Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33652 | |
Entity Registrant Name | FIRST FINANCIAL NORTHWEST, INC. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 26-0610707 | |
Entity Address, Address Line One | 201 Wells Avenue South | |
Entity Address, City or Town | Renton | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98057 | |
City Area Code | (425) | |
Local Phone Number | 255-4400 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | FFNW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,692,339 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001401564 | |
Amendment Flag | false |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recent Accounting Pronouncements Adopted in 2021 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). This ASU simplifies the accounting for income taxes by removing (i) the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items; (ii) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, and (iii) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The Company adopted this ASU in January 2021 with no material impact on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, “Receivables – Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The Company adopted this ASU in January 2021 with no material impact on its consolidated financial statements. Recent Accounting Pronouncements ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05, was originally issued in June 2016 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash on hand and in banks | $ 7,211,000 | $ 7,995,000 |
Interest-earning deposits | 75,023,000 | 72,494,000 |
Investments available-for-sale, at fair value | 168,042,000 | 127,551,000 |
Investments held-to-maturity, at amortized cost | 2,413,000 | 2,418,000 |
Loans receivable, net of allowance of $15,502 and $15,174 | 1,098,832,000 | 1,100,582,000 |
Federal Home Loan Bank ("FHLB") stock, at cost | 6,465,000 | 6,410,000 |
Accrued interest receivable | 5,702,000 | 5,508,000 |
Deferred tax assets, net | 1,163,000 | 1,641,000 |
Other real estate owned ("OREO") | 454,000 | 454,000 |
Premises and equipment, net | 22,512,000 | 22,579,000 |
Bank owned life insurance ("BOLI"), net | 33,357,000 | 33,034,000 |
Prepaid expenses and other assets | 3,398,000 | 1,643,000 |
Right of use asset (“ROU”), net | 3,976,000 | 3,647,000 |
Goodwill | 889,000 | 889,000 |
Core deposit intangible, net | 789,000 | 824,000 |
Total assets | 1,430,226,000 | 1,387,669,000 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing deposits | 114,437,000 | 91,285,000 |
Interest-bearing deposits | 1,019,218,000 | 1,002,348,000 |
Total deposits | 1,133,655,000 | 1,093,633,000 |
FHLB advances | 120,000,000 | 120,000,000 |
Advance payments from borrowers for taxes and insurance | 4,813,000 | 2,498,000 |
Lease liability, net | 4,123,000 | 3,783,000 |
Accrued interest payable | 197,000 | 211,000 |
Other liabilities | 8,995,000 | 11,242,000 |
Total liabilities | 1,271,783,000 | 1,231,367,000 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,692,610 shares at March 31, 2021, and 9,736,875 shares at December 31, 2020 | $ 97,000 | $ 97,000 |
Preferred stock par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Preferred stock shares issued (in shares) | 0 | 0 |
Common stock par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock shares outstanding (in shares) | 9,692,610 | 9,736,875 |
Common stock shares issued (in shares) | 9,692,610 | 9,736,875 |
Additional paid-in capital | $ 81,099,000 | $ 82,095,000 |
Retained earnings | 79,455,000 | 78,003,000 |
Accumulated other comprehensive loss, net of tax | (515,000) | (1,918,000) |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (1,693,000) | (1,975,000) |
Total stockholders' equity | 158,443,000 | 156,302,000 |
Total liabilities and stockholders' equity | $ 1,430,226,000 | $ 1,387,669,000 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | ||
Loans, including fees | $ 12,624 | $ 13,474 |
Investments available-for-sale | 735 | 919 |
Investments held-to-maturity | 13 | 0 |
Interest-earning deposits | 12 | 31 |
Dividends on FHLB stock | 79 | 76 |
Total interest income | 13,463 | 14,500 |
Interest expense | ||
Deposits | 2,299 | 4,366 |
Borrowings | 418 | 470 |
Total interest expense | 2,717 | 4,836 |
Net interest income | 10,746 | 9,664 |
Provision for loan losses | 300 | 300 |
Net interest income after provision for loan losses | 10,446 | 9,364 |
Noninterest income | ||
BOLI income | 269 | 254 |
Wealth management revenue | 160 | 165 |
Deposit related fees | 200 | 176 |
Loan related fees | 132 | 392 |
Other | 3 | 3 |
Total noninterest income | 764 | 990 |
Noninterest expense | ||
Salaries and employee benefits | 4,945 | 5,212 |
Occupancy and equipment | 1,100 | 1,071 |
Professional fees | 532 | 430 |
Data processing | 697 | 694 |
OREO related expenses, net | 1 | 1 |
Regulatory assessments | 121 | 144 |
Insurance and bond premiums | 124 | 120 |
Marketing | 29 | 64 |
Other general and administrative | 580 | 532 |
Total noninterest expense | 8,129 | 8,268 |
Income before federal income tax provision | 3,081 | 2,086 |
Federal income tax provision | 584 | 402 |
Net income | $ 2,497 | $ 1,684 |
Earnings per common share | ||
Basic earnings per share (in dollars per share) | $ 0.26 | $ 0.17 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.17 |
Weighted average number of common shares outstanding | ||
Basic shares outstanding (in shares) | 9,490,058 | 9,896,234 |
Diluted shares outstanding (in shares) | 9,566,671 | 9,978,060 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,497 | $ 1,684 |
Other comprehensive income (loss), before tax: | ||
Unrealized holding losses on investments available-for-sale | (1,952) | (327) |
Tax effect | 410 | 68 |
Gains (losses) on cash flow hedges | 3,728 | (3,713) |
Tax effect | (783) | 780 |
Other comprehensive income (loss), net of tax | 1,403 | (3,192) |
Total comprehensive income (loss) | $ 3,900 | $ (1,508) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net of tax | Unearned ESOP Shares |
Balances at beginning of period (in shares) at Dec. 31, 2019 | 10,252,953 | |||||
Balances at beginning of period at Dec. 31, 2019 | $ 156,319 | $ 103 | $ 87,370 | $ 73,321 | $ (1,371) | $ (3,104) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,684 | 1,684 | ||||
Other comprehensive income, net of tax | $ (3,192) | (3,192) | ||||
Issuance of common stock - restricted stock awards, net (in shares) | 16,228 | |||||
Issuance of common stock - restricted stock awards, net | $ (73) | (73) | ||||
Compensation related to stock options and restricted stock awards | 80 | 80 | ||||
Allocation of ESOP shares | $ 382 | 99 | 283 | |||
Repurchase and retirement of common stock (in shares) | (79,395) | |||||
Repurchase and retirement of common stock | $ (1,120) | (1) | (1,119) | |||
Canceled common stock - restricted stock awards (in shares) | (5,375) | |||||
Canceled common stock - restricted stock awards | $ 0 | |||||
Cash dividend declared and paid | $ (988) | (988) | ||||
Balances at end of period (in shares) at Mar. 31, 2020 | 10,184,411 | |||||
Balances at end of period at Mar. 31, 2020 | $ 153,092 | 102 | 86,357 | 74,017 | (4,563) | (2,821) |
Balances at beginning of period (in shares) at Dec. 31, 2020 | 9,736,875 | |||||
Balances at beginning of period at Dec. 31, 2020 | $ 156,302 | 97 | 82,095 | 78,003 | (1,918) | (1,975) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,497 | 2,497 | ||||
Other comprehensive income, net of tax | $ 1,403 | 1,403 | ||||
Exercise of stock options (in shares) | 2,000 | |||||
Exercise of stock options | $ 21 | 21 | ||||
Issuance of common stock - restricted stock awards, net (in shares) | 45,593 | |||||
Issuance of common stock - restricted stock awards, net | $ (38) | 1 | (39) | |||
Compensation related to stock options and restricted stock awards | 96 | 96 | ||||
Allocation of ESOP shares | $ 371 | 89 | 282 | |||
Repurchase and retirement of common stock (in shares) | (89,019) | |||||
Repurchase and retirement of common stock | $ (1,164) | (1) | (1,163) | |||
Canceled common stock - restricted stock awards (in shares) | (2,839) | |||||
Canceled common stock - restricted stock awards | $ 0 | |||||
Cash dividend declared and paid | $ (1,045) | 1,045 | ||||
Balances at end of period (in shares) at Mar. 31, 2021 | 9,692,610 | |||||
Balances at end of period at Mar. 31, 2021 | $ 158,443 | $ 97 | $ 81,099 | $ 79,455 | $ (515) | $ (1,693) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 2,497 | $ 1,684 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 300 | 300 |
Net amortization of premiums and discounts on investments | 257 | 235 |
Depreciation of premises and equipment | 531 | 538 |
Deferred federal income taxes | 105 | 122 |
Allocation of ESOP shares | 371 | 382 |
Stock compensation expense | 96 | 80 |
BOLI income | (269) | (254) |
Annuity income | (13) | 0 |
Changes in operating assets and liabilities: | ||
Increase in prepaid expenses and other assets | (817) | (72) |
Decrease (increase) in ROU | 190 | (237) |
Increase in advance payments from borrowers for taxes and insurance | 2,315 | 2,039 |
Increase in accrued interest receivable | (194) | (164) |
(Decrease) increase in lease liability | (179) | 259 |
Decrease in accrued interest payable | (14) | (49) |
Increase (decrease) in other liabilities | 596 | (1,731) |
Net cash provided by operating activities | 5,772 | 3,132 |
Cash flows from investing activities: | ||
Proceeds from calls of investments available-for-sale | 2,000 | 0 |
Principal repayments on investments available-for-sale | 4,722 | 3,880 |
Purchases of investments available-for-sale | (49,422) | (2,371) |
Net decrease in loans receivable | 1,450 | 16,034 |
Purchase of FHLB stock | (55) | (1,001) |
Purchase of premises and equipment | (464) | (663) |
Purchase of BOLI | (54) | (54) |
Net cash (used) provided by investing activities | (41,823) | 15,825 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 40,022 | (33,550) |
Advances from the FHLB | 0 | 199,000 |
Repayments of advances from the FHLB | 0 | (176,700) |
Proceeds from stock options exercises | 21 | 0 |
Net share settlement of stock awards | (38) | (73) |
Repurchase and retirement of common stock | (1,164) | (1,120) |
Dividends paid | (1,045) | (988) |
Net cash provided (used) by financing activities | 37,796 | (13,431) |
Cash and cash equivalents: | ||
Net decrease in cash and cash equivalents | 1,745 | 5,526 |
Cash and cash equivalents at beginning of period | 80,489 | 22,990 |
Cash and cash equivalents at end of period | 82,234 | 28,516 |
Cash paid during the period for: | ||
Interest paid | 2,731 | 4,884 |
Noncash items: | ||
Change in unrealized loss on investments available-for-sale | (1,952) | (327) |
Change in unrealized gain (loss) on cash flow hedge | 3,728 | (3,713) |
Initial recognition of ROU | 519 | 403 |
Initial recognition of lease liability | $ 519 | $ 403 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Allocated shares (in shares) | 28,213 | 28,214 |
Dividends (usd per share) | $ 0.11 | $ 0.10 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business First Financial Northwest, Inc. (“First Financial Northwest”), a Washington corporation, was formed on June 1, 2007 for the purpose of becoming the holding company for First Financial Northwest Bank (the “Bank”) in connection with the conversion from a mutual holding company structure to a stock holding company structure completed on October 9, 2007. First Financial Northwest’s business activities generally are limited to passive investment activities and oversight of its investment in First Financial Northwest Bank. Accordingly, the information presented in the consolidated financial statements and accompanying data, relates primarily to First Financial Northwest Bank. First Financial Northwest is a bank holding company, having converted from a savings and loan holding company on March 31, 2015, and as a bank holding company is subject to regulation by the Federal Reserve Bank of San Francisco. First Financial Northwest Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Washington State Department of Financial Institutions (“DFI”). At March 31, 2021, First Financial Northwest Bank operated in fifteen locations in Washington with the headquarters and seven retail branch locations in King County, five retail branch locations in Snohomish County and two retail branches in Pierce County. The Bank’s primary market area consists of King, Snohomish, Pierce and Kitsap counties, Washington. The Bank is a portfolio lender, originating and purchasing one-to-four family residential, multifamily, commercial real estate, construction/land development, business, and consumer loans. Loans are primarily funded by deposits from the general public, supplemented by borrowings from the FHLB and deposits raised in the national brokered deposit market. As used throughout this report, the terms “we,” “our,” “us,” or the “Company” refer to First Financial Northwest, Inc. and its consolidated subsidiary First Financial Northwest Bank, unless the context otherwise requires. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC (“2020 Form 10-K”). In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP have been included. All significant intercompany balances and transactions between the Company and its subsidiaries have been eliminated in consolidation. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the allowance for loan and lease losses (“ALLL”), the valuation of other real estate owned (“OREO”) and the underlying collateral of impaired loans, deferred tax assets, the right-of-use asset and lease liability on our operating leases, and the fair value of financial instruments. The Company’s activities are considered to be a single industry segment for financial reporting purposes. The Company is engaged in the business of attracting deposits from the general public and originating and purchasing loans for its portfolio. Substantially all income is derived from a diverse base of commercial, multifamily, and residential real estate loans, consumer lending activities, and investments. Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on consolidated net income or stockholders’ equity. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments Investments available-for-sale are summarized as follows at the dates indicated: March 31, 2021 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 15,556 $ 325 $ (133) $ 15,748 Freddie Mac 13,173 166 (488) 12,851 Ginnie Mae 24,896 278 (84) 25,090 Other 10,388 137 (21) 10,504 Municipal bonds 31,399 546 (507) 31,438 U.S. Government agencies 50,715 90 (449) 50,356 Corporate bonds 22,002 280 (227) 22,055 Total $ 168,129 $ 1,822 $ (1,909) $ 168,042 December 31, 2020 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 12,797 $ 491 $ — $ 13,288 Freddie Mac 4,116 200 — 4,316 Ginnie Mae 16,513 617 (3) 17,127 Other 10,691 100 (62) 10,729 Municipal bonds 16,483 963 — 17,446 U.S. Government agencies 41,084 88 (537) 40,635 Corporate bonds 24,001 221 (212) 24,010 Total $ 125,685 $ 2,680 $ (814) $ 127,551 The tables below summarize the aggregate fair value and gross unrealized loss by length of time those investment securities have been continuously in an unrealized loss position at the dates indicated: March 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ 3,884 $ (133) $ — $ — $ 3,884 $ (133) Freddie Mac 7,838 (488) — — 7,838 (488) Ginnie Mae 10,649 (84) — — 10,649 (84) Other — — 5,981 (21) 5,981 (21) Municipal bonds 18,074 (507) — — 18,074 (507) U.S. Government agencies 9,490 (16) 28,191 (433) 37,681 (449) Corporate bonds 2,468 (32) 5,811 (195) 8,279 (227) Total $ 52,403 $ (1,260) $ 39,983 $ (649) $ 92,386 $ (1,909) December 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ — $ — $ — $ — Freddie Mac — — — — — — Ginnie Mae — — 1,311 (3) 1,311 (3) Other — — 5,942 (62) 5,942 (62) Municipal bonds — — — — — — U.S. Government agencies 1,716 (11) 30,991 (526) 32,707 (537) Corporate bonds — — 5,794 (212) 5,794 (212) Total $ 1,716 $ (11) $ 44,038 $ (803) $ 45,754 $ (814) On a quarterly basis, management makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired on an other-than-temporary basis. The Company considers many factors including the severity and duration of the impairment, recent events specific to the issuer or industry, and for debt securities, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be an other-than-temporary impairment (“OTTI”) are written down to fair value. If the Company intends to sell a debt security, or it is likely that the Company will be required to sell the debt security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If the Company does not intend to sell the debt security and it is not likely that it will be required to sell the debt security but does not expect to recover the entire amortized cost basis of the debt security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a debt security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the debt security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (“OCI”). Impairment losses related to all other factors are presented as separate categories within OCI. The Company had 44 securities and 20 securities in an unrealized loss position, respectively, with 15 and 18 of these securities in an unrealized loss position for 12 months or more, at both March 31, 2021, and December 31, 2020, respectively. Management does not believe that any individual unrealized loss as of March 31, 2021, or December 31, 2020, represented OTTI. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. Management also reviewed the financial condition of the entities issuing municipal or corporate bonds at March 31, 2021, and December 31, 2020, and determined that an OTTI charge was not warranted. The amortized cost and estimated fair value of investments available-for-sale at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage-backed investments, are shown separately. March 31, 2021 Amortized Cost Fair Value (In thousands) Due after one year through five years $ 8,908 $ 8,946 Due after five years through ten years 16,134 16,232 Due after ten years 79,074 78,671 104,116 103,849 Mortgage-backed investments 64,013 64,193 Total $ 168,129 $ 168,042 Under Washington state law, in order to participate in the public funds program the Company is required to pledge eligible securities as collateral in an amount equal to 50% of the public deposits held less the FDIC insured amount. Investment securities with market values of $24.2 million and $23.4 million were pledged as collateral for public deposits at March 31, 2021, and December 31, 2020, respectively, both of which exceeded the collateral requirements established by the Washington Public Deposit Protection Commission. For the three months ended March 31, 2021, there was a $2.0 million call on one investment security that did not generate a gain or loss. For the three months ended March 31, 2020, there were no calls, sales, or maturities on investment securities. In January 2020, the Bank purchased three annuity contracts, totaling $2.4 million, to be held long-term to satisfy the benefit obligation associated with certain supplemental executive retirement plan agreements. At March 31, 2021, the annuities were reported as investments held-to-maturity at an amortized cost of $2.4 million on the Company’s Consolidated Balance Sheet. The amortized cost is considered the fair value of the investment. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable are disclosed net of loans in process (“LIP”) and are summarized as follows at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) One-to-four family residential: Permanent owner occupied $ 199,845 $ 206,323 Permanent non-owner occupied 179,401 175,637 379,246 381,960 Multifamily 140,068 136,694 Commercial real estate 385,470 385,265 Construction/land: One-to-four family residential 27,817 33,396 Multifamily 58,718 51,215 Commercial 5,837 5,783 Land 2,173 1,813 94,545 92,207 Business 78,294 80,663 Consumer 38,768 40,621 Total loans 1,116,391 1,117,410 Less: Deferred loan fees, net 2,057 1,654 ALLL 15,502 15,174 Loans receivable, net $ 1,098,832 $ 1,100,582 At March 31, 2021, loans totaling $496.2 million were pledged to secure borrowings from the FHLB compared to $523.8 million at December 31, 2020. In addition, loans totaling $127.4 million and $127.1 million were pledged to the Federal Reserve Bank of San Francisco to secure a line of credit at March 31, 2021 and December 31, 2020, respectively. Credit Quality Indicators . The Company assigns a risk rating to all credit exposures based on a risk rating system designed to define the basic characteristics and identified risk elements of each credit extension. The Company utilizes a nine point risk rating system. A description of the general characteristics of the risk grades is as follows: • Grades 1 through 5: These grades are considered to be “pass” credits. These include assets where there is virtually no credit risk, such as cash secured loans with funds on deposit with the Bank. Pass credits also include credits that are on the Company’s watch list (grade 5), where the borrower exhibits potential weaknesses, which may, if not checked or corrected, negatively affect the borrower’s financial capacity and threaten their ability to fulfill debt obligations in the future. • Grade 6: These credits, classified as “special mention”, possess weaknesses that deserve management’s close attention. Special mention assets do not expose the Company to sufficient risk to warrant adverse classification in the substandard, doubtful or loss categories. If left uncorrected, these potential weaknesses may result in deterioration in the Company’s credit position at a future date. • Grade 7: These credits, classified as “substandard”, present a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These credits have well defined weaknesses which jeopardize the orderly liquidation of the debt and are inadequately protected by the current net worth and payment capacity of the borrower or of any collateral pledged. • Grade 8: These credits are classified as “doubtful” and possess well defined weaknesses which make the full collection or liquidation of the loan highly questionable and improbable. This classification is used where significant risk exposures are perceived but the exact amount of the loss cannot yet be determined due to pending events. • Grade 9: Assets classified as “loss” are considered uncollectible and cannot be justified as a viable asset for the Company. There is little or no prospect of near term recovery and no realistic strengthening action of significance is pending. Loan grades are used by the Company to identify and track potential problem loans which do not rise to the levels described for substandard, doubtful, or loss. The grades for watch and special mention are assigned to loans which have been criticized based upon known characteristics such as periodic payment delinquency, failure to comply with contractual terms of the loan or stale financial information from the borrower and/or guarantors. Loans identified as criticized (watch and special mention) or classified (substandard, doubtful or loss) are subject to problem loan reporting every three months. As of March 31, 2021, and December 31, 2020, the Company had no loans rated as doubtful or loss. The following tables represent a summary of loans at March 31, 2021, and December 31, 2020 by type and risk category: March 31, 2021 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Risk Rating: Pass, grade 1-4 $ 374,330 $ 135,685 $ 317,968 $ 92,294 $ 77,851 $ 38,731 $ 1,036,859 Pass, grade 5 (watch) 3,969 2,347 41,193 2,251 443 37 50,240 Special mention 422 — 26,309 — — — 26,731 Substandard 525 2,036 — — — — 2,561 Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 December 31, 2020 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Risk Rating: Pass, grade 1-4 $ 376,918 $ 132,243 $ 316,955 $ 89,957 $ 80,208 $ 40,477 $ 1,036,758 Pass, grade 5 (watch) 3,914 2,347 52,375 2,250 455 144 61,485 Special mention 601 — 15,935 — — — 16,536 Substandard 527 2,104 — — — — 2,631 Total loans $ 381,960 $ 136,694 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,117,410 ALLL . When the Company classifies problem assets as either substandard or doubtful, pursuant to Federal regulations, or identifies a loan where it is uncertain if the Bank will be able to collect all amounts due according to the contractual terms of the loan, it may establish a specific reserve in an amount deemed prudent to address the risk specifically. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been specifically allocated to the particular problem assets. When an insured institution classifies problem assets as a loss, pursuant to Federal regulations, it is required to charge-off such assets in the period in which they are deemed uncollectible. The determination as to the classification of the Company’s assets and the amount of valuation allowances is subject to review by bank regulators, who can require the establishment of additional allowances for loan losses. In February 2021, the Company received notification that $5.4 million in commercial real estate participation loans had been downgraded by the lead bank to special mention. To date, the Company has not received sufficient information to make a final determination, and accordingly, the risk rating on these loans have not been further downgraded. At March 31, 2021, these loans that are secured by nursing home/rehabilitation facilities were current on their payments. At March 31, 2021, total loans receivable included $45.2 million of loans originated under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). PPP loans are 100% guaranteed by the SBA. Although these loans were included in the population of loans collectively evaluated for impairment, no general reserve was allocated to them as these loans are 100% guaranteed by the SBA. The following tables summarize changes in the ALLL and loan portfolio by loan type and impairment method at the dates and for the periods shown: At or For the Three Months Ended March 31, 2021 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ALLL: Beginning balance $ 3,181 $ 1,366 $ 6,127 $ 2,189 $ 1,242 $ 1,069 $ 15,174 Recoveries 28 — — — — — 28 (Recapture) provision (158) (34) 765 4 (216) (61) 300 Ending balance $ 3,051 $ 1,332 $ 6,892 $ 2,193 $ 1,026 $ 1,008 $ 15,502 ALLL by category: General reserve $ 3,046 $ 1,332 $ 6,892 $ 2,193 $ 1,026 $ 1,008 $ 15,497 Specific reserve 5 — — — — — 5 Loans: Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 Loans collectively evaluated for impairment 376,722 138,032 368,911 94,545 78,294 38,768 1,095,272 Loans individually evaluated for impairment 2,524 2,036 16,559 — — — 21,119 At or For the Three Months Ended March 31, 2020 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ALLL: Beginning balance $ 3,034 $ 1,607 $ 4,559 $ 2,222 $ 1,140 $ 656 $ 13,218 Recoveries 12 — — — — — 12 Provision (recapture) 9 51 134 (79) (66) 251 300 Ending balance $ 3,055 $ 1,658 $ 4,693 $ 2,143 $ 1,074 $ 907 $ 13,530 ALLL by category: General reserve $ 3,026 $ 1,658 $ 4,693 $ 2,143 $ 1,074 $ 907 $ 13,501 Specific reserve 29 — — — — — 29 Loans: Total loans $ 371,253 $ 169,468 $ 385,910 $ 107,401 $ 34,702 $ 37,225 $ 1,105,959 Loans collectively evaluated for impairment 367,395 167,364 384,653 91,751 34,702 37,225 1,083,090 Loans individually evaluated for impairment 3,858 2,104 1,257 15,650 — — 22,869 Past Due Loans. Loans are considered past due if a scheduled principal or interest payment is due and unpaid for 30 days or more. At March 31, 2021, past due loans were 0.21% of total loans receivable, as compared to 0.24% at December 31, 2020. The following tables represent a summary of the aging of loans by type at the dates indicated: Loans Past Due as of March 31, 2021 30-59 Days 60-89 Days 90 Days and Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ — $ — $ — $ — $ 199,845 $ 199,845 Non-owner occupied — — — — 179,401 179,401 Multifamily — — 2,036 2,036 138,032 140,068 Commercial real estate — — — — 385,470 385,470 Construction/land — — — — 94,545 94,545 Total real estate — — 2,036 2,036 997,293 999,329 Business 264 — — 264 78,030 78,294 Consumer 37 — — 37 38,731 38,768 Total loans $ 301 $ — $ 2,036 $ 2,337 $ 1,114,054 $ 1,116,391 ________________ (1) There were no loans 90 days and greater past due and still accruing interest at March 31, 2021. Loans Past Due as of December 31, 2020 30-59 Days 60-89 Days 90 Days and Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ 77 $ — $ — $ 77 $ 206,246 $ 206,323 Non-owner occupied 159 — — 159 175,478 175,637 Multifamily — — 2,104 2,104 134,590 136,694 Commercial real estate — — — — 385,265 385,265 Construction/land — — — — 92,207 92,207 Total real estate 236 — 2,104 2,340 993,786 996,126 Business 275 — — 275 80,388 80,663 Consumer 38 — — 38 40,583 40,621 Total loans $ 549 $ — $ 2,104 $ 2,653 $ 1,114,757 $ 1,117,410 _________________ (1) There were no loans 90 days and greater past due and still accruing interest at December 31, 2020. Nonperforming Loans. When a loan becomes 90 days past due, the Bank generally places the loan on nonaccrual status. Loans may be placed on nonaccrual status prior to being 90 days past due if there is an identified problem that indicates the borrower is unable to meet their scheduled payment obligations. The following table is a summary of nonaccrual loans by loan type at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) Multifamily $ 2,036 $ 2,104 Total nonaccrual loans $ 2,036 $ 2,104 Nonaccrual loans at both March 31, 2021, and December 31, 2020, consisted of one multifamily loan that was in the foreclosure process at those dates. Interest income that would have been recognized had the nonaccrual loan been performing in accordance with its original terms was $24,000 and $14,000 for the three months ended March 31, 2021, and 2020, respectively. The following tables summarize the loan portfolio by type and payment status at the dates indicated: March 31, 2021 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Performing (1) $ 379,246 $ 138,032 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,114,355 Nonperforming — 2,036 — — — — 2,036 Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 _____________ (1) There were $199.8 million of owner-occupied one-to-four family residential loans and $179.4 million of non-owner occupied one-to-four family residential loans classified as performing. December 31, 2020 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Performing (1) $ 381,960 $ 134,590 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,115,306 Nonperforming (2) — 2,104 — — — — 2,104 Total loans $ 381,960 $ 136,694 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,117,410 _____________ (1) There were $206.3 million of owner-occupied one-to-four family residential loans and $175.6 million of non-owner occupied one-to-four family residential loans classified as performing. Impaired Loans. A loan is considered impaired when we have determined that we may be unable to collect payments of principal or interest when due under the terms of the original loan document or the borrower failing to comply with contractual terms of the loan. At March 31, 2021, and December 31, 2020, there were no commitments to advance funds related to impaired loans. The following tables present a summary of loans individually evaluated for impairment by loan type at the dates indicated: March 31, 2021 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 271 $ 359 $ — Non-owner occupied 936 936 — Multifamily 2,036 2,098 — Commercial real estate 16,559 16,559 — Total 19,802 19,952 — Loans with an allowance: One-to-four family residential: Owner occupied 500 547 4 Non-owner occupied 817 817 1 Total 1,317 1,364 5 Total impaired loans: One-to-four family residential: Owner occupied 771 906 4 Non-owner occupied 1,753 1,753 1 Multifamily 2,036 2,098 — Commercial real estate 16,559 16,559 — Total $ 21,119 $ 21,316 $ 5 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. December 31, 2020 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 274 $ 365 $ — Non-owner occupied 1,031 1,031 — Multifamily 2,104 2,104 — Commercial real estate 16,669 16,669 — Total 20,078 20,169 — Loans with an allowance: One-to-four family residential: Owner occupied 502 549 6 Non-owner occupied 820 820 2 Total 1,322 1,369 8 Total impaired loans: One-to-four family residential: Owner occupied 776 914 6 Non-owner occupied 1,851 1,851 2 Multifamily 2,104 2,104 — Commercial real estate 16,669 16,669 — Total $ 21,400 $ 21,538 $ 8 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. The following table presents the average recorded investment in loans individually evaluated for impairment and the interest income recognized for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 273 $ 5 $ 433 $ 9 Non-owner occupied 984 16 1,388 21 Multifamily 2,070 46 2,105 46 Commercial real estate 16,614 161 1,262 22 Construction/land — — 14,087 150 Total 19,941 228 19,275 248 Loans with an allowance: One-to-four family residential: Owner occupied 501 8 504 9 Non-owner occupied 819 13 1,642 23 Total 1,320 21 2,146 32 Total impaired loans: One-to-four family residential: Owner occupied 774 13 937 18 Non-owner occupied 1,803 29 3,030 44 Multifamily 2,070 46 2,105 46 Commercial real estate 16,614 161 1,262 22 Construction/land — — 14,087 150 Total $ 21,261 $ 249 $ 21,421 $ 280 Troubled Debt Restructurings. Certain loan modifications are accounted for as troubled debt restructured loans (“TDRs”). At March 31, 2021, the TDR portfolio totaled $3.8 million. At December 31, 2020, the TDR portfolio totaled $3.9 million. At both dates, all TDRs were performing according to their modified repayment terms. At March 31, 2021, the Company had no commitments to extend additional credit to borrowers whose loan terms have been modified in TDRs. All TDRs are also classified as impaired loans and are included in the loans individually evaluated for impairment as part of the calculation of the ALLL. No loans accounted for as TDRs were charged-off to the ALLL for the three months ended March 31, 2021 and 2020. The Coronavirus Aid, Relief, and Economic Security Act of 2020 ("CARES Act"), signed into law on March 27, 2020, provided guidance around the modification of loans as a result of the COVID-19 pandemic, which outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. generally up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency by the President or (B) January 1, 2022. At March 31, 2021, total loans receivable included $56.7 million of loans that were on active short-term deferrals under the CARES Act and related regulatory guidance. Loan modifications in accordance with the CARES Act are still subject to an impairment evaluation. The following table presents TDR modifications during the three months ended March 31, 2021, and the recorded investment prior to and after the modification. There were no TDR modifications for the three months ended March 31, 2020. Three Months Ended March 31, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Commercial real estate Advancement of maturity date 1 $ 1,241 $ 1,241 Total $ 1 $ 1,241 $ 1,241 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2021 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned OREO includes properties acquired by the Company through foreclosure and deed in lieu of foreclosure. The following table is a summary of OREO activity during the periods shown: Three Months Ended March 31, 2021 2020 (In thousands) Balance at beginning of period $ 454 $ 454 Market value adjustments — — Balance at end of period $ 454 $ 454 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Company measures the fair value of financial instruments for reporting in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements. Fair values of assets or liabilities are based on estimates of the exit price, which is the price that would be received to sell an asset or paid to transfer a liability. When available, observable market transactions or market information is used. The fair value estimate of loans receivable was based on similar techniques, with the addition of current origination spreads, liquidity premiums, or credit adjustments. The fair value of nonperforming loans is based on the underlying value of the collateral. The Company determines the fair values of its financial instruments based on the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair values. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect its estimate for market assumptions. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions that market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from an independent source. Unobservable inputs are assumptions based on the Company’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable. • Level 3 - Instruments whose significant value drivers are unobservable. The Company used the following methods to measure fair value on a recurring or nonrecurring basis: • Investments available-for-sale: The fair value of all investments, excluding FHLB stock, was based upon quoted market prices for similar investments in active markets, identical or similar investments in markets that are not active, and model-derived valuations whose inputs are observable. • Impaired loans: The fair value of impaired loans is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate. When the sole source of repayment of the loan is the operation or liquidation of the collateral, the fair value is determined using the observable market price less certain completion costs and completion costs. • OREO: The fair value of OREO properties is measured at the lower of the carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property, resulting in a Level 3 classification. in cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. • Derivatives: The fair value of derivatives is based on pricing models utilizing observable market data and discounted cash flow methodologies for which the determination of fair value may require significant management judgment or estimation. The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at March 31, 2021 and December 31, 2020: Fair Value Measurements at March 31, 2021 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 15,748 $ — $ 15,748 $ — Freddie Mac 12,851 — 12,851 — Ginnie Mae 25,090 — 25,090 — Other 10,504 — 10,504 — Municipal bonds 31,438 — 31,438 — U.S. Government agencies 50,356 — 50,356 — Corporate bonds 22,055 — 22,055 — Total available-for-sale investments 168,042 — 168,042 — Derivative fair value asset 903 — 903 — $ 168,945 $ — $ 168,945 $ — Fair Value Measurements at December 31, 2020 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 13,288 $ — $ 13,288 $ — Freddie Mac 4,316 — 4,316 — Ginnie Mae 17,127 — 17,127 — Other 10,729 — 10,729 — Municipal bonds 17,446 — 17,446 — U.S. Government agencies 40,635 — 40,635 — Corporate bonds 24,010 — 24,010 — Total available-for-sale investments 127,551 — 127,551 — Liabilities: Derivative fair value liability $ 2,825 $ — $ 2,825 $ — The estimated fair value of Level 2 investments is based on quoted prices for similar investments in active markets, identical or similar investments in markets that are not active and model-derived valuations whose inputs are observable. The tables below present the balances of assets measured at fair value on a nonrecurring basis at March 31, 2021, and December 31, 2020: Fair Value Measurements at March 31, 2021 Fair Value Quoted Prices in Significant Significant (In thousands) Impaired loans (included in loans receivable, net) (1) $ 21,114 $ — $ — $ 21,114 OREO 454 — — 454 Total $ 21,568 $ — $ — $ 21,568 _____________ (1) Total fair value of impaired loans is net of $5,000 of specific reserves on performing TDRs. Fair Value Measurements at December 31, 2020 Fair Value Quoted Prices in Significant Significant (In thousands) Impaired loans (included in loans receivable, net) (1) $ 21,392 $ — $ — $ 21,392 OREO 454 — — 454 Total $ 21,846 $ — $ — $ 21,846 _____________ (1) Total fair value of impaired loans is net of $8,000 of specific reserves on performing TDRs. The fair value of impaired loans reflects the exit price and is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, less estimated costs to sell. Some of these inputs may not be observable in the marketplace. Appraised values may be discounted based on management’s knowledge of the marketplace, subsequent changes in market conditions, or management’s knowledge of the borrower. The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Impaired Loans $ 21,114 Market approach Expected values of future cash flows 0.0% (0.0%) OREO $ 454 Market approach Estimated selling price less selling costs 0.0% (0.0%) December 31, 2020 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Impaired Loans $ 21,392 Market approach Expected values of future cash flows 0.0% (0.0%) OREO $ 454 Market approach Estimated selling price less selling costs 0.0% (0.0%) The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: March 31, 2021 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 7,211 $ 7,211 $ 7,211 $ — $ — Interest-earning deposits with banks 75,023 75,023 75,023 — — Investments available-for-sale 168,042 168,042 — 168,042 — Investments held-to-maturity 2,413 2,413 — 2,413 — Loans receivable, net 1,098,832 1,100,621 — — 1,100,621 FHLB stock 6,465 6,465 — 6,465 — Accrued interest receivable 5,702 5,702 — 5,702 — Derivative fair value asset 903 903 — 903 — Financial Liabilities: Deposits 749,624 749,624 749,624 — — Certificates of deposit, retail 384,031 389,971 — 389,971 — Advances from the FHLB 120,000 120,006 — 120,006 — Accrued interest payable 197 197 — 197 — December 31, 2020 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 7,995 $ 7,995 $ 7,995 $ — $ — Interest-earning deposits with banks 72,494 72,494 72,494 — — Investments available-for-sale 127,551 127,551 — 127,551 — Investments held-to-maturity 2,418 2,418 — 2,418 — Loans receivable, net 1,100,582 1,101,559 — — 1,101,559 FHLB stock 6,410 6,410 — 6,410 — Accrued interest receivable 5,508 5,508 — 5,508 — Financial Liabilities: Deposits 684,057 684,057 684,057 — — Certificates of deposit, retail 409,576 418,118 — 418,118 — Advances from the FHLB 120,000 120,006 — 120,006 — Accrued interest payable 211 211 — 211 — Derivative fair value liability 2,825 2,825 — 2,825 — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company follows ASC Topic 842, Leases, recognizing a ROU and related lease liabilities on the Company’s consolidated balance sheets. At March 31, 2021, the Company had 13 operating leases for retail branch locations. The remaining lease terms range from three months to 9.8 years, with most leases carrying optional extensions of 3-5 years. The Company will include optional lease term extensions in the ROU and lease liabilities when management believes it is reasonably certain that the term extension will be exercised, and will be determined based on indicators that the Company would have an economic incentive to extend the lease. The Company has elected to not apply ASU 2016-02 to short term leases, which are those that have a term of one year or less. To calculate the present value of lease payments not yet paid, the Company uses the incremental borrowing rate, which is equal to the FHLB advance rate for the remaining term of the lease at the time of the lease inception, or at January 1, 2019, for leases in place at that date. The minimum monthly lease payments are generally based on square footage of the leased premises, with escalating minimum rent over the lease term. At March 31, 2021, the Company was committed to paying $68,000 per month in minimum monthly lease payments. The minimum monthly lease payment over the initial lease term, including any free rent period, was used to calculate the ROU and lease liability. The Company’s current leases do not include any non-lease components. Total lease expense included in the Company’s Consolidated Income Statements includes the amortized lease expense under ASC Topic 842, Leases, combined with variable lease expenses for maintenance or other expenses as defined in the individual lease agreements. The following table includes details on these items at and for the three months ended March 31, 2021, and 2020. March 31, 2021 March 31, 2020 (dollars in thousands) Lease expense $ 256 $ 225 Right-of-use asset 3,976 2,446 Lease liability 4,123 2,538 Weighted average remaining term (in years) 6.84 6.64 Weighted average discount rate 1.97 % 2.84 % The following table provides a reconciliation between the undiscounted minimum lease payments at March 31, 2021 and the discounted lease liability at that date: March 31, 2021 (in thousands) Due through one year $ 791 Due after one year through two years 782 Due after two years through three years 645 Due after three years through four years 565 Due after four years through five years 420 Due after five years 1,216 Total minimum lease payments 4,419 Less: present value discount (296) Lease liability $ 4,123 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivative financial instruments, in particular, interest rate swaps, which qualify as cash flow hedges, to manage the risk of changes in future cash flows due to interest rate fluctuations. At March 31, 2021, the Company held six interest rate swap agreements with initial terms of four seven Quarterly, the effectiveness evaluation is based upon the fluctuation of the interest the Company pays to the FHLB for the debt utilized to fund the interest rate swap as compared to the one-month or three-month LIBOR interest received from the counterparty. At March 31, 2021, a $903,000 net fair value asset of the cash flow hedges was reported with other assets. The tax effected amount of $713,000 was included in accumulated other comprehensive income. There were no amounts recorded in the Consolidated Income Statements for the quarters ended March 31, 2021 or 2020, related to ineffectiveness. Fair value for these derivative instruments, which generally changes as a result of changes in the level of market interest rates, is estimated based on dealer quotes and secondary market sources. The following table presents the fair value of these derivative instruments as of March 31, 2021 and December 31, 2020: Balance Sheet Location Fair Value at Fair Value at (In thousands) Interest rate swaps on FHLB debt Other Assets $ 903 $ (2,825) The following table presents the net unrealized gains and losses, net of tax, from these derivative instruments included on the Consolidated Statements of Comprehensive Income at the dates indicated: Amount Recognized in OCI for the Amount Recognized in OCI for the (In thousands) Interest rate swaps on FHLB debt designated as a cash flow hedge $ 2,945 $ (2,933) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In June 2016, First Financial Northwest’s shareholders approved the First Financial Northwest, Inc. 2016 Equity Incentive Plan (“2016 Plan”). This plan provides for the granting of incentive stock options (“ISO”), non-qualified stock options (“NQSO”), restricted stock and restricted stock units until June 2026. The 2016 Plan established 1,400,000 shares available to grant with a maximum of 400,000 of these shares available to grant as restricted stock awards. Each share issued as a restricted stock award counts as two shares towards the total shares available to award. Under the 2016 Plan, the vesting date for each option award or restricted stock award is determined by an award committee and specified in the award agreement. In the case of restricted stock awards granted in lieu of cash payments of directors’ fees, the grant date is used as the vesting date unless the award agreement provides otherwise. As a result of the approval of the 2016 Plan, the First Financial Northwest, Inc. 2008 Equity Incentive Plan (“2008 Plan”) was frozen and no additional awards will be made. At March 31, 2021, there were 311,000 stock options from the 2008 Plan vested and available for exercise at March 31, 2021, subject to the 2008 Plan provisions. At March 31, 2021, there were 1,081,082 total shares available for grant under the 2016 Plan, including 240,541 shares available to be granted as restricted stock. For the three months ended March 31, 2021 and 2020, total compensation expense for both the 2008 Plan and 2016 Plan was $96,000 and $80,000, respectively, and the related income tax benefit was $20,000 and $17,000, respectively. Stock Options Under the 2008 Plan, stock option awards were granted with an exercise price equal to the market price of First Financial Northwest’s common stock at the grant date. These option awards have a vesting period of five years, with 20% vesting on the anniversary date of each grant date, and a contractual life of ten years. Any unexercised stock options expire ten years after the grant date, or sooner in the event of the award recipient’s death, disability or termination of service with the Company and the Bank. Under the 2016 Plan, the exercise price and vesting period for stock options are determined by the award committee and specified in the award agreement, however, the exercise price shall not be less than the fair market value of a share as of the grant date. Any unexercised stock option will expire 10 years after the award date or sooner in the event of the award recipient’s death, disability, retirement, or termination of service. The fair value of each option award is estimated on the grant date using a Black-Scholes model that uses the following assumptions. The dividend yield is based on the current quarterly dividend in effect at the time of the grant. Historical employment data is used to estimate the forfeiture rate. The historical volatility of the Company’s stock price over a specified period of time is used for the expected volatility assumption. First Financial Northwest bases the risk-free interest rate on the U.S. Treasury Constant Maturity Indices in effect on the date of the grant. First Financial Northwest elected to use the “Share-Based Payments” method permitted by the SEC to calculate the expected term. This method uses the vesting term of an option along with the contractual term, setting the expected life at the midpoint. Under certain conditions, a cashless exercise of vested stock options may occur by the option holder surrendering the number of options valued at the current stock price at the time of exercise to cover the total cost to exercise. The surrendered options are canceled and are unavailable for reissue. A summary of the Company’s stock option plan awards and activity for the three months ended March 31, 2021, follows: For the Three Months Ended March 31, 2021 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Weighted-Average Grant Date Fair Value Outstanding at January 1, 2021 313,000 $ 10.34 $ 397,890 $ 3.69 Exercised (2,000) 10.77 5,920 4.16 Outstanding at March 31, 2021 311,000 10.34 2.73 1,217,380 3.69 Expected to vest assuming a 3% forfeiture rate over the vesting term 311,000 10.34 2.73 1,217,380 3.69 Exercisable at March 31, 2021 311,000 10.34 2.73 1,217,380 3.69 As of March 31, 2021, there was no unrecognized compensation cost related to nonvested stock options. There were no stock options granted during the three months ended March 31, 2021. Restricted Stock Awards The 2016 Plan authorizes the grant of restricted stock awards subject to vesting periods or terms as defined by the award committee and specified in the award agreement. Restricted stock awards granted in lieu of cash payments for directors’ fees are subject to immediate vesting on the grant date unless the award agreement provides otherwise. A summary of changes in nonvested restricted stock awards for the three months ended March 31, 2021, follows: For the Three Months Ended March 31, 2021 Shares Weighted-Average Nonvested at January 1, 2021 16,228 $ 13.61 Granted 45,593 13.78 Vested (17,395) 13.62 Nonvested at March 31, 2021 44,426 13.78 Expected to vest assuming a 3% forfeiture rate over the vesting term 43,093 13.78 eleven |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Per the provisions of FASB ASC 260, Earnings Per Share , nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings, or absorb losses. Basic earnings per common shares is computed by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period, excluding participating nonvested restricted shares. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in thousands, except share data) Net income $ 2,497 $ 1,684 Less: Earnings allocated to participating securities (11) (3) Earnings allocated to common shareholders $ 2,486 $ 1,681 Basic weighted average common shares outstanding 9,490,058 9,896,234 Dilutive stock options 67,068 72,120 Dilutive restricted stock grants 9,545 9,706 Diluted weighted average common shares outstanding 9,566,671 9,978,060 Basic earnings per share $ 0.26 $ 0.17 Diluted earnings per share $ 0.26 $ 0.17 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition In accordance with Topic 606, revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Company expects to be entitled to receive. To determine the appropriate recognition of revenue for transactions within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when the entity satisfies a performance obligation. A contract may not exist if there are doubts as to collectability of the amounts the Company is entitled to in exchange for the goods or services transferred. If a contract is determined to be within the scope of Topic 606, the Company recognizes revenue as it satisfies a performance obligation. The largest portion of the Company’s revenue is from net interest income which is not within the scope of Topic 606. Disaggregation of Revenue The following table includes the Company’s noninterest income disaggregated by type of service for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 (In thousands) BOLI change in cash surrender value (1) $ 269 $ 254 Wealth management revenue 160 165 Deposit related fees 66 68 Debit card and ATM fees 134 108 Loan related fees 132 392 Other 3 3 Total noninterest income $ 764 $ 990 _______________ (1) Not within scope of Topic 606 For the three months ended March 31, 2021 and 2020, substantially all of the Company’s revenues under the scope of Topic 606 are for performance obligations satisfied at a specified date. Revenues recognized within scope of Topic 606 Wealth management revenue: Our wealth management revenue consists of commissions received on the investment portfolio managed by Bank personnel but held by a third party. Commissions are earned on brokerage services and advisory services based on contract terms at the onset of a new customer’s investment agreement or quarterly for ongoing services. Commissions are paid by the third party to the Bank when the performance obligation has been completed by both entities. Deposit related fees: Fees are earned on our deposit accounts for various products or services performed for our customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box, and others. These fees are recognized on a daily or monthly basis, depending on the type of service. Debit card and ATM fees: Fees are earned when a debit card issued by the Bank is used or when other bank’s customers use our ATM services. Revenue is recognized at the time the fees are collected from the customer’s account or remitted by the VISA interchange network. Loan related fees: Noninterest fee income is earned on our loans for servicing or annual fees on certain loan types. Fees are also earned on the prepayment of certain loans, and are recognized at the time the loan is paid off. Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle. Contract Balances |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements Adopted in 2021 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). This ASU simplifies the accounting for income taxes by removing (i) the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items; (ii) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, and (iii) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The Company adopted this ASU in January 2021 with no material impact on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, “Receivables – Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The Company adopted this ASU in January 2021 with no material impact on its consolidated financial statements. Recent Accounting Pronouncements ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05, was originally issued in June 2016 . |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Available-for-sale Securities | Investments available-for-sale are summarized as follows at the dates indicated: March 31, 2021 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 15,556 $ 325 $ (133) $ 15,748 Freddie Mac 13,173 166 (488) 12,851 Ginnie Mae 24,896 278 (84) 25,090 Other 10,388 137 (21) 10,504 Municipal bonds 31,399 546 (507) 31,438 U.S. Government agencies 50,715 90 (449) 50,356 Corporate bonds 22,002 280 (227) 22,055 Total $ 168,129 $ 1,822 $ (1,909) $ 168,042 December 31, 2020 Amortized Gross Gross Fair Value (In thousands) Mortgage-backed investments: Fannie Mae $ 12,797 $ 491 $ — $ 13,288 Freddie Mac 4,116 200 — 4,316 Ginnie Mae 16,513 617 (3) 17,127 Other 10,691 100 (62) 10,729 Municipal bonds 16,483 963 — 17,446 U.S. Government agencies 41,084 88 (537) 40,635 Corporate bonds 24,001 221 (212) 24,010 Total $ 125,685 $ 2,680 $ (814) $ 127,551 |
Schedule of Available for sale Securities in Continuous Unrealized Loss positions | The tables below summarize the aggregate fair value and gross unrealized loss by length of time those investment securities have been continuously in an unrealized loss position at the dates indicated: March 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ 3,884 $ (133) $ — $ — $ 3,884 $ (133) Freddie Mac 7,838 (488) — — 7,838 (488) Ginnie Mae 10,649 (84) — — 10,649 (84) Other — — 5,981 (21) 5,981 (21) Municipal bonds 18,074 (507) — — 18,074 (507) U.S. Government agencies 9,490 (16) 28,191 (433) 37,681 (449) Corporate bonds 2,468 (32) 5,811 (195) 8,279 (227) Total $ 52,403 $ (1,260) $ 39,983 $ (649) $ 92,386 $ (1,909) December 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Mortgage-backed investments: Fannie Mae $ — $ — $ — $ — $ — $ — Freddie Mac — — — — — — Ginnie Mae — — 1,311 (3) 1,311 (3) Other — — 5,942 (62) 5,942 (62) Municipal bonds — — — — — — U.S. Government agencies 1,716 (11) 30,991 (526) 32,707 (537) Corporate bonds — — 5,794 (212) 5,794 (212) Total $ 1,716 $ (11) $ 44,038 $ (803) $ 45,754 $ (814) |
Schedule of Available for sale Securities, Debt Maturities | The amortized cost and estimated fair value of investments available-for-sale at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage-backed investments, are shown separately. March 31, 2021 Amortized Cost Fair Value (In thousands) Due after one year through five years $ 8,908 $ 8,946 Due after five years through ten years 16,134 16,232 Due after ten years 79,074 78,671 104,116 103,849 Mortgage-backed investments 64,013 64,193 Total $ 168,129 $ 168,042 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans receivable are disclosed net of loans in process (“LIP”) and are summarized as follows at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) One-to-four family residential: Permanent owner occupied $ 199,845 $ 206,323 Permanent non-owner occupied 179,401 175,637 379,246 381,960 Multifamily 140,068 136,694 Commercial real estate 385,470 385,265 Construction/land: One-to-four family residential 27,817 33,396 Multifamily 58,718 51,215 Commercial 5,837 5,783 Land 2,173 1,813 94,545 92,207 Business 78,294 80,663 Consumer 38,768 40,621 Total loans 1,116,391 1,117,410 Less: Deferred loan fees, net 2,057 1,654 ALLL 15,502 15,174 Loans receivable, net $ 1,098,832 $ 1,100,582 |
Financing Receivables, Summary of loans by type and risk category | March 31, 2021 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Risk Rating: Pass, grade 1-4 $ 374,330 $ 135,685 $ 317,968 $ 92,294 $ 77,851 $ 38,731 $ 1,036,859 Pass, grade 5 (watch) 3,969 2,347 41,193 2,251 443 37 50,240 Special mention 422 — 26,309 — — — 26,731 Substandard 525 2,036 — — — — 2,561 Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 December 31, 2020 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Risk Rating: Pass, grade 1-4 $ 376,918 $ 132,243 $ 316,955 $ 89,957 $ 80,208 $ 40,477 $ 1,036,758 Pass, grade 5 (watch) 3,914 2,347 52,375 2,250 455 144 61,485 Special mention 601 — 15,935 — — — 16,536 Substandard 527 2,104 — — — — 2,631 Total loans $ 381,960 $ 136,694 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,117,410 |
Schedule of Allowance for Loan and Lease Losses, Roll Forward | The following tables summarize changes in the ALLL and loan portfolio by loan type and impairment method at the dates and for the periods shown: At or For the Three Months Ended March 31, 2021 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ALLL: Beginning balance $ 3,181 $ 1,366 $ 6,127 $ 2,189 $ 1,242 $ 1,069 $ 15,174 Recoveries 28 — — — — — 28 (Recapture) provision (158) (34) 765 4 (216) (61) 300 Ending balance $ 3,051 $ 1,332 $ 6,892 $ 2,193 $ 1,026 $ 1,008 $ 15,502 ALLL by category: General reserve $ 3,046 $ 1,332 $ 6,892 $ 2,193 $ 1,026 $ 1,008 $ 15,497 Specific reserve 5 — — — — — 5 Loans: Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 Loans collectively evaluated for impairment 376,722 138,032 368,911 94,545 78,294 38,768 1,095,272 Loans individually evaluated for impairment 2,524 2,036 16,559 — — — 21,119 At or For the Three Months Ended March 31, 2020 One-to-Four Multifamily Commercial Real Estate Construction/ Business Consumer Total (In thousands) ALLL: Beginning balance $ 3,034 $ 1,607 $ 4,559 $ 2,222 $ 1,140 $ 656 $ 13,218 Recoveries 12 — — — — — 12 Provision (recapture) 9 51 134 (79) (66) 251 300 Ending balance $ 3,055 $ 1,658 $ 4,693 $ 2,143 $ 1,074 $ 907 $ 13,530 ALLL by category: General reserve $ 3,026 $ 1,658 $ 4,693 $ 2,143 $ 1,074 $ 907 $ 13,501 Specific reserve 29 — — — — — 29 Loans: Total loans $ 371,253 $ 169,468 $ 385,910 $ 107,401 $ 34,702 $ 37,225 $ 1,105,959 Loans collectively evaluated for impairment 367,395 167,364 384,653 91,751 34,702 37,225 1,083,090 Loans individually evaluated for impairment 3,858 2,104 1,257 15,650 — — 22,869 |
Financing Receivables, Aging of loans | The following tables represent a summary of the aging of loans by type at the dates indicated: Loans Past Due as of March 31, 2021 30-59 Days 60-89 Days 90 Days and Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ — $ — $ — $ — $ 199,845 $ 199,845 Non-owner occupied — — — — 179,401 179,401 Multifamily — — 2,036 2,036 138,032 140,068 Commercial real estate — — — — 385,470 385,470 Construction/land — — — — 94,545 94,545 Total real estate — — 2,036 2,036 997,293 999,329 Business 264 — — 264 78,030 78,294 Consumer 37 — — 37 38,731 38,768 Total loans $ 301 $ — $ 2,036 $ 2,337 $ 1,114,054 $ 1,116,391 ________________ (1) There were no loans 90 days and greater past due and still accruing interest at March 31, 2021. Loans Past Due as of December 31, 2020 30-59 Days 60-89 Days 90 Days and Total Past Current Total (1) (In thousands) Real estate: One-to-four family residential: Owner occupied $ 77 $ — $ — $ 77 $ 206,246 $ 206,323 Non-owner occupied 159 — — 159 175,478 175,637 Multifamily — — 2,104 2,104 134,590 136,694 Commercial real estate — — — — 385,265 385,265 Construction/land — — — — 92,207 92,207 Total real estate 236 — 2,104 2,340 993,786 996,126 Business 275 — — 275 80,388 80,663 Consumer 38 — — 38 40,583 40,621 Total loans $ 549 $ — $ 2,104 $ 2,653 $ 1,114,757 $ 1,117,410 _________________ (1) There were no loans 90 days and greater past due and still accruing interest at December 31, 2020. |
Schedule of non-accrual loans | The following table is a summary of nonaccrual loans by loan type at the dates indicated: March 31, 2021 December 31, 2020 (In thousands) Multifamily $ 2,036 $ 2,104 Total nonaccrual loans $ 2,036 $ 2,104 |
Financing Receivables, Summary of loans by type and payment activity | The following tables summarize the loan portfolio by type and payment status at the dates indicated: March 31, 2021 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Performing (1) $ 379,246 $ 138,032 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,114,355 Nonperforming — 2,036 — — — — 2,036 Total loans $ 379,246 $ 140,068 $ 385,470 $ 94,545 $ 78,294 $ 38,768 $ 1,116,391 _____________ (1) There were $199.8 million of owner-occupied one-to-four family residential loans and $179.4 million of non-owner occupied one-to-four family residential loans classified as performing. December 31, 2020 One-to-Four Multifamily Commercial Construction/ Business Consumer Total (In thousands) Performing (1) $ 381,960 $ 134,590 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,115,306 Nonperforming (2) — 2,104 — — — — 2,104 Total loans $ 381,960 $ 136,694 $ 385,265 $ 92,207 $ 80,663 $ 40,621 $ 1,117,410 _____________ (1) There were $206.3 million of owner-occupied one-to-four family residential loans and $175.6 million of non-owner occupied one-to-four family residential loans classified as performing. |
Schedule of Impaired Financing Receivables | The following tables present a summary of loans individually evaluated for impairment by loan type at the dates indicated: March 31, 2021 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 271 $ 359 $ — Non-owner occupied 936 936 — Multifamily 2,036 2,098 — Commercial real estate 16,559 16,559 — Total 19,802 19,952 — Loans with an allowance: One-to-four family residential: Owner occupied 500 547 4 Non-owner occupied 817 817 1 Total 1,317 1,364 5 Total impaired loans: One-to-four family residential: Owner occupied 771 906 4 Non-owner occupied 1,753 1,753 1 Multifamily 2,036 2,098 — Commercial real estate 16,559 16,559 — Total $ 21,119 $ 21,316 $ 5 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. December 31, 2020 Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 274 $ 365 $ — Non-owner occupied 1,031 1,031 — Multifamily 2,104 2,104 — Commercial real estate 16,669 16,669 — Total 20,078 20,169 — Loans with an allowance: One-to-four family residential: Owner occupied 502 549 6 Non-owner occupied 820 820 2 Total 1,322 1,369 8 Total impaired loans: One-to-four family residential: Owner occupied 776 914 6 Non-owner occupied 1,851 1,851 2 Multifamily 2,104 2,104 — Commercial real estate 16,669 16,669 — Total $ 21,400 $ 21,538 $ 8 _________________ (1) Represents the loan balance less charge-offs. (2) Contractual loan principal balance. |
Schedule of Impaired Financing Receivables, Average Recorded Investment and Interest Income | The following table presents the average recorded investment in loans individually evaluated for impairment and the interest income recognized for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Loans with no related allowance: One-to-four family residential: Owner occupied $ 273 $ 5 $ 433 $ 9 Non-owner occupied 984 16 1,388 21 Multifamily 2,070 46 2,105 46 Commercial real estate 16,614 161 1,262 22 Construction/land — — 14,087 150 Total 19,941 228 19,275 248 Loans with an allowance: One-to-four family residential: Owner occupied 501 8 504 9 Non-owner occupied 819 13 1,642 23 Total 1,320 21 2,146 32 Total impaired loans: One-to-four family residential: Owner occupied 774 13 937 18 Non-owner occupied 1,803 29 3,030 44 Multifamily 2,070 46 2,105 46 Commercial real estate 16,614 161 1,262 22 Construction/land — — 14,087 150 Total $ 21,261 $ 249 $ 21,421 $ 280 |
Troubled Debt Restructurings on Financing Receivables | There were no TDR modifications for the three months ended March 31, 2020. Three Months Ended March 31, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Commercial real estate Advancement of maturity date 1 $ 1,241 $ 1,241 Total $ 1 $ 1,241 $ 1,241 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Real Estate [Abstract] | |
Other Real Estate, Roll Forward | The following table is a summary of OREO activity during the periods shown: Three Months Ended March 31, 2021 2020 (In thousands) Balance at beginning of period $ 454 $ 454 Market value adjustments — — Balance at end of period $ 454 $ 454 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements) at March 31, 2021 and December 31, 2020: Fair Value Measurements at March 31, 2021 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 15,748 $ — $ 15,748 $ — Freddie Mac 12,851 — 12,851 — Ginnie Mae 25,090 — 25,090 — Other 10,504 — 10,504 — Municipal bonds 31,438 — 31,438 — U.S. Government agencies 50,356 — 50,356 — Corporate bonds 22,055 — 22,055 — Total available-for-sale investments 168,042 — 168,042 — Derivative fair value asset 903 — 903 — $ 168,945 $ — $ 168,945 $ — Fair Value Measurements at December 31, 2020 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Investments available-for-sale: Mortgage-backed investments: Fannie Mae $ 13,288 $ — $ 13,288 $ — Freddie Mac 4,316 — 4,316 — Ginnie Mae 17,127 — 17,127 — Other 10,729 — 10,729 — Municipal bonds 17,446 — 17,446 — U.S. Government agencies 40,635 — 40,635 — Corporate bonds 24,010 — 24,010 — Total available-for-sale investments 127,551 — 127,551 — Liabilities: Derivative fair value liability $ 2,825 $ — $ 2,825 $ — |
Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis at March 31, 2021, and December 31, 2020: Fair Value Measurements at March 31, 2021 Fair Value Quoted Prices in Significant Significant (In thousands) Impaired loans (included in loans receivable, net) (1) $ 21,114 $ — $ — $ 21,114 OREO 454 — — 454 Total $ 21,568 $ — $ — $ 21,568 _____________ (1) Total fair value of impaired loans is net of $5,000 of specific reserves on performing TDRs. Fair Value Measurements at December 31, 2020 Fair Value Quoted Prices in Significant Significant (In thousands) Impaired loans (included in loans receivable, net) (1) $ 21,392 $ — $ — $ 21,392 OREO 454 — — 454 Total $ 21,846 $ — $ — $ 21,846 _____________ (1) Total fair value of impaired loans is net of $8,000 of specific reserves on performing TDRs. |
Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Impaired Loans $ 21,114 Market approach Expected values of future cash flows 0.0% (0.0%) OREO $ 454 Market approach Estimated selling price less selling costs 0.0% (0.0%) December 31, 2020 Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (Dollars in thousands) Impaired Loans $ 21,392 Market approach Expected values of future cash flows 0.0% (0.0%) OREO $ 454 Market approach Estimated selling price less selling costs 0.0% (0.0%) |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of financial instruments were as follows at the dates indicated: March 31, 2021 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 7,211 $ 7,211 $ 7,211 $ — $ — Interest-earning deposits with banks 75,023 75,023 75,023 — — Investments available-for-sale 168,042 168,042 — 168,042 — Investments held-to-maturity 2,413 2,413 — 2,413 — Loans receivable, net 1,098,832 1,100,621 — — 1,100,621 FHLB stock 6,465 6,465 — 6,465 — Accrued interest receivable 5,702 5,702 — 5,702 — Derivative fair value asset 903 903 — 903 — Financial Liabilities: Deposits 749,624 749,624 749,624 — — Certificates of deposit, retail 384,031 389,971 — 389,971 — Advances from the FHLB 120,000 120,006 — 120,006 — Accrued interest payable 197 197 — 197 — December 31, 2020 Estimated Fair Value Measurements Using: Carrying Value Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash on hand and in banks $ 7,995 $ 7,995 $ 7,995 $ — $ — Interest-earning deposits with banks 72,494 72,494 72,494 — — Investments available-for-sale 127,551 127,551 — 127,551 — Investments held-to-maturity 2,418 2,418 — 2,418 — Loans receivable, net 1,100,582 1,101,559 — — 1,101,559 FHLB stock 6,410 6,410 — 6,410 — Accrued interest receivable 5,508 5,508 — 5,508 — Financial Liabilities: Deposits 684,057 684,057 684,057 — — Certificates of deposit, retail 409,576 418,118 — 418,118 — Advances from the FHLB 120,000 120,006 — 120,006 — Accrued interest payable 211 211 — 211 — Derivative fair value liability 2,825 2,825 — 2,825 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of Operating Leases | The following table includes details on these items at and for the three months ended March 31, 2021, and 2020. March 31, 2021 March 31, 2020 (dollars in thousands) Lease expense $ 256 $ 225 Right-of-use asset 3,976 2,446 Lease liability 4,123 2,538 Weighted average remaining term (in years) 6.84 6.64 Weighted average discount rate 1.97 % 2.84 % |
Maturity of Leases | The following table provides a reconciliation between the undiscounted minimum lease payments at March 31, 2021 and the discounted lease liability at that date: March 31, 2021 (in thousands) Due through one year $ 791 Due after one year through two years 782 Due after two years through three years 645 Due after three years through four years 565 Due after four years through five years 420 Due after five years 1,216 Total minimum lease payments 4,419 Less: present value discount (296) Lease liability $ 4,123 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the fair value of these derivative instruments as of March 31, 2021 and December 31, 2020: Balance Sheet Location Fair Value at Fair Value at (In thousands) Interest rate swaps on FHLB debt Other Assets $ 903 $ (2,825) |
Derivative Instruments, Gain (Loss) | The following table presents the net unrealized gains and losses, net of tax, from these derivative instruments included on the Consolidated Statements of Comprehensive Income at the dates indicated: Amount Recognized in OCI for the Amount Recognized in OCI for the (In thousands) Interest rate swaps on FHLB debt designated as a cash flow hedge $ 2,945 $ (2,933) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | A summary of the Company’s stock option plan awards and activity for the three months ended March 31, 2021, follows: For the Three Months Ended March 31, 2021 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Weighted-Average Grant Date Fair Value Outstanding at January 1, 2021 313,000 $ 10.34 $ 397,890 $ 3.69 Exercised (2,000) 10.77 5,920 4.16 Outstanding at March 31, 2021 311,000 10.34 2.73 1,217,380 3.69 Expected to vest assuming a 3% forfeiture rate over the vesting term 311,000 10.34 2.73 1,217,380 3.69 Exercisable at March 31, 2021 311,000 10.34 2.73 1,217,380 3.69 |
Nonvested Restricted Stock Shares Activity | A summary of changes in nonvested restricted stock awards for the three months ended March 31, 2021, follows: For the Three Months Ended March 31, 2021 Shares Weighted-Average Nonvested at January 1, 2021 16,228 $ 13.61 Granted 45,593 13.78 Vested (17,395) 13.62 Nonvested at March 31, 2021 44,426 13.78 Expected to vest assuming a 3% forfeiture rate over the vesting term 43,093 13.78 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in thousands, except share data) Net income $ 2,497 $ 1,684 Less: Earnings allocated to participating securities (11) (3) Earnings allocated to common shareholders $ 2,486 $ 1,681 Basic weighted average common shares outstanding 9,490,058 9,896,234 Dilutive stock options 67,068 72,120 Dilutive restricted stock grants 9,545 9,706 Diluted weighted average common shares outstanding 9,566,671 9,978,060 Basic earnings per share $ 0.26 $ 0.17 Diluted earnings per share $ 0.26 $ 0.17 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table includes the Company’s noninterest income disaggregated by type of service for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 (In thousands) BOLI change in cash surrender value (1) $ 269 $ 254 Wealth management revenue 160 165 Deposit related fees 66 68 Debit card and ATM fees 134 108 Loan related fees 132 392 Other 3 3 Total noninterest income $ 764 $ 990 _______________ |
Investments_ Available-for-sale
Investments: Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 168,129 | $ 125,685 |
Gross Unrealized Gains | 1,822 | 2,680 |
Gross Unrealized Losses | (1,909) | (814) |
Fair Value | 168,042 | 127,551 |
Mortgage-backed investments, Fannie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,556 | 12,797 |
Gross Unrealized Gains | 325 | 491 |
Gross Unrealized Losses | (133) | 0 |
Fair Value | 15,748 | 13,288 |
Mortgage-backed investments, Freddie Mac | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,173 | 4,116 |
Gross Unrealized Gains | 166 | 200 |
Gross Unrealized Losses | (488) | 0 |
Fair Value | 12,851 | 4,316 |
Mortgage backed investments Ginnie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 24,896 | 16,513 |
Gross Unrealized Gains | 278 | 617 |
Gross Unrealized Losses | (84) | (3) |
Fair Value | 25,090 | 17,127 |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,388 | 10,691 |
Gross Unrealized Gains | 137 | 100 |
Gross Unrealized Losses | (21) | (62) |
Fair Value | 10,504 | 10,729 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,399 | 16,483 |
Gross Unrealized Gains | 546 | 963 |
Gross Unrealized Losses | (507) | 0 |
Fair Value | 31,438 | 17,446 |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,715 | 41,084 |
Gross Unrealized Gains | 90 | 88 |
Gross Unrealized Losses | (449) | (537) |
Fair Value | 50,356 | 40,635 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,002 | 24,001 |
Gross Unrealized Gains | 280 | 221 |
Gross Unrealized Losses | (227) | (212) |
Fair Value | $ 22,055 | $ 24,010 |
Investments_ Schedule of Availa
Investments: Schedule of Available for sale Securities in Continuous Unrealized Loss positions (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less Than 12 Months | $ 52,403 | $ 1,716 |
12 Months or Longer | 39,983 | 44,038 |
Total | 92,386 | 45,754 |
Gross Unrealized Loss | ||
Less Than 12 Months | (1,260) | (11) |
12 Months or Longer | (649) | (803) |
Total | (1,909) | (814) |
Mortgage-backed investments, Fannie Mae | ||
Fair Value | ||
Less Than 12 Months | 3,884 | 0 |
12 Months or Longer | 0 | 0 |
Total | 3,884 | 0 |
Gross Unrealized Loss | ||
Less Than 12 Months | (133) | 0 |
12 Months or Longer | 0 | 0 |
Total | (133) | 0 |
Mortgage-backed investments, Freddie Mac | ||
Fair Value | ||
Less Than 12 Months | 7,838 | 0 |
12 Months or Longer | 0 | 0 |
Total | 7,838 | 0 |
Gross Unrealized Loss | ||
Less Than 12 Months | (488) | 0 |
12 Months or Longer | 0 | 0 |
Total | (488) | 0 |
Mortgage backed investments Ginnie Mae | ||
Fair Value | ||
Less Than 12 Months | 10,649 | 0 |
12 Months or Longer | 0 | 1,311 |
Total | 10,649 | 1,311 |
Gross Unrealized Loss | ||
Less Than 12 Months | (84) | 0 |
12 Months or Longer | 0 | (3) |
Total | (84) | (3) |
Other | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 5,981 | 5,942 |
Total | 5,981 | 5,942 |
Gross Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (21) | (62) |
Total | (21) | (62) |
Municipal bonds | ||
Fair Value | ||
Less Than 12 Months | 18,074 | 0 |
12 Months or Longer | 0 | 0 |
Total | 18,074 | 0 |
Gross Unrealized Loss | ||
Less Than 12 Months | (507) | 0 |
12 Months or Longer | 0 | 0 |
Total | (507) | 0 |
U.S. Government agencies | ||
Fair Value | ||
Less Than 12 Months | 9,490 | 1,716 |
12 Months or Longer | 28,191 | 30,991 |
Total | 37,681 | 32,707 |
Gross Unrealized Loss | ||
Less Than 12 Months | (16) | (11) |
12 Months or Longer | (433) | (526) |
Total | (449) | (537) |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | 2,468 | 0 |
12 Months or Longer | 5,811 | 5,794 |
Total | 8,279 | 5,794 |
Gross Unrealized Loss | ||
Less Than 12 Months | (32) | 0 |
12 Months or Longer | (195) | (212) |
Total | $ (227) | $ (212) |
Investments_ Narrative (Details
Investments: Narrative (Details) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020USD ($) | Mar. 31, 2021USD ($)securities | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)securities | |
Debt Securities, Available-for-sale [Line Items] | ||||
Investments pledged as collateral for FHLB advances | 50.00% | |||
Investments pledged as collateral for public deposits | $ 24,200,000 | $ 23,400,000 | ||
Principal repayments on investments available-for-sale | 2,000,000 | $ 0 | ||
Gain on sale of investments available-for-sale | $ 0 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 18 | 18 | ||
Unrealized Loss | securities | 44 | 20 | ||
Payments to Acquire Marketable Securities | $ 2,400,000 | $ 49,422,000 | $ 2,371,000 |
Investments_ Schedule of Avai_2
Investments: Schedule of Available for sale Securities, Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Due after one year through five years, Amortized Cost | $ 8,908 | |
Due after five years through ten years, Amortized Cost | 16,134 | |
Due after ten years, Amortized Cost | 79,074 | |
Amortized Cost | 168,129 | $ 125,685 |
Mortgage-backed investments, Amortized Cost | 64,013 | |
Due after one year through five years, Fair Value | 8,946 | |
Due after five years through ten years, Fair Value | 16,232 | |
Due after ten years, Fair Value | 78,671 | |
Debt Securities, Amortized Cost Total | 104,116 | |
Debt maturities, Fair Value | 103,849 | |
Mortgage-backed investments, Fair Value | 64,193 | |
Fair Value | $ 168,042 | $ 127,551 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 1,116,391 | $ 1,117,410 | ||
Deferred loan fees, net | 2,057 | 1,654 | ||
ALLL | 15,502 | 15,174 | ||
Loans receivable, net | 1,098,832 | 1,100,582 | ||
One-to-four family, residential, owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 199,845 | 206,323 | ||
One to four family residential non owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 179,401 | 175,637 | ||
One to Four Family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 379,246 | 381,960 | ||
Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 140,068 | 136,694 | ||
ALLL | 1,332 | 1,366 | $ 1,658 | $ 1,607 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 385,470 | 385,265 | ||
ALLL | 6,892 | 6,127 | 4,693 | 4,559 |
Construction/Land Development One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 27,817 | 33,396 | ||
Construction Land Development Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 58,718 | 51,215 | ||
Construction Land Development Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,837 | 5,783 | ||
Construction Land Development Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 2,173 | 1,813 | ||
Construction/ Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 94,545 | 92,207 | ||
ALLL | 2,193 | 2,189 | 2,143 | 2,222 |
Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 78,294 | 80,663 | ||
ALLL | 1,026 | 1,242 | 1,074 | 1,140 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 38,768 | 40,621 | ||
ALLL | $ 1,008 | $ 1,069 | $ 907 | $ 656 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.24% | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 24,000 | $ 14,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | ||
Troubled Debt Restructuring Loans | 3,800,000 | $ 3,900,000 | |
Troubled Debt Restructuring Commitment To Extend Additional Credit | 0 | ||
Troubled debt restructuring, charge to Allowance for Loan and Lease Losses | 0 | 0 | |
Loans receivable, net | 1,098,832,000 | 1,100,582,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | $ 0 | |
Granted Short Term Deferrals Under CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net | 56,700,000 | ||
PPP Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term Debt, Gross | 45,200,000 | ||
FHLB of Des Moines | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Pledged as Collateral | 496,200,000 | 523,800,000 | |
Federal Reserve Bank | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Pledged as Collateral | $ 127,400,000 | $ 127,100,000 |
Loans Receivable - Financing Re
Loans Receivable - Financing Receivables, Summary of loans by type and risk category (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 1,116,391 | $ 1,117,410 |
Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 1,036,859 | 1,036,758 |
Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 50,240 | 61,485 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 26,731 | 16,536 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,561 | 2,631 |
One-to-Four Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 379,246 | 381,960 |
One-to-Four Family Residential | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 374,330 | 376,918 |
One-to-Four Family Residential | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 3,969 | 3,914 |
One-to-Four Family Residential | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 422 | 601 |
One-to-Four Family Residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 525 | 527 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 140,068 | 136,694 |
Multifamily | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 135,685 | 132,243 |
Multifamily | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,347 | 2,347 |
Multifamily | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Multifamily | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,036 | 2,104 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 385,470 | 385,265 |
Commercial Real Estate | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 317,968 | 316,955 |
Commercial Real Estate | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 41,193 | 52,375 |
Commercial Real Estate | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 26,309 | 15,935 |
Commercial Real Estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 94,545 | 92,207 |
Construction/ Land | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 92,294 | 89,957 |
Construction/ Land | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,251 | 2,250 |
Construction/ Land | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Construction/ Land | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 78,294 | 80,663 |
Business | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 77,851 | 80,208 |
Business | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 443 | 455 |
Business | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 38,768 | 40,621 |
Consumer | Pass, grade 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 38,731 | 40,477 |
Consumer | Pass, grade 5 (watch) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 37 | 144 |
Consumer | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 0 | $ 0 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Allowance for Loan and Lease Losses, Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 15,174 | $ 15,502 | $ 15,174 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 15,174 | ||||
(Recapture) provision | 300 | $ 300 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 15,502 | ||||
One-to-Four Family Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 3,051 | 3,055 | 3,051 | 3,181 | $ 3,055 |
Impaired Financing Receivable, Related Allowance | 5 | 29 | |||
Total Loans | 379,246 | 371,253 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,181 | 3,034 | |||
Recoveries | 28 | 12 | |||
(Recapture) provision | (158) | 9 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 3,051 | 3,055 | |||
Loans collectively evaluated for impairment | 376,722 | 367,395 | |||
Loans individually evaluated for impairment | 2,524 | 3,858 | |||
One-to-Four Family Residential | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 3,046 | 3,026 | 3,046 | 3,026 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 3,046 | 3,026 | |||
Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,332 | 1,658 | 1,332 | 1,366 | 1,658 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Total Loans | 140,068 | 169,468 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,366 | 1,607 | |||
Recoveries | 0 | 0 | |||
(Recapture) provision | (34) | 51 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 1,332 | 1,658 | |||
Loans collectively evaluated for impairment | 138,032 | 167,364 | |||
Loans individually evaluated for impairment | 2,036 | 2,104 | |||
Multifamily | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,332 | 1,658 | 1,332 | 1,658 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 1,332 | 1,658 | |||
Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 6,892 | 4,693 | 6,892 | 6,127 | 4,693 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Total Loans | 385,470 | 385,910 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 6,127 | 4,559 | |||
Recoveries | 0 | 0 | |||
(Recapture) provision | 765 | 134 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 6,892 | 4,693 | |||
Loans collectively evaluated for impairment | 368,911 | 384,653 | |||
Loans individually evaluated for impairment | 16,559 | 1,257 | |||
Commercial real estate | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 6,892 | 4,693 | 6,892 | 4,693 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 6,892 | 4,693 | |||
Construction/ Land | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 2,193 | 2,143 | 2,193 | 2,189 | 2,143 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |||
Total Loans | 94,545 | 107,401 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,189 | 2,222 | |||
Recoveries | 0 | 0 | |||
(Recapture) provision | 4 | (79) | |||
Loans and Leases Receivable, Allowance, Ending Balance | 2,193 | 2,143 | |||
Loans collectively evaluated for impairment | 94,545 | 91,751 | |||
Loans individually evaluated for impairment | 0 | 15,650 | |||
Construction/ Land | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 2,193 | 2,143 | 2,193 | 2,143 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 2,193 | 2,143 | |||
Business | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,026 | 1,074 | 1,026 | 1,242 | 1,074 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |||
Total Loans | 78,294 | 34,702 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,242 | 1,140 | |||
Recoveries | 0 | 0 | |||
(Recapture) provision | (216) | (66) | |||
Loans and Leases Receivable, Allowance, Ending Balance | 1,026 | 1,074 | |||
Loans collectively evaluated for impairment | 78,294 | 34,702 | |||
Loans individually evaluated for impairment | 0 | 0 | |||
Business | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,026 | 1,074 | 1,026 | 1,074 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 1,026 | 1,074 | |||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,008 | 907 | 1,008 | 1,069 | 907 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |||
Total Loans | 38,768 | 37,225 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,069 | 656 | |||
Recoveries | 0 | 0 | |||
(Recapture) provision | (61) | 251 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 1,008 | 907 | |||
Loans collectively evaluated for impairment | 38,768 | 37,225 | |||
Loans individually evaluated for impairment | 0 | 0 | |||
Consumer | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,008 | 907 | 1,008 | 907 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 1,008 | 907 | |||
Property total | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 15,502 | 13,530 | 15,502 | 15,174 | 13,530 |
Impaired Financing Receivable, Related Allowance | 5 | $ 8 | 29 | ||
Total Loans | 1,116,391 | 1,105,959 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Beginning Balance | 15,174 | 13,218 | |||
Recoveries | 28 | 12 | |||
(Recapture) provision | 300 | 300 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 15,502 | 13,530 | |||
Loans collectively evaluated for impairment | 1,095,272 | 1,083,090 | |||
Loans individually evaluated for impairment | 21,119 | 22,869 | |||
Property total | General reserve | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 15,497 | 13,501 | $ 15,497 | $ 13,501 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 15,497 | $ 13,501 |
Loans Receivable - Financing _2
Loans Receivable - Financing Receivables, Aging of loans (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 1,116,391,000 | $ 1,117,410,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 77,000 |
Current | 199,845,000 | 206,246,000 |
Total Loans | 199,845,000 | 206,323,000 |
One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 159,000 |
Current | 179,401,000 | 175,478,000 |
Total Loans | 179,401,000 | 175,637,000 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,036,000 | 2,104,000 |
Current | 138,032,000 | 134,590,000 |
Total Loans | 140,068,000 | 136,694,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Current | 385,470,000 | 385,265,000 |
Total Loans | 385,470,000 | 385,265,000 |
Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Current | 94,545,000 | 92,207,000 |
Total Loans | 94,545,000 | 92,207,000 |
Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,036,000 | 2,340,000 |
Current | 997,293,000 | 993,786,000 |
Total Loans | 999,329,000 | 996,126,000 |
Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 264,000 | 275,000 |
Current | 78,030,000 | 80,388,000 |
Total Loans | 78,294,000 | 80,663,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 37,000 | 38,000 |
Current | 38,731,000 | 40,583,000 |
Total Loans | 38,768,000 | 40,621,000 |
Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,337,000 | 2,653,000 |
Current | 1,114,054,000 | 1,114,757,000 |
Total Loans | 1,116,391,000 | 1,117,410,000 |
Financial Asset, 30 to 59 Days Past Due | One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 77,000 |
Financial Asset, 30 to 59 Days Past Due | One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 159,000 |
Financial Asset, 30 to 59 Days Past Due | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 236,000 |
Financial Asset, 30 to 59 Days Past Due | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 264,000 | 275,000 |
Financial Asset, 30 to 59 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 37,000 | 38,000 |
Financial Asset, 30 to 59 Days Past Due | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 301,000 | 549,000 |
Financial Asset, 60 to 89 Days Past Due | One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,036,000 | 2,104,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Total real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,036,000 | 2,104,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2,036,000 | $ 2,104,000 |
Loans Receivable - Schedule o_3
Loans Receivable - Schedule of non accrual loans by type (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans, total | $ 2,036 | $ 2,104 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans, total | $ 2,036 | $ 2,104 |
Loans Receivable - Financing _3
Loans Receivable - Financing Receivables, Summary of loans by type and payment activity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 1,116,391 | $ 1,117,410 |
One-to-Four Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 379,246 | 381,960 |
One-to-Four Family Residential | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 379,246 | 381,960 |
One-to-Four Family Residential | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 140,068 | 136,694 |
Multifamily | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 138,032 | 134,590 |
Multifamily | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,036 | 2,104 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 385,470 | 385,265 |
Commercial real estate | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 385,470 | 385,265 |
Commercial real estate | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 94,545 | 92,207 |
Construction/ Land | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 94,545 | 92,207 |
Construction/ Land | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 78,294 | 80,663 |
Business | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 78,294 | 80,663 |
Business | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 38,768 | 40,621 |
Consumer | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 38,768 | 40,621 |
Consumer | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Property total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 1,116,391 | 1,117,410 |
Property total | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 1,114,355 | 1,115,306 |
Property total | Nonperforming Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 2,036 | 2,104 |
One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 199,845 | 206,323 |
One-to-four family, residential, owner occupied | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 199,800 | 206,300 |
One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 179,401 | 175,637 |
One to four family residential non owner occupied | Performing Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 179,400 | $ 175,600 |
Loans Receivable - Schedule o_4
Loans Receivable - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 21,114 | $ 21,392 | |
One-to-four family, residential, owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 271 | 274 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 359 | 365 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 500 | 502 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 547 | 549 | |
Impaired Financing Receivable, Related Allowance | 4 | 6 | |
Impaired Financing Receivable, Recorded Investment | 771 | 776 | |
Impaired Financing Receivable, Unpaid Principal Balance | 906 | 914 | |
One to four family residential non owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 936 | 1,031 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 936 | 1,031 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 817 | 820 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 817 | 820 | |
Impaired Financing Receivable, Related Allowance | 1 | 2 | |
Impaired Financing Receivable, Recorded Investment | 1,753 | 1,851 | |
Impaired Financing Receivable, Unpaid Principal Balance | 1,753 | 1,851 | |
Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,036 | 2,104 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,098 | 2,104 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | $ 0 |
Impaired Financing Receivable, Recorded Investment | 2,036 | 2,104 | |
Impaired Financing Receivable, Unpaid Principal Balance | 2,098 | 2,104 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 16,559 | 16,669 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 16,559 | 16,669 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 16,559 | 16,669 | |
Impaired Financing Receivable, Unpaid Principal Balance | 16,559 | 16,669 | |
Property total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 19,802 | 20,078 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 19,952 | 20,169 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,317 | 1,322 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,364 | 1,369 | |
Impaired Financing Receivable, Related Allowance | 5 | 8 | $ 29 |
Impaired Financing Receivable, Recorded Investment | 21,119 | 21,400 | |
Impaired Financing Receivable, Unpaid Principal Balance | $ 21,316 | $ 21,538 |
Loans Receivable - Schedule o_5
Loans Receivable - Schedule of Impaired Financing Receivables, Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 19,941 | $ 19,275 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 228 | 248 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,320 | 2,146 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 21 | 32 |
Impaired Financing Receivable, Average Recorded Investment | 21,261 | 21,421 |
Impaired Financing Receivable, Interest Income, Accrual Method | 249 | 280 |
One-to-four family, residential, owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 273 | 433 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 5 | 9 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 501 | 504 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 8 | 9 |
Impaired Financing Receivable, Average Recorded Investment | 774 | 937 |
Impaired Financing Receivable, Interest Income, Accrual Method | 13 | 18 |
One to four family residential non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 984 | 1,388 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 16 | 21 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 819 | 1,642 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 13 | 23 |
Impaired Financing Receivable, Average Recorded Investment | 1,803 | 3,030 |
Impaired Financing Receivable, Interest Income, Accrual Method | 29 | 44 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,070 | 2,105 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 46 | 46 |
Impaired Financing Receivable, Average Recorded Investment | 2,070 | 2,105 |
Impaired Financing Receivable, Interest Income, Accrual Method | 46 | 46 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 16,614 | 1,262 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 161 | 22 |
Impaired Financing Receivable, Average Recorded Investment | 16,614 | 1,262 |
Impaired Financing Receivable, Interest Income, Accrual Method | 161 | 22 |
Construction/ Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 14,087 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 150 |
Impaired Financing Receivable, Average Recorded Investment | 0 | 14,087 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 | $ 150 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,241 |
Post-Modification Outstanding Recorded Investment | $ 1,241 |
Construction Land Development Commercial | Advancement of Maturity Date | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,241 |
Post-Modification Outstanding Recorded Investment | $ 1,241 |
Other Real Estate Owned - Other
Other Real Estate Owned - Other Real Estate, Roll Forward (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Real Estate [Roll Forward] | ||
Balance at beginning of period | $ 454,000 | $ 454,000 |
Market value adjustments | 0 | 0 |
Balance at end of period | $ 454,000 | $ 454,000 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) | 3 Months Ended | |||
Mar. 31, 2021USD ($)property | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Real Estate [Line Items] | ||||
Real estate properties sold | property | 0 | |||
Market value adjustments | $ 0 | $ 0 | ||
Other real estate | 454,000 | $ 454,000 | $ 454,000 | $ 454,000 |
Real Estate Acquired Through Foreclosure | 2,000,000 | |||
Commercial real estate | ||||
Real Estate [Line Items] | ||||
Other real estate | 454,000 | |||
One-to-Four Family Residential | ||||
Real Estate [Line Items] | ||||
Real Estate Acquired Through Foreclosure | $ 0 |
Fair Value_ Schedule of Fair Va
Fair Value: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 168,042 | $ 127,551 |
Assets, Fair Value Disclosure | 168,945 | |
Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 15,748 | 13,288 |
Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 12,851 | 4,316 |
Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 25,090 | 17,127 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,504 | 10,729 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 31,438 | 17,446 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 50,356 | 40,635 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 22,055 | 24,010 |
Derivative fair value asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | 903 | |
Derivative fair value liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 2,825 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Assets, Fair Value Disclosure | 0 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative fair value asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative fair value liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 168,042 | 127,551 |
Derivative Asset, Fair Value, Gross Liability | (903) | |
Assets, Fair Value Disclosure | 168,945 | |
Derivative Liability, Fair Value, Gross Asset | 2,825 | |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 15,748 | 13,288 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 12,851 | 4,316 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 25,090 | 17,127 |
Significant Other Observable Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,504 | 10,729 |
Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 31,438 | 17,446 |
Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 50,356 | 40,635 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 22,055 | 24,010 |
Significant Other Observable Inputs (Level 2) | Derivative fair value asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | 903 | |
Significant Other Observable Inputs (Level 2) | Derivative fair value liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 2,825 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Assets, Fair Value Disclosure | 0 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Fannie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Freddie Mac | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed investments, Ginnie Mae | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivative fair value asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | $ 0 | |
Significant Unobservable Inputs (Level 3) | Derivative fair value liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | $ 0 |
Fair Value_ Schedule of balance
Fair Value: Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans (included in loans receivable, net) | $ 21,114,000 | $ 21,392,000 | ||
OREO | 454,000 | 454,000 | $ 454,000 | $ 454,000 |
Total, Fair Value | 21,568,000 | 21,846,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 5,000 | 8,000 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans (included in loans receivable, net) | 0 | 0 | ||
OREO | 0 | 0 | ||
Total, Fair Value | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans (included in loans receivable, net) | 0 | 0 | ||
OREO | 0 | 0 | ||
Total, Fair Value | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans (included in loans receivable, net) | 21,114,000 | 21,392,000 | ||
OREO | 454,000 | 454,000 | ||
Total, Fair Value | $ 21,568,000 | $ 21,846,000 |
Fair Value_ Schedule of quantit
Fair Value: Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis (Details) - Significant Unobservable Inputs (Level 3) - Market Approach Valuation Technique - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Loans Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input(s) | Expected values of future cash flows | Expected values of future cash flows |
Loans Receivable | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Loans Receivable | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Loans Receivable | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Loans Receivable | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 21,114 | $ 21,392 |
Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input(s) | Estimated selling price less selling costs | Estimated selling price less selling costs |
Other Real Estate Owned | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Other Real Estate Owned | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Other Real Estate Owned | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments, range | 0.00% | 0.00% |
Other Real Estate Owned | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 454 | $ 454 |
Fair Value_ Balance Sheet Group
Fair Value: Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments available-for-sale, at fair value | $ 168,042 | $ 127,551 |
Investments held-to-maturity | 2,413 | 2,418 |
FHLB stock | 6,465 | 6,410 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 7,211 | 7,995 |
Interest-earning deposits with banks | 75,023 | 72,494 |
Investments available-for-sale, at fair value | 0 | 0 |
Investments held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative fair value asset | 0 | |
Deposits | 749,624 | 684,057 |
Certificates of deposit, retail | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Investments available-for-sale, at fair value | 168,042 | 127,551 |
Investments held-to-maturity | 2,413 | 2,418 |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,465 | 6,410 |
Accrued interest receivable | 5,702 | 5,508 |
Derivative fair value asset | 903 | |
Deposits | 0 | 0 |
Certificates of deposit, retail | 389,971 | 418,118 |
Advances from the FHLB | 120,006 | 120,006 |
Accrued interest payable | 197 | 211 |
Derivative Liability, Fair Value, Gross Asset | 2,825 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits with banks | 0 | 0 |
Investments available-for-sale, at fair value | 0 | 0 |
Investments held-to-maturity | 0 | 0 |
Loans receivable, net | 1,100,621 | 1,101,559 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative fair value asset | 0 | |
Deposits | 0 | 0 |
Certificates of deposit, retail | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 7,211 | 7,995 |
Interest-earning deposits with banks | 75,023 | 72,494 |
Investments available-for-sale, at fair value | 168,042 | 127,551 |
Investments held-to-maturity | 2,413 | 2,418 |
Loans receivable, net | 1,098,832 | 1,100,582 |
FHLB stock | 6,465 | 6,410 |
Accrued interest receivable | 5,702 | 5,508 |
Derivative fair value asset | 903 | |
Deposits | 749,624 | 684,057 |
Certificates of deposit, retail | 384,031 | 409,576 |
Advances from the FHLB | 120,000 | 120,000 |
Accrued interest payable | 197 | 211 |
Derivative Liability, Fair Value, Gross Asset | 2,825 | |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash on hand and in banks | 7,211 | 7,995 |
Interest-earning deposits with banks | 75,023 | 72,494 |
Investments available-for-sale, at fair value | 168,042 | 127,551 |
Investments held-to-maturity | 2,413 | 2,418 |
Loans receivable, net | 1,100,621 | 1,101,559 |
FHLB stock | 6,465 | 6,410 |
Accrued interest receivable | 5,702 | 5,508 |
Derivative fair value asset | 903 | |
Deposits | 749,624 | 684,057 |
Certificates of deposit, retail | 389,971 | 418,118 |
Advances from the FHLB | 120,006 | 120,006 |
Accrued interest payable | $ 197 | 211 |
Derivative Liability, Fair Value, Gross Asset | $ 2,825 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)lease | |
Lessee, Lease, Description [Line Items] | |
Property Subject to or Available for Operating Lease, Number of Units | lease | 13 |
Lessee, Operating Lease, Term of Contract | 60 months |
Monthly lease payment | $ 68,000 |
Operating Leases, Rent Expense, Minimum Rentals | $ 8,000,000 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 3 years |
Lessee, Operating Lease, Term of Contract | 3 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Lessee, Operating Lease, Term of Contract | 9 years 9 months 18 days |
Leases - Components of Operatin
Leases - Components of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Lease expense | $ 256 | $ 225 | |
Right-of-use asset | 3,976 | 2,446 | $ 3,647 |
Lease liability | $ 4,123 | $ 2,538 | |
Weighted average remaining term (in years) | 6 years 10 months 2 days | 6 years 7 months 20 days | |
Weighted average discount rate | 1.97% | 2.84% |
Leases - Maturity of Leases (De
Leases - Maturity of Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Weighted average remaining term (in years) | 6 years 10 months 2 days | 6 years 7 months 20 days | |
Lessee, Operating Lease, Term of Contract | 60 months | ||
Due through one year | $ 791 | ||
Due after one year through two years | 782 | ||
Due after two years through three years | 645 | ||
Due after three years through four years | 565 | ||
Due after four years through five years | 420 | ||
Due after five years | 1,216 | ||
Total minimum lease payments | 4,419 | ||
Less: present value discount | (296) | ||
Lease liability, net | $ 4,123 | $ 3,783 | |
Weighted average discount rate | 1.97% | 2.84% | |
Lease expense | $ 256 | $ 225 | |
Right of use asset (“ROU”), net | 3,976 | 2,446 | $ 3,647 |
Lease liability | $ 4,123 | $ 2,538 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Oct. 31, 2016 | |
Derivative [Line Items] | ||
Derivative, Average Fixed Interest Rate | 0.80% | |
Derivative, Loss on Derivative | $ 903,000 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 713,000 | |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 120,000,000 | |
Derivative, Fixed Interest Rate | 1.22% | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 25,000,000 | |
Minimum | Interest Rate Swap | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 4 years | |
Minimum | Forward Contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 7 years | |
Maximum | Interest Rate Swap | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 8 years | |
Maximum | Forward Contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 8 years |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - Cash Flow Hedging - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | $ (903) | |
Derivative fair value asset | $ (2,825) |
Derivatives - Derivative Instru
Derivatives - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Interest rate swaps on FHLB debt designated as a cash flow hedge | $ 2,945 | $ (2,933) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 96,000 | $ 80,000 |
Tax benefit from compensation expense | $ 20,000 | $ 17,000 |
Grants in period | 0 | |
First Financial Northwest Inc 2016 Equity Incentive Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized | 1,400,000 | |
Available for grant (shares) | 1,081,082 | |
Expiration period | 10 years | |
First Financial Northwest Inc 2016 Equity Incentive Plan | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized | 400,000 | |
Available for grant (shares) | 240,541 | |
First Financial Northwest, Inc. 2008 Equity Incentive Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Percentage of options vesting per year | 20.00% | |
Expiration period | 10 years | |
Compensation cost not yet recognized | $ 0 | |
First Financial Northwest, Inc. 2008 Equity Incentive Plan | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 45,593 | |
Compensation cost not yet recognized | $ 556,000 | |
Compensation cost not yet recognized, weighted average vesting period | 11 months 9 days | |
Expected to exercise at March 31 2018 | First Financial Northwest, Inc. 2008 Equity Incentive Plan | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 311,000 |
Stock-Based Compensation Disclo
Stock-Based Compensation Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Shares | |
Outstanding Beginning Balance (in shares) | shares | 313,000 |
Exercised (in shares) | shares | (2,000) |
Outstanding Ending Balance (in shares) | shares | 311,000 |
Weighted-Average Exercise Price | |
Outstanding Beginning Balance (in dollars per share) | $ 10.34 |
Exercised (in dollars per share) | 10.77 |
Outstanding Ending Balance (in dollars per share) | $ 10.34 |
Weighted-Average Remaining Contractual Term in Years | |
Outstanding Ending Balance (in years) | 2 years 8 months 23 days |
Aggregate Intrinsic Value | |
Outstanding Beginning Balance | $ | $ 397,890 |
Exercised | $ | 5,920,000 |
Outstanding Ending Balance | $ | $ 1,217,380 |
Share Based Compensation, Stock Option Plan, Additional Disclosures [Abstract] | |
Nonvested Beginning Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 3.69 |
Exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 4.16 |
Nonvested Endingg Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 3.69 |
Exercisable at end of period (in shares) | shares | 311,000 |
Exercisable at end of period, Weighted Average Exercise Price (in dollars per share) | 10.34 |
Exercisable at end of period, Weighted Average Remaining Contractual Term in Years | 2 years 8 months 23 days |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 1,217,380 |
Exercisable at end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.69 |
Expected to vest assuming a 3% forfeiture rate over the vesting term | |
Share Based Compensation, Stock Option Plan, Additional Disclosures [Abstract] | |
Expected to Vest (in shares) | shares | 311,000 |
Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 10.34 |
Expected to Vest, Weighted Average Remaining Contractual Term in Years | 2 years 8 months 23 days |
Expected to Vest, Aggregate Intrinsic Value | $ | $ 1,217,380 |
Expected to Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.69 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Restricted Stock Shares Activity (Details) - Restricted Stock - First Financial Northwest, Inc. 2008 Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Nonvested Beginning Balance (in shares) | shares | 16,228 |
Granted (in shares) | shares | 45,593 |
Vested (in shares) | shares | (17,395) |
Nonvested Ending Balance (in shares) | shares | 44,426 |
Weighted-Average Grant Date Fair Value | |
Nonvested Beginning Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.61 |
Granted (in dollars per share) | $ / shares | 13.78 |
Vested (in dollars per share) | $ / shares | 13.62 |
Nonvested Ending Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.78 |
Expected to vest assuming a 3% forfeiture rate over the vesting term | |
Shares | |
Expected to vest assuming a 3% forfeiture rate over the vesting term (in shares) | shares | 43,093 |
Weighted-Average Grant Date Fair Value | |
Nonvested Ending Balance, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.78 |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 2,497 | $ 1,684 |
Less: Earnings allocated to participating securities | 11 | 3 |
Earnings allocated to common shareholders | $ 2,486 | $ 1,681 |
Basic weighted average common shares outstanding (in shares) | 9,490,058 | 9,896,234 |
Dilutive stock options (in shares) | 67,068 | 72,120 |
Dilutive restricted stock grants (in shares) | 9,545 | 9,706 |
Diluted weighted average common shares outstanding (in shares) | 9,566,671 | 9,978,060 |
Basic earnings (loss) per share (in dollars per share) | $ 0.26 | $ 0.17 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.26 | $ 0.17 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 40,000 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 764 | $ 990 |
BOLI change in cash surrender value (1) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 269 | 254 |
Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 160 | 165 |
Deposit related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 66 | 68 |
Debit card and ATM fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 134 | 108 |
Loan related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 132 | 392 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3 | $ 3 |
Revenue Recognition (Details)
Revenue Recognition (Details) | Mar. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract Liability | $ 0 |
Performance Obligation | $ 0 |