Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 26, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001391933 | ||
Entity Registrant Name | QUAINT OAK BANCORP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-52694 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 35-2293957 | ||
Entity Address, Address Line One | 501 Knowles Avenue | ||
Entity Address, City or Town | Southampton | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 18966 | ||
City Area Code | 215 | ||
Local Phone Number | 364-4059 | ||
Title of 12(g) Security | Common Stock, $.01 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 24,400,000 | ||
Entity Common Stock, Shares Outstanding | 2,493,154 | ||
Auditor Name | S.R. Snodgrass, P.C. | ||
Auditor Location | Cranberry Township, Pennsylvania | ||
Auditor Firm ID | 74 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Due from banks, non-interest-bearing | $ 767 | $ 421 |
Due from banks, interest-bearing | 61,360 | 3,472 |
Cash and cash equivalents | 62,127 | 3,893 |
Investment in interest-earning time deposits | 1,912 | 3,833 |
Investment securities available for sale | 2,341 | 2,970 |
Loans held for sale | 60,380 | 133,222 |
Loans receivable, net of allowance for credit losses (2023 $6,758; 2022 $7,678) | 603,349 | 621,864 |
Accrued interest receivable | 3,502 | 3,462 |
Investment in Federal Home Loan Bank stock, at cost | 1,474 | 6,601 |
Bank-owned life insurance | 4,329 | 4,226 |
Premises and equipment, net | 2,933 | 2,775 |
Goodwill | 2,573 | 2,573 |
Other intangible, net of accumulated amortization | 125 | 174 |
Prepaid expenses and other assets | 9,073 | 6,757 |
Total Assets | 754,118 | 792,350 |
Liabilities | ||
Non-interest bearing | 92,215 | 88,728 |
Interest-bearing | 539,484 | 460,520 |
Total | 631,699 | 549,248 |
Federal Home Loan Bank short-term borrowings | 0 | 93,200 |
Federal Home Loan Bank short-term borrowings | 29,022 | 66,022 |
Federal Reserve Bank short-term borrowings | 0 | 7,000 |
Other short-term borrowings | 5,549 | 5,489 |
Subordinated debt | 21,957 | 7,966 |
Accrued interest payable | 1,106 | 584 |
Advances from borrowers for taxes and insurance | 3,730 | 4,186 |
Accrued expenses and other liabilities | 9,490 | 9,573 |
Total Liabilities | 702,553 | 743,268 |
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; 2,895,675 and 2,777,250 issued as of December 31, 2023, and December 31, 2022, respectively; 2,407,048 and 2,167,613 outstanding at December 31, 2023 and 2022, respectively | 29 | 28 |
Additional paid-in capital | 20,299 | 17,906 |
Treasury stock, at cost: 488,627 and 609,637 shares at December 31, 2023 and 2022, respectively | (3,568) | (3,992) |
Accumulated other comprehensive loss | (10) | (24) |
Retained earnings | 31,741 | 30,875 |
Total Quaint Oak Bancorp, Inc. Stockholders’ Equity | 48,491 | 44,793 |
Noncontrolling Interest | 3,074 | 4,289 |
Total Stockholders’ Equity | 51,565 | 49,082 |
Total Liabilities and Stockholders’ Equity | $ 754,118 | $ 792,350 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for Credit Loss | $ 6,758 | $ 7,678 |
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) | 2,895,675 | 2,777,250 |
Common stock, shares outstanding (in shares) | 2,407,048 | 2,167,613 |
Treasury stock, at cost, shares (in shares) | 488,627 | 609,637 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Interest and Dividend Income | |||
Interest on loans, including fees | $ 43,361,000 | $ 31,781,000 | |
Interest and dividends on investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 1,109,000 | 685,000 | |
Total Interest and Dividend Income | 44,470,000 | 32,466,000 | |
Interest Expense | |||
Interest on deposits | 18,811,000 | 6,043,000 | |
Interest on Federal Home Loan Bank short-term borrowings | 3,907,000 | 737,000 | |
Interest on Federal Home Loan Bank long-term borrowings | 1,326,000 | 1,355,000 | |
Interest on Federal Reserve Bank borrowings | 34,000 | 15,000 | |
Interest on other short-term borrowings | 780,000 | 107,000 | |
Interest on subordinated debt | 1,449,000 | 520,000 | |
Total Interest Expense | 26,307,000 | 8,777,000 | |
Net Interest Income | 18,163,000 | 23,689,000 | |
Recovery of Provision for Credit Losses | (45,000) | [1] | 2,475,000 |
Provision for Off Balance Sheet Credit Exposures | 202,000 | 0 | |
Net Interest Income after Provision for Credit Losses | 18,006,000 | 21,214,000 | |
Non-Interest Income | |||
Insurance commissions | 663,000 | 593,000 | |
Income from bank-owned life insurance | 102,000 | 89,000 | |
Net gain on loans held for sale | 6,696,000 | 12,500,000 | |
Gain on the sale of SBA loans | 468,000 | 310,000 | |
Total Non-Interest Income, net | 15,332,000 | 19,411,000 | |
Non-Interest Expense | |||
Salaries and employee benefits | 20,973,000 | 20,137,000 | |
Directors’ fees and expenses | 316,000 | 286,000 | |
Occupancy and equipment | 2,481,000 | 1,904,000 | |
Data processing | 1,051,000 | 690,000 | |
Professional fees | 1,058,000 | 748,000 | |
FDIC deposit insurance assessment | 867,000 | 658,000 | |
Advertising | 643,000 | 568,000 | |
Amortization of other intangible | 49,000 | 49,000 | |
Other | 3,002,000 | 2,220,000 | |
Total Non-Interest Expense | 30,440,000 | 27,260,000 | |
Income before Income Taxes | 2,898,000 | 13,365,000 | |
Income Taxes | 1,228,000 | 3,054,000 | |
Net Income | 1,670,000 | 10,311,000 | |
Net Income Attributable to Noncontrolling Interest | (350,000) | 2,448,000 | |
Net Income Attributable to Quaint Oak Bancorp, Inc. | $ 2,020,000 | $ 7,863,000 | |
Earnings per share – basic (in dollars per share) | $ 0.9 | $ 3.85 | |
Average shares outstanding - basic (in shares) | 2,254,444 | 2,042,740 | |
Earnings per share - diluted (in dollars per share) | $ 0.89 | $ 3.65 | |
Average shares outstanding - diluted (in shares) | 2,275,034 | 2,152,889 | |
Mortgage Banking and Abstract Fees [Member] | |||
Non-Interest Income | |||
Non-interest revenue | $ 2,338,000 | $ 3,103,000 | |
Real Estate Sales Commissions [Member] | |||
Non-Interest Income | |||
Non-interest revenue | 94,000 | 298,000 | |
Other Fees and Services Fees [Member] | |||
Non-Interest Income | |||
Non-interest revenue | 1,253,000 | 650,000 | |
Loan Servicing Fee [Member] | |||
Non-Interest Income | |||
Non-interest revenue | $ 3,718,000 | $ 1,868,000 | |
[1]Provision included in the table only includes the portion related to loans receivable. For the year ended December 31, 2023, the total recovery of credit losses of $157,000 includes a recovery of $202,000 for off balance sheet credit exposure, which is reflected in other liabilities on the Consolidated Balance Sheet. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 1,670 | $ 10,311 |
Other Comprehensive Income (Loss): | ||
Unrealized gains (losses) on investment securities available for sale | 17 | (59) |
Income tax effect | (3) | 12 |
Total other comprehensive income (loss) | 14 | (47) |
Total Comprehensive Income | 1,684 | 10,264 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest | (350) | 2,448 |
Comprehensive Income Attributable to Quaint Oak Bancorp, Inc. | $ 2,034 | $ 7,816 |
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, Common [Member] | The 401(k) Plan [Member] AOCI Attributable to Parent [Member] | The 401(k) Plan [Member] Retained Earnings [Member] | The 401(k) Plan [Member] Noncontrolling Interest [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, Common [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] Noncontrolling Interest [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, Common [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] Noncontrolling Interest [Member] | The 2008 Stock Option Plan [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 2,011,313 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 28,000 | $ 15,685,000 | $ (4,977,000) | $ 23,000 | $ 24,030,000 | $ 2,120,000 | $ 36,909,000 | |||||||||||||||||||||
Contribution of shares to ESOP from Treasury (in shares) | 16,000 | |||||||||||||||||||||||||||
Contribution of shares to ESOP from Treasury | 244,000 | 99,000 | 343,000 | |||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 4,420 | 9,123 | 23,000 | 105,904 | ||||||||||||||||||||||||
Reissuance of treasury stock | $ 73,000 | $ 27,000 | $ 100,000 | $ (57,000) | $ 57,000 | $ 69,000 | $ 192,000 | $ 261,000 | 1,724,000 | 659,000 | 2,383,000 | |||||||||||||||||
Treasury stock purchased (in shares) | (2,147) | |||||||||||||||||||||||||||
Treasury stock purchased | (49,000) | (49,000) | ||||||||||||||||||||||||||
Stock based compensation expense | 168,000 | 168,000 | ||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 2,448,000 | 2,448,000 | ||||||||||||||||||||||||||
Cash dividends declared, per share | (1,018,000) | (1,018,000) | ||||||||||||||||||||||||||
Noncontrolling interest distribution | (279,000) | (279,000) | ||||||||||||||||||||||||||
Net income | 7,863,000 | 7,863,000 | ||||||||||||||||||||||||||
Other comprehensive loss, net | (47,000) | $ (47,000) | ||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,167,613 | 2,167,613 | ||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 28,000 | 17,906,000 | (3,992,000) | (24,000) | 30,875,000 | 4,289,000 | $ 49,082,000 | |||||||||||||||||||||
Contribution of shares to ESOP from Treasury (in shares) | 11,320 | |||||||||||||||||||||||||||
Contribution of shares to ESOP from Treasury | 77,000 | 73,000 | 150,000 | |||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 18,492 | 9,122 | 104,403 | 118,425 | ||||||||||||||||||||||||
Reissuance of treasury stock | $ 169,000 | $ 120,000 | $ 289,000 | $ 57,000 | $ 57,000 | $ 0 | $ 335,000 | $ 607,000 | $ 942,000 | $ 1,000 | 1,644,000 | 1,645,000 | ||||||||||||||||
Treasury stock purchased (in shares) | (22,327) | |||||||||||||||||||||||||||
Treasury stock purchased | (433,000) | (433,000) | ||||||||||||||||||||||||||
Stock based compensation expense | 225,000 | 225,000 | ||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (350,000) | (350,000) | ||||||||||||||||||||||||||
Cash dividends declared, per share | (1,154,000) | (1,154,000) | ||||||||||||||||||||||||||
Noncontrolling interest distribution | (865,000) | (865,000) | ||||||||||||||||||||||||||
Net income | 2,020,000 | 2,020,000 | ||||||||||||||||||||||||||
Other comprehensive loss, net | 14,000 | $ 14,000 | ||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 2,407,048 | 2,407,048 | ||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 29,000 | $ 20,299,000 | $ (3,568,000) | $ (10,000) | $ 31,741,000 | $ 3,074,000 | $ 51,565,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.52 | $ 0.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,670,000 | $ 10,311,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for Loan, Lease, and Other Losses | 157,000 | 2,475,000 |
Depreciation expense | 530,000 | 437,000 |
Amortization, net | 461,000 | 408,000 |
Accretion of deferred loan fees and costs, net | (564,000) | (1,944,000) |
Deferred income taxes | 351,000 | (222,000) |
Stock-based compensation expense | 225,000 | 511,000 |
Net gain on loans sold | (6,696,000) | (12,500,000) |
Loans held for sale-originations | (341,160,000) | (521,710,000) |
Loans held for sale-proceeds | 420,698,000 | 508,811,000 |
Gain on the sale of SBA loans | (468,000) | (310,000) |
Increase in the cash surrender value of bank-owned life insurance | (103,000) | (89,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued interest receivable | (40,000) | (323,000) |
Prepaid expenses and other assets | (2,835,000) | (2,085,000) |
Accrued interest payable | 522,000 | 410,000 |
Accrued expenses and other liabilities | (84,000) | 3,582,000 |
Net Cash Provided by (Used in) Operating Activities | 73,130,000 | (12,238,000) |
Cash Flows from Investing Activities | ||
Purchase of interest-earning time deposits | (1,780,000) | (2,133,000) |
Redemption of interest-earning time deposits | 3,701,000 | 6,224,000 |
Principal repayments on investment securities available for sale | 647,000 | 1,004,000 |
Net decrease (increase) in loans receivable | 18,926,000 | (218,119,000) |
Purchase of Federal Home Loan Bank stock | (2,980,000) | (10,980,000) |
Redemption of Federal Home Loan Bank stock | 8,107,000 | 6,557,000 |
Purchase of premises and equipment | (688,000) | (560,000) |
Net Cash Provided by (Used in) Investing Activities | 25,933,000 | (218,007,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits, money markets, and savings accounts | 64,559,000 | 84,041,000 |
Net increase in certificate accounts | 17,892,000 | 18,041,000 |
(Decrease) increase in advances from borrowers for taxes and insurance | (456,000) | 1,330,000 |
Proceed from (repayment of) Federal Home Loan Bank short-term borrowings | (93,140,000) | 72,689,000 |
Proceeds from Federal Home Loan Bank long-term borrowings | 20,000,000 | 79,000,000 |
Repayment of Federal Home Loan Bank long-term borrowings | (57,000,000) | (36,171,000) |
(Repayment of) proceeds from Federal Reserve Bank short-term borrowings | (7,000,000) | 3,105,000 |
Net proceeds from subordinated debt | 13,742,000 | 0 |
Contribution of shares to ESOP | 150,000 | 0 |
Proceeds from issuance unallocated shares from authorized shares | 1,645,000 | 2,383,000 |
Purchase of treasury stock | (433,000) | (49,000) |
Proceeds from the reissuance of treasury stock under 401(k) Plan | 289,000 | 100,000 |
Proceeds from the exercise of stock options | 932,000 | 261,000 |
Dividends paid | (1,154,000) | (1,018,000) |
Noncontrolling interest capital distribution | (865,000) | (279,000) |
Net Cash (Used in) Provided by Financing Activities | (40,829,000) | 223,433,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 58,234,000 | (6,812,000) |
Cash and Cash Equivalents – Beginning of Year | 3,893,000 | 10,705,000 |
Cash and Cash Equivalents – End of Year | 62,127,000 | 3,893,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 25,785,000 | 8,367,000 |
Cash payments for income taxes | 2,659,000 | 2,900,000 |
Initial recognition of operating lease right-of use assets | 1,510,000 | 1,050,000 |
Initial recognition of operating lease obligations | $ 1,510,000 | $ 1,050,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, six July 2009. February, 2019, July 2012 August 2016 October 2021 January 4, 2021, second no 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 three |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 credit 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, 2023, one December 31, 2023, 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 Bank measures expected credit losses on available-for-sale debt securities when the Bank does not not not not not 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 December 31, 2023 2022. 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 impairment charges were recognized on FHLB stock during the years ended December 31, 2023 2022. 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 credit 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 Allowance for Credit Losses The Company adopted Accounting Standards Update (ASU) 2016 13 January 1, 2023 326, no January 1, 2023 326. Loans are stated at their principal amount outstanding, except for loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. In general, loans are placed on non-accrual status once they become 90 may 90 not may six A loan that is 90 may one Loans deemed to be a loss are written off through a charge against the allowance for credit losses (ACL). All loans are evaluated for possible charge-off when it is probable that the balance will not Loan Origination Fees and Costs. Allowance for Credit Losses. 326 January 1, 2023. 10 December 31, 2022. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two 1 2 Loans Evaluated Collectively. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated eight one four one four Loans Evaluated Individually. may no December 31, 2023. Loans evaluated individually may one no may Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may The following is a summary of the Company's internal risk rating categories: • Pass: These loans do not • Special Mention: These loans have a heightened credit risk, but not • Substandard: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. • Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: may not not not not not 36 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. Oakmont Capital Holdings, LLC originates commercial business loans for the purchase of business essential equipment for sale primarily to other financial institutions and these are also classified as loans held for sale. 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 Goodwill and Other 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 ten January 2021. The Company performs a goodwill and other intangible asset impairment 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 held no other real estate owned (OREO) at December 31, 2023 December 31, 2022. 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 $382,000 and $330,000 at December 31, 2023 2022, December 31, 2023 2022, 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, 2023 2022. no January 1, 2020. Comprehensive Income 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. 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, 2023, three 2013 2018 2023 May 2018 May 2023. 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. Other Fees and Service Charges 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 2022 2023 not Accounting Pronouncements Adopted In June 2016, 2016 13, 2016 13 December 15, 2022, December 15, 2018. first In March 2022, 2022 02, 326 326 326 2016 13 December 15, 2022. As of January 1, 2023, 326 January 1, 2023 326, no January 1, 2023 326. In January 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020 not not one December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 848 December 31, 2024. two 848 2022 06 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, Recent Accounting Pronouncements Not In November 2023, 2023 07, Segment Reporting (TOPIC 280 December 15, 2023, December 15, 2024. In December 2023, 2023 09, 740 December 15, 2024. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Earnings Per Share Earnings per share (“EPS”) consists of two not December 31, 2022, December 31, 2023, 2023 December 31, 2023, 2018 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, 2023 2022 Net Income $ 2,020,000 $ 7,863,000 Weighted average shares outstanding – basic 2,254,444 2,042,740 Effect of dilutive common stock equivalents 20,590 110,149 Adjusted weighted average shares outstanding – diluted 2,275,034 2,152,889 Basic earnings per share $ 0.90 $ 3.85 Diluted earnings per share $ 0.89 $ 3.65 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 Accumulated Other Comprehensive (Loss) Income The following table presents the changes in accumulated other comprehensive (loss) income by component, net of tax, for the years ended December 31, 2023 2022 Unrealized Losses on Investment Securities Available for Sale (1) 2023 2022 Balance beginning of the year $ (24 ) $ 23 Other comprehensive income (loss) before reclassifications 14 (47 ) Amount reclassified from accumulated other comprehensive income (loss) - - Total other comprehensive income (loss) 14 (47 ) Balance end of the year $ (10 ) $ (24 ) _______________________ ( 1 All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 5 - Investment in Interest
Note 5 - Investment in Interest-earning Time Deposits | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, 2023 2022 Due in one year or less $ 1,000 $ 2,541 Due after one year through five years 912 1,292 Total $ 1,912 $ 3,833 |
Note 6 - Investment Securities
Note 6 - Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,281 $ - $ (13 ) $ 2,268 Federal National Mortgage Association securities 73 - - 73 Total available-for-sale-securities $ 2,354 $ - $ (13 ) $ 2,341 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,902 $ - $ (31 ) $ 2,871 Federal National Mortgage Association securities 98 1 - 99 Total available-for-sale-securities $ 3,000 $ 1 $ (31 ) $ 2,970 The amortized cost and fair value of mortgage-backed and debt securities at December 31, 2023, may Available for Sale Amortized Cost Fair Value Due after ten years $ 2,354 $ 2,341 Total $ 2,354 $ 2,341 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, 2023 2022 December 31, 2023 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Fair Value Gross Fair Value Gross Government National Mortgage Association securities 11 $ 2,268 $ (13 ) $ - $ - $ 2,268 $ (13 ) December 31, 2022 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Government National Mortgage Association securities 11 $ 2,871 $ (31 ) $ - $ - $ 2,871 $ (31 ) Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer, including any specific events which may December 31, 2023. |
Note 7 - Loans Receivable, Net
Note 7 - Loans Receivable, Net and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7 Loans Receivable, Net and Allowance for Credit Losses The composition of net loans receivable is as follows (in thousands): December 31, 2023 2022 Real estate loans: One-to-four family residential: Owner occupied $ 22,885 $ 18,070 Non-owner occupied 40,455 39,315 Total one-to-four family residential 63,340 57,385 Multi-family (five or more) residential 46,680 46,909 Commercial real estate 331,174 333,540 Construction 35,585 28,938 Home equity 6,162 4,918 Total real estate loans 482,941 471,690 Commercial business 127,868 159,069 Other consumer 69 2 Total Loans 610,878 630,761 Deferred loan fees and costs (771 ) (1,219 ) Allowance for credit losses (6,758 ) (7,678 ) Net Loans $ 603,349 $ 621,864 The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of December 31, 2023 ( Term Loans Amortized Cost by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total One-to-four family residential owner occupied Risk rating Pass $ 6,044 $ 8,574 $ 3,840 $ 1,850 $ 571 $ 2,006 $ - $ 22,885 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential owner occupied $ 6,044 $ 8,574 $ 3,840 $ 1,850 $ 571 $ 2,006 $ - $ 22,885 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - One-to-four family residential non- owner occupied Risk rating Pass $ 2,195 $ 7,153 $ 12,362 $ 3,268 $ 1,026 $ 14,451 $ - $ 40,455 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential non-owner occupied $ 2,195 $ 7,153 $ 12,362 $ 3,268 $ 1,026 $ 14,451 $ - $ 40,455 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Multi-family residential Risk rating Pass $ 1,566 $ 15,542 $ 13,853 $ 4,483 $ 2,386 $ 8,850 $ - $ 46,680 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total multi-family residential $ 1,566 $ 15,542 $ 13,853 $ 4,483 $ 2,386 $ 8,850 $ - $ 46,680 Current period gross charge-offs $ - $ - $ - $ - $ - $ 2 $ - $ 2 Commercial real estate Risk rating Pass $ 61,338 $ 121,006 $ 64,684 $ 26,631 $ 16,571 $ 38,897 $ 1,996 $ 331,123 Special mention - - - - - - - - Substandard - - - - 51 - - 51 Doubtful - - - - - - - - Total commercial real estate $ 61,338 $ 121,006 $ 64,684 $ 26,631 $ 16,622 $ 38,897 $ 1,996 $ 331,174 Current period gross charge-offs $ - $ - $ - $ 134 $ - $ - $ - $ 134 Construction Risk rating Pass $ 14,777 $ 11,244 $ 7,417 $ - $ - $ - $ - $ 33,438 Special mention - - - - - - - - Substandard - - - - - 2,147 - 2,147 Doubtful - - - - - - - - Total construction $ 14,777 $ 11,244 $ 7,417 $ - $ - $ 2,147 $ - $ 35,585 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Home equity Risk rating Pass $ 1,062 $ 35 $ 122 $ - $ - $ 205 $ 4,738 $ 6,162 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total home equity $ 1,062 $ 35 $ 122 $ - $ - $ 205 $ 4,738 $ 6,162 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial business Risk rating Pass $ 6,441 $ 69,913 $ 27,022 $ 4,324 $ 1,955 $ 1,109 $ 13,593 $ 124,357 Special mention - - - - - - - - Substandard - - 1,946 - 1,242 323 - 3,511 Doubtful - - - - - - - - Total commercial business $ 6,441 $ 69,913 $ 28,967 $ 4,324 $ 3,197 $ 1,433 $ 13,593 $ 127,868 Current period gross charge-offs $ - $ 29 $ 613 $ 97 $ - $ - $ - $ 739 Other consumer Risk rating Pass $ 69 $ - $ - $ - $ - $ - $ - $ 69 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total other consumer $ 69 $ - $ - $ - $ - $ - $ - $ 69 Current period gross charge-offs Total $ - $ - $ - $ - $ - $ - $ - $ - Pass $ 93,492 $ 233,467 $ 129,300 $ 40,556 $ 22,509 $ 65,518 $ 20,327 $ 605,169 Special mention - - - - - - - - Substandard - - 1,946 - 1,293 2,470 - 5,709 Doubtful - - - - - - - - Total $ 93,492 $ 233,467 $ 131,246 $ 40,556 $ 23,802 $ 67,988 $ 20,327 $ 610,878 Current period gross charge-offs $ - $ 29 $ 613 $ 231 $ - $ 2 $ - $ 875 The information presented in the table above is not 326. December 31, 2022 ( December 31, 2022 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 17,663 $ 407 $ - $ - $ 18,070 One-to-four family residential non-owner occupied 39,315 - - - 39,315 Multi-family residential 45,201 - 1,708 - 46,909 Commercial real estate 333,406 - 134 - 333,540 Construction 28,938 - - - 28,938 Home equity 4,918 - - - 4,918 Commercial business 153,746 2,908 2,415 - 159,069 Other consumer 2 - - - 2 Total $ 623,189 $ 3,315 $ 4,257 $ - $ 630,761 The following table presents non-accrual loans by classes of the loan portfolio as of December 31, 2023 December 31, 2022 ( December 31, 2023 December 31, 2022 Non-accrual loans With a Related Allowance Without a Related Allowance Total 90 Days or More Past Due and Accruing Total Non-Performing Total Non-Accrual Loans One-to-four family residential owner occupied $ - $ - $ - $ 401 $ 401 $ - Multi-family residential - - - - - 1,708 Commercial real estate - 51 51 - 51 134 Commercial business - - - - - 97 Total $ - $ 51 $ 51 $ 401 $ 452 $ 1,939 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, 2022 December 31, 2022 With no related allowance recorded: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 129 129 - 130 12 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 134 134 118 136 9 Construction - - - - - Home equity - - - - - Commercial business 97 97 97 102 6 Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 263 263 118 266 21 Construction - - - - - Home equity - - - - - Commercial business 97 97 97 102 6 Other consumer - - - - - Total $ 2,075 $ 2,091 $ 215 $ 2,083 $ 27 Prior to the adoption of ASU 2022 02, Financial Instruments Credit Losses (Topic 326 December 31, 2022, December 31, 2022. December 31, 2023, December 31, 2022 As of December 31, 2023, may Following is a summary, by loan portfolio class, of changes in the allowance for credit losses for the year ended December 31, 2023 ( December 31, 2023 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 credit losses: Beginning balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Impact of ASU 326 - - - - - - - - - Charge-offs - - (2 ) (134 ) - - (739 ) - (875 ) Recoveries - - - - - - - - - Provision (1) 30 (76 ) (29 ) (832 ) 279 28 855 (300 ) (45 ) Ending balance $ 153 $ 219 $ 420 $ 2,784 $ 583 $ 61 $ 2,538 $ - $ 6,758 ( 1 Provision included in the table only includes the portion related to loans receivable. For the year ended December 31, 2023, The Bank allocated decreased allowance for credit loss provisions to the commercial real estate loan portfolio class for the year ended December 31, 2023, December 31, 2023, December 31, 2023, Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2022 December 31, 2022 ( December 31, 2022 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 $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - (59 ) - (59 ) Recoveries - - - - - - - - - Provision 50 3 202 1,275 185 4 856 (100 ) 2,475 Ending balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 118 $ - $ - $ 97 $ - $ 215 Collectively $ 123 $ 295 $ 451 $ 3,632 $ 304 $ 33 $ 2,325 $ 300 $ 7,463 Loans receivable: Ending balance $ 18,070 $ 39,315 $ 46,909 $ 333,540 $ 28,938 $ 4,918 $ 159,071 $ 630,761 Ending balance evaluated for impairment: Individually $ - $ 7 $ 1,708 $ 263 $ - $ - $ 97 $ 2,075 Collectively $ 18,070 $ 39,308 $ 45,201 $ 333,277 $ 28,938 $ 4,918 $ 158,974 $ 628,686 The Bank allocated increased allowance for loan loss provisions to the commercial real estate loan portfolio class for the year ended December 31, 2022, December 31, 2022, December 31, 2022, The performance and credit quality of the loan portfolio is 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 table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2023 December 31, 2022 ( December 31, 2023 30-89 Days Past Due 90 Days or More Past Due Current Total Loans Receivable One-to-four family residential owner occupied $ 136 $ 401 $ 22,348 $ 22,885 One-to-four family residential non-owner occupied 256 - 40,199 40,455 Multi-family residential 175 - 46,505 46,680 Commercial real estate 3,944 - 327,230 331,174 Construction - - 35,585 35,585 Home equity 403 - 5,759 6,162 Commercial business - - 127,868 127,868 Other consumer - - 69 69 Total $ 4,914 $ 401 $ 605,562 $ 610,878 December 31, 2022 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 $ 407 $ - $ 407 $ 17,663 $ 18,070 $ - One-to-four family residential non-owner occupied 23 - 23 39,292 39,315 - Multi-family residential - 1,708 1,708 45,201 46,909 - Commercial real estate 2,895 134 3,029 330,511 333,540 - Construction 2,062 - 2,062 26,876 28,938 - Home equity 39 - 39 4,879 4,918 - Commercial business 10 97 107 158,962 159,069 51 Other consumer - - - 2 2 - Total $ 5,436 $ 1,939 $ 7,375 $ 623,386 $ 630,761 $ 51 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 December 31, 2023 2022, For the years ended December 31, 2023 2022 December 31, 2023 December 31, 2022. |
Note 8 - Premises and Equipment
Note 8 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 The components of premises and equipment at December 31, 2023 2022 2023 2022 Land and land improvements $ 292 $ 292 Buildings 1,581 1,619 Leasehold improvements 699 649 Furniture, fixtures and equipment 3,568 2,892 6,140 5,452 Accumulated depreciation (3,207 ) (2,677 ) Premises and equipment, net $ 2,933 $ 2,775 Depreciation expense for the years ended December 31, 2023 2022 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9 Goodwill and Other Intangible, Net On January 4, 2021, second August 1, 2016, ten December 31, 2023 December 31, 2023 2022 Estimated amortization expense of other intangible for the remaining three 2024 $ 49 2025 49 2026 27 Total $ 125 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 Deposits at December 31, 2023 2022 2023 2022 Non-interest bearing checking accounts $ 92,216 $ 88,728 Interest bearing checking accounts 104,274 - Savings accounts 841 1,597 Money market accounts 218,525 260,972 Certificate of deposit accounts 215,843 197,951 Total $ 631,699 $ 549,248 A summary of certificates of deposit by maturity at December 31, 2023 Years ending December 31: 2024 $ 113,732 2025 36,393 2026 12,156 2027 23,850 2028 29,712 Total $ 215,843 The aggregate amount of certificates of deposit with a minimum denomination of $250,000 December 31, 2023 2022, |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11 As of December 31, 2023, December 31, 2023 2022, December 31, 2023, December 31, 2022. December 31, 2023, As of December 31, 2023, two two December 31, 2023. Short-term borrowings and the weighted interest rates consist of the following at December 31, 2023 2022 FHLB Short-Term Borrowings FRB Short-Term Borrowings At or For the Year At or For the Year Ended December 31, Ended December 31, 2023 2022 2023 2022 Average balance outstanding $ 72,566 $ 31,505 $ 711 $ 1,556 Maximum amount outstanding at any month-end during the period 116,200 93,200 7,000 7,000 Balance outstanding at end of period - 93,200 - 7,000 Average interest rate during the period 5.38 % 2.34 % 4.78 % 0.97 % Weighted average interest rate at end of period - % 4.45 % - % 4.45 % Other Short-Term Borrowings At or For the Year Ended December 31, 2023 2022 Average balance outstanding $ 9,291 $ 1,601 Maximum amount outstanding at any month-end during the period 14,508 5,489 Balance outstanding at end of period 5,549 5,489 Average interest rate during the period 8.40 % 6.68 % Weighted average interest rate at end of period 8.46 % 7.11 % Federal Home Loan Bank long-term borrowings and the weighted interest rate consist of the following at December 31, 2023 2022 December 31, 2023 December 31, 2022 Fixed rate borrowings maturing: Amount Weighted Interest Amount Weighted Interest 2023 $ - - % $ 57,000 2.22 % 2024 21,167 4.25 6,167 2.05 2025 7,855 3.40 2,855 1.25 Total FHLB long-term debt $ 29,022 4.02 % $ 66,022 2.16 % |
Note 12 - Subordinated Debt
Note 12 - Subordinated Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 12 Subordinated Debt On December 27, 2018, December 31, 2028, first five five may, December 31, 2023, On March 2, 2023, March 15, 2025 ( March 16, 2023, March 15 September 15 September 15, 2023. March 15, 2025. March 15, 2024, 100% The balance and unamortized issuance costs of subordinated debt at December 31, 2023 Principal Unamortized Debt Issuance Costs Net 6.5 December 31, 2028 $ 8,000 $ - $ 8,000 8.5 March 15, 2025 $ 12,000 $ 37 $ 11,963 8.5 March 15, 2025 $ 2,000 $ 6 $ 1,994 All subordinated notes are not |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13 The components of income tax expense for the years ended December 31, 2023 2022 2023 2022 Federal: Current $ 128 $ 2,263 Deferred 351 (221 ) Total federal 479 2,042 State, current 749 1,012 Total $ 1,228 $ 3,054 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, 2023 2022, 2023 2022 Amount Rate Amount Rate Federal income tax at statutory rate $ 682 21.0 % $ 2,292 21.0 % State tax, net of federal benefit 592 18.2 800 7.4 Stock compensation expense (28 ) (0.9 ) (22 ) (0.2 ) Other (18 ) (0.5 ) (16 ) (0.2 ) Total $ 1,228 37.8 % $ 3,054 28.0 % The components of the net deferred tax asset at December 31, 2023 2022 2023 2022 Deferred tax assets: Allowance for credit losses $ 1,419 $ 1,612 Deferred loan fees 162 256 Stock-based compensation 11 7 Unrealized loss on investment securities available for sale 3 6 Interest on non-accrual loans 1 35 Total deferred tax assets 1,596 1,916 Deferred tax liabilities: Bank premises and equipment (249 ) (219 ) Intangible (28 ) (24 ) Total deferred tax liabilities (277 ) (243 ) Net Deferred Tax Asset $ 1,319 $ 1,673 The net deferred tax asset at December 31, 2023 2022 December 31, 2023 2022, |
Note 14 - Stock Compensation Pl
Note 14 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
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. During the year ended December 31, 2023, December 31, 2022, four December 31, 2023 2022, Stock Incentive Plans – Share Awards In May 2013, 2013 “2013 2013 March 13, 2023, five May 9, 2023. In May 2018, 2018 “2018 2018 May 2018 may In May 2023, 2023 “2023 2023 May 2023 may As of December 31, 2023 2018 2023 2023 2018 2018 2023 five A summary of share award activity under the Company’s 2018 2023 December 31, 2023 December 31, 2023 2023 Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 9,122 $ 13.30 Granted 45,000 18.00 Vested (9,122 ) 13.30 Forfeited - - Unvested at the end of the year 45,000 $ 18.00 Compensation expense on the restricted stock awards is recognized ratably over the five December 31, 2023 2022, December 31, 2023 2022, December 31, 2023, Stock Option and Stock Incentive Plans – Stock Options In May 2008, 2008 February 13, 2018, 2013 10 May 2023. 2013 May 2013 March 13, 2023, 2018 May 2028, 2018 May 2018 may May 2023, 2023 2023 May 2023 may All incentive stock options issued under the Option Plan and the 2013, 2018 2023 422 five ten As of December 31, 2023, 2013, 2018 2023 2023 none 2018 five ten A summary of option activity under the Company’s Option Plan and 2013, 2018 2023 December 31, 2023 December 31, 2023 2023 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 195,936 $ 11.24 3.5 Granted 132,500 18.00 9.3 Exercised (104,403 ) 9.65 - Forfeited - - - Outstanding at the end of the period 224,033 $ 15.98 8.6 Exercisable at the end of the period 91,533 $ 13.30 4.4 The estimated fair value of the options granted in May 2023 Expected dividend yield 2.89% Risk-free interest rate 3.42% Expected life of options 6.5 years Expected stock-price volatility 20.35% 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, 2023, December 31, 2022, December 31, 2023 December 31, 2022. During the years ended December 31, 2023 2022, December 31, 2023 December 31, 2022, December 31, 2023, |
Note 15 - Transactions With Exe
Note 15 - Transactions With Executive Officers and Directors | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, |
Note 16 - Financial Instruments
Note 16 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2023 | |
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. Quaint Oak Bancorp, Inc. Notes to Consolidated Financial Statements (Continued) Note 16 A summary of the Company’s financial instrument commitments at December 31, 2023 2022 2023 2022 Commitments to originate loans $ 30,346 $ 36,087 Unfunded commitments under lines of credit 54,163 49,881 Standby letters of credit 455 2,601 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may The ACL for off balance sheet credit exposures is recorded in other liabilities on the Consolidated Balance Sheet. This ACL represents management’s estimate of expected losses in its unfunded loan commitments and other off balance sheet credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The allowance for credit losses specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for off balance sheet credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. The balance of off balance sheet credit exposures is $202,000 at December 31, 2023. |
Note 17 - Leases
Note 17 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 17 The Company leases its office at 501 four 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 December 31, 2023 December 31, 2022. Certain of the Company’s leases contain options to renew the lease after the initial term. Management considers the Company’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, 2023. Operating Weighted average remaining term (years) 11.9 Weighted average discount rate 3.36 % The following table presents the undiscounted cash flows due related to operating leases as of December 31, 2023, Undiscounted cash flows due (In thousands): Operating 2024 $ 473 2025 481 2026 489 2027 443 2028 431 2029 and thereafter 3,059 Total undiscounted cash flows 5,376 Discount on cash flows (964 ) Total lease liabilities $ 4,412 Under Topic 842, not twelve not December 31, 2023, no twelve Rental expense under operating leases totaled approximately $531,000 in 2023 2022. |
Note 18 - Regulatory Matters
Note 18 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, In July 2013 January 1, 2019. 1 1 1 January 1, 2015. 1 January 1, 2015. January 1, 2016 January 1, 2019. increase from 100% to 150% for certain acquisition, development and construction loans and more than 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 March 2, 2023, 12 March 16, 2023, 12 March, 2023, 1 November 2, 2023, December 31, 2023, not The Bank’s actual capital amounts and ratios at December 31, 2023 2022 Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023: Total capital (to risk-weighted assets) $ 75,800 12.30 % $ ≥49,285 ≥8.00 % $ ≥61,606 ≥10.00 % Tier 1 capital (to risk-weighted assets) 68,813 11.17 ≥36,964 ≥6.00 ≥49,285 ≥8.00 Common Equity Tier 1 capital (to risk-weighted assets) 68,813 11.17 ≥27,723 ≥4.50 ≥40,044 ≥6.50 Tier 1 capital (to average assets) 68,813 9.11 ≥30,205 ≥4.00 ≥37,756 ≥5.00 Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total capital (to risk-weighted assets) $ 60,820 8.49 % $ ≥ 57,313 ≥ 8.00 % $ ≥ 71,642 ≥ 0.00 % Tier 1 capital (to risk-weighted assets) 53,115 7.41 ≥ 42,985 ≥ 6.00 ≥ 57,313 ≥ 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 53,115 7.41 ≥ 32,239 ≥ 4.50 ≥ 46,567 ≥ 6.50 Tier 1 capital (to average assets) 53,115 7.07 ≥ 30,032 ≥ 4.00 ≥ 37,540 ≥ 5.00 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 The Bank did not 2023 2022. December 31, 2023, December 31, 2023 2022 |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 19 10 December 31, 2022, 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 Individually Evaluated Loans: 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, 2023 ( December 31, 2023 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 Government National Mortgage Association mortgage-backed securities $ 2,268 $ - $ 2,268 $ - Federal National Mortgage Association mortgage- backed securities 73 - 73 - Total investment securities available for sale $ 2,341 $ - $ 2,341 $ - Total recurring fair value measurements $ 2,341 $ - $ 2,341 $ - 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, 2022 ( December 31, 2022 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 Government National Mortgage Association mortgage-backed securities $ 2,871 $ - $ 2,871 $ - Federal National Mortgage Association mortgage- backed securities 99 - 99 - Total investment securities available for sale $ 2,970 $ - $ 2,970 $ - Total recurring fair value measurements $ 2,970 $ - $ 2,970 $ - Nonrecurring fair value measurements Impaired loans $ 1,860 $ - $ - $ 1,860 Total nonrecurring fair value measurements $ 1,860 $ - $ - $ 1,860 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, 2022 ( December 31, 2022 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,860 Appraisal of collateral (1) Appraisal adjustments (2) 10% (10%) _______________ ( 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, 2023 2022 Fair Value Measurements at December 31, 2023 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 $ 1,912 $ 1,981 $ - $ - $ 1,981 Loans held for sale 60,380 62,072 - 62,072 - Loans receivable, net 603,349 584,842 - - 584,842 Financial Liabilities Deposits 631,699 636,946 415,855 - 221,091 FHLB long-term borrowings 29,022 29,001 - - 29,001 Subordinated debt 21,957 20,666 - - 20,666 Fair Value Measurements at December 31, 2022 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 $ 3,833 $ 3,907 $ - $ - $ 3,907 Loans held for sale 133,222 137,253 - 137,253 - Loans receivable, net 621,864 600,186 - - 600,186 Financial Liabilities Deposits 549,248 551,157 351,297 - 199,860 FHLB long-term borrowings 66,022 65,846 - - 65,846 FRB long-term borrowings 7,000 6,981 - - 6,981 Subordinated debt 7,966 7,886 - - 7,886 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, 2023 | |
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 Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and Oakmont Commercial, 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 Oakmont Capital Holdings, LLC Segment originates equipment loans which are generally sold to third no The following table present summary financial information for the reportable segments (in thousands): As of or for the Year Ended December 31, 2023 2022 Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Net Interest Income (Loss) $ 19,394 $ (1,231 ) $ 18,163 $ 24,114 $ (425 ) $ 23,689 Provision for Credit Losses 157 - 157 2,475 - 2,475 Net Interest Income (Loss) after Provision for Credit Losses 19,237 (1,231 ) 18,006 21,639 (425 ) 21,214 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 599 1,739 2,338 757 2,346 3,103 Real estate sales commissions, net 94 - 94 298 - 298 Insurance commissions 663 - 663 593 - 593 Other fees and services charges 510 743 1,253 330 320 650 Net loan servicing income 235 3,483 3,718 13 1,855 1,868 Income from bank-owned life insurance 102 - 102 89 - 89 Net gain on loans held for sale 2,620 4,076 6,696 3,270 9,230 12,500 Gain on the sale of SBA loans 468 - 468 310 - 310 Total Non-Interest Income 5,291 10,041 15,332 5,660 13,751 19,411 Non-Interest Expense Salaries and employee benefits 13,850 7,123 20,973 13,828 6,309 20,137 Directors’ fees and expenses 316 - 316 286 - 286 Occupancy and equipment 1,656 825 2,481 1,274 630 1,904 Data processing 1,051 - 1,051 690 - 690 Professional fees 932 126 1,058 668 80 748 FDIC deposit insurance assessment 867 - 867 658 - 658 Advertising 284 359 643 186 382 568 Amortization of other intangible 49 - 49 49 - 49 Other 1,911 1,091 3,002 1,291 929 2,220 Total Non-Interest Expense 20,916 9,524 30,440 18,930 8,330 27,260 Pretax Segment Profit (Loss) $ 3,612 $ (714 ) $ 2,898 $ 8,369 $ 4,996 $ 13,365 Net (Loss) Income Attributable to Noncontrolling Interest $ (350 ) $ - $ (350 ) $ 2,448 $ - $ 2,448 Segment Assets $ 719,791 $ 34,327 $ 754,118 $ 757,688 $ 34,662 $ 792,350 ___________________ ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Mortgage, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Commercial. |
Note 21 - Quaint Oak Bancorp, I
Note 21 - Quaint Oak Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 21 Quaint Oak Bancorp, Inc. (Parent Company Only) Condensed financial statements of Quaint Oak Bancorp, Inc. are as follows (in thousands): Balance Sheets December 31, 2023 2022 Assets Cash and cash equivalents $ 1,436 $ 284 Investment in Quaint Oak Bank 67,859 50,966 Premises and equipment, net 1,388 1,432 Other assets - 77 Total Assets $ 70,683 $ 52,759 Liabilities and Stockholders’ Equity Subordinated debt $ 21,957 $ 7,966 Other liabilities 235 - Stockholders’ equity 48,491 44,793 Total Liabilities and Stockholders’ Equity $ 70,683 $ 52,759 Statements of Income For the Year Ended December 31, 2023 2022 Income Rental income $ 399 $ - Total Income 399 365 Expenses Occupancy and equipment expense 115 122 Interest on subordinated debt 1,449 520 Other expenses 556 158 Total Expenses 2,120 800 Net Income Before Income Taxes (1,721 ) (435 ) Equity in Undistributed Net Income of Subsidiary 3,380 8,207 Income Tax Benefit 361 91 Net Income $ 2,020 $ 7,863 Comprehensive Income $ 2,034 $ 7,816 Statements of Cash Flows For the Year Ended December 31, 2023 2022 Operating Activities Net income $ 2,020 $ 7,863 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Undistributed net income in subsidiary (3,380 ) (8,207 ) Depreciation expense 50 53 Amortization of subordinated debt issuance costs 249 34 Stock-based compensation expense 225 511 Decrease (increase) in other assets 313 (62 ) Net cash (used in) provided by operating activities (523 ) 192 Investing Activities Investment in Quaint Oak Bank (13,500 ) - Purchase of property and equipment (6 ) (12 ) Net cash used in investing activities (13,506 ) (12 ) Financing Activities Dividends paid (1,154 ) (1,018 ) Proceeds from the issuance of Subordinate Debt 13,742 - Proceeds from the reissuance of treasury stock for capital raise - 2,383 Additional Paid-in Capital - (2,250 ) Contribution of shares to ESOP 150 - Proceeds from issuance of unallocated shares from authorized shares 1,645 - Purchase of treasury stock (433 ) (49 ) Proceeds from the reissuance of treasury stock under401(k) plan 289 100 Proceeds from the exercise of stock options 932 262 Net cash provided by (used in) financing activities 15,181 (572 ) Net Increase (Decrease) in Cash and Cash Equivalents 1,152 (392 ) Cash and Cash Equivalents-Beginning of Year 284 676 Cash and Cash Equivalents-End of Year $ 1,436 $ 284 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 9B. . Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 credit 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, 2023, one December 31, 2023, |
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 Bank measures expected credit losses on available-for-sale debt securities when the Bank does not not not not not 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 December 31, 2023 2022. |
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 impairment charges were recognized on FHLB stock during the years ended December 31, 2023 2022. |
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 credit 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 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The Company adopted Accounting Standards Update (ASU) 2016 13 January 1, 2023 326, no January 1, 2023 326. Loans are stated at their principal amount outstanding, except for loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. In general, loans are placed on non-accrual status once they become 90 may 90 not may six A loan that is 90 may one Loans deemed to be a loss are written off through a charge against the allowance for credit losses (ACL). All loans are evaluated for possible charge-off when it is probable that the balance will not Loan Origination Fees and Costs. Allowance for Credit Losses. 326 January 1, 2023. 10 December 31, 2022. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two 1 2 Loans Evaluated Collectively. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated eight one four one four Loans Evaluated Individually. may no December 31, 2023. Loans evaluated individually may one no may Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may The following is a summary of the Company's internal risk rating categories: • Pass: These loans do not • Special Mention: These loans have a heightened credit risk, but not • Substandard: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. • Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: may not not not not not 36 |
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. Oakmont Capital Holdings, LLC originates commercial business loans for the purchase of business essential equipment for sale primarily to other financial institutions and these are also classified as loans held for sale. |
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] | Goodwill and Other 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 ten January 2021. The Company performs a goodwill and other intangible asset impairment 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 held no other real estate owned (OREO) at December 31, 2023 December 31, 2022. |
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 $382,000 and $330,000 at December 31, 2023 2022, December 31, 2023 2022, |
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, 2023 2022. no January 1, 2020. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income 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. |
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, 2023, three 2013 2018 2023 May 2018 May 2023. 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. Other Fees and Service Charges 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 2022 2023 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Adopted In June 2016, 2016 13, 2016 13 December 15, 2022, December 15, 2018. first In March 2022, 2022 02, 326 326 326 2016 13 December 15, 2022. As of January 1, 2023, 326 January 1, 2023 326, no January 1, 2023 326. In January 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020 not not one December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 848 December 31, 2024. two 848 2022 06 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, Recent Accounting Pronouncements Not In November 2023, 2023 07, Segment Reporting (TOPIC 280 December 15, 2023, December 15, 2024. In December 2023, 2023 09, 740 December 15, 2024. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2023 2022 Net Income $ 2,020,000 $ 7,863,000 Weighted average shares outstanding – basic 2,254,444 2,042,740 Effect of dilutive common stock equivalents 20,590 110,149 Adjusted weighted average shares outstanding – diluted 2,275,034 2,152,889 Basic earnings per share $ 0.90 $ 3.85 Diluted earnings per share $ 0.89 $ 3.65 |
Note 4 - Accumulated Other Co_2
Note 4 - Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Investment Securities Available for Sale (1) 2023 2022 Balance beginning of the year $ (24 ) $ 23 Other comprehensive income (loss) before reclassifications 14 (47 ) Amount reclassified from accumulated other comprehensive income (loss) - - Total other comprehensive income (loss) 14 (47 ) Balance end of the year $ (10 ) $ (24 ) |
Note 5 - Investment in Intere_2
Note 5 - Investment in Interest-earning Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | 2023 2022 Due in one year or less $ 1,000 $ 2,541 Due after one year through five years 912 1,292 Total $ 1,912 $ 3,833 |
Note 6 - Investment Securitie_2
Note 6 - Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,281 $ - $ (13 ) $ 2,268 Federal National Mortgage Association securities 73 - - 73 Total available-for-sale-securities $ 2,354 $ - $ (13 ) $ 2,341 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,902 $ - $ (31 ) $ 2,871 Federal National Mortgage Association securities 98 1 - 99 Total available-for-sale-securities $ 3,000 $ 1 $ (31 ) $ 2,970 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after ten years $ 2,354 $ 2,341 Total $ 2,354 $ 2,341 |
Gain (Loss) on Securities [Table Text Block] | December 31, 2023 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Fair Value Gross Fair Value Gross Government National Mortgage Association securities 11 $ 2,268 $ (13 ) $ - $ - $ 2,268 $ (13 ) December 31, 2022 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Government National Mortgage Association securities 11 $ 2,871 $ (31 ) $ - $ - $ 2,871 $ (31 ) |
Note 7 - Loans Receivable, Ne_2
Note 7 - Loans Receivable, Net and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 Real estate loans: One-to-four family residential: Owner occupied $ 22,885 $ 18,070 Non-owner occupied 40,455 39,315 Total one-to-four family residential 63,340 57,385 Multi-family (five or more) residential 46,680 46,909 Commercial real estate 331,174 333,540 Construction 35,585 28,938 Home equity 6,162 4,918 Total real estate loans 482,941 471,690 Commercial business 127,868 159,069 Other consumer 69 2 Total Loans 610,878 630,761 Deferred loan fees and costs (771 ) (1,219 ) Allowance for credit losses (6,758 ) (7,678 ) Net Loans $ 603,349 $ 621,864 |
Financing Receivable, Internal Risk Categories [Table Text Block] | Term Loans Amortized Cost by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total One-to-four family residential owner occupied Risk rating Pass $ 6,044 $ 8,574 $ 3,840 $ 1,850 $ 571 $ 2,006 $ - $ 22,885 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential owner occupied $ 6,044 $ 8,574 $ 3,840 $ 1,850 $ 571 $ 2,006 $ - $ 22,885 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - One-to-four family residential non- owner occupied Risk rating Pass $ 2,195 $ 7,153 $ 12,362 $ 3,268 $ 1,026 $ 14,451 $ - $ 40,455 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential non-owner occupied $ 2,195 $ 7,153 $ 12,362 $ 3,268 $ 1,026 $ 14,451 $ - $ 40,455 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Multi-family residential Risk rating Pass $ 1,566 $ 15,542 $ 13,853 $ 4,483 $ 2,386 $ 8,850 $ - $ 46,680 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total multi-family residential $ 1,566 $ 15,542 $ 13,853 $ 4,483 $ 2,386 $ 8,850 $ - $ 46,680 Current period gross charge-offs $ - $ - $ - $ - $ - $ 2 $ - $ 2 Commercial real estate Risk rating Pass $ 61,338 $ 121,006 $ 64,684 $ 26,631 $ 16,571 $ 38,897 $ 1,996 $ 331,123 Special mention - - - - - - - - Substandard - - - - 51 - - 51 Doubtful - - - - - - - - Total commercial real estate $ 61,338 $ 121,006 $ 64,684 $ 26,631 $ 16,622 $ 38,897 $ 1,996 $ 331,174 Current period gross charge-offs $ - $ - $ - $ 134 $ - $ - $ - $ 134 Construction Risk rating Pass $ 14,777 $ 11,244 $ 7,417 $ - $ - $ - $ - $ 33,438 Special mention - - - - - - - - Substandard - - - - - 2,147 - 2,147 Doubtful - - - - - - - - Total construction $ 14,777 $ 11,244 $ 7,417 $ - $ - $ 2,147 $ - $ 35,585 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Home equity Risk rating Pass $ 1,062 $ 35 $ 122 $ - $ - $ 205 $ 4,738 $ 6,162 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total home equity $ 1,062 $ 35 $ 122 $ - $ - $ 205 $ 4,738 $ 6,162 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial business Risk rating Pass $ 6,441 $ 69,913 $ 27,022 $ 4,324 $ 1,955 $ 1,109 $ 13,593 $ 124,357 Special mention - - - - - - - - Substandard - - 1,946 - 1,242 323 - 3,511 Doubtful - - - - - - - - Total commercial business $ 6,441 $ 69,913 $ 28,967 $ 4,324 $ 3,197 $ 1,433 $ 13,593 $ 127,868 Current period gross charge-offs $ - $ 29 $ 613 $ 97 $ - $ - $ - $ 739 Other consumer Risk rating Pass $ 69 $ - $ - $ - $ - $ - $ - $ 69 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total other consumer $ 69 $ - $ - $ - $ - $ - $ - $ 69 Current period gross charge-offs Total $ - $ - $ - $ - $ - $ - $ - $ - Pass $ 93,492 $ 233,467 $ 129,300 $ 40,556 $ 22,509 $ 65,518 $ 20,327 $ 605,169 Special mention - - - - - - - - Substandard - - 1,946 - 1,293 2,470 - 5,709 Doubtful - - - - - - - - Total $ 93,492 $ 233,467 $ 131,246 $ 40,556 $ 23,802 $ 67,988 $ 20,327 $ 610,878 Current period gross charge-offs $ - $ 29 $ 613 $ 231 $ - $ 2 $ - $ 875 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2022 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 17,663 $ 407 $ - $ - $ 18,070 One-to-four family residential non-owner occupied 39,315 - - - 39,315 Multi-family residential 45,201 - 1,708 - 46,909 Commercial real estate 333,406 - 134 - 333,540 Construction 28,938 - - - 28,938 Home equity 4,918 - - - 4,918 Commercial business 153,746 2,908 2,415 - 159,069 Other consumer 2 - - - 2 Total $ 623,189 $ 3,315 $ 4,257 $ - $ 630,761 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2023 December 31, 2022 Non-accrual loans With a Related Allowance Without a Related Allowance Total 90 Days or More Past Due and Accruing Total Non-Performing Total Non-Accrual Loans One-to-four family residential owner occupied $ - $ - $ - $ 401 $ 401 $ - Multi-family residential - - - - - 1,708 Commercial real estate - 51 51 - 51 134 Commercial business - - - - - 97 Total $ - $ 51 $ 51 $ 401 $ 452 $ 1,939 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 With no related allowance recorded: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 129 129 - 130 12 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 134 134 118 136 9 Construction - - - - - Home equity - - - - - Commercial business 97 97 97 102 6 Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 263 263 118 266 21 Construction - - - - - Home equity - - - - - Commercial business 97 97 97 102 6 Other consumer - - - - - Total $ 2,075 $ 2,091 $ 215 $ 2,083 $ 27 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | December 31, 2023 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 credit losses: Beginning balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Impact of ASU 326 - - - - - - - - - Charge-offs - - (2 ) (134 ) - - (739 ) - (875 ) Recoveries - - - - - - - - - Provision (1) 30 (76 ) (29 ) (832 ) 279 28 855 (300 ) (45 ) Ending balance $ 153 $ 219 $ 420 $ 2,784 $ 583 $ 61 $ 2,538 $ - $ 6,758 December 31, 2022 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 $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - (59 ) - (59 ) Recoveries - - - - - - - - - Provision 50 3 202 1,275 185 4 856 (100 ) 2,475 Ending balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 118 $ - $ - $ 97 $ - $ 215 Collectively $ 123 $ 295 $ 451 $ 3,632 $ 304 $ 33 $ 2,325 $ 300 $ 7,463 Loans receivable: Ending balance $ 18,070 $ 39,315 $ 46,909 $ 333,540 $ 28,938 $ 4,918 $ 159,071 $ 630,761 Ending balance evaluated for impairment: Individually $ - $ 7 $ 1,708 $ 263 $ - $ - $ 97 $ 2,075 Collectively $ 18,070 $ 39,308 $ 45,201 $ 333,277 $ 28,938 $ 4,918 $ 158,974 $ 628,686 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 30-89 Days Past Due 90 Days or More Past Due Current Total Loans Receivable One-to-four family residential owner occupied $ 136 $ 401 $ 22,348 $ 22,885 One-to-four family residential non-owner occupied 256 - 40,199 40,455 Multi-family residential 175 - 46,505 46,680 Commercial real estate 3,944 - 327,230 331,174 Construction - - 35,585 35,585 Home equity 403 - 5,759 6,162 Commercial business - - 127,868 127,868 Other consumer - - 69 69 Total $ 4,914 $ 401 $ 605,562 $ 610,878 December 31, 2022 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 $ 407 $ - $ 407 $ 17,663 $ 18,070 $ - One-to-four family residential non-owner occupied 23 - 23 39,292 39,315 - Multi-family residential - 1,708 1,708 45,201 46,909 - Commercial real estate 2,895 134 3,029 330,511 333,540 - Construction 2,062 - 2,062 26,876 28,938 - Home equity 39 - 39 4,879 4,918 - Commercial business 10 97 107 158,962 159,069 51 Other consumer - - - 2 2 - Total $ 5,436 $ 1,939 $ 7,375 $ 623,386 $ 630,761 $ 51 |
Note 8 - Premises and Equipme_2
Note 8 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 Land and land improvements $ 292 $ 292 Buildings 1,581 1,619 Leasehold improvements 699 649 Furniture, fixtures and equipment 3,568 2,892 6,140 5,452 Accumulated depreciation (3,207 ) (2,677 ) Premises and equipment, net $ 2,933 $ 2,775 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 49 2025 49 2026 27 Total $ 125 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | 2023 2022 Non-interest bearing checking accounts $ 92,216 $ 88,728 Interest bearing checking accounts 104,274 - Savings accounts 841 1,597 Money market accounts 218,525 260,972 Certificate of deposit accounts 215,843 197,951 Total $ 631,699 $ 549,248 |
Certificate of Deposit by Maturity [Table Text Block] | Years ending December 31: 2024 $ 113,732 2025 36,393 2026 12,156 2027 23,850 2028 29,712 Total $ 215,843 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | FHLB Short-Term Borrowings FRB Short-Term Borrowings At or For the Year At or For the Year Ended December 31, Ended December 31, 2023 2022 2023 2022 Average balance outstanding $ 72,566 $ 31,505 $ 711 $ 1,556 Maximum amount outstanding at any month-end during the period 116,200 93,200 7,000 7,000 Balance outstanding at end of period - 93,200 - 7,000 Average interest rate during the period 5.38 % 2.34 % 4.78 % 0.97 % Weighted average interest rate at end of period - % 4.45 % - % 4.45 % Other Short-Term Borrowings At or For the Year Ended December 31, 2023 2022 Average balance outstanding $ 9,291 $ 1,601 Maximum amount outstanding at any month-end during the period 14,508 5,489 Balance outstanding at end of period 5,549 5,489 Average interest rate during the period 8.40 % 6.68 % Weighted average interest rate at end of period 8.46 % 7.11 % |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 December 31, 2022 Fixed rate borrowings maturing: Amount Weighted Interest Amount Weighted Interest 2023 $ - - % $ 57,000 2.22 % 2024 21,167 4.25 6,167 2.05 2025 7,855 3.40 2,855 1.25 Total FHLB long-term debt $ 29,022 4.02 % $ 66,022 2.16 % |
Note 12 - Subordinated Debt (Ta
Note 12 - Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal Unamortized Debt Issuance Costs Net 6.5 December 31, 2028 $ 8,000 $ - $ 8,000 8.5 March 15, 2025 $ 12,000 $ 37 $ 11,963 8.5 March 15, 2025 $ 2,000 $ 6 $ 1,994 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Federal: Current $ 128 $ 2,263 Deferred 351 (221 ) Total federal 479 2,042 State, current 749 1,012 Total $ 1,228 $ 3,054 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Amount Rate Amount Rate Federal income tax at statutory rate $ 682 21.0 % $ 2,292 21.0 % State tax, net of federal benefit 592 18.2 800 7.4 Stock compensation expense (28 ) (0.9 ) (22 ) (0.2 ) Other (18 ) (0.5 ) (16 ) (0.2 ) Total $ 1,228 37.8 % $ 3,054 28.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred tax assets: Allowance for credit losses $ 1,419 $ 1,612 Deferred loan fees 162 256 Stock-based compensation 11 7 Unrealized loss on investment securities available for sale 3 6 Interest on non-accrual loans 1 35 Total deferred tax assets 1,596 1,916 Deferred tax liabilities: Bank premises and equipment (249 ) (219 ) Intangible (28 ) (24 ) Total deferred tax liabilities (277 ) (243 ) Net Deferred Tax Asset $ 1,319 $ 1,673 |
Note 14 - Stock Compensation _2
Note 14 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | 2023 Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 9,122 $ 13.30 Granted 45,000 18.00 Vested (9,122 ) 13.30 Forfeited - - Unvested at the end of the year 45,000 $ 18.00 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2023 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 195,936 $ 11.24 3.5 Granted 132,500 18.00 9.3 Exercised (104,403 ) 9.65 - Forfeited - - - Outstanding at the end of the period 224,033 $ 15.98 8.6 Exercisable at the end of the period 91,533 $ 13.30 4.4 |
Note 16 - Financial Instrumen_2
Note 16 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Financial Instrument Commitments [Table Text Block] | 2023 2022 Commitments to originate loans $ 30,346 $ 36,087 Unfunded commitments under lines of credit 54,163 49,881 Standby letters of credit 455 2,601 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating Weighted average remaining term (years) 11.9 Weighted average discount rate 3.36 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Undiscounted cash flows due (In thousands): Operating 2024 $ 473 2025 481 2026 489 2027 443 2028 431 2029 and thereafter 3,059 Total undiscounted cash flows 5,376 Discount on cash flows (964 ) Total lease liabilities $ 4,412 |
Note 18 - Regulatory Matters (T
Note 18 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023: Total capital (to risk-weighted assets) $ 75,800 12.30 % $ ≥49,285 ≥8.00 % $ ≥61,606 ≥10.00 % Tier 1 capital (to risk-weighted assets) 68,813 11.17 ≥36,964 ≥6.00 ≥49,285 ≥8.00 Common Equity Tier 1 capital (to risk-weighted assets) 68,813 11.17 ≥27,723 ≥4.50 ≥40,044 ≥6.50 Tier 1 capital (to average assets) 68,813 9.11 ≥30,205 ≥4.00 ≥37,756 ≥5.00 Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total capital (to risk-weighted assets) $ 60,820 8.49 % $ ≥ 57,313 ≥ 8.00 % $ ≥ 71,642 ≥ 0.00 % Tier 1 capital (to risk-weighted assets) 53,115 7.41 ≥ 42,985 ≥ 6.00 ≥ 57,313 ≥ 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 53,115 7.41 ≥ 32,239 ≥ 4.50 ≥ 46,567 ≥ 6.50 Tier 1 capital (to average assets) 53,115 7.07 ≥ 30,032 ≥ 4.00 ≥ 37,540 ≥ 5.00 |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2023 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 Government National Mortgage Association mortgage-backed securities $ 2,268 $ - $ 2,268 $ - Federal National Mortgage Association mortgage- backed securities 73 - 73 - Total investment securities available for sale $ 2,341 $ - $ 2,341 $ - Total recurring fair value measurements $ 2,341 $ - $ 2,341 $ - December 31, 2022 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 Government National Mortgage Association mortgage-backed securities $ 2,871 $ - $ 2,871 $ - Federal National Mortgage Association mortgage- backed securities 99 - 99 - Total investment securities available for sale $ 2,970 $ - $ 2,970 $ - Total recurring fair value measurements $ 2,970 $ - $ 2,970 $ - Nonrecurring fair value measurements Impaired loans $ 1,860 $ - $ - $ 1,860 Total nonrecurring fair value measurements $ 1,860 $ - $ - $ 1,860 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2022 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,860 Appraisal of collateral (1) Appraisal adjustments (2) 10% (10%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2023 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 $ 1,912 $ 1,981 $ - $ - $ 1,981 Loans held for sale 60,380 62,072 - 62,072 - Loans receivable, net 603,349 584,842 - - 584,842 Financial Liabilities Deposits 631,699 636,946 415,855 - 221,091 FHLB long-term borrowings 29,022 29,001 - - 29,001 Subordinated debt 21,957 20,666 - - 20,666 Fair Value Measurements at December 31, 2022 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 $ 3,833 $ 3,907 $ - $ - $ 3,907 Loans held for sale 133,222 137,253 - 137,253 - Loans receivable, net 621,864 600,186 - - 600,186 Financial Liabilities Deposits 549,248 551,157 351,297 - 199,860 FHLB long-term borrowings 66,022 65,846 - - 65,846 FRB long-term borrowings 7,000 6,981 - - 6,981 Subordinated debt 7,966 7,886 - - 7,886 |
Note 20 - Operating Segments (T
Note 20 - Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of or for the Year Ended December 31, 2023 2022 Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Net Interest Income (Loss) $ 19,394 $ (1,231 ) $ 18,163 $ 24,114 $ (425 ) $ 23,689 Provision for Credit Losses 157 - 157 2,475 - 2,475 Net Interest Income (Loss) after Provision for Credit Losses 19,237 (1,231 ) 18,006 21,639 (425 ) 21,214 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 599 1,739 2,338 757 2,346 3,103 Real estate sales commissions, net 94 - 94 298 - 298 Insurance commissions 663 - 663 593 - 593 Other fees and services charges 510 743 1,253 330 320 650 Net loan servicing income 235 3,483 3,718 13 1,855 1,868 Income from bank-owned life insurance 102 - 102 89 - 89 Net gain on loans held for sale 2,620 4,076 6,696 3,270 9,230 12,500 Gain on the sale of SBA loans 468 - 468 310 - 310 Total Non-Interest Income 5,291 10,041 15,332 5,660 13,751 19,411 Non-Interest Expense Salaries and employee benefits 13,850 7,123 20,973 13,828 6,309 20,137 Directors’ fees and expenses 316 - 316 286 - 286 Occupancy and equipment 1,656 825 2,481 1,274 630 1,904 Data processing 1,051 - 1,051 690 - 690 Professional fees 932 126 1,058 668 80 748 FDIC deposit insurance assessment 867 - 867 658 - 658 Advertising 284 359 643 186 382 568 Amortization of other intangible 49 - 49 49 - 49 Other 1,911 1,091 3,002 1,291 929 2,220 Total Non-Interest Expense 20,916 9,524 30,440 18,930 8,330 27,260 Pretax Segment Profit (Loss) $ 3,612 $ (714 ) $ 2,898 $ 8,369 $ 4,996 $ 13,365 Net (Loss) Income Attributable to Noncontrolling Interest $ (350 ) $ - $ (350 ) $ 2,448 $ - $ 2,448 Segment Assets $ 719,791 $ 34,327 $ 754,118 $ 757,688 $ 34,662 $ 792,350 |
Note 21 - Quaint Oak Bancorp,_2
Note 21 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2023 2022 Assets Cash and cash equivalents $ 1,436 $ 284 Investment in Quaint Oak Bank 67,859 50,966 Premises and equipment, net 1,388 1,432 Other assets - 77 Total Assets $ 70,683 $ 52,759 Liabilities and Stockholders’ Equity Subordinated debt $ 21,957 $ 7,966 Other liabilities 235 - Stockholders’ equity 48,491 44,793 Total Liabilities and Stockholders’ Equity $ 70,683 $ 52,759 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2023 2022 Income Rental income $ 399 $ - Total Income 399 365 Expenses Occupancy and equipment expense 115 122 Interest on subordinated debt 1,449 520 Other expenses 556 158 Total Expenses 2,120 800 Net Income Before Income Taxes (1,721 ) (435 ) Equity in Undistributed Net Income of Subsidiary 3,380 8,207 Income Tax Benefit 361 91 Net Income $ 2,020 $ 7,863 Comprehensive Income $ 2,034 $ 7,816 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2023 2022 Operating Activities Net income $ 2,020 $ 7,863 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Undistributed net income in subsidiary (3,380 ) (8,207 ) Depreciation expense 50 53 Amortization of subordinated debt issuance costs 249 34 Stock-based compensation expense 225 511 Decrease (increase) in other assets 313 (62 ) Net cash (used in) provided by operating activities (523 ) 192 Investing Activities Investment in Quaint Oak Bank (13,500 ) - Purchase of property and equipment (6 ) (12 ) Net cash used in investing activities (13,506 ) (12 ) Financing Activities Dividends paid (1,154 ) (1,018 ) Proceeds from the issuance of Subordinate Debt 13,742 - Proceeds from the reissuance of treasury stock for capital raise - 2,383 Additional Paid-in Capital - (2,250 ) Contribution of shares to ESOP 150 - Proceeds from issuance of unallocated shares from authorized shares 1,645 - Purchase of treasury stock (433 ) (49 ) Proceeds from the reissuance of treasury stock under401(k) plan 289 100 Proceeds from the exercise of stock options 932 262 Net cash provided by (used in) financing activities 15,181 (572 ) Net Increase (Decrease) in Cash and Cash Equivalents 1,152 (392 ) Cash and Cash Equivalents-Beginning of Year 284 676 Cash and Cash Equivalents-End of Year $ 1,436 $ 284 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Wholly-Owned Subsidiaries | 6 |
Oakmont Capital Holdings, LLC [Member] | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 51% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Jan. 04, 2021 USD ($) | Aug. 01, 2016 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |||
Impairment of Federal Home Loan Bank Stock | 0 | 0 | |||
Number of Properties, Other Real Estate | 0 | ||||
Amortization of Mortgage Servicing Rights (MSRs) | $ 62,000 | 58,000 | |||
Number of Share-Based Plans | 3 | ||||
Mortgage Servicing Rights [Member] | |||||
Servicing Asset | $ 382,000 | $ 330,000 | |||
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 | ||||
Oakmont Capital Holdings, LLC [Member] | |||||
Goodwill, Acquired During Period | $ 2,100,000 | ||||
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 | 33% | ||||
Percentage Gains on Loans Sold From Mortgage Loans Held for Sale | 30% | ||||
Percentage of Loans Sold From Equipment Loans Held for Sale | 48% | ||||
Percentage Gains on Loans Sold From Equipment Loans Held for Sale | 45% |
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, 2023 | Dec. 31, 2022 | |
Net Income | $ 2,020,000 | $ 7,863,000 |
Weighted average shares outstanding – basic (in shares) | 2,254,444 | 2,042,740 |
Effect of dilutive common stock equivalents (in shares) | 20,590 | 110,149 |
Adjusted weighted average shares outstanding – diluted (in shares) | 2,275,034 | 2,152,889 |
Basic earnings per share (in dollars per share) | $ 0.9 | $ 3.85 |
Diluted earnings per share (in dollars per share) | $ 0.89 | $ 3.65 |
Note 4 - Accumulated Other Co_3
Note 4 - Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Balance beginning of the year | $ 44,793 | ||
Total other comprehensive income (loss) | 14 | $ (47) | |
Balance end of the year | 48,491 | 44,793 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance beginning of the year | [1] | (24) | 23 |
Other comprehensive income (loss) before reclassifications | [1] | 14 | (47) |
Amount reclassified from accumulated other comprehensive income (loss) | [1] | 0 | 0 |
Total other comprehensive income (loss) | [1] | 14 | (47) |
Balance end of the year | [1] | $ (10) | $ (24) |
[1]All amounts are net of tax. 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, 2023 | Dec. 31, 2022 |
Due in one year or less | $ 1,000 | $ 2,541 |
Due after one year through five years | 912 | 1,292 |
Total | $ 1,912 | $ 3,833 |
Note 6 - Investment Securitie_3
Note 6 - Investment Securities Available for Sale (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 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, 2023 | Dec. 31, 2022 |
Amortized cost | $ 2,354 | $ 3,000 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (13) | (31) |
Fair value | 2,341 | 2,970 |
Government National Mortgage Association (GNMA) [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 2,281 | 2,902 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (13) | (31) |
Fair value | 2,268 | 2,871 |
Federal National Mortgage Association (FNMA) [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 73 | 98 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 73 | $ 99 |
Note 6 - Investment Securitie_5
Note 6 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due after ten years, amortized cost | $ 2,354 | |
Due after ten years, fair value | 2,341 | |
Total, amortized cost | 2,354 | $ 3,000 |
Total, fair value | $ 2,341 | $ 2,970 |
Note 6 - Investment Securitie_6
Note 6 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) - Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] - Government National Mortgage Association (GNMA) [Member] $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number of securities | 11 | 11,000 |
Fair value, less than twelve months | $ 2,268 | $ 2,871 |
Gross unrealized losses, less than twelve months | (13) | (31) |
Fair value, twelve months or greater | 0 | |
Gross unrealized losses, twelve months or greater | 0 | |
Fair value | 2,268 | 2,871 |
Gross unrealized losses | $ (13) | $ (31) |
Note 7 - Loans Receivable, Ne_3
Note 7 - Loans Receivable, Net and Allowance for Credit Losses (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Troubled Debt Restructuring, Number of Contracts | 0 | 2 |
Financing Receivable, Modified, Accumulated | $ 136,000 | |
Financing Receivable, Modified, Commitment to Lend | 0 | |
Provision for Loan, Lease, and Other Losses | $ 157,000 | 2,475,000 |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 202,000 | 0 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 610,878,000 | 630,761,000 |
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 |
Financing Receivable, Nonaccrual, Interest Income, Foregone | 9,000 | 167,000 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 452,000 | $ 2,000,000 |
Note 7 - Loans Receivable, Ne_4
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 610,878 | $ 630,761 | ||
Deferred loan fees and costs | (771) | (1,219) | ||
Allowance for credit losses | (6,758) | (7,678) | $ (5,262) | |
Net Loans | 603,349 | 621,864 | ||
Real Estate Portfolio Segment [Member] | ||||
Loans | 482,941 | 471,690 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||
Loans | 22,885 | 18,070 | ||
Allowance for credit losses | (153) | (123) | (73) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||
Loans | 40,455 | 39,315 | ||
Allowance for credit losses | (219) | (295) | (292) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||
Loans | 63,340 | 57,385 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||
Loans | 46,680 | 46,909 | ||
Allowance for credit losses | (420) | (451) | (249) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||
Loans | 331,174 | 333,540 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans | 35,585 | 28,938 | ||
Allowance for credit losses | (583) | (304) | (119) | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Loans | 6,162 | 4,918 | ||
Allowance for credit losses | (61) | (33) | $ (29) | |
Commercial Portfolio Segment [Member] | ||||
Loans | [1] | 127,868 | 159,069 | |
Consumer Portfolio Segment [Member] | ||||
Loans | $ 69 | $ 2 | ||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 7 - Loans Receivable, Ne_5
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Internal Risk Categories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 93,492 | |
Financing Receivable, Year Two | 233,467 | |
Financing Receivable, Year Three | 131,246 | |
Financing Receivable, Year Four | 40,556 | |
Financing Receivable, Year Five | 23,802 | |
Financing Receivable, Prior | 67,988 | |
Financing Receivable, Revolving | 20,327 | |
Financing Receivable, Total | 610,878 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 29 | |
Current period gross charge-offs, Year Three | 613 | |
Current period gross charge-offs, Year Four | 231 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 2 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 875 | $ 59 |
Current period gross charge-offs | 613 | |
Pass [Member] | ||
Financing Receivable, Year One | 93,492 | |
Financing Receivable, Year Two | 233,467 | |
Financing Receivable, Year Three | 129,300 | |
Financing Receivable, Year Four | 40,556 | |
Financing Receivable, Year Five | 22,509 | |
Financing Receivable, Prior | 65,518 | |
Financing Receivable, Revolving | 20,327 | |
Financing Receivable, Total | 605,169 | |
Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 1,946 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 1,293 | |
Financing Receivable, Prior | 2,470 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 5,709 | |
Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Financing Receivable, Year One | 6,044 | |
Financing Receivable, Year Two | 8,574 | |
Financing Receivable, Year Three | 3,840 | |
Financing Receivable, Year Four | 1,850 | |
Financing Receivable, Year Five | 571 | |
Financing Receivable, Prior | 2,006 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 22,885 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 0 | |
Current period gross charge-offs | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 6,044 | |
Financing Receivable, Year Two | 8,574 | |
Financing Receivable, Year Three | 3,840 | |
Financing Receivable, Year Four | 1,850 | |
Financing Receivable, Year Five | 571 | |
Financing Receivable, Prior | 2,006 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 22,885 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Financing Receivable, Year One | 2,195 | |
Financing Receivable, Year Two | 7,153 | |
Financing Receivable, Year Three | 12,362 | |
Financing Receivable, Year Four | 3,268 | |
Financing Receivable, Year Five | 1,026 | |
Financing Receivable, Prior | 14,451 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 40,455 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 0 | |
Current period gross charge-offs | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 2,195 | |
Financing Receivable, Year Two | 7,153 | |
Financing Receivable, Year Three | 12,362 | |
Financing Receivable, Year Four | 3,268 | |
Financing Receivable, Year Five | 1,026 | |
Financing Receivable, Prior | 14,451 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 40,455 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Financing Receivable, Year One | 1,566 | |
Financing Receivable, Year Two | 15,542 | |
Financing Receivable, Year Three | 13,853 | |
Financing Receivable, Year Four | 4,483 | |
Financing Receivable, Year Five | 2,386 | |
Financing Receivable, Prior | 8,850 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 46,680 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 2 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 2 | |
Current period gross charge-offs | 0 | |
Residential Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 1,566 | |
Financing Receivable, Year Two | 15,542 | |
Financing Receivable, Year Three | 13,853 | |
Financing Receivable, Year Four | 4,483 | |
Financing Receivable, Year Five | 2,386 | |
Financing Receivable, Prior | 8,850 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 46,680 | |
Residential Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Residential Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Current period gross charge-offs, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Year One | 1,062 | |
Financing Receivable, Year Two | 35 | |
Financing Receivable, Year Three | 122 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 205 | |
Financing Receivable, Revolving | 4,738 | |
Financing Receivable, Total | 6,162 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 0 | 0 |
Current period gross charge-offs | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Year One | 1,062 | |
Financing Receivable, Year Two | 35 | |
Financing Receivable, Year Three | 122 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 205 | |
Financing Receivable, Revolving | 4,738 | |
Financing Receivable, Total | 6,162 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Current period gross charge-offs, Total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Current period gross charge-offs, Total | 2 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Year One | 61,338 | |
Financing Receivable, Year Two | 121,006 | |
Financing Receivable, Year Three | 64,684 | |
Financing Receivable, Year Four | 26,631 | |
Financing Receivable, Year Five | 16,622 | |
Financing Receivable, Prior | 38,897 | |
Financing Receivable, Revolving | 1,996 | |
Financing Receivable, Total | 331,174 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 134 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 134 | |
Current period gross charge-offs | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 61,338 | |
Financing Receivable, Year Two | 121,006 | |
Financing Receivable, Year Three | 64,684 | |
Financing Receivable, Year Four | 26,631 | |
Financing Receivable, Year Five | 16,571 | |
Financing Receivable, Prior | 38,897 | |
Financing Receivable, Revolving | 1,996 | |
Financing Receivable, Total | 331,123 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 51 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 51 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Year One | 14,777 | |
Financing Receivable, Year Two | 11,244 | |
Financing Receivable, Year Three | 7,417 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 2,147 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 35,585 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 0 | $ 0 |
Current period gross charge-offs | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 14,777 | |
Financing Receivable, Year Two | 11,244 | |
Financing Receivable, Year Three | 7,417 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 33,438 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 2,147 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 2,147 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Year One | 6,441 | |
Financing Receivable, Year Two | 69,913 | |
Financing Receivable, Year Three | 28,967 | |
Financing Receivable, Year Four | 4,324 | |
Financing Receivable, Year Five | 3,197 | |
Financing Receivable, Prior | 1,433 | |
Financing Receivable, Revolving | 13,593 | |
Financing Receivable, Total | 127,868 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 29 | |
Current period gross charge-offs, Year Three | 613 | |
Current period gross charge-offs, Year Four | 97 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 739 | |
Current period gross charge-offs | 613 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Pass [Member] | ||
Financing Receivable, Year One | 6,441 | |
Financing Receivable, Year Two | 69,913 | |
Financing Receivable, Year Three | 27,022 | |
Financing Receivable, Year Four | 4,324 | |
Financing Receivable, Year Five | 1,955 | |
Financing Receivable, Prior | 1,109 | |
Financing Receivable, Revolving | 13,593 | |
Financing Receivable, Total | 124,357 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 1,946 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 1,242 | |
Financing Receivable, Prior | 323 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 3,511 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Consumer Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Year One | 69 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 69 | |
Current period gross charge-offs, Year One | 0 | |
Current period gross charge-offs, Year Two | 0 | |
Current period gross charge-offs, Year Three | 0 | |
Current period gross charge-offs, Year Four | 0 | |
Current period gross charge-offs, Year Five | 0 | |
Current period gross charge-offs, Prior | 0 | |
Current period gross charge-offs, Revolving | 0 | |
Current period gross charge-offs, Total | 0 | |
Current period gross charge-offs | 0 | |
Consumer Portfolio Segment [Member] | Commercial Loan [Member] | Pass [Member] | ||
Financing Receivable, Year One | 69 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 69 | |
Consumer Portfolio Segment [Member] | Commercial Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Consumer Portfolio Segment [Member] | Commercial Loan [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Consumer Portfolio Segment [Member] | Commercial Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | $ 0 |
Note 7 - Loans Receivable, Ne_6
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 610,878 | $ 630,761 | |
Pass [Member] | |||
Loans | 623,189 | ||
Special Mention [Member] | |||
Loans | 3,315 | ||
Substandard [Member] | |||
Loans | 4,257 | ||
Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | |||
Loans | 482,941 | 471,690 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Loans | 22,885 | 18,070 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | |||
Loans | 17,663 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | |||
Loans | 407 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Loans | 40,455 | 39,315 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | |||
Loans | 39,315 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Loans | 46,680 | 46,909 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | |||
Loans | 45,201 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | |||
Loans | 1,708 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Loans | 331,174 | 333,540 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | |||
Loans | 333,406 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Loans | 134 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 35,585 | 28,938 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Loans | 28,938 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | 6,162 | 4,918 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Loans | 4,918 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans | [1] | 127,868 | 159,069 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans | 153,746 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 2,908 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 2,415 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | |||
Loans | $ 69 | 2 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loans | 2 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | $ 0 | ||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 7 - Loans Receivable, Ne_7
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual, With Allowance | $ 0 | |
Financing Receivable, Nonaccrual, No Allowance | 51 | |
Financing Receivable, Nonaccrual | 51 | $ 1,939 |
Loans > 90 days and accruing | 401 | 51 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual | 452 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 401 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual | 401 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 1,708 |
Loans > 90 days and accruing | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 51 | |
Financing Receivable, Nonaccrual | 51 | 134 |
Loans > 90 days and accruing | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual | 51 | |
Commercial Portfolio Segment [Member] | ||
Loans > 90 days and accruing | 51 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | $ 97 |
Loans > 90 days and accruing | 0 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual | $ 0 |
Note 7 - Loans Receivable, Ne_8
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Impaired Loans by Loan Portfolio Class (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related allowance | $ 215 |
Recorded investment | 2,075 |
Unpaid principal balance | 2,091 |
Average recorded investment | 2,083 |
Interest income recognized | 27 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |
Recorded investment, with no related allowance recorded | 0 |
Unpaid principal balance, with no related allowance recorded | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment | 0 |
Unpaid principal balance | 0 |
Average recorded investment | 0 |
Interest income recognized | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |
Recorded investment, with no related allowance recorded | 7 |
Unpaid principal balance, with no related allowance recorded | 9 |
Average recorded investment, with no related allowance recorded | 7 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment | 7 |
Unpaid principal balance | 9 |
Average recorded investment | 7 |
Interest income recognized | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |
Recorded investment, with no related allowance recorded | 1,708 |
Unpaid principal balance, with no related allowance recorded | 1,722 |
Average recorded investment, with no related allowance recorded | 1,708 |
Recorded investment | 1,708 |
Unpaid principal balance | 1,722 |
Average recorded investment | 1,708 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |
Recorded investment, with no related allowance recorded | 129 |
Unpaid principal balance, with no related allowance recorded | 129 |
Average recorded investment, with no related allowance recorded | 130 |
Interest income recognized, with no related allowance recorded | 12 |
Recorded investment, with an allowance recorded | 134 |
Unpaid principal balance, with an allowance recorded | 134 |
Related allowance | 118 |
Average recorded investment, with an allowance recorded | 136 |
Interest income recognized, with an allowance recorded | 9 |
Recorded investment | 263 |
Unpaid principal balance | 263 |
Average recorded investment | 266 |
Interest income recognized | 21 |
Commercial Portfolio Segment [Member] | |
Average recorded investment, with no related allowance recorded | 0 |
Recorded investment, with an allowance recorded | 97 |
Unpaid principal balance, with an allowance recorded | 97 |
Related allowance | 97 |
Average recorded investment, with an allowance recorded | 102 |
Interest income recognized, with an allowance recorded | 6 |
Recorded investment | 97 |
Unpaid principal balance | 97 |
Average recorded investment | 102 |
Interest income recognized | $ 6 |
Note 7 - Loans Receivable, Ne_9
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Allowance for loan losses, beginning balance | $ 7,678 | $ 5,262 | |
Charge-offs | (875) | (59) | |
Recoveries | 0 | 0 | |
Provision(1) | (45) | [1] | 2,475 |
Allowance for loan losses, ending balance | 6,758 | 7,678 | |
Charge-offs | (875) | (59) | |
Individually | 215 | ||
Collectively | 7,463 | ||
Ending balance | 610,878 | 630,761 | |
Individually | 2,075 | ||
Collectively | 628,686 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Real Estate Portfolio Segment [Member] | |||
Ending balance | 482,941 | 471,690 | |
Commercial and Consumer Portfolio Segments [Member] | |||
Allowance for loan losses, beginning balance | 2,422 | 1,625 | |
Charge-offs | (739) | (59) | |
Recoveries | 0 | 0 | |
Provision(1) | 855 | [1] | 856 |
Allowance for loan losses, ending balance | 2,538 | 2,422 | |
Charge-offs | (739) | (59) | |
Individually | 97 | ||
Collectively | 2,325 | ||
Ending balance | 159,071 | ||
Individually | 97 | ||
Collectively | 158,974 | ||
Commercial and Consumer Portfolio Segments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses, beginning balance | 300 | 400 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | (300) | [1] | (100) |
Allowance for loan losses, ending balance | 0 | 300 | |
Charge-offs | 0 | 0 | |
Individually | 0 | ||
Collectively | 300 | ||
Ending balance | |||
Individually | |||
Collectively | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
One-to-four Family Residential Owner Occupied Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 123 | 73 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | 30 | [1] | 50 |
Allowance for loan losses, ending balance | 153 | 123 | |
Charge-offs | 0 | 0 | |
Individually | 0 | ||
Collectively | 123 | ||
Ending balance | 22,885 | 18,070 | |
Individually | 0 | ||
Collectively | 18,070 | ||
One-to-four Family Residential Owner Occupied Loans [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
One-to-four Family Residential Non-owner Occupied Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 295 | 292 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | (76) | [1] | 3 |
Allowance for loan losses, ending balance | 219 | 295 | |
Charge-offs | 0 | 0 | |
Individually | 0 | ||
Collectively | 295 | ||
Ending balance | 40,455 | 39,315 | |
Individually | 7 | ||
Collectively | 39,308 | ||
One-to-four Family Residential Non-owner Occupied Loans [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Multi-family (Five Or More) Residential Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 451 | 249 | |
Charge-offs | (2) | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | (29) | [1] | 202 |
Allowance for loan losses, ending balance | 420 | 451 | |
Charge-offs | (2) | 0 | |
Individually | 0 | ||
Collectively | 451 | ||
Ending balance | 46,680 | 46,909 | |
Individually | 1,708 | ||
Collectively | 45,201 | ||
Multi-family (Five Or More) Residential Loans [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Commercial Real Estate and Lines of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 3,750 | 2,475 | |
Charge-offs | (134) | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | (832) | [1] | 1,275 |
Allowance for loan losses, ending balance | 2,784 | 3,750 | |
Charge-offs | (134) | 0 | |
Individually | 118 | ||
Collectively | 3,632 | ||
Ending balance | 333,540 | ||
Individually | 263 | ||
Collectively | 333,277 | ||
Commercial Real Estate and Lines of Credit [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 304 | 119 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | 279 | [1] | 185 |
Allowance for loan losses, ending balance | 583 | 304 | |
Charge-offs | 0 | 0 | |
Individually | 0 | ||
Collectively | 304 | ||
Ending balance | 35,585 | 28,938 | |
Individually | 0 | ||
Collectively | 28,938 | ||
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | 0 | ||
Allowance for loan losses, ending balance | 0 | ||
Home Equity Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 33 | 29 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision(1) | 28 | [1] | 4 |
Allowance for loan losses, ending balance | 61 | 33 | |
Charge-offs | 0 | 0 | |
Individually | 0 | ||
Collectively | 33 | ||
Ending balance | 6,162 | 4,918 | |
Individually | 0 | ||
Collectively | 4,918 | ||
Home Equity Loan [Member] | Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses, beginning balance | $ 0 | ||
Allowance for loan losses, ending balance | $ 0 | ||
[1]Provision included in the table only includes the portion related to loans receivable. For the year ended December 31, 2023, the total recovery of credit losses of $157,000 includes a recovery of $202,000 for off balance sheet credit exposure, which is reflected in other liabilities on the Consolidated Balance Sheet. |
Note 7 - Loans Receivable, N_10
Note 7 - Loans Receivable, Net and Allowance for Credit Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 610,878 | $ 630,761 | |
Loans > 90 days and accruing | 401 | 51 | |
The 30 to 89 Days Delinquent [Member] | |||
Loans | 4,914 | 5,436 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 401 | 1,939 | |
Financial Asset, Past Due [Member] | |||
Loans | 605,562 | 7,375 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 610,878 | 623,386 | |
Real Estate Portfolio Segment [Member] | |||
Loans | 482,941 | 471,690 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Loans | 22,885 | 18,070 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 136 | 407 | |
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 | 401 | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 22,348 | 407 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 22,885 | 17,663 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Loans | 40,455 | 39,315 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 256 | 23 | |
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 | 0 | 0 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 40,199 | 23 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 40,455 | 39,292 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Loans | 46,680 | 46,909 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 175 | 0 | |
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 | 0 | 1,708 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 46,505 | 1,708 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 46,680 | 45,201 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Loans | 331,174 | 333,540 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 3,944 | 2,895 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 134 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 327,230 | 3,029 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 331,174 | 330,511 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 35,585 | 28,938 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | 2,062 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 35,585 | 2,062 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 35,585 | 26,876 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | 6,162 | 4,918 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 403 | 39 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans | 5,759 | 39 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 6,162 | 4,879 | |
Commercial Portfolio Segment [Member] | |||
Loans | [1] | 127,868 | 159,069 |
Loans > 90 days and accruing | 51 | ||
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | 10 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 97 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 127,868 | 107 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 127,868 | 158,962 | |
Consumer Portfolio Segment [Member] | |||
Loans | 69 | 2 | |
Loans > 90 days and accruing | 0 | ||
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 69 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 69 | $ 2 | |
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 8 - Premises and Equipme_3
Note 8 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 530,000 | $ 437,000 |
Note 8 - Premises and Equipme_4
Note 8 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Premises and equipment | $ 6,140 | $ 5,452 |
Accumulated depreciation | (3,207) | (2,677) |
Premises and equipment, net | 2,933 | 2,775 |
Land and Land Improvements [Member] | ||
Premises and equipment | 292 | 292 |
Building [Member] | ||
Premises and equipment | 1,581 | 1,619 |
Leasehold Improvements [Member] | ||
Premises and equipment | 699 | 649 |
Furniture and Fixtures [Member] | ||
Premises and equipment | $ 3,568 | $ 2,892 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | 12 Months Ended | |||
Jan. 04, 2021 | Aug. 01, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net | $ 125,000 | $ 174,000 | ||
Amortization of Intangible Assets | 49,000 | $ 49,000 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets, Net | 125,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 360,000 | |||
Oakmont Capital Holdings, LLC [Member] | ||||
Goodwill, Acquired During Period | $ 2,100,000 | |||
Signature Insurance Services, LLC [Member] | ||||
Goodwill, Acquired During Period | $ 515,000 | |||
Payments to Acquire Businesses, Gross | 1,000,000 | |||
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, 2023 | Dec. 31, 2022 |
2024 | $ 49 | |
2025 | 49 | |
2026 | 27 | |
Total | $ 125 | $ 174 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 40.8 | $ 30.4 |
Note 10 - Deposits - Summary of
Note 10 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-interest bearing checking accounts | $ 92,216 | $ 88,728 |
Interest bearing checking accounts | 104,274 | 0 |
Money market accounts | 218,525 | 260,972 |
Certificate of deposit accounts | 215,843 | 197,951 |
Total | 631,699 | 549,248 |
Savings Accounts [Member] | ||
Interest-bearing deposits, amount | $ 841 | $ 1,597 |
Note 10 - Deposits - Certificat
Note 10 - Deposits - Certificate of Deposit by Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 113,732 |
2025 | 36,393 |
2026 | 12,156 |
2027 | 23,850 |
2028 | 29,712 |
Total | $ 215,843 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Borrowings | $ 5,500 | |
Oakmont Capital Holdings, LLC Lines of Credit to Fund Equipment Loans [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |
Line of Credit [Member] | Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 316,800 | |
Long-Term Line of Credit | 29,000 | $ 159,200 |
Line of Credit [Member] | Federal Reserve Bank of Philadelphia [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 12,000 | |
Long-Term Line of Credit | $ 0 | $ 7,000 |
Note 11 - Borrowings - Federal
Note 11 - Borrowings - Federal Home Loan Bank Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Average balance outstanding | $ 72,566 | $ 31,505 |
Maximum amount outstanding at any month-end during the period | 116,200 | 93,200 |
Federal Home Loan Bank short-term borrowings | $ 0 | $ 93,200 |
Average interest rate during the period | 5.38% | 2.34% |
Weighted average interest rate at end of period | 0% | 4.45% |
Federal Reserve Bank Advances [Member] | ||
Short-term debt, average balance outstanding | $ 711 | $ 1,556 |
Short-term debt, maximum amount outstanding at any month- end during the period | 7,000 | 7,000 |
Short-term debt, balance outstanding at end of period, balance outstanding at end of period | $ 0 | $ 7,000 |
Short-term debt, average interest rate during the period | 4.78% | 0.97% |
Short-term debt, weighted average interest rate at end of period | 0% | 4.45% |
Line of Credit [Member] | ||
Short-term debt, average balance outstanding | $ 9,291 | $ 1,601 |
Short-term debt, maximum amount outstanding at any month- end during the period | 14,508 | 5,489 |
Short-term debt, balance outstanding at end of period, balance outstanding at end of period | $ 5,549 | $ 5,489 |
Short-term debt, average interest rate during the period | 8.40% | 6.68% |
Short-term debt, weighted average interest rate at end of period | 8.46% | 7.11% |
Note 11 - Borrowings - Federa_2
Note 11 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2023, amount | $ 0 | $ 57,000 |
2023, weighted interest rate | 0% | 2.22% |
2024, amount | $ 21,167 | $ 6,167 |
2024, weighted interest rate | 4.25% | 2.05% |
2025, amount | $ 7,855 | $ 2,855 |
2025, weighted interest rate | 3.40% | 1.25% |
Total FHLB long-term debt, amount | $ 29,022 | $ 66,022 |
Total FHLB long-term debt, weighted interest rate | 4.02% | 2.16% |
Note 12 - Subordinated Debt (De
Note 12 - Subordinated Debt (Details Textual) - Subordinated Debt [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Mar. 16, 2023 | Mar. 02, 2023 | Dec. 27, 2018 |
Debt Instrument, Face Amount | $ 2 | $ 12 | $ 8 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 6.50% |
Note 12 - Subordinated Debt - S
Note 12 - Subordinated Debt - Schedule of Subordinated Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Subordinated Debt Due December 31, 2028 [Member] | |
Principal | $ 8,000 |
Unamortized Debt Issuance Costs | 0 |
Net | 8,000 |
Subordinated Debt Due March 15, 2025 [Member] | |
Principal | 12,000 |
Unamortized Debt Issuance Costs | 37 |
Net | 11,963 |
Subordinated Debt Due March 15, 2025, 2 [Member] | |
Principal | 2,000 |
Unamortized Debt Issuance Costs | 6 |
Net | $ 1,994 |
Note 12 - Subordinated Debt -_2
Note 12 - Subordinated Debt - Schedule of Subordinated Debt (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2023 | |
Subordinated Debt Due December 31, 2028 [Member] | |
Interest rate | 6.50% |
Maturity Date | Dec. 31, 2028 |
Subordinated Debt Due March 15, 2025 [Member] | |
Interest rate | 8.50% |
Maturity Date | Mar. 15, 2025 |
Subordinated Debt Due March 15, 2025, 2 [Member] | |
Interest rate | 8.50% |
Maturity Date | Mar. 15, 2025 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets, Net | $ 1,319 | $ 1,673 |
Deferred Tax Assets, Valuation Allowance | $ 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, 2023 | Dec. 31, 2022 | |
Current | $ 128 | $ 2,263 |
Deferred | 351 | (221) |
Total federal | 479 | 2,042 |
State, current | 749 | 1,012 |
Total | $ 1,228 | $ 3,054 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal income tax at statutory rate, amount | $ 682 | $ 2,292 |
Federal income tax at statutory rate, percentage | 21% | 21% |
State tax, net of federal benefit, amount | $ 592 | $ 800 |
State tax, net of federal benefit, percentage | 18.20% | 7.40% |
Stock compensation expense, amount | $ (28) | $ (22) |
Stock compensation expense, percentage | (0.90%) | (0.20%) |
Other, amount | $ (18) | $ (16) |
Other, percentage | (0.50%) | (0.20%) |
Total | $ 1,228 | $ 3,054 |
Total, percentage | 37.80% | 28% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 1,419 | $ 1,612 |
Deferred loan fees | 162 | 256 |
Stock-based compensation | 11 | 7 |
Unrealized loss on investment securities available for sale | 3 | 6 |
Interest on non-accrual loans | 1 | 35 |
Total deferred tax assets | 1,596 | 1,916 |
Bank premises and equipment | (249) | (219) |
Intangible | (28) | (24) |
Total deferred tax liabilities | (277) | (243) |
Net Deferred Tax Asset | $ 1,319 | $ 1,673 |
Note 14 - Stock Compensation _3
Note 14 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2023 | May 31, 2018 | May 31, 2013 | Mar. 31, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 150,000 | $ 343,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.26 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.89% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.42% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 6 months | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.35% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 2,100,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 1,900,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | 10 years | |||||
Share-Based Payment Arrangement, Expense, after Tax | $ 70,000 | 44,000 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 5,000 | 2,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 4 months 24 days | ||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 352,000 | ||||||
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 2013 Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
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, Number of Shares Available for Grant (in shares) | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Expense, after Tax | $ 155,000 | $ 124,000 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 33,000 | $ 26,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 709,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 4 months 24 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% | ||||||
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 | ||||||
The 2023 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 175,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 10,500 | ||||||
The 2023 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 43,750 | ||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25% | ||||||
The 2023 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) | 131,250 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 36,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 224,033 | ||||||
The 2018 and 2023 Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 45,000 | ||||||
The 2008 Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
Employee Stock Ownership Plan [Member] | |||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 11,320 | 16,000 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 73,000 | $ 99,000 |
Note 14 - Stock Compensation _4
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] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Unvested at the beginning of the year (in shares) | shares | 9,122 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.3 |
Granted, number of shares (in shares) | shares | 45,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18 |
Vested, number of shares (in shares) | shares | (9,122) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.3 |
Forfeited, number of shares (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Unvested at the end of the year (in shares) | shares | 45,000 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18 |
Note 14 - Stock Compensation _5
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, 2023 | Dec. 31, 2022 | |
Outstanding (in shares) | 195,936 | |
Outstanding, weighted average (in dollars per share) | $ 11.24 | |
Outstanding at end of period, weighted average remaining contractual life (Year) | 8 years 7 months 6 days | 3 years 6 months |
Granted, number of shares (in shares) | 132,500 | |
Granted, weighted average exercise price (in dollars per share) | $ 18 | |
Granted, weighted average remaining contractual life (Year) | 9 years 3 months 18 days | |
Exercised, number of shares (in shares) | (104,403) | |
Exercised, weighted average exercise price (in dollars per share) | $ 9.65 | |
Forfeited, number of shares (in shares) | 0 | |
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding (in shares) | 224,033 | 195,936 |
Outstanding, weighted average (in dollars per share) | $ 15.98 | $ 11.24 |
Exercisable at the end of the period (in shares) | 91,533 | |
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 13.3 | |
Exercisable at end of period, weighted average remaining contractual life (Year) | 4 years 4 months 24 days |
Note 15 - Transactions With E_2
Note 15 - Transactions With Executive Officers and Directors (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable, Related Parties | $ 0 | $ 0 |
Note 16 - Financial Instrumen_3
Note 16 - Financial Instruments With Off-balance Sheet Risk (Details Textual) | Dec. 31, 2023 USD ($) |
Off-Balance-Sheet, Credit Loss, Liability | $ 202,000 |
Note 16 - Financial Instrumen_4
Note 16 - Financial Instruments with Off-balance Sheet Risk - Financial Instrument Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loan Origination Commitments [Member] | ||
Contractual obligations | $ 30,346 | $ 36,087 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Contractual obligations | 54,163 | 49,881 |
Standby Letters of Credit [Member] | ||
Contractual obligations | $ 455 | $ 2,601 |
Note 17 - Leases (Details Textu
Note 17 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Cost | $ 274,000 | $ 184,000 |
Operating Lease, Expense | $ 531,000 | $ 438,000 |
Note 17 - Leases - Lease Inform
Note 17 - Leases - Lease Information (Details) | Dec. 31, 2023 |
Weighted average remaining term (Year) | 11 years 10 months 24 days |
Weighted average discount rate | 3.36% |
Note 17 - Leases - Undiscounted
Note 17 - Leases - Undiscounted Cash Flows Due to Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 473 |
2025 | 481 |
2026 | 489 |
2027 | 443 |
2028 | 431 |
2029 and thereafter | 3,059 |
Total undiscounted cash flows | 5,376 |
Discount on cash flows | (964) |
Other Liabilities [Member] | |
Total lease liabilities | $ 4,412 |
Note 18 - Regulatory Matters (D
Note 18 - Regulatory Matters (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Nov. 02, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 16, 2023 USD ($) | Mar. 02, 2023 USD ($) | Dec. 27, 2018 USD ($) | 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% | 100% | |||||||
Common Equity Tier 1 Capital | $ 13,500 | ||||||||
Payments of Dividends | $ 1,154 | $ 1,018 | |||||||
Retained Earnings (Accumulated Deficit) | 31,741 | 30,875 | |||||||
Quaint Oak Bank [Member] | |||||||||
Payments of Dividends | 0 | 0 | |||||||
Retained Earnings (Accumulated Deficit) | $ 11,600 | $ 11,600 | |||||||
Private Placement [Member] | ItalBank [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 117,125 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 13.87 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,600 | ||||||||
Subordinated Debt [Member] | |||||||||
Debt Instrument, Face Amount | $ 2,000 | $ 12,000 | $ 8,000 |
Note 18 - Regulatory Matters -
Note 18 - Regulatory Matters - Compliance With Regulatory Capital Requirements Under Banking Regulations (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2015 | Dec. 31, 2014 |
Total capital (to risk-weighted assets), actual, amount | $ 75,800 | $ 60,820 | ||
Total capital (to risk-weighted assets), actual, ratio | 0.123 | 0.0849 | ||
Total capital (to risk-weighted assets), for capital adequacy, amount | $ 49,285 | $ 57,313 | ||
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 | $ 61,606 | $ 71,642 | ||
Total capital (to risk-weighted assets), to be well capitalized, ratio | 0.10 | |||
Tier 1 capital (to risk-weighted assets), actual, amount | $ 68,813 | $ 53,115 | ||
Tier 1 capital (to risk-weighted assets), actual, ratio | 0.1117 | 0.0741 | ||
Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 36,964 | $ 42,985 | ||
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 | $ 49,285 | $ 57,313 | ||
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 | $ 68,813 | $ 53,115 | ||
Common Equity Tier 1 capital (to risk-weighted assets), actual, ratio | 0.1117 | 0.0741 | ||
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 27,723 | $ 32,239 | ||
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 | $ 40,044 | $ 46,567 | ||
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 | $ 68,813 | $ 53,115 | ||
Tier 1 capital (to average assets), actual, ratio | 0.0911 | 0.0707 | ||
Tier 1 capital (to average assets), for capital adequacy, amount | $ 30,205 | $ 30,032 | ||
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 | $ 37,756 | $ 37,540 | ||
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, 2023 | Dec. 31, 2022 |
Investment securities available for sale | $ 2,341 | $ 2,970 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale | 2,341 | 2,970 |
Total fair value measurements | 2,341 | 2,970 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Total fair value measurements | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 2,341 | 2,970 |
Total fair value measurements | 2,341 | 2,970 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | 0 | 0 |
Total fair value measurements | 0 | 0 |
Fair Value, Nonrecurring [Member] | ||
Total fair value measurements | 1,860 | |
Impaired loans | 1,860 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total fair value measurements | 0 | |
Impaired loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total fair value measurements | 0 | |
Impaired loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total fair value measurements | 1,860 | |
Impaired loans | 1,860 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Investment securities available for sale | 2,268 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 2,268 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 2,268 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | ||
Investment securities available for sale | 73 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 73 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 73 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | $ 0 | $ 0 |
Note 19 - Fair Value Measurem_4
Note 19 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Information on 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, 2022 USD ($) | |
Impaired loans, fair value | $ 1,860 | |
Impaired Loans [Member] | ||
Unobservable input, range | 0.10 | [1],[2] |
[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, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Investment in interest-earning time deposits | $ 1,912 | $ 3,833 |
Loans held for sale | 60,380 | 133,222 |
Loans receivable, net | 603,349 | 621,864 |
Deposits | 631,699 | 549,248 |
FHLB long-term borrowings | 29,022 | 66,022 |
Subordinated debt | 21,957 | 7,966 |
FRB long-term borrowings | 7,000 | |
Estimate of Fair Value Measurement [Member] | ||
Investment in interest-earning time deposits | 1,981 | 3,907 |
Loans held for sale | 62,072 | 137,253 |
Loans receivable, net | 584,842 | 600,186 |
Deposits | 636,946 | 551,157 |
FHLB long-term borrowings | 29,001 | 65,846 |
Subordinated debt | 20,666 | 7,886 |
FRB long-term borrowings | 6,981 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment in interest-earning time deposits | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Deposits | 415,855 | 351,297 |
FHLB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
FRB long-term borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in interest-earning time deposits | 0 | 0 |
Loans held for sale | 62,072 | 137,253 |
Loans receivable, net | 0 | 0 |
Deposits | 0 | 0 |
FHLB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
FRB long-term borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment in interest-earning time deposits | 1,981 | 3,907 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 584,842 | 600,186 |
Deposits | 221,091 | 199,860 |
FHLB long-term borrowings | 29,001 | 65,846 |
Subordinated debt | $ 20,666 | 7,886 |
FRB long-term borrowings | $ 6,981 |
Note 20 - Operating Segments (D
Note 20 - Operating Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Oakmont Capital Holdings, LLC [Member] | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 51% |
Note 20 - Operating Segments -
Note 20 - Operating Segments - Summary of Financial Information for the Reportable Segments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Net Interest Income (Loss) | $ 18,163,000 | $ 23,689,000 | |
Provision for Loan, Lease, and Other Losses | 157,000 | 2,475,000 | |
Net Interest Income (Loss) after Provision for Credit Losses | 18,006,000 | 21,214,000 | |
Insurance commissions | 663,000 | 593,000 | |
Income from bank-owned life insurance | 102,000 | 89,000 | |
Net gain on loans held for sale | 6,696,000 | 12,500,000 | |
Gain on the sale of SBA loans | 468,000 | 310,000 | |
Total Non-Interest Income | 15,332,000 | 19,411,000 | |
Salaries and employee benefits | 20,973,000 | 20,137,000 | |
Directors’ fees and expenses | 316,000 | 286,000 | |
Occupancy and equipment | 2,481,000 | 1,904,000 | |
Data processing | 1,051,000 | 690,000 | |
Professional fees | 1,058,000 | 748,000 | |
FDIC deposit insurance assessment | 867,000 | 658,000 | |
Advertising | 643,000 | 568,000 | |
Amortization of Intangible Assets | 49,000 | 49,000 | |
Other | 3,002,000 | 2,220,000 | |
Total Non-Interest Expense | 30,440,000 | 27,260,000 | |
Pretax Segment Profit (Loss) | 2,898,000 | 13,365,000 | |
Net (Loss) Income Attributable to Noncontrolling Interest | (350,000) | 2,448,000 | |
Segment Assets | 754,118,000 | 792,350,000 | |
Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | 2,338,000 | 3,103,000 | |
Real Estate Sales Commissions [Member] | |||
Non-interest revenue | 94,000 | 298,000 | |
Other Fees and Services Fees [Member] | |||
Non-interest revenue | 1,253,000 | 650,000 | |
Loan Servicing Fee [Member] | |||
Non-interest revenue | 3,718,000 | 1,868,000 | |
Quaint Oak Bank [Member] | |||
Net Interest Income (Loss) | [1] | 19,394,000 | 24,114,000 |
Provision for Loan, Lease, and Other Losses | 157,000 | 2,475,000 | |
Net Interest Income (Loss) after Provision for Credit Losses | 19,237,000 | 21,639,000 | |
Insurance commissions | [1] | 663,000 | 593,000 |
Income from bank-owned life insurance | [1] | 102,000 | 89,000 |
Net gain on loans held for sale | [1] | 2,620,000 | 3,270,000 |
Gain on the sale of SBA loans | [1] | 468,000 | 310,000 |
Total Non-Interest Income | [1] | 5,291,000 | 5,660,000 |
Salaries and employee benefits | [1] | 13,850,000 | 13,828,000 |
Directors’ fees and expenses | [1] | 316,000 | 286,000 |
Occupancy and equipment | [1] | 1,656,000 | 1,274,000 |
Data processing | [1] | 1,051,000 | 690,000 |
Professional fees | [1] | 932,000 | 668,000 |
FDIC deposit insurance assessment | [1] | 867,000 | 658,000 |
Advertising | [1] | 284,000 | 186,000 |
Amortization of Intangible Assets | [1] | 49,000 | 49,000 |
Other | [1] | 1,911,000 | 1,291,000 |
Total Non-Interest Expense | [1] | 20,916,000 | 18,930,000 |
Pretax Segment Profit (Loss) | [1] | 3,612,000 | 8,369,000 |
Net (Loss) Income Attributable to Noncontrolling Interest | (350,000) | 2,448,000 | |
Segment Assets | [1] | 719,791,000 | 757,688,000 |
Quaint Oak Bank [Member] | Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | 599,000 | 757,000 | |
Quaint Oak Bank [Member] | Real Estate Sales Commissions [Member] | |||
Non-interest revenue | [1] | 94,000 | 298,000 |
Quaint Oak Bank [Member] | Other Fees and Services Fees [Member] | |||
Non-interest revenue | [1] | 510,000 | 330,000 |
Quaint Oak Bank [Member] | Loan Servicing Fee [Member] | |||
Non-interest revenue | 235,000 | 13,000 | |
Quaint Oak Bank, Mortgage [Member] | |||
Net Interest Income (Loss) | (1,231,000) | (425,000) | |
Provision for Loan, Lease, and Other Losses | 0 | 0 | |
Net Interest Income (Loss) after Provision for Credit Losses | (1,231,000) | (425,000) | |
Insurance commissions | 0 | 0 | |
Income from bank-owned life insurance | 0 | 0 | |
Net gain on loans held for sale | 4,076,000 | 9,230,000 | |
Gain on the sale of SBA loans | 0 | 0 | |
Total Non-Interest Income | 10,041,000 | 13,751,000 | |
Salaries and employee benefits | 7,123,000 | 6,309,000 | |
Directors’ fees and expenses | 0 | 0 | |
Occupancy and equipment | 825,000 | 630,000 | |
Data processing | 0 | 0 | |
Professional fees | 126,000 | 80,000 | |
FDIC deposit insurance assessment | 0 | 0 | |
Advertising | 359,000 | 382,000 | |
Amortization of Intangible Assets | 0 | 0 | |
Other | 1,091,000 | 929,000 | |
Total Non-Interest Expense | 9,524,000 | 8,330,000 | |
Pretax Segment Profit (Loss) | (714,000) | 4,996,000 | |
Net (Loss) Income Attributable to Noncontrolling Interest | 0 | 0 | |
Segment Assets | 34,327,000 | 34,662,000 | |
Quaint Oak Bank, Mortgage [Member] | Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | 1,739,000 | 2,346,000 | |
Quaint Oak Bank, Mortgage [Member] | Real Estate Sales Commissions [Member] | |||
Non-interest revenue | 0 | 0 | |
Quaint Oak Bank, Mortgage [Member] | Other Fees and Services Fees [Member] | |||
Non-interest revenue | 743,000 | 320,000 | |
Quaint Oak Bank, Mortgage [Member] | Loan Servicing Fee [Member] | |||
Non-interest revenue | $ 3,483,000 | 1,855,000 | |
Mortgage Banking and Abstract Fees [Member] | |||
Non-interest revenue | $ 3,103,000 | ||
[1]Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Mortgage, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Commercial. |
Note 21 - Quaint Oak Bancorp,_3
Note 21 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 62,127 | $ 3,893 |
Premises and equipment, net | 2,933 | 2,775 |
Other assets | 9,073 | 6,757 |
Total Assets | 754,118 | 792,350 |
Subordinated debt | 21,957 | 7,966 |
Stockholders’ equity | 48,491 | 44,793 |
Total Liabilities and Stockholders’ Equity | 754,118 | 792,350 |
Parent Company [Member] | ||
Cash and cash equivalents | 1,436 | 284 |
Investment in Quaint Oak Bank | 67,859 | 50,966 |
Premises and equipment, net | 1,388 | 1,432 |
Other assets | 0 | 77 |
Total Assets | 70,683 | 52,759 |
Subordinated debt | 21,957 | 7,966 |
Other liabilities | 235 | 0 |
Stockholders’ equity | 48,491 | 44,793 |
Total Liabilities and Stockholders’ Equity | $ 70,683 | $ 52,759 |
Note 21 - Quaint Oak Bancorp,_4
Note 21 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Occupancy and equipment | $ 2,481,000 | $ 1,904,000 |
Interest on subordinated debt | 1,449,000 | 520,000 |
Other | 3,002,000 | 2,220,000 |
Total Expenses | 30,440,000 | 27,260,000 |
Income Tax Benefit | (1,228,000) | (3,054,000) |
Net Income | 2,020,000 | 7,863,000 |
Comprehensive Income | 2,034,000 | 7,816,000 |
Parent Company [Member] | ||
Rental income | 399,000 | 0 |
Total Income | 399,000 | 365,000 |
Occupancy and equipment | 115,000 | 122,000 |
Interest on subordinated debt | 1,449,000 | 520,000 |
Other | 556,000 | 158,000 |
Total Expenses | 2,120,000 | 800,000 |
Net Income Before Income Taxes | (1,721,000) | (435,000) |
Equity in Undistributed Net Income of Subsidiary | 3,380,000 | 8,207,000 |
Income Tax Benefit | 361,000 | 91,000 |
Net Income | 2,020,000 | 7,863,000 |
Comprehensive Income | $ 2,034,000 | $ 7,816,000 |
Note 21 - Quaint Oak Bancorp,_5
Note 21 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 2,020,000 | $ 7,863,000 |
Depreciation expense | 530,000 | 437,000 |
Stock-based compensation expense | 225,000 | 511,000 |
Net cash (used in) provided by operating activities | 73,130,000 | (12,238,000) |
Investing Activities | ||
Net cash used in investing activities | 25,933,000 | (218,007,000) |
Dividends paid | (1,154,000) | (1,018,000) |
Proceeds from the issuance of Subordinate Debt | 13,742,000 | 0 |
Proceeds from the reissuance of treasury stock under 401(k) Plan | 289,000 | 100,000 |
Contribution of shares to ESOP | 150,000 | 0 |
Proceeds from issuance unallocated shares from authorized shares | 1,645,000 | 2,383,000 |
Purchase of treasury stock | (433,000) | (49,000) |
Proceeds from the exercise of stock options | 932,000 | 261,000 |
Net cash provided by (used in) financing activities | (40,829,000) | 223,433,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 58,234,000 | (6,812,000) |
Cash and Cash Equivalents – Beginning of Year | 3,893,000 | 10,705,000 |
Cash and Cash Equivalents – End of Year | 62,127,000 | 3,893,000 |
Parent Company [Member] | ||
Net Income | 2,020,000 | 7,863,000 |
Undistributed net income in subsidiary | (3,380,000) | (8,207,000) |
Depreciation expense | 50,000 | 53,000 |
Amortization of subordinated debt issuance costs | 249,000 | 34,000 |
Stock-based compensation expense | 225,000 | 511,000 |
Decrease (increase) in other assets | 313,000 | |
Net cash (used in) provided by operating activities | (523,000) | 192,000 |
Investing Activities | ||
Investment in Quaint Oak Bank | (13,500,000) | 0 |
Purchase of property and equipment | (6,000) | (12,000) |
Net cash used in investing activities | (13,506,000) | (12,000) |
Dividends paid | (1,154,000) | (1,018,000) |
Proceeds from the issuance of Subordinate Debt | 13,742,000 | 0 |
Additional Paid-in Capital | 0 | (2,250,000) |
Contribution of shares to ESOP | 150,000 | 0 |
Proceeds from issuance unallocated shares from authorized shares | 1,645,000 | 0 |
Purchase of treasury stock | (433,000) | (49,000) |
Proceeds from the exercise of stock options | 932,000 | 262,000 |
Net cash provided by (used in) financing activities | 15,181,000 | (572,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,152,000 | (392,000) |
Cash and Cash Equivalents – Beginning of Year | 284,000 | 676,000 |
Cash and Cash Equivalents – End of Year | 1,436,000 | 284,000 |
Parent Company [Member] | The 401(k) Plan [Member] | ||
Investing Activities | ||
Proceeds from the reissuance of treasury stock under 401(k) Plan | $ 289,000 | 100,000 |
Parent Company [Member] | Stock for Capital Raise [Member] | ||
Investing Activities | ||
Proceeds from the reissuance of treasury stock under 401(k) Plan | $ 2,383,000 |