 1,369 |
With no related allowance recorded, interest income (expense) recognized | 76 | 52 |
With an allowance recorded, recorded investment | 433 | 392 |
With an allowance recorded, unpaid principal balance | 561 | 392 |
With an allowance recorded, related allowance | 297 | 277 |
With an allowance recorded, average recorded investment | 352 | 637 |
With an allowance recorded, interest income recognized | 13 | 24 |
Total, recorded investment | 2,711 | 1,597 |
Total, unpaid principal balance | 2,953 | 1,716 |
Total, average recorded investment | 1,717 | 2,006 |
Total, interest income (expense) recognized | 89 | 76 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 17 | 0 |
With no related allowance recorded, unpaid principal balance | 17 | 0 |
With no related allowance recorded, average recorded investment | 15 | 0 |
With no related allowance recorded, interest income (expense) recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 17 | 0 |
Total, unpaid principal balance | 17 | 0 |
Total, average recorded investment | 15 | 0 |
Total, interest income (expense) recognized | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income (expense) recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income (expense) recognized | 0 | 0 |
Government Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income (expense) recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income (expense) recognized | $ 0 | $ 0 |
Note 4 - Loans Receivable - Age
Note 4 - Loans Receivable - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,508,571 | $ 1,508,571 | $ 960,139 | |
Recorded investments greater than 90 past due and still accruing | 248 | $ 205 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans | 12,248 | 9,261 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 3,584 | 4,902 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 5,903 | 4,002 | ||
Financial Asset, Past Due [Member] | ||||
Loans | 21,735 | 18,165 | ||
Financial Asset, Not Past Due [Member] | ||||
Loans | 1,486,836 | 941,974 | ||
Residential Portfolio Segment [Member] | ||||
Loans | 484,595 | 484,595 | 260,134 | |
Recorded investments greater than 90 past due and still accruing | 166 | 31 | ||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans | 3,758 | 2,507 | ||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 2,520 | 824 | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 2,309 | 2,142 | ||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 8,587 | 5,473 | ||
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 476,008 | 254,661 | ||
Home Equity Portfolio Segment [Member] | ||||
Loans | 38,978 | 38,978 | 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 | 315 | 169 | ||
Home Equity Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 42 | 67 | ||
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 162 | 565 | ||
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 519 | 801 | ||
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 38,459 | 33,811 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 486,431 | 486,431 | 317,145 | |
Recorded investments greater than 90 past due and still accruing | 0 | 91 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans | 1,399 | 231 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 150 | 1,960 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 1,817 | 944 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 3,366 | 3,135 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 483,065 | 314,010 | ||
Construction and Land Development Portfolio Segment [Member] | ||||
Loans | 108,926 | 108,926 | 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 | 2,673 | 5,148 | ||
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 0 | 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 | 2,673 | 5,431 | ||
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 106,253 | 118,391 | ||
Multifamily Portfolio Segment [Member] | ||||
Loans | 251,014 | 251,014 | 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 | 1,724 | 0 | ||
Multifamily Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 616 | 0 | ||
Multifamily Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 1,004 | 109 | ||
Multifamily Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 3,344 | 109 | ||
Multifamily Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 247,670 | 61,085 | ||
Commercial Portfolio Segment [Member] | ||||
Loans | 93,278 | 93,278 | 115,772 | |
Recorded investments greater than 90 past due and still accruing | 0 | 49 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans | 1,775 | 573 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 0 | 1,594 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 529 | 242 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 2,304 | 2,409 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 90,974 | 113,363 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 918 | 918 | 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 | 3 | 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 | 3 | 3 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 915 | 579 | ||
Manufactured Homes Portfolio Segment [Member] | ||||
Loans | 34,882 | 34,882 | 37,887 | |
Recorded investments greater than 90 past due and still accruing | 82 | 0 | ||
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans | 601 | 633 | ||
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans | 256 | 171 | ||
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans | 82 | 0 | ||
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans | 939 | 804 | ||
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans | 33,943 | 37,083 | ||
Government Portfolio Segment [Member] | ||||
Loans | $ 9,549 | 9,549 | 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 | $ 9,549 | $ 8,991 |
Note 4 - Loans Receivable - L_2
Note 4 - Loans Receivable - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing receivables on nonaccrual status | $ 18,128 | $ 7,056 |
Residential Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 5,347 | 4,651 |
Home Equity Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 594 | 623 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 3,242 | 940 |
Construction and Land Development Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 7,064 | 455 |
Commercial Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 1,881 | 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 4 - Loans Receivable - Acc
Note 4 - Loans Receivable - Accretable Yield (Details) - First Personal Financial Corporation [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
2023, to be collected | $ 541 |
2024, to be collected | 605 |
2025, to be collected | 511 |
2026, to be collected | 342 |
2026 and thereafter, to be collected | 3,494 |
Total, to be collected | 5,493 |
Financial Asset Acquired with Credit Deterioration [Member] | |
2020, accretable yield collected | 960 |
2021, accretable yield collected | $ 1,010 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment, Net (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Depreciation, Total | $ 3,000 | $ 2,500 |
Number of Branches Closed | 3 | |
Increase (Decrease) in Assets Held-for-sale | $ 1,800 | |
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 1,232 | $ 0 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment, Net - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cost: | ||
Land | $ 11,773 | $ 8,933 |
Buildings and improvements | 40,753 | 35,837 |
Furniture and equipment | 19,434 | 18,724 |
Total cost | 71,960 | 63,494 |
Less accumulated depreciation | (31,748) | (32,109) |
Premises and equipment, net | $ 40,212 | $ 31,385 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill, Impairment Loss | $ 0 | |
Core Deposits [Member] | ||
Finite-Lived Core Deposits, Gross | 4,800 | $ 3,100 |
Royal Financial, Inc. [Member] | ||
Goodwill, Purchase Accounting Adjustments | (378) | |
Certificates of Deposit, Fair Value Premium | 1,000 | |
Amortization of Intangible Assets | 541 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 217 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 124 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 72 | |
Finite-Lived Intangible Asset, Expected Amortization, after Year Three | $ 55 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill, balance | $ 11,109 | $ 11,109 |
Goodwill, balance | 22,395 | 11,109 |
Royal Financial, Inc. [Member] | ||
Goodwill acquired - Royal Financial | $ 11,286 | $ 0 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets (Details) - First Federal Savings and Loan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of intangible assets | $ 1,552 | $ 994 |
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 | |
2027 | 294 | |
Thereafter | 519 | |
Total | $ 4,794 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | ||
Deferred Tax Liabilities, Retained Earnings | $ 14,500 | $ 8,400 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 3,000 | 1,800 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 0 | ||
State and Local Jurisdiction [Member] | Indiana Department of Revenue [Member] | ||||
Operating Loss Carryforwards | 222 | |||
Tax Credit Carryforward, Amount | 66 | |||
Tax Credit Carryforward, Valuation Allowance | 0 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | ||||
Operating Loss Carryforwards | 68,200 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | First Personal Financial Corporation [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 7,200 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | AJS Bancorp, Inc [Member] | ||||
Operating Loss Carryforwards | $ 11,400 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | Royal Financial, Inc. [Member] | ||||
Operating Loss Carryforwards | 57,400 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | First Personal Financial Corporation [Member] | ||||
Operating Loss Carryforwards | 7,200 | 3,300 | ||
Operating Loss Carry Forwards Expires | 2,200 | |||
Operating Loss Carryforward, Not Subject To Expiration | 1,100 | |||
Limitaion on Use of Operating Losses | $ 362 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | AJS Bancorp, Inc [Member] | ||||
Operating Loss Carry Forwards Expires | 3,600 | |||
Operating Loss Carryforward, Not Subject To Expiration | 3,600 | |||
Limitaion on Use of Operating Losses | $ 834 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Royal Financial, Inc. [Member] | ||||
Operating Loss Carry Forwards Expires | 1,900 | |||
Operating Loss Carryforward, Not Subject To Expiration | 623,000 | |||
Limitaion on Use of Operating Losses | 822 | |||
Domestic Tax Authority [Member] | Illinois Department of Revenue [Member] | ||||
Operating Loss Carryforwards | 8,200 | |||
Domestic Tax Authority [Member] | Illinois Department of Revenue [Member] | Royal Financial, Inc. [Member] | ||||
Operating Loss Carryforwards | $ 2,500 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current | $ (169) | $ 1,021 |
Deferred | 1,074 | 154 |
Current | 460 | 256 |
Deferred, net of valuation allowance | 113 | (17) |
Total income tax expense | $ 1,478 | $ 1,414 |
Note 7 - Income Taxes - Effecti
Note 7 - Income Taxes - Effective Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal statutory rate | 21% | 21% |
Tax expense at statutory rate | $ 3,477 | $ 3,439 |
State tax, net of federal effect | 453 | 189 |
Tax exempt income | (1,419) | (1,297) |
Bank owned life insurance | (153) | (150) |
Captive insurance | (282) | (212) |
Tax credit investments | (494) | (415) |
Non-deductible transaction costs | 98 | 0 |
Other | (202) | (140) |
Total income tax expense | $ 1,478 | $ 1,414 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Bad debts | $ 3,346 | $ 3,385 |
Deferred compensation | 361 | 352 |
Unrealized depreciation on securities available-for-sale, net | 20,280 | 0 |
Net operating loss | 7,010 | 2,238 |
Tax credits | 52 | 73 |
Nonaccrual loan interest income | 288 | 244 |
Share based compensation | 339 | 255 |
Unqualified deferred compensation plan | 65 | 61 |
Other-than-temporary impairment | 42 | 39 |
Accrued vacation | 55 | 56 |
Purchase accounting | 364 | 0 |
Nondeductible transaction costs | 0 | 74 |
Deferred loan costs, net of fees | 339 | 288 |
Other | 190 | 92 |
Total deferred tax assets | 32,731 | 7,157 |
Deferred tax liabilities: | ||
Depreciation | (1,322) | (1,134) |
Prepaids | (637) | (510) |
Mortgage servicing rights | (295) | (289) |
Deferred stock dividends | (121) | (100) |
Goodwill | (533) | (317) |
Unrealized appreciation on securities available-for-sale, net | 0 | (1,129) |
Purchase accounting | 0 | (391) |
Partnership | (366) | (311) |
Other | (213) | (119) |
Total deferred tax liabilities | (3,487) | (4,300) |
Valuation allowance | 0 | (12) |
Net deferred tax asset | $ 29,244 | $ 2,845 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 93.6 | $ 36.9 |
Deposit Liability, Uninsured | $ 516.1 | $ 452 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 268,266 | |
2024 | 58,013 | |
2025 | 30,815 | |
2026 | 2,558 | |
2027 | 3,151 | |
Thereafter | 315 | |
Total | 363,118 | $ 239,217 |
Retail Deposits [Member] | ||
2023 | 258,266 | |
2024 | 48,013 | |
2025 | 10,815 | |
2026 | 2,558 | |
2027 | 3,151 | |
Thereafter | 315 | |
Total | 323,118 | |
Brokered Deposits [Member] | ||
2023 | 10,000 | |
2024 | 10,000 | |
2025 | 20,000 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | $ 40,000 |
Note 8 - Deposits - Deposit Por
Note 8 - Deposits - Deposit Portfolio Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Checking | $ 755,377 | $ 629,038 |
Savings | 402,365 | 293,976 |
Money market | 254,157 | 271,970 |
Certificates of deposit | 363,118 | 239,217 |
Total | $ 1,775,017 | $ 1,434,201 |
Note 9 -Borrowed Funds (Details
Note 9 -Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 842,000 | |
Other Borrowings | 0 | $ 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 658,000 | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |
Long-Term Line of Credit, Total | $ 0 | $ 0 |
Note 9 -Borrowed Funds - Borrow
Note 9 -Borrowed Funds - Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed rate advances from the FHLB with outstanding rates of 4.30% as of December 31, 2022 | $ 120,000 | $ 0 |
Total | $ 120,000 | $ 0 |
Note 9 -Borrowed Funds - Schedu
Note 9 -Borrowed Funds - Schedule of Maturities of Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 120,000 | |
Total | $ 120,000 | $ 0 |
Note 9 - Borrowed Funds - Retai
Note 9 - Borrowed Funds - Retail Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Ending balance | $ 15,503 | $ 14,581 |
Average balance during the year | 20,649 | 17,789 |
Maximum month-end balance during the year | 28,328 | 24,514 |
Carrying value | 32,660 | 14,885 |
Fair value | $ 32,660 | $ 14,885 |
Average interest rate during the year | 0.94% | 0.26% |
Average interest rate at year end | 2.43% | 0.26% |
Note 10 - Employees' Benefit _2
Note 10 - Employees' Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | |
Defined Contribution Plan, Cost | $ 519 | $ 439 |
Deferred Compensation Liability, Current and Noncurrent, Total | 251 | 242 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 4 | 3 |
Deferred Costs, Total | 53 | 74 |
Deferred Fee Liability | $ 1,400 | $ 1,400 |
Two Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 40% | |
Three Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 60% | |
Four Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 80% | |
Five Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 100% | |
Minimum [Member] | ||
Defined Benefit Plan Employees Pre-tax Contributions | 1% | |
Maximum [Member] | ||
Defined Benefit Plan Employees Pre-tax Contributions | 50% |
Note 11 - Stock Based Compens_3
Note 11 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Feb. 27, 2015 | |
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition | $ 741 | $ 574 | |
Net Surrender Value of Restricted Stock Awards | 120 | $ 131 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 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] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 11 - Stock Based Compens_4
Note 11 - Stock Based Compensation - Restricted Stock Activity (Details) | 12 Months Ended |
Dec. 31, 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 | 24,555 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 45.64 |
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 | (1,799) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 44.20 |
Non-vested, shares (in shares) | shares | 55,833 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.87 |
Note 12 - Regulatory Capital (D
Note 12 - Regulatory Capital (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 06, 2023 USD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.075 | 0.075 | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.31 | $ 1.24 | $ 1.24 | |
Payments of Ordinary Dividends, Common Stock | $ 5,075 | $ 4,310 | ||
Subsequent Event [Member] | ||||
Payments of Ordinary Dividends, Common Stock | $ 1,300 |
Note 12 - Regulatory Capital -
Note 12 - Regulatory Capital - Regulatory Capital Requirements (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, ratio | 0.075 | |
People's Bank SB [Member] | ||
Common equity tier 1 capital to risk-weighted assets, amount | $ 161.3 | $ 133.7 |
Common equity tier 1 capital to risk-weighted assets, ratio | 0.101 | 0.126 |
Common equity tier 1 capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 71.6 | $ 47.8 |
Common equity tier 1 capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 103.4 | |
Common equity tier 1 capital to risk-weighted assets, minimum required to be well capitalized, ratio | 6.50% | |
Tier 1 capital to risk-weighted assets, amount | $ 161.3 | $ 133.7 |
Tier 1 capital to risk-weighted assets, ratio | 0.101 | 0.126 |
Tier 1 capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 95.5 | $ 63.7 |
Tier 1 capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 0.060 | 0.060 |
Tier 1 capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 127.3 | |
Tier 1 capital to risk-weighted assets, minimum required to be well capitalized, ratio | 0.080 | |
Total capital to risk-weighted assets, amount | $ 174.2 | $ 147 |
Total capital to risk-weighted assets, ratio | 0.109 | 0.139 |
Total capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 127.3 | $ 85 |
Total capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 0.080 | 0.080 |
Total capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 159.1 | |
Total capital to risk-weighted assets, minimum required to be well capitalized, ratio | 0.100 | |
Tier 1 capital to adjusted average assets, amount | $ 161.3 | $ 133.7 |
Tier 1 capital to adjusted average assets, ratio | 0.077 | 0.084 |
Tier 1 capital to adjusted average assets, required for capital adequacy purposes, amount | $ 84.3 | $ 64.1 |
Tier 1 capital to adjusted average assets, minimum required for capital adequacy purposes, ratio | 0.040 | 0.040 |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, amount | $ 105.4 | |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, ratio | 0.050 |
Note 13 - Earnings Per Common_3
Note 13 - Earnings Per Common Share - Reconciliation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net income as reported | $ 15,080 | $ 14,963 |
Weighted average common shares outstanding (in shares) | 4,176,125 | 3,477,309 |
Basic earnings per common share (in dollars per share) | $ 3.61 | $ 4.30 |
Add: Dilutive effect of unvested restricted stock awards (in shares) | 17,357 | 0 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 4,193,482 | 3,477,309 |
Diluted earnings per common share (in dollars per share) | $ 3.60 | $ 4.30 |
Note 14 - Related Party Trans_3
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 3,529 | $ 3,883 |
Deposits, Total | 1,775,017 | 1,434,201 |
Directors And Executive Officers [Member] | ||
Deposits, Total | 3,700 | $ 3,900 |
Minimum [Member] | Directors And Executive Officers [Member] | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 120 |
Note 14 - Related Party Trans_4
Note 14 - Related Party Transactions - Related Party Loan Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Aggregate balance at the beginning of the year | $ 3,883 |
New loans | 0 |
Repayments | (354) |
Aggregate balance at the end of the year | $ 3,529 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 13.7 | $ 12.3 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Outstanding Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and leases receivable, commitments | $ 252,311 | $ 234,384 |
Residential Real Estate [Member] | ||
Loans and leases receivable, commitments | 21,983 | 19,295 |
Home Equity Loan [Member] | ||
Loans and leases receivable, commitments | 54,432 | 49,010 |
Commercial Real Estate [Member] | ||
Loans and leases receivable, commitments | 14,776 | 10,778 |
Construction and Land Development [Member] | ||
Loans and leases receivable, commitments | 46,723 | 59,308 |
Multifamily [Member] | ||
Loans and leases receivable, commitments | 2,222 | 1,187 |
Consumer [Member] | ||
Loans and leases receivable, commitments | 29,586 | 23,422 |
Commercial Business [Member] | ||
Loans and leases receivable, commitments | 76,446 | 61,985 |
Lot [Member] | ||
Loans and leases receivable, commitments | $ 6,143 | $ 9,399 |
Note 16 - Derivative Financia_3
Note 16 - Derivative Financial Instruments - Non-hedging Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative assets, fair vale | $ 9,010 | $ 2,827 |
Derivative liabilities, fair vale | 8,972 | 2,686 |
Derivative instrument, gain (loss) | 164 | 146 |
Interest Rate Swap [Member] | Fees and Service Charges [Member] | ||
Derivative instrument, gain (loss) | 267 | 379 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative assets, fair vale | 8,972 | 2,686 |
Derivative liabilities, fair vale | 8,972 | 2,686 |
Interest Rate Lock Commitments [Member] | Gain (Loss) on Sale of Loans Held-for-Sale, Net [Member] | ||
Derivative instrument, gain (loss) | (103) | (233) |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ||
Derivative assets, fair vale | $ 38 | $ 141 |
Note 16 - Derivative Financia_4
Note 16 - Derivative Financial Instruments - Offset Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross amount of recognized assets | $ 9,010 | $ 2,827 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | ||
Financial instruments | 9,010 | 2,827 |
Cash collateral received | ||
Net amount | 9,010 | 2,827 |
Interest Rate Swap [Member] | ||
Gross amount of recognized assets | 8,972 | 2,686 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | ||
Financial instruments | 8,972 | 2,686 |
Cash collateral received | ||
Net amount | 8,972 | 2,686 |
Interest Rate Lock Commitments [Member] | ||
Gross amount of recognized assets | 38 | 141 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | ||
Financial instruments | 38 | 141 |
Cash collateral received | ||
Net amount | $ 38 | $ 141 |
Note 16 - Derivative Financia_5
Note 16 - Derivative Financial Instruments - Offset Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross amount of recognized liabilities | $ 8,972 | $ 2,686 |
Gross amounts offset in the statement of financial condition | 0 | |
Interest rate swap contracts | 8,972 | 2,686 |
Financial instruments | 0 | |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | 5,042 | |
Net amount | (1,244) | |
Interest Rate Swap [Member] | ||
Gross amount of recognized liabilities | 8,972 | 2,686 |
Gross amounts offset in the statement of financial condition | 0 | |
Interest rate swap contracts | 8,972 | 2,686 |
Financial instruments | 0 | |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | $ 5,042 | |
Net amount | $ (1,244) |
Note 17 - Fair Value of Finan_3
Note 17 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Amortized Cost, Total | $ 455,477 | $ 521,485 |
Debt Securities, Available-for-Sale, Total | 370,896 | 526,889 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 0 |
Trust Preferred Securities Debt [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 2,200 | $ 2,200 |
Debt Securities, Available-for-Sale, Total | $ 1,000 |
Note 17 - Fair Value of Finan_4
Note 17 - Fair Value of Financial Instruments - Credit Loss Roll Forward for Trust Preferred Securities Classified with Other Than Temporary Impairment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Balance | $ 173 |
Additions not previously recognized | 0 |
Balance | $ 173 |
Note 17 - Fair Value of Finan_5
Note 17 - Fair Value of Financial Instruments - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Debt Securities, Available-for-Sale, Total | 370,896 | 526,889 |
Interest rate swap contracts | 8,972 | 2,686 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 7,625 | 8,669 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 389 | 400 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 134,116 | 184,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 227,718 | 332,127 |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,048 | 992 |
Interest Rate Swap [Member] | ||
Derivative Assets | ||
Interest rate swap contracts | 8,972 | 2,686 |
Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale, Total | 370,896 | 526,889 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 38 | 141 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 7,625 | 8,669 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 389 | 400 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 134,116 | 184,701 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 227,718 | 332,127 |
Fair Value, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,048 | 992 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 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] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 369,848 | 525,897 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 38 | 141 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 7,625 | 8,669 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 389 | 400 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 134,116 | 184,701 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 227,718 | 332,127 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,048 | 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] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Total | 1,048 | 992 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Assets | 8,972 | 2,686 |
Interest rate swap contracts | 8,972 | 2,686 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Assets | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets | 8,972 | 2,686 |
Interest rate swap contracts | 8,972 | 2,686 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Assets | 0 | 0 |
Interest rate swap contracts | $ 0 | $ 0 |
Note 17 - Fair Values of Financ
Note 17 - Fair Values of Financial Instruments - Available for Sale Securities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 992 | $ 929 |
Principal payments | 0 | (9) |
Total unrealized gains, included in other comprehensive income | 56 | 72 |
Ending balance | $ 1,048 | $ 992 |
Note 17 - Fair Values of Fina_2
Note 17 - Fair Values of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Impaired Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, fair value | $ 2,620 | $ 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 | $ 2,620 | $ 896 |
Note 17 - Fair Values of Fina_3
Note 17 - Fair Values of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 31,282 | $ 33,176 |
Certificates of deposit in other financial institutions | 2,456 | 1,709 |
Loans held-for-sale | 1,543 | 4,987 |
Loans receivable, net | 1,500,734 | 953,377 |
Federal Home Loan Bank stock | 6,547 | 3,247 |
Accrued interest receivable | 7,421 | 5,444 |
Non-interest bearing deposits | 359,092 | 295,294 |
Interest bearing deposits | 1,415,925 | 1,138,907 |
Repurchase agreements | 15,503 | 14,581 |
Borrowed funds | 120,000 | |
Accrued interest payable | 336 | 22 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 31,282 | 33,176 |
Certificates of deposit in other financial institutions | 2,404 | 1,737 |
Loans held-for-sale | 1,555 | 5,065 |
Loans receivable, net | 1,437,496 | 951,744 |
Federal Home Loan Bank stock | 6,547 | 3,247 |
Accrued interest receivable | 7,421 | 5,444 |
Non-interest bearing deposits | 359,092 | 295,294 |
Interest bearing deposits | 1,414,738 | 1,139,126 |
Repurchase agreements | 15,361 | 14,579 |
Borrowed funds | 119,689 | |
Accrued interest payable | 336 | 22 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 31,282 | 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 | 359,092 | 295,294 |
Interest bearing deposits | 1,052,807 | 899,690 |
Repurchase agreements | 7,975 | 12,842 |
Borrowed funds | 0 | |
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 | 2,404 | 1,737 |
Loans held-for-sale | 1,555 | 5,065 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 6,547 | 3,247 |
Accrued interest receivable | 7,421 | 5,444 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 361,931 | 239,436 |
Repurchase agreements | 7,386 | 1,737 |
Borrowed funds | 119,689 | |
Accrued interest payable | 336 | 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 | 1,437,496 | 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 |
Borrowed funds | 0 | |
Accrued interest payable | $ 0 | $ 0 |
Note 18 - Parent Company Only_3
Note 18 - Parent Company Only Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Interest bearing deposits in other financial institutions | $ 11,210 | $ 19,987 | |
Other assets | 50,123 | 14,854 | |
Total assets | 2,070,339 | 1,620,743 | |
Dividends declared not paid | 1,332 | 1,079 | |
Total liabilities | 1,933,946 | 1,464,128 | |
Additional paid-in capital | 69,032 | 30,430 | |
Accumulated other comprehensive (loss) income | (64,300) | 4,276 | $ 10,441 |
Retained earnings | 131,661 | 121,909 | |
Total stockholders’ equity | 136,393 | 156,615 | $ 151,689 |
Total liabilities and stockholders’ equity | 2,070,339 | 1,620,743 | |
Parent Company [Member] | |||
Cash on deposit with Peoples Bank | 2,061 | 1,183 | |
Interest bearing deposits in other financial institutions | 131,431 | 153,772 | |
Investment in NWIN Risk Management, Inc | 2,401 | 1,970 | |
Dividends receivable from Peoples Bank | 1,331 | 1,070 | |
Other assets | 538 | 581 | |
Total assets | 137,762 | 158,576 | |
Dividends declared not paid | 1,333 | 1,079 | |
Other liabilities | 36 | 882 | |
Total liabilities | 1,369 | 1,961 | |
Additional paid-in capital | 69,032 | 30,430 | |
Accumulated other comprehensive (loss) income | (64,300) | 4,276 | |
Retained earnings | 131,661 | 121,909 | |
Total stockholders’ equity | 136,393 | 156,615 | |
Total liabilities and stockholders’ equity | $ 137,762 | $ 158,576 |
Note 18 - Parent Company Only_4
Note 18 - Parent Company Only Statements - Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends | $ 5,328 | $ 4,315 |
Income tax expenses | 1,478 | 1,414 |
Net income | 15,080 | 14,963 |
Parent Company [Member] | ||
Dividends | 24,263 | 4,880 |
Operating expenses | (117) | (448) |
Income before income taxes and equity in undistributed income of Peoples Bank | 25,071 | 5,262 |
Income tax expenses | (50) | (94) |
Income before equity in undistributed income of Peoples Bank | 25,121 | 5,356 |
Equity income (loss) | 431 | 1,024 |
Net income | 15,080 | 14,963 |
Parent Company [Member] | Peoples Bank [Member] | ||
Equity income (loss) | (10,472) | 9,413 |
Parent Company [Member] | NWIN Risk [Member] | ||
Dividends | 925 | 830 |
Equity income (loss) | $ 431 | $ 194 |
Note 18 - Parent Company Only_5
Note 18 - Parent Company Only Statements - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income | $ 15,080 | $ 14,963 |
Unrealized loss arising during the period | (89,323) | (5,816) |
Less: reclassification adjustment for gains included in net income | (662) | (1,987) |
Net securities loss during the period | (89,985) | (7,803) |
Tax effect | 21,409 | 1,638 |
Other comprehensive loss, net of tax | (68,576) | (6,165) |
Comprehensive (loss) income, net of tax | (53,496) | 8,798 |
Parent Company [Member] | ||
Net Income | 15,080 | 14,963 |
Unrealized loss arising during the period | (89,323) | (5,816) |
Less: reclassification adjustment for gains included in net income | (662) | (1,987) |
Net securities loss during the period | (89,985) | (7,803) |
Tax effect | 21,409 | 1,638 |
Other comprehensive loss, net of tax | (68,576) | (6,165) |
Comprehensive (loss) income, net of tax | $ (53,496) | $ 8,798 |
Note 18 - Parent Company Only_6
Note 18 - Parent Company Only Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 15,080 | $ 14,963 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock based compensation expense | 741 | 574 |
Other assets | (5,080) | 1,784 |
Net cash provided by operating activities | 17,762 | 17,043 |
Cash flows from investing activities: | ||
Net cash used by investing activities | (1,163) | (125,931) |
Cash flows from financing activities: | ||
Dividends paid | (5,075) | (4,310) |
Net surrender value of restricted stock awards | (120) | (131) |
Net cash used by financing activities | (18,493) | 122,142 |
Net change in cash | (1,894) | 13,254 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Income taxes | 1,347 | 2,185 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 15,080 | 14,963 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Distributions in excess of income (equity in undistributed income): Peoples Bank | 10,472 | (9,413) |
NWIN Risk Management, Inc | (431) | (1,024) |
Stock based compensation expense | 741 | 574 |
Other assets | (218) | (161) |
Change in other liabilities | (846) | (120) |
Net cash provided by operating activities | 24,798 | 4,819 |
Cash flows from investing activities: | ||
Cash and cash equivalents from acquisition activity, net | (18,725) | 0 |
Investment in Peoples Bank | 0 | (830) |
Net cash used by investing activities | (18,725) | (830) |
Cash flows from financing activities: | ||
Dividends paid | (5,075) | (4,310) |
Net surrender value of restricted stock awards | (120) | (131) |
Net cash used by financing activities | (5,195) | (3,867) |
Net change in cash | 878 | 378 |
Cash at beginning of year | 1,183 | 805 |
Cash at end of year | 2,061 | 1,183 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Income taxes | 1,347 | 2,185 |
Dividends declared not paid | $ 1,332 | $ 1,079 |