Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 25, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000921183 | |
Entity Registrant Name | HMN FINANCIAL INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-24100 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-1777397 | |
Entity Address, Address Line One | 1016 Civic Center Drive N.W. | |
Entity Address, City or Town | Rochester | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55901 | |
City Area Code | 507 | |
Local Phone Number | 535-1200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | HMNF | |
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 | 4,480,976 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 18,645 | $ 94,143 |
Securities available for sale | 249,212 | 285,765 |
Loans held for sale | 1,934 | 5,575 |
Loans receivable, net | 740,280 | 652,502 |
Accrued interest receivable | 2,662 | 2,132 |
Mortgage servicing rights, net | 3,117 | 3,280 |
Premises and equipment, net | 16,751 | 17,373 |
Goodwill | 802 | 802 |
Core deposit intangible | 0 | 10 |
Prepaid expenses and other assets | 5,087 | 5,427 |
Deferred tax asset, net | 9,303 | 2,529 |
Total assets | 1,047,793 | 1,069,538 |
Deposits | 947,557 | 950,666 |
Accrued interest payable | 53 | 63 |
Customer escrows | 3,332 | 2,143 |
Accrued expenses and other liabilities | 7,141 | 6,635 |
Total liabilities | 958,083 | 959,507 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Serial preferred stock ($.01 par value):authorized 500,000 shares; issued 0 | 0 | 0 |
Common stock ($.01 par value): authorized 16,000,000 shares; issued 9,128,662 | 91 | 91 |
Additional paid-in capital | 40,894 | 40,740 |
Retained earnings, subject to certain restrictions | 136,230 | 131,413 |
Accumulated other comprehensive loss | (25,041) | (1,583) |
Unearned employee stock ownership plan shares | (1,111) | (1,256) |
Treasury stock, at cost 4,647,686 and 4,564,087 shares | (61,353) | (59,374) |
Total stockholders’ equity | 89,710 | 110,031 |
Total liabilities and stockholders’ equity | 1,047,793 | 1,069,538 |
Collateralized Mortgage-Backed Securities [Member] | ||
Assets | ||
Securities available for sale | 195,952 | 245,397 |
Other Debt Obligations [Member] | ||
Assets | ||
Securities available for sale | $ 53,260 | $ 40,368 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 282,196 | $ 287,966 |
Serial-preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Serial-preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Serial-preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Common stock, shares issued (in shares) | 9,128,662 | 9,128,662 |
Treasury stock, shares (in shares) | 4,647,686 | 4,564,087 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, amortized cost | $ 226,499 | $ 247,275 |
Other Debt Obligations [Member] | ||
Securities available for sale, amortized cost | $ 55,697 | $ 40,691 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Loans receivable | $ 7,473 | $ 7,837 | $ 21,389 | $ 22,754 |
Securities available for sale: | ||||
Mortgage-backed and related | 691 | 457 | 2,126 | 1,288 |
Other marketable | 120 | 57 | 289 | 226 |
Other | 347 | 50 | 449 | 116 |
Total interest income | 8,631 | 8,401 | 24,253 | 24,384 |
Interest expense: | ||||
Deposits | 340 | 360 | 910 | 1,223 |
Advances and other borrowings | 0 | 0 | 5 | 0 |
Total interest expense | 340 | 360 | 915 | 1,223 |
Net interest income | 8,291 | 8,041 | 23,338 | 23,161 |
Provision for loan losses | 579 | (886) | 941 | (2,353) |
Net interest income after provision for loan losses | 7,712 | 8,927 | 22,397 | 25,514 |
Non-interest income: | ||||
Gain on sales of loans | 414 | 1,471 | 2,096 | 4,909 |
Other | 413 | 381 | 1,264 | 2,639 |
Total non-interest income | 2,054 | 3,051 | 6,945 | 11,048 |
Non-interest expense: | ||||
Compensation and benefits | 4,355 | 3,948 | 12,805 | 11,865 |
Occupancy and equipment | 918 | 1,090 | 2,865 | 3,301 |
Data processing | 513 | 384 | 1,443 | 1,099 |
Professional services | 306 | 409 | 1,095 | 895 |
Other | 1,082 | 1,075 | 3,201 | 3,205 |
Total non-interest expense | 7,174 | 6,906 | 21,409 | 20,365 |
Income before income tax expense | 2,592 | 5,072 | 7,933 | 16,197 |
Income tax expense | 761 | 1,453 | 2,326 | 4,632 |
Net income | 1,831 | 3,619 | 5,607 | 11,565 |
Other comprehensive loss, net of tax | (7,189) | (688) | (23,458) | (1,508) |
Comprehensive (loss) income available to common stockholders | $ (5,358) | $ 2,931 | $ (17,851) | $ 10,057 |
Basic earnings per common share (in dollars per share) | $ 0.42 | $ 0.82 | $ 1.28 | $ 2.57 |
Diluted earnings per common share (in dollars per share) | $ 0.42 | $ 0.81 | $ 1.27 | $ 2.55 |
Financial Service [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer | $ 821 | $ 810 | $ 2,397 | $ 2,332 |
Bank Servicing [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer | $ 406 | $ 389 | $ 1,188 | $ 1,168 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned Employee Stock Ownership Plan Shares [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2020 | $ 91 | $ 40,480 | $ 117,849 | $ 1,282 | $ (1,450) | $ (55,000) | $ 103,252 |
Net income | 11,565 | 11,565 | |||||
Other comprehensive income (loss) | (1,508) | (1,508) | |||||
Stock repurchases | (3,866) | (3,866) | |||||
Amortization of restricted stock awards | 182 | 182 | |||||
Earned employee stock ownership plan shares | 170 | 146 | 316 | ||||
Restricted stock awards | (222) | 222 | 0 | ||||
Stock awards withheld for tax withholding | (7) | (7) | |||||
Balance at Sep. 30, 2021 | 91 | 40,610 | 129,414 | (226) | (1,304) | (58,651) | 109,934 |
Balance at Jun. 30, 2021 | 91 | 40,484 | 125,795 | 462 | (1,353) | (57,521) | 107,958 |
Net income | 3,619 | 3,619 | |||||
Other comprehensive income (loss) | (688) | (688) | |||||
Stock repurchases | (1,130) | (1,130) | |||||
Amortization of restricted stock awards | 61 | 61 | |||||
Earned employee stock ownership plan shares | 65 | 49 | 114 | ||||
Balance at Sep. 30, 2021 | 91 | 40,610 | 129,414 | (226) | (1,304) | (58,651) | 109,934 |
Balance at Dec. 31, 2021 | 91 | 40,740 | 131,413 | (1,583) | (1,256) | (59,374) | 110,031 |
Net income | 5,607 | 5,607 | |||||
Other comprehensive income (loss) | (23,458) | (23,458) | |||||
Dividends paid to stockholders | (790) | (790) | |||||
Stock repurchases | (2,134) | (2,134) | |||||
Amortization of restricted stock awards | 172 | 172 | |||||
Earned employee stock ownership plan shares | 207 | 145 | 352 | ||||
Restricted stock awards | (225) | 225 | 0 | ||||
Stock awards withheld for tax withholding | (70) | (70) | |||||
Balance at Sep. 30, 2022 | 91 | 40,894 | 136,230 | (25,041) | (1,111) | (61,353) | 89,710 |
Balance at Jun. 30, 2022 | 91 | 40,775 | 134,661 | (17,852) | (1,159) | (60,668) | 95,848 |
Net income | 1,831 | 1,831 | |||||
Other comprehensive income (loss) | (7,189) | (7,189) | |||||
Dividends paid to stockholders | (262) | (262) | |||||
Stock repurchases | (685) | (685) | |||||
Amortization of restricted stock awards | 55 | 55 | |||||
Earned employee stock ownership plan shares | 64 | 48 | 112 | ||||
Balance at Sep. 30, 2022 | $ 91 | $ 40,894 | $ 136,230 | $ (25,041) | $ (1,111) | $ (61,353) | $ 89,710 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.06 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 5,607 | $ 11,565 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for loan losses | 941 | (2,353) |
Depreciation | 924 | 757 |
Amortization of premiums, net | 783 | 709 |
Amortization of deferred loan fees | (388) | (2,342) |
Amortization of purchased fair value adjustments | (18) | (20) |
Amortization of mortgage servicing rights and servicing costs | 695 | 881 |
Capitalized mortgage servicing rights | (532) | (1,070) |
Deferred income tax expense | 550 | 0 |
Losses (gains) recognized on equity securities | 50 | (69) |
Gain on sale of premises | (6) | (15) |
Gain on sales of real estate | (113) | (1,492) |
Gain on sales of loans | (2,096) | (4,909) |
Proceeds from sale of loans held for sale | 81,275 | 147,153 |
Disbursements on loans held for sale | (61,820) | (133,807) |
Amortization of restricted stock awards | 172 | 182 |
Amortization of unearned Employee Stock Ownership Plan shares | 145 | 146 |
Earned Employee Stock Ownership Plan shares priced above original cost | 207 | 170 |
(Increase) decrease in accrued interest receivable | (530) | 1,040 |
Decrease in accrued interest payable | (10) | (64) |
Decrease in other assets | 178 | 842 |
Increase (decrease) in other liabilities | 506 | (850) |
Other, net | 4 | 14 |
Net cash provided by operating activities | 26,534 | 16,508 |
Cash flows from investing activities: | ||
Principal collected on securities available for sale | 35,032 | 27,739 |
Proceeds collected on maturities of securities available for sale | 5,000 | 30,762 |
Purchases of securities available for sale | (35,043) | (148,149) |
Purchase of Federal Home Loan Bank stock | (1,743) | (159) |
Redemption of Federal Home Loan Bank stock | 1,552 | 0 |
Proceeds from sales of real estate | 402 | 2,128 |
Net (increase) decrease in loans receivable | (102,021) | 17,323 |
Proceeds from sale of premises | 9 | 16 |
Purchases of premises and equipment | (306) | (440) |
Net cash used by investing activities | (97,118) | (70,780) |
Cash flows from financing activities: | ||
(Decrease) increase in deposits | (3,109) | 120,098 |
Purchase of treasury stock | (2,134) | (3,866) |
Stock awards withheld for tax withholding | (70) | (7) |
Dividends to stockholders | (790) | 0 |
Proceeds from borrowings | 31,000 | 0 |
Repayment of borrowings | (31,000) | 0 |
Increase in customer escrows | 1,189 | 1,214 |
Net cash (used) provided by financing activities | (4,914) | 117,439 |
(Decrease) increase in cash and cash equivalents | (75,498) | 63,167 |
Cash and cash equivalents, beginning of period | 94,143 | 86,269 |
Cash and cash equivalents, end of period | 18,645 | 149,436 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 925 | 1,287 |
Cash paid for income taxes | 2,399 | 5,310 |
Supplemental noncash flow disclosures: | ||
Loans transferred to loans held for sale | 13,708 | 7,757 |
Right to use assets obtained in exchange for lease liabilities | 137 | 0 |
Core Deposits [Member] | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||
Amortization of core deposit intangible | $ 10 | $ 40 |
Note 1 - HMN Financial, Inc.
Note 1 - HMN Financial, Inc. | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 HMN Financial, Inc. HMN Financial, Inc. (HMN or the Company) is a stock savings bank holding company that owns 100 percent of Home Federal Savings Bank (the Bank). The Bank has a community banking philosophy and operates retail banking and loan production facilities in Minnesota, Iowa and Wisconsin. The Bank has two wholly owned subsidiaries, Osterud Insurance Agency, Inc. (OIA), which does business as Home Federal Investment Services and offers financial planning products and services, and HFSB Property Holdings, LLC (HPH), which is currently inactive, but has acted in the past as an intermediary for the Bank in holding and operating certain foreclosed properties. The consolidated financial statements included herein are for HMN, the Bank, OIA and HPH. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | ( 2 Basis of Preparation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10 not nine September 30, 2022 not may |
Note 3 - New Accounting Standar
Note 3 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 3 New Accounting Standards In March 2022, 2022 02, Financial Instruments-Credit Losses (Topic 326 310 40, Receivables-Troubled Debt Restructurings by Creditors, 310 20 35 9 35 11 326 20, Financial Instruments-Credit Losses-Measured at Amortized Cost 326 20 50 6 . not 2016 13 2016 13 first 2023. In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 not December 15, 2019, November 26, 2019, 2019 11, Codification Improvements to Topic 326, Credit Losses 2016 13 first 2020 first 2023. may December 15, 2018, not first 2023. On February 6, 2020, 2020 02, Financial Instruments-Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 Leases (Topic 842 not 326 326. third 326 first 2023. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 Fair Value Measurements ASC 820, Fair Value Measurements three Level 1 Level 2 not Level 3 not not The following table summarizes the assets and liabilities of the Company for which fair values are determined on a recurring basis as of September 30, 2022 December 31, 2021. Carrying Value at September 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 249,212 0 249,212 0 Equity securities 198 0 198 0 Mortgage loan commitments (49 ) 0 (49 ) 0 Total $ 249,361 0 249,361 0 Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 285,765 0 285,765 0 Equity securities 248 0 248 0 Mortgage loan commitments 26 0 26 0 Total $ 286,039 0 286,039 0 The Company may September 30, 2022 December 31, 2021. Carrying Value at September 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Three Months Ended September 30, 2022 Total Losses Nine Months Ended September 30, 2022 Total Losses Loans held for sale $ 1,934 0 1,934 0 (1 ) (61 ) Mortgage servicing rights 3,117 0 3,117 0 0 0 Impaired loans 1,864 0 1,864 0 (34 ) (38 ) Total $ 6,915 0 6,915 0 (35 ) (99 ) Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2021 Total Losses Loans held for sale $ 5,575 0 5,575 0 (56 ) Mortgage servicing rights 3,280 0 3,280 0 0 Impaired loans 4,244 0 4,244 0 (218 ) Real estate, net 290 0 290 0 0 Total $ 13,389 0 13,389 0 (274 ) |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | ( 5 Fair Value of Financial Instruments ASC 825, Disclosures about Fair Values of Financial Instruments September 30, 2022 December 31, 2021 no The estimated fair value of the Company’s financial instruments as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Fair Value Hierarchy Fair Value Hierarchy (Dollars in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Financial assets: Cash and cash equivalents $ 18,645 18,645 18,645 94,143 94,143 94,143 Securities available for sale 249,212 249,212 249,212 285,765 285,765 285,765 Equity securities 198 198 198 248 248 248 Loans held for sale 1,934 1,934 1,934 5,575 5,575 5,575 Loans receivable, net 740,280 699,301 699,301 652,502 661,298 661,298 Federal Home Loan Bank stock 1,283 1,283 1,283 1,092 1,092 1,092 Accrued interest receivable 2,662 2,662 2,662 2,132 2,132 2,132 Financial liabilities: Deposits 947,557 945,335 945,335 950,666 950,558 950,558 Accrued interest payable 53 53 53 63 63 63 Off-balance sheet financial instruments: Commitments to extend credit (49 ) (49 ) 251,806 26 26 195,141 Commitments to sell loans 73 73 6,072 12 12 12,340 Cash and Cash Equivalents The carrying amount of cash and cash equivalents approximates their fair value. Securities Available for Sale The fair values of securities were based upon quoted market prices for similar securities. Equity Securities The fair values of equity securities were based upon quoted market prices for similar securities. Loans Held for Sale The fair values of loans held for sale were based upon quoted market prices for loans with similar interest rates and terms to maturity. Loans Receivable The fair value of the loan portfolio, with the exception of the adjustable rate portfolio, was calculated by discounting the scheduled cash flows through the estimated maturity using anticipated prepayment speeds and using discount rates that reflect the credit and interest rate risk inherent in each loan portfolio. The fair value of the adjustable loan portfolio was estimated by grouping the loans with similar characteristics and comparing the characteristics of each group to the prices quoted for similar types of loans in the secondary market. The fair value disclosures for both the fixed and adjustable rate portfolios were adjusted to reflect the exit price amount anticipated to be received from the sale of the portfolio in an open market transaction. Federal Home Loan Bank (FHLB) Stock The carrying amount of FHLB stock approximates its fair value. Accrued Interest Receivable The carrying amount of accrued interest receivable approximates its fair value since it is short-term in nature and does not Deposits The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. The fair value disclosures for all of the deposits were adjusted to reflect the exit price amount anticipated to be received from the sale of the deposits in an open market transaction . Accrued Interest Payable The carrying amount of accrued interest payable approximates its fair value since it is short-term in nature. Commitments to Extend Credit The fair values of commitments to extend credit are estimated using the fees normally charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter parties. Commitments to Sell Loans The fair values of commitments to sell loans are estimated using the quoted market prices for loans with similar interest rates and terms to maturity. |
Note 6 - Other Comprehensive (L
Note 6 - Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 6 Other Comprehensive Loss Other comprehensive loss is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive loss is the total of net income and other comprehensive loss, which for the Company is comprised of unrealized losses on securities available for sale. The components of other comprehensive loss and the related tax effects were as follows: For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Securities available for sale: Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Gross unrealized losses arising during the period $ (9,100 ) (1,911 ) (7,189 ) (957 ) (269 ) (688 ) Other comprehensive loss $ (9,100 ) (1,911 ) (7,189 ) (957 ) (269 ) (688 ) For the Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Securities available for sale: Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Gross unrealized losses arising during the period $ (30,782 ) (7,324 ) (23,458 ) (2,092 ) (584 ) (1,508 ) Other comprehensive loss $ (30,782 ) (7,324 ) (23,458 ) (2,092 ) (584 ) (1,508 ) |
Note 7 - Securities Available f
Note 7 - Securities Available for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 7 Securities Available For Sale The following table shows the gross unrealized losses and fair values for the securities available for sale portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 December 31, 2021. Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2022 Mortgage-backed securities: Federal National Mortgage Association (FNMA) 16 $ 47,032 (6,069 ) 18 $ 60,019 (10,126 ) $ 107,051 (16,195 ) Federal Home Loan Mortgage Corporation (FHLMC) 7 34,085 (5,107 ) 17 54,779 (9,242 ) 88,864 (14,349 ) Collateralized mortgage obligations: FNMA 1 37 (3 ) 0 0 0 37 (3 ) Other marketable securities: U.S. Government agency obligations 3 14,371 (629 ) 7 33,364 (1,633 ) 47,735 (2,262 ) Corporate preferred stock 0 0 0 1 525 (175 ) 525 (175 ) Total temporarily impaired securities 27 $ 95,525 (11,808 ) 43 $ 148,687 (21,176 ) $ 244,212 (32,984 ) Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2021 Mortgage-backed securities: FNMA 19 $ 98,423 (1,234 ) 2 $ 6,810 (133 ) $ 105,233 (1,367 ) FHLMC 17 85,624 (1,038 ) 2 7,664 (151 ) 93,288 (1,189 ) Other marketable securities: U.S. Government agency obligations 7 34,659 (337 ) 0 0 0 34,659 (337 ) Corporate preferred stock 0 0 0 1 658 (42 ) 658 (42 ) Total temporarily impaired securities 43 $ 218,706 (2,609 ) 5 $ 15,132 (326 ) $ 233,838 (2,935 ) The Company reviews its investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the market liquidity for the investment, the financial condition and near-term prospects of the issuer, including any specific events which may September 30, 2022 September 30, 2022 not September 30, 2022, not may A summary of securities available for sale at September 30, 2022 December 31, 2021 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2022 Mortgage-backed securities: FNMA $ 123,246 0 (16,195 ) 107,051 FHLMC 103,213 0 (14,349 ) 88,864 Collateralized mortgage obligations: FNMA 40 0 (3 ) 37 226,499 0 (30,547 ) 195,952 Other marketable securities: U.S. Government agency obligations 54,997 0 (2,262 ) 52,735 Corporate preferred stock 700 0 (175 ) 525 55,697 0 (2,437 ) 53,260 $ 282,196 0 (32,984 ) 249,212 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Mortgage-backed securities: FNMA $ 138,628 550 (1,367 ) 137,811 FHLMC 108,599 126 (1,189 ) 107,536 Collateralized mortgage obligations: FNMA 48 2 0 50 247,275 678 (2,556 ) 245,397 Other marketable securities: U.S. Government agency obligations 39,991 56 (337 ) 39,710 Corporate preferred stock 700 0 (42 ) 658 40,691 56 (379 ) 40,368 $ 287,966 734 (2,935 ) 285,765 The following table indicates amortized cost and estimated fair value of securities available for sale at September 30, 2022 (Dollars in thousands) Amortized Cost Fair Value Due one year or less $ 59,534 52,442 Due after one year through five years 170,935 152,099 Due after five years through fifteen years 51,723 44,667 Due after fifteen years 4 4 Total $ 282,196 249,212 The allocation of mortgage-backed securities in the table above is based upon the anticipated future cash flow of the securities using estimated mortgage prepayment speeds. The allocation of other marketable securities that have call features is based on the anticipated cash flows to the expected call date if it is anticipated that the security will be called, or to the maturity date if it is not |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 8 Loans Receivable, Net A summary of loans receivable at September 30, 2022 December 31, 2021 September 30, December 31, (Dollars in thousands) 2022 2021 Single family $ 188,045 163,322 Commercial real estate: Real estate rental and leasing 241,362 209,666 Other 213,999 187,202 455,361 396,868 Consumer 44,224 41,645 Commercial business 63,236 60,165 Total loans 750,866 662,000 Less: Unamortized discounts 14 10 Net deferred loan fees 431 209 Allowance for loan losses 10,141 9,279 Total loans receivable, net $ 740,280 652,502 |
Note 9 - Allowance for Loan Los
Note 9 - Allowance for Loan Losses and Credit Quality Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Allowance For Loan Losses And Credit Quality Information [Text Block] | ( 9 Allowance for Loan Losses and Credit Quality Information The allowance for loan losses is summarized as follows: (Dollars in thousands) Single Family Commercial Real Estate Consumer Commercial Business Total For the three months ended September 30, 2022: Balance, June 30, 2022 $ 1,068 6,586 1,047 943 9,644 Provision for losses 77 505 12 (15 ) 579 Charge-offs 0 (90 ) (8 ) 0 (98 ) Recoveries 1 0 5 10 16 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 For the nine months ended September 30, 2022 $ 974 6,388 981 936 9,279 Provision for losses 171 703 92 (25 ) 941 Charge-offs 0 (90 ) (24 ) 0 (114 ) Recoveries 1 0 7 27 35 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 Allocated to: Specific reserves $ 36 280 83 7 406 General reserves 938 6,108 898 929 8,873 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Allocated to: Specific reserves $ 24 0 112 12 148 General reserves 1,122 7,001 944 926 9,993 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 Loans receivable at December 31, 2021: Individually reviewed for impairment $ 340 3,757 546 7 4,650 Collectively reviewed for impairment 162,982 393,111 41,099 60,158 657,350 Ending balance $ 163,322 396,868 41,645 60,165 662,000 Loans receivable at September 30, 2022: Individually reviewed for impairment $ 732 179 462 639 2,012 Collectively reviewed for impairment 187,313 455,182 43,762 62,597 748,854 Ending balance $ 188,045 455,361 44,224 63,236 750,866 (Dollars in thousands) Single Commercial Consumer Commercial Business Total For the three months ended September 30, 2021: Balance, June 30, 2021 $ 929 7,033 1,039 914 9,915 Provision for losses 13 (713 ) (72 ) (114 ) (886 ) Recoveries 0 0 30 11 41 Balance, September 30, 2021 $ 942 6,320 997 811 9,070 For the nine months ended September 30, 2021: Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Provision for losses (88 ) (1,625 ) (408 ) (232 ) (2,353 ) Charge-offs 0 0 (42 ) 0 (42 ) Recoveries 0 650 58 58 766 Balance, September 30, 2021 $ 942 6,320 997 811 9,070 The following table summarizes the amount of classified and unclassified loans at September 30, 2022 December 31, 2021: September 30, 2022 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,364 1,319 49 0 2,732 185,313 188,045 Commercial real estate: Real estate rental and leasing 14,878 3,576 0 0 18,454 222,908 241,362 Other 12,867 10,079 0 0 22,946 191,053 213,999 Consumer 0 357 18 87 462 43,762 44,224 Commercial business 1,262 2,445 0 0 3,707 59,529 63,236 $ 30,371 17,776 67 87 48,301 702,565 750,866 December 31, 2021 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 410 791 56 0 1,257 162,065 163,322 Commercial real estate: Real estate rental and leasing 16,012 4,753 0 0 20,765 188,901 209,666 Other 6,824 9,571 0 0 16,395 170,807 187,202 Consumer 0 475 21 50 546 41,099 41,645 Commercial business 1,933 1,813 0 0 3,746 56,419 60,165 $ 25,179 17,403 77 50 42,709 619,291 662,000 Classified loans represent special mention, substandard (performing and non-performing), and non-performing loans categorized as doubtful and loss. Loans classified as special mention are loans that have potential weaknesses that, if left uncorrected, may not may not The aging of past due loans at September 30, 2022 December 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing September 30, 2022 Single family $ 1,261 258 363 1,882 186,163 188,045 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 241,362 241,362 0 Other 0 0 0 0 213,999 213,999 0 Consumer 255 95 92 442 43,782 44,224 0 Commercial business 0 0 633 633 62,603 63,236 0 $ 1,516 353 1,088 2,957 747,909 750,866 0 December 31, 2021 Single family $ 864 65 153 1,082 162,240 163,322 0 Commercial real estate: Real estate rental and leasing 198 0 0 198 209,468 209,666 0 Other 226 3,402 0 3,628 183,574 187,202 0 Consumer 174 89 122 385 41,260 41,645 0 Commercial business 0 0 0 0 60,165 60,165 0 $ 1,462 3,556 275 5,293 656,707 662,000 0 Impaired loans include loans that are non-performing (non-accruing) and loans that have been modified in a troubled debt restructuring (TDR). The following table summarizes impaired loans and related allowances as of September 30, 2022 December 31, 2021: September 30, 2022 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance Loans with no related allowance recorded: Single family $ 684 702 0 253 272 0 Commercial real estate: Other 179 179 0 189 189 0 Consumer 307 307 0 419 419 0 Loans with an allowance recorded: Single family 48 48 24 87 87 36 Commercial real estate: Other 0 0 0 3,568 3,568 280 Consumer 155 155 112 127 127 83 Commercial business 639 639 12 7 7 7 Total: Single family 732 750 24 340 359 36 Commercial real estate: Other 179 179 0 3,757 3,757 280 Consumer 462 462 112 546 546 83 Commercial business 639 639 12 7 7 7 $ 2,012 2,030 148 4,650 4,669 406 The following table summarizes the average recorded investment and interest income recognized on impaired loans during the three nine September 30, 2022 2021: For the Three Months Ended For the Nine Months Ended (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 584 1 454 8 Commercial real estate: Other 180 5 183 7 Consumer 304 2 346 7 Loans with an allowance recorded: Single family 65 0 75 0 Commercial real estate: Other 1,643 0 2,555 0 Consumer 157 0 151 1 Commercial business 323 0 165 0 Total: Single family 649 1 529 8 Commercial real estate: Other 1,823 5 2,738 7 Consumer 461 2 497 8 Commercial business 323 0 165 0 $ 3,256 8 3,929 23 For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 390 0 564 4 Commercial real estate: Real estate rental and leasing 78 0 540 0 Other 193 0 199 0 Consumer 610 0 577 6 Loans with an allowance recorded: Single family 122 0 119 0 Commercial real estate: Real estate rental and leasing 163 0 123 7 Other 168 0 163 0 Consumer 114 3 138 1 Commercial business 22 0 29 1 Total: Single family 512 0 683 4 Commercial real estate: Real estate rental and leasing 241 0 663 7 Other 361 0 362 0 Consumer 724 3 715 7 Commercial business 22 0 29 1 $ 1,860 3 2,452 19 At September 30, 2022 December 31, 2021, no September 30, 2022 December 31, 2021, The non-accrual loans at September 30, 2022 December 31, 2021 (Dollars in thousands) September 30, 2022 December 31, 2021 Single family $ 732 $ 340 Commercial real estate: Other 0 3,757 Consumer 440 517 Commercial business 639 7 $ 1,811 $ 4,621 At September 30, 2022 December 31, 2021, third 2022, none not September 30, 2022. third 2021, none not September 30, 2021. The following table summarizes TDRs at September 30, 2022 December 31, 2021: September 30, 2022 December 31, 2021 (Dollars in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Single family $ 0 206 206 0 254 254 Commercial real estate 179 0 179 0 355 355 Consumer 22 339 361 29 413 442 $ 201 545 746 29 1,022 1,051 TDR concessions can include reduction of interest rates, extension of maturity dates, forgiveness of principal and/or interest due, or acceptance of real estate or other assets in full or partial satisfaction of the debt. Loan modifications are not twelve twelve When a loan is modified in a TDR, there may may three nine September 30, 2022 2021. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Troubled debt restructurings: Commercial real estate: Other 0 $ 0 0 1 $ 165 165 Consumer 1 19 19 1 19 19 Total 1 $ 19 19 2 $ 184 184 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Troubled debt restructurings: Single family 1 $ 38 40 1 $ 38 40 Commercial real estate: Other 0 0 0 1 139 139 Consumer 0 0 0 1 93 94 Commercial business 0 0 0 1 14 14 Total 1 $ 38 40 4 $ 284 287 The following table summarizes the loans that were restructured in the twelve September 30, 2022 three nine September 30, 2022. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Contracts Outstanding Recorded Investment Number of Contracts Outstanding Recorded Investment Troubled debt restructurings that subsequently defaulted: Commercial real estate: Other 1 $ 162 1 $ 162 Total 1 $ 162 1 $ 162 There were no loans that were restructured within the twelve September 30, 2021 three nine September 30, 2021. The Company considers a loan to have defaulted when it becomes 90 six six may TDRs are reviewed for impairment following the same methodology as other impaired loans. For loans that are collateral-dependent, the value of the collateral is reviewed and additional reserves may not may September 30, 2022 December 31, 2021. The Coronavirus Aid, Relief, and Economic Security Act March 27, 2020 Interagency Statement on Loan Modification and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus April 7, 2020. 4013 December 31, 2021. 19 September 30, 2022 September 30, 2021, 4013 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 10 Intangible Assets The Company’s intangible assets consist of core deposit intangibles, goodwill and mortgage servicing rights. A summary of mortgage servicing activity is as follows: (Dollars in thousands) Nine Months Ended September 30, 2022 Twelve Months Ended December 31, 2021 Nine Months Ended September 30, 2021 Balance, beginning of period $ 3,280 3,043 3,043 Originations 532 1,405 1,070 Amortization (695 ) (1,168 ) (881 ) Balance, end of period $ 3,117 3,280 3,232 Fair value of mortgage servicing rights $ 6,249 4,813 4,292 All of the loans sold where the Company continues to service the loans are serviced for FNMA under the individual loan sale program. The following is a summary of the risk characteristics of the loans being serviced for FNMA at September 30, 2022: Weighted Weighted Loan Average Average Principal Interest Remaining Number (Dollars in thousands) Balance Rate Term (months) of Loans Original term 15 year fixed rate $ 111,731 2.89 % 138 1,040 Original term 30 year fixed rate 429,994 3.51 309 2,681 Amortization expense for intangible assets was $0.7 million and $0.9 million for the nine September 30, 2022 2021, September 30, 2022 December 31, 2021 September 30, 2022 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,953 (2,836 ) 3,117 Core deposit intangible 154 (154 ) 0 Goodwill 802 0 802 Total $ 6,909 (2,990 ) 3,919 December 31, 2021 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,854 (2,574 ) 3,280 Core deposit intangible 574 (564 ) 10 Goodwill 802 0 802 Total $ 7,230 (3,138 ) 4,092 The following table indicates the estimated future amortization expense for mortgage servicing rights: (Dollars in thousands) Mortgage Servicing Rights Year ending December 31, 2022 $ 187 2023 698 2024 663 2025 597 2026 500 Thereafter 472 Total $ 3,117 No not may Projections of amortization are based on existing asset balances and the existing interest rate environment as of September 30, 2022. may |
Note 11 - Leases
Note 11 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 11 Leases The Company accounts for its leases in accordance with ASU 2016 02, 842 The Company’s leases relate to office space and bank branches with remaining lease terms between twenty-three sixty-two three ten not not September 30, 2022, The table below summarizes the Company’s net lease cost for the three nine September 30, 2022. (Dollars in thousands) Three Months Ended Nine Months Ended Operating lease cost $ 57 172 The table below summarizes other information related to the Company’s operating leases: Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 57 223 172 672 Weighted-average remaining lease term – operating leases, in years 3.0 3.0 3.0 3.0 Weighted-average discount rate – operating leases 2.63 % 2.19 % 2.63 % 2.19 % The decrease in the net lease cost and operating cash flows between the periods is related to the purchase of the combined corporate office and branch facility in Rochester, Minnesota during the fourth 2021. The table below summarizes the maturity of remaining lease liabilities at September 30, 2022: (Dollars in thousands) September 30, 2022 2022 $ 57 2023 232 2024 212 2025 58 2026 27 2027 and thereafter 25 Total lease payments 611 Less: Interest (25 ) Present value of lease liabilities $ 586 |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Earnings per Common Share The following table reconciles the weighted average shares outstanding and the earnings available to common stockholders used for basic and diluted earnings per common share: Three Months Ended September 30, Nine Months Ended (Dollars in thousands, except per share data) 2022 2021 2022 2021 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,348,444 4,432,447 4,366,672 4,494,761 Net dilutive effect of: Restricted stock awards and options 30,652 33,421 32,651 33,122 Weighted average number of shares outstanding adjusted for effect of dilutive securities 4,379,096 4,465,868 4,399,323 4,527,883 Income available to common stockholders $ 1,831 3,619 5,607 11,565 Basic earnings per common share $ 0.42 0.82 1.28 2.57 Diluted earnings per common share $ 0.42 0.81 1.27 2.55 |
Note 13 - Regulatory Capital an
Note 13 - Regulatory Capital and Oversight | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 13 Regulatory Capital and Oversight The Bank is subject to the Basel III regulatory capital requirements. The Basel III requirements, among other things, (i) apply a set of capital requirements to the Bank, including requirements relating to common equity as a component of core capital, (ii) implement a “capital conservation buffer” against risk and a higher minimum Tier 1 The FRB amended its Small Bank Holding Company Policy Statement (Policy Statement) to exempt small bank holding companies with assets less than $3 Quantitative measures established by regulations to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table and defined in the regulation) of common equity Tier 1 1 1 The Bank’s average total assets for the third 2022 September 30, 2022 Actual Required to be Adequately Capitalized Excess Capital To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Common equity Tier 1 capital $ 97,772 11.47 % $ 38,360 4.50 % $ 59,412 6.97 % $ 55,409 6.50 % Tier 1 leverage 97,772 8.95 43,690 4.00 54,082 4.95 54,612 5.00 Tier 1 risk-based capital 97,772 11.47 51,147 6.00 46,625 5.47 68,196 8.00 Total risk-based capital 107,913 12.66 68,196 8.00 39,717 4.66 85,245 10.00 ( 1 1 The Bank must maintain a capital conservation buffer of 2.50% composed of common equity Tier 1 September 30, 2022, no |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 14 Stockholders Equity The Company repurchased 30,000 shares and 90,000 shares of its common stock in the open market for a gross purchase price of $0.7 million and $2.1 million under its share repurchase program during the third first nine 2022, September 30, 2022, three 6 March 9, 2022, June 7, 2022, September 7, 2022. first nine 2022 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 15 Commitments and Contingencies The Bank issues standby letters of credit which guarantee the performance of customers to third September 30, 2022 twenty-six may not From time to time, the Company is party to legal proceedings arising out of its lending and deposit operations. The Company is, and expects to become, engaged in foreclosure proceedings, collection actions, and other litigation as part of its normal banking activities. The Company examines each legal matter, and, in those situations where it determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, establishes an appropriate accrual. In many situations, the Company is not not |
Note 16 - Business Segments
Note 16 - Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 16 Business Segments The Bank has been identified as a reportable operating segment in accordance with the provisions of ASC 280. not The Company evaluates performance and allocates resources based on the segment’s net income, return on average assets and return on average equity. Each corporation is managed separately with its own officers and board of directors. The following table sets forth certain information about the reconciliations of reported profit and assets for each of the Company’s reportable segments. (Dollars in thousands) Home Federal Savings Bank Other Eliminations Consolidated Total At or for the nine months ended September 30, 2022: Interest income – external customers $ 24,253 0 0 24,253 Non-interest income – external customers 6,945 0 0 6,945 Intersegment interest income 0 27 (27 ) 0 Intersegment non-interest income 176 6,052 (6,228 ) 0 Interest expense 942 0 (27 ) 915 Provision for loan losses 941 0 0 941 Non-interest expense 20,972 613 (176 ) 21,409 Income tax expense 2,467 (141 ) 0 2,326 Net income 6,052 5,607 (6,052 ) 5,607 Total assets 1,046,983 89,817 (89,007 ) 1,047,793 At or for the nine months ended September 30, 2021: Interest income – external customers $ 24,384 0 0 24,384 Non-interest income – external customers 11,047 1 0 11,048 Intersegment interest income 0 22 (22 ) 0 Intersegment non-interest income 176 12,054 (12,230 ) 0 Interest expense 1,245 0 (22 ) 1,223 Provision for loan losses (2,353 ) 0 0 (2,353 ) Non-interest expense 19,906 635 (176 ) 20,365 Income tax expense 4,755 (123 ) 0 4,632 Net income 12,054 11,565 (12,054 ) 11,565 Total assets 1,035,945 110,072 (109,402 ) 1,036,615 At or for the quarter ended September 30, 2022: Interest income – external customers $ 8,631 0 0 8,631 Non-interest income – external customers 2,054 0 0 2,054 Intersegment interest income 0 10 (10 ) 0 Intersegment non-interest income 59 1,981 (2,040 ) 0 Interest expense 350 0 (10 ) 340 Provision for loan losses 579 0 0 579 Non-interest expense 7,025 208 (59 ) 7,174 Income tax expense 809 (48 ) 0 761 Net income 1,981 1,831 (1,981 ) 1,831 Total assets 1,046,983 89,817 (89,007 ) 1,047,793 At or for the quarter ended September 30, 2021: Interest income – external customers $ 8,401 0 0 8,401 Non-interest income – external customers 3,051 0 0 3,051 Intersegment interest income 0 8 (8 ) 0 Intersegment non-interest income 59 3,773 (3,832 ) 0 Interest expense 368 0 (8 ) 360 Provision for loan losses (886 ) 0 0 (886 ) Non-interest expense 6,766 199 (59 ) 6,906 Income tax expense 1,490 (37 ) 0 1,453 Net income 3,773 3,619 (3,773 ) 3,619 Total assets 1,035,945 110,072 (109,402 ) 1,036,615 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value at September 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 249,212 0 249,212 0 Equity securities 198 0 198 0 Mortgage loan commitments (49 ) 0 (49 ) 0 Total $ 249,361 0 249,361 0 Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 285,765 0 285,765 0 Equity securities 248 0 248 0 Mortgage loan commitments 26 0 26 0 Total $ 286,039 0 286,039 0 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Carrying Value at September 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Three Months Ended September 30, 2022 Total Losses Nine Months Ended September 30, 2022 Total Losses Loans held for sale $ 1,934 0 1,934 0 (1 ) (61 ) Mortgage servicing rights 3,117 0 3,117 0 0 0 Impaired loans 1,864 0 1,864 0 (34 ) (38 ) Total $ 6,915 0 6,915 0 (35 ) (99 ) Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2021 Total Losses Loans held for sale $ 5,575 0 5,575 0 (56 ) Mortgage servicing rights 3,280 0 3,280 0 0 Impaired loans 4,244 0 4,244 0 (218 ) Real estate, net 290 0 290 0 0 Total $ 13,389 0 13,389 0 (274 ) |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 December 31, 2021 Fair Value Hierarchy Fair Value Hierarchy (Dollars in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Financial assets: Cash and cash equivalents $ 18,645 18,645 18,645 94,143 94,143 94,143 Securities available for sale 249,212 249,212 249,212 285,765 285,765 285,765 Equity securities 198 198 198 248 248 248 Loans held for sale 1,934 1,934 1,934 5,575 5,575 5,575 Loans receivable, net 740,280 699,301 699,301 652,502 661,298 661,298 Federal Home Loan Bank stock 1,283 1,283 1,283 1,092 1,092 1,092 Accrued interest receivable 2,662 2,662 2,662 2,132 2,132 2,132 Financial liabilities: Deposits 947,557 945,335 945,335 950,666 950,558 950,558 Accrued interest payable 53 53 53 63 63 63 Off-balance sheet financial instruments: Commitments to extend credit (49 ) (49 ) 251,806 26 26 195,141 Commitments to sell loans 73 73 6,072 12 12 12,340 |
Note 6 - Other Comprehensive _2
Note 6 - Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Securities available for sale: Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Gross unrealized losses arising during the period $ (9,100 ) (1,911 ) (7,189 ) (957 ) (269 ) (688 ) Other comprehensive loss $ (9,100 ) (1,911 ) (7,189 ) (957 ) (269 ) (688 ) For the Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Securities available for sale: Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Gross unrealized losses arising during the period $ (30,782 ) (7,324 ) (23,458 ) (2,092 ) (584 ) (1,508 ) Other comprehensive loss $ (30,782 ) (7,324 ) (23,458 ) (2,092 ) (584 ) (1,508 ) |
Note 7 - Securities Available_2
Note 7 - Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2022 Mortgage-backed securities: Federal National Mortgage Association (FNMA) 16 $ 47,032 (6,069 ) 18 $ 60,019 (10,126 ) $ 107,051 (16,195 ) Federal Home Loan Mortgage Corporation (FHLMC) 7 34,085 (5,107 ) 17 54,779 (9,242 ) 88,864 (14,349 ) Collateralized mortgage obligations: FNMA 1 37 (3 ) 0 0 0 37 (3 ) Other marketable securities: U.S. Government agency obligations 3 14,371 (629 ) 7 33,364 (1,633 ) 47,735 (2,262 ) Corporate preferred stock 0 0 0 1 525 (175 ) 525 (175 ) Total temporarily impaired securities 27 $ 95,525 (11,808 ) 43 $ 148,687 (21,176 ) $ 244,212 (32,984 ) Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2021 Mortgage-backed securities: FNMA 19 $ 98,423 (1,234 ) 2 $ 6,810 (133 ) $ 105,233 (1,367 ) FHLMC 17 85,624 (1,038 ) 2 7,664 (151 ) 93,288 (1,189 ) Other marketable securities: U.S. Government agency obligations 7 34,659 (337 ) 0 0 0 34,659 (337 ) Corporate preferred stock 0 0 0 1 658 (42 ) 658 (42 ) Total temporarily impaired securities 43 $ 218,706 (2,609 ) 5 $ 15,132 (326 ) $ 233,838 (2,935 ) |
Debt Securities, Available-for-Sale [Table Text Block] | (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2022 Mortgage-backed securities: FNMA $ 123,246 0 (16,195 ) 107,051 FHLMC 103,213 0 (14,349 ) 88,864 Collateralized mortgage obligations: FNMA 40 0 (3 ) 37 226,499 0 (30,547 ) 195,952 Other marketable securities: U.S. Government agency obligations 54,997 0 (2,262 ) 52,735 Corporate preferred stock 700 0 (175 ) 525 55,697 0 (2,437 ) 53,260 $ 282,196 0 (32,984 ) 249,212 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Mortgage-backed securities: FNMA $ 138,628 550 (1,367 ) 137,811 FHLMC 108,599 126 (1,189 ) 107,536 Collateralized mortgage obligations: FNMA 48 2 0 50 247,275 678 (2,556 ) 245,397 Other marketable securities: U.S. Government agency obligations 39,991 56 (337 ) 39,710 Corporate preferred stock 700 0 (42 ) 658 40,691 56 (379 ) 40,368 $ 287,966 734 (2,935 ) 285,765 |
Available-for-Sale Securities [Member] | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | (Dollars in thousands) Amortized Cost Fair Value Due one year or less $ 59,534 52,442 Due after one year through five years 170,935 152,099 Due after five years through fifteen years 51,723 44,667 Due after fifteen years 4 4 Total $ 282,196 249,212 |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Summary of Loans Receivable [Table Text Block] | September 30, December 31, (Dollars in thousands) 2022 2021 Single family $ 188,045 163,322 Commercial real estate: Real estate rental and leasing 241,362 209,666 Other 213,999 187,202 455,361 396,868 Consumer 44,224 41,645 Commercial business 63,236 60,165 Total loans 750,866 662,000 Less: Unamortized discounts 14 10 Net deferred loan fees 431 209 Allowance for loan losses 10,141 9,279 Total loans receivable, net $ 740,280 652,502 |
Note 9 - Allowance for Loan L_2
Note 9 - Allowance for Loan Losses and Credit Quality Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Single Family Commercial Real Estate Consumer Commercial Business Total For the three months ended September 30, 2022: Balance, June 30, 2022 $ 1,068 6,586 1,047 943 9,644 Provision for losses 77 505 12 (15 ) 579 Charge-offs 0 (90 ) (8 ) 0 (98 ) Recoveries 1 0 5 10 16 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 For the nine months ended September 30, 2022 $ 974 6,388 981 936 9,279 Provision for losses 171 703 92 (25 ) 941 Charge-offs 0 (90 ) (24 ) 0 (114 ) Recoveries 1 0 7 27 35 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 Allocated to: Specific reserves $ 36 280 83 7 406 General reserves 938 6,108 898 929 8,873 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Allocated to: Specific reserves $ 24 0 112 12 148 General reserves 1,122 7,001 944 926 9,993 Balance, September 30, 2022 $ 1,146 7,001 1,056 938 10,141 Loans receivable at December 31, 2021: Individually reviewed for impairment $ 340 3,757 546 7 4,650 Collectively reviewed for impairment 162,982 393,111 41,099 60,158 657,350 Ending balance $ 163,322 396,868 41,645 60,165 662,000 Loans receivable at September 30, 2022: Individually reviewed for impairment $ 732 179 462 639 2,012 Collectively reviewed for impairment 187,313 455,182 43,762 62,597 748,854 Ending balance $ 188,045 455,361 44,224 63,236 750,866 (Dollars in thousands) Single Commercial Consumer Commercial Business Total For the three months ended September 30, 2021: Balance, June 30, 2021 $ 929 7,033 1,039 914 9,915 Provision for losses 13 (713 ) (72 ) (114 ) (886 ) Recoveries 0 0 30 11 41 Balance, September 30, 2021 $ 942 6,320 997 811 9,070 For the nine months ended September 30, 2021: Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Provision for losses (88 ) (1,625 ) (408 ) (232 ) (2,353 ) Charge-offs 0 0 (42 ) 0 (42 ) Recoveries 0 650 58 58 766 Balance, September 30, 2021 $ 942 6,320 997 811 9,070 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2022 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,364 1,319 49 0 2,732 185,313 188,045 Commercial real estate: Real estate rental and leasing 14,878 3,576 0 0 18,454 222,908 241,362 Other 12,867 10,079 0 0 22,946 191,053 213,999 Consumer 0 357 18 87 462 43,762 44,224 Commercial business 1,262 2,445 0 0 3,707 59,529 63,236 $ 30,371 17,776 67 87 48,301 702,565 750,866 December 31, 2021 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 410 791 56 0 1,257 162,065 163,322 Commercial real estate: Real estate rental and leasing 16,012 4,753 0 0 20,765 188,901 209,666 Other 6,824 9,571 0 0 16,395 170,807 187,202 Consumer 0 475 21 50 546 41,099 41,645 Commercial business 1,933 1,813 0 0 3,746 56,419 60,165 $ 25,179 17,403 77 50 42,709 619,291 662,000 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing September 30, 2022 Single family $ 1,261 258 363 1,882 186,163 188,045 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 241,362 241,362 0 Other 0 0 0 0 213,999 213,999 0 Consumer 255 95 92 442 43,782 44,224 0 Commercial business 0 0 633 633 62,603 63,236 0 $ 1,516 353 1,088 2,957 747,909 750,866 0 December 31, 2021 Single family $ 864 65 153 1,082 162,240 163,322 0 Commercial real estate: Real estate rental and leasing 198 0 0 198 209,468 209,666 0 Other 226 3,402 0 3,628 183,574 187,202 0 Consumer 174 89 122 385 41,260 41,645 0 Commercial business 0 0 0 0 60,165 60,165 0 $ 1,462 3,556 275 5,293 656,707 662,000 0 |
Impaired Financing Receivables [Table Text Block] | September 30, 2022 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance Loans with no related allowance recorded: Single family $ 684 702 0 253 272 0 Commercial real estate: Other 179 179 0 189 189 0 Consumer 307 307 0 419 419 0 Loans with an allowance recorded: Single family 48 48 24 87 87 36 Commercial real estate: Other 0 0 0 3,568 3,568 280 Consumer 155 155 112 127 127 83 Commercial business 639 639 12 7 7 7 Total: Single family 732 750 24 340 359 36 Commercial real estate: Other 179 179 0 3,757 3,757 280 Consumer 462 462 112 546 546 83 Commercial business 639 639 12 7 7 7 $ 2,012 2,030 148 4,650 4,669 406 For the Three Months Ended For the Nine Months Ended (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 584 1 454 8 Commercial real estate: Other 180 5 183 7 Consumer 304 2 346 7 Loans with an allowance recorded: Single family 65 0 75 0 Commercial real estate: Other 1,643 0 2,555 0 Consumer 157 0 151 1 Commercial business 323 0 165 0 Total: Single family 649 1 529 8 Commercial real estate: Other 1,823 5 2,738 7 Consumer 461 2 497 8 Commercial business 323 0 165 0 $ 3,256 8 3,929 23 For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 390 0 564 4 Commercial real estate: Real estate rental and leasing 78 0 540 0 Other 193 0 199 0 Consumer 610 0 577 6 Loans with an allowance recorded: Single family 122 0 119 0 Commercial real estate: Real estate rental and leasing 163 0 123 7 Other 168 0 163 0 Consumer 114 3 138 1 Commercial business 22 0 29 1 Total: Single family 512 0 683 4 Commercial real estate: Real estate rental and leasing 241 0 663 7 Other 361 0 362 0 Consumer 724 3 715 7 Commercial business 22 0 29 1 $ 1,860 3 2,452 19 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) September 30, 2022 December 31, 2021 Single family $ 732 $ 340 Commercial real estate: Other 0 3,757 Consumer 440 517 Commercial business 639 7 $ 1,811 $ 4,621 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | September 30, 2022 December 31, 2021 (Dollars in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Single family $ 0 206 206 0 254 254 Commercial real estate 179 0 179 0 355 355 Consumer 22 339 361 29 413 442 $ 201 545 746 29 1,022 1,051 |
Financial Effects of Troubled Debt Restructurings and Difference Between Outstanding Recorded Balance Pre Modification and Post Modification [Table Text Block] | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Troubled debt restructurings: Commercial real estate: Other 0 $ 0 0 1 $ 165 165 Consumer 1 19 19 1 19 19 Total 1 $ 19 19 2 $ 184 184 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Troubled debt restructurings: Single family 1 $ 38 40 1 $ 38 40 Commercial real estate: Other 0 0 0 1 139 139 Consumer 0 0 0 1 93 94 Commercial business 0 0 0 1 14 14 Total 1 $ 38 40 4 $ 284 287 |
Financing Receivable, Troubled Debt Restructuring, Subsequently Defaulted [Table Text Block] | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Contracts Outstanding Recorded Investment Number of Contracts Outstanding Recorded Investment Troubled debt restructurings that subsequently defaulted: Commercial real estate: Other 1 $ 162 1 $ 162 Total 1 $ 162 1 $ 162 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Servicing Liability at Amortized Cost [Table Text Block] | (Dollars in thousands) Nine Months Ended September 30, 2022 Twelve Months Ended December 31, 2021 Nine Months Ended September 30, 2021 Balance, beginning of period $ 3,280 3,043 3,043 Originations 532 1,405 1,070 Amortization (695 ) (1,168 ) (881 ) Balance, end of period $ 3,117 3,280 3,232 Fair value of mortgage servicing rights $ 6,249 4,813 4,292 |
Summary of Risk Characteristics of Loans Being Serviced [Table Text Block] | Weighted Weighted Loan Average Average Principal Interest Remaining Number (Dollars in thousands) Balance Rate Term (months) of Loans Original term 15 year fixed rate $ 111,731 2.89 % 138 1,040 Original term 30 year fixed rate 429,994 3.51 309 2,681 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2022 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,953 (2,836 ) 3,117 Core deposit intangible 154 (154 ) 0 Goodwill 802 0 802 Total $ 6,909 (2,990 ) 3,919 December 31, 2021 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,854 (2,574 ) 3,280 Core deposit intangible 574 (564 ) 10 Goodwill 802 0 802 Total $ 7,230 (3,138 ) 4,092 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Mortgage Servicing Rights Year ending December 31, 2022 $ 187 2023 698 2024 663 2025 597 2026 500 Thereafter 472 Total $ 3,117 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (Dollars in thousands) Three Months Ended Nine Months Ended Operating lease cost $ 57 172 |
Other Information Related to Operating Leases [Table Text Block] | Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 57 223 172 672 Weighted-average remaining lease term – operating leases, in years 3.0 3.0 3.0 3.0 Weighted-average discount rate – operating leases 2.63 % 2.19 % 2.63 % 2.19 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Dollars in thousands) September 30, 2022 2022 $ 57 2023 232 2024 212 2025 58 2026 27 2027 and thereafter 25 Total lease payments 611 Less: Interest (25 ) Present value of lease liabilities $ 586 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended (Dollars in thousands, except per share data) 2022 2021 2022 2021 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,348,444 4,432,447 4,366,672 4,494,761 Net dilutive effect of: Restricted stock awards and options 30,652 33,421 32,651 33,122 Weighted average number of shares outstanding adjusted for effect of dilutive securities 4,379,096 4,465,868 4,399,323 4,527,883 Income available to common stockholders $ 1,831 3,619 5,607 11,565 Basic earnings per common share $ 0.42 0.82 1.28 2.57 Diluted earnings per common share $ 0.42 0.81 1.27 2.55 |
Note 13 - Regulatory Capital _2
Note 13 - Regulatory Capital and Oversight (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Required to be Adequately Capitalized Excess Capital To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Common equity Tier 1 capital $ 97,772 11.47 % $ 38,360 4.50 % $ 59,412 6.97 % $ 55,409 6.50 % Tier 1 leverage 97,772 8.95 43,690 4.00 54,082 4.95 54,612 5.00 Tier 1 risk-based capital 97,772 11.47 51,147 6.00 46,625 5.47 68,196 8.00 Total risk-based capital 107,913 12.66 68,196 8.00 39,717 4.66 85,245 10.00 |
Note 16 - Business Segments (Ta
Note 16 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in thousands) Home Federal Savings Bank Other Eliminations Consolidated Total At or for the nine months ended September 30, 2022: Interest income – external customers $ 24,253 0 0 24,253 Non-interest income – external customers 6,945 0 0 6,945 Intersegment interest income 0 27 (27 ) 0 Intersegment non-interest income 176 6,052 (6,228 ) 0 Interest expense 942 0 (27 ) 915 Provision for loan losses 941 0 0 941 Non-interest expense 20,972 613 (176 ) 21,409 Income tax expense 2,467 (141 ) 0 2,326 Net income 6,052 5,607 (6,052 ) 5,607 Total assets 1,046,983 89,817 (89,007 ) 1,047,793 At or for the nine months ended September 30, 2021: Interest income – external customers $ 24,384 0 0 24,384 Non-interest income – external customers 11,047 1 0 11,048 Intersegment interest income 0 22 (22 ) 0 Intersegment non-interest income 176 12,054 (12,230 ) 0 Interest expense 1,245 0 (22 ) 1,223 Provision for loan losses (2,353 ) 0 0 (2,353 ) Non-interest expense 19,906 635 (176 ) 20,365 Income tax expense 4,755 (123 ) 0 4,632 Net income 12,054 11,565 (12,054 ) 11,565 Total assets 1,035,945 110,072 (109,402 ) 1,036,615 At or for the quarter ended September 30, 2022: Interest income – external customers $ 8,631 0 0 8,631 Non-interest income – external customers 2,054 0 0 2,054 Intersegment interest income 0 10 (10 ) 0 Intersegment non-interest income 59 1,981 (2,040 ) 0 Interest expense 350 0 (10 ) 340 Provision for loan losses 579 0 0 579 Non-interest expense 7,025 208 (59 ) 7,174 Income tax expense 809 (48 ) 0 761 Net income 1,981 1,831 (1,981 ) 1,831 Total assets 1,046,983 89,817 (89,007 ) 1,047,793 At or for the quarter ended September 30, 2021: Interest income – external customers $ 8,401 0 0 8,401 Non-interest income – external customers 3,051 0 0 3,051 Intersegment interest income 0 8 (8 ) 0 Intersegment non-interest income 59 3,773 (3,832 ) 0 Interest expense 368 0 (8 ) 360 Provision for loan losses (886 ) 0 0 (886 ) Non-interest expense 6,766 199 (59 ) 6,906 Income tax expense 1,490 (37 ) 0 1,453 Net income 3,773 3,619 (3,773 ) 3,619 Total assets 1,035,945 110,072 (109,402 ) 1,036,615 |
Note 1 - HMN Financial, Inc. (D
Note 1 - HMN Financial, Inc. (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Percentage Of Ownership In Subsidiaries | 100% |
Number of Wholly Owned Subsidiaries | 2 |
Note 3 - New Accounting Stand_2
Note 3 - New Accounting Standards (Details Textual) - Forecast [Member] | Mar. 31, 2023 |
Minimum [Member] | |
Increase (Decrease) for Loans and Leases Receivable Allowance, Percentage | 7% |
Maximum [Member] | |
Increase (Decrease) for Loans and Leases Receivable Allowance, Percentage | 11% |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 249,212 | $ 285,765 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 249,212 | 285,765 |
Equity securities | 198 | 248 |
Mortgage loan commitments | (49) | 26 |
Total | 249,361 | 286,039 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage loan commitments | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 249,212 | 285,765 |
Equity securities | 198 | 248 |
Mortgage loan commitments | (49) | 26 |
Total | 249,361 | 286,039 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage loan commitments | 0 | 0 |
Total | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans held for sale, Total gains (losses) | $ (1) | $ (61) | $ (56) |
Mortgage servicing rights, Total gains (losses) | 0 | 0 | 0 |
Impaired loanss, Total gains (losses) | (34) | (38) | (218) |
Total, Total gains (losses) | (35) | (99) | (274) |
Real estate, net, Total gains (losses) | 0 | ||
Fair Value, Nonrecurring [Member] | |||
Loans held for sale | 1,934 | 1,934 | 5,575 |
Mortgage servicing rights | 3,117 | 3,117 | 3,280 |
Impaired loans | 1,864 | 1,864 | 4,244 |
Total | 6,915 | 6,915 | 13,389 |
Real estate, net | 290 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Loans held for sale | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Real estate, net | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loans held for sale | 1,934 | 1,934 | 5,575 |
Mortgage servicing rights | 3,117 | 3,117 | 3,280 |
Impaired loans | 1,864 | 1,864 | 4,244 |
Total | 6,915 | 6,915 | 13,389 |
Real estate, net | 290 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans held for sale | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Total | $ 0 | $ 0 | 0 |
Real estate, net | $ 0 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments - Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 249,212 | $ 285,765 |
Loans receivable, net | 740,280 | 652,502 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 18,645 | 94,143 |
Securities available for sale | 249,212 | 285,765 |
Equity securities | 198 | 248 |
Loans held for sale | 1,934 | 5,575 |
Loans receivable, net | 740,280 | 652,502 |
Federal Home Loan Bank stock | 1,283 | 1,092 |
Accrued interest receivable | 2,662 | 2,132 |
Deposits | 947,557 | 950,666 |
Accrued interest payable | 53 | 63 |
Commitments to extend credit | (49) | (26) |
Commitments to extend credit | 49 | 26 |
Commitments to sell loans | 73 | 12 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 18,645 | 94,143 |
Securities available for sale | 249,212 | 285,765 |
Equity securities | 198 | 248 |
Loans held for sale | 1,934 | 5,575 |
Loans receivable, net | 699,301 | 661,298 |
Federal Home Loan Bank stock | 1,283 | 1,092 |
Accrued interest receivable | 2,662 | 2,132 |
Deposits | 945,335 | 950,558 |
Accrued interest payable | 53 | 63 |
Commitments to extend credit | (49) | (26) |
Commitments to extend credit | 49 | 26 |
Commitments to sell loans | 73 | 12 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 18,645 | 94,143 |
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | ||
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | 249,212 | 285,765 |
Equity securities | 198 | 248 |
Loans held for sale | 1,934 | 5,575 |
Loans receivable, net | 699,301 | 661,298 |
Federal Home Loan Bank stock | 1,283 | 1,092 |
Accrued interest receivable | 2,662 | 2,132 |
Deposits | 945,335 | 950,558 |
Accrued interest payable | 53 | 63 |
Commitments to extend credit | ||
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | (251,806) | (195,141) |
Commitments to extend credit | 251,806 | 195,141 |
Commitments to sell loans | $ 6,072 | $ 12,340 |
Note 6 - Other Comprehensive In
Note 6 - Other Comprehensive Income (Loss) - Components of Other Comprehensive (Loss) Income and Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gross unrealized losses arising during the period | $ (9,100) | $ (957) | $ (30,782) | $ (2,092) |
Gross unrealized losses arising during the period | (1,911) | (269) | (7,324) | (584) |
Gross unrealized losses arising during the period | (7,189) | (688) | (23,458) | (1,508) |
Other comprehensive loss | (9,100) | (957) | (30,782) | (2,092) |
Other comprehensive loss | (1,911) | (269) | (7,324) | (584) |
Other comprehensive loss | $ (7,189) | $ (688) | $ (23,458) | $ (1,508) |
Note 7 - Securities Available_3
Note 7 - Securities Available for Sale (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 7 - Securities Available_4
Note 7 - Securities Available for Sale - Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Less Than Twelve Months # of Investments | 27 | 43 |
Less Than Twelve Months Fair Value | $ 95,525 | $ 218,706 |
Less Than Twelve Months Unrealized Losses | $ (11,808) | $ (2,609) |
Twelve Months or More # of Investments | 43 | 5 |
Twelve Months or More Fair Value | $ 148,687 | $ 15,132 |
Twelve Months or More Unrealized Losses | (21,176) | (326) |
Total fair value | 244,212 | 233,838 |
Total temporarily impaired securities | $ (32,984) | $ (2,935) |
Collateralized Mortgage-Backed Securities [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less Than Twelve Months # of Investments | 16 | 19 |
Less Than Twelve Months Fair Value | $ 47,032 | $ 98,423 |
Less Than Twelve Months Unrealized Losses | $ (6,069) | $ (1,234) |
Twelve Months or More # of Investments | 18 | 2 |
Twelve Months or More Fair Value | $ 60,019 | $ 6,810 |
Twelve Months or More Unrealized Losses | (10,126) | (133) |
Total fair value | 107,051 | 105,233 |
Total temporarily impaired securities | $ (16,195) | $ (1,367) |
Collateralized Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Less Than Twelve Months # of Investments | 7 | 17 |
Less Than Twelve Months Fair Value | $ 34,085 | $ 85,624 |
Less Than Twelve Months Unrealized Losses | $ (5,107) | $ (1,038) |
Twelve Months or More # of Investments | 17 | 2 |
Twelve Months or More Fair Value | $ 54,779 | $ 7,664 |
Twelve Months or More Unrealized Losses | (9,242) | (151) |
Total fair value | 88,864 | 93,288 |
Total temporarily impaired securities | $ (14,349) | $ (1,189) |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less Than Twelve Months # of Investments | 1 | |
Less Than Twelve Months Fair Value | $ 37 | |
Less Than Twelve Months Unrealized Losses | $ (3) | |
Twelve Months or More # of Investments | 0 | |
Twelve Months or More Fair Value | $ 0 | |
Twelve Months or More Unrealized Losses | 0 | |
Total fair value | 37 | |
Total temporarily impaired securities | $ (3) | |
Other Marketable Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Less Than Twelve Months # of Investments | 3 | 7 |
Less Than Twelve Months Fair Value | $ 14,371 | $ 34,659 |
Less Than Twelve Months Unrealized Losses | $ (629) | $ (337) |
Twelve Months or More # of Investments | 7 | 0 |
Twelve Months or More Fair Value | $ 33,364 | $ 0 |
Twelve Months or More Unrealized Losses | (1,633) | 0 |
Total fair value | 47,735 | 34,659 |
Total temporarily impaired securities | $ (2,262) | $ (337) |
Other Marketable Securities [Member] | Preferred Stock [Member] | ||
Less Than Twelve Months # of Investments | 0 | 0 |
Less Than Twelve Months Fair Value | $ 0 | $ 0 |
Less Than Twelve Months Unrealized Losses | $ 0 | $ 0 |
Twelve Months or More # of Investments | 1 | 1 |
Twelve Months or More Fair Value | $ 525 | $ 658 |
Twelve Months or More Unrealized Losses | (175) | (42) |
Total fair value | 525 | 658 |
Total temporarily impaired securities | $ (175) | $ (42) |
Note 7 - Securities Available_5
Note 7 - Securities Available for Sale - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 282,196 | $ 287,966 |
Investment securities available for sale, gross unrealized gains | 0 | 734 |
Investment securities available for sale, gross unrealized losses | (32,984) | (2,935) |
Securities available for sale | 249,212 | 285,765 |
Mortgage Backed Securities, Federal National Mortgage Association Certificates and Obligations FNMA [Member] | ||
Securities available for sale, amortized cost | 123,246 | 138,628 |
Investment securities available for sale, gross unrealized gains | 0 | 550 |
Investment securities available for sale, gross unrealized losses | (16,195) | (1,367) |
Securities available for sale | 107,051 | 137,811 |
Mortgage Backed Securities, Issued by Us Government Sponsored Enterprises, Federal Home Loan Mortgage Corporation Certificates and Obligations FHLMC [Member] | ||
Securities available for sale, amortized cost | 103,213 | 108,599 |
Investment securities available for sale, gross unrealized gains | 0 | 126 |
Investment securities available for sale, gross unrealized losses | (14,349) | (1,189) |
Securities available for sale | 88,864 | 107,536 |
Mortgage Backed Securities, Issued by Us Government Sponsored Enterprises, Federal National Mortgage Association Certificates and Obligations FNMA [Member] | ||
Securities available for sale, amortized cost | 40 | 48 |
Investment securities available for sale, gross unrealized gains | 0 | 2 |
Investment securities available for sale, gross unrealized losses | (3) | 0 |
Securities available for sale | 37 | 50 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, amortized cost | 226,499 | 247,275 |
Investment securities available for sale, gross unrealized gains | 0 | 678 |
Investment securities available for sale, gross unrealized losses | (30,547) | (2,556) |
Securities available for sale | 195,952 | 245,397 |
Other Marketable Securities, Us Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 54,997 | 39,991 |
Investment securities available for sale, gross unrealized gains | 0 | 56 |
Investment securities available for sale, gross unrealized losses | (2,262) | (337) |
Securities available for sale | 52,735 | 39,710 |
Other Marketable Securities, Corporate Preferred Stock [Member] | ||
Securities available for sale, amortized cost | 700 | 700 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | (175) | (42) |
Securities available for sale | 525 | 658 |
Other Marketable Securities [Member] | ||
Securities available for sale, amortized cost | 55,697 | 40,691 |
Investment securities available for sale, gross unrealized gains | 0 | 56 |
Investment securities available for sale, gross unrealized losses | (2,437) | (379) |
Securities available for sale | $ 53,260 | $ 40,368 |
Note 7 - Securities Available_6
Note 7 - Securities Available for Sale - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Due one year or less | $ 59,534 | |
Due one year or less, fair value | 52,442 | |
Due after one year through five years, amortized cost | 170,935 | |
Due after one year through five years, fair value | 152,099 | |
Due after five years through fifteen years, amortized cost | 51,723 | |
Due after five years through fifteen years, fair value | 44,667 | |
Due after fifteen years, amortized cost | 4 | |
Due after fifteen years, fair value | 4 | |
Total, amortized cost | 282,196 | $ 287,966 |
Total, fair value | $ 249,212 | $ 285,765 |
Note 8 - Loans Receivable, Ne_2
Note 8 - Loans Receivable, Net - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans receivable | $ 750,866 | $ 662,000 | ||||
Unamortized discounts | 14 | 10 | ||||
Net deferred loan fees | 431 | 209 | ||||
Allowance for loan losses | 10,141 | $ 9,644 | 9,279 | $ 9,070 | $ 9,915 | $ 10,699 |
Total loans receivable, net | 740,280 | 652,502 | ||||
Residential Portfolio Segment [Member] | ||||||
Loans receivable | 188,045 | 163,322 | ||||
Allowance for loan losses | 1,146 | 1,068 | 974 | 942 | 929 | 1,030 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | 455,361 | 396,868 | ||||
Allowance for loan losses | 7,001 | 6,586 | 6,388 | 6,320 | 7,033 | 7,295 |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable | 44,224 | 41,645 | ||||
Allowance for loan losses | 1,056 | 1,047 | 981 | 997 | 1,039 | 1,389 |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable | 63,236 | 60,165 | ||||
Allowance for loan losses | 938 | $ 943 | 936 | $ 811 | $ 914 | $ 985 |
Single Family Segment [Member] | Residential Portfolio Segment [Member] | ||||||
Loans receivable | 188,045 | 163,322 | ||||
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | 241,362 | 209,666 | ||||
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | $ 213,999 | $ 187,202 |
Note 9 - Allowance for Loan L_3
Note 9 - Allowance for Loan Losses and Credit Quality Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 1,811 | $ 1,811 | $ 1,811 | $ 4,621 | |||||
Impaired Financing Receivable, Related Allowance | 148 | 148 | 148 | 406 | |||||
Loan Receivable for Which Value of Collateral Sufficient to Repay | 1,000 | 1,000 | 1,000 | 900 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 746 | $ 746 | 746 | 1,051 | |||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | 2 | 4 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 162 | $ 0 | $ 162 | $ 0 | |||||
Financing Receivable, Troubled Debt Restructuring, Reserves | $ 100 | $ 100 | $ 100 | $ 200 | |||||
Percentage Reserves For Loan Losses On Troubled Debt Restructurings | 0.70% | 0.70% | 0.70% | 2.60% | |||||
Loans and Leases Receivable, Allowance | $ 10,141 | 9,070 | $ 10,141 | 9,070 | $ 10,141 | $ 9,644 | $ 9,279 | $ 9,915 | $ 10,699 |
Financing Receivable, Deferred Loans with Granted Loan Modifications | 0 | $ 25,500 | 0 | $ 25,500 | 0 | ||||
Nonperforming Financial Instruments [Member] | |||||||||
Impaired Financing Receivable, Related Allowance | 100 | 100 | 100 | 400 | |||||
Financing Receivable, Troubled Debt Restructuring | 545 | 545 | 545 | 1,022 | |||||
Performing Financial Instruments [Member] | |||||||||
Financing Receivable, Troubled Debt Restructuring | $ 201 | $ 201 | $ 201 | $ 29 | |||||
Performing Financial Instruments [Member] | Classified [Member] | |||||||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
Note 9 - Allowance for Loan L_4
Note 9 - Allowance for Loan Losses and Credit Quality Information - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Balance | $ 9,644 | $ 9,915 | $ 9,279 | $ 10,699 | |
Provision for losses | 579 | (886) | 941 | (2,353) | |
Charge-offs | (98) | (114) | (42) | ||
Recoveries | 16 | 41 | 35 | 766 | |
Balance | 10,141 | 9,070 | 10,141 | 9,070 | |
Specific reserves | 148 | 148 | $ 406 | ||
General reserves | 9,993 | 9,993 | 8,873 | ||
Individually reviewed for impairment | 2,012 | 2,012 | 4,650 | ||
Collectively reviewed for impairment | 748,854 | 748,854 | 657,350 | ||
Ending balance | 750,866 | 750,866 | 662,000 | ||
Residential Portfolio Segment [Member] | |||||
Balance | 1,068 | 929 | 974 | 1,030 | |
Provision for losses | 77 | 13 | 171 | (88) | |
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 1 | 0 | 1 | 0 | |
Balance | 1,146 | 942 | 1,146 | 942 | |
Specific reserves | 24 | 24 | 36 | ||
General reserves | 1,122 | 1,122 | 938 | ||
Individually reviewed for impairment | 732 | 732 | 340 | ||
Collectively reviewed for impairment | 187,313 | 187,313 | 162,982 | ||
Ending balance | 188,045 | 188,045 | 163,322 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Balance | 6,586 | 7,033 | 6,388 | 7,295 | |
Provision for losses | 505 | (713) | 703 | (1,625) | |
Charge-offs | (90) | (90) | 0 | ||
Recoveries | 0 | 0 | 0 | 650 | |
Balance | 7,001 | 6,320 | 7,001 | 6,320 | |
Specific reserves | 0 | 0 | 280 | ||
General reserves | 7,001 | 7,001 | 6,108 | ||
Individually reviewed for impairment | 179 | 179 | 3,757 | ||
Collectively reviewed for impairment | 455,182 | 455,182 | 393,111 | ||
Ending balance | 455,361 | 455,361 | 396,868 | ||
Consumer Portfolio Segment [Member] | |||||
Balance | 1,047 | 1,039 | 981 | 1,389 | |
Provision for losses | 12 | (72) | 92 | (408) | |
Charge-offs | (8) | (24) | (42) | ||
Recoveries | 5 | 30 | 7 | 58 | |
Balance | 1,056 | 997 | 1,056 | 997 | |
Specific reserves | 112 | 112 | 83 | ||
General reserves | 944 | 944 | 898 | ||
Individually reviewed for impairment | 462 | 462 | 546 | ||
Collectively reviewed for impairment | 43,762 | 43,762 | 41,099 | ||
Ending balance | 44,224 | 44,224 | 41,645 | ||
Commercial Portfolio Segment [Member] | |||||
Balance | 943 | 914 | 936 | 985 | |
Provision for losses | (15) | (114) | (25) | (232) | |
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 10 | 11 | 27 | 58 | |
Balance | 938 | $ 811 | 938 | $ 811 | |
Specific reserves | 12 | 12 | 7 | ||
General reserves | 926 | 926 | 929 | ||
Individually reviewed for impairment | 639 | 639 | 7 | ||
Collectively reviewed for impairment | 62,597 | 62,597 | 60,158 | ||
Ending balance | $ 63,236 | $ 63,236 | $ 60,165 |
Note 9 - Allowance for Loan L_5
Note 9 - Allowance for Loan Losses and Credit Quality Information - Classified and Unclassified Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans receivable | $ 750,866 | $ 662,000 |
Classified [Member] | ||
Loans receivable | 48,301 | 42,709 |
Classified [Member] | Special Mention [Member] | ||
Loans receivable | 30,371 | 25,179 |
Classified [Member] | Substandard [Member] | ||
Loans receivable | 17,776 | 17,403 |
Classified [Member] | Doubtful [Member] | ||
Loans receivable | 67 | 77 |
Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 87 | 50 |
Unclassified [Member] | ||
Loans receivable | 702,565 | 619,291 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 188,045 | 163,322 |
Residential Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 2,732 | 1,257 |
Residential Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 1,364 | 410 |
Residential Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 1,319 | 791 |
Residential Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 49 | 56 |
Residential Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | 185,313 | 162,065 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 455,361 | 396,868 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 241,362 | 209,666 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 213,999 | 187,202 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Real Estate Loan [Member] | ||
Loans receivable | 18,454 | 20,765 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 22,946 | 16,395 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Real Estate Loan [Member] | ||
Loans receivable | 14,878 | 16,012 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 12,867 | 6,824 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Real Estate Loan [Member] | ||
Loans receivable | 3,576 | 4,753 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 10,079 | 9,571 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Unclassified [Member] | Real Estate Loan [Member] | ||
Loans receivable | 222,908 | 188,901 |
Commercial Real Estate Portfolio Segment [Member] | Unclassified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 191,053 | 170,807 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 44,224 | 41,645 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 462 | 546 |
Consumer Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 357 | 475 |
Consumer Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 18 | 21 |
Consumer Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 87 | 50 |
Consumer Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | 43,762 | 41,099 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 63,236 | 60,165 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 3,707 | 3,746 |
Commercial Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 1,262 | 1,933 |
Commercial Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 2,445 | 1,813 |
Commercial Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | $ 59,529 | $ 56,419 |
Note 9 - Allowance for Loan L_6
Note 9 - Allowance for Loan Losses and Credit Quality Information - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans receivable | $ 750,866 | $ 662,000 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 188,045 | 163,322 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 455,361 | 396,868 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 241,362 | 209,666 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 213,999 | 187,202 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 44,224 | 41,645 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 63,236 | 60,165 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 1,516 | 1,462 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 1,261 | 864 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 198 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 226 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 255 | 174 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 353 | 3,556 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 258 | 65 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 3,402 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 95 | 89 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 1,088 | 275 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 363 | 153 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 92 | 122 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 633 | 0 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 2,957 | 5,293 |
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 1,882 | 1,082 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 198 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 3,628 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 442 | 385 |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 633 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 747,909 | 656,707 |
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 186,163 | 162,240 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 241,362 | 209,468 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 213,999 | 183,574 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 43,782 | 41,260 |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 62,603 | $ 60,165 |
Note 9 - Allowance for Loan L_7
Note 9 - Allowance for Loan Losses and Credit Quality Information - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related allowance | $ 148 | $ 148 | $ 406 | ||
Recorded investment | 2,012 | 2,012 | 4,650 | ||
Unpaid principal balance | 2,030 | 2,030 | 4,669 | ||
Average recorded investment | 3,256 | $ 1,860 | 3,929 | $ 2,452 | |
Interest income recognized | 8 | 3 | 23 | 19 | |
Residential Portfolio Segment [Member] | |||||
Recorded investment, with no related allowance | 684 | 684 | 253 | ||
Unpaid principal balance, with no related allowance | 702 | 702 | 272 | ||
Recorded investment, with related allowance | 48 | 48 | 87 | ||
Unpaid principal balance, with related allowance | 48 | 48 | 87 | ||
Related allowance | 24 | 24 | 36 | ||
Recorded investment | 732 | 732 | 340 | ||
Unpaid principal balance | 750 | 750 | 359 | ||
Average recorded investment, with no related allowance | 584 | 390 | 454 | 564 | |
Interest income recognized, with no related allowance | 1 | 0 | 8 | 4 | |
Average recorded investment, with related allowance | 65 | 122 | 75 | 119 | |
Interest income recognized, with related allowance | 0 | 0 | 0 | 0 | |
Average recorded investment | 649 | 512 | 529 | 683 | |
Interest income recognized | 1 | 0 | 8 | 4 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Related allowance | 0 | 0 | 280 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||||
Recorded investment, with no related allowance | 179 | 179 | 189 | ||
Unpaid principal balance, with no related allowance | 179 | 179 | 189 | ||
Recorded investment, with related allowance | 0 | 0 | 3,568 | ||
Unpaid principal balance, with related allowance | 0 | 0 | 3,568 | ||
Related allowance | 0 | 0 | 280 | ||
Recorded investment | 179 | 179 | 3,757 | ||
Unpaid principal balance | 179 | 179 | 3,757 | ||
Average recorded investment, with no related allowance | 180 | 193 | 183 | 199 | |
Interest income recognized, with no related allowance | 5 | 0 | 7 | 0 | |
Average recorded investment, with related allowance | 1,643 | 168 | 2,555 | 163 | |
Interest income recognized, with related allowance | 0 | 0 | 0 | 0 | |
Average recorded investment | 1,823 | 361 | 2,738 | 362 | |
Interest income recognized | 5 | 0 | 7 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Average recorded investment, with no related allowance | 78 | 540 | |||
Interest income recognized, with no related allowance | 0 | 0 | |||
Average recorded investment, with related allowance | 163 | 123 | |||
Interest income recognized, with related allowance | 0 | 7 | |||
Average recorded investment | 241 | 663 | |||
Interest income recognized | 0 | 7 | |||
Consumer Portfolio Segment [Member] | |||||
Recorded investment, with no related allowance | 307 | 307 | 419 | ||
Unpaid principal balance, with no related allowance | 307 | 307 | 419 | ||
Recorded investment, with related allowance | 155 | 155 | 127 | ||
Unpaid principal balance, with related allowance | 155 | 155 | 127 | ||
Related allowance | 112 | 112 | 83 | ||
Recorded investment | 462 | 462 | 546 | ||
Unpaid principal balance | 462 | 462 | 546 | ||
Average recorded investment, with no related allowance | 304 | 610 | 346 | 577 | |
Interest income recognized, with no related allowance | 2 | 0 | 7 | 6 | |
Average recorded investment, with related allowance | 157 | 114 | 151 | 138 | |
Interest income recognized, with related allowance | 0 | 3 | 1 | 1 | |
Average recorded investment | 461 | 724 | 497 | 715 | |
Interest income recognized | 2 | 3 | 8 | 7 | |
Commercial Portfolio Segment [Member] | |||||
Recorded investment, with related allowance | 639 | 639 | 7 | ||
Unpaid principal balance, with related allowance | 639 | 639 | 7 | ||
Related allowance | 12 | 12 | 7 | ||
Recorded investment | 639 | 639 | 7 | ||
Unpaid principal balance | 639 | 639 | $ 7 | ||
Average recorded investment, with related allowance | 323 | 22 | 165 | 29 | |
Interest income recognized, with related allowance | 0 | 0 | 0 | 1 | |
Average recorded investment | 323 | 22 | 165 | 29 | |
Interest income recognized | $ 0 | $ 0 | $ 0 | $ 1 |
Note 9 - Allowance for Loan L_8
Note 9 - Allowance for Loan Losses and Credit Quality Information - Non-accrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Non-accrual loans | $ 1,811 | $ 4,621 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 732 | 340 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Non-accrual loans | 0 | 3,757 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 440 | 517 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | $ 639 | $ 7 |
Note 9 - Allowance for Loan L_9
Note 9 - Allowance for Loan Losses and Credit Quality Information - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Troubled debt restructurings | $ 746 | $ 1,051 |
Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 201 | 29 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 545 | 1,022 |
Residential Portfolio Segment [Member] | ||
Troubled debt restructurings | 206 | 254 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 0 | 0 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 206 | 254 |
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled debt restructurings | 179 | 355 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 179 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 0 | 355 |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings | 361 | 442 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 22 | 29 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | $ 339 | $ 413 |
Note 9 - Allowance for Loan _10
Note 9 - Allowance for Loan Losses and Credit Quality Information - Financial Effects of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Number of Contracts | 1 | 1 | 2 | 4 |
Pre- modification Outstanding Recorded Investment | $ 19 | $ 38 | $ 184 | $ 284 |
Post- modification Outstanding Recorded Investment | $ 19 | $ 40 | $ 184 | $ 287 |
Residential Portfolio Segment [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre- modification Outstanding Recorded Investment | $ 38 | $ 38 | ||
Post- modification Outstanding Recorded Investment | $ 40 | $ 40 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||||
Number of Contracts | 0 | 0 | 1 | 1 |
Pre- modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 165 | $ 139 |
Post- modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 165 | $ 139 |
Consumer Portfolio Segment [Member] | ||||
Number of Contracts | 1 | 0 | 1 | 1 |
Pre- modification Outstanding Recorded Investment | $ 19 | $ 0 | $ 19 | $ 93 |
Post- modification Outstanding Recorded Investment | $ 19 | $ 0 | $ 19 | $ 94 |
Commercial Portfolio Segment [Member] | ||||
Number of Contracts | 0 | 1 | ||
Pre- modification Outstanding Recorded Investment | $ 0 | $ 14 | ||
Post- modification Outstanding Recorded Investment | $ 0 | $ 14 |
Note 9 - Allowance for Loan _11
Note 9 - Allowance for Loan Losses and Credit Quality Information - Summary of Loans Restructured (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Other | 1 | 1 | ||
Other | $ 162 | $ 0 | $ 162 | $ 0 |
Commercial Real Estate Other [Member] | Commercial Portfolio Segment [Member] | ||||
Other | 1 | 1 | ||
Other | $ 162 | $ 162 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage Servicing Rights and Core Deposits [Member] | ||
Amortization of Intangible Assets | $ 0.7 | $ 0.9 |
Note 10 - Intangible Assets - M
Note 10 - Intangible Assets - Mortgage Servicing Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Balance, beginning of period | $ 3,280 | $ 3,043 | $ 3,043 |
Originations | 532 | 1,070 | 1,405 |
Amortization | (695) | (881) | (1,168) |
Balance, end of period | 3,117 | 3,232 | 3,280 |
Fair value of mortgage servicing rights | $ 6,249 | $ 4,292 | $ 4,813 |
Note 10 - Intangible Assets - R
Note 10 - Intangible Assets - Risk Characteristics of Loans Being Serviced (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Original Term Thirty Year Fixed Rate [Member] | |
Loan Principal Balance | $ 111,731 |
Weighted Average Interest Rate | 2.89% |
Weighted Average Remaining Term (Month) | 138 months |
Number of Loans | 1,040 |
Original Term Fifteen Year Fixed Rate [Member] | |
Loan Principal Balance | $ 429,994 |
Weighted Average Interest Rate | 3.51% |
Weighted Average Remaining Term (Month) | 309 months |
Number of Loans | 2,681 |
Note 10 - Intangible Assets - G
Note 10 - Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-lived intangible assets, accumulated amortization | $ (2,990) | $ (3,138) |
Goodwill, gross carrying amount | 802 | 802 |
Goodwill, accumulated impairment | 0 | 0 |
Goodwill | 802 | 802 |
Intangible assets (including goodwill), gross carrying amount | 6,909 | 7,230 |
Intangible assets, unamortized intangible assets | 3,919 | 4,092 |
Mortgage Servicing Rights [Member] | ||
Finite-lived intangible assets, gross carrying amount | 5,953 | 5,854 |
Finite-lived intangible assets, accumulated amortization | (2,836) | (2,574) |
Finite-lived intangible assets, unamortized intangible assets | 3,117 | 3,280 |
Core Deposits [Member] | ||
Finite-lived intangible assets, gross carrying amount | 154 | 574 |
Finite-lived intangible assets, accumulated amortization | (154) | (564) |
Finite-lived intangible assets, unamortized intangible assets | $ 0 | $ 10 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Future Amortization Expense (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 187 | |
2023 | 698 | |
2024 | 663 | |
2025 | 597 | |
2026 | 500 | |
Thereafter | 472 | |
Total | $ 3,117 | $ 3,280 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Other Assets [Member] | |
Operating Lease, Right-of-Use Asset | $ 0.6 |
Other Liabilities [Member] | |
Operating Lease, Right-of-Use Asset | $ 0.6 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 23 months |
Lessee, Operating Lease, Renewal Term (Year) | 3 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 62 months |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Note 11 - Leases - Operating Le
Note 11 - Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 57 | $ 172 |
Note 11 - Leases - Summary of O
Note 11 - Leases - Summary of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 57 | $ 223 | $ 172 | $ 672 |
Weighted-average remaining lease term – operating leases (Year) | 3 years | 3 years | 3 years | 3 years |
Weighted-average discount rate – operating leases | 2.63% | 2.19% | 2.63% | 2.19% |
Note 11 - Leases - Maturity of
Note 11 - Leases - Maturity of Remaining Lease Liabilities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 | $ 57 |
2023 | 232 |
2024 | 212 |
2025 | 58 |
2026 | 27 |
2027 and thereafter | 25 |
Total lease payments | 611 |
Less: Interest | (25) |
Other Liabilities [Member] | |
Present value of lease liabilities | $ 586 |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average number of common shares outstanding used in basic earnings per common share calculation (in shares) | 4,348,444 | 4,432,447 | 4,366,672 | 4,494,761 |
Net dilutive effect of: Restricted stock awards and options (in shares) | 30,652 | 33,421 | 32,651 | 33,122 |
Weighted average number of shares outstanding adjusted for effect of dilutive securities (in shares) | 4,379,096 | 4,465,868 | 4,399,323 | 4,527,883 |
Net income | $ 1,831 | $ 3,619 | $ 5,607 | $ 11,565 |
Basic earnings per common share (in dollars per share) | $ 0.42 | $ 0.82 | $ 1.28 | $ 2.57 |
Diluted earnings per common share (in dollars per share) | $ 0.42 | $ 0.81 | $ 1.27 | $ 2.55 |
Note 13 - Regulatory Capital _3
Note 13 - Regulatory Capital and Oversight (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Banks Tangible Assets | $ 1,100 |
Adjusted Assets | 1,100 |
Banking Regulation, Risk-Weighted Assets, Actual | $ 852.5 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 0.0250 |
Note 13 - Regulatory Capital _4
Note 13 - Regulatory Capital and Oversight - Capital Amounts and Ratios (Details) $ in Thousands | Sep. 30, 2022 USD ($) | |
Common equity tier 1 capital, actual amount | $ 97,772 | |
Common equity tier 1 capital, actual percent of asset | 0.1147 | |
Common equity tier 1 capital, amount required to be adequately capitalized | $ 38,360 | |
Common equity tier 1 capital, percent of assets required to be adequately capitalized | 0.0450 | |
Common equity tier 1 capital, excess capital amount | $ 59,412 | |
Common equity tier 1 capital, excess capital percent of assets | 0.0697 | |
Common equity tier 1 capital, amount to be well capitalized under prompt corrective action provisions | $ 55,409 | |
Common equity tier 1 capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.0650 | |
Tier 1 leverage, actual amount | $ 97,772 | |
Tier 1 leverage, actual percent of asset | 0.0895 | [1] |
Tier 1 leverage, amount required to be adequately capitalized | $ 43,690 | |
Tier 1 leverage, percent of assets required to be adequately capitalized | 0.0400 | [1] |
Tier 1 leverage, excess capital amount | $ 54,082 | |
Tier 1 leverage, excess capital percent of assets | 0.0495 | [1] |
Tier 1 leverage, amount to be well capitalized under prompt corrective action provisions | $ 54,612 | |
Tier 1 leverage, percent of assets to be well capitalized under prompt corrective action provisions | 0.0500 | [1] |
Tier 1 risk-based capital, actual amount | $ 97,772 | |
Tier 1 risk-based capital, actual percent of asset | 0.1147 | |
Tier 1 risk-based capital, amount required to be adequately capitalized | $ 51,147 | |
Tier 1 risk-based capital, percent of assets required to be adequately capitalized | 0.0600 | |
Tier 1 risk-based capital, excess capital amount | $ 46,625 | |
Tier 1 risk-based capital, excess capital percent of assets | 0.0547 | |
Tier 1 risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 68,196 | |
Tier 1 risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.0800 | |
Total risk-based capital, actual amount | $ 107,913 | |
Total risk-based capital, actual percent of asset | 0.1266 | |
Total risk-based capital, amount required to be adequately capitalized | $ 68,196 | |
Total risk-based capital, percent of assets required to be adequately capitalized | 0.0800 | |
Total risk-based capital, excess capital amount | $ 39,717 | |
Total risk-based capital, excess capital percent of assets | 0.0466 | |
Total risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 85,245 | |
Total risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.1000 | |
[1]Based upon the Bank’s adjusted total assets for the purpose of the Tier 1 leverage capital ratio and risk-weighted assets for the purpose of the risk-based capital ratios. |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 07, 2022 | Jun. 07, 2022 | Mar. 09, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 685 | $ 1,130 | $ 2,134 | $ 3,866 | |||
Stock Repurchase Program, Authorized Amount | $ 2,000 | 2,000 | |||||
Dividends, Cash, Total | $ 800 | ||||||
Quarterly Dividend [Member] | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.06 | ||||
New Share Repurchase Program [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 30,000 | 90,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 700 | $ 2,100 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Letters of Credit Issued and Available Amount | $ 13.8 |
Note 16 - Business Segments - P
Note 16 - Business Segments - Profit and Assets for the Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Interest income – external customers | $ 8,631 | $ 8,401 | $ 24,253 | $ 24,384 | |
Non-interest income – external customers | 2,054 | 3,051 | 6,945 | 11,048 | |
Intersegment interest income | 0 | 0 | 0 | 0 | |
Intersegment non-interest income | 0 | 0 | 0 | 0 | |
Interest expense | 340 | 360 | 915 | 1,223 | |
Provision for loan losses | 579 | (886) | 941 | (2,353) | |
Non-interest expense | 7,174 | 6,906 | 21,409 | 20,365 | |
Income tax expense | 761 | 1,453 | 2,326 | 4,632 | |
Net income | 1,831 | 3,619 | 5,607 | 11,565 | |
Total assets | 1,047,793 | 1,036,615 | 1,047,793 | 1,036,615 | $ 1,069,538 |
Consolidation, Eliminations [Member] | |||||
Interest income – external customers | 0 | 0 | 0 | 0 | |
Non-interest income – external customers | 0 | 0 | 0 | 0 | |
Intersegment interest income | (2,040) | (3,832) | (27) | (12,230) | |
Intersegment non-interest income | (10) | (8) | (6,228) | (22) | |
Interest expense | (10) | (8) | (27) | (22) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Non-interest expense | (59) | (59) | (176) | (176) | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income | (1,981) | (3,773) | (6,052) | (12,054) | |
Total assets | (89,007) | (109,402) | (89,007) | (109,402) | |
Home Federal Savings Bank [Member] | Operating Segments [Member] | |||||
Interest income – external customers | 8,631 | 8,401 | 24,253 | 24,384 | |
Non-interest income – external customers | 2,054 | 3,051 | 6,945 | 11,047 | |
Intersegment interest income | 59 | 59 | 0 | 176 | |
Intersegment non-interest income | 0 | 0 | 176 | 0 | |
Interest expense | 350 | 368 | 942 | 1,245 | |
Provision for loan losses | 579 | (886) | 941 | (2,353) | |
Non-interest expense | 7,025 | 6,766 | 20,972 | 19,906 | |
Income tax expense | 809 | 1,490 | 2,467 | 4,755 | |
Net income | 1,981 | 3,773 | 6,052 | 12,054 | |
Total assets | 1,046,983 | 1,035,945 | 1,046,983 | 1,035,945 | |
Other Segments [Member] | Operating Segments [Member] | |||||
Interest income – external customers | 0 | 0 | 0 | 0 | |
Non-interest income – external customers | 0 | 0 | 0 | 1 | |
Intersegment interest income | 1,981 | 3,773 | 27 | 12,054 | |
Intersegment non-interest income | 10 | 8 | 6,052 | 22 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Non-interest expense | 208 | 199 | 613 | 635 | |
Income tax expense | (48) | (37) | (141) | (123) | |
Net income | 1,831 | 3,619 | 5,607 | 11,565 | |
Total assets | $ 89,817 | $ 110,072 | $ 89,817 | $ 110,072 |