Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 15, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-26128 | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1927981 | |
Entity Address, Address Line One | 9204 Columbia Avenue | |
Entity Address, City or Town | Munster | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46321 | |
City Area Code | 219 | |
Local Phone Number | 836‑4400 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | FNWD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,304,026 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Cash and non-interest bearing deposits in other financial institutions | $ 33,785 | $ 19,965 | |
Interest bearing deposits in other financial institutions | 20,342 | 11,210 | |
Federal funds sold | 654 | 107 | |
Total cash and cash equivalents | 54,781 | 31,282 | |
Certificates of deposit in other financial institutions | 2,452 | 2,456 | |
Securities available-for-sale | 377,901 | 370,896 | |
Loans held-for-sale | 1,672 | 1,543 | |
Loans receivable, net of deferred fees and costs | 1,521,089 | 1,513,631 | |
Less: allowance for credit losses (1) | [1] | (19,568) | (12,897) |
Net loans receivable | 1,501,521 | 1,500,734 | |
Federal Home Loan Bank stock | 6,547 | 6,547 | |
Accrued interest receivable | 7,717 | 7,421 | |
Premises and equipment | 39,732 | 40,212 | |
Cash value of bank owned life insurance | 32,115 | 31,936 | |
Goodwill | 22,395 | 22,395 | |
Other intangible assets | 4,402 | 4,794 | |
Other assets | 47,357 | 50,123 | |
Total assets | 2,098,592 | 2,070,339 | |
Deposits: | |||
Non-interest bearing | 330,057 | 359,092 | |
Interest bearing | 1,476,053 | 1,415,925 | |
Total deposits | 1,806,110 | 1,775,017 | |
Repurchase agreements | 28,423 | 15,503 | |
Borrowed funds | 100,000 | 120,000 | |
Accrued expenses and other liabilities | 24,323 | 23,426 | |
Total liabilities | 1,958,856 | 1,933,946 | |
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: March 31, 2023 - 4,304,026 December 31, 2022 - 4,298,401 | 0 | 0 | |
Additional paid-in capital | 69,182 | 69,032 | |
Accumulated other comprehensive loss | (55,895) | (64,300) | |
Retained earnings | 126,449 | 131,661 | |
Total stockholders' equity | 139,736 | 136,393 | |
Total liabilities and stockholders' equity | $ 2,098,592 | $ 2,070,339 | |
[1]See note 3 regarding adoption of ASC 326 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 4,304,026 | 4,298,401 |
Common stock, outstanding (in shares) | 4,304,026 | 4,298,401 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Interest income: | |||
Loans receivable | $ 17,626 | $ 13,286 | |
Securities | 2,303 | 2,597 | |
Other interest earning assets | 207 | 11 | |
Total interest income | 20,136 | 15,894 | |
Interest expense: | |||
Deposits | 4,087 | 337 | |
Repurchase agreements | 121 | 16 | |
Borrowed funds | 1,260 | 6 | |
Total interest expense | 5,468 | 359 | |
Net interest income | 14,668 | 15,535 | |
Provision for credit losses (1) | [1] | 488 | 0 |
Net interest income after provision for credit losses | 14,180 | 15,535 | |
Noninterest income: | |||
Fees and service charges | 1,311 | 1,304 | |
Wealth management operations | 614 | 607 | |
Gain on sale of loans held-for-sale, net | 263 | 595 | |
Increase in cash value of bank owned life insurance | 179 | 252 | |
Gain on sale of securities, net | 0 | 381 | |
Other | 241 | 5 | |
Total noninterest income | 2,608 | 3,144 | |
Noninterest expense: | |||
Compensation and benefits | 7,538 | 7,367 | |
Occupancy and equipment | 1,690 | 1,500 | |
Data processing | 973 | 3,054 | |
Federal deposit insurance premiums | 465 | 219 | |
Marketing | 255 | 651 | |
Other | 3,306 | 3,478 | |
Total noninterest expense | 14,227 | 16,269 | |
Income before income tax expenses | 2,561 | 2,410 | |
Income tax expenses | 321 | 275 | |
Net income | $ 2,240 | $ 2,135 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.52 | $ 0.53 | |
Diluted (in dollars per share) | 0.51 | 0.53 | |
Dividends declared per common share (in dollars per share) | $ 0.31 | $ 0.31 | |
[1]See note 3 regarding adoption of ASC 326 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 2,240 | $ 2,135 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized gain (loss) arising during the period | 11,057 | (47,389) |
Less: reclassification adjustment for gains included in net income | 0 | (381) |
Net securities gain (loss) during the period | 11,057 | (47,770) |
Tax effect | (2,652) | 10,032 |
Other comprehensive income (loss), net of tax | 8,405 | (37,738) |
Comprehensive income (loss), net of tax | $ 10,645 | $ (35,603) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 0 | $ 30,430 | $ 4,276 | $ 121,909 | $ 156,615 | |||||
Net income | 0 | 0 | 0 | 2,135 | 2,135 | |||||
Other comprehensive income (loss), net of tax | 0 | 0 | (37,738) | 0 | (37,738) | |||||
Net surrender value of restricted stock awards | 0 | (115) | 0 | 0 | (115) | |||||
Stock-based compensation expense | 0 | 169 | 0 | 0 | 169 | |||||
Issuance of 795,423 shares at $47.75 per share, for acquisition of Royal Financial, Inc. | 0 | 37,902 | 0 | 0 | 37,902 | |||||
Cash dividends | 0 | 0 | 0 | (1,331) | (1,331) | |||||
Balance at Mar. 31, 2022 | 0 | 68,386 | (33,462) | 122,713 | 157,637 | |||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (6,118) | $ (6,118) | |||||
Balance at Dec. 31, 2022 | 0 | 69,032 | (64,300) | 131,661 | 136,393 | |||||
Net income | 0 | 0 | 0 | 2,240 | 2,240 | |||||
Other comprehensive income (loss), net of tax | 0 | 0 | 8,405 | 0 | 8,405 | |||||
Net surrender value of restricted stock awards | 0 | (157) | 0 | 0 | (157) | |||||
Stock-based compensation expense | 0 | 307 | 0 | 0 | 307 | |||||
Cash dividends | 0 | 0 | 0 | (1,334) | (1,334) | |||||
Balance at Mar. 31, 2023 | $ 0 | $ 69,182 | $ (55,895) | $ 126,449 | $ 139,736 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Shares of restricted stock awards surrendered (in shares) | 4,188 | 2,336 |
Acquisition, shares issued (in shares) | 795,423 | |
Shares issued, price per share (in dollars per share) | $ 47.75 | |
Cash dividends per share (in dollars per share) | $ 0.31 | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 2,240 | $ 2,135 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Origination of loans for sale | (8,873) | (15,664) | |
Sale of loans originated for sale | 8,949 | 19,760 | |
Depreciation and amortization, net of accretion | 1,078 | 1,191 | |
Stock based compensation expense | 307 | 169 | |
Gain on sale of securities, net | 0 | (381) | |
Gain on sale of loans held-for-sale, net | (206) | (582) | |
Gain on cash value of bank owned life insurance | (179) | (252) | |
Gain on derivatives | (57) | (25) | |
Provision for credit losses (1) | [1] | 488 | 0 |
Net change in: | |||
Interest receivable | (296) | (1,983) | |
Other assets | 2,712 | 1,504 | |
Accrued expenses and other liabilities | (2,212) | (5,150) | |
Net cash provided by operating activities | 3,951 | 722 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities of certificates of deposit in other financial institutions | 0 | 223 | |
Proceeds from maturities and pay downs of securities available-for-sale | 3,675 | 9,225 | |
Proceeds from sales of securities available-for-sale | 0 | 16,236 | |
Purchase of securities available-for-sale | 0 | (10,724) | |
Proceeds from bank owned life insurance | 0 | 314 | |
Net change in loans receivable | (6,433) | (20,094) | |
Proceeds of Federal Home Loan Bank Stock | 0 | 1,512 | |
Purchase of loans receivable | 0 | (2,113) | |
Purchase of premises and equipment, net | (217) | (1,219) | |
Cash and cash equivalents from acquisition activity, net | 0 | 33,799 | |
Net cash provided by (used in) investing activities | (2,975) | 27,159 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Change in deposits | 31,093 | (14,025) | |
Proceeds from other borrowings | 100,000 | 0 | |
Repayment of other borrowings | (120,000) | 0 | |
Net surrender value of restricted stock awards | (157) | (115) | |
Change in repurchase agreements | 12,920 | 8,663 | |
Dividends paid | (1,333) | (1,079) | |
Net cash (used in) provided by financing activities | 22,523 | (6,556) | |
Net change in cash and cash equivalents | 23,499 | 21,325 | |
Cash and cash equivalents at beginning of period | 31,282 | 33,176 | |
Cash and cash equivalents at end of period | 54,781 | 54,501 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest | 5,405 | 339 | |
Fair value of assets acquired, including cash and cash equivalents | 0 | 528,083 | |
Value of goodwill and other intangible assets | 0 | 14,884 | |
Fair value of liabilities assumed | 0 | 486,340 | |
Cash paid for acquisition | 0 | 18,725 | |
Issuance of common stock for acquisition | 0 | 37,902 | |
Noncash activities: | |||
Dividends declared not paid | $ 1,334 | $ 1,331 | |
[1]See note 3 regarding adoption of ASC 326 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 Organization and Description of Business The consolidated financial statements include the accounts of Finward Bancorp (the “Bancorp” or “FNWD”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC; NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10 not March 31, 2023, December 31, 2022, three March 31, 2023, 2022, three March 31, 2023, 2022. three March 31, 2023, not The Notes to the Consolidated Financial Statements appearing in Finward Bancorp’s Annual Report on Form 10 2022 December 31, 2022, not no |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | Note 2 Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term. |
Note 3 - Change in Accounting P
Note 3 - Change in Accounting Principles | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 3 Change in Accounting Principles In June 2016, 2016 13, October 2019, December 15, 2022, January 1, 2023. first January 1, 2023, No. 2016 13 Upon adopting ASU 2016 13, not January 1, 2023, zero The main drivers of the day one As Reported Under (Dollars in thousands) Pre-ASC 326 Adoption Impact of ASC 326 ASC 326 Allowance for credit losses December 31, 2022 Adoption January 1, 2023 Residential real estate $ 3,021 $ 1,719 $ 4,740 Home equity 410 632 1,042 Commercial real estate 5,784 1,446 7,230 Construction and land development 1,253 1,735 2,988 Multifamily 1,007 141 1,148 Commercial business 1,365 325 1,690 Consumer 57 22 79 Manufactured homes - 112 112 Government - 55 55 Total allowance for credit losses on loans $ 12,897 $ 6,187 $ 19,084 Accrued expenses and other liabilities - 3,108 3,108 Total allowance for credit losses $ 12,897 $ 9,295 $ 22,192 In March 2022, 2022 02, 326 2022 02 December 15, 2022, 2022 02 January 1, 2023. |
Note 4 - Upcoming Accounting St
Note 4 - Upcoming Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Description of Upcoming Accounting Pronouncements [Text Block] | Note 4 In March 2020, No. 2020 04 848 January 2021, 2021 01 848 December 2022, No. 2022 06 848. 848 may 848 December 31, 2022 December 31, 2024. 2020 04, 2021 01 2022 06, not In June 2022, No. 2022 03 820 not not December 15, 2023. 2022 03 not In March 2023, No. 2023 02 323 December 15, 2023. 2023 02 |
Note 5 - Acquisition Activity
Note 5 - Acquisition Activity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 5 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, the Bancorp issued 795,423 shares of its common stock and paid cash consideration of approximately $18.7 million in the Merger. Based on the January 28, 2022, eight Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on the valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the RYFL acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 52,524 Deposits Investment securities, available for sale - Non-interest bearing $ 32,095 Certificate of deposit in other financial institutions 245 NOW accounts 63,639 Savings and money market 184,149 Total Loans 450,757 Certificates of deposits 195,153 Total Deposits 475,036 Premises and equipment, net 13,896 FHLB stock 1,303 Interest payable 75 Goodwill 11,286 Other liabilities 11,228 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 Total liabilities assumed $ 486,339 During the year-ended December 31, 2022, not Goodwill of approximately $11.5 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, has been recorded in the RYFL acquisition and is the result of expected operational synergies and other factors. This goodwill is not Gross loans acquired during the RYFL transaction totaled $456.7 million, of which $6.1 million were expected to be uncollectable. The following pro-forma and earnings (unaudited) of the combined company are presented as if the RYFL merger had occurred on January 1, 2023, January 1, 2022: For the three months ended For the three months ended (in thousands) March 31, 2023 March 31, 2022 Selected Financial Data Interest income $ 20,136 $ 17,589 Interest expense (5,468 ) (460 ) Provision for loan losses (488 ) - Non-interest income 2,608 3,283 Non-interest expense (1) (14,227 ) (14,397 ) Income before provision for income taxes 2,561 6,015 Income tax expense (321 ) (1,032 ) Net income $ 2,240 $ 4,983 Earnings per common share: Basic $ 0.52 $ 1.24 Diluted $ 0.51 $ 1.24 ( 1 three March 31, 2022. For the three March 31, 2022, $2.9 one (in thousands) Three months ended Noninterest expense: March 31, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 6 - Securities
Note 6 - Securities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value March 31, 2023 U.S. government sponsored entities $ 8,883 $ - $ (1,141 ) 7,742 U.S. treasury securities 389 - - 389 Collateralized mortgage obligations and residential mortgage-backed securities 159,376 - (26,067 ) 133,309 Municipal securities 280,604 69 (45,229 ) 235,444 Collateralized debt obligations 2,173 - (1,156 ) 1,017 Total securities available-for-sale $ 451,425 $ 69 $ (73,593 ) $ 377,901 (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 The cost basis and estimated fair value of available-for-sale debt securities at March 31, 2023, not (Dollars in thousands) Available-for-sale Estimated Cost Fair March 31, 2023 Basis Value Due in one year or less $ 795 $ 795 Due from one to five years 7,062 6,363 Due from five to ten years 20,004 18,548 Due over ten years 264,188 218,886 Collateralized mortgage obligations and residential mortgage-backed securities 159,376 133,309 Total $ 451,425 $ 377,901 Sales of available-for-sale securities were as follows for the three (Dollars in thousands) March 31, March 31, 2023 2022 Proceeds $ - $ 16,236 Gross gains - 397 Gross losses - (16 ) Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (37,738 ) Ending balance, March 31, 2022 $ (33,462 ) (Dollars in thousands) Unrealized Ending balance, December 31, 2022 $ (64,300 ) Current period change 8,405 Ending balance, March 31, 2023 $ (55,895 ) Securities with market values of approximately $320.7 million and $223.7 million were pledged as of March 31, 2023 December 31, 2022, Securities with gross unrealized losses at March 31, 2023, December 31, 2022 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 March 31, 2023 U.S. government sponsored entities $ - $ - $ 7,742 $ (1,141 ) $ 7,742 $ (1,141 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 3,617 (125 ) 129,692 (25,942 ) 133,309 (26,067 ) 100.0 % Municipal securities 10,579 (197 ) 215,135 (45,032 ) 225,714 (45,229 ) 95.9 % Collateralized debt obligations - - 1,017 (1,156 ) 1,017 (1,156 ) 100.0 % Total temporarily impaired $ 14,196 $ (322 ) $ 353,586 $ (73,271 ) $ 367,782 $ (73,593 ) 97.3 % Number of securities 28 408 436 (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 At March 31, 2023, not Accrued interest receivable on AFS debt securities totaled $2.4 million at March 31, 2023, Unrealized losses on securities have not |
Note 7 - Loans Receivable
Note 7 - Loans Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 7 The Bancorp’s current lending programs are described below: Residential Real Estate. 80% 97% not Fixed rate loans currently originated generally conform to Freddie Mac guidelines for loans purchased under the one‑to‑four family program. Loan interest rates are determined based on secondary market yield requirements and local market conditions. Fixed rate mortgage loans with contractual maturities generally exceeding fifteen may The 15 20 30 15 15 second The Bancorp’s Adjustable Rate Mortgage Loans (“ARMs”) include offerings that reprice annually or are “mini-fixed.” The “mini‑fixed” mortgage reprices annually after a one, three, five, seven ten Home Equity Line of Credit. second second Fixed term home improvement and equity loans are made up to a maximum of 85% of the appraised value of the improved property, less any outstanding liens. These loans are offered on both a fixed and variable rate basis with a maximum term of 240 months. All home equity loans are made on a direct basis to borrowers. Commercial Real Estate and Multifamily Loans. 15 15 seven ten While commercial real estate lending is generally considered to involve a higher degree of risk than single‑family residential lending due to the concentration of principal in a limited number of loans and the effects of general economic conditions on real estate developers and managers, the Bancorp has endeavored to reduce this risk in several ways. In originating commercial real estate loans, the Bancorp considers the feasibility of the project, the financial strength of the borrowers and lessees, the managerial ability of the borrowers, the location of the project and the economic environment. Management evaluates the debt coverage ratio and analyzes the reliability of cash flows, as well as the quality of earnings. All such loans are made in accordance with well-defined underwriting standards and are generally supported by personal guarantees, which represent a secondary source of repayment. Loans for the construction of commercial properties are generally located within an area permitting physical inspection and regular review of business records. Projects financed outside of the Bancorp’s primary lending area generally involve borrowers and guarantors who are or were previous customers of the Bancorp or projects that are underwritten according to the Bank’s underwriting standards. Construction and Land Development. six one Loans are also made for the construction of commercial properties. All such loans are made in accordance with well-defined underwriting standards. Generally if the loans are not not not two Commercial Business and Farmland Loans. not Consumer Loans. Manufactured Homes. third 25 Government Loans. (Dollars in thousands) March 31, 2023 December 31, 2022 Loans secured by real estate: Residential real estate $ 476,899 $ 484,595 Home equity 39,877 38,978 Commercial real estate 484,564 486,431 Construction and land development 116,308 108,926 Multifamily 252,633 251,014 Total loans secured by real estate 1,370,281 1,369,944 Commercial business 100,652 93,278 Consumer 723 918 Manufactured homes 34,027 34,882 Government 10,646 9,549 Loans receivable 1,516,329 1,508,571 Add (less): Net deferred loan origination costs 4,829 5,083 Undisbursed loan funds (69 ) (23 ) Loans receivable, net of deferred fees and costs $ 1,521,089 $ 1,513,631 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 and Accruing Total Past Due and Accruing Current Accruing Loans Non-accrual Loans Total Loans Receivable March 31, 2023 Residential real estate $ 6,602 $ 434 $ 489 $ 7,525 $ 464,246 $ 471,771 $ 5,128 $ 476,899 Home equity 73 - 65 138 38,366 38,504 1,373 39,877 Commercial real estate 751 - - 751 480,831 481,582 2,982 484,564 Construction and land development 358 542 - 900 115,408 116,308 - 116,308 Multifamily 760 - - 760 244,523 245,283 7,350 252,633 Commercial business 441 795 - 1,236 96,776 98,012 2,640 100,652 Consumer - - - - 723 723 - 723 Manufactured homes 932 201 324 1,457 32,570 34,027 - 34,027 Government - - - - 10,646 10,646 - 10,646 Total $ 9,917 $ 1,972 $ 878 $ 12,767 $ 1,484,089 $ 1,496,856 $ 19,473 $ 1,516,329 December 31, 2022 Residential real estate $ 3,758 $ 2,520 $ 166 $ 6,444 $ 472,804 $ 479,248 $ 5,347 $ 484,595 Home equity 315 42 - 357 38,027 38,384 594 38,978 Commercial real estate 1,399 150 - 1,549 481,640 483,189 3,242 486,431 Construction and land development 2,673 - - 2,673 106,253 108,926 - 108,926 Multifamily 1,724 616 - 2,340 241,610 243,950 7,064 251,014 Commercial business 1,775 - - 1,775 89,622 91,397 1,881 93,278 Consumer 3 - - 3 915 918 - 918 Manufactured homes 601 256 82 939 33,943 34,882 - 34,882 Government - - - - 9,549 9,549 - 9,549 Total $ 12,248 $ 3,584 $ 248 $ 16,080 $ 1,474,363 $ 1,490,443 $ 18,128 $ 1,508,571 The following table shows the amortized cost of loans, segregated by portfolio segment, credit quality rating and year of origination as of March 31, 2023, three March 31, 2023. March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Total Loans Receivable $ 33,681 $ 330,215 $ 351,588 $ 263,691 $ 130,476 $ 323,663 $ 82,874 $ 141 $ 1,516,329 Total Current period gross writeoff $ (19 ) $ - $ - $ (75 ) $ - $ (12 ) $ - $ - $ (106 ) Residential real estate Pass (1-6) $ 4,775 $ 79,050 $ 101,214 $ 124,391 $ 26,094 $ 131,775 $ 2,729 $ - $ 470,028 Special Mention (7) - - - - 43 703 - - 746 Substandard (8) - 358 261 499 376 4,631 - - 6,125 Total $ 4,775 $ 79,408 $ 101,475 $ 124,890 $ 26,513 $ 137,109 $ 2,729 $ - $ 476,899 Current period gross writeoff - - - - - - - - - Home equity Pass (1-6) $ - $ - $ - $ - $ - $ 1,693 $ 36,213 $ 141 $ 38,047 Special Mention (7) - - - - - 128 284 - 412 Substandard (8) - - - - 185 916 317 - 1,418 Total $ - $ - $ - $ - $ 185 $ 2,737 $ 36,814 $ 141 $ 39,877 Current period gross writeoff - - - - - - - - - Commercial real estate Pass (1-6) $ 6,379 $ 116,935 $ 107,229 $ 57,713 $ 59,064 $ 123,857 $ 3,287 $ - $ 474,464 Special Mention (7) - 76 - - 1,165 2,141 149 - 3,531 Substandard (8) - 1,216 92 240 - 5,021 - - 6,569 Total $ 6,379 $ 118,227 $ 107,321 $ 57,953 $ 60,229 $ 131,019 $ 3,436 $ - $ 484,564 Current period gross writeoff - - - - - (12 ) - - (12 ) Construction and land development Pass (1-6) $ 7,667 $ 52,259 $ 34,588 $ 1,023 $ 9,018 $ 634 $ 6,669 $ - $ 111,858 Special Mention (7) - - 2,391 2,059 - - - - 4,450 Substandard (8) - - - - - - - - - Total $ 7,667 $ 52,259 $ 36,979 $ 3,082 $ 9,018 $ 634 $ 6,669 $ - $ 116,308 Current period gross writeoff - - - - - - - - - Multifamily Pass (1-6) $ 6,388 $ 54,961 $ 81,790 $ 59,245 $ 15,334 $ 25,646 $ 180 $ - $ 243,544 Special Mention (7) - - - 861 - 877 - - 1,738 Substandard (8) - 901 - - 6,089 361 - - 7,351 Total $ 6,388 $ 55,862 $ 81,790 $ 60,106 $ 21,423 $ 26,884 $ 180 $ - $ 252,633 Current period gross writeoff - - - - - - - - - Commercial business Pass (1-6) $ 6,488 $ 20,333 $ 8,189 $ 7,261 $ 6,871 $ 15,140 $ 32,796 $ - $ 97,078 Special Mention (7) - - 70 - 145 469 250 - 934 Substandard (8) - - 227 416 5 1,992 - - 2,640 Total $ 6,488 $ 20,333 $ 8,486 $ 7,677 $ 7,021 $ 17,601 $ 33,046 $ - $ 100,652 Current period gross writeoff - - - (75 ) - - - - (75 ) Consumer Pass (1-6) $ 94 $ 132 $ 175 $ 18 $ 31 $ 273 $ - $ - $ 723 Total $ 94 $ 132 $ 175 $ 18 $ 31 $ 273 $ - $ - $ 723 Current period gross writeoff (19 ) - - - - - - - (19 ) Manufactured homes Pass (1-6) $ - $ 1,994 $ 13,840 $ 9,965 $ 6,056 $ 2,172 $ - $ - $ 34,027 Total $ - $ 1,994 $ 13,840 $ 9,965 $ 6,056 $ 2,172 $ - $ - $ 34,027 Current period gross writeoff - - - - - - - - - Government Pass (1-6) $ 1,890 $ 2,000 $ 1,522 $ - $ - $ 5,234 $ - $ - $ 10,646 Total $ 1,890 $ 2,000 $ 1,522 $ - $ - $ 5,234 $ - $ - $ 10,646 Current period gross writeoff - - - - - - - - - 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 The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of these grades by the Bancorp is uniform and conforms to regulatory definitions. The loan grading system is as follows: 1 Superior Quality Loans in this category are substantially risk free. Loans fully collateralized by a Bank certificate of deposit or Bank deposits with a hold are substantially risk free. 2 Excellent Quality The borrower generates excellent and consistent cash flow for debt coverage, excellent average credit scores, excellent liquidity and net worth and are reputable operators with over 15 3 Great Quality The borrower generates more than sufficient cash flow to fund debt service and cash flow is improving. Average credit scores are very strong. Operators are reputable with significant years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are very strong. Loan to value is significantly below policy and collateral condition is significantly above average. 4 Above Average Quality The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may 5 Average Quality Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may 6 Pass Borrowers are considered credit worthy but financial condition may may may 7 Special Mention A special mention asset has identified weaknesses that deserve Management’s close attention. If left uncorrected, these weaknesses may not not Loans in this category may may may may 1:1. may may may may may may 8 Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not 9 Doubtful Such loans have been placed on nonaccrual status and may 10 Loss Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not Performing loans are loans that are paying as agreed and are approximately less than ninety Non-performing loans include those loans that are 90 Loan Modification Disclosures Pursuant to ASU 2022 02 The following table shows the amortized cost of loans at March 31, 2023, three March 31, 2023, (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Residential Real Estate $ 600 $ - $ - $ - 0.13 % Total $ 600 $ - $ - $ - 0.04 % There were no The Bancorp closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of such loans and leases that have been modified during the three March 31, 2023. (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Residential Real Estate $ 224 $ - $ - $ 376 Total $ 224 $ - $ - $ 376 The borrowers with payment delays have had principal and interest payments deferred to the contractual maturity of their loans. Upon the Bancorp’s determination that a modified loan has subsequently been deemed uncollectible, the loan or lease is written off. Therefore, the amortized cost of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Troubled Debt Restructuring (TDR) Disclosures Prior to the Adoption of ASU 2022 02 During the three March 31, 2022, one three March 31, 2021, one One three March 31, 2021. not Acquired Loan Purchase Discounts As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $5.8 million at March 31, 2023, December 31, 2022. Accretable yield, or income recorded for the three March 31, (dollars in thousands) Total 2022 $ 107 2023 167 Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) Total Remainder 2023 537 2024 744 2025 661 2026 462 2027 and thereafter 3,352 Total $ 5,756 Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Bancorp’s loan and lease portfolios utilizing guidance in Accounting Standards Codification (ASC) Topic 326. 2016 13 January 1, 2023. March 31, 2022, three March 31, 2022, The determination of the allowance requires significant judgment to estimate credit losses measured on a collective pool basis when similar risk characteristics exist, and for loans evaluated individually. In determining the allowance, the Bancorp estimates expected future losses for the loan’s entire contractual term adjusted for expected payments when appropriate. The allowance estimate considers relevant available information, from internal and external sources relating to the historical loss experience, current conditions, and reasonable and supportable forecasts for the Bancorp’s outstanding loan and lease balances. The allowance is an estimation that reflects management’s evaluation of expected losses related to the Bancorp’s financial assets measured at amortized cost. To ensure that the allowance is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The Bancorp categorizes the loan portfolios into nine two one three March 31, 2023 2022. (Dollars in thousands) Beginning Balance Adoption of ASC 326 PCD Gross-up Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended March 31, 2023: Allowance for credit losses: Residential real estate $ 3,021 $ 1,688 $ 31 $ - $ 52 $ (228 ) $ 4,564 Home equity 410 99 533 - - 105 1,147 Commercial real estate 5,784 1,003 443 (12 ) - (99 ) 7,119 Construction and land development 1,253 1,735 - - - 241 3,229 Multifamily 1,007 141 - - - (89 ) 1,059 Commercial business 1,365 320 5 (75 ) 47 433 2,095 Consumer 57 5 17 (19 ) 3 1 64 Manufactured homes - 112 - - - 104 216 Government - 55 - - - 20 75 Total $ 12,897 $ 5,158 $ 1,029 $ (106 ) $ 102 $ 488 $ 19,568 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three March 31, 2022: Allowance for loan losses: Residential real estate $ 2,480 $ - $ 21 $ (8 ) $ 2,493 Home equity 357 - - (3 ) 354 Commercial real estate 5,515 - - 15 5,530 Construction and land development 2,119 - - 16 2,135 Multifamily 848 - - 41 889 Commercial business 2,009 - 31 (99 ) 1,941 Consumer 15 (10 ) 2 38 45 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (10 ) $ 54 $ - $ 13,387 A collateral dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with the loan, the Bancorp considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral's value increases and the loan may The table below presents the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, March 31, 2023 (dollars in thousands) Real Estate Accounts Receivable Other Total ACL Allocation Commercial and Industrial $ 57 $ 3,231 $ 388 $ 3,676 $ 645 Commercial Real Estate 5,185 - - 5,185 422 Multifamily 7,418 - - 7,418 - Total $ 12,660 $ 3,231 $ 388 $ 16,279 $ 1,067 A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectations, the deferred cost reserve is paid as a premium to the third March 31, 2023, December 31, 2022, The following table presents non–accrual loans, loans past due over 90 As of March 31, 2023 Nonaccrual with No Allowance for Credit Loss Nonaccrual Loans Past Due over 90 Days Still Accruing Residential real estate $ 1,323 $ 3,805 $ 488 Home equity - 1,373 65 Commercial real estate 2,841 141 - Construction and land development - - - Multifamily 7,350 - - Commercial business 57 2,583 - Consumer - - - Manufactured homes - - 324 Government - - - Total $ 11,571 $ 7,902 $ 877 The Bancorp's impairment analysis is summarized below: Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at 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 individually evaluated impaired loans are summarized below: (Dollars in thousands) For the three months ended, (unaudited) As of December 31, 2022 March 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 $ - $ 2,629 $ 30 Home equity 399 416 - 255 7 Commercial real estate 5,314 5,406 - 2,188 10 Construction and land development - - - 460 - Multifamily 7,121 7,163 - 2,036 - Commercial business 2,278 2,392 - 1,226 15 Consumer 17 17 - 11 - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 251 $ 276 $ 24 $ 87 $ 3 Home equity 20 20 3 22 1 Commercial real estate 13 14 13 843 - Construction and land development - - - - - Multifamily - - - - - Commercial business 433 561 297 354 16 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,506 $ 3,987 $ 24 $ 2,716 $ 33 Home equity $ 419 $ 436 $ 3 $ 277 $ 8 Commercial real estate $ 5,327 $ 5,420 $ 13 $ 3,031 $ 10 Construction & land development $ - $ - $ - $ 460 $ - Multifamily $ 7,121 $ 7,163 $ - $ 2,036 $ - Commercial business $ 2,711 $ 2,953 $ 297 $ 1,580 $ 31 Consumer $ 17 $ 17 $ - $ 11 $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - Accrued interest receivable on loans totaled $5.3 million and is excluded from the estimate of credit losses. The Bancorp made the accounting policy election to not Liability for Credit Losses on Unfunded Loan Commitments The liability for credit losses inherent in unfunded loan commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the ACL. The following table shows the changes in the liability for credit losses on unfunded loan commitments. Three months ended, March 31, (Dollars in thousands) 2023 Balance, beginning of period $ - Adoption of ASC 326 3,108 Provision (recovery of provision) - Balance, end of period $ 3,108 |
Note 8 - Intangibles and Acquis
Note 8 - Intangibles and Acquisition Related Accounting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 Intangibles and Acquisition Related Accounting (Dollars in thousands) 2023 2022 Goodwill balance January 1, $ 22,395 $ 11,109 Goodwill acquired - Royal Financial - 11,286 Goodwill balance March 31, $ 22,395 $ 22,395 Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has 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 $4.4 million and $4.8 million as of March 31, 2023, December 31, 2022, The amortization recorded for the three March 31, (dollars in thousands) Total 2022 $ 347 2023 $ 391 Amortization to be recorded in future periods, is as follows: (dollars in thousands) Total Remainder of 2023 1,130 2024 1,411 2025 688 2026 360 2027 294 Thereafter 519 Total $ 4,402 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 $72 thousand and $129 thousand of amortization was taken as income during the three March 31, 2023 2022, 2023, 2024, 2025, |
Note 9 - Deposits
Note 9 - Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 Deposits The Bancorp’s end-of-period deposit portfolio balances were as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Checking $ 693,294 $ 755,377 Savings 365,176 402,365 Money market 276,236 254,157 Certificates of deposit 471,404 363,118 Total deposits $ 1,806,110 $ 1,775,017 The aggregate amount of retail and brokered certificates of deposit with a balance of $250 March 31, 2023 December 31, 2022. |
Note 10 - Concentration of Cred
Note 10 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 10 The primary lending area of the Bancorp encompasses Lake County in northwest Indiana and Cook County in northeast Illinois, where collectively a majority of loan activity is concentrated. The Bancorp is also an active lender in Porter County, and to a lesser extent, LaPorte, Newton and Jasper counties in Indiana; and DuPage, Lake, and Will counties in Illinois. Substantially all loans are secured by specific items of collateral including residences, commercial real estate, land development, business assets and consumer assets. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three March 31, 2023, 2022, Three months ended (dollars in thousands except per share data) March 31, 2023 2022 Basic earnings per common share: Net income as reported $ 2,240 $ 2,135 Weighted average common shares outstanding 4,342,386 4,020,815 Basic earnings per common share $ 0.52 $ 0.53 Diluted earnings per common share: Net income as reported $ 2,240 $ 2,135 Weighted average common shares outstanding 4,342,386 4,020,815 Add: Dilutive effect of unvested restricted stock awards 11,487 - Weighted average common and dilutive potential common shares outstanding 4,353,873 4,020,815 Diluted earnings per common share $ 0.51 $ 0.53 |
Note 12 - Stock Based Compensat
Note 12 - Stock Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 12 The Bancorp’s 2015 February 27, 2015, April 24, 2015, may As required by the Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the three March 31, 2023, three March 31, 2022. 2026 Restricted stock awards are issued with an award price equal to the market price of the Bancorp’s common stock on the award date and vest between three five three March 31, 2023, Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 55,833 $ 43.87 Granted 8,492 36.73 Vested (13,754 ) 44.32 Forfeited (1,370 ) 42.01 Non-vested at March 31, 2023 49,201 $ 42.56 |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 13 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: March 31, 2023 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 $ 7,440 Other liabilties $ 7,440 Interest rate lock commitments Other assets 95 N/A - Total $ 7,535 $ 7,440 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 The following table shows the amounts included in the Statements of Income for non-hedging derivative financial instruments: Three Months Ended (Dollars in thousands) Statement of Income Classification 2023 2022 Interest rate swap contracts Fees and service charges $ (30 ) $ - Interest rate lock commitments Gain on sale of loans held-for-sale, net 57 25 Total $ 27 $ 25 The following table shows the offsetting of financial assets and derivative assets: Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount March 31, 2023 Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - $ - $ 7,440 Interest rate lock commitments 95 - 95 - - 95 Total $ 7,535 $ - $ 7,535 $ - $ - $ 7,535 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount December 31, 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 The following table shows the offsetting of financial liabilities and derivative liabilities: Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount March 31, 2023 Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - $ 3,930 $ 3,510 Total $ 7,440 $ - $ 7,440 $ - $ 3,930 $ 3,510 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Total $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 |
Note 14 - Fair Value
Note 14 - Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 14 The Fair Value Measurements Topic establishes a hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Topic describes three may Level 1: Level 2: 1 not Level 3: The fair values of securities available-for-sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges or pricing models utilizing significant observable inputs such as matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Different judgments and assumptions used in pricing could result in different estimates of value. In certain cases where market data is not may 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis There were no 1 2 three March 31, 2023. (Dollars in thousands) Fair Value Measurements at March 31, 2023 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 $ 7,440 $ - $ 7,440 $ - Interest rate lock commitments 95 - 95 - Available-for-sale debt securities: U.S. government sponsored entities 7,742 - 7,742 - U.S. treasury securities 389 - 389 - Collateralized mortgage obligations and residential mortgage-backed securities 133,309 - 133,309 - Municipal securities 235,444 - 235,444 - Collateralized debt obligations 1,017 - - 1,017 Total securities available-for-sale $ 377,901 $ - $ 376,884 $ 1,017 Liabilities: Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - (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 $ - A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table: (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- Beginning balance, January 1, 2022 $ 992 Principal payments - Total unrealized losses, included in other comprehensive income (20 ) Ending balance, March 31, 2022 $ 972 Beginning balance, January 1, 2023 $ 1,048 Principal payments - Total unrealized losses, included in other comprehensive loss (31 ) Ending balance, March 31, 2023 $ 1,017 Assets measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at March 31, 2023 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Collateral dependent loans $ 2,645 $ - $ - $ 2,645 (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 Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2 3 not The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not not March 31, 2023 Estimated Fair Value Measurements at March 31, 2023 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 54,781 $ 54,781 $ 54,781 $ - $ - Certificates of deposit in other financial institutions 2,452 2,398 - 2,398 - Loans held-for-sale 1,672 1,699 - 1,699 - Loans receivable, net 1,501,521 1,457,318 - - 1,457,318 Federal Home Loan Bank stock 6,547 6,547 - 6,547 - Accrued interest receivable 7,717 7,717 - 7,717 - Financial liabilities: Non-interest bearing deposits 330,057 330,057 330,057 - - Interest bearing deposits 1,476,053 1,477,268 1,004,649 472,619 - Repurchase agreements 28,423 28,385 21,445 6,940 - Borrowed funds 100,000 100,000 - 100,000 - Accrued interest payable 399 399 - 399 - December 31, 2022 Estimated Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets 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 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended March 31, 2023 December 31, 2022: Cash and cash equivalent carrying amounts approximate fair value. Certificates of deposits in other financial institutions carrying amounts approximate fair value (Level 2 2 third 3 1 3 third 2 Non-interest and interest bearing deposits, which include checking, savings, and money market deposits, are estimated to have fair values based on the amount payable as of the reporting date (Level 1 2 1 three 2 1 2 not |
Note 15 - Borrowings
Note 15 - Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 15 At March 31, 2023, December 31, 2022, (Dollars in thousands) March 31, December 31, 2023 2022 Fixed rate advances from the BTFP with outstanding rates of 4.38 $ 100,000 $ - Fixed rate advances from the FHLB with outstanding rates of 4.30 $ - $ 120,000 Total $ 100,000 $ 120,000 At March 31, 2023, (Dollars in thousands) 2024 100,000 Total $ 100,000 On March 12, 2023, one first 2023, not March 31, 2023 December 31, 2022. not March 31, 2023, December 31, 2022. |
Note 3 - Change in Accounting_2
Note 3 - Change in Accounting Principles (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | As Reported Under (Dollars in thousands) Pre-ASC 326 Adoption Impact of ASC 326 ASC 326 Allowance for credit losses December 31, 2022 Adoption January 1, 2023 Residential real estate $ 3,021 $ 1,719 $ 4,740 Home equity 410 632 1,042 Commercial real estate 5,784 1,446 7,230 Construction and land development 1,253 1,735 2,988 Multifamily 1,007 141 1,148 Commercial business 1,365 325 1,690 Consumer 57 22 79 Manufactured homes - 112 112 Government - 55 55 Total allowance for credit losses on loans $ 12,897 $ 6,187 $ 19,084 Accrued expenses and other liabilities - 3,108 3,108 Total allowance for credit losses $ 12,897 $ 9,295 $ 22,192 |
Note 5 - Acquisition Activity (
Note 5 - Acquisition Activity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ASSETS LIABILITIES Cash and due from banks $ 52,524 Deposits Investment securities, available for sale - Non-interest bearing $ 32,095 Certificate of deposit in other financial institutions 245 NOW accounts 63,639 Savings and money market 184,149 Total Loans 450,757 Certificates of deposits 195,153 Total Deposits 475,036 Premises and equipment, net 13,896 FHLB stock 1,303 Interest payable 75 Goodwill 11,286 Other liabilities 11,228 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 Total liabilities assumed $ 486,339 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended For the three months ended (in thousands) March 31, 2023 March 31, 2022 Selected Financial Data Interest income $ 20,136 $ 17,589 Interest expense (5,468 ) (460 ) Provision for loan losses (488 ) - Non-interest income 2,608 3,283 Non-interest expense (1) (14,227 ) (14,397 ) Income before provision for income taxes 2,561 6,015 Income tax expense (321 ) (1,032 ) Net income $ 2,240 $ 4,983 Earnings per common share: Basic $ 0.52 $ 1.24 Diluted $ 0.51 $ 1.24 |
Business Combination, Separately Recognized Transactions [Table Text Block] | (in thousands) Three months ended Noninterest expense: March 31, 2022 Compensation and benefits $ 132 Data processing 1,929 Marketing 135 Other 656 Period merger expense $ 2,852 |
Note 6 - Securities (Tables)
Note 6 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value March 31, 2023 U.S. government sponsored entities $ 8,883 $ - $ (1,141 ) 7,742 U.S. treasury securities 389 - - 389 Collateralized mortgage obligations and residential mortgage-backed securities 159,376 - (26,067 ) 133,309 Municipal securities 280,604 69 (45,229 ) 235,444 Collateralized debt obligations 2,173 - (1,156 ) 1,017 Total securities available-for-sale $ 451,425 $ 69 $ (73,593 ) $ 377,901 (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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) Available-for-sale Estimated Cost Fair March 31, 2023 Basis Value Due in one year or less $ 795 $ 795 Due from one to five years 7,062 6,363 Due from five to ten years 20,004 18,548 Due over ten years 264,188 218,886 Collateralized mortgage obligations and residential mortgage-backed securities 159,376 133,309 Total $ 451,425 $ 377,901 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) March 31, March 31, 2023 2022 Proceeds $ - $ 16,236 Gross gains - 397 Gross losses - (16 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Unrealized Ending balance, December 31, 2021 $ 4,276 Current period change (37,738 ) Ending balance, March 31, 2022 $ (33,462 ) (Dollars in thousands) Unrealized Ending balance, December 31, 2022 $ (64,300 ) Current period change 8,405 Ending balance, March 31, 2023 $ (55,895 ) |
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 March 31, 2023 U.S. government sponsored entities $ - $ - $ 7,742 $ (1,141 ) $ 7,742 $ (1,141 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 3,617 (125 ) 129,692 (25,942 ) 133,309 (26,067 ) 100.0 % Municipal securities 10,579 (197 ) 215,135 (45,032 ) 225,714 (45,229 ) 95.9 % Collateralized debt obligations - - 1,017 (1,156 ) 1,017 (1,156 ) 100.0 % Total temporarily impaired $ 14,196 $ (322 ) $ 353,586 $ (73,271 ) $ 367,782 $ (73,593 ) 97.3 % Number of securities 28 408 436 (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 |
Note 7 - Loans Receivable (Tabl
Note 7 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) March 31, 2023 December 31, 2022 Loans secured by real estate: Residential real estate $ 476,899 $ 484,595 Home equity 39,877 38,978 Commercial real estate 484,564 486,431 Construction and land development 116,308 108,926 Multifamily 252,633 251,014 Total loans secured by real estate 1,370,281 1,369,944 Commercial business 100,652 93,278 Consumer 723 918 Manufactured homes 34,027 34,882 Government 10,646 9,549 Loans receivable 1,516,329 1,508,571 Add (less): Net deferred loan origination costs 4,829 5,083 Undisbursed loan funds (69 ) (23 ) Loans receivable, net of deferred fees and costs $ 1,521,089 $ 1,513,631 |
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 and Accruing Total Past Due and Accruing Current Accruing Loans Non-accrual Loans Total Loans Receivable March 31, 2023 Residential real estate $ 6,602 $ 434 $ 489 $ 7,525 $ 464,246 $ 471,771 $ 5,128 $ 476,899 Home equity 73 - 65 138 38,366 38,504 1,373 39,877 Commercial real estate 751 - - 751 480,831 481,582 2,982 484,564 Construction and land development 358 542 - 900 115,408 116,308 - 116,308 Multifamily 760 - - 760 244,523 245,283 7,350 252,633 Commercial business 441 795 - 1,236 96,776 98,012 2,640 100,652 Consumer - - - - 723 723 - 723 Manufactured homes 932 201 324 1,457 32,570 34,027 - 34,027 Government - - - - 10,646 10,646 - 10,646 Total $ 9,917 $ 1,972 $ 878 $ 12,767 $ 1,484,089 $ 1,496,856 $ 19,473 $ 1,516,329 December 31, 2022 Residential real estate $ 3,758 $ 2,520 $ 166 $ 6,444 $ 472,804 $ 479,248 $ 5,347 $ 484,595 Home equity 315 42 - 357 38,027 38,384 594 38,978 Commercial real estate 1,399 150 - 1,549 481,640 483,189 3,242 486,431 Construction and land development 2,673 - - 2,673 106,253 108,926 - 108,926 Multifamily 1,724 616 - 2,340 241,610 243,950 7,064 251,014 Commercial business 1,775 - - 1,775 89,622 91,397 1,881 93,278 Consumer 3 - - 3 915 918 - 918 Manufactured homes 601 256 82 939 33,943 34,882 - 34,882 Government - - - - 9,549 9,549 - 9,549 Total $ 12,248 $ 3,584 $ 248 $ 16,080 $ 1,474,363 $ 1,490,443 $ 18,128 $ 1,508,571 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Total Loans Receivable $ 33,681 $ 330,215 $ 351,588 $ 263,691 $ 130,476 $ 323,663 $ 82,874 $ 141 $ 1,516,329 Total Current period gross writeoff $ (19 ) $ - $ - $ (75 ) $ - $ (12 ) $ - $ - $ (106 ) Residential real estate Pass (1-6) $ 4,775 $ 79,050 $ 101,214 $ 124,391 $ 26,094 $ 131,775 $ 2,729 $ - $ 470,028 Special Mention (7) - - - - 43 703 - - 746 Substandard (8) - 358 261 499 376 4,631 - - 6,125 Total $ 4,775 $ 79,408 $ 101,475 $ 124,890 $ 26,513 $ 137,109 $ 2,729 $ - $ 476,899 Current period gross writeoff - - - - - - - - - Home equity Pass (1-6) $ - $ - $ - $ - $ - $ 1,693 $ 36,213 $ 141 $ 38,047 Special Mention (7) - - - - - 128 284 - 412 Substandard (8) - - - - 185 916 317 - 1,418 Total $ - $ - $ - $ - $ 185 $ 2,737 $ 36,814 $ 141 $ 39,877 Current period gross writeoff - - - - - - - - - Commercial real estate Pass (1-6) $ 6,379 $ 116,935 $ 107,229 $ 57,713 $ 59,064 $ 123,857 $ 3,287 $ - $ 474,464 Special Mention (7) - 76 - - 1,165 2,141 149 - 3,531 Substandard (8) - 1,216 92 240 - 5,021 - - 6,569 Total $ 6,379 $ 118,227 $ 107,321 $ 57,953 $ 60,229 $ 131,019 $ 3,436 $ - $ 484,564 Current period gross writeoff - - - - - (12 ) - - (12 ) Construction and land development Pass (1-6) $ 7,667 $ 52,259 $ 34,588 $ 1,023 $ 9,018 $ 634 $ 6,669 $ - $ 111,858 Special Mention (7) - - 2,391 2,059 - - - - 4,450 Substandard (8) - - - - - - - - - Total $ 7,667 $ 52,259 $ 36,979 $ 3,082 $ 9,018 $ 634 $ 6,669 $ - $ 116,308 Current period gross writeoff - - - - - - - - - Multifamily Pass (1-6) $ 6,388 $ 54,961 $ 81,790 $ 59,245 $ 15,334 $ 25,646 $ 180 $ - $ 243,544 Special Mention (7) - - - 861 - 877 - - 1,738 Substandard (8) - 901 - - 6,089 361 - - 7,351 Total $ 6,388 $ 55,862 $ 81,790 $ 60,106 $ 21,423 $ 26,884 $ 180 $ - $ 252,633 Current period gross writeoff - - - - - - - - - Commercial business Pass (1-6) $ 6,488 $ 20,333 $ 8,189 $ 7,261 $ 6,871 $ 15,140 $ 32,796 $ - $ 97,078 Special Mention (7) - - 70 - 145 469 250 - 934 Substandard (8) - - 227 416 5 1,992 - - 2,640 Total $ 6,488 $ 20,333 $ 8,486 $ 7,677 $ 7,021 $ 17,601 $ 33,046 $ - $ 100,652 Current period gross writeoff - - - (75 ) - - - - (75 ) Consumer Pass (1-6) $ 94 $ 132 $ 175 $ 18 $ 31 $ 273 $ - $ - $ 723 Total $ 94 $ 132 $ 175 $ 18 $ 31 $ 273 $ - $ - $ 723 Current period gross writeoff (19 ) - - - - - - - (19 ) Manufactured homes Pass (1-6) $ - $ 1,994 $ 13,840 $ 9,965 $ 6,056 $ 2,172 $ - $ - $ 34,027 Total $ - $ 1,994 $ 13,840 $ 9,965 $ 6,056 $ 2,172 $ - $ - $ 34,027 Current period gross writeoff - - - - - - - - - Government Pass (1-6) $ 1,890 $ 2,000 $ 1,522 $ - $ - $ 5,234 $ - $ - $ 10,646 Total $ 1,890 $ 2,000 $ 1,522 $ - $ - $ 5,234 $ - $ - $ 10,646 Current period gross writeoff - - - - - - - - - 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 |
Financing Receivable, Modified [Table Text Block] | (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Residential Real Estate $ 600 $ - $ - $ - 0.13 % Total $ 600 $ - $ - $ - 0.04 % (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Residential Real Estate $ 224 $ - $ - $ 376 Total $ 224 $ - $ - $ 376 |
Schedule of Accretable Yield from Financing Receivables [Table Text Block] | (dollars in thousands) Total 2022 $ 107 2023 167 (dollars in thousands) Total Remainder 2023 537 2024 744 2025 661 2026 462 2027 and thereafter 3,352 Total $ 5,756 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Beginning Balance Adoption of ASC 326 PCD Gross-up Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended March 31, 2023: Allowance for credit losses: Residential real estate $ 3,021 $ 1,688 $ 31 $ - $ 52 $ (228 ) $ 4,564 Home equity 410 99 533 - - 105 1,147 Commercial real estate 5,784 1,003 443 (12 ) - (99 ) 7,119 Construction and land development 1,253 1,735 - - - 241 3,229 Multifamily 1,007 141 - - - (89 ) 1,059 Commercial business 1,365 320 5 (75 ) 47 433 2,095 Consumer 57 5 17 (19 ) 3 1 64 Manufactured homes - 112 - - - 104 216 Government - 55 - - - 20 75 Total $ 12,897 $ 5,158 $ 1,029 $ (106 ) $ 102 $ 488 $ 19,568 Allowance for loan losses: Residential real estate $ 2,480 $ - $ 21 $ (8 ) $ 2,493 Home equity 357 - - (3 ) 354 Commercial real estate 5,515 - - 15 5,530 Construction and land development 2,119 - - 16 2,135 Multifamily 848 - - 41 889 Commercial business 2,009 - 31 (99 ) 1,941 Consumer 15 (10 ) 2 38 45 Manufactured homes - - - - - Government - - - - - Total $ 13,343 $ (10 ) $ 54 $ - $ 13,387 |
Schedule of Collateral Dependent Loans [Table Text Block] | March 31, 2023 (dollars in thousands) Real Estate Accounts Receivable Other Total ACL Allocation Commercial and Industrial $ 57 $ 3,231 $ 388 $ 3,676 $ 645 Commercial Real Estate 5,185 - - 5,185 422 Multifamily 7,418 - - 7,418 - Total $ 12,660 $ 3,231 $ 388 $ 16,279 $ 1,067 |
Financing Receivable, Nonaccrual [Table Text Block] | As of March 31, 2023 Nonaccrual with No Allowance for Credit Loss Nonaccrual Loans Past Due over 90 Days Still Accruing Residential real estate $ 1,323 $ 3,805 $ 488 Home equity - 1,373 65 Commercial real estate 2,841 141 - Construction and land development - - - Multifamily 7,350 - - Commercial business 57 2,583 - Consumer - - - Manufactured homes - - 324 Government - - - Total $ 11,571 $ 7,902 $ 877 |
Financing Receivable, Impairment Evaluation [Table Text Block] | Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at 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 |
Impaired Financing Receivables [Table Text Block] | (Dollars in thousands) For the three months ended, (unaudited) As of December 31, 2022 March 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 $ - $ 2,629 $ 30 Home equity 399 416 - 255 7 Commercial real estate 5,314 5,406 - 2,188 10 Construction and land development - - - 460 - Multifamily 7,121 7,163 - 2,036 - Commercial business 2,278 2,392 - 1,226 15 Consumer 17 17 - 11 - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 251 $ 276 $ 24 $ 87 $ 3 Home equity 20 20 3 22 1 Commercial real estate 13 14 13 843 - Construction and land development - - - - - Multifamily - - - - - Commercial business 433 561 297 354 16 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,506 $ 3,987 $ 24 $ 2,716 $ 33 Home equity $ 419 $ 436 $ 3 $ 277 $ 8 Commercial real estate $ 5,327 $ 5,420 $ 13 $ 3,031 $ 10 Construction & land development $ - $ - $ - $ 460 $ - Multifamily $ 7,121 $ 7,163 $ - $ 2,036 $ - Commercial business $ 2,711 $ 2,953 $ 297 $ 1,580 $ 31 Consumer $ 17 $ 17 $ - $ 11 $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - |
Schedule of Changes in Liability for Credit Loss on Unfunded Commitments [Table Text Block] | Three months ended, March 31, (Dollars in thousands) 2023 Balance, beginning of period $ - Adoption of ASC 326 3,108 Provision (recovery of provision) - Balance, end of period $ 3,108 |
Note 8 - Intangibles and Acqu_2
Note 8 - Intangibles and Acquisition Related Accounting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Dollars in thousands) 2023 2022 Goodwill balance January 1, $ 22,395 $ 11,109 Goodwill acquired - Royal Financial - 11,286 Goodwill balance March 31, $ 22,395 $ 22,395 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | (dollars in thousands) Total 2022 $ 347 2023 $ 391 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) Total Remainder of 2023 1,130 2024 1,411 2025 688 2026 360 2027 294 Thereafter 519 Total $ 4,402 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, December 31, (Dollars in thousands) 2023 2022 Checking $ 693,294 $ 755,377 Savings 365,176 402,365 Money market 276,236 254,157 Certificates of deposit 471,404 363,118 Total deposits $ 1,806,110 $ 1,775,017 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended (dollars in thousands except per share data) March 31, 2023 2022 Basic earnings per common share: Net income as reported $ 2,240 $ 2,135 Weighted average common shares outstanding 4,342,386 4,020,815 Basic earnings per common share $ 0.52 $ 0.53 Diluted earnings per common share: Net income as reported $ 2,240 $ 2,135 Weighted average common shares outstanding 4,342,386 4,020,815 Add: Dilutive effect of unvested restricted stock awards 11,487 - Weighted average common and dilutive potential common shares outstanding 4,353,873 4,020,815 Diluted earnings per common share $ 0.51 $ 0.53 |
Note 12 - Stock Based Compens_2
Note 12 - Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 55,833 $ 43.87 Granted 8,492 36.73 Vested (13,754 ) 44.32 Forfeited (1,370 ) 42.01 Non-vested at March 31, 2023 49,201 $ 42.56 |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | March 31, 2023 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 $ 7,440 Other liabilties $ 7,440 Interest rate lock commitments Other assets 95 N/A - Total $ 7,535 $ 7,440 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 Three Months Ended (Dollars in thousands) Statement of Income Classification 2023 2022 Interest rate swap contracts Fees and service charges $ (30 ) $ - Interest rate lock commitments Gain on sale of loans held-for-sale, net 57 25 Total $ 27 $ 25 |
Offsetting Assets [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount March 31, 2023 Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - $ - $ 7,440 Interest rate lock commitments 95 - 95 - - 95 Total $ 7,535 $ - $ 7,535 $ - $ - $ 7,535 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount December 31, 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 |
Offsetting Liabilities [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount March 31, 2023 Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - $ 3,930 $ 3,510 Total $ 7,440 $ - $ 7,440 $ - $ 3,930 $ 3,510 Gross Amounts not Offset in the Statement of Financial Condition (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2022 Interest rate swap contracts $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 Total $ 8,972 $ - $ 8,972 $ - $ 3,930 $ 5,042 |
Note 14 - Fair Value (Tables)
Note 14 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Dollars in thousands) Fair Value Measurements at March 31, 2023 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 $ 7,440 $ - $ 7,440 $ - Interest rate lock commitments 95 - 95 - Available-for-sale debt securities: U.S. government sponsored entities 7,742 - 7,742 - U.S. treasury securities 389 - 389 - Collateralized mortgage obligations and residential mortgage-backed securities 133,309 - 133,309 - Municipal securities 235,444 - 235,444 - Collateralized debt obligations 1,017 - - 1,017 Total securities available-for-sale $ 377,901 $ - $ 376,884 $ 1,017 Liabilities: Interest rate swap contracts $ 7,440 $ - $ 7,440 $ - (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 $ - |
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, 2022 $ 992 Principal payments - Total unrealized losses, included in other comprehensive income (20 ) Ending balance, March 31, 2022 $ 972 Beginning balance, January 1, 2023 $ 1,048 Principal payments - Total unrealized losses, included in other comprehensive loss (31 ) Ending balance, March 31, 2023 $ 1,017 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Dollars in thousands) Fair Value Measurements at March 31, 2023 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Collateral dependent loans $ 2,645 $ - $ - $ 2,645 (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 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 Estimated Fair Value Measurements at March 31, 2023 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets Significant Significant Financial assets: Cash and cash equivalents $ 54,781 $ 54,781 $ 54,781 $ - $ - Certificates of deposit in other financial institutions 2,452 2,398 - 2,398 - Loans held-for-sale 1,672 1,699 - 1,699 - Loans receivable, net 1,501,521 1,457,318 - - 1,457,318 Federal Home Loan Bank stock 6,547 6,547 - 6,547 - Accrued interest receivable 7,717 7,717 - 7,717 - Financial liabilities: Non-interest bearing deposits 330,057 330,057 330,057 - - Interest bearing deposits 1,476,053 1,477,268 1,004,649 472,619 - Repurchase agreements 28,423 28,385 21,445 6,940 - Borrowed funds 100,000 100,000 - 100,000 - Accrued interest payable 399 399 - 399 - December 31, 2022 Estimated Fair Value Measurements at December 31, 2022 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Identical Assets 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 - |
Note 15 - Borrowings (Tables)
Note 15 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Federal Home Loan Bank Advances Borrowed Funds [Table Text Block] | (Dollars in thousands) March 31, December 31, 2023 2022 Fixed rate advances from the BTFP with outstanding rates of 4.38 $ 100,000 $ - Fixed rate advances from the FHLB with outstanding rates of 4.30 $ - $ 120,000 Total $ 100,000 $ 120,000 |
Schedule of Federal Home Loan Bank Advances Borrowed Funds, Maturities [Table Text Block] | (Dollars in thousands) 2024 100,000 Total $ 100,000 |
Note 3 - Change in Accounting_3
Note 3 - Change in Accounting Principles (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable, Allowance for Credit Loss | $ 19,568 | [1] | $ 12,897 | $ 12,897 | [1] | $ 13,387 | $ 13,343 |
Off-Balance-Sheet, Credit Loss, Liability | 3,108 | 0 | 0 | ||||
Retained Earnings (Accumulated Deficit) | $ 126,449 | 131,661 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 6,187 | ||||||
Off-Balance-Sheet, Credit Loss, Liability | 3,108 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Implementation Entry of Adoption of ASU | 8,300 | ||||||
Financing Receivable, Allowance for Credit Loss | 5,200 | 5,158 | |||||
Off-Balance-Sheet, Credit Loss, Liability | 3,100 | $ 3,108 | |||||
Retained Earnings (Accumulated Deficit) | (6,100) | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 2,200 | ||||||
Certain Loans Acquired in Transfer, Nonaccretable Difference | $ (1,000) | ||||||
[1]See note 3 regarding adoption of ASC 326 |
Note 3 - Change in Accounting_4
Note 3 - Change in Accounting Principles - Implementation Adjustments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable, Allowance for Credit Loss | $ 19,568 | [1] | $ 12,897 | $ 12,897 | [1] | $ 13,387 | $ 13,343 |
Off-Balance-Sheet, Credit Loss, Liability | 3,108 | 0 | 0 | ||||
Total allowance for credit losses | 12,897 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 6,187 | ||||||
Off-Balance-Sheet, Credit Loss, Liability | 3,108 | ||||||
Total allowance for credit losses | 9,295 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 19,084 | ||||||
Off-Balance-Sheet, Credit Loss, Liability | 3,108 | ||||||
Total allowance for credit losses | 22,192 | ||||||
Residential Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 4,564 | 3,021 | 3,021 | 2,493 | 2,480 | ||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,719 | ||||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 4,740 | ||||||
Home Equity Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,147 | 410 | 410 | 354 | 357 | ||
Home Equity Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 632 | ||||||
Home Equity Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,042 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 7,119 | 5,784 | 5,784 | 5,530 | 5,515 | ||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,446 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 7,230 | ||||||
Construction and Land Development Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 3,229 | 1,253 | 1,253 | 2,135 | 2,119 | ||
Construction and Land Development Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,735 | ||||||
Construction and Land Development Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 2,988 | ||||||
Multifamily Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,059 | 1,007 | 1,007 | 889 | 848 | ||
Multifamily Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 141 | ||||||
Multifamily Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,148 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 2,095 | 1,365 | 1,365 | 1,941 | 2,009 | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 325 | ||||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 1,690 | ||||||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 64 | 57 | $ 57 | 45 | $ 15 | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 22 | ||||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 79 | ||||||
Manufactured Homes Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 216 | 0 | 0 | ||||
Manufactured Homes Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 112 | ||||||
Manufactured Homes Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 112 | ||||||
Government Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 75 | 0 | $ 0 | ||||
Government Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 55 | ||||||
Government Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 55 | ||||||
[1]See note 3 regarding adoption of ASC 326 |
Note 5 - Acquisition Activity_2
Note 5 - Acquisition Activity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jan. 28, 2022 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ (33,799) | ||||
Share Price (in dollars per share) | $ 47.75 | |||||
Goodwill | $ 22,395 | 22,395 | $ 22,395 | $ 11,109 | ||
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 | 56,706 | |||||
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) | |||||
Goodwill | 11,286 | $ 11,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Gross Loans | 456,700 | |||||
Business Combination, Acquisition Related Costs | $ 2,852 | |||||
Royal Financial, Inc. [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Gross Loans | $ 6,100 |
Note 5 - Acquisition Activity -
Note 5 - Acquisition Activity - Purchase Price (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | $ 22,395 | $ 22,395 | $ 22,395 | $ 11,109 | |
Cash paid | $ 0 | $ 18,725 | |||
Royal Financial, Inc. [Member] | |||||
Cash and due from banks | $ 52,524 | ||||
Investment securities, available for sale | 0 | ||||
Non-interest bearing | 32,095 | ||||
Certificate of deposit in other financial institutions | 245 | ||||
NOW accounts | 63,639 | ||||
Savings and money market | 184,149 | ||||
Total Loans | 450,757 | ||||
Certificates of deposits | 195,153 | ||||
Total Deposits | 475,036 | ||||
Premises and equipment, net | 13,896 | ||||
FHLB stock | 1,303 | ||||
Interest payable | 75 | ||||
Goodwill | 11,286 | $ 11,500 | |||
Other liabilities | 11,228 | ||||
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 | ||||
Total liabilities assumed | $ 486,339 |
Note 5 - Acquisition Activity_3
Note 5 - Acquisition Activity - Pro Forma Information (Details) - Royal Financial, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Interest income | $ 20,136 | $ 17,589 | |
Interest expense | (5,468) | (460) | |
Provision for loan losses | (488) | 0 | |
Non-interest income | 2,608 | 3,283 | |
Non-interest expense (1) | [1] | (14,227) | (14,397) |
Income before provision for income taxes | 2,561 | 6,015 | |
Income tax expense | (321) | (1,032) | |
Net income | $ 2,240 | $ 4,983 | |
Basic (in dollars per share) | $ 0.52 | $ 1.24 | |
Diluted (in dollars per share) | $ 0.51 | $ 1.24 | |
[1]Excludes $2.9 million in pre-tax merger expenses for the three months ended March 31, 2022. |
Note 5 - Acquisition Activity_4
Note 5 - Acquisition Activity - Merger Expenses (Details) - Royal Financial, Inc. [Member] $ in Thousands | 3 Months Ended |
Mar. 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 6 - Securities (Details Te
Note 6 - Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 367,782 | $ 367,331 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 73,593 | 84,588 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 2,400 | |
Impaired Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost | 2,200 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 1,000 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 173 | |
Asset Pledged as Collateral [Member] | ||
Financial Instruments, Owned, at Fair Value | $ 320,700 | $ 223,700 |
Note 6 - Securities - Available
Note 6 - Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available for sale securities, cost basis | $ 451,425 | $ 455,477 |
Available for sale securities, gross unrealized gains | 69 | 7 |
Available for sale securities, gross unrealized losses | (73,593) | (84,588) |
Available for sale securities, estimated fair value | 377,901 | 370,896 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, cost basis | 8,883 | 8,883 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1,141) | (1,258) |
Available for sale securities, estimated fair value | 7,742 | 7,625 |
US Treasury Securities [Member] | ||
Available for sale securities, cost basis | 389 | 389 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Available for sale securities, estimated fair value | 389 | 389 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, cost basis | 159,376 | 163,000 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (26,067) | (28,884) |
Available for sale securities, estimated fair value | 133,309 | 134,116 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, cost basis | 280,604 | 281,032 |
Available for sale securities, gross unrealized gains | 69 | 7 |
Available for sale securities, gross unrealized losses | (45,229) | (53,321) |
Available for sale securities, estimated fair value | 235,444 | 227,718 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, cost basis | 2,173 | 2,173 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1,156) | (1,125) |
Available for sale securities, estimated fair value | $ 1,017 | $ 1,048 |
Note 6 - Securities - Estimated
Note 6 - Securities - Estimated Fair Value of Available for Sale Securities, by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, cost basis | $ 795 | |
Available for sale securities, due in one year or less, estimated fair value | 795 | |
Due from one to five years, cost basis | 7,062 | |
Available for sale securities, due from one to five years, estimated fair value | 6,363 | |
Due from five to ten years, cost basis | 20,004 | |
Available for sale securities, due from five to ten years, estimated fair value | 18,548 | |
Due over ten years, cost basis | 264,188 | |
Available for sale securities, due over ten years, estimated fair value | 218,886 | |
Collateralized mortgage obligations and residential mortgage-backed securities, cost basis | 159,376 | |
Collateralized mortgage obligations and residential mortgage-backed securities, estimated fair value | 133,309 | |
Available for sale securities, cost basis | 451,425 | $ 455,477 |
Available for sale securities, estimated fair value | $ 377,901 | $ 370,896 |
Note 6 - Securities - Sales of
Note 6 - Securities - Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds | $ 0 | $ 16,236 |
Gross gains | 0 | 397 |
Gross losses | $ 0 | $ (16) |
Note 6 - Securities - Availab_2
Note 6 - Securities - Available for Sale Securities, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Ending balance, December 31, 2021 | $ (64,300) | $ 4,276 |
Current period change | 8,405 | (37,738) |
Ending balance | $ (55,895) | $ (33,462) |
Note 6 - Securities - Securitie
Note 6 - Securities - Securities with Gross Unrealized Losses Not Recognized in Income (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Estimated fair value, less than 12 months | $ 14,196 | $ 204,281 |
Unrealized losses, less than 12 months | (322) | (40,890) |
Estimated fair value, 12 months or longer | 353,586 | 163,050 |
Unrealized losses, 12 months or longer | (73,271) | (43,698) |
Estimated fair value, total | 367,782 | 367,331 |
Unrealized losses, total | $ (73,593) | $ (84,588) |
percentage | 97.30% | 99% |
Number of securities, unrealized losses, less than 12 months | 28 | 311 |
Number of securities, unrealized losses, 12 months or longer | 408 | 135 |
Number of securitiesunrealized losses, total | 436 | 446 |
US Government-sponsored Enterprises Debt Securities [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 | 7,742 | 7,625 |
Unrealized losses, 12 months or longer | (1,141) | (1,258) |
Estimated fair value, total | 7,742 | 7,625 |
Unrealized losses, total | $ (1,141) | $ (1,258) |
percentage | 100% | 100% |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Estimated fair value, less than 12 months | $ 3,617 | $ 32,700 |
Unrealized losses, less than 12 months | (125) | (4,955) |
Estimated fair value, 12 months or longer | 129,692 | 101,416 |
Unrealized losses, 12 months or longer | (25,942) | (23,929) |
Estimated fair value, total | 133,309 | 134,116 |
Unrealized losses, total | $ (26,067) | $ (28,884) |
percentage | 100% | 100% |
US States and Political Subdivisions Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 10,579 | $ 171,581 |
Unrealized losses, less than 12 months | (197) | (35,935) |
Estimated fair value, 12 months or longer | 215,135 | 52,961 |
Unrealized losses, 12 months or longer | (45,032) | (17,386) |
Estimated fair value, total | 225,714 | 224,542 |
Unrealized losses, total | $ (45,229) | $ (53,321) |
percentage | 95.90% | 98.60% |
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 | 1,017 | 1,048 |
Unrealized losses, 12 months or longer | (1,156) | (1,125) |
Estimated fair value, total | 1,017 | 1,048 |
Unrealized losses, total | $ (1,156) | $ (1,125) |
percentage | 100% | 100% |
Note 7 - Loans Receivable (Deta
Note 7 - Loans Receivable (Details Textual) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Deferred Cost Reserve, Unamortized Balance | $ 4,500 | $ 4,600 | ||
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 5,300 | |||
Financial Asset Acquired [Member] | ||||
Financing Receivable, Unamortized Purchase Premium (Discount) | $ 5,800 | $ (5,500) | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Modified, Number of Contracts | 4 | 2 | ||
Financing Receivable, Modified, Accumulated | $ 194 | $ 150 | ||
Financing Receivable, Modified, Subsequent Default | $ 39 | |||
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 1 | |||
Residential Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 97% | |||
Loans Receivable, Percentage of Value in Excess Requiring Private Mortgage Insurance | 80% | |||
Loans Receivable, Percentage of Equity, Excess Does Not Require Private Mortgage Insurance | 20% | |||
Residential Portfolio Segment [Member] | Fixed Rate Residential Mortgage [Member] | ||||
Loans Receivable, Minimum Contractual Maturity to be Classified as Held for Sale (Year) | 15 years | |||
Home Equity Portfolio Segment [Member] | ||||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 89% | |||
Loans Receivable, Maximum Percentage of Appraised Value of Improved Property | 85% | |||
Financing Receivable, Modified, Number of Contracts | 1 | |||
Financing Receivable, Modified, Accumulated | $ 7 | |||
Home Equity Portfolio Segment [Member] | Maximum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 240 months | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 80% | |||
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 25 years | |||
Loans Receivable, Balloon Feature, Period for Full Repayment (Year) | 10 years | |||
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 15 years | |||
Loans Receivable, Balloon Feature, Period for Full Repayment (Year) | 7 years | |||
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 89% | |||
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | Maximum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 1 year | |||
Construction and Land Development Portfolio Segment [Member] | Residential Mortgage [Member] | Minimum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 6 months | |||
Construction and Land Development Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||
Loans Receivable, Maximum Percentage of Purchase Price or Appraised Value | 80% | |||
Construction and Land Development Portfolio Segment [Member] | Commercial Real Estate [Member] | Maximum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 2 years | |||
Manufactured Homes Portfolio Segment [Member] | Maximum [Member] | ||||
Loans Receivable, Contractual Maturity (Month) | 25 years |
Note 7 - Loans Receivable - Loa
Note 7 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total loans secured by real estate | $ 1,370,281 | $ 1,369,944 |
Loans Receivable | 1,516,329 | 1,508,571 |
Net deferred loan origination costs | 4,829 | 5,083 |
Undisbursed loan funds | (69) | (23) |
Loans receivable, net of deferred fees and costs | 1,521,089 | 1,513,631 |
Residential Portfolio Segment [Member] | ||
Total loans secured by real estate | 476,899 | 484,595 |
Loans Receivable | 476,899 | 484,595 |
Home Equity Portfolio Segment [Member] | ||
Total loans secured by real estate | 39,877 | 38,978 |
Loans Receivable | 39,877 | 38,978 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total loans secured by real estate | 484,564 | 486,431 |
Loans Receivable | 484,564 | 486,431 |
Construction and Land Development Portfolio Segment [Member] | ||
Total loans secured by real estate | 116,308 | 108,926 |
Loans Receivable | 116,308 | 108,926 |
Multifamily Portfolio Segment [Member] | ||
Total loans secured by real estate | 252,633 | 251,014 |
Loans Receivable | 252,633 | 251,014 |
Commercial Portfolio Segment [Member] | ||
Loans Receivable | 100,652 | 93,278 |
Consumer Portfolio Segment [Member] | ||
Loans Receivable | 723 | 918 |
Manufactured Homes Portfolio Segment [Member] | ||
Loans Receivable | 34,027 | 34,882 |
Government Portfolio Segment [Member] | ||
Loans Receivable | $ 10,646 | $ 9,549 |
Note 7 - Loans Receivable - Age
Note 7 - Loans Receivable - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total Loans Receivable | $ 1,516,329 | $ 1,508,571 |
Performing Financial Instruments [Member] | ||
Total Loans Receivable | 1,496,856 | 1,490,443 |
Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 19,473 | 18,128 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 9,917 | 12,248 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 1,972 | 3,584 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 878 | 248 |
Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 12,767 | 16,080 |
Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 1,484,089 | 1,474,363 |
Residential Portfolio Segment [Member] | ||
Total Loans Receivable | 476,899 | 484,595 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 471,771 | 479,248 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 5,128 | 5,347 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 6,602 | 3,758 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 434 | 2,520 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 489 | 166 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 7,525 | 6,444 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 464,246 | 472,804 |
Home Equity Portfolio Segment [Member] | ||
Total Loans Receivable | 39,877 | 38,978 |
Home Equity Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 38,504 | 38,384 |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 1,373 | 594 |
Home Equity Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 73 | 315 |
Home Equity Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 42 |
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 65 | 0 |
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 138 | 357 |
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 38,366 | 38,027 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Loans Receivable | 484,564 | 486,431 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 481,582 | 483,189 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 2,982 | 3,242 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 751 | 1,399 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 150 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 751 | 1,549 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 480,831 | 481,640 |
Construction and Land Development Portfolio Segment [Member] | ||
Total Loans Receivable | 116,308 | 108,926 |
Construction and Land Development Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 116,308 | 108,926 |
Construction and Land Development Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 358 | 2,673 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 542 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 900 | 2,673 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 115,408 | 106,253 |
Multifamily Portfolio Segment [Member] | ||
Total Loans Receivable | 252,633 | 251,014 |
Multifamily Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 245,283 | 243,950 |
Multifamily Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 7,350 | 7,064 |
Multifamily Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 760 | 1,724 |
Multifamily Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 616 |
Multifamily Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Multifamily Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 760 | 2,340 |
Multifamily Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 244,523 | 241,610 |
Commercial Portfolio Segment [Member] | ||
Total Loans Receivable | 100,652 | 93,278 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 98,012 | 91,397 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 2,640 | 1,881 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 441 | 1,775 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 795 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 1,236 | 1,775 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 96,776 | 89,622 |
Consumer Portfolio Segment [Member] | ||
Total Loans Receivable | 723 | 918 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 723 | 918 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 3 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 0 | 3 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 723 | 915 |
Manufactured Homes Portfolio Segment [Member] | ||
Total Loans Receivable | 34,027 | 34,882 |
Manufactured Homes Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 34,027 | 34,882 |
Manufactured Homes Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 932 | 601 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 201 | 256 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 324 | 82 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 1,457 | 939 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | 32,570 | 33,943 |
Government Portfolio Segment [Member] | ||
Total Loans Receivable | 10,646 | 9,549 |
Government Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total Loans Receivable | 10,646 | 9,549 |
Government Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total Loans Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Total Loans Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Total Loans Receivable | $ 10,646 | $ 9,549 |
Note 7 - Loans Receivable - Cre
Note 7 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total Loans Receivable, current year | $ 33,681 | ||
Total Loans Receivable, year one | 330,215 | ||
Total Loans Receivable, year tow | 351,588 | ||
Total Loans Receivable, year three | 263,691 | ||
Total Loans Receivable, year four | 130,476 | ||
Total Loans Receivable, prior | 323,663 | ||
Total Loans Receivable, revolving | 82,874 | ||
Total Loans Receivable, revolving converted to term | 141 | ||
Total Loans Receivable | 1,516,329 | $ 1,508,571 | |
Total Current period gross writeoff, current year | (19) | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | (75) | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | (12) | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | (106) | $ (10) | |
Loans Receivable | 1,516,329 | 1,508,571 | |
Pass [Member] | |||
Total Loans Receivable | 1,473,972 | ||
Loans Receivable | 1,473,972 | ||
Special Mention [Member] | |||
Total Loans Receivable | 11,586 | ||
Loans Receivable | 11,586 | ||
Substandard [Member] | |||
Total Loans Receivable | 23,013 | ||
Loans Receivable | 23,013 | ||
Residential Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 4,775 | ||
Total Loans Receivable, year one | 79,408 | ||
Total Loans Receivable, year tow | 101,475 | ||
Total Loans Receivable, year three | 124,890 | ||
Total Loans Receivable, year four | 26,513 | ||
Total Loans Receivable, prior | 137,109 | ||
Total Loans Receivable, revolving | 2,729 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 476,899 | 484,595 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | 0 | |
Loans Receivable | 476,899 | 484,595 | |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 4,775 | ||
Total Loans Receivable, year one | 79,050 | ||
Total Loans Receivable, year tow | 101,214 | ||
Total Loans Receivable, year three | 124,391 | ||
Total Loans Receivable, year four | 26,094 | ||
Total Loans Receivable, prior | 131,775 | ||
Total Loans Receivable, revolving | 2,729 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 470,028 | 477,222 | |
Loans Receivable | 470,028 | 477,222 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 43 | ||
Total Loans Receivable, prior | 703 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 746 | 1,338 | |
Loans Receivable | 746 | 1,338 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 358 | ||
Total Loans Receivable, year tow | 261 | ||
Total Loans Receivable, year three | 499 | ||
Total Loans Receivable, year four | 376 | ||
Total Loans Receivable, prior | 4,631 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 6,125 | 6,035 | |
Loans Receivable | 6,125 | 6,035 | |
Home Equity Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 185 | ||
Total Loans Receivable, prior | 2,737 | ||
Total Loans Receivable, revolving | 36,814 | ||
Total Loans Receivable, revolving converted to term | 141 | ||
Total Loans Receivable | 39,877 | 38,978 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | ||
Loans Receivable | 39,877 | 38,978 | |
Home Equity Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 1,693 | ||
Total Loans Receivable, revolving | 36,213 | ||
Total Loans Receivable, revolving converted to term | 141 | ||
Total Loans Receivable | 38,047 | 37,981 | |
Loans Receivable | 38,047 | 37,981 | |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 128 | ||
Total Loans Receivable, revolving | 284 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 412 | 385 | |
Loans Receivable | 412 | 385 | |
Home Equity Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 185 | ||
Total Loans Receivable, prior | 916 | ||
Total Loans Receivable, revolving | 317 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 1,418 | 612 | |
Loans Receivable | 1,418 | 612 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 6,379 | ||
Total Loans Receivable, year one | 118,227 | ||
Total Loans Receivable, year tow | 107,321 | ||
Total Loans Receivable, year three | 57,953 | ||
Total Loans Receivable, year four | 60,229 | ||
Total Loans Receivable, prior | 131,019 | ||
Total Loans Receivable, revolving | 3,436 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 484,564 | 486,431 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | (12) | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | (12) | 0 | |
Loans Receivable | 484,564 | 486,431 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 6,379 | ||
Total Loans Receivable, year one | 116,935 | ||
Total Loans Receivable, year tow | 107,229 | ||
Total Loans Receivable, year three | 57,713 | ||
Total Loans Receivable, year four | 59,064 | ||
Total Loans Receivable, prior | 123,857 | ||
Total Loans Receivable, revolving | 3,287 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 474,464 | 474,055 | |
Loans Receivable | 474,464 | 474,055 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 76 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 1,165 | ||
Total Loans Receivable, prior | 2,141 | ||
Total Loans Receivable, revolving | 149 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 3,531 | 4,955 | |
Loans Receivable | 3,531 | 4,955 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 1,216 | ||
Total Loans Receivable, year tow | 92 | ||
Total Loans Receivable, year three | 240 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 5,021 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 6,569 | 7,421 | |
Loans Receivable | 6,569 | 7,421 | |
Construction and Land Development Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 7,667 | ||
Total Loans Receivable, year one | 52,259 | ||
Total Loans Receivable, year tow | 36,979 | ||
Total Loans Receivable, year three | 3,082 | ||
Total Loans Receivable, year four | 9,018 | ||
Total Loans Receivable, prior | 634 | ||
Total Loans Receivable, revolving | 6,669 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 116,308 | 108,926 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | ||
Loans Receivable | 116,308 | 108,926 | |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 7,667 | ||
Total Loans Receivable, year one | 52,259 | ||
Total Loans Receivable, year tow | 34,588 | ||
Total Loans Receivable, year three | 1,023 | ||
Total Loans Receivable, year four | 9,018 | ||
Total Loans Receivable, prior | 634 | ||
Total Loans Receivable, revolving | 6,669 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 111,858 | 106,580 | |
Loans Receivable | 111,858 | 106,580 | |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 2,391 | ||
Total Loans Receivable, year three | 2,059 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 0 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 4,450 | 2,346 | |
Loans Receivable | 4,450 | 2,346 | |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 0 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 0 | 0 | |
Loans Receivable | 0 | 0 | |
Multifamily Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 6,388 | ||
Total Loans Receivable, year one | 55,862 | ||
Total Loans Receivable, year tow | 81,790 | ||
Total Loans Receivable, year three | 60,106 | ||
Total Loans Receivable, year four | 21,423 | ||
Total Loans Receivable, prior | 26,884 | ||
Total Loans Receivable, revolving | 180 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 252,633 | 251,014 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | ||
Loans Receivable | 252,633 | 251,014 | |
Multifamily Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 6,388 | ||
Total Loans Receivable, year one | 54,961 | ||
Total Loans Receivable, year tow | 81,790 | ||
Total Loans Receivable, year three | 59,245 | ||
Total Loans Receivable, year four | 15,334 | ||
Total Loans Receivable, prior | 25,646 | ||
Total Loans Receivable, revolving | 180 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 243,544 | 242,091 | |
Loans Receivable | 243,544 | 242,091 | |
Multifamily Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 861 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 877 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 1,738 | 1,859 | |
Loans Receivable | 1,738 | 1,859 | |
Multifamily Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 901 | ||
Total Loans Receivable, year tow | 0 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 6,089 | ||
Total Loans Receivable, prior | 361 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 7,351 | 7,064 | |
Loans Receivable | 7,351 | 7,064 | |
Commercial Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 6,488 | ||
Total Loans Receivable, year one | 20,333 | ||
Total Loans Receivable, year tow | 8,486 | ||
Total Loans Receivable, year three | 7,677 | ||
Total Loans Receivable, year four | 7,021 | ||
Total Loans Receivable, prior | 17,601 | ||
Total Loans Receivable, revolving | 33,046 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 100,652 | 93,278 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | (75) | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | (75) | 0 | |
Loans Receivable | 100,652 | 93,278 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 6,488 | ||
Total Loans Receivable, year one | 20,333 | ||
Total Loans Receivable, year tow | 8,189 | ||
Total Loans Receivable, year three | 7,261 | ||
Total Loans Receivable, year four | 6,871 | ||
Total Loans Receivable, prior | 15,140 | ||
Total Loans Receivable, revolving | 32,796 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 97,078 | 90,694 | |
Loans Receivable | 97,078 | 90,694 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 70 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 145 | ||
Total Loans Receivable, prior | 469 | ||
Total Loans Receivable, revolving | 250 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 934 | 703 | |
Loans Receivable | 934 | 703 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 0 | ||
Total Loans Receivable, year tow | 227 | ||
Total Loans Receivable, year three | 416 | ||
Total Loans Receivable, year four | 5 | ||
Total Loans Receivable, prior | 1,992 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 2,640 | 1,881 | |
Loans Receivable | 2,640 | 1,881 | |
Consumer Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 94 | ||
Total Loans Receivable, year one | 132 | ||
Total Loans Receivable, year tow | 175 | ||
Total Loans Receivable, year three | 18 | ||
Total Loans Receivable, year four | 31 | ||
Total Loans Receivable, prior | 273 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 723 | 918 | |
Total Current period gross writeoff, current year | (19) | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | (19) | $ (10) | |
Loans Receivable | 723 | 918 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 94 | ||
Total Loans Receivable, year one | 132 | ||
Total Loans Receivable, year tow | 175 | ||
Total Loans Receivable, year three | 18 | ||
Total Loans Receivable, year four | 31 | ||
Total Loans Receivable, prior | 273 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 723 | 918 | |
Loans Receivable | 723 | 918 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | 0 | ||
Manufactured Homes Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 1,994 | ||
Total Loans Receivable, year tow | 13,840 | ||
Total Loans Receivable, year three | 9,965 | ||
Total Loans Receivable, year four | 6,056 | ||
Total Loans Receivable, prior | 2,172 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 34,027 | 34,882 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | ||
Loans Receivable | 34,027 | 34,882 | |
Manufactured Homes Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 0 | ||
Total Loans Receivable, year one | 1,994 | ||
Total Loans Receivable, year tow | 13,840 | ||
Total Loans Receivable, year three | 9,965 | ||
Total Loans Receivable, year four | 6,056 | ||
Total Loans Receivable, prior | 2,172 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 34,027 | 34,882 | |
Loans Receivable | 34,027 | 34,882 | |
Manufactured Homes Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | 0 | ||
Manufactured Homes Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | 0 | ||
Government Portfolio Segment [Member] | |||
Total Loans Receivable, current year | 1,890 | ||
Total Loans Receivable, year one | 2,000 | ||
Total Loans Receivable, year tow | 1,522 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 5,234 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 10,646 | 9,549 | |
Total Current period gross writeoff, current year | 0 | ||
Total Current period gross writeoff, year one | 0 | ||
Total Current period gross writeoff, year two | 0 | ||
Total Current period gross writeoff, year three | 0 | ||
Total Current period gross writeoff, year four | 0 | ||
Total Current period gross writeoff, prior | 0 | ||
Total Current period gross writeoff, revolving | 0 | ||
Total Current period gross writeoff, revolving converted to term | 0 | ||
Total Current period gross writeoff | 0 | ||
Loans Receivable | 10,646 | 9,549 | |
Government Portfolio Segment [Member] | Pass [Member] | |||
Total Loans Receivable, current year | 1,890 | ||
Total Loans Receivable, year one | 2,000 | ||
Total Loans Receivable, year tow | 1,522 | ||
Total Loans Receivable, year three | 0 | ||
Total Loans Receivable, year four | 0 | ||
Total Loans Receivable, prior | 5,234 | ||
Total Loans Receivable, revolving | 0 | ||
Total Loans Receivable, revolving converted to term | 0 | ||
Total Loans Receivable | 10,646 | 9,549 | |
Loans Receivable | $ 10,646 | 9,549 | |
Government Portfolio Segment [Member] | Special Mention [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | 0 | ||
Government Portfolio Segment [Member] | Substandard [Member] | |||
Total Loans Receivable | 0 | ||
Loans Receivable | $ 0 |
Note 7 - Loans Receivable - L_2
Note 7 - Loans Receivable - Loan Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
% of total segment financing receivables | 0.04% | ||
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Modified, Accumulated | $ 224 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Modified, Accumulated | 376 | ||
Payment Deferral [Member] | |||
Financing Receivable, Modified, Accumulated | 600 | ||
Extended Maturity [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Extended Maturity and Interest Rate Reduction [Member] | |||
Financing Receivable, Modified, Accumulated | $ 0 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modified, Accumulated | $ 194 | $ 150 | |
% of total segment financing receivables | 0.13% | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | |||
Financing Receivable, Modified, Accumulated | $ 600 | ||
Residential Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Modified, Accumulated | 0 | ||
Residential Portfolio Segment [Member] | Extended Maturity and Interest Rate Reduction [Member] | |||
Financing Receivable, Modified, Accumulated | $ 0 |
Note 7 - Loans Receivable - Acc
Note 7 - Loans Receivable - Accretable Yield (Details) - First Personal Financial Corporation [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Remainder 2023, to be collected | $ 537 | |
2024, to be collected | 744 | |
2025, to be collected | 661 | |
2026, to be collected | 462 | |
2027 and thereafter, to be collected | 3,352 | |
Total, to be collected | 5,756 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
2020, accretable yield collected | $ 107 | |
2021, accretable yield collected | $ 167 |
Note 7 - Loans Receivable - All
Note 7 - Loans Receivable - Allowance for Loan Losses, by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Beginning Balance | $ 12,897 | [1] | $ 13,343 | |
PCD gross up | 1,029 | |||
Charge-offs | (106) | (10) | ||
Recoveries | 102 | 54 | ||
Provision for credit losses (1) | [1] | 488 | 0 | |
Ending Balance | 19,568 | [1] | 13,387 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 5,158 | |||
Residential Portfolio Segment [Member] | ||||
Beginning Balance | 3,021 | 2,480 | ||
PCD gross up | 31 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 52 | 21 | ||
Provision for credit losses (1) | (228) | (8) | ||
Ending Balance | 4,564 | 2,493 | ||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 1,688 | |||
Home Equity Portfolio Segment [Member] | ||||
Beginning Balance | 410 | 357 | ||
PCD gross up | 533 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision for credit losses (1) | 105 | (3) | ||
Ending Balance | 1,147 | 354 | ||
Home Equity Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 99 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning Balance | 5,784 | 5,515 | ||
PCD gross up | 443 | |||
Charge-offs | (12) | 0 | ||
Recoveries | 0 | |||
Provision for credit losses (1) | (99) | 15 | ||
Ending Balance | 7,119 | 5,530 | ||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 1,003 | |||
Construction and Land Development Portfolio Segment [Member] | ||||
Beginning Balance | 1,253 | 2,119 | ||
PCD gross up | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision for credit losses (1) | 241 | 16 | ||
Ending Balance | 3,229 | 2,135 | ||
Construction and Land Development Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 1,735 | |||
Multifamily Portfolio Segment [Member] | ||||
Beginning Balance | 1,007 | 848 | ||
PCD gross up | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision for credit losses (1) | (89) | 41 | ||
Ending Balance | 1,059 | 889 | ||
Multifamily Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 141 | |||
Commercial Portfolio Segment [Member] | ||||
Beginning Balance | 1,365 | 2,009 | ||
PCD gross up | 5 | |||
Charge-offs | (75) | 0 | ||
Recoveries | 47 | 31 | ||
Provision for credit losses (1) | 433 | (99) | ||
Ending Balance | 2,095 | 1,941 | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 320 | |||
Consumer Portfolio Segment [Member] | ||||
Beginning Balance | 57 | 15 | ||
PCD gross up | 17 | |||
Charge-offs | (19) | (10) | ||
Recoveries | 3 | 2 | ||
Provision for credit losses (1) | 1 | 38 | ||
Ending Balance | 64 | 45 | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 5 | |||
Manufactured Homes Portfolio Segment [Member] | ||||
PCD gross up | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision for credit losses (1) | 104 | |||
Ending Balance | 216 | 0 | ||
Manufactured Homes Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 112 | |||
Government Portfolio Segment [Member] | ||||
PCD gross up | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision for credit losses (1) | 20 | |||
Ending Balance | 75 | $ 0 | ||
Government Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | $ 55 | |||
[1]See note 3 regarding adoption of ASC 326 |
Note 7 - Financing Receivable -
Note 7 - Financing Receivable - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Loan receivable | $ 1,516,329 | $ 1,508,571 | |||||
ACL | 19,568 | [1] | $ 12,897 | 12,897 | [1] | $ 13,387 | $ 13,343 |
Real Estate [Member] | |||||||
Loan receivable | 12,660 | ||||||
Accounts Receivable [Member] | |||||||
Loan receivable | 3,231 | ||||||
Other Collateral [Member] | |||||||
Loan receivable | 388 | ||||||
Collateral Pledged [Member] | |||||||
Loan receivable | 16,279 | ||||||
ACL | 1,067 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Loan receivable | 100,652 | 93,278 | |||||
ACL | 2,095 | 1,365 | 1,365 | 1,941 | 2,009 | ||
Commercial Portfolio Segment [Member] | Real Estate [Member] | |||||||
Loan receivable | 57 | ||||||
Commercial Portfolio Segment [Member] | Accounts Receivable [Member] | |||||||
Loan receivable | 3,231 | ||||||
Commercial Portfolio Segment [Member] | Other Collateral [Member] | |||||||
Loan receivable | 388 | ||||||
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | |||||||
Loan receivable | 3,676 | ||||||
ACL | 645 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loan receivable | 484,564 | 486,431 | |||||
ACL | 7,119 | 5,784 | 5,784 | 5,530 | 5,515 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||||||
Loan receivable | 5,185 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Accounts Receivable [Member] | |||||||
Loan receivable | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Other Collateral [Member] | |||||||
Loan receivable | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | |||||||
Loan receivable | 5,185 | ||||||
ACL | 422 | ||||||
Multifamily Portfolio Segment [Member] | |||||||
Loan receivable | 252,633 | 251,014 | |||||
ACL | 1,059 | $ 1,007 | $ 1,007 | $ 889 | $ 848 | ||
Multifamily Portfolio Segment [Member] | Real Estate [Member] | |||||||
Loan receivable | 7,418 | ||||||
Multifamily Portfolio Segment [Member] | Accounts Receivable [Member] | |||||||
Loan receivable | 0 | ||||||
Multifamily Portfolio Segment [Member] | Other Collateral [Member] | |||||||
Loan receivable | 0 | ||||||
Multifamily Portfolio Segment [Member] | Collateral Pledged [Member] | |||||||
Loan receivable | 7,418 | ||||||
ACL | $ 0 | ||||||
[1]See note 3 regarding adoption of ASC 326 |
Note 7 - Loans Receivable - L_3
Note 7 - Loans Receivable - Loans on Nonaccrual Status (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Nonaccrual with no allowance | $ 11,571 |
Financing receivables on nonaccrual status | 7,902 |
Loans past due over 90 days and still accruing | 877 |
Residential Portfolio Segment [Member] | |
Nonaccrual with no allowance | 1,323 |
Financing receivables on nonaccrual status | 3,805 |
Loans past due over 90 days and still accruing | 488 |
Home Equity Portfolio Segment [Member] | |
Nonaccrual with no allowance | 0 |
Financing receivables on nonaccrual status | 1,373 |
Loans past due over 90 days and still accruing | 65 |
Commercial Real Estate Portfolio Segment [Member] | |
Nonaccrual with no allowance | 2,841 |
Financing receivables on nonaccrual status | 141 |
Loans past due over 90 days and still accruing | 0 |
Construction and Land Development Portfolio Segment [Member] | |
Nonaccrual with no allowance | 0 |
Financing receivables on nonaccrual status | 0 |
Loans past due over 90 days and still accruing | 0 |
Multifamily Portfolio Segment [Member] | |
Nonaccrual with no allowance | 7,350 |
Financing receivables on nonaccrual status | 0 |
Loans past due over 90 days and still accruing | 0 |
Commercial Portfolio Segment [Member] | |
Nonaccrual with no allowance | 57 |
Financing receivables on nonaccrual status | 2,583 |
Loans past due over 90 days and still accruing | 0 |
Consumer Portfolio Segment [Member] | |
Nonaccrual with no allowance | 0 |
Financing receivables on nonaccrual status | 0 |
Loans past due over 90 days and still accruing | 0 |
Manufactured Homes Portfolio Segment [Member] | |
Nonaccrual with no allowance | 0 |
Financing receivables on nonaccrual status | 0 |
Loans past due over 90 days and still accruing | 324 |
Government Portfolio Segment [Member] | |
Nonaccrual with no allowance | 0 |
Financing receivables on nonaccrual status | 0 |
Loans past due over 90 days and still accruing | $ 0 |
Note 7 - Loans Receivable - Imp
Note 7 - Loans Receivable - Impairment Analysis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance individually evaluated for impairment reserves | $ 337 | |
Allowance collectively evaluated for impairment reserves | 12,560 | |
Total Loans Receivable | $ 1,516,329 | 1,508,571 |
Loans receivable individually evaluated for impairment | 12,701 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 5,400 | |
Loans receivable collectively evaluated for impairment | 1,490,470 | |
Residential Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 24 | |
Allowance collectively evaluated for impairment reserves | 2,997 | |
Total Loans Receivable | 476,899 | 484,595 |
Loans receivable individually evaluated for impairment | 1,518 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 988 | |
Loans receivable collectively evaluated for impairment | 482,089 | |
Home Equity Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 3 | |
Allowance collectively evaluated for impairment reserves | 407 | |
Total Loans Receivable | 39,877 | 38,978 |
Loans receivable individually evaluated for impairment | 294 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 125 | |
Loans receivable collectively evaluated for impairment | 38,559 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 13 | |
Allowance collectively evaluated for impairment reserves | 5,771 | |
Total Loans Receivable | 484,564 | 486,431 |
Loans receivable individually evaluated for impairment | 2,392 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,935 | |
Loans receivable collectively evaluated for impairment | 481,104 | |
Construction and Land Development Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 1,253 | |
Total Loans Receivable | 116,308 | 108,926 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | |
Loans receivable collectively evaluated for impairment | 108,926 | |
Multifamily Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 1,007 | |
Total Loans Receivable | 252,633 | 251,014 |
Loans receivable individually evaluated for impairment | 6,739 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 382 | |
Loans receivable collectively evaluated for impairment | 243,893 | |
Commercial Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 297 | |
Allowance collectively evaluated for impairment reserves | 1,068 | |
Total Loans Receivable | 100,652 | 93,278 |
Loans receivable individually evaluated for impairment | 1,758 | |
Loans receivable purchased credit impaired individually evaluated for impairment | 953 | |
Loans receivable collectively evaluated for impairment | 90,567 | |
Consumer Portfolio Segment [Member] | ||
Allowance collectively evaluated for impairment reserves | 57 | |
Total Loans Receivable | 723 | 918 |
Loans receivable purchased credit impaired individually evaluated for impairment | 17 | |
Loans receivable collectively evaluated for impairment | 901 | |
Manufactured Homes Portfolio Segment [Member] | ||
Total Loans Receivable | 34,027 | 34,882 |
Loans receivable collectively evaluated for impairment | 34,882 | |
Government Portfolio Segment [Member] | ||
Total Loans Receivable | $ 10,646 | 9,549 |
Loans receivable collectively evaluated for impairment | $ 9,549 |
Note 7 - Loans Receivable - Ind
Note 7 - Loans Receivable - Individually Evaluated Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | $ 2,255 | |
With no related allowance recorded, unpaid principal balance | 3,711 | |
With no related allowance recorded, average recorded investment | $ 2,629 | |
With no related allowance recorded, interest income (expense) recognized | 30 | |
With an allowance recorded, recorded investment | 251 | |
With an allowance recorded, unpaid principal balance | 276 | |
With an allowance recorded, related allowance | 24 | |
With an allowance recorded, average recorded investment | 87 | |
With an allowance recorded, interest income recognized | 3 | |
Total, recorded investment | 2,506 | |
Total, unpaid principal balance | 3,987 | |
Total, average recorded investment | 2,716 | |
Total, interest income (expense) recognized | 33 | |
Home Equity Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 399 | |
With no related allowance recorded, unpaid principal balance | 416 | |
With no related allowance recorded, average recorded investment | 255 | |
With no related allowance recorded, interest income (expense) recognized | 7 | |
With an allowance recorded, recorded investment | 20 | |
With an allowance recorded, unpaid principal balance | 20 | |
With an allowance recorded, related allowance | 3 | |
With an allowance recorded, average recorded investment | 22 | |
With an allowance recorded, interest income recognized | 1 | |
Total, recorded investment | 419 | |
Total, unpaid principal balance | 436 | |
Total, average recorded investment | 277 | |
Total, interest income (expense) recognized | 8 | |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 5,314 | |
With no related allowance recorded, unpaid principal balance | 5,406 | |
With no related allowance recorded, average recorded investment | 2,188 | |
With no related allowance recorded, interest income (expense) recognized | 10 | |
With an allowance recorded, recorded investment | 13 | |
With an allowance recorded, unpaid principal balance | 14 | |
With an allowance recorded, related allowance | 13 | |
With an allowance recorded, average recorded investment | 843 | |
With an allowance recorded, interest income recognized | 0 | |
Total, recorded investment | 5,327 | |
Total, unpaid principal balance | 5,420 | |
Total, average recorded investment | 3,031 | |
Total, interest income (expense) recognized | 10 | |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | |
With no related allowance recorded, unpaid principal balance | 0 | |
With no related allowance recorded, average recorded investment | 460 | |
With no related allowance recorded, interest income (expense) recognized | 0 | |
With an allowance recorded, recorded investment | 0 | |
With an allowance recorded, average recorded investment | 0 | |
With an allowance recorded, interest income recognized | 0 | |
Total, recorded investment | 0 | |
Total, unpaid principal balance | 0 | |
Total, average recorded investment | 460 | |
Total, interest income (expense) recognized | 0 | |
Multifamily Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 7,121 | |
With no related allowance recorded, unpaid principal balance | 7,163 | |
With no related allowance recorded, average recorded investment | 2,036 | |
With no related allowance recorded, interest income (expense) recognized | 0 | |
With an allowance recorded, recorded investment | 0 | |
With an allowance recorded, average recorded investment | 0 | |
With an allowance recorded, interest income recognized | 0 | |
Total, recorded investment | 7,121 | |
Total, unpaid principal balance | 7,163 | |
Total, average recorded investment | 2,036 | |
Total, interest income (expense) recognized | 0 | |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 2,278 | |
With no related allowance recorded, unpaid principal balance | 2,392 | |
With no related allowance recorded, average recorded investment | 1,226 | |
With no related allowance recorded, interest income (expense) recognized | 15 | |
With an allowance recorded, recorded investment | 433 | |
With an allowance recorded, unpaid principal balance | 561 | |
With an allowance recorded, related allowance | 297 | |
With an allowance recorded, average recorded investment | 354 | |
With an allowance recorded, interest income recognized | 16 | |
Total, recorded investment | 2,711 | |
Total, unpaid principal balance | 2,953 | |
Total, average recorded investment | 1,580 | |
Total, interest income (expense) recognized | 31 | |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 17 | |
With no related allowance recorded, unpaid principal balance | 17 | |
With no related allowance recorded, average recorded investment | 11 | |
With no related allowance recorded, interest income (expense) recognized | 0 | |
With an allowance recorded, recorded investment | 0 | |
With an allowance recorded, average recorded investment | 0 | |
With an allowance recorded, interest income recognized | 0 | |
Total, recorded investment | 17 | |
Total, unpaid principal balance | 17 | |
Total, average recorded investment | 11 | |
Total, interest income (expense) recognized | 0 | |
Manufactured Homes Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | |
With no related allowance recorded, unpaid principal balance | 0 | |
With no related allowance recorded, average recorded investment | 0 | |
With no related allowance recorded, interest income (expense) recognized | 0 | |
With an allowance recorded, recorded investment | 0 | |
With an allowance recorded, average recorded investment | 0 | |
With an allowance recorded, interest income recognized | 0 | |
Total, average recorded investment | 0 | |
Total, interest income (expense) recognized | 0 | |
Government Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | |
With no related allowance recorded, unpaid principal balance | 0 | |
With no related allowance recorded, average recorded investment | 0 | |
With no related allowance recorded, interest income (expense) recognized | 0 | |
With an allowance recorded, recorded investment | $ 0 | |
With an allowance recorded, average recorded investment | 0 | |
With an allowance recorded, interest income recognized | 0 | |
Total, average recorded investment | 0 | |
Total, interest income (expense) recognized | $ 0 |
Note 7 - Loans Receivable - Cha
Note 7 - Loans Receivable - Changes in Liability for Credit Losses on Unfunded Commitments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance, beginning of period | $ 0 |
Provision (recovery of provision) | 0 |
Balance, end of period | 3,108 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |
Balance, beginning of period | $ 3,108 |
Note 8 - Intangibles and Acqu_3
Note 8 - Intangibles and Acquisition Related Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | ||
Royal Financial, Inc. [Member] | |||
Certificates of Deposit, Fair Value Premium | 1,000 | ||
Amortization of Intangible Assets | 72 | $ 129 | |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 144 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 124 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 72 | ||
Finite-Lived Intangible Asset, Expected Amortization, After Year Two | 55 | ||
Core Deposits [Member] | |||
Finite-Lived Core Deposits, Gross | $ 4,400 | $ 4,800 |
Note 8 - Intangibles and Acqu_4
Note 8 - Intangibles and Acquisition Related Accounting - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill, balance | $ 22,395 | $ 11,109 |
Goodwill, balance | 22,395 | 22,395 |
Royal Financial, Inc. [Member] | ||
Goodwill, balance | 11,500 | |
Goodwill acquired - Royal Financial | $ 0 | $ 11,286 |
Note 8 - Intangibles and Acqu_5
Note 8 - Intangibles and Acquisition Related Accounting - Amortization Recorded (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
First Federal Savings and Loan [Member] | ||
Amortization of intangible assets | $ 391 | $ 347 |
Note 8 - Intangibles and Acqu_6
Note 8 - Intangibles and Acquisition Related Accounting - Future Amortization (Details) - First Federal Savings and Loan [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 1,130 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,411 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 688 |
2026 | 360 |
2027 | 294 |
Thereafter | 519 |
Total | $ 4,402 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 80.7 | $ 93.6 |
Note 9 - Deposits - Deposit Por
Note 9 - Deposits - Deposit Portfolio Balance (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Checking | $ 693,294 | $ 755,377 |
Savings | 365,176 | 402,365 |
Money market | 276,236 | 254,157 |
Certificates of deposit | 471,404 | 363,118 |
Total deposits | $ 1,806,110 | $ 1,775,017 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income as reported | $ 2,240 | $ 2,135 |
Weighted average common shares outstanding (in shares) | 4,342,386 | 4,020,815 |
Basic earnings per common share (in dollars per share) | $ 0.52 | $ 0.53 |
Add: Dilutive effect of unvested restricted stock awards (in shares) | 11,487 | 0 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 4,353,873 | 4,020,815 |
Diluted earnings per common share (in dollars per share) | $ 0.51 | $ 0.53 |
Note 12 - Stock Based Compens_3
Note 12 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Feb. 27, 2015 | |
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition | $ 307 | $ 169 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,300 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||
2015 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 12 - Stock Based Compens_4
Note 12 - Stock Based Compensation - Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Non-vested, shares (in shares) | shares | 55,833 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.87 |
Granted, shares (in shares) | shares | 8,492 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 36.73 |
Vested, shares (in shares) | shares | (13,754) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 44.32 |
Forfeited, shares (in shares) | shares | (1,370) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 42.01 |
Non-vested, shares (in shares) | shares | 49,201 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 42.56 |
Note 13 - Derivative Financia_3
Note 13 - Derivative Financial Instruments - Non-hedging Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative assets, fair value | $ 7,535 | $ 9,010 | |
Derivative liabilities, fair value | 7,440 | 8,972 | |
Derivative instrument, gain (loss) | 27 | $ 25 | |
Interest Rate Swap [Member] | Fees and Service Charges [Member] | |||
Derivative instrument, gain (loss) | (30) | 0 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative assets, fair value | 7,440 | 8,972 | |
Derivative liabilities, fair value | 7,440 | 8,972 | |
Interest Rate Lock Commitments [Member] | Gain (Loss) on Sale of Loans Held-for-Sale, Net [Member] | |||
Derivative instrument, gain (loss) | 57 | $ 25 | |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | |||
Derivative assets, fair value | $ 95 | $ 38 |
Note 13 - Derivative Financia_4
Note 13 - Derivative Financial Instruments - Offset Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross amount of recognized assets | $ 7,535 | $ 9,010 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 7,535 | 9,010 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | 7,535 | 9,010 |
Interest Rate Swap [Member] | ||
Gross amount of recognized assets | 7,440 | 8,972 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 7,440 | 8,972 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | 7,440 | 8,972 |
Interest Rate Lock Commitments [Member] | ||
Gross amount of recognized assets | 95 | 38 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 95 | 38 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | $ 95 | $ 38 |
Note 13 - Derivative Financia_5
Note 13 - Derivative Financial Instruments - Offset Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross amount of recognized liabilities | $ 7,440 | $ 8,972 |
Gross amounts offset in the statement of financial condition | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
Financial instruments | 0 | 0 |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | 3,510 | 5,042 |
Net amount | (3,510) | (5,042) |
Interest Rate Swap [Member] | ||
Gross amount of recognized liabilities | 7,440 | 8,972 |
Gross amounts offset in the statement of financial condition | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
Financial instruments | 0 | 0 |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | 3,510 | 5,042 |
Net amount | $ (3,510) | $ (5,042) |
Note 14 - Fair Value - Assets M
Note 14 - Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Assets | $ 7,535 | $ 9,010 |
Available for sale securities, estimated fair value | 377,901 | 370,896 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,742 | 7,625 |
US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 389 | 389 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 133,309 | 134,116 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 235,444 | 227,718 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,017 | 1,048 |
Interest Rate Swap [Member] | ||
Derivative Assets | 7,440 | 8,972 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
Fair Value, Recurring [Member] | ||
Available for sale securities, estimated fair value | 377,901 | 370,896 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 95 | 38 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,742 | 7,625 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 389 | 389 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 133,309 | 134,116 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 235,444 | 227,718 |
Fair Value, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,017 | 1,048 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities, estimated fair value | 376,884 | 369,848 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 95 | 38 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 7,742 | 7,625 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 389 | 389 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 133,309 | 134,116 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 235,444 | 227,718 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities, estimated fair value | 1,017 | 1,048 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities, estimated fair value | 1,017 | 1,048 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Assets | 7,440 | 8,972 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Assets | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets | 7,440 | 8,972 |
Net amount of liabilities present in the statement of financial condition | 7,440 | 8,972 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Assets | 0 | 0 |
Net amount of liabilities present in the statement of financial condition | $ 0 | $ 0 |
Note 14 - Fair Value - Availabl
Note 14 - Fair Value - Available for Sale Securities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 1,048 | $ 992 |
Principal payments | 0 | 0 |
Total unrealized losses, included in other comprehensive income | (31) | (20) |
Ending balance | $ 1,017 | $ 972 |
Note 14 - Fair Value - Assets_2
Note 14 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Collateral Dependent Loans [Member] | ||
Assets, fair value | $ 2,645 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 2,645 | |
Impaired Loans [Member] | ||
Assets, fair value | $ 2,620 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 2,620 |
Note 14 - Fair Value - Fair Val
Note 14 - Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 54,781 | $ 31,282 |
Certificates of deposit in other financial institutions | 2,452 | 2,456 |
Loans held-for-sale | 1,672 | 1,543 |
Loans receivable, net | 1,501,521 | 1,500,734 |
Federal Home Loan Bank stock | 6,547 | 6,547 |
Accrued interest receivable | 7,717 | 7,421 |
Non-interest bearing deposits | 330,057 | 359,092 |
Interest bearing deposits | 1,476,053 | 1,415,925 |
Repurchase agreements | 28,423 | 15,503 |
Borrowed funds | 100,000 | 120,000 |
Accrued interest payable | 399 | 336 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 54,781 | 31,282 |
Certificates of deposit in other financial institutions | 2,398 | 2,404 |
Loans held-for-sale | 1,699 | 1,555 |
Loans receivable, net | 1,457,318 | 1,437,496 |
Federal Home Loan Bank stock | 6,547 | 6,547 |
Accrued interest receivable | 7,717 | 7,421 |
Non-interest bearing deposits | 330,057 | 359,092 |
Interest bearing deposits | 1,477,268 | 1,414,738 |
Repurchase agreements | 28,385 | 15,361 |
Borrowed funds | 100,000 | 119,689 |
Accrued interest payable | 399 | 336 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 54,781 | 31,282 |
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 | 330,057 | 359,092 |
Interest bearing deposits | 1,004,649 | 1,052,807 |
Repurchase agreements | 21,445 | 7,975 |
Borrowed funds | 0 | 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 | 2,398 | 2,404 |
Loans held-for-sale | 1,699 | 1,555 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 6,547 | 6,547 |
Accrued interest receivable | 7,717 | 7,421 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 472,619 | 361,931 |
Repurchase agreements | 6,940 | 7,386 |
Borrowed funds | 100,000 | 119,689 |
Accrued interest payable | 399 | 336 |
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 | 1,457,318 | 1,437,496 |
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 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 15 - Borrowings (Details T
Note 15 - Borrowings (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available Liquidity | $ 918,000 | |
Other Borrowings | 0 | $ 0 |
Asset Pledged as Collateral [Member] | ||
Financial Instruments, Owned, at Fair Value | 320,700 | 223,700 |
Bank Term Funding Program (BTFP) [Member] | Asset Pledged as Collateral [Member] | ||
Financial Instruments, Owned, at Fair Value | 177,700 | |
Bank Term Funding Program (BTFP) [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 100,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 224,000 | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |
Long-Term Line of Credit, Total | $ 0 | $ 0 |
Note 15 - Borrowings - Borrowed
Note 15 - Borrowings - Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fixed rate advances | $ 100,000 | |
Total | 100,000 | $ 120,000 |
Federal Home Loan Bank of Indianapolis [Member] | ||
Fixed rate advances | 0 | 120,000 |
Bank Term Funding Program (BTFP) [Member] | ||
Fixed rate advances | $ 100,000 | $ 0 |
Note 15 - Borrowings - Borrow_2
Note 15 - Borrowings - Borrowed Funds (Details) (Parentheticals) | Mar. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank of Indianapolis [Member] | ||
Interest rate | 4.30% | |
Bank Term Funding Program (BTFP) [Member] | ||
Interest rate | 4.38% |
Note 15 - Borrowings - Schedule
Note 15 - Borrowings - Schedule of Maturities of Borrowed Funds (Details) $ in Billions | Mar. 31, 2023 USD ($) |
2024 | $ 0.1 |
Total | $ 0.1 |