Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 23, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | QUAINT OAK BANCORP INC | ||
Entity Central Index Key | 0001391933 | ||
Trading Symbol | qnto | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,989,519 | ||
Entity Public Float | $ 14,458,851 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock, $.01 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Due from banks, non-interest-bearing | $ 205,000 | $ 541,000 |
Due from banks, interest-bearing | 33,708,000 | 14,014,000 |
Cash and cash equivalents | 33,913,000 | 14,555,000 |
Investment in interest-earning time deposits | 9,463,000 | 10,172,000 |
Investment securities available for sale | 10,725,000 | 7,623,000 |
Loans held for sale | 53,191,000 | 8,928,000 |
Loans receivable, net of allowance for loan losses (2020 $3,061; 2019 $2,231) | 359,122,000 | 246,692,000 |
Accrued interest receivable | 3,054,000 | 1,349,000 |
Investment in Federal Home Loan Bank stock, at cost | 1,665,000 | 1,580,000 |
Bank-owned life insurance | 4,054,000 | 3,974,000 |
Premises and equipment, net | 2,341,000 | 2,226,000 |
Goodwill | 515,000 | 515,000 |
Other intangible, net of accumulated amortization | 271,000 | 319,000 |
Other real estate owned, net | 286,000 | 1,824,000 |
Prepaid expenses and other assets | 5,475,000 | 2,783,000 |
Total Assets | 484,075,000 | 302,540,000 |
Liabilities | ||
Non-interest bearing | 54,202,000 | 15,775,000 |
Interest-bearing | 300,643,000 | 211,683,000 |
Total deposits | 354,845,000 | 227,458,000 |
Federal Home Loan Bank short-term borrowings | 10,000,000 | 10,000,000 |
Federal Home Loan Bank long-term borrowings | 28,193,000 | 26,271,000 |
Federal Reserve Bank long-term borrowings | 48,134,000 | 0 |
Subordinated debt | 7,899,000 | 7,865,000 |
Accrued interest payable | 362,000 | 314,000 |
Advances from borrowers for taxes and insurance | 2,486,000 | 2,780,000 |
Accrued expenses and other liabilities | 3,428,000 | 1,945,000 |
Total Liabilities | 455,347,000 | 276,633,000 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 9,000,000 shares authorized; 2,777,250 issued; 1,986,528 and 1,984,857 outstanding at December 31, 2020 and 2019, respectively | 28,000 | 28,000 |
Additional paid-in capital | 15,282,000 | 14,990,000 |
Treasury stock, at cost: 790,722 and 792,393 shares at December 31, 2020 and 2019, respectively | (5,114,000) | (4,950,000) |
Unallocated common stock held by: Employee Stock Ownership Plan (ESOP) | (51,000) | (118,000) |
Accumulated other comprehensive income | 118,000 | 20,000 |
Retained earnings | 18,465,000 | 15,937,000 |
Total Stockholders’ Equity | 28,728,000 | 25,907,000 |
Total Liabilities and Stockholders’ Equity | $ 484,075,000 | $ 302,540,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable, allowance for loan losses | $ 3,061 | $ 2,231 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,777,250 | 2,777,250 |
Common stock, shares outstanding (in shares) | 1,986,528 | 1,984,857 |
Treasury stock, at cost, shares (in shares) | 790,722 | 792,393 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income | ||
Interest on loans, including fees | $ 15,657,000 | $ 13,167,000 |
Interest and dividends on investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 666,000 | 944,000 |
Total Interest Income | 16,323,000 | 14,111,000 |
Interest Expense | ||
Interest on deposits | 4,216,000 | 4,287,000 |
Interest on Federal Home Loan Bank short-term borrowings | 37,000 | 141,000 |
Interest on Federal Home Loan Bank long-term borrowings | 607,000 | 479,000 |
Interest on Federal Reserve Bank long-term borrowings | 108,000 | |
Interest on subordinated debt | 520,000 | 519,000 |
Total Interest Expense | 5,488,000 | 5,426,000 |
Net Interest Income | 10,835,000 | 8,685,000 |
Provision for Loan Losses | 830,000 | 303,000 |
Net Interest Income after Provision for Loan Losses | 10,005,000 | 8,382,000 |
Non-Interest Income | ||
Insurance commissions | 490,000 | 419,000 |
Income from bank-owned life insurance | 80,000 | 80,000 |
Net gain on loans held for sale | 4,319,000 | 3,014,000 |
Gain on the sale of SBA loans | 115,000 | 265,000 |
Loss on sale of investment securities available for sale | (4,000) | |
Loss on sales and write-downs of other real estate owned | (197,000) | (221,000) |
Total Non-Interest Income, net | 6,655,000 | 4,953,000 |
Non-Interest Expense | ||
Salaries and employee benefits | 8,427,000 | 6,947,000 |
Directors’ fees and expenses | 232,000 | 223,000 |
Occupancy and equipment | 913,000 | 692,000 |
Data processing | 717,000 | 508,000 |
Professional fees | 541,000 | 416,000 |
FDIC deposit insurance assessment | 121,000 | 15,000 |
Other real estate owned expenses | 42,000 | 22,000 |
Advertising | 113,000 | 195,000 |
Amortization of other intangible | 49,000 | 49,000 |
Other | 968,000 | 841,000 |
Total Non-Interest Expense | 12,123,000 | 9,908,000 |
Income before Income Taxes | 4,537,000 | 3,427,000 |
Income Taxes | 1,292,000 | 950,000 |
Net Income | $ 3,245,000 | $ 2,477,000 |
Earnings per share – basic (in dollars per share) | $ 1.64 | $ 1.27 |
Average shares outstanding - basic (in shares) | 1,975,836 | 1,956,612 |
Earnings per share - diluted (in dollars per share) | $ 1.61 | $ 1.24 |
Average shares outstanding - diluted (in shares) | 2,012,399 | 2,005,438 |
Mortgage Banking and Abstract Fees [Member] | ||
Non-Interest Income | ||
Non-interest revenue | $ 1,579,000 | $ 1,152,000 |
Real Estate Sales Commissions [Member] | ||
Non-Interest Income | ||
Non-interest revenue | 159,000 | 180,000 |
Other Fees and Services Fees [Member] | ||
Non-Interest Income | ||
Non-interest revenue | $ 109,000 | $ 68,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 3,245,000 | $ 2,477,000 |
Other Comprehensive Income: | ||
Unrealized gains on investment securities available for sale | 125,000 | 22,000 |
Income tax effect | (27,000) | (3,000) |
Reclassification adjustment for losses on sale of investment securities included in net income | 4,000 | |
Income tax effect | (1,000) | |
Net other comprehensive income | 98,000 | 22,000 |
Total Comprehensive Income | $ 3,343,000 | $ 2,499,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | The 401(k) Plan [Member]Common Stock Outstanding [Member] | The 401(k) Plan [Member]Additional Paid-in Capital [Member] | The 401(k) Plan [Member]Treasury Stock [Member] | The 401(k) Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 401(k) Plan [Member]AOCI Attributable to Parent [Member] | The 401(k) Plan [Member]Retained Earnings [Member] | The 401(k) Plan [Member] | The 2018 Stock Incentive Plan [Member]Common Stock Outstanding [Member] | The 2018 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | The 2018 Stock Incentive Plan [Member]Treasury Stock [Member] | The 2018 Stock Incentive Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 2018 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | The 2018 Stock Incentive Plan [Member]Retained Earnings [Member] | The 2018 Stock Incentive Plan [Member] | The 2008 Stock Option Plan [Member]Common Stock Outstanding [Member] | The 2008 Stock Option Plan [Member]Additional Paid-in Capital [Member] | The 2008 Stock Option Plan [Member]Treasury Stock [Member] | The 2008 Stock Option Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 2008 Stock Option Plan [Member]AOCI Attributable to Parent [Member] | The 2008 Stock Option Plan [Member]Retained Earnings [Member] | The 2008 Stock Option Plan [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2018 | 1,975,947 | |||||||||||||||||||||||||||
Balance beginning of the year at Dec. 31, 2018 | $ 28,000 | $ 14,683,000 | $ (4,824,000) | $ (185,000) | $ (2,000) | $ 14,136,000 | $ 23,836,000 | |||||||||||||||||||||
Common stock allocated by ESOP | 119,000 | 67,000 | 186,000 | |||||||||||||||||||||||||
Treasury stock purchased (in shares) | (27,297) | |||||||||||||||||||||||||||
Treasury stock purchased | (339,000) | (339,000) | ||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 2,986 | 9,721 | 23,500 | |||||||||||||||||||||||||
Reissuance of treasury stock | $ 20,000 | $ 18,000 | $ 38,000 | $ (57,000) | $ 57,000 | $ 52,000 | $ 138,000 | $ 190,000 | ||||||||||||||||||||
Stock based compensation expense | 173,000 | 173,000 | ||||||||||||||||||||||||||
Cash dividends declared | (676,000) | (676,000) | ||||||||||||||||||||||||||
Net Income | 2,477,000 | 2,477,000 | ||||||||||||||||||||||||||
Other comprehensive income, net | 22,000 | $ 22,000 | ||||||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2019 | 1,984,857 | 1,984,857 | ||||||||||||||||||||||||||
Balance end of the year at Dec. 31, 2019 | $ 28,000 | 14,990,000 | (4,950,000) | (118,000) | 20,000 | 15,937,000 | $ 25,907,000 | |||||||||||||||||||||
Common stock allocated by ESOP | 106,000 | 67,000 | 173,000 | |||||||||||||||||||||||||
Treasury stock purchased (in shares) | (28,891) | |||||||||||||||||||||||||||
Treasury stock purchased | (349,000) | (349,000) | ||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 8,641 | 9,421 | 12,500 | |||||||||||||||||||||||||
Reissuance of treasury stock | $ 44,000 | $ 53,000 | $ 97,000 | $ (57,000) | $ 57,000 | $ 26,000 | $ 75,000 | $ 101,000 | ||||||||||||||||||||
Stock based compensation expense | 173,000 | 173,000 | ||||||||||||||||||||||||||
Cash dividends declared | (717,000) | (717,000) | ||||||||||||||||||||||||||
Net Income | 3,245,000 | 3,245,000 | ||||||||||||||||||||||||||
Other comprehensive income, net | 98,000 | $ 98,000 | ||||||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2020 | 1,986,528 | 1,986,528 | ||||||||||||||||||||||||||
Balance end of the year at Dec. 31, 2020 | $ 28,000 | $ 15,282,000 | $ (5,114,000) | $ (51,000) | $ 118,000 | $ 18,465,000 | $ 28,728,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings [Member] | ||
Cash dividends declared, per share (in dollars per share) | $ 0.34 | |
Common stock allocated by ESOP (in shares) | 14,428 | 14,428 |
Cash dividends declared, per share (in dollars per share) | $ 0.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 3,245,000 | $ 2,477,000 |
Provision for loan losses | 830,000 | 303,000 |
Depreciation expense | 249,000 | 200,000 |
Amortization of operating right-of-use assets | 145,000 | 95,000 |
Amortization of subordinated debt issuance costs | 34,000 | 34,000 |
Amortization of other intangible | 49,000 | 49,000 |
Net amortization of securities premiums | 11,000 | 28,000 |
Accretion of deferred loan fees and costs, net | (1,370,000) | (435,000) |
Deferred income taxes | (566,000) | (41,000) |
Stock-based compensation expense | 346,000 | 359,000 |
Net realized loss on sale of foreclosed real estate | 92,000 | |
Loss on sale of investment securities available for sale | 4,000 | |
Net gain on loans held for sale | (4,319,000) | (3,014,000) |
Loans held for sale-originations | (207,062,000) | (135,310,000) |
Loans held for sale-proceeds | 167,118,000 | 134,499,000 |
Gain on the sale of SBA loans | (115,000) | (265,000) |
Write-downs of other real estate owned | 105,000 | 221,000 |
Increase in the cash surrender value of bank-owned life insurance | (80,000) | (80,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued interest receivable | (1,705,000) | (196,000) |
Prepaid expenses and other assets | (1,640,000) | (395,000) |
Accrued interest payable | 48,000 | 93,000 |
Accrued expenses and other liabilities | 824,000 | (478,000) |
Net Cash Used in Operating Activities | (43,761,000) | (1,852,000) |
Cash Flows from Investing Activities | ||
Purchase of interest-earning time deposits | (1,317,000) | (6,849,000) |
Redemption of interest-earning time deposits | 2,026,000 | 1,603,000 |
Purchase of investment securities available for sale | (4,008,000) | (3,319,000) |
Principal repayments on investment securities available for sale | 1,020,000 | 1,341,000 |
Proceeds from the sales of investment securities available for sale | 1,030,000 | |
Net increase in loans receivable | (111,775,000) | (29,397,000) |
Purchase of Federal Home Loan Bank stock | (808,000) | (614,000) |
Redemption of Federal Home Loan Bank stock | 723,000 | 120,000 |
Proceeds from the sale of foreclosed real estate | 1,611,000 | |
Capitalized expenditures on other real estate owned | (270,000) | (395,000) |
Purchase of premises and equipment | (364,000) | (368,000) |
Net Cash Used in Investing Activities | (113,162,000) | (36,848,000) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in demand deposits, money markets, and savings accounts | 112,411,000 | (2,689,000) |
Net increase in certificate accounts | 14,976,000 | 18,236,000 |
(Decrease) increase in advances from borrowers for taxes and insurance | (294,000) | 212,000 |
Proceeds from Federal Home Loan Bank short-term borrowings | 20,000,000 | 13,000,000 |
Repayment of Federal Home Loan Bank short-term borrowings | (20,000,000) | (12,000,000) |
Proceeds from Federal Home Loan Bank long-term borrowings | 3,922,000 | 14,271,000 |
Repayment of Federal Home Loan Bank long-term borrowings | (2,000,000) | (3,000,000) |
Proceeds from Federal Reserve Bank long-term borrowings | 52,144,000 | |
Repayment of Federal Reserve Bank long-term borrowings | (4,010,000) | |
Dividends paid | (717,000) | (676,000) |
Purchase of treasury stock | (349,000) | (339,000) |
Proceeds from the reissuance of treasury stock | 97,000 | 38,000 |
Proceeds from the exercise of stock options | 101,000 | 190,000 |
Net Cash Provided by Financing Activities | 176,281,000 | 27,243,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 19,358,000 | (11,457,000) |
Cash and Cash Equivalents – Beginning of Year | 14,555,000 | 26,012,000 |
Cash and Cash Equivalents – End of Year | 33,913,000 | 14,555,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 5,441,000 | 5,333,000 |
Cash payments for income taxes | 1,124,000 | 1,034,000 |
Initial recognition of operating lease right-of use assets | 658,000 | 1,386,000 |
Initial recognition of operating lease obligations | $ 658,000 | $ 1,386,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 The consolidated financial statements include the accounts of Quaint Oak Bancorp, Inc., a Pennsylvania chartered corporation (the “Company” or “Quaint Oak Bancorp”) and its wholly owned subsidiary, Quaint Oak Bank, a Pennsylvania chartered stock savings bank (the “Bank”), along with its wholly owned subsidiaries. At December 31, 2020, five July 2009. February, 2019, July 2012 August 2016 The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank's election under Section 10 two February 2019, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 2 Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company's most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. Significant Group Concentrations of Credit Risk The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. December 31, 2020, one 36% 34% Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include non-interest earning and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not Securities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. The Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance specifies that (a) if a company does not not not not not not not no December 31, 2020 2019. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No December 31, 2020 2019. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no Allowance for Loan Losses The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor's financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may not may may not Loans Held for Sale Loans originated by the Bank's mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs, commissions and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. To a lesser extent, the Bank originates commercial business loans for the purchase of business essential equipment for sale primarily to other financial institutions. Bank Owned Life Insurance ( BOLl ) The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the Consolidated Balance Sheets. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three thirty-nine Intangible Assets Intangible assets on the consolidated balance sheets represent the acquisition by Quaint Oak Insurance Agency of the renewal rights to a book of business on August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may Other Real Estate Owned Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Company had one $286,000 December 31, 2020. four $1.8 December 31, 2019. Mortgage Servicing Rights Included in other assets are mortgage servicing rights recognized as separate assets when mortgage loans are sold and the servicing rights are retained. These capitalized mortgage servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing period of the underlying mortgage loans. Mortgage servicing rights totaled $136,000 $128,000 December 31, 2020 2019, December 31, 2020 2019, $17,000 $13,000 Advertising Costs The Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Income Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not 50 not not no no December 31, 2020 2019. no January 1, 2017. Comprehensive Income (Loss) Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders' equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). Treasury Stock and Unallocated Common Stock The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock based on an average cost method with any excess proceeds credited to additional paid-in capital. Share-Based Compensation Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company's common stock on the grant date is used for restricted stock awards. At December 31, 2020, three 2008 2013 2018 May 2013 2018. 14. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 14. Earnings Per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ( Topic 606 ) 606, The Company's primary sources of revenue are derived from interest and dividends earned on loans and investment securities, mortgage banking revenue, including gains on the sale of mortgage loans, income from bank-owned life insurance, and other financial instruments that are not 606. Service Charges on Deposits Abstract Title Fees Real Estate Sales Commissions, Net Insurance Commissions : not one no Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. Reclassifications Certain items in the 2019 2020 not Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 one 12 not may December 15, 2021, December 31, 2022. may not 1 Recent Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13 December 15, 2019, December 15, 2018. first In November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2016 13 December 15, 2022, one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 350, Intangibles Goodwill and Other December 15, 2022, not In May 2019, 2019 05, Financial Instruments Credit Losses, Topic 326 825 10.3. not 2016 13. not 2016 13, 2016 13. 2016 13, 2019 05 December 15, 2019, 2016 13 November, 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 944 , Financial Services Insurance December 15, 2021, December 15, 2023, December 15, 2024. not In December 2019, 2019 12, Income Taxes (Topic 740 not not December 15, 2020. December 15, 2021, December 15, 2022. not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2016. seven not 825, 842 326. 2019 04 December 15, 2019, not 2016 01. 2016 13 not 2016 13. not 2016 13. 2016 13 December 15, 2019, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020, not not one December 31, 2022. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs 310 20 35 33. 2020 08 December 15, 2020. not 2020 08 December 15, 2021, December 15, 2022. In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Earnings Per Share Earnings per share (“EPS”) consists of two not December 31, 2020 2019, The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. For the Year Ended December 31, 2020 2019 Net Income $ 3,245,000 $ 2,477,000 Weighted average shares outstanding – basic 1,975,836 1,956,612 Effect of dilutive common stock equivalents 36,563 48,826 Adjusted weighted average shares outstanding – diluted 2,012,399 2,005,438 Basic earnings per share $ 1.64 $ 1.27 Diluted earnings per share $ 1.61 $ 1.24 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2020 2019 Unrealized Losses on Investment Securities Available for Sale (1) 2020 2019 Balance beginning of the year $ 20 $ (2 ) Other comprehensive income before reclassifications 98 19 Amount reclassified from accumulated other comprehensive income (loss) -- 3 Total other comprehensive income 98 22 Balance end of the year $ 118 $ 20 _______________________ ( 1 All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive income for the years ended December 31, 2020 2019 Details About Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Statement of Income For the Year Ended December 31, 2020 2019 Unrealized losses on investment securities available for sale $ -- $ (4 ) Loss on sales of investment securities -- 1 Income taxes $ -- $ (3 ) _______________________ ( 1 |
Note 5 - Investment in Interest
Note 5 - Investment in Interest-earning Time Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | Note 5 Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of December 31, 2020 2019, 2020 2019 Due in one year or less $ 4,006 $ 2,026 Due after one year through five years 5,457 8,146 Total $ 9,463 $ 10,172 |
Note 6 - Investment Securities
Note 6 - Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at December 31, 2020 2019 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 4,887 $ 27 $ (1 ) $ 4,913 Federal National Mortgage Association securities 183 6 -- 189 Total mortgage-backed securities 5,070 33 (1 ) 5,102 Debt securities: Corporate notes 5,506 117 -- 5,623 Total available-for-sale-securities $ 10,576 $ 150 $ (1 ) $ 10,725 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,841 $ 13 $ (1 ) $ 5,853 Federal National Mortgage Association securities 258 2 -- 260 Total mortgage-backed securities 6,099 15 (1 ) 6,113 Debt securities: Corporate notes 1,500 10 -- 1,510 Total available-for-sale-securities $ 7,599 $ 25 $ (1 ) $ 7,623 The amortized cost and fair value of mortgage-backed and debt securities at December 31, 2020, may Available for Sale Amortized Cost Fair Value Due after five through ten years $ 5,506 $ 5,102 Due after ten years 5,070 5,623 Total $ 10,576 $ 10,725 The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2020 2019 December 31, 2020 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 1 $ 681 $ (1 ) $ -- $ -- $ 681 $ (1 ) December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 4 $ 2,295 $ (1 ) $ -- $ -- $ 2,295 $ (1 ) At December 31, 2020, one 0.13% may not December 31, 2020 no December 31, 2020 2019. |
Note 7 - Loans Receivable, Net
Note 7 - Loans Receivable, Net and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7 The composition of net loans receivable is as follows (in thousands): December 31, 2020 December 31, 2019 Real estate loans: One-to-four family residential: Owner occupied $ 7,528 $ 6,298 Non-owner occupied 38,884 39,897 Total one-to-four family residential 46,412 46,195 Multi-family (five or more) residential 24,043 22,233 Commercial real estate 131,820 119,323 Construction 4,775 12,523 Home equity 3,788 3,726 Total real estate loans 210,838 204,000 Commercial business 154,387 45,745 Other consumer 17 22 Total Loans 365,242 249,767 Deferred loan fees and costs (3,059 ) (844 ) Allowance for loan losses (3,061 ) (2,231 ) Net Loans $ 359,122 $ 246,692 The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of December 31, 2020 2019 December 31, 2020 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,942 $ 415 $ 171 $ -- $ 7,528 One-to-four family residential non-owner occupied 38,567 -- 317 -- 38,884 Multi-family residential 24,043 -- -- -- 24,043 Commercial real estate 129,236 2,292 292 -- 131,820 Construction 4,775 -- -- -- 4,775 Home equity 3,788 -- -- -- 3,788 Commercial business 154,387 -- -- -- 154,387 Other consumer 17 -- -- -- 17 Total $ 361,755 $ 2,707 $ 780 $ -- $ 365,242 December 31, 2019 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,126 $ -- $ 172 $ -- $ 6,298 One-to-four family residential non-owner occupied 39,579 -- 318 -- 39,897 Multi-family residential 22,233 -- -- -- 22,233 Commercial real estate 118,233 798 292 -- 119,323 Construction 12,523 -- -- -- 12,523 Home equity 3,726 -- -- -- 3,726 Commercial business 45,745 -- -- -- 45,745 Other consumer 22 -- -- -- 22 Total $ 248,187 $ 798 $ 782 $ -- $ 249,767 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 2020 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 171 $ 178 $ -- $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 -- 19 3 Multi-family residential -- -- -- -- -- Commercial real estate 131 131 -- 131 1 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- -- -- Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- -- -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ 171 178 $ -- $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 -- 19 3 Multi-family residential -- -- -- -- -- Commercial real estate 131 131 -- 131 1 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 321 $ 328 $ -- $ 321 $ 5 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 2019 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 172 $ 178 $ -- $ 178 $ -- One-to-four family residential non-owner occupied 19 19 -- 225 13 Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- -- -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- -- -- Multi-family residential -- -- -- -- -- Commercial real estate 132 132 4 133 12 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ 172 178 $ -- $ 178 $ -- One-to-four family residential non-owner occupied 19 19 -- 225 13 Multi-family residential -- -- -- -- -- Commercial real estate 132 132 4 133 12 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 323 $ 329 $ 4 $ 536 $ 25 The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At December 31, 2020, two $150,000 one December 31, 2020. December 31, 2020, no December 31, 2019, two $151,000 not six The following tables present the Company's TDR loans as of December 31, 2020 2019 December 31, 2020 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1 19 19 -- -- Multi-family residential -- -- -- -- -- Commercial real estate 1 131 -- 131 -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 2 $ 150 $ 19 $ 131 $ -- December 31, 2019 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1 19 -- 19 -- Multi-family residential -- -- -- -- -- Commercial real estate 1 132 -- 132 4 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 2 $ 151 $ -- $ 151 $ 4 The contractual aging of the TDRs in the tables above as of December 31, 2020 2019 December 31, 2020 Current Past Due 30-89 Days Greater than 90 Days and Accruing Non-Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- 19 19 Multi-family residential -- -- -- -- -- Commercial real estate 131 -- -- -- 131 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 131 $ -- $ -- $ 19 $ 150 December 31, 2019 Current Past Due 30-89 Days Greater than 90 Days and Accruing Non-Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- 19 -- -- 19 Multi-family residential -- -- -- -- -- Commercial real estate 132 -- -- -- 132 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 132 $ 19 $ -- $ -- $ 151 Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan's original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At December 31, 2020 no The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2020 December 31, 2020 ( December 31, 2020 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs -- -- -- -- -- -- -- -- -- Recoveries -- -- -- -- -- -- -- -- -- Provision 36 11 84 433 (188 ) 1 263 190 830 Ending balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Ending balance evaluated for impairment: Individually $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ - Collectively $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 763 $ 250 $ 3,061 Loans receivable: Ending balance $ 7,528 $ 38,884 $ 24,043 $ 131,820 $ 4,775 $ 3,788 $ 154,404 $ 365,242 Ending balance evaluated for impairment: Individually $ 171 $ 19 $ -- $ 131 $ -- $ -- $ -- $ 321 Collectively $ 7,357 $ 38,865 $ 24,043 $ 131,689 $ 4,775 $ 3,788 $ 154,404 $ 364,921 The Bank allocated increased allowance for loan loss provisions to the commercial real estate loan portfolio class for the year ended December 31, 2020, December 31, 2020, December 31, 2020, December 31, 2020, 19 December 31, 2020 19 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2019 December 31, 2019 ( December 31, 2019 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Charge-offs -- (37 ) -- -- -- -- -- -- (37 ) Recoveries -- -- -- -- -- -- -- -- -- Provision 1 (47 ) (11 ) 15 75 (2 ) 253 19 303 Ending balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Ending balance evaluated for impairment: Individually $ -- $ -- $ -- $ 4 $ -- $ -- $ -- $ -- $ 4 Collectively $ 52 $ 351 $ 145 $ 850 $ 250 $ 19 500 $ 60 $ 2,227 Loans receivable: Ending balance $ 6,298 $ 39,897 $ 22,233 $ 119,323 $ 12,523 $ 3,726 $ 45,767 $ 249,767 Ending balance evaluated for impairment: Individually $ 172 $ 19 $ -- $ 132 $ -- $ -- $ -- $ 323 Collectively $ 6,126 $ 39,878 $ 22,233 $ 119,191 $ 12,523 $ 3,726 $ 45,767 $ 249,444 The Bank allocated increased allowance for loan loss provisions to the commercial business loan portfolio class, the construction loan portfolio class, and the commercial real estate loan portfolio class for the year ended December 31, 2019, 1 4 December 31, 2019, The following table presents non-accrual loans by classes of the loan portfolio as of December 31, 2020 2019 December 31, 2020 December 31, 2019 One-to-four family residential owner occupied $ 171 $ 172 One-to-four family residential non-owner occupied 19 -- Multi-family residential -- -- Commercial real estate -- -- Construction -- -- Home equity -- -- Commercial business -- -- Other consumer -- -- Total $ 190 $ 172 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 $643,000 $362,000 December 31, 2020 2019, For the years ended December 31, 2020 2019 no $1,000 $10,000 December 31, 2020 2019, The performance and credit quality of the loan portfolio are also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of December 31, 2020 2019 December 31, 2020 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 822 $ 171 $ 993 $ 6,535 $ 7,528 $ -- One-to-four family residential non-owner occupied 189 66 255 38,629 38,884 66 Multi-family residential 1,947 -- 1,947 22,096 24,043 -- Commercial real estate 569 387 956 130,864 131,820 387 Construction 1,783 -- 1,783 2,992 4,775 -- Home equity -- -- -- 3,788 3,788 -- Commercial business 574 -- 574 153,813 154,387 -- Other consumer -- -- -- 17 17 -- Total $ 5,884 $ 624 $ 6,508 $ 358,734 $ 365,242 $ 453 December 31, 2019 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 1,199 $ 172 $ 1,371 $ 4,927 $ 6,298 $ -- One-to-four family residential non-owner occupied 1,069 -- 1,069 38,828 39,897 -- Multi-family residential -- -- -- 22,233 22,233 -- Commercial real estate 986 190 1,176 118,147 119,323 190 Construction 1,120 -- 1,120 11,403 12,523 -- Home equity -- -- -- 3,726 3,726 -- Commercial business 66 -- 66 45,679 45,745 -- Other consumer -- -- -- 22 22 -- Total $ 4,440 $ 362 $ 4,802 $ 244,965 $ 249,767 $ 190 |
Note 8 - Premises and Equipment
Note 8 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 The components of premises and equipment at December 31, 2020 2019 2020 2019 Land and land improvements $ 292 $ 292 Buildings 1,553 1,695 Leasehold improvements 564 441 Furniture, fixtures and equipment 1,827 1,444 4,236 3,872 Accumulated depreciation (1,895 ) (1,646 ) Premises and equipment, net $ 2,341 $ 2,226 Depreciation expense for the years ended December 31, 2020 2019 $249,000 $200,000, |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9 Goodwill and Other Intangible, Net On August 1, 2016, $1.0 $515,000 $485,000 ten December 31, 2020 $271,000, $214,000. December 31, 2020 2019 $49,000 Estimated amortization expense of other intangible for each of the next five 2021 $ 49 2022 49 2023 49 2024 49 2025 49 Thereafter 26 Total $ 271 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 Deposits and the weighted average interest rate at December 31, 2020 2019 2020 2019 Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Non-interest bearing checking accounts $ 54,202 -- % $ 15,775 -- % Passbook accounts 8 0.16 5 0.15 Savings accounts 1,570 0.20 1,722 0.20 Money market accounts 99,638 0.80 25,504 0.80 Certificate of deposit accounts 199,427 1.49 184,452 2.27 Total $ 354,845 1.03 % $ 227,458 1.87 % A summary of certificates of deposit by maturity at December 31, 2020 Years ending December 31: 2021 $ 101,170 2022 37,688 2023 37,135 2024 16,630 2025 6,804 Total $ 199,427 The aggregate amount of certificates of deposit with a minimum denomination of $250,000 $29.0 $29.9 December 31, 2020 2019, |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11 As of December 31, 2020, $159.7 $38.2 $36.3 December 31, 2020 2019, December 31, 2020, $613,000 no December 31, 2020 2019. $93.3 December 31, 2020. $48.1 December 31, 2020. Federal Home Loan Bank short-term borrowings and the weighted interest rate consist of the following at December 31, 2020 2019 At or For the Year Ended December 31, 2020 2019 FHLB short-term borrowings: Average balance outstanding $ 3,292 $ 5,585 Maximum amount outstanding at any month-end during the period 20,000 11,000 Balance outstanding at end of period 10,000 10,000 Average interest rate during the period 1.12 % 2.52 % Weighted average interest rate at end of period 0.41 % 1.81 % Federal Home Loan Bank long-term borrowings and the weighted interest rate consist of the following at December 31, 2020 2019 December 31, 2020 December 31, 2019 Fixed rate borrowings maturing: Amount Weighted Interest Rate Amount Weighted Interest Rate 2020 $ -- -- % $ 2,000 2.00 % 2021 5,000 2.20 5,000 2.20 2022 7,171 2.10 7,171 2.10 2023 7,000 2.16 7,000 2.16 2024 6,167 2.05 5,100 2.28 2025 2,855 1.25 -- -- Total FHLB long-term debt $ 28,193 2.03 % $ 26,271 2.16 % Federal Reserve Bank long-term borrowings increased to $48.1 December 31, 2020 zero December 31, 2019 0.35% two |
Note 12 - Subordinated Debt
Note 12 - Subordinated Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 12 Subordinated Debt On December 27, 2018, $8.0 December 31, 2028, 6.50%. may, December 31, 2023, The balance and unamortized issuance costs of subordinated debt at December 31, 2020 Principal Unamortized Debt Issuance Costs Net 6.5% subordinated notes, due December 31, 2028 $ 8,000 $ 111 $ 7,899 All subordinated notes are not |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13 The components of income tax expense for the years ended December 31, 2020 2019 2020 2019 Federal: Current $ 1,442 $ 724 Deferred (566 ) (41 ) Total federal 876 683 State, current 416 267 Total $ 1,292 $ 950 The following table presents the reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 21% December 31, 2020 2019, 2020 2019 Amount Rate Amount Rate Federal income tax at statutory rate $ 953 21.0 % $ 719 21.0 % State tax, net of federal benefit 328 7.2 211 6.2 Stock compensation expense 23 0.5 30 0.9 Other (12 ) (0.3 ) (10 ) (0.2 ) Total $ 1,292 28.4 % $ 950 27.9 % The components of the net deferred tax asset at December 31, 2020 2019 2020 2019 Deferred tax assets: Allowance for loan losses $ 643 $ 468 Deferred loan fees 642 177 Stock-based compensation 6 8 Interest on non-accrual loans 3 2 Organization cost - 1 Total deferred tax assets 1,294 656 Deferred tax liabilities: Bank premises and equipment (168 ) (100 ) Unrealized gain on investment securities available for sale (31 ) (5 ) Intangible (17 ) (13 ) Total deferred tax liabilities (216 ) (118 ) Net Deferred Tax Asset $ 1,078 $ 538 The net deferred tax asset at December 31, 2020 2019 $1.1 $538,000, No December 31, 2020 2019, |
Note 14 - Stock Compensation Pl
Note 14 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 14 Stock Compensation Plans Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (ESOP) for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, 222,180 2007. 7.75% 15 December 31, 2020, three 2007 Shares of the Company's common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders' equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant's base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the years ended December 31, 2020 2019, $173,000 $186,000 The following table represents the components of the ESOP shares at December 31, 2020 2019: 2020 2019 Allocated shares 179,507 180,959 Unreleased shares 10,821 25,249 Total ESOP shares 190,328 206,208 Fair value of unreleased shares (in thousands) $ 160 $ 372 Stock Incentive Plans In May 2013, 2013 “2013 2013 May 2013 195,000 48,750, 25%, may 146,250 May 2018, 2018 “2018 2018 May 2018 155,000 38,750, 25%, may 116,250 As of December 31, 2020 28,266 2013 2018 11,750 2018 1,200 2013 2013 2018 five Recognition and Retention and Stock Incentive Plans A summary of option activity under the Company's Option Plan and 2013 2018 December 31, 2020 2019 December 31, 2020 2019 2020 2019 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 38,887 $ 13.30 48,608 $ 13.30 Granted -- -- -- -- Vested (9,421 ) 13.30 (9,721 ) 13.30 Forfeited (1,200 ) 13.30 -- -- Unvested at the end of the year 28,266 $ 13.30 38,887 $ 13.30 Compensation expense on the restricted stock awards is recognized ratably over the five December 31, 2020 2019, $129,000 $27,000 December 31, 2020 2019. December 31, 2020, $307,000 2.4 Stock Options In May 2008, 2008 May 2013, 2013 “2013 277,726 no February 13, 2018, 2013 2013 May 2013 195,000 48,750, 25%, may 146,250 May 2018, 2018 “2018 2018 May 2018 155,000 38,750, 25%, may 116,250 All incentive stock options issued under the Option Plan and the 2013 2018 422 five ten As of December 31, 2020, 240,636 2013 2018 37,250 2018 3,200 2013 none five ten A summary of option activity under the Company's Option Plan and Stock Incentive Plan for the years ended December 31, 2020 2019 December 31, 2020 2019 2020 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 256,336 $ 10.87 6.0 279,836 $ 10.64 6.8 Granted -- -- -- -- -- -- Exercised (12,500 ) 8.10 -- (23,500 ) 8.10 -- Forfeited (3,200 ) 13.30 -- -- -- -- Outstanding at the end of the period 240,636 $ 10.98 5.5 256,336 $ 10.87 6.0 Exercisable at the end of the period 161,054 $ 9.84 5.4 147,027 $ 9.07 4.8 The estimated fair value of the options granted in May 2018 $1.75 Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % The dividend yield was calculated on the dividend amount and stock price existing at the grant date. The risk free interest rate used was based on the rates of United States Treasury securities with maturities equal to the expected lives of the options. Although the contractual term of the options granted is ten may At December 31, 2020, $906,000 $791,000. December 31, 2019, $994,000 $836,000. December 31, 2020 December 31, 2019. During both the years ended December 31, 2020 2019, $44,000 $2,000 December 31, 2020, $105,000 2.4 |
Note 15 - Transactions With Exe
Note 15 - Transactions With Executive Officers and Directors | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 15 Certain directors and executive officers of the Company, their families and their affiliates are customers of the Bank. Any transactions with such parties, including loans and commitments, are in the ordinary course of business at normal terms, including interest rate and collateralization, prevailing at the time and do not None December 31, 2019 2018, |
Note 16 - Financial Instruments
Note 16 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 16 The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. A summary of the Company's financial instrument commitments at December 31, 2020 2019 2020 2019 Commitments to originate loans $ 17,631 $ 10,184 Unfunded commitments under lines of credit 22,431 15,181 Standby letters of credit 1,621 38 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may |
Note 17 - Leases
Note 17 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 17 The Company leases its office at 501 2016 02, Leases (Topic 842 three 842 The Company has elected to account for the variable nonlease components, such as common area maintenance charges, utilities, real estate taxes, and insurance, separately from the lease component. Such variable nonlease components are reported in net occupancy expense on the Consolidated Statements of Income when paid. These variable nonlease components were excluded from the calculation of the present value of the remaining lease payments, therefore, they are not $208,000 December 31, 2020 $139,000 December 31, 2019. Certain of the Company's leases contain options to renew the lease after the initial term. Management considers the Corporation's historical pattern of exercising renewal options on leases and the positive performance of the leased locations, when determining whether it is reasonably certain that the leases will be renewed. If management concludes that there is reasonable certainty about the renewal option, it is included in the calculation of the remaining term of each applicable lease. The discount rate utilized in calculating the present value of the remaining lease payments for each lease was the Federal Home Loan Bank of Pittsburgh advance rate corresponding to the remaining maturity of the lease. The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2020. Operating Weighted average remaining term (years) 11.0 Weighted average discount rate 3.09 % The following table presents the undiscounted cash flows due related to operating leases as of December 31, 2020, Undiscounted cash flows due (In thousands): Operating 2021 $ 207 2022 213 2023 219 2024 308 2025 219 2026 and thereafter 1,111 Total undiscounted cash flows 2,277 Discount on cash flows (440 ) Total lease liabilities $ 1,837 Under Topic 842, not twelve not December 31, 2020, no twelve Rental expense under operating leases totaled approximately $255,000 2020 $187,000 2019. |
Note 18 - Regulatory Matters
Note 18 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 18 The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth below) of total, Tier 1, 1 1 December 31, 2020, In July 2013 January 1, 2019. 1 1 1 4.5% January 1, 2015. 1 4.0% 6.0% January 1, 2015. 2.5% January 1, 2016 January 1, 2019. 100% 150% 90 1 1 Bank holding companies are generally subject to statutory capital requirements, which were implemented by certain of the new capital regulations described above that became effective on January 1, 2015. On December 27, 2018, $8.0 12 $6.5 1 December 31, 2020 no December 31, 2020 not The Bank's actual capital amounts and ratios at December 31, 2020 2019 Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total capital (to risk-weighted assets) $ 37,084 14.52 % > > % > > % Tier 1 capital (to risk-weighted assets) 33,996 13.31 > > > > Common Equity Tier 1 capital (to risk-weighted assets) 33,996 13.31 > > > > Tier 1 capital (to average assets) 33,996 8.56 > > > > Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total capital (to risk-weighted assets) $ 33,087 14.41 % > > % > > % Tier 1 capital (to risk-weighted assets) 30,829 13.42 > > > > Common Equity Tier 1 capital (to risk-weighted assets) 30,829 13.42 > > > > Tier 1 capital (to average assets) 30,829 10.35 > > > > Under the Dodd-Frank Wall Street Reform and Consumer Protection Act the Board of Governors of the Federal Reserve System as the primary regulator for the Company is authorized to extend leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies to thrift holding companies. Legislation adopted in late 2014 Banking regulations place certain restrictions on dividends paid by the Bank to the Company. The Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to the Company's shareholders, interest payments on the subordinated debt and other general corporate purposes. The Bank's ability to pay cash dividends directly or indirectly to the Company is governed by federal law, regulations and related guidance. These include the requirement that the Bank must receive approval to declare a dividend if the total amount of all dividends, including the proposed dividend, declared by the Bank in any current year exceeds the total of the Bank's net income for the current year to date, combined with its retained net income for the previous two The Bank may not may In 2020, $500,000 2019, not December 31, 2020, December 31, 2020 2019 $6.0 |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 19 Fair Value Measurements and Fair Values of Financial Instruments Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair values estimates may not not may Fair value is determined at one not not not not The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one This hierarchy requires the use of observable market data when available. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 18 2020 10 3 The following is a discussion of assets and liabilities measured at fair value on a recurring and non-recurring basis and valuation techniques applied: Investment Securities Available For Sale: 1 2 We may Impaired Loans: 3 Other Real Estate Owned: 3 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2020 ( December 31, 2020 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 4,913 $ -- $ 4,913 $ -- Federal National Mortgage Association mortgage- backed securities 189 -- 189 -- Corporate notes 5,623 -- 5,623 -- Total investment securities available for sale $ 10,725 $ -- $ 10,725 $ -- Total recurring fair value measurements $ 10,725 $ -- $ 10,725 $ -- Nonrecurring fair value measurements Impaired loans $ 321 $ -- $ -- $ 321 Other Real Estate Owned 286 -- -- 286 Total nonrecurring fair value measurements $ 607 $ -- $ -- $ 607 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2019 ( December 31, 2019 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 5,853 $ -- $ 5,853 $ -- Federal National Mortgage Association mortgage- backed securities 260 -- 260 -- Corporate notes 1,510 -- 1,510 -- Total investment securities available for sale $ 7,623 $ -- $ 7,623 $ -- Total recurring fair value measurements $ 7,623 $ -- $ 7,623 $ -- Nonrecurring fair value measurements Impaired loans $ 319 $ -- $ -- $ 319 Other Real Estate Owned 1,824 -- -- 1,824 Total nonrecurring fair value measurements $ 2,143 $ -- $ -- $ 2,143 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used Level 3 December 31, 2020 2019 December 31, 2020 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 321 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8%) Other real estate owned $ 286 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) December 31, 2019 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 319 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 3% (1%) Other real estate owned $ 1,824 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) _______________ ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 ( 2 Appraisals may The estimated fair values of the Company's financial instruments that are not December 31, 2020 2019 Fair Value Measurements at December 31, 2020 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 9,463 $ 10,536 $ -- $ -- $ 10,536 Loans held for sale 53,191 62,396 -- 62,396 -- Loans receivable, net 359,122 363,527 -- -- 363,527 Financial Liabilities Deposits 354,845 358,112 55,417 -- 202,695 FHLB long-term borrowings 28,193 28,284 -- -- 28,284 FRB long-term borrowings 48,134 48,126 - - 48,126 Subordinated debt 7,899 8,283 - - 8,283 Fair Value Measurements at December 31, 2019 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 10,172 $ 10,536 $ -- $ -- $ 10,536 Loans held for sale 8,928 9,205 -- 9,205 -- Loans receivable, net 246,692 250,550 -- -- 250,550 Financial Liabilities Deposits 227,458 230,521 43,006 -- 187,515 FHLB long-term borrowings 26,271 26,292 -- -- 26,292 Subordinated debt 7,865 8,146 -- -- 8,146 For cash and cash equivalents, accrued interest receivable, investment in FHLB stock, bank-owned life insurance, FHLB short-term borrowings, accrued interest payable, and advances from borrowers for taxes and insurance, the carrying value is a reasonable estimate of the fair value and are considered Level 1 |
Note 20 - Operating Segments
Note 20 - Operating Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 20 Operating Segments The Company's operations currently consist of two two The Banking Segment generates its revenues primarily from its lending, deposit gathering and fee business activities. The profitability of this segment's operations depends primarily on its net interest income after provision for credit losses, which is the difference between interest earned on interest earning assets and interest paid on interest bearing liabilities less provision for credit losses. The provision for credit losses is almost entirely dependent on changes in the Banking Segment's loan portfolio and management's assessment of the collectability of the loan portfolio as well as prevailing economic and market conditions. The profitability of this segment's operations also depends on the generation of non-interest income which includes fees and commissions generated by Quaint Oak Bank and its wholly-owned subsidiaries, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, and Quaint Oak Insurance Agency, LLC which are included in the Banking Segment for segment reporting purposes. The Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of depositors and other customers, federal deposit insurance funds and the banking system as a whole. These laws and regulations govern such areas as capital, permissible activities, allowance for loan and lease losses, loans and investments, and rates of interest that can be charged on loans. For segment reporting purposes, Quaint Oak Bancorp, Inc. is included as part of the Company's Banking segment. The Mortgage Banking Segment originates residential mortgage loans which are sold into the secondary market along with the loans' servicing rights. The profitability of this segment's operations depends primarily on the gains realized from the sale of loans and processing fees. The Mortgage Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of consumers. The following table present summary financial information for the reportable segments (in thousands): As of or for the Year Ended December 31, 2020 2019 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income $ 11,190 $ (355 ) $ 10,835 $ 8,845 $ (160 ) $ 8,685 Provision for Loan Losses 830 -- 830 303 -- 303 Net Interest Income after Provision for Loan Losses 10,360 (355 ) 10,005 8,542 (160 ) 8,382 Non-Interest Income Mortgage banking and title abstract fees 923 656 1,579 649 503 1,152 Real estate sales commissions, net 159 -- 159 180 -- 180 Insurance commissions 490 -- 490 419 -- 419 Other fees and services charges 109 -- 109 68 -- 68 Income from bank-owned life insurance 80 -- 80 80 -- 80 Net gain on loans held for sale -- 4,320 4,320 1 3,013 3,014 Gain on the sale of SBA loans 115 -- 115 265 -- 265 Loss on sale of investment securities available for sale -- -- -- (4 ) -- (4 ) (Loss) gain on sales and write-downs of other real estate owned (197 ) -- (197 ) (221 ) -- (221 ) Total Non-Interest Income 1,679 4,976 6,655 1,437 3,516 4,953 Non-Interest Expense Salaries and employee benefits 6,980 1,447 8,427 5,768 1,179 6,947 Directors' fees and expenses 232 -- 232 223 -- 223 Occupancy and equipment 631 282 913 478 214 692 Data processing 470 247 717 366 142 508 Professional fees 501 40 541 357 59 416 FDIC deposit insurance assessment 121 -- 121 15 -- 15 Other real estate owned expenses 42 -- 42 22 -- 22 Advertising 92 21 113 140 55 195 Amortization of other intangible 49 -- 49 49 -- 49 Other 909 59 968 780 61 841 Total Non-Interest Expense 10,027 2,096 12,123 8,198 1,710 9,908 Pretax Segment Profit $ 2,012 $ 2,525 $ 4,537 $ 1,781 $ 1,646 $ 3,427 Segment Assets $ 422,230 $ 61,845 $ 484,075 $ 286,986 $ 15,554 $ 302,540 __________________ ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank's Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, and QOB Properties. |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 21 Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not On January 4, 2021, $3.0 51% second 50 1998. 2015. |
Note 22 - Quaint Oak Bancorp, I
Note 22 - Quaint Oak Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 22 Quaint Oak Bancorp, Inc. (Parent Company Only) Condensed financial statements of Quaint Oak Bancorp, Inc. are as follows (in thousands): Balance Sheets December 31, 2020 2019 Assets Cash and cash equivalents $ 333 $ 669 Investment in Quaint Oak Bank 34,766 31,512 Premises and equipment, net 1,513 1,559 Other assets 15 32 Total Assets $ 36,627 $ 33,772 Liabilities and Stockholders' Equity Subordinated debt $ 7,899 $ 7,865 Stockholders' equity 28,728 25,907 Total Liabilities and Stockholders' Equity $ 36,627 $ 33,772 Statements of Income For the Year Ended December 31, 2020 2019 Income Dividends from subsidiary $ 500 $ -- Interest income 2 20 Rental income 339 199 Total Income 841 219 Expenses Occupancy and equipment expense 96 120 Interest on subordinated debt 520 519 Other expenses 158 161 Total Expenses 774 800 Net Income (Loss) Before Income Taxes 67 (581 ) Equity in Undistributed Net Income of Subsidiary 3,087 2,936 Income Tax Benefit 91 122 Net Income $ 3,245 $ 2,477 Comprehensive Income $ 3,343 $ 2,499 Statements of Cash Flows For the Year Ended December 31, 2020 2019 Operating Activities Net income $ 3,245 $ 2,477 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Undistributed net income in subsidiary (3,087 ) (2,936 ) Depreciation expense 53 53 Amortization of subordinated debt issuance costs 34 34 Stock-based compensation expense 346 359 Decrease (increase) in other assets (52 ) (2 ) Net cash provided by (used in) operating activities 539 (15 ) Investing Activities Purchase of property and equipment (7 ) (125 ) Net cash used in investing activities (7 ) (125 ) Financing Activities Dividends paid (717 ) (676 ) Purchase of treasury stock (349 ) (339 ) Proceeds from the reissuance of treasury stock 97 38 Proceeds from the exercise of stock options 101 190 Net cash used in financing activities (868 ) (787 ) Net Decrease in Cash and Cash Equivalents (336 ) (927 ) Cash and Cash Equivalents-Beginning of Year 669 1,596 Cash and Cash Equivalents-End of Year $ 333 $ 669 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company's most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. December 31, 2020, one 36% 34% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include non-interest earning and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety |
Investment, Policy [Policy Text Block] | Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not Securities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. The Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance specifies that (a) if a company does not not not not not not not no December 31, 2020 2019. |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No December 31, 2020 2019. |
Financing Receivable [Policy Text Block] | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor's financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may not may may not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Loans originated by the Bank's mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs, commissions and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. To a lesser extent, the Bank originates commercial business loans for the purchase of business essential equipment for sale primarily to other financial institutions. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance ( BOLl ) The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the Consolidated Balance Sheets. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three thirty-nine |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets on the consolidated balance sheets represent the acquisition by Quaint Oak Insurance Agency of the renewal rights to a book of business on August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Company had one $286,000 December 31, 2020. four $1.8 December 31, 2019. |
Mortgage Servicing Rights [Policy Text Block] | Mortgage Servicing Rights Included in other assets are mortgage servicing rights recognized as separate assets when mortgage loans are sold and the servicing rights are retained. These capitalized mortgage servicing rights are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing period of the underlying mortgage loans. Mortgage servicing rights totaled $136,000 $128,000 December 31, 2020 2019, December 31, 2020 2019, $17,000 $13,000 |
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not 50 not not no no December 31, 2020 2019. no January 1, 2017. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders' equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). |
Treasury Stock and Unallocated Common Stock [Policy Text Block] | Treasury Stock and Unallocated Common Stock The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock based on an average cost method with any excess proceeds credited to additional paid-in capital. |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company's common stock on the grant date is used for restricted stock awards. At December 31, 2020, three 2008 2013 2018 May 2013 2018. 14. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 14. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ( Topic 606 ) 606, The Company's primary sources of revenue are derived from interest and dividends earned on loans and investment securities, mortgage banking revenue, including gains on the sale of mortgage loans, income from bank-owned life insurance, and other financial instruments that are not 606. Service Charges on Deposits Abstract Title Fees Real Estate Sales Commissions, Net Insurance Commissions : not one no |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain items in the 2019 2020 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 one 12 not may December 15, 2018, may not 1 Recent Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13 December 15, 2019, December 15, 2018. first In November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2016 13 December 15, 2022, one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 350, Intangibles Goodwill and Other December 15, 2022, not In May 2019, 2019 05, Financial Instruments Credit Losses, Topic 326 825 10.3. not 2016 13. not 2016 13, 2016 13. 2016 13, 2019 05 December 15, 2019, 2016 13 November, 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 944 , Financial Services Insurance December 15, 2021, December 15, 2023, December 15, 2024. not In December 2019, 2019 12, Income Taxes (Topic 740 not not December 15, 2020. December 15, 2021, December 15, 2022. not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2016. seven not 825, 842 326. 2019 04 December 15, 2019, not 2016 01. 2016 13 not 2016 13. not 2016 13. 2016 13 December 15, 2019, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020, not not one December 31, 2022. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs 310 20 35 33. 2020 08 December 15, 2020. not 2020 08 December 15, 2021, December 15, 2022. In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2020 2019 Net Income $ 3,245,000 $ 2,477,000 Weighted average shares outstanding – basic 1,975,836 1,956,612 Effect of dilutive common stock equivalents 36,563 48,826 Adjusted weighted average shares outstanding – diluted 2,012,399 2,005,438 Basic earnings per share $ 1.64 $ 1.27 Diluted earnings per share $ 1.61 $ 1.24 |
Note 4 - Accumulated Other Co_2
Note 4 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Investment Securities Available for Sale (1) 2020 2019 Balance beginning of the year $ 20 $ (2 ) Other comprehensive income before reclassifications 98 19 Amount reclassified from accumulated other comprehensive income (loss) -- 3 Total other comprehensive income 98 22 Balance end of the year $ 118 $ 20 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details About Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Statement of Income For the Year Ended December 31, 2020 2019 Unrealized losses on investment securities available for sale $ -- $ (4 ) Loss on sales of investment securities -- 1 Income taxes $ -- $ (3 ) |
Note 5 - Investment in Intere_2
Note 5 - Investment in Interest-earning Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | 2020 2019 Due in one year or less $ 4,006 $ 2,026 Due after one year through five years 5,457 8,146 Total $ 9,463 $ 10,172 |
Note 6 - Investment Securitie_2
Note 6 - Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 4,887 $ 27 $ (1 ) $ 4,913 Federal National Mortgage Association securities 183 6 -- 189 Total mortgage-backed securities 5,070 33 (1 ) 5,102 Debt securities: Corporate notes 5,506 117 -- 5,623 Total available-for-sale-securities $ 10,576 $ 150 $ (1 ) $ 10,725 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,841 $ 13 $ (1 ) $ 5,853 Federal National Mortgage Association securities 258 2 -- 260 Total mortgage-backed securities 6,099 15 (1 ) 6,113 Debt securities: Corporate notes 1,500 10 -- 1,510 Total available-for-sale-securities $ 7,599 $ 25 $ (1 ) $ 7,623 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after five through ten years $ 5,506 $ 5,102 Due after ten years 5,070 5,623 Total $ 10,576 $ 10,725 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2020 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 1 $ 681 $ (1 ) $ -- $ -- $ 681 $ (1 ) December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 4 $ 2,295 $ (1 ) $ -- $ -- $ 2,295 $ (1 ) |
Note 7 - Loans Receivable, Ne_2
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Real estate loans: One-to-four family residential: Owner occupied $ 7,528 $ 6,298 Non-owner occupied 38,884 39,897 Total one-to-four family residential 46,412 46,195 Multi-family (five or more) residential 24,043 22,233 Commercial real estate 131,820 119,323 Construction 4,775 12,523 Home equity 3,788 3,726 Total real estate loans 210,838 204,000 Commercial business 154,387 45,745 Other consumer 17 22 Total Loans 365,242 249,767 Deferred loan fees and costs (3,059 ) (844 ) Allowance for loan losses (3,061 ) (2,231 ) Net Loans $ 359,122 $ 246,692 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2020 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,942 $ 415 $ 171 $ -- $ 7,528 One-to-four family residential non-owner occupied 38,567 -- 317 -- 38,884 Multi-family residential 24,043 -- -- -- 24,043 Commercial real estate 129,236 2,292 292 -- 131,820 Construction 4,775 -- -- -- 4,775 Home equity 3,788 -- -- -- 3,788 Commercial business 154,387 -- -- -- 154,387 Other consumer 17 -- -- -- 17 Total $ 361,755 $ 2,707 $ 780 $ -- $ 365,242 December 31, 2019 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,126 $ -- $ 172 $ -- $ 6,298 One-to-four family residential non-owner occupied 39,579 -- 318 -- 39,897 Multi-family residential 22,233 -- -- -- 22,233 Commercial real estate 118,233 798 292 -- 119,323 Construction 12,523 -- -- -- 12,523 Home equity 3,726 -- -- -- 3,726 Commercial business 45,745 -- -- -- 45,745 Other consumer 22 -- -- -- 22 Total $ 248,187 $ 798 $ 782 $ -- $ 249,767 |
Impaired Financing Receivables [Table Text Block] | December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 171 $ 178 $ -- $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 -- 19 3 Multi-family residential -- -- -- -- -- Commercial real estate 131 131 -- 131 1 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- -- -- Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- -- -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ 171 178 $ -- $ 171 $ 1 One-to-four family residential non-owner occupied 19 19 -- 19 3 Multi-family residential -- -- -- -- -- Commercial real estate 131 131 -- 131 1 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 321 $ 328 $ -- $ 321 $ 5 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 172 $ 178 $ -- $ 178 $ -- One-to-four family residential non-owner occupied 19 19 -- 225 13 Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- -- -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- -- -- Multi-family residential -- -- -- -- -- Commercial real estate 132 132 4 133 12 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ 172 178 $ -- $ 178 $ -- One-to-four family residential non-owner occupied 19 19 -- 225 13 Multi-family residential -- -- -- -- -- Commercial real estate 132 132 4 133 12 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 323 $ 329 $ 4 $ 536 $ 25 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2020 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1 19 19 -- -- Multi-family residential -- -- -- -- -- Commercial real estate 1 131 -- 131 -- Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 2 $ 150 $ 19 $ 131 $ -- December 31, 2019 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1 19 -- 19 -- Multi-family residential -- -- -- -- -- Commercial real estate 1 132 -- 132 4 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 2 $ 151 $ -- $ 151 $ 4 |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | December 31, 2020 Current Past Due 30-89 Days Greater than 90 Days and Accruing Non-Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- -- -- 19 19 Multi-family residential -- -- -- -- -- Commercial real estate 131 -- -- -- 131 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 131 $ -- $ -- $ 19 $ 150 December 31, 2019 Current Past Due 30-89 Days Greater than 90 Days and Accruing Non-Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied -- 19 -- -- 19 Multi-family residential -- -- -- -- -- Commercial real estate 132 -- -- -- 132 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 132 $ 19 $ -- $ -- $ 151 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | December 31, 2020 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Charge-offs -- -- -- -- -- -- -- -- -- Recoveries -- -- -- -- -- -- -- -- -- Provision 36 11 84 433 (188 ) 1 263 190 830 Ending balance $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 $ 763 $ 250 $ 3,061 Ending balance evaluated for impairment: Individually $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ - Collectively $ 88 $ 362 $ 229 $ 1,287 $ 62 $ 20 763 $ 250 $ 3,061 Loans receivable: Ending balance $ 7,528 $ 38,884 $ 24,043 $ 131,820 $ 4,775 $ 3,788 $ 154,404 $ 365,242 Ending balance evaluated for impairment: Individually $ 171 $ 19 $ -- $ 131 $ -- $ -- $ -- $ 321 Collectively $ 7,357 $ 38,865 $ 24,043 $ 131,689 $ 4,775 $ 3,788 $ 154,404 $ 364,921 December 31, 2019 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Charge-offs -- (37 ) -- -- -- -- -- -- (37 ) Recoveries -- -- -- -- -- -- -- -- -- Provision 1 (47 ) (11 ) 15 75 (2 ) 253 19 303 Ending balance $ 52 $ 351 $ 145 $ 854 $ 250 $ 19 $ 500 $ 60 $ 2,231 Ending balance evaluated for impairment: Individually $ -- $ -- $ -- $ 4 $ -- $ -- $ -- $ -- $ 4 Collectively $ 52 $ 351 $ 145 $ 850 $ 250 $ 19 500 $ 60 $ 2,227 Loans receivable: Ending balance $ 6,298 $ 39,897 $ 22,233 $ 119,323 $ 12,523 $ 3,726 $ 45,767 $ 249,767 Ending balance evaluated for impairment: Individually $ 172 $ 19 $ -- $ 132 $ -- $ -- $ -- $ 323 Collectively $ 6,126 $ 39,878 $ 22,233 $ 119,191 $ 12,523 $ 3,726 $ 45,767 $ 249,444 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2020 December 31, 2019 One-to-four family residential owner occupied $ 171 $ 172 One-to-four family residential non-owner occupied 19 -- Multi-family residential -- -- Commercial real estate -- -- Construction -- -- Home equity -- -- Commercial business -- -- Other consumer -- -- Total $ 190 $ 172 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2020 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 822 $ 171 $ 993 $ 6,535 $ 7,528 $ -- One-to-four family residential non-owner occupied 189 66 255 38,629 38,884 66 Multi-family residential 1,947 -- 1,947 22,096 24,043 -- Commercial real estate 569 387 956 130,864 131,820 387 Construction 1,783 -- 1,783 2,992 4,775 -- Home equity -- -- -- 3,788 3,788 -- Commercial business 574 -- 574 153,813 154,387 -- Other consumer -- -- -- 17 17 -- Total $ 5,884 $ 624 $ 6,508 $ 358,734 $ 365,242 $ 453 December 31, 2019 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 1,199 $ 172 $ 1,371 $ 4,927 $ 6,298 $ -- One-to-four family residential non-owner occupied 1,069 -- 1,069 38,828 39,897 -- Multi-family residential -- -- -- 22,233 22,233 -- Commercial real estate 986 190 1,176 118,147 119,323 190 Construction 1,120 -- 1,120 11,403 12,523 -- Home equity -- -- -- 3,726 3,726 -- Commercial business 66 -- 66 45,679 45,745 -- Other consumer -- -- -- 22 22 -- Total $ 4,440 $ 362 $ 4,802 $ 244,965 $ 249,767 $ 190 |
Note 8 - Premises and Equipme_2
Note 8 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land and land improvements $ 292 $ 292 Buildings 1,553 1,695 Leasehold improvements 564 441 Furniture, fixtures and equipment 1,827 1,444 4,236 3,872 Accumulated depreciation (1,895 ) (1,646 ) Premises and equipment, net $ 2,341 $ 2,226 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 49 2022 49 2023 49 2024 49 2025 49 Thereafter 26 Total $ 271 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | 2020 2019 Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Non-interest bearing checking accounts $ 54,202 -- % $ 15,775 -- % Passbook accounts 8 0.16 5 0.15 Savings accounts 1,570 0.20 1,722 0.20 Money market accounts 99,638 0.80 25,504 0.80 Certificate of deposit accounts 199,427 1.49 184,452 2.27 Total $ 354,845 1.03 % $ 227,458 1.87 % |
Certificate of Deposit by Maturity [Table Text Block] | Years ending December 31: 2021 $ 101,170 2022 37,688 2023 37,135 2024 16,630 2025 6,804 Total $ 199,427 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | At or For the Year Ended December 31, 2020 2019 FHLB short-term borrowings: Average balance outstanding $ 3,292 $ 5,585 Maximum amount outstanding at any month-end during the period 20,000 11,000 Balance outstanding at end of period 10,000 10,000 Average interest rate during the period 1.12 % 2.52 % Weighted average interest rate at end of period 0.41 % 1.81 % |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 December 31, 2019 Fixed rate borrowings maturing: Amount Weighted Interest Rate Amount Weighted Interest Rate 2020 $ -- -- % $ 2,000 2.00 % 2021 5,000 2.20 5,000 2.20 2022 7,171 2.10 7,171 2.10 2023 7,000 2.16 7,000 2.16 2024 6,167 2.05 5,100 2.28 2025 2,855 1.25 -- -- Total FHLB long-term debt $ 28,193 2.03 % $ 26,271 2.16 % |
Note 12 - Subordinated Debt (Ta
Note 12 - Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal Unamortized Debt Issuance Costs Net 6.5% subordinated notes, due December 31, 2028 $ 8,000 $ 111 $ 7,899 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Federal: Current $ 1,442 $ 724 Deferred (566 ) (41 ) Total federal 876 683 State, current 416 267 Total $ 1,292 $ 950 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Amount Rate Amount Rate Federal income tax at statutory rate $ 953 21.0 % $ 719 21.0 % State tax, net of federal benefit 328 7.2 211 6.2 Stock compensation expense 23 0.5 30 0.9 Other (12 ) (0.3 ) (10 ) (0.2 ) Total $ 1,292 28.4 % $ 950 27.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets: Allowance for loan losses $ 643 $ 468 Deferred loan fees 642 177 Stock-based compensation 6 8 Interest on non-accrual loans 3 2 Organization cost - 1 Total deferred tax assets 1,294 656 Deferred tax liabilities: Bank premises and equipment (168 ) (100 ) Unrealized gain on investment securities available for sale (31 ) (5 ) Intangible (17 ) (13 ) Total deferred tax liabilities (216 ) (118 ) Net Deferred Tax Asset $ 1,078 $ 538 |
Note 14 - Stock Compensation _2
Note 14 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 2020 2019 Allocated shares 179,507 180,959 Unreleased shares 10,821 25,249 Total ESOP shares 190,328 206,208 Fair value of unreleased shares (in thousands) $ 160 $ 372 |
Share-based Payment Arrangement, Activity [Table Text Block] | 2020 2019 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 38,887 $ 13.30 48,608 $ 13.30 Granted -- -- -- -- Vested (9,421 ) 13.30 (9,721 ) 13.30 Forfeited (1,200 ) 13.30 -- -- Unvested at the end of the year 28,266 $ 13.30 38,887 $ 13.30 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 256,336 $ 10.87 6.0 279,836 $ 10.64 6.8 Granted -- -- -- -- -- -- Exercised (12,500 ) 8.10 -- (23,500 ) 8.10 -- Forfeited (3,200 ) 13.30 -- -- -- -- Outstanding at the end of the period 240,636 $ 10.98 5.5 256,336 $ 10.87 6.0 Exercisable at the end of the period 161,054 $ 9.84 5.4 147,027 $ 9.07 4.8 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % |
Note 16 - Financial Instrumen_2
Note 16 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Financial Instrument Commitments [Table Text Block] | 2020 2019 Commitments to originate loans $ 17,631 $ 10,184 Unfunded commitments under lines of credit 22,431 15,181 Standby letters of credit 1,621 38 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating Weighted average remaining term (years) 11.0 Weighted average discount rate 3.09 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted cash flows due (In thousands): Operating 2021 $ 207 2022 213 2023 219 2024 308 2025 219 2026 and thereafter 1,111 Total undiscounted cash flows 2,277 Discount on cash flows (440 ) Total lease liabilities $ 1,837 |
Note 18 - Regulatory Matters (T
Note 18 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total capital (to risk-weighted assets) $ 37,084 14.52 % > > % > > % Tier 1 capital (to risk-weighted assets) 33,996 13.31 > > > > Common Equity Tier 1 capital (to risk-weighted assets) 33,996 13.31 > > > > Tier 1 capital (to average assets) 33,996 8.56 > > > > Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total capital (to risk-weighted assets) $ 33,087 14.41 % > > % > > % Tier 1 capital (to risk-weighted assets) 30,829 13.42 > > > > Common Equity Tier 1 capital (to risk-weighted assets) 30,829 13.42 > > > > Tier 1 capital (to average assets) 30,829 10.35 > > > > |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2020 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 4,913 $ -- $ 4,913 $ -- Federal National Mortgage Association mortgage- backed securities 189 -- 189 -- Corporate notes 5,623 -- 5,623 -- Total investment securities available for sale $ 10,725 $ -- $ 10,725 $ -- Total recurring fair value measurements $ 10,725 $ -- $ 10,725 $ -- Nonrecurring fair value measurements Impaired loans $ 321 $ -- $ -- $ 321 Other Real Estate Owned 286 -- -- 286 Total nonrecurring fair value measurements $ 607 $ -- $ -- $ 607 December 31, 2019 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 5,853 $ -- $ 5,853 $ -- Federal National Mortgage Association mortgage- backed securities 260 -- 260 -- Corporate notes 1,510 -- 1,510 -- Total investment securities available for sale $ 7,623 $ -- $ 7,623 $ -- Total recurring fair value measurements $ 7,623 $ -- $ 7,623 $ -- Nonrecurring fair value measurements Impaired loans $ 319 $ -- $ -- $ 319 Other Real Estate Owned 1,824 -- -- 1,824 Total nonrecurring fair value measurements $ 2,143 $ -- $ -- $ 2,143 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2020 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 321 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8%) Other real estate owned $ 286 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) December 31, 2019 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 319 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 3% (1%) Other real estate owned $ 1,824 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2020 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 9,463 $ 10,536 $ -- $ -- $ 10,536 Loans held for sale 53,191 62,396 -- 62,396 -- Loans receivable, net 359,122 363,527 -- -- 363,527 Financial Liabilities Deposits 354,845 358,112 55,417 -- 202,695 FHLB long-term borrowings 28,193 28,284 -- -- 28,284 FRB long-term borrowings 48,134 48,126 - - 48,126 Subordinated debt 7,899 8,283 - - 8,283 Fair Value Measurements at December 31, 2019 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 10,172 $ 10,536 $ -- $ -- $ 10,536 Loans held for sale 8,928 9,205 -- 9,205 -- Loans receivable, net 246,692 250,550 -- -- 250,550 Financial Liabilities Deposits 227,458 230,521 43,006 -- 187,515 FHLB long-term borrowings 26,271 26,292 -- -- 26,292 Subordinated debt 7,865 8,146 -- -- 8,146 |
Note 20 - Operating Segments (T
Note 20 - Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of or for the Year Ended December 31, 2020 2019 Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Quaint Oak Bank(1) Quaint Oak Mortgage Consolidated Net Interest Income $ 11,190 $ (355 ) $ 10,835 $ 8,845 $ (160 ) $ 8,685 Provision for Loan Losses 830 -- 830 303 -- 303 Net Interest Income after Provision for Loan Losses 10,360 (355 ) 10,005 8,542 (160 ) 8,382 Non-Interest Income Mortgage banking and title abstract fees 923 656 1,579 649 503 1,152 Real estate sales commissions, net 159 -- 159 180 -- 180 Insurance commissions 490 -- 490 419 -- 419 Other fees and services charges 109 -- 109 68 -- 68 Income from bank-owned life insurance 80 -- 80 80 -- 80 Net gain on loans held for sale -- 4,320 4,320 1 3,013 3,014 Gain on the sale of SBA loans 115 -- 115 265 -- 265 Loss on sale of investment securities available for sale -- -- -- (4 ) -- (4 ) (Loss) gain on sales and write-downs of other real estate owned (197 ) -- (197 ) (221 ) -- (221 ) Total Non-Interest Income 1,679 4,976 6,655 1,437 3,516 4,953 Non-Interest Expense Salaries and employee benefits 6,980 1,447 8,427 5,768 1,179 6,947 Directors' fees and expenses 232 -- 232 223 -- 223 Occupancy and equipment 631 282 913 478 214 692 Data processing 470 247 717 366 142 508 Professional fees 501 40 541 357 59 416 FDIC deposit insurance assessment 121 -- 121 15 -- 15 Other real estate owned expenses 42 -- 42 22 -- 22 Advertising 92 21 113 140 55 195 Amortization of other intangible 49 -- 49 49 -- 49 Other 909 59 968 780 61 841 Total Non-Interest Expense 10,027 2,096 12,123 8,198 1,710 9,908 Pretax Segment Profit $ 2,012 $ 2,525 $ 4,537 $ 1,781 $ 1,646 $ 3,427 Segment Assets $ 422,230 $ 61,845 $ 484,075 $ 286,986 $ 15,554 $ 302,540 |
Note 22 - Quaint Oak Bancorp,_2
Note 22 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2020 2019 Assets Cash and cash equivalents $ 333 $ 669 Investment in Quaint Oak Bank 34,766 31,512 Premises and equipment, net 1,513 1,559 Other assets 15 32 Total Assets $ 36,627 $ 33,772 Liabilities and Stockholders' Equity Subordinated debt $ 7,899 $ 7,865 Stockholders' equity 28,728 25,907 Total Liabilities and Stockholders' Equity $ 36,627 $ 33,772 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2020 2019 Income Dividends from subsidiary $ 500 $ -- Interest income 2 20 Rental income 339 199 Total Income 841 219 Expenses Occupancy and equipment expense 96 120 Interest on subordinated debt 520 519 Other expenses 158 161 Total Expenses 774 800 Net Income (Loss) Before Income Taxes 67 (581 ) Equity in Undistributed Net Income of Subsidiary 3,087 2,936 Income Tax Benefit 91 122 Net Income $ 3,245 $ 2,477 Comprehensive Income $ 3,343 $ 2,499 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2020 2019 Operating Activities Net income $ 3,245 $ 2,477 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Undistributed net income in subsidiary (3,087 ) (2,936 ) Depreciation expense 53 53 Amortization of subordinated debt issuance costs 34 34 Stock-based compensation expense 346 359 Decrease (increase) in other assets (52 ) (2 ) Net cash provided by (used in) operating activities 539 (15 ) Investing Activities Purchase of property and equipment (7 ) (125 ) Net cash used in investing activities (7 ) (125 ) Financing Activities Dividends paid (717 ) (676 ) Purchase of treasury stock (349 ) (339 ) Proceeds from the reissuance of treasury stock 97 38 Proceeds from the exercise of stock options 101 190 Net cash used in financing activities (868 ) (787 ) Net Decrease in Cash and Cash Equivalents (336 ) (927 ) Cash and Cash Equivalents-Beginning of Year 669 1,596 Cash and Cash Equivalents-End of Year $ 333 $ 669 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Wholly-Owned Subsidiaries | 5 |
Number of Subsidiary Branch Offices | 2 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Aug. 01, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 0 | $ 0 | |
Impairment of Federal Home Loan Bank Stock | 0 | $ 0 | |
Threshold for Loans to be Evaluated Annually, Minimum | $ 500,000 | ||
Number of Properties, Other Real Estate | 1 | 4 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 286,000 | $ 1,800,000 | |
Amortization of Mortgage Servicing Rights (MSRs) | $ 17,000 | 13,000 | |
Number of Share-Based Plans | 3 | ||
Mortgage Servicing Rights [Member] | |||
Servicing Asset, Total | $ 136,000 | $ 128,000 | |
Signature Insurance Services, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||
Goodwill, Acquired During Period | 515,000 | ||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Credit Concentration Risk [Member] | Loans Sold [Member] | |||
Number of Investors | 1 | ||
Percentage of Loans Sold From Mortgage Loans Held for Sale | 36.00% | ||
Percentage Gains on Loans Sold From Mortgage Loans Held for Sale | 34.00% |
Note 3 - Earnings Per Share - W
Note 3 - Earnings Per Share - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 3,245,000 | $ 2,477,000 |
Weighted average shares outstanding – basic (in shares) | 1,975,836 | 1,956,612 |
Effect of dilutive common stock equivalents (in shares) | 36,563 | 48,826 |
Adjusted weighted average shares outstanding – diluted (in shares) | 2,012,399 | 2,005,438 |
Basic earnings per share (in dollars per share) | $ 1.64 | $ 1.27 |
Diluted earnings per share (in dollars per share) | $ 1.61 | $ 1.24 |
Note 4 - Accumulated Other Co_3
Note 4 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Balance beginning of the year | $ 25,907 | $ 23,836 | |
Balance end of the year | 28,728 | 25,907 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance beginning of the year | [1] | 20 | (2) |
Other comprehensive income before reclassifications | [1] | 98 | 19 |
Amount reclassified from accumulated other comprehensive income (loss) | [1] | 3 | |
Net other comprehensive income | [1] | 98 | 22 |
Balance end of the year | [1] | $ 118 | $ 20 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 4 - Accumulated Other Co_4
Note 4 - Accumulated Other Comprehensive Income (Loss) - Reclassified Out of Accumulated other Comprehensive Loss (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Unrealized losses on investment securities available for sale | $ (4,000) | ||
Income taxes | (1,292,000) | (950,000) | |
Net of tax | 3,245,000 | 2,477,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Unrealized losses on investment securities available for sale | [1] | (4,000) | |
Income taxes | [1] | 1,000 | |
Net of tax | [1] | $ (3,000) | |
[1] | Amounts in parentheses indicate debits. |
Note 5 - Investment in Intere_3
Note 5 - Investment in Interest-earning Time Deposits - Investment in Interest-earnings Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due in one year or less | $ 4,006 | $ 2,026 |
Due after one year through five years | 5,457 | 8,146 |
Total | $ 9,463 | $ 10,172 |
Note 6 - Investment Securitie_3
Note 6 - Investment Securities Available for Sale (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1 | |
Percentage of Aggregate Depreciation Held by Debt Securities | 0.13% | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 |
Note 6 - Investment Securitie_4
Note 6 - Investment Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost | $ 10,576 | $ 7,599 |
Gross unrealized gains | 150 | 25 |
Gross unrealized losses | (1) | (1) |
Fair value | 10,725 | 7,623 |
Investment securities available for sale | 10,725 | 7,623 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 5,070 | 6,099 |
Gross unrealized gains | 33 | 15 |
Gross unrealized losses | (1) | (1) |
Fair value | 5,102 | 6,113 |
Investment securities available for sale | 5,102 | 6,113 |
Corporate Debt Securities [Member] | ||
Amortized cost | 5,506 | 1,500 |
Gross unrealized gains | 117 | 10 |
Gross unrealized losses | ||
Fair value | 5,623 | 1,510 |
Investment securities available for sale | 5,623 | 1,510 |
Government National Mortgage Association (GNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 4,887 | 5,841 |
Gross unrealized gains | 27 | 13 |
Gross unrealized losses | (1) | (1) |
Fair value | 4,913 | 5,853 |
Investment securities available for sale | 4,913 | 5,853 |
Federal National Mortgage Association (FNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 183 | 258 |
Gross unrealized gains | 6 | 2 |
Gross unrealized losses | ||
Fair value | 189 | 260 |
Investment securities available for sale | $ 189 | $ 260 |
Note 6 - Investment Securitie_5
Note 6 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due after five years through ten years, amortized cost | $ 5,506 | |
Due after five years through ten years, fair value | 5,102 | |
Due after ten years, amortized cost | 5,070 | |
Due after ten years, fair value | 5,623 | |
Total, amortized cost | 10,576 | $ 7,599 |
Total, fair value | $ 10,725 | $ 7,623 |
Note 6 - Investment Securitie_6
Note 6 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Number of securities | 1 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Number of securities | 1 | 4 |
Fair value, less than twelve months | $ 681 | $ 2,295 |
Gross unrealized losses, less than twelve months | (1) | (1) |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 681 | 2,295 |
Gross unrealized losses | $ (1) | $ (1) |
Note 7 - Loans Receivable, Ne_3
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Troubled Debt Restructuring, Number of Contracts | 2 | 2 |
Financing Receivable, Troubled Debt Restructuring | $ 150,000 | $ 151,000 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | |
Loans and Leases Receivable, Gross, Total | 365,242,000 | 249,767,000 |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 0 | 0 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,000 | 10,000 |
Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 643,000 | $ 362,000 |
Note 7 - Loans Receivable, Ne_4
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 365,242 | $ 249,767 | |
Deferred loan fees and costs | (3,059) | (844) | |
Allowance for loan losses | (3,061) | (2,231) | $ (1,965) |
Net Loans | 359,122 | 246,692 | |
Real Estate Portfolio Segment [Member] | |||
Loans | 210,838 | 204,000 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Loans | 7,528 | 6,298 | |
Allowance for loan losses | (88) | (52) | (51) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Loans | 38,884 | 39,897 | |
Allowance for loan losses | (362) | (351) | (435) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | |||
Loans | 46,412 | 46,195 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Loans | 24,043 | 22,233 | |
Allowance for loan losses | (229) | (145) | (156) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Loans | 131,820 | 119,323 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 4,775 | 12,523 | |
Allowance for loan losses | (62) | (250) | (175) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | 3,788 | 3,726 | |
Allowance for loan losses | (20) | (19) | $ (21) |
Commercial Portfolio Segment [Member] | |||
Loans | 154,387 | 45,745 | |
Consumer Portfolio Segment [Member] | |||
Loans | $ 17 | $ 22 |
Note 7 - Loans Receivable, Ne_5
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 365,242 | $ 249,767 |
Pass [Member] | ||
Loans | 361,755 | 248,187 |
Special Mention [Member] | ||
Loans | 2,707 | 798 |
Substandard [Member] | ||
Loans | 780 | 782 |
Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | ||
Loans | 210,838 | 204,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 7,528 | 6,298 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 6,942 | 6,126 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | 415 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 171 | 172 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 38,884 | 39,897 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 38,567 | 39,579 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 317 | 318 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 24,043 | 22,233 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Loans | 24,043 | 22,233 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 131,820 | 119,323 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Loans | 129,236 | 118,233 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Loans | 2,292 | 798 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Loans | 292 | 292 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 4,775 | 12,523 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 4,775 | 12,523 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 3,788 | 3,726 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Loans | 3,788 | 3,726 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | 154,387 | 45,745 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 154,387 | 45,745 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 17 | 22 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 17 | 22 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans |
Note 7 - Loans Receivable, Ne_6
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Impaired Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related allowance | $ 4 | |
Recorded investment | 321 | 323 |
Unpaid principal balance | 328 | 329 |
Average recorded investment | 321 | 536 |
Interest income recognized | 5 | 25 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 171 | 172 |
Unpaid principal balance, with no related allowance recorded | 178 | 178 |
Average recorded investment, with no related allowance recorded | 171 | 178 |
Interest income recognized, with no related allowance recorded | 1 | |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | 171 | 172 |
Unpaid principal balance | 178 | 178 |
Average recorded investment | 171 | 178 |
Interest income recognized | 1 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 19 | 19 |
Unpaid principal balance, with no related allowance recorded | 19 | 19 |
Average recorded investment, with no related allowance recorded | 19 | 225 |
Interest income recognized, with no related allowance recorded | 3 | 13 |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | 19 | 19 |
Unpaid principal balance | 19 | 19 |
Average recorded investment | 19 | 225 |
Interest income recognized | 3 | 13 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Recorded investment, with no related allowance recorded | 131 | |
Unpaid principal balance, with no related allowance recorded | 131 | |
Average recorded investment, with no related allowance recorded | 131 | |
Interest income recognized, with no related allowance recorded | 1 | |
Recorded investment, with an allowance recorded | 132 | |
Unpaid principal balance, with an allowance recorded | 132 | |
Related allowance | 4 | |
Average recorded investment, with an allowance recorded | 133 | |
Interest income recognized, with an allowance recorded | 12 | |
Recorded investment | 131 | 132 |
Unpaid principal balance | 131 | 132 |
Average recorded investment | 131 | 133 |
Interest income recognized | 1 | 12 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized |
Note 7 - Loans Receivable, Ne_7
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Troubled Debt Restructuring Loans (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Troubled debt restructuring, number of contracts | 2 | 2 |
Troubled debt restructuring, recorded investment | $ 150,000 | $ 151,000 |
Troubled debt restructuring, related allowance | 4,000 | |
Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 19,000 | |
Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 131,000 | $ 151,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 19,000 | $ 19,000 |
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | 19,000 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 19,000 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 131,000 | $ 132,000 |
Troubled debt restructuring, related allowance | 4,000 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 131,000 | $ 132,000 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Commercial Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Consumer Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment |
Note 7 - Loans Receivable, Ne_8
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Contractual Aging of the TDRs (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Troubled debt restructurings, non-accrual | $ 19,000 | |
Troubled debt restructuring, recorded investment | 150,000 | 151,000 |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 131,000 | 132,000 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 19,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | 19,000 | |
Troubled debt restructuring, recorded investment | 19,000 | 19,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 19,000 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 131,000 | 132,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 131,000 | 132,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due |
Note 7 - Loans Receivable, Ne_9
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses, beginning balance | $ 2,231 | $ 1,965 |
Charge-offs | (37) | |
Recoveries | ||
Provision | 830 | 303 |
Allowance for loan losses, ending balance | 3,061 | 2,231 |
Allowance for loan losses, individually evaluated for impairment | 4 | |
Allowance for loan losses, collectively evaluated for impairment | 3,061 | 2,227 |
Loans receivable, ending balance | 365,242 | 249,767 |
Loans receivable, individually evaluated for impairment | 321 | 323 |
Loans receivable, collectively evaluated for impairment | 364,921 | 249,444 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, ending balance | 210,838 | 204,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Allowance for loan losses, beginning balance | 52 | 51 |
Charge-offs | ||
Recoveries | ||
Provision | 36 | 1 |
Allowance for loan losses, ending balance | 88 | 52 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 88 | 52 |
Loans receivable, ending balance | 7,528 | 6,298 |
Loans receivable, individually evaluated for impairment | 171 | 172 |
Loans receivable, collectively evaluated for impairment | 7,357 | 6,126 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Allowance for loan losses, beginning balance | 351 | 435 |
Charge-offs | (37) | |
Recoveries | ||
Provision | 11 | (47) |
Allowance for loan losses, ending balance | 362 | 351 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 362 | 351 |
Loans receivable, ending balance | 38,884 | 39,897 |
Loans receivable, individually evaluated for impairment | 19 | 19 |
Loans receivable, collectively evaluated for impairment | 38,865 | 39,878 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Allowance for loan losses, beginning balance | 145 | 156 |
Charge-offs | ||
Recoveries | ||
Provision | 84 | (11) |
Allowance for loan losses, ending balance | 229 | 145 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 229 | 145 |
Loans receivable, ending balance | 24,043 | 22,233 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 24,043 | 22,233 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Allowance for loan losses, beginning balance | 854 | 839 |
Charge-offs | ||
Recoveries | ||
Provision | 433 | 15 |
Allowance for loan losses, ending balance | 1,287 | 854 |
Allowance for loan losses, individually evaluated for impairment | 4 | |
Allowance for loan losses, collectively evaluated for impairment | 1,287 | 850 |
Loans receivable, ending balance | 131,820 | 119,323 |
Loans receivable, individually evaluated for impairment | 131 | 132 |
Loans receivable, collectively evaluated for impairment | 131,689 | 119,191 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Allowance for loan losses, beginning balance | 250 | 175 |
Charge-offs | ||
Recoveries | ||
Provision | (188) | 75 |
Allowance for loan losses, ending balance | 62 | 250 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 62 | 250 |
Loans receivable, ending balance | 4,775 | 12,523 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 4,775 | 12,523 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Allowance for loan losses, beginning balance | 19 | 21 |
Charge-offs | ||
Recoveries | ||
Provision | 1 | (2) |
Allowance for loan losses, ending balance | 20 | 19 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 20 | 19 |
Loans receivable, ending balance | 3,788 | 3,726 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 3,788 | 3,726 |
Commercial and Consumer Portfolio Segments [Member] | ||
Allowance for loan losses, beginning balance | 500 | 247 |
Charge-offs | ||
Recoveries | ||
Provision | 263 | 253 |
Allowance for loan losses, ending balance | 763 | 500 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 763 | 500 |
Loans receivable, ending balance | 154,404 | 45,767 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 154,404 | 45,767 |
Unallocated Financing Receivables [Member] | ||
Allowance for loan losses, beginning balance | 60 | 41 |
Charge-offs | ||
Recoveries | ||
Provision | 190 | 19 |
Allowance for loan losses, ending balance | 250 | 60 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 250 | 60 |
Loans receivable, ending balance | ||
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment |
Note 7 - Loans Receivable, N_10
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 190 | $ 172 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 171 | 172 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 19 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans |
Note 7 - Loans Receivable, N_11
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans, past due | $ 6,508 | $ 4,802 |
Loans, current | 358,734 | 244,965 |
Loans | 365,242 | 249,767 |
Loans > 90 days and accruing | 453 | 190 |
The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 5,884 | 4,440 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 624 | 362 |
Real Estate Portfolio Segment [Member] | ||
Loans | 210,838 | 204,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans, past due | 993 | 1,371 |
Loans, current | 6,535 | 4,927 |
Loans | 7,528 | 6,298 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 822 | 1,199 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 171 | 172 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans, past due | 255 | 1,069 |
Loans, current | 38,629 | 38,828 |
Loans | 38,884 | 39,897 |
Loans > 90 days and accruing | 66 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 189 | 1,069 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 66 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans, past due | 1,947 | |
Loans, current | 22,096 | 22,233 |
Loans | 24,043 | 22,233 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 1,947 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans, past due | 956 | 1,176 |
Loans, current | 130,864 | 118,147 |
Loans | 131,820 | 119,323 |
Loans > 90 days and accruing | 387 | 190 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 569 | 986 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 387 | 190 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans, past due | 1,783 | 1,120 |
Loans, current | 2,992 | 11,403 |
Loans | 4,775 | 12,523 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 1,783 | 1,120 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, past due | ||
Loans, current | 3,788 | 3,726 |
Loans | 3,788 | 3,726 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | ||
Loans, past due | 574 | 66 |
Loans, current | 153,813 | 45,679 |
Loans | 154,387 | 45,745 |
Loans > 90 days and accruing | ||
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 574 | 66 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 17 | 22 |
Loans | 17 | 22 |
Loans > 90 days and accruing | ||
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due |
Note 8 - Premises and Equipme_3
Note 8 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 249,000 | $ 200,000 |
Note 8 - Premises and Equipme_4
Note 8 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Premises and equipment | $ 4,236 | $ 3,872 |
Accumulated depreciation | (1,895) | (1,646) |
Premises and equipment, net | 2,341 | 2,226 |
Land and Land Improvements [Member] | ||
Premises and equipment | 292 | 292 |
Building [Member] | ||
Premises and equipment | 1,553 | 1,695 |
Leasehold Improvements [Member] | ||
Premises and equipment | 564 | 441 |
Furniture and Fixtures [Member] | ||
Premises and equipment | $ 1,827 | $ 1,444 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | Aug. 01, 2016 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 271,000 | $ 319,000 | |
Amortization of Intangible Assets, Total | 49,000 | $ 49,000 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Net, Ending Balance | 271,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 214,000 | ||
Signature Insurance Services, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||
Goodwill, Acquired During Period | 515,000 | ||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 9 - Goodwill and Other I_4
Note 9 - Goodwill and Other Intangible, Net - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 49 | |
2022 | 49 | |
2023 | 49 | |
2024 | 49 | |
2025 | 49 | |
Thereafter | 26 | |
Total | $ 271 | $ 319 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 29 | $ 29.9 |
Note 10 - Deposits - Summary of
Note 10 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-interest bearing checking accounts, amount | $ 54,202 | $ 15,775 |
Money market accounts, amount | $ 99,638 | $ 25,504 |
Money market accounts, weighted average interest rate | 0.80% | 0.80% |
Certificate of deposit accounts, amount | $ 199,427 | $ 184,452 |
Certificate of deposit accounts, weighted average interest rate | 1.49% | 2.27% |
Total, amount | $ 354,845 | $ 227,458 |
Total, weighted average interest rate | 1.03% | 1.87% |
Passbook Accounts [Member] | ||
Interest-bearing deposits, amount | $ 8 | $ 5 |
Interest-bearing deposits, weighted average interest rate | 0.16% | 0.15% |
Savings Accounts [Member] | ||
Interest-bearing deposits, amount | $ 1,570 | $ 1,722 |
Interest-bearing deposits, weighted average interest rate | 0.20% | 0.20% |
Note 10 - Deposits - Certificat
Note 10 - Deposits - Certificate of Deposit by Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 101,170 |
2022 | 37,688 |
2023 | 37,135 |
2024 | 16,630 |
2025 | 6,804 |
Total | $ 199,427 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Federal Reserve Bank Advances | $ 48,134,000 | $ 0 |
Line of Credit [Member] | Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 159,700,000 | |
Long-term Line of Credit, Total | 38,200,000 | 36,300,000 |
Line of Credit [Member] | Federal Reserve Bank of Philadelphia [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 613,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Line of Credit [Member] | Federal Reserve Bank of Philadelphia [Member] | Paycheck Protection Program Liquidity Facility (PPPLF) [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 93,300,000 | |
Long-term Line of Credit, Total | $ 48,100,000 |
Note 11 - Borrowings - Federal
Note 11 - Borrowings - Federal Home Loan Bank Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Average balance outstanding | $ 3,292 | $ 5,585 |
Maximum amount outstanding at any month-end during the period | 20,000 | 11,000 |
Federal Home Loan Bank short-term borrowings | $ 10,000 | $ 10,000 |
Average interest rate during the period | 1.12% | 2.52% |
Weighted average interest rate at end of period | 0.41% | 1.81% |
Note 11 - Borrowings - Federa_2
Note 11 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2020, amount | $ 5,000 | $ 2,000 |
2020, weighted interest rate | 2.20% | 2.00% |
2021, amount | $ 7,171 | $ 5,000 |
2021, weighted interest rate | 2.10% | 2.20% |
2022, amount | $ 7,000 | $ 7,171 |
2022, weighted interest rate | 2.16% | 2.10% |
2023, amount | $ 6,167 | $ 7,000 |
2023, weighted interest rate | 2.05% | 2.16% |
2024, amount | $ 2,855 | $ 5,100 |
2024, weighted interest rate | 1.25% | 2.28% |
Total FHLB long-term debt, amount | $ 28,193 | $ 26,271 |
Total FHLB long-term debt, weighted interest rate | 2.03% | 2.16% |
Note 12 - Subordinated Debt (De
Note 12 - Subordinated Debt (Details Textual) - Subordinated Debt [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 27, 2018 |
Debt Instrument, Face Amount | $ 8 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Note 12 - Subordinated Debt - S
Note 12 - Subordinated Debt - Schedule of Subordinated Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net | $ 7,899 | $ 7,865 |
Subordinated Debt [Member] | ||
Principal | 8,000 | |
Unamortized Debt Issuance Costs | 111 | |
Net | $ 7,899 |
Note 12 - Subordinated Debt -_2
Note 12 - Subordinated Debt - Schedule of Subordinated Debt (Details) (Parentheticals) | Dec. 31, 2020 | Dec. 27, 2018 |
Subordinated Debt [Member] | ||
Debt Instrument, Interest Rate | 6.50% | 6.50% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, Net, Total | $ 1,078,000 | $ 538,000 |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current | $ 1,442 | $ 724 |
Deferred | (566) | (41) |
Total federal | 876 | 683 |
State, current | 416 | 267 |
Total | $ 1,292 | $ 950 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal income tax at statutory rate, amount | $ 953 | $ 719 |
Federal income tax at statutory rate, percentage | 21.00% | 21.00% |
State tax, net of federal benefit, amount | $ 328 | $ 211 |
State tax, net of federal benefit, percentage | 7.20% | 6.20% |
Stock compensation expense, amount | $ 23 | $ 30 |
Stock compensation expense, percentage | 0.50% | 0.90% |
Other, amount | $ (12) | $ (10) |
Other, percentage | (0.30%) | (0.20%) |
Total | $ 1,292 | $ 950 |
Total, percentage | 28.40% | 27.90% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 643,000 | $ 468,000 |
Deferred loan fees | 642,000 | 177,000 |
Stock-based compensation | 6,000 | 8,000 |
Interest on non-accrual loans | 3,000 | 2,000 |
Organization cost | 1,000 | |
Total deferred tax assets | 1,294,000 | 656,000 |
Bank premises and equipment | (168,000) | (100,000) |
Unrealized gain on investment securities available for sale | (31,000) | (5,000) |
Intangible | (17,000) | (13,000) |
Total deferred tax liabilities | (216,000) | (118,000) |
Net Deferred Tax Asset | $ 1,078,000 | $ 538,000 |
Note 14 - Stock Compensation _3
Note 14 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
May 31, 2018 | May 31, 2013 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2007 | Dec. 31, 2018 | May 31, 2008 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 173,000 | $ 186,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.75 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 906,000 | 994,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 791,000 | 836,000 | ||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Expense, after Tax | 44,000 | 44,000 | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 2,000 | 2,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 105,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 146 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 10 years | ||||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | ||||||
The 2008 Recognition and Retention Plan [Member] | ||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 195,000 | |||||||
The 2013 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 195,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
The 2013 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 48,750 | |||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,200 | |||||||
The 2013 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 146,250 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,200 | |||||||
The 2018 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 155,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
Share-based Payment Arrangement, Expense, after Tax | $ 129,000 | 129,000 | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 27,000 | $ 27,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 307,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 146 days | |||||||
The 2018 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 38,750 | |||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 11,750 | |||||||
The 2018 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 116,250 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 37,250 | |||||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 28,266 | |||||||
The 2008 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 277,726 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||||||
The Option Plan and Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 240,636 | 256,336 | 279,836 | |||||
Employee Stock Ownership Plan [Member] | ||||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | |||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 222,180 | |||||||
ESOP Loan Interest Rate | 7.75% | |||||||
Employee Stock Ownership Plan (ESOP), Loan Term (Year) | 15 years |
Note 14 - Stock Compensation _4
Note 14 - Stock Compensation Plans - Components of the ESOP Shares (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allocated shares (in shares) | 179,507 | 180,959 |
Unreleased shares (in shares) | 10,821 | 25,249 |
Total ESOP shares (in shares) | 190,328 | 206,208 |
Fair value of unreleased shares (in thousands) | $ 160 | $ 372 |
Note 14 - Stock Compensation _5
Note 14 - Stock Compensation Plans - Status of Shares Under the RRP and Stock Incentive Plan (Details) - The RRP and Stock Incentive Plan [Member] - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested at the beginning of the year (in shares) | 38,887 | 48,608 |
Unvested at the beginning of the year, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 13.30 |
Granted, number of shares (in shares) | ||
Granted, weighted average grant date fair value (in dollars per share) | ||
Vested, number of shares (in shares) | (9,421) | (9,721) |
Vested, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 13.30 |
Forfeited, number of shares (in shares) | (1,200) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 13.30 | |
Unvested at the end of the year (in shares) | 28,266 | 38,887 |
Unvested at the end of the year, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 13.30 |
Note 14 - Stock Compensation _6
Note 14 - Stock Compensation Plans - Summary of Option Activity (Details) - Share-based Payment Arrangement, Option [Member] - The Option Plan and Stock Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding at the beginning of the year (in shares) | 256,336 | 279,836 | |
Outstanding at the beginning of the year, weighted average exercise price (in dollars per share) | $ 10.87 | $ 10.64 | |
Outstanding at the beginning of the year, weighted average remaining contractual life (Year) | 5 years 182 days | 6 years | 6 years 292 days |
Granted, number of shares (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | |||
Granted, weighted average remaining contractual life (Year) | |||
Exercised, number of shares (in shares) | (12,500) | (23,500) | |
Exercised, weighted average exercise price (in dollars per share) | $ 8.10 | $ 8.10 | |
Forfeited, number of shares (in shares) | (3,200) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 13.30 | ||
Outstanding at the end of the period (in shares) | 240,636 | 256,336 | 279,836 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 10.98 | $ 10.87 | $ 10.64 |
Exercisable at the end of the period (in shares) | 161,054 | 147,027 | |
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 9.84 | $ 9.07 | |
Exercisable at end of period, weighted average remaining contractual life (Year) | 5 years 146 days | 4 years 292 days |
Note 14 - Stock Compensation _7
Note 14 - Stock Compensation Plans - Fair Value Assumptions (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Expected dividend yield | 2.11% |
Risk-free interest rate | 2.96% |
Expected life of options (Year) | 6 years 182 days |
Expected stock-price volatility | 12.42% |
Note 15 - Transactions With E_2
Note 15 - Transactions With Executive Officers and Directors (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 0 | $ 0 |
Note 16 - Financial Instrumen_3
Note 16 - Financial Instruments with Off-balance Sheet Risk - Financial Instrument Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loan Origination Commitments [Member] | ||
Contractual obligations | $ 17,631 | $ 10,184 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Contractual obligations | 22,431 | 15,181 |
Standby Letters of Credit [Member] | ||
Contractual obligations | $ 1,621 | $ 38 |
Note 17 - Leases (Details Textu
Note 17 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Cost | $ 208,000 | $ 139,000 |
Operating Lease, Expense | $ 255,000 | $ 187,000 |
Note 17 - Leases - Lease inform
Note 17 - Leases - Lease information (Details) | Dec. 31, 2020 |
Weighted average remaining term (Year) | 11 years |
Weighted average discount rate | 3.09% |
Note 17 - Leases - Undiscounted
Note 17 - Leases - Undiscounted Cash flows Due to Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 207 |
2022 | 213 |
2023 | 219 |
2024 | 308 |
2025 | 219 |
2026 and thereafter | 1,111 |
Total undiscounted cash flows | 2,277 |
Discount on cash flows | (440) |
Other Liabilities [Member] | |
Total lease liabilities | $ 1,837 |
Note 18 - Regulatory Matters (D
Note 18 - Regulatory Matters (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 27, 2018 | Jan. 01, 2015 | Dec. 31, 2014 | |
Common Equity Tier 1 Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.06 | 0.06 | 0.06 | 0.04 | |
Capital Conservation Buffer | 2.50% | ||||
Risk Weighting for Certain Assets | 150.00% | 100.00% | |||
Common Equity Tier 1 Capital | $ 6,500,000 | ||||
Payments of Dividends, Total | $ 717,000 | $ 676,000 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 18,465,000 | 15,937,000 | |||
Quaint Oak Bank [Member] | |||||
Payments of Dividends, Total | 500,000 | $ 0 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 6,000,000 | ||||
Subordinated Debt [Member] | |||||
Debt Instrument, Face Amount | $ 8,000,000 |
Note 18 - Regulatory Matters -
Note 18 - Regulatory Matters - Compliance With Regulatory Capital Requirements Under Banking Regulations (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2015 | Dec. 31, 2014 |
Total capital (to risk-weighted assets), actual, amount | $ 37,084 | $ 33,087 | ||
Total capital (to risk-weighted assets), actual, ratio | 0.1452 | 0.1441 | ||
Total capital (to risk-weighted assets), for capital adequacy, amount | $ 20,438 | $ 18,373 | ||
Total capital (to risk-weighted assets), for capital adequacy, ratio | 0.08 | 0.08 | ||
Total capital (to risk-weighted assets), to be well capitalized, amount | $ 25,548 | $ 22,966 | ||
Total capital (to risk-weighted assets), to be well capitalized, ratio | 0.1 | 0.1 | ||
Tier 1 capital (to risk-weighted assets), actual, amount | $ 33,996 | $ 30,829 | ||
Tier 1 capital (to risk-weighted assets), actual, ratio | 0.1331 | 0.1342 | ||
Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 15,329 | $ 13,780 | ||
Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 0.06 | 0.06 | 0.06 | 0.04 |
Tier 1 capital (to risk-weighted assets), to be well capitalized, amount | $ 20,438 | $ 18,373 | ||
Tier 1 capital (to risk-weighted assets), to be well capitalized, ratio | 0.08 | 0.08 | ||
Common Equity Tier 1 capital (to risk-weighted assets), actual, amount | $ 33,996 | $ 30,829 | ||
Common Equity Tier 1 capital (to risk-weighted assets), actual, ratio | 0.1331 | 0.1342 | ||
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 11,496 | $ 10,335 | ||
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 4.50% | 4.50% | 4.50% | |
Common Equity Tier 1 capital (to risk-weighted assets), to be well capitalized, amount | $ 16,606 | $ 14,928 | ||
Common Equity Tier 1 capital (to risk-weighted assets), to be well capitalized, ratio | 6.50% | 6.50% | ||
Tier 1 capital (to average assets), actual, amount | $ 33,996 | $ 30,829 | ||
Tier 1 capital (to average assets), actual, ratio | 0.0856 | 0.1035 | ||
Tier 1 capital (to average assets), for capital adequacy, amount | $ 15,889 | $ 11,915 | ||
Tier 1 capital (to average assets), for capital adequacy, ratio | 0.04 | 0.04 | ||
Tier 1 capital (to average assets), to be well capitalized, amount | $ 19,861 | $ 14,894 | ||
Tier 1 capital (to average assets), to be well capitalized, ratio | 0.05 | 0.05 |
Note 19 - Fair Value Measurem_3
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets and Liabilities on a Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities available for sale | $ 10,725 | $ 7,623 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale | 10,725 | 7,623 |
Total fair value measurements | 10,725 | 7,623 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Total fair value measurements | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 10,725 | 7,623 |
Total fair value measurements | 10,725 | 7,623 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Total fair value measurements | ||
Fair Value, Nonrecurring [Member] | ||
Total fair value measurements | 607 | 2,143 |
Impaired loans | 321 | 319 |
Other Real Estate Owned | 286 | 1,824 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total fair value measurements | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total fair value measurements | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total fair value measurements | 607 | 2,143 |
Impaired loans | 321 | 319 |
Other Real Estate Owned | 286 | 1,824 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale | 5,102 | 6,113 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Investment securities available for sale | 4,913 | 5,853 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 4,913 | 5,853 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 4,913 | 5,853 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Investment securities available for sale | 189 | 260 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 189 | 260 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 189 | 260 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | ||
Investment securities available for sale | 5,623 | 1,510 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 5,623 | 1,510 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 5,623 | 1,510 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale |
Note 19 - Fair Value Measurem_4
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - Fair Value, Inputs, Level 3 [Member] - Meaurement Input, Appraisal Adjustments Rate [Member] $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Impaired loans, fair value | $ 321 | $ 319 | |
Other real estate owned, fair value | $ 286 | $ 1,824 | |
Impaired Loans [Member] | |||
Unobservable input, range | [1],[2] | 0.08 | |
Minimum [Member] | Impaired Loans [Member] | |||
Unobservable input, range | [1],[2] | 0 | |
Minimum [Member] | Other Real Estate Owned [Member] | |||
Unobservable input, range | [1],[2] | 0 | 0 |
Maximum [Member] | Impaired Loans [Member] | |||
Unobservable input, range | [1],[2] | 0.03 | |
Maximum [Member] | Other Real Estate Owned [Member] | |||
Unobservable input, range | [1],[2] | 0.12 | 0.12 |
Weighted Average [Member] | Impaired Loans [Member] | |||
Unobservable input, range | [1],[2] | (0.08) | 0.01 |
Weighted Average [Member] | Other Real Estate Owned [Member] | |||
Unobservable input, range | [1],[2] | 0.12 | 0.12 |
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. | ||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. |
Note 19 - Fair Value Measurem_5
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in interest-earning time deposits | $ 10,536 | |
Reported Value Measurement [Member] | ||
Investment in interest-earning time deposits | $ 9,463 | 10,172 |
Loans held for sale | 53,191 | 8,928 |
Loans receivable, net | 359,122 | 246,692 |
Deposits | 354,845 | 227,458 |
FHLB long-term borrowings | 28,193 | 26,271 |
FRB long-term borrowings | 48,134 | |
Subordinated debt | 7,899 | 7,865 |
Estimate of Fair Value Measurement [Member] | ||
Investment in interest-earning time deposits | 10,536 | |
Loans held for sale | 62,396 | 9,205 |
Loans receivable, net | 363,527 | 250,550 |
Deposits | 358,112 | 230,521 |
FHLB long-term borrowings | 28,284 | 26,292 |
FRB long-term borrowings | 48,126 | |
Subordinated debt | 8,283 | 8,146 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment in interest-earning time deposits | ||
Loans held for sale | ||
Loans receivable, net | ||
Deposits | 55,417 | 43,006 |
FHLB long-term borrowings | ||
FRB long-term borrowings | ||
Subordinated debt | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in interest-earning time deposits | ||
Loans held for sale | 62,396 | 9,205 |
Loans receivable, net | ||
Deposits | ||
FHLB long-term borrowings | ||
FRB long-term borrowings | ||
Subordinated debt | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment in interest-earning time deposits | 10,536 | 10,536 |
Loans held for sale | ||
Loans receivable, net | 363,527 | 250,550 |
Deposits | 202,695 | 187,515 |
FHLB long-term borrowings | 28,284 | 26,292 |
FRB long-term borrowings | 48,126 | |
Subordinated debt | $ 8,283 | $ 8,146 |
Note 20 - Operating Segments (D
Note 20 - Operating Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 20 - Operating Segments -
Note 20 - Operating Segments - Summary of Financial Information for the Reportable Segments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Net Interest Income | $ 10,835,000 | $ 8,685,000 | |
Provision for Loan Losses | 830,000 | 303,000 | |
Net Interest Income after Provision for Loan Losses | 10,005,000 | 8,382,000 | |
Insurance commissions | 490,000 | 419,000 | |
Income from bank-owned life insurance | 80,000 | 80,000 | |
Net gain on loans held for sale | 4,319,000 | 3,014,000 | |
Gain on the sale of SBA loans | 115,000 | 265,000 | |
Unrealized losses on investment securities available for sale | (4,000) | ||
(Loss) gain on sales and write-downs of other real estate owned | (197,000) | (221,000) | |
Total Non-Interest Income | 6,655,000 | 4,953,000 | |
Salaries and employee benefits | 8,427,000 | 6,947,000 | |
Directors’ fees and expenses | 232,000 | 223,000 | |
Occupancy and equipment | 913,000 | 692,000 | |
Data processing | 717,000 | 508,000 | |
Professional fees | 541,000 | 416,000 | |
FDIC deposit insurance assessment | 121,000 | 15,000 | |
Other real estate owned expenses | 42,000 | 22,000 | |
Advertising | 113,000 | 195,000 | |
Amortization of Intangible Assets, Total | 49,000 | 49,000 | |
Other | 968,000 | 841,000 | |
Total Non-Interest Expense | 12,123,000 | 9,908,000 | |
Pretax Segment Profit | 4,537,000 | 3,427,000 | |
Segment Assets | 484,075,000 | 302,540,000 | |
Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | 1,579,000 | 1,152,000 | |
Real Estate Sales Commissions [Member] | |||
Non-interest revenue | 159,000 | 180,000 | |
Other Fees and Services Fees [Member] | |||
Non-interest revenue | 109,000 | 68,000 | |
Quaint Oak Bank [Member] | |||
Net Interest Income | [1] | 11,190,000 | 8,845,000 |
Provision for Loan Losses | [1] | 830,000 | 303,000 |
Net Interest Income after Provision for Loan Losses | [1] | 10,360,000 | 8,542,000 |
Insurance commissions | [1] | 490,000 | 419,000 |
Income from bank-owned life insurance | [1] | 80,000 | 80,000 |
Net gain on loans held for sale | [1] | 1,000 | |
Gain on the sale of SBA loans | [1] | 115,000 | 265,000 |
Unrealized losses on investment securities available for sale | [1] | (4,000) | |
(Loss) gain on sales and write-downs of other real estate owned | [1] | (197,000) | (221,000) |
Total Non-Interest Income | [1] | 1,679,000 | 1,437,000 |
Salaries and employee benefits | [1] | 6,980,000 | 5,768,000 |
Directors’ fees and expenses | [1] | 232,000 | 223,000 |
Occupancy and equipment | [1] | 631,000 | 478,000 |
Data processing | [1] | 470,000 | 366,000 |
Professional fees | [1] | 501,000 | 357,000 |
FDIC deposit insurance assessment | [1] | 121,000 | 15,000 |
Other real estate owned expenses | [1] | 42,000 | 22,000 |
Advertising | [1] | 92,000 | 140,000 |
Amortization of Intangible Assets, Total | [1] | 49,000 | 49,000 |
Other | [1] | 909,000 | 780,000 |
Total Non-Interest Expense | [1] | 10,027,000 | 8,198,000 |
Pretax Segment Profit | [1] | 2,012,000 | 1,781,000 |
Segment Assets | [1] | 422,230,000 | 286,986,000 |
Quaint Oak Bank [Member] | Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | [1] | 923,000 | 649,000 |
Quaint Oak Bank [Member] | Real Estate Sales Commissions [Member] | |||
Non-interest revenue | [1] | 159,000 | 180,000 |
Quaint Oak Bank [Member] | Other Fees and Services Fees [Member] | |||
Non-interest revenue | [1] | 109,000 | 68,000 |
Quaint Oak Bank, Mortgage [Member] | |||
Net Interest Income | (355,000) | (160,000) | |
Provision for Loan Losses | |||
Net Interest Income after Provision for Loan Losses | (355,000) | (160,000) | |
Insurance commissions | |||
Income from bank-owned life insurance | |||
Net gain on loans held for sale | 4,320,000 | 3,013,000 | |
Gain on the sale of SBA loans | |||
Unrealized losses on investment securities available for sale | |||
(Loss) gain on sales and write-downs of other real estate owned | |||
Total Non-Interest Income | 4,976,000 | 3,516,000 | |
Salaries and employee benefits | 1,447,000 | 1,179,000 | |
Directors’ fees and expenses | |||
Occupancy and equipment | 282,000 | 214,000 | |
Data processing | 247,000 | 142,000 | |
Professional fees | 40,000 | 59,000 | |
FDIC deposit insurance assessment | |||
Other real estate owned expenses | |||
Advertising | 21,000 | 55,000 | |
Amortization of Intangible Assets, Total | |||
Other | 59,000 | 61,000 | |
Total Non-Interest Expense | 2,096,000 | 1,710,000 | |
Pretax Segment Profit | 2,525,000 | 1,646,000 | |
Segment Assets | 61,845,000 | 15,554,000 | |
Quaint Oak Bank, Mortgage [Member] | Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | 656,000 | 503,000 | |
Quaint Oak Bank, Mortgage [Member] | Real Estate Sales Commissions [Member] | |||
Non-interest revenue | |||
Quaint Oak Bank, Mortgage [Member] | Other Fees and Services Fees [Member] | |||
Non-interest revenue | |||
[1] | Includes Quaint Oak Bancorp, Inc. and the Bank's Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, and QOB Properties. |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - Quaint Oak Bank [Member] - Subsequent Event [Member] - Oakmont Capital Holdings, LLC [Member] $ in Millions | Jan. 04, 2021USD ($) |
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 3 |
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% |
Note 22 - Quaint Oak Bancorp,_3
Note 22 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 33,913 | $ 14,555 | |
Premises and equipment, net | 2,341 | 2,226 | |
Other assets | 5,475 | 2,783 | |
Total Assets | 484,075 | 302,540 | |
Subordinated debt | 7,899 | 7,865 | |
Stockholders’ equity | 28,728 | 25,907 | $ 23,836 |
Total Liabilities and Stockholders’ Equity | 484,075 | 302,540 | |
Parent Company [Member] | |||
Cash and cash equivalents | 333 | 669 | |
Investment in Quaint Oak Bank | 34,766 | 31,512 | |
Premises and equipment, net | 1,513 | 1,559 | |
Other assets | 15 | 32 | |
Total Assets | 36,627 | 33,772 | |
Subordinated debt | 7,899 | 7,865 | |
Stockholders’ equity | 28,728 | 25,907 | |
Total Liabilities and Stockholders’ Equity | $ 36,627 | $ 33,772 |
Note 22 - Quaint Oak Bancorp,_4
Note 22 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Occupancy and equipment | $ 913,000 | $ 692,000 |
Interest on subordinated debt | 520,000 | 519,000 |
Other | 968,000 | 841,000 |
Total Expenses | 12,123,000 | 9,908,000 |
Net Income (Loss) Before Income Taxes | 4,537,000 | 3,427,000 |
Income taxes | (1,292,000) | (950,000) |
Net Income | 3,245,000 | 2,477,000 |
Comprehensive Income | 3,343,000 | 2,499,000 |
Parent Company [Member] | ||
Dividends from subsidiary | 500,000 | |
Interest income | 2,000 | 20,000 |
Rental income | 339,000 | 199,000 |
Total Income | 841,000 | 219,000 |
Occupancy and equipment | 96,000 | 120,000 |
Interest on subordinated debt | 520,000 | 519,000 |
Other | 158,000 | 161,000 |
Total Expenses | 774,000 | 800,000 |
Net Income (Loss) Before Income Taxes | 67,000 | (581,000) |
Equity in Undistributed Net Income of Subsidiary | 3,087,000 | 2,936,000 |
Income taxes | 91,000 | 122,000 |
Net Income | 3,245,000 | 2,477,000 |
Comprehensive Income | $ 3,343,000 | $ 2,499,000 |
Note 22 - Quaint Oak Bancorp,_5
Note 22 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 3,245,000 | $ 2,477,000 |
Depreciation expense | 249,000 | 200,000 |
Amortization of subordinated debt issuance costs | 34,000 | 34,000 |
Stock-based compensation expense | 346,000 | 359,000 |
Net cash provided by (used in) operating activities | (43,761,000) | (1,852,000) |
Investing Activities | ||
Net cash used in investing activities | (113,162,000) | (36,848,000) |
Dividends paid | (717,000) | (676,000) |
Purchase of treasury stock | (349,000) | (339,000) |
Proceeds from the reissuance of treasury stock | 97,000 | 38,000 |
Proceeds from the exercise of stock options | 101,000 | 190,000 |
Net cash used in financing activities | 176,281,000 | 27,243,000 |
Net Decrease in Cash and Cash Equivalents | 19,358,000 | (11,457,000) |
Cash and Cash Equivalents – Beginning of Year | 14,555,000 | 26,012,000 |
Cash and Cash Equivalents – End of Year | 33,913,000 | 14,555,000 |
Parent Company [Member] | ||
Net Income | 3,245,000 | 2,477,000 |
Undistributed net income in subsidiary | (3,087,000) | (2,936,000) |
Depreciation expense | 53,000 | 53,000 |
Amortization of subordinated debt issuance costs | 34,000 | 34,000 |
Stock-based compensation expense | 346,000 | 359,000 |
Decrease (increase) in other assets | (52,000) | (2,000) |
Net cash provided by (used in) operating activities | 539,000 | (15,000) |
Investing Activities | ||
Purchase of property and equipment | (7,000) | (125,000) |
Net cash used in investing activities | (7,000) | (125,000) |
Dividends paid | (717,000) | (676,000) |
Purchase of treasury stock | (349,000) | (339,000) |
Proceeds from the reissuance of treasury stock | 97,000 | 38,000 |
Proceeds from the exercise of stock options | 101,000 | 190,000 |
Net cash used in financing activities | (868,000) | (787,000) |
Net Decrease in Cash and Cash Equivalents | (336,000) | (927,000) |
Cash and Cash Equivalents – Beginning of Year | 669,000 | 1,596,000 |
Cash and Cash Equivalents – End of Year | $ 333,000 | $ 669,000 |