Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 10, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001556727 | ||
Entity Registrant Name | First Northwest Bancorp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-36741 | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Tax Identification Number | 46-1259100 | ||
Entity Address, Address Line One | 105 West 8th Street | ||
Entity Address, City or Town | Port Angeles | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98362 | ||
City Area Code | 360 | ||
Local Phone Number | 457-0461 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | FNWB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 10,006,022 | ||
Entity Public Float | $ 170,874,610 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Everett, Washington | ||
Auditor Firm ID | 659 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 13,868 | $ 13,508 |
Interest-bearing deposits in banks | 112,148 | 51,647 |
Investment securities available for sale, at fair value | 344,212 | 364,296 |
Loans held for sale | 760 | 3,753 |
Loans receivable (net of allowance for loan losses of $15,124 and $13,847) | 1,350,260 | 1,141,969 |
Federal Home Loan Bank (FHLB) stock, at cost | 5,196 | 5,977 |
Accrued interest receivable | 5,289 | 6,966 |
Premises and equipment, net | 19,830 | 14,785 |
Servicing rights on sold loans, net | 3,282 | 2,120 |
Bank-owned life insurance, net | 39,318 | 38,353 |
Goodwill and other intangible assets | 1,183 | 0 |
Prepaid expenses and other assets | 25,735 | 10,975 |
Total assets | 1,921,081 | 1,654,349 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,580,580 | 1,333,517 |
Borrowings | 80,000 | 109,977 |
Subordinated debt, net | 39,280 | 0 |
Accrued interest payable | 393 | 53 |
Accrued expenses and other liabilities | 29,240 | 23,303 |
Advances from borrowers for taxes and insurance | 1,108 | 1,116 |
Total liabilities | 1,730,601 | 1,467,966 |
Commitments and Contingencies (Note 13) | ||
Shareholders' Equity | ||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 9,972,698 at December 31, 2021; issued and outstanding 10,247,185 at December 31, 2020 | 100 | 102 |
Additional paid-in capital | 96,131 | 97,412 |
Retained earnings | 103,014 | 92,657 |
Accumulated other comprehensive income, net of tax | 288 | 5,442 |
Unearned employee stock ownership plan (ESOP) shares | (8,572) | (9,230) |
Total parent's shareholders' equity | 190,961 | 186,383 |
Noncontrolling interest in Quin Ventures, Inc. | (481) | 0 |
Total shareholders' equity | 190,480 | 186,383 |
Total liabilities and shareholders' equity | $ 1,921,081 | $ 1,654,349 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 15,124 | $ 13,847 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 9,972,698 | 10,247,185 |
Common stock, shares outstanding (in shares) | 9,972,698 | 10,247,185 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 55,029 | $ 43,063 |
Interest on mortgage-backed and related securities | 2,550 | 2,701 |
Interest on investment securities | 5,819 | 5,569 |
Interest-bearing deposits and other | 83 | 94 |
FHLB dividends | 190 | 255 |
Total interest income | 63,671 | 51,682 |
INTEREST EXPENSE | ||
Deposits | 3,396 | 6,663 |
Borrowings | 774 | 1,061 |
Subordinated debt | 1,203 | 0 |
Total interest expense | 5,373 | 7,724 |
Net interest income | 58,298 | 43,958 |
PROVISION FOR LOAN LOSSES | 1,350 | 5,046 |
Net interest income after provision for loan losses | 56,948 | 38,912 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 3,860 | 3,454 |
Sold loan servicing fees, net of amortization | 946 | 137 |
Net gain on sale of loans | 5,278 | 6,433 |
Net gain on sale of investment securities | 2,410 | 3,147 |
Increase in cash surrender value of bank-owned life insurance, net | 965 | 1,826 |
Other income | 2,179 | 849 |
Total noninterest income | 15,638 | 15,846 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 33,515 | 24,590 |
Data processing | 6,244 | 4,637 |
Occupancy and equipment | 4,312 | 3,879 |
Supplies, postage, and telephone | 1,189 | 985 |
Regulatory assessments and state taxes | 1,213 | 930 |
Advertising | 2,040 | 1,506 |
Professional fees | 1,997 | 1,523 |
FDIC insurance premium | 752 | 245 |
FHLB prepayment penalty | 0 | 210 |
Other | 3,151 | 2,959 |
Total noninterest expense | 54,413 | 41,464 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 18,173 | 13,294 |
PROVISION FOR INCOME TAXES | 3,194 | 2,954 |
NET INCOME | 14,979 | 10,340 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 439 | 0 |
NET INCOME ATTRIBUTABLE TO PARENT | $ 15,418 | $ 10,340 |
Basic and diluted earnings per common share (in dollars per share) | $ 1.63 | $ 1.07 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
NET INCOME | $ 14,979 | $ 10,340 |
Other comprehensive income: | ||
Unrealized holding (losses) gains on investments available for sale arising during the period | (1,771) | 11,984 |
Income tax benefit (provision) related to unrealized holding (losses) gains | 373 | (2,517) |
Unrecognized defined benefit ("DB") plan unrealized holding gain and prior service cost, net of amortization | (2,344) | 0 |
Income tax benefit related to DB plan prior service cost, net of amortization | 492 | 0 |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | (2,410) | (3,147) |
Income tax benefit related to reclassification adjustment on sales of securities | 506 | 661 |
Other comprehensive (loss) income, net of tax | (5,154) | 6,981 |
COMPREHENSIVE INCOME | 9,825 | 17,321 |
Comprehensive (loss) income attributable to noncontrolling interest | (439) | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO PARENT | $ 10,264 | $ 17,321 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
BALANCE (in shares) at Dec. 31, 2019 | 10,731,639 | ||||||
BALANCE at Dec. 31, 2019 | $ 107 | $ 102,017 | $ 86,156 | $ (9,890) | $ (1,539) | $ 0 | $ 176,851 |
NET INCOME | 10,340 | 10,340 | |||||
Common stock repurchased (in shares) | (575,859) | ||||||
Common stock repurchased | $ (6) | (5,753) | (1,654) | (7,413) | |||
Restricted stock awards granted net of forfeitures (in shares) | 105,124 | ||||||
Restricted stock awards granted net of forfeitures | $ 1 | (1) | 0 | ||||
Restricted stock awards canceled (in shares) | (13,719) | ||||||
Restricted stock awards canceled | $ 0 | (178) | 0 | (178) | |||
Other comprehensive income, net of tax | 6,981 | 6,981 | |||||
Share-based compensation | 1,295 | 1,295 | |||||
Allocation of ESOP shares | 32 | 660 | 692 | ||||
Cash dividends declared and paid | (2,185) | $ (2,185) | |||||
BALANCE (in shares) at Dec. 31, 2020 | 10,247,185 | 10,247,185 | |||||
BALANCE at Dec. 31, 2020 | $ 102 | 97,412 | 92,657 | (9,230) | 5,442 | 0 | $ 186,383 |
NET INCOME | 15,418 | (439) | 14,979 | ||||
Common stock repurchased (in shares) | (349,497) | ||||||
Common stock repurchased | $ (4) | (3,491) | (2,484) | (5,979) | |||
Restricted stock awards granted net of forfeitures (in shares) | 64,839 | ||||||
Restricted stock awards granted net of forfeitures | $ 1 | (1) | 0 | ||||
Restricted stock awards canceled (in shares) | (19,548) | ||||||
Restricted stock awards canceled | $ 0 | (352) | 0 | (352) | |||
Other comprehensive income, net of tax | (5,154) | (5,154) | |||||
Share-based compensation | 1,794 | 1,794 | |||||
Allocation of ESOP shares | 271 | 658 | 929 | ||||
Cash dividends declared and paid | (2,533) | $ (2,533) | |||||
Common stock issued and initial investment in Quin Ventures (in shares) | 29,719 | ||||||
BALANCE (in shares) at Dec. 31, 2021 | 9,972,698 | 9,972,698 | |||||
BALANCE at Dec. 31, 2021 | $ 100 | 96,131 | 103,014 | (8,572) | 288 | (481) | $ 190,480 |
Common stock issued and initial investment in Quin Ventures | $ 1 | $ 498 | $ (44) | $ (42) | $ 413 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.21 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income before noncontrolling interest | $ 14,979 | $ 10,340 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,432 | 1,375 |
Amortization of core deposit intangible | 5 | 0 |
Amortization and accretion of premiums and discounts on investments, net | 1,753 | 1,551 |
Accretion (amortization) of deferred loan fees, net | 1,260 | (1,113) |
Amortization of debt issuance costs | 57 | 0 |
Amortization of servicing rights on sold loans | 108 | 278 |
Additions to servicing rights on sold loans | (1,233) | (1,564) |
Net (decrease) increase on the valuation allowance on servicing rights on sold loans | (37) | 37 |
PROVISION FOR LOAN LOSSES | 1,350 | 5,046 |
Deferred federal income taxes, net | 63 | (1,131) |
Allocation of ESOP shares | 675 | 475 |
Share-based compensation | 2,294 | 1,295 |
Gain on sale of loans, net | (5,278) | (6,433) |
Gain on sale of securities available for sale, net | (2,410) | (3,147) |
Increase in cash surrender value of life insurance, net | (965) | (1,826) |
Origination of loans held for sale | (137,715) | (187,959) |
Proceeds from loans held for sale | 145,986 | 191,142 |
Change in assets and liabilities: | ||
Decrease (increase) in accrued interest receivable | 1,677 | (3,035) |
(Increase) decrease in prepaid expenses and other assets | (15,404) | 781 |
Increase (decrease) in accrued interest payable | 340 | (319) |
Increase in accrued expenses and other liabilities | 6,218 | 7,463 |
Net cash from operating activities | 15,155 | 13,256 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (152,930) | (305,713) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 59,663 | 57,166 |
Proceeds from sales of securities available for sale | 109,829 | 210,264 |
Redemption of FHLB stock | 781 | 57 |
Purchase of bank-owned life insurance policy | 0 | (6,500) |
Net increase in loans receivable | (210,901) | (267,994) |
Purchase of premises and equipment, net | (6,019) | (1,818) |
Capital contributions to equity investments | (584) | (1,416) |
Capital contributions to low-income housing tax credit partnerships | (248) | 0 |
Net cash acquired from branch acquisition | 63,545 | 0 |
Net cash from investing activities | (136,864) | (315,954) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 182,196 | 331,872 |
Proceeds from long-term FHLB advances | 40,000 | 30,000 |
Repayment of long-term FHLB advances | (10,000) | (30,000) |
Net decrease in short-term FHLB advances | (59,977) | (2,953) |
Proceeds from issuance of subordinated debt, net | 39,223 | 0 |
Net decrease in advances from borrowers for taxes and insurance | (8) | (29) |
Net share settlement of stock awards | (352) | (178) |
Repurchase of common stock | (5,979) | (7,413) |
Payment of dividends | (2,533) | (2,185) |
Net cash from financing activities | 182,570 | 319,114 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 60,861 | 16,416 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,155 | 48,739 |
CASH AND CASH EQUIVALENTS, end of period | 126,016 | 65,155 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 4,550 | 8,043 |
Income taxes | 4,270 | 2,900 |
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan | 2,718 | 0 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized (loss) gain on securities available for sale | (4,181) | 8,837 |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | 0 | 529 |
Investment in low-income housing tax credit partnership and related funding commitment | 4,949 | 0 |
Lease liabilities arising from obtaining right-of-use assets | 4,402 | 1,047 |
BUSINESS COMBINATION (See Note 17) | ||
Fair value of assets acquired | 1,340 | 0 |
Fair value of liabilities assumed | $ 65,947 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1 Nature of operations January 29, 2015, In connection with the Conversion, the Company issued an aggregate of 12,167,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $121.7 million. An additional 933,360 shares of Company common stock and $400,000 in cash were contributed to the First Federal Community Foundation ("Foundation"), a charitable foundation that was established in connection with the Conversion, resulting in the issuance of a total of 13,100,360 shares. The Company received $117.6 million in net proceeds from the stock offering of which $58.4 million were contributed to the Bank upon Conversion. At the time of Conversion, the Bank established a liquidation account in an amount equal to its total net worth, approximately $79.7 million, as of June 30, 2014, not not may not Pursuant to the Conversion, the Bank’s Board of Directors adopted an ESOP which purchased in the open market 8% of the common stock originally issued for a total of 1,048,029 shares. As of December 15, 2015, December 31, 2021 In April 2021, October 31, 2021, First Northwest, the Bank, and Quin Ventures are collectively referred to as the "Company." First Northwest's business activities generally are limited to passive investment activities and oversight of its investments in First Fed and Quin Ventures. Accordingly, the information set forth in this report, including the consolidated financial statements and related data, relates primarily to the Bank. The Bank is a community-oriented financial institution providing commercial and consumer banking services to individuals and businesses in Western Washington State with offices in Clallam, Jefferson, Kitsap, King, and Whatcom counties. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. Use of estimates Principles of consolidation 810. Subsequent events no Cash and cash equivalents three not Restricted assets zero December 31, 2021 2020 December 31, 2021 2020 Equity securities Investment securities one three 1 2 3 December 31, 2021 2020 no December 31, 2021 2020 Securities that are held-to-maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. Investment securities categorized as available for sale are generally held for investment purposes (to maturity), although unanticipated future events may The Company reviews investment securities for other-than-temporary impairment (OTTI) on a quarterly basis. For debt securities, the Company considers whether management intends to sell a security or if it is likely that the Company will be required to sell the security before recovery of the amortized cost basis of the investment, which may not not not Federal Home Loan Bank stock December 31, 2021 2020 December 31, 2021 2020 may Management evaluates FHLB stock for impairment based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as ( 1 2 3 4 not December 31, 2021 2020 Loans held for sale third Loans receivable Each loan segment and class inherently contains differing credit risk profiles depending on the unique aspects of that segment or class of loans. For example, borrowers tend to consider their primary residence and access to transportation for employment-related purposes as basic requirements; accordingly, many consumers prioritize making payments on real estate first second may not may may not Loans are classified as impaired when, based on current information and events, it is probable that First Fed will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows discounted at each loan’s effective interest rate or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, First Fed recognizes this impairment and adjusts the carrying value of the loan to fair value through the allowance for loan losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan losses. The accrual of interest on loans is discontinued at the time the loan is 90 All interest accrued but not not not six Loan fees and purchased premiums may Allowance for loan losses 19 19 19 The ultimate recovery of loans is susceptible to future market factors beyond First Fed’s control, which may may Allowances for losses on specific problem loans are charged to income when it is determined that the value of these loans and properties, in the judgment of management, is impaired. First Fed accounts for impaired loans in accordance with Accounting Standards Codification (ASC) 310 10 35, Receivables—Overall—Subsequent Measurement When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when it is determined that the sole source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, impairment is measured at current fair value generally based on a current appraisal of the collateral, reduced by estimated selling costs. When the measurement of the impaired loan is less than the recorded investment in the loan (including collected interest that has been applied to principal, net deferred loan fees or costs, and unamortized premiums or discounts), loan impairment is recognized by establishing or adjusting an allocation of the allowance for loan losses. Uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The impairment amount for small balance homogeneous loans is calculated using the adjusted historical loss rate for the class and risk category related to each loan, unless the loan is subject to a troubled debt restructuring ("TDR"). A TDR is a loan for which First Fed, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that First Fed would not not The restructured loans may may six TDR loans may six no In March 2020, 2019 19" 2020 March 27, 2020, December 27, 2020, 2021 January 1, 2022 60 not 19 not Reserve for unfunded commitments may Real estate owned and repossessed assets may Loan servicing rights Management assesses impairment of the loan servicing rights based on recalculations of the present value of remaining future cash flows using updated market discount rates and prepayment speeds. Subsequent loan prepayments and changes in prepayment assumptions in excess of those forecasted can adversely impact the carrying value of the servicing rights. Impairment is assessed on a stratified basis with any impairment recognized through a valuation allowance for each impaired stratum. The servicing rights are stratified based on the predominant risk characteristics of the underlying loans: fixed-rate loans and adjustable-rate loans. The effect of changes in market interest rates on estimated rates of loan prepayments is the predominant risk characteristic for loan servicing rights. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Sold loan servicing income represents fees earned for servicing loans. Fees for servicing sold loans are generally based upon a percentage of the principal balance of the loans serviced, as well as related ancillary income such as late charges. Servicing income is recognized as earned unless collection is doubtful. The caption in the consolidated statement of income "Sold loan servicing fees, net of amortization" includes sold loan servicing income, amortization of loan servicing rights, the effects of sold loan servicing run-off, and impairment, if applicable. Income taxes 740 10, Income Taxes Premises and equipment Years Buildings 37.5 - 50 Furniture, fixtures, and equipment 3 - 10 Software 3 Automobiles 5 Goodwill not Core deposit intangible one third ten Leases not twelve Low Income Housing Tax Credit Investment 10 15 The Company accounts for the LIHTC under the proportional amortization method and amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance on the Consolidated Statements of Income as a component of income tax expense. The Company reports the carrying value of the equity investment in the unconsolidated LIHTC in Prepaid expenses and other assets on the Company’s Consolidated Balance Sheets. The maximum exposure to loss in the LIHTC is the amount of equity invested and credit extended by the Company. The Company has evaluated the variable interests held by the Company in the LIHTC investment and determined that the Company does not not Transfers of financial assets 1 2 3 not Periodically, First Fed sells mortgage loans with "life of the loan" recourse provisions, requiring First Fed to repurchase the loan at any time if it defaults. The remaining balance of such loans at December 31, 2021 2020 December 31, 2021 2020 December 31, 2021 2020 Bank-owned life insurance Off-balance-sheet credit-related financial instruments Advertising costs Comprehensive income (loss) Dividend restriction may Components of noninterest income evaluated under Topic 606 no 2014 09. Deposit fees Debit card interchange income Third-party credit card interchange income third third Investment services revenue Gains/losses on the sale of other real estate owned are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at time of each real estate closing. Fair value measurements 14 Segment information Employee Stock Ownership Plan not Earnings per Common Share - Earn two two two not two Recently adopted accounting pronouncements In November 2019, 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 10 2016 13, 2019 04, 2019 05. December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740. December 15, 2020, not In January 2020, No. 2020 01, Investments-Equity Securities (Topic 321 323 815 321, 323, 815 2020 01 December 15, 2020, not In August 2021, No. 2021 06, Presentation of Financial Statements (Topic 205 942 946 No. 33 10786, No. 33 10835, 2021 06 August 2021. not Recently issued accounting pronouncements not Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Loss 2018 19, 2019 04 2019 05. No. 2016 13 December 15, 2022, Additional updates were issued in ASU No. 2019 04, Codification Improvements to Topic 326, 815, 825 In addition, new updates were issued through ASU No. 2019 05, Financial Instruments - Credit Losses (Topic 326 326 20 The Company is evaluating the provisions of ASU No. 2016 13, No. 2019 04 No. 2019 05, third December 15, 2018. January 1, 2023. Other ASUs not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 no In January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 not Reclassifications no |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2021 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 International agency issued bonds (Agency bonds) 1,947 — (27 ) 1,920 Corporate issued asset-backed securities (ABS corporate) 14,556 — (67 ) 14,489 Corporate issued debt securities (Corporate debt) 58,906 1,450 (567 ) 59,789 U.S. Small Business Administration securities (SBA) 14,404 276 — 14,680 Mortgage-Backed Securities: U.S. government agency issued mortgage-backed securities (MBS agency) 80,877 248 (1,163 ) 79,962 Corporate issued mortgage-backed securities (MBS corporate) 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2020 December 31, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 122,667 $ 5,212 $ (17 ) $ 127,862 U.S. government agency issued asset-backed securities (ABS agency) 62,934 1,240 (354 ) 63,820 ABS corporate 29,661 37 (418 ) 29,280 Corporate debt 35,408 687 (585 ) 35,510 SBA 18,420 144 — 18,564 Mortgage-Backed Securities MBS agency 61,859 876 (52 ) 62,683 MBS corporate 26,458 162 (43 ) 26,577 Total securities available for sale $ 357,407 $ 8,358 $ (1,469 ) $ 364,296 The following table shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2021 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (306 ) $ 23,125 $ (34 ) $ 1,475 $ (340 ) $ 24,600 Agency bonds (27 ) 1,920 — — (27 ) 1,920 ABS corporate (67 ) 10,976 — — (67 ) 10,976 Corporate debt (333 ) 18,890 (234 ) 9,752 (567 ) 28,642 SBA — — — 69 — 69 Mortgage-Backed Securities MBS agency (713 ) 39,029 (450 ) 12,802 (1,163 ) 51,831 MBS corporate (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 The following table shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (15 ) $ 5,214 $ (2 ) $ 1,319 $ (17 ) $ 6,533 ABS Agency — — (354 ) 21,430 (354 ) 21,430 ABS Corporate — — (418 ) 27,283 (418 ) 27,283 Corporate debt (8 ) 5,892 (577 ) 9,409 (585 ) 15,301 SBA — 63 — 47 — 110 Mortgage-Backed Securities MBS agency (52 ) 18,516 — 261 (52 ) 18,777 MBS corporate (43 ) 10,003 — — (43 ) 10,003 Total $ (118 ) $ 39,688 $ (1,351 ) $ 59,749 $ (1,469 ) $ 99,437 The Company may not December 31, 2021 December 31, 2020 Management believes that the unrealized losses on investment securities relate principally to the general change in interest rates and illiquidity, and not not not There were no OTTI losses during the years ended December 31, 2021 2020 The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may may December 31, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 7,827 $ 7,832 $ 80 $ 84 Due after one through five years 24,347 24,371 12,446 12,402 Due after five through ten years 8,466 8,391 — — Due after ten years 100,554 99,376 75,791 76,774 Total mortgage-backed securities 141,194 139,970 88,317 89,260 All other investment securities: Due within one year — — — — Due after one through five years 6,391 6,289 2,210 2,328 Due after five through ten years 79,679 80,807 74,568 74,351 Due after ten years 114,240 117,146 192,312 198,357 Total all other investment securities 200,310 204,242 269,090 275,036 Total investment securities $ 341,504 $ 344,212 $ 357,407 $ 364,296 Sales of available-for-sale securities were as follows: For the Year Ended December 31, 2021 2020 (In thousands) Proceeds $ 109,829 $ 210,264 Gross gains 2,827 4,537 Gross losses (417 ) (1,390 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans receivable consist of the following at the dates indicated: December 31, 2021 December 31, 2020 (In thousands) Real Estate: One- to four-family $ 294,965 $ 309,828 Multi-family 172,409 162,467 Commercial real estate 363,299 296,574 Construction and land 224,709 123,627 Total real estate loans 1,055,382 892,496 Consumer: Home equity 39,172 33,103 Auto and other consumer 182,769 128,233 Total consumer loans 221,941 161,336 Commercial business loans 79,838 100,201 Total loans 1,357,161 1,154,033 Less: Net deferred loan fees 4,772 4,346 Premium on purchased loans, net (12,995 ) (6,129 ) Allowance for loan losses 15,124 13,847 Total loans receivable, net $ 1,350,260 $ 1,141,969 Loans, by the earlier of next repricing date or maturity, at the dates indicated: December 31, 2021 December 31, 2020 (In thousands) Adjustable-rate loans Due within one year $ 302,187 $ 149,701 After one but within five years 258,094 231,491 After five but within ten years 54,351 83,286 After ten years 19,098 16,608 633,730 481,086 Fixed-rate loans Due within one year $ 31,970 54,903 After one but within five years 148,233 107,785 After five but within ten years 194,245 219,014 After ten years 348,983 291,245 723,431 672,947 Total loans $ 1,357,161 $ 1,154,033 The adjustable-rate loans have interest rate adjustment limitations and are generally indexed to multiple indices. Future market factors may The following tables summarize changes in the ALLL and the loan portfolio by segment and impairment method at or for the periods shown: At or For the Year Ended December 31, 2021 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 (Recapture of) provision for loan losses (291 ) 52 576 1,203 (25 ) (270 ) 41 64 1,350 Charge-offs — — — — (12 ) (865 ) — — (877 ) Recoveries 6 — — 8 76 714 — — 804 Ending balance $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 At December 31, 2021 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 General reserve 3,159 1,816 3,996 2,672 402 2,138 470 358 15,011 Specific reserve 25 — — — 5 83 — — 113 Total loans $ 294,965 $ 172,409 $ 363,299 $ 224,709 $ 39,172 $ 182,769 $ 79,838 $ — $ 1,357,161 General reserves (1) 292,708 172,409 363,228 224,687 38,839 182,257 79,838 — 1,353,966 Specific reserves (2) 2,257 — 71 22 333 512 — — 3,195 ( 1 ( 2 At or For the Year Ended December 31, 2020 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 387 876 1,177 1,062 (99 ) 1,279 221 143 5,046 Charge-offs — — — (5 ) — (992 ) — — (997 ) Recoveries 58 — — 5 13 94 — — 170 Ending balance $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 At December 31, 2020 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 General reserve 3,433 1,764 3,419 1,461 364 2,366 429 294 13,530 Specific reserve 36 — 1 — 4 276 — — 317 Total loans $ 309,828 $ 162,467 $ 296,574 $ 123,627 $ 33,103 $ 128,233 $ 100,201 $ — $ 1,154,033 General reserves (1) 306,862 162,183 295,296 123,601 32,968 127,411 100,201 — 1,148,522 Specific reserves (2) 2,966 284 1,278 26 135 822 — — 5,511 ( 1 ( 2 The following table presents a summary of loans individually evaluated for impairment by portfolio segment including the average recorded investment in and interest income recognized on impaired loans at or for the periods shown: Year Ended December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 212 $ 247 $ — $ 219 $ 12 Multi-family — — — 94 — Commercial real estate 71 177 — 1,016 — Construction and land — 24 — — — Home equity 26 59 — 32 1 Auto and other consumer — 77 — 29 7 Commercial business — — — — — Total 309 584 — 1,390 20 With an allowance recorded: One- to four-family 2,045 2,245 25 2,281 138 Multi-family — — — — — Commercial real estate — — — 121 — Construction and land 22 22 — 24 1 Home equity 307 329 5 155 9 Auto and other consumer 512 512 83 653 13 Commercial business — — — — — Total 2,886 3,108 113 3,234 161 Total impaired loans: One- to four-family 2,257 2,492 25 2,500 150 Multi-family — — — 94 — Commercial real estate 71 177 — 1,137 — Construction and land 22 46 — 24 1 Home equity 333 388 5 187 10 Auto and other consumer 512 589 83 682 20 Commercial business — — — — — Total $ 3,195 $ 3,692 $ 113 $ 4,624 $ 181 The following table presents a summary of loans individually evaluated for impairment by portfolio segment including the average recorded investment in and interest income recognized on impaired loans at or for the periods shown: Year Ended December 31, 2020 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 227 $ 257 $ — $ 168 $ 13 Commercial real estate 1,216 1,308 — 1,213 33 Construction and land — 29 — 9 — Home equity 37 94 — 41 1 Auto and other consumer — 224 — — 13 Commercial business — — — 68 — Total 1,764 2,196 — 1,718 60 With an allowance recorded: One- to four-family 2,739 2,941 36 3,197 177 Multi-family — — — 119 — Commercial real estate 62 62 1 301 3 Construction and land 26 26 — 27 3 Home equity 98 157 4 186 9 Auto and other consumer 822 953 276 721 33 Commercial business — — — 109 — Total 3,747 4,139 317 4,660 225 Total impaired loans: One- to four-family 2,966 3,198 36 3,365 190 Multi-family 284 284 — 338 — Commercial real estate 1,278 1,370 1 1,514 36 Construction and land 26 55 — 36 3 Home equity 135 251 4 227 10 Auto and other consumer 822 1,177 276 721 46 Commercial business — — — 177 — Total $ 5,511 $ 6,335 $ 317 $ 6,378 $ 285 Interest income recognized on a cash basis on impaired loans for the years ended December 31, 2021 2020 The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: December 31, 2021 December 31, 2020 (In thousands) One- to four-family $ 494 $ 912 Multi-family — 284 Commercial real estate 71 157 Construction and land 22 26 Home equity 282 73 Auto and other consumer 512 821 Total nonaccrual loans $ 1,381 $ 2,273 Past due loans 90 December 31, 2021 2020 The following table presents the recorded investment of past due loans, by class, as of December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One- to four-family $ 786 $ — $ — $ 786 $ 294,179 $ 294,965 Multi-family — — — — 172,409 172,409 Commercial real estate — — — — 363,299 363,299 Construction and land 293 — — 293 224,416 224,709 Total real estate loans 1,079 — — 1,079 1,054,303 1,055,382 Consumer: Home equity 83 — — 83 39,089 39,172 Auto and other consumer 469 368 99 936 181,833 182,769 Total consumer loans 552 368 99 1,019 220,922 221,941 Commercial business loans 7 — — 7 79,831 79,838 Total loans $ 1,638 $ 368 $ 99 $ 2,105 $ 1,355,056 $ 1,357,161 The following table presents the recorded investment of past due loans, by class, as of December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One- to four-family $ 406 $ 132 $ 29 $ 567 $ 309,261 $ 309,828 Multi-family — — — — 162,467 162,467 Commercial real estate — — — — 296,574 296,574 Construction and land 56 — 26 82 123,545 123,627 Total real estate loans 462 132 55 649 891,847 892,496 Consumer: Home equity 94 — — 94 33,009 33,103 Auto and other consumer 815 138 137 1,090 127,143 128,233 Total consumer loans 909 138 137 1,184 160,152 161,336 Commercial business loans — — — — 100,201 100,201 Total loans $ 1,371 $ 270 $ 192 $ 1,833 $ 1,152,200 $ 1,154,033 Credit quality indicator 6, 7, 8 8 not not When First Fed classifies problem assets as either substandard or doubtful, it may may not not 4 5 not 1 3 Additionally, First Fed categorizes loans as performing or nonperforming based on payment activity. Loans that are more than 90 The following table represents the internally assigned grade as of December 31, 2021 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 291,421 $ 2,727 $ 53 $ 764 $ 294,965 Multi-family 153,704 18,705 — — 172,409 Commercial real estate 326,444 22,850 3,057 10,948 363,299 Construction and land 215,262 295 9,130 22 224,709 Total real estate loans 986,831 44,577 12,240 11,734 1,055,382 Consumer: Home equity 38,739 83 — 350 39,172 Auto and other consumer 181,356 835 65 513 182,769 Total consumer loans 220,095 918 65 863 221,941 Commercial business loans 79,616 222 — — 79,838 Total loans $ 1,286,542 $ 45,717 $ 12,305 $ 12,597 $ 1,357,161 The following table represents the internally assigned grade as of December 31, 2020 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 303,840 $ 2,487 $ 1,730 $ 1,771 $ 309,828 Multi-family 146,536 15,647 — 284 162,467 Commercial real estate 250,970 20,759 20,690 4,155 296,574 Construction and land 114,575 8,914 74 64 123,627 Total real estate loans 815,921 47,807 22,494 6,274 892,496 Consumer: Home equity 32,500 349 100 154 33,103 Auto and other consumer 124,115 2,034 1,216 868 128,233 Total consumer loans 156,615 2,383 1,316 1,022 161,336 Commercial business loans 92,010 7,791 168 232 100,201 Total loans $ 1,064,546 $ 57,981 $ 23,978 $ 7,528 $ 1,154,033 The following table represents the credit risk profile based on payment activity as of December 31, 2021 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 494 $ 294,471 $ 294,965 Multi-family — 172,409 172,409 Commercial real estate 71 363,228 363,299 Construction and land 22 224,687 224,709 Consumer: Home equity 282 38,890 39,172 Auto and other consumer 512 182,257 182,769 Commercial business loans — 79,838 79,838 Total loans $ 1,381 $ 1,355,780 $ 1,357,161 The following table represents the credit risk profile based on payment activity as of December 31, 2020 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 912 $ 308,916 $ 309,828 Multi-family 284 162,183 162,467 Commercial real estate 157 296,417 296,574 Construction and land 26 123,601 123,627 Consumer: Home equity 73 33,030 33,103 Auto and other consumer 821 127,412 128,233 Commercial business loans — 100,201 100,201 Total loans $ 2,273 $ 1,151,760 $ 1,154,033 The Coronavirus Aid, Relief, and Economic Security Act of 2020 March 27, 2020, ( 19 not six 30 December 31, 2020, 19 not December 31, 2021, The following is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: December 31, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,843 $ 2,224 Allowance for loan losses related to TDR loans 21 26 Total nonaccrual TDR loans 29 108 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the year ended December 31, 2021 The following is a summary of TDR loans that incurred a payment default within 12 December 31, 2021 Number of Contracts Rate Modification Term Modification Combination Modification Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ 29 $ — $ — $ 29 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended December 31, 2020 Number of Contracts Rate Modification Term Modification Combination Modification Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ 29 $ — $ — $ 29 Post-modification outstanding recorded investment One- to four-family 1 $ 29 $ — $ — $ 29 There were no TDR loans that incurred a payment default within 12 December 31, 2020 No additional funds are committed to be advanced in connection with TDR loans at December 31, 2021 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. December 31, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 1,763 $ 29 $ 1,792 $ 2,054 $ 108 $ 2,162 Home equity 51 — 51 62 — 62 Total TDR loans $ 1,814 $ 29 $ 1,843 $ 2,116 $ 108 $ 2,224 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Premises and equipment consist of the following as of: December 31, 2021 December 31, 2020 (In thousands) Land $ 2,907 $ 2,564 Buildings 6,697 6,075 Building improvements 14,492 12,067 Furniture, fixtures, and equipment 7,512 7,063 Software 599 1,261 Automobiles 66 66 Construction in progress 3,361 1,257 35,634 30,353 Less accumulated depreciation and amortization (15,804 ) (15,568 ) $ 19,830 $ 14,785 Depreciation expense was $1.43 million and $1.38 million for the years ended December 31, 2021 2020 |
Note 5 - Operating Leases
Note 5 - Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5 On January 1, 2019, 2016 02, Leases (Topic 842 842. 12 January 1, 2019, December 31, 2021 Total costs incurred by the Company, as a lessee, were $868,000 and $587,000 for the years ended December 31, 2021 2020 not The Bank has lease agreements with unaffiliated parties for eight five two one twenty two ten The following table presents amounts relevant to the Company's assets leased for use in its operations for the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020 (In Thousands) Operating cash flows from operating leases $ 868 $ 587 Right of use assets obtained in exchange for new operating lease liabilities 4,364 1,047 The following table presents the weighted-average remaining lease terms and discount rates of the Company's assets leased for use in its operations at December 31, 2021 December 31, 2021 December 31, 2020 Weighted-average remaining lease term of operating leases (in years) 10.8 12.5 Weighted-average discount rate of operating leases 2.4 % 3.2 % All lease agreements require the Bank to pay its pro-rata share of building operating expenses. The minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of one December 31, 2021 Twelve-month period ending: (In Thousands) 2022 $ 831 2023 852 2024 886 2025 925 2026 903 Thereafter 4,825 Total minimum payments required $ 9,222 Less imputed interest 1,488 Present value of lease liabilities $ 7,734 |
Note 6 - Servicing Rights on So
Note 6 - Servicing Rights on Sold Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | Note 6 Mortgage loans serviced for FHLB, Fannie Mae, and Freddie Mac are not not December 31, 2021 2020 Loan servicing rights for the periods shown are as follows: For the Year Ended December 31, 2021 2020 (In thousands) Balance at beginning of period $ 2,120 $ 871 Additions 1,234 1,564 Amortization (109 ) (278 ) Valuation allowance net recovery (impairment) 37 (37 ) Balance at end of period $ 3,282 $ 2,120 The aggregate change in valuation allowance for loan servicing rights for the periods shown are as follows: For the Year Ended December 31, 2021 2020 (In thousands) Balance at beginning of period $ (37 ) $ — Impairments — (37 ) Recoveries 37 — Balance at end of period $ — $ (37 ) The key economic assumptions used in determining the fair value of loan servicing rights for the periods shown are as follows: For the Year Ended December 31, 2021 2020 Constant prepayment rate 9.3 % 14.4 % Weighted-average life (years) 5.4 4.8 Yield to maturity discount 10.3 % 8.4 % The fair values of loan servicing rights are approximately $3.8 million and $2.2 million at December 31, 2021 2020 The following represents servicing and late fees earned in connection with loan servicing rights and is included in the accompanying consolidated financial statements as a component of noninterest income for the periods shown: For the Year Ended December 31, 2021 2020 (In thousands) Servicing fees $ 1,013 $ 452 Late fees 9 12 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7 The aggregate amount of time deposits that meet or exceed the FDIC insured limit, currently $250,000, December 31, 2021 2020 December 31, 2021 December 31, 2020 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 343,932 — % $ 274,930 — % Interest-bearing demand deposits 196,970 0.01 % 156,241 0.01 % Money market accounts 597,815 0.21 % 429,143 0.31 % Savings accounts 194,620 0.05 % 164,434 0.17 % Certificates of deposit 247,243 0.62 % 308,769 1.00 % $ 1,580,580 0.19 % $ 1,333,517 0.36 % Maturities of certificates at the dates indicated are as follows: December 31, 2021 (In thousands) Within one year or less $ 153,472 After one year through two years 54,970 After two years through three years 17,620 After three years through four years 14,358 After four years through five years 6,823 After five years — $ 247,243 Brokered certificates of deposits of $65.7 million and $89.6 million are included in the December 31, 2021 2020 Deposits at December 31, 2021 2020 December 31, 2021 2020 Interest on deposits by type for the periods shown was as follows: For the Year Ended December 31, 2021 2020 (In thousands) Demand deposits $ 43 $ 37 Money market accounts 1,165 1,446 Savings accounts 128 843 Certificates of deposit 2,060 4,337 $ 3,396 $ 6,663 |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 8 First Fed is a member of the FHLB. As a member, First Fed has a committed line of credit of up to 40% of total assets, subject to the amount of FHLB stock ownership and certain collateral requirements. First Fed has entered into borrowing arrangements with the FHLB to borrow funds primarily under long-term, fixed-rate advance agreements. First Fed also has overnight borrowings through FHLB which renew daily until paid. First Fed periodically uses fixed-rate advances maturing in less than one December 31, 2021 2020 December 31, 2020 December 31, 2021 First Fed also has an established borrowing arrangement with the Federal Reserve Board of San Francisco ("FRB") to utilize the discount window for short-term borrowing. No funds have been borrowed to date. Investment securities with a carrying value of $17.2 million were pledged to the FRB at December 31, 2021 On March 25, 2021, 2031 2 1 FHLB advances and subordinated debt outstanding by type of advance were as follows: December 31, 2021 December 31, 2020 (In thousands) Long-term advances $ 80,000 $ 50,000 Overnight variable-rate advances — 59,977 Subordinated debt 40,000 — The maximum and average outstanding balances and average interest rates on overnight variable-rate advances were as follows: For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 40,000 $ 100,021 Monthly average outstanding 5,207 54,548 Weighted-average daily interest rates Annual 0.30 % 0.60 % Period End 0.31 % 0.32 % Interest expense during the period 6 132 The amounts by year of maturity and weighted-average interest rate of FHLB long-term, fixed-rate advances are as follows: December 31, 2021 December 31, 2020 Weighted- Average Interest Rate Amount Weighted- Average Interest Rate Amount (Dollars in thousands) Within one year or less — % $ — — % $ — After one year through two years 1.54 15,000 1.79 10,000 After two years through three years 1.47 15,000 1.54 15,000 After three years through four years 1.42 25,000 1.47 15,000 After four years through five years 1.55 15,000 1.36 10,000 After five years 1.76 10,000 — — 1.52 $ 80,000 1.53 $ 50,000 The maximum and average outstanding balances and average interest rates on FHLB long-term, fixed-rate advances were as follows: For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 80,000 $ 55,000 Monthly average outstanding 52,500 50,000 Weighted-average interest rates Annual 1.46 % 1.75 % Period End 1.52 % 1.53 % Interest expense during the period 768 920 The maximum and average outstanding balances and average interest rates on subordinated debt were as follows: For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 40,000 $ — Monthly average outstanding 30,370 — Weighted-average interest rates Annual 3.96 % — % Period End 3.01 % — % Interest expense during the period 1,203 — |
Note 9 - Federal Taxes on Incom
Note 9 - Federal Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 The provision for income taxes for the periods shown is summarized as follows: For the Year Ended December 31, 2021 2020 (In thousands) Current $ 3,131 $ 4,085 Deferred 63 (1,131 ) $ 3,194 $ 2,954 A reconciliation of the tax provision (benefit) based on statutory corporate tax rates, estimated to be 21% for the year ended December 31, 2021 For the Year Ended December 31, 2021 2020 (In thousands) Income taxes computed at statutory rates $ 3,909 $ 2,792 Tax-exempt income (218 ) (236 ) Bank-owned life insurance income (203 ) (383 ) Bank-owned life insurance penalty for early surrender of contract — 748 Other, net (294 ) 33 $ 3,194 $ 2,954 As a result of the bad debt deductions taken in years prior to 1988, not may not no Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. On March 27, 2020, 19 100% 2021. 2018, 2019, 2020, five none On December 27, 2020, 2021 December 31, 2020, The Company applies the provisions of FASB ASC 740 not December 31, 2021 2020 December 31, 2021 2020 no December 31, 2017. December 31, 2021 December 31, 2020 (In thousands) Deferred tax assets Allowance for loan losses $ 3,255 $ 2,971 Accrued compensation 461 602 Nonaccrual loans 1 1 ESOP timing differences 173 159 Restricted stock awards 312 152 Deferred lease liabilities 1,654 868 Total deferred tax assets 5,856 4,753 Deferred tax liabilities Deferred loan fees 702 605 Unrealized gain on securities available for sale 569 1,447 FHLB stock dividends 417 421 Accumulated depreciation 609 632 Deferred investment gain 341 58 Defined benefit plan 59 — Right of use assets 1,595 840 Other, net 3 4 Total deferred tax liabilities 4,295 4,007 Deferred tax asset, net $ 1,561 $ 746 |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 Multi-employer Pension Plan The Bank participated in the Pentegra Defined Benefit Plan for Financial Institutions (the Pentegra DB Plan), a tax-qualified defined-benefit pension plan that covered substantially all employees after one five 13 5645888 12004. 1974 no no February 1, 2010. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413 may The table below presents the funded status (market value of plan assets divided by funding target) of the plan as of July 1: 2020 Source Valuation Report Our plan 109.7 % There was no December 31, 2020. not Total contributions during the periods shown were: Year Ended December 31, 2020 Date Paid Amount (In thousands) 12/24/2020 $ 364 Change from Multi-employer to Single-employer Pension Plan Effective March 23, 2021, March 23, 2021, The Bank DB Plan is a defined benefit pension plan covering current and former employees. Benefits available under the plan are frozen. The plan provides defined benefits based on years of service and final average salary prior to the freeze. The Company uses December 31 March 23, 2021 – December 31, 2021. The fair value of plan assets and projected benefit obligation on the March 23, 2021, March 2021 December 31, 2021 December 31, 2021 (Dollars in thousands) Fair value, January 1 $ 14,705 Actual return on plan assets 1,618 Company contributions — Settlements and curtailments — Benefits paid (502 ) Federal subsidy on benefits paid — Fair value, December 31 15,821 Change in projected benefit obligation Projected benefit obligation, January 1 14,197 Service cost — Interest cost 304 Plan amendments — Settlements and curtailments — Actuarial loss 1,329 Benefits paid (502 ) Federal subsidy on benefits paid — Projected benefit obligation, December 31 15,328 Amounts recognized on Consolidated Balance Sheet Other assets 493 Accumulated other comprehensive income (1,852 ) Net amount recognized, December 31 2,345 Funded status, December 31 Accumulated benefit obligation 15,328 Overfunded (underfunded) status of ABO 493 Provision for future salaries — Projected benefit obligation 15,328 Weighted-average assumptions, December 31 Discount rate 2.65 % Rate of compensation increase N/A Interest-crediting rate 0.00 % The Company does not 2022. no For the Year Ended December 31, 2021 (Dollars in thousands) Components of Net Period Benefit Cost (Income) Interest cost $ 304 Expected return on plan assets (538 ) Amortization of prior service cost (credit) (26 ) Other — Net periodic benefit cost (income) (260 ) Other changes recognized in other comprehensive income Net (gain) loss $ 249 Amortization of prior service (cost) credit 26 Other — Net periodic benefit cost (income) 275 Weighted-average assumptions used to determine net cost Discount rate 2.65 % Expected return on plan assets 5.75 % Rate of compensation increase N/A The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the Long-Term Capital Market Assumptions for the corresponding fiscal year end. Gains and losses are recognized in accordance with the standard amortization provisions of the applicable accounting guidance. The Company's net periodic benefit income recognized for the Bank DB Plan is sensitive to the discount rate and expected return on plan assets. From initial funding in the first 2021 December 31, 2021 2022 Asset Category Fixed Income 80% - 100% U.S. Equities 10% - 30% Non-U.S. Equities 0% - 20% Real Assets 0% - 10% Benefit payments projected to be made from the Bank DB Plan are as follows: December 31, 2021 (Dollars in thousands) Estimated future benefit payments 2022 $ 2,390 2023 900 2024 1,010 2025 870 2026 700 Years 2027 - 2031 3,980 Thereafter 5,478 Projected benefit obligation $ 15,328 Fair value measurements, including descriptions of Level 1, 2, 3 14 December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Large U.S. Equity $ 4,848 $ — $ — $ 4,848 Small/Mid U.S. Equity 781 — — 781 International Equity 1,389 — — 1,389 Fixed Income 7,769 — — 7,769 Other 1,034 — — 1,034 $ 15,821 $ — $ — $ 15,821 Nonqualified Deferred Compensation Plan First Fed also sponsors a nonqualified Deferred Compensation Plan for members of the Board of Directors and eligible officer-level employees. This plan, approved by the Board on February 1, 2012, no December 31, 2021 The Company also has agreements with certain key officers that provide for potential payments upon retirement, disability, termination, change in control and death. 401 First Fed maintains a single-employer 401 may 401 first December 31, 2021 December 31, 2020 Employee Stock Ownership Plan In connection with the mutual to stock conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company who have been credited with at least 1,000 Pursuant to the Plan, the ESOP purchased in the open market 8% of the common stock originally issued in the mutual to stock conversion. As of December 31, 2021 Shares purchased by the ESOP with the loan proceeds are held in a suspense account and allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of $835,000 were made by the ESOP during the years ended December 31, 2021 2020 As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated and unallocated ESOP shares will be recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the years ended December 31, 2021 2020 Shares issued to the ESOP as of the dates indicated are as follows: December 31, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 333,396 280,507 Committed-to-be-released shares 26,442 26,442 Unallocated shares 688,191 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 13,901 $ 11,561 Stock-based Compensation On November 16, 2015, 2015 "2015 2015 may June 30, 2017, In May 2020, 2020 "2020 May 2030. 2020 may 2020 December 31, 2021 2020 2020 no may 2015 December 31, 2021 2015 2015 During the years ended December 31, 2021 2020 five For the years ended December 31, 2021 2020 2015 2020 Included in the above compensation expense for the years ended December 31, 2021 2020 The following tables provide a summary of changes in non-vested restricted awards for the periods shown: For the Year Ended December 31, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 102,033 18.49 Vested (101,751 ) 13.63 Canceled (1) (19,548 ) 13.63 Forfeited (37,194 ) 13.30 Non-vested at December 31, 2021 236,432 16.19 ( 1 As of December 31, 2021 |
Note 11 - Regulatory Capital Re
Note 11 - Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 11 Under Federal regulations, pre-conversion retained earnings are restricted for the protection of pre-conversion depositors. The Company is a bank holding company under the supervision of the Federal Reserve Bank of San Francisco. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve Board under the Bank Holding Company Act of 1956, not The minimum requirements are a ratio of common equity Tier 1 "CET1 "CET1 1 CET1 December 31, 2021 At periodic intervals, banking regulators routinely examine First Northwest and First Fed as part of their legally prescribed oversight of the banking industry. A future examination could include a review of certain transactions or other amounts reported in the Company's consolidated financial statements. Based on these examinations, the regulators can direct that the Company's consolidated financial statements be adjusted in accordance with their findings. In view of the uncertain regulatory environment in which First Northwest and First Fed operate, the extent, if any, to which a forthcoming regulatory examination may At December 31, 2021 December 31, 2021 CET1 1 1 no Actual and required capital amounts and ratios are presented for First Fed in the following table: Actual For Capital Adequacy Purposes To Be Categorized As Well Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Common equity tier 1 capital $ 196,319 13.79 % $ 64,081 4.50 % $ 92,562 6.50 % Tier 1 risk-based capital 196,319 13.79 85,442 6.00 113,923 8.00 Total risk-based capital 211,828 14.88 113,923 8.00 142,403 10.00 Tier 1 leverage capital 196,319 10.56 74,362 4.00 92,953 5.00 As of December 31, 2020 Common equity tier 1 capital $ 159,842 13.40 % $ 53,678 4.50 % $ 77,535 6.50 % Tier 1 risk-based capital 159,842 13.40 71,571 6.00 95,427 8.00 Total risk-based capital 173,998 14.59 95,427 8.00 119,284 10.00 Tier 1 leverage capital 159,842 10.28 62,194 4.00 77,742 5.00 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 12 Certain directors and executive officers are also customers who transact business with First Fed. All loans and commitments included in such transactions were made in compliance with applicable laws on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons and do not The following table presents the activity in loans to directors and executive officers for the periods shown: For the Year Ended December 31, 2021 2020 (In thousands) Beginning balance $ 143 $ 689 Loan advances 1 4 Loan repayments (11 ) (550 ) Reclassifications (1) (133 ) — Ending balance $ — $ 143 (1) Represents loans that were once considered related party but are no longer considered related party or loans that were not related party that subsequently became related party loans. Deposits and certificates from related parties totaled $3.2 million and $3.0 million at December 31, 2021 2020 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 First Fed is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments generally represent a commitment to extend credit in the form of loans. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. First Fed’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual notional amount of those instruments. First Fed uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Management does not Commitments to extend credit are agreements to lend to a customer as long as there is no may not not December 31, 2021 2020 The following financial instruments were outstanding whose contract amounts represent credit risk at: December 31, 2021 December 31, 2020 (In thousands) Commitments to grant loans $ 2,720 $ 1,629 Standby letters of credit 212 182 Unfunded commitments under lines of credit or existing loans 270,273 212,114 Variable Interests - Low Income Housing Tax Credit Investments December 31, 2021 2020 December 31, 2021 2020 Total unfunded contingent commitments related to the Company’s LIHTC investment totaled $4.7 million and $0 at December 31, 2021 2020 December 31, 2023 December 31, 2024, December 31, 2035. December 31, 2021 2020 Legal contingencies may no Significant group concentrations of credit risk one 20 December 31, 2021 2020 December 31, 2021 2020 one four At December 31, 2021 2020 December 31, 2021 2020 December 31, 2021 second |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 14 Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third may Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three three Level 1 Level 2 Level 3 The hierarchy gives the highest ranking to Level 1 3 Qualitative disclosures of valuation techniques 1. 1 If quoted prices are not 2, 3. Assets and liabilities measured at fair value on a recurring basis December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ 5,902 $ 107,462 $ — $ 113,364 Agency bonds — 1,920 — 1,920 ABS corporate — 14,489 — 14,489 SBA — 14,680 — 14,680 Corporate debt 6,061 53,728 — 59,789 MBS agency — 79,962 — 79,962 MBS corporate — 60,008 — 60,008 Equity investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 December 31, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ — $ 127,862 $ — $ 127,862 ABS agency — 63,820 — 63,820 ABS corporate — 29,280 — 29,280 SBA — 18,564 — 18,564 Corporate debt — 32,970 2,540 35,510 MBS agency — 62,683 — 62,683 MBS corporate — 20,205 6,372 26,577 Equity investments — 1,260 — 1,260 $ — $ 356,644 $ 8,912 $ 365,556 The significant unobservable inputs in the fair value measurement of the Company's Level 3 The following table presents quantitative information about recurring Level 3 December 31, 2020 Fair Value (In thousands) Valuation Technique Unobservable Input Range (a) Corporate debt $ 1,540 Consensus pricing Offered quotes 89 91 Comparability adjustments (%) -0.7% - +1.3% 1,000 Consensus pricing Offered quotes 92 100 Comparability adjustments (%) -7.4% 0% MBS corporate 6,372 Consensus pricing Offered quotes 104 107 Comparability adjustments (%) -1.5% - +1.5% (a) Unobservable inputs were weighted by the relative fair value of the instruments. The following table summarizes the changes in Level 3 December 31, 2021 Balance at January 1, 2021 Transfers Out of Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS corporate 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — ( 1 3 2 December 31, 2020 Balance at January 1, 2020 Transfers Into Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ — $ 1,540 $ 1,000 $ — $ 2,540 MBS corporate — — 6,372 — 6,372 $ — $ 1,540 $ 7,372 $ — $ 8,912 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. Assets measured at fair value on a nonrecurring basis not The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,511 $ 5,511 Real estate owned and repossessed assets — — 2 2 $ — $ — $ 5,513 $ 5,513 During the years ended December 31, 2021 2020 December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (1) (In thousands) Real estate owned and repossessed assets $ 2 Market comparable Discount to appraisal 0% - 10%(5%) ( 1 The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: December 31, 2021 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 126,016 $ 126,016 $ 126,016 $ — $ — Investment securities available for sale 344,212 347,283 11,963 335,320 — Loans held for sale 760 760 — 760 — Loans receivable, net 1,350,260 1,328,589 — — 1,328,589 FHLB stock 5,196 5,196 — 5,196 — Accrued interest receivable 5,289 5,289 — 5,289 — Servicing rights on sold loans, net 3,282 3,820 — — 3,820 Equity investments 3,071 3,071 — 3,071 — Financial liabilities Demand deposits $ 1,333,337 $ 1,333,337 $ 1,333,337 $ — $ — Time deposits 247,243 247,217 — — 247,217 Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,144 — — 39,144 Accrued interest payable 393 393 — 393 — December 31, 2020 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 65,155 $ 65,155 $ 65,155 $ — $ — Investment securities available for sale 364,296 365,556 — 356,644 8,912 Loans held for sale 3,753 3,753 — 3,753 — Loans receivable, net 1,141,969 1,129,570 — — 1,129,570 FHLB stock 5,977 5,977 — 5,977 — Accrued interest receivable 6,966 6,966 — 6,966 — Servicing rights on sold loans, net 2,120 2,189 — — 2,189 Equity investments 1,260 1,260 — 1,260 — Financial liabilities Demand deposits $ 1,024,748 $ 1,024,748 $ 1,024,748 $ — $ — Time deposits 308,769 310,992 — 310,992 — Borrowings 109,977 111,462 — 111,462 — Accrued interest payable 53 53 — 53 — |
Note 15 - Earnings Per Common S
Note 15 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 15 The two two The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown. For the Year Ended December 31, 2021 2020 (In thousands, except share data) Net income: Net income available to common shareholders $ 15,418 $ 10,340 Earnings allocated to participating securities (505 ) (292 ) Earnings allocated to common shareholders $ 14,913 $ 10,048 Basic: Weighted average common shares outstanding 10,151,946 10,407,042 Weighted average unvested restricted stock awards (310,088 ) (270,991 ) Weighted average unallocated ESOP shares (707,905 ) (765,273 ) Total basic weighted average common shares outstanding 9,133,953 9,370,778 Diluted: Basic weighted average common shares outstanding 9,133,953 9,370,778 Dilutive restricted stock awards 94,787 31,420 Total diluted weighted average common shares outstanding 9,228,740 9,402,198 Basic earnings per common share $ 1.63 $ 1.07 Diluted earnings per common share $ 1.63 $ 1.07 Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. For the years ended December 31, 2021 2020 |
Note 16 - Parent Company Only F
Note 16 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 16 Presented below are the condensed balance sheet, statement of operations, and statement of cash flows for First Northwest Bancorp. FIRST NORTHWEST BANCORP Condensed Balance Sheets (In thousands) December 31, 2021 December 31, 2020 ASSETS Cash and due from banks $ 14,087 $ 8,655 Investment in bank 198,660 165,285 Investment in equity securities 2,588 1,260 ESOP loan receivable 9,576 10,164 Commercial business loan receivable 5,000 — Accrued interest receivable 300 126 Prepaid expenses and other assets 525 1,069 Total assets $ 230,736 $ 186,559 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt, net $ 39,280 $ — Interest payable 375 — Payable to subsidiary 96 72 Other liabilities 24 104 Total liabilities 39,775 176 Shareholders' equity 190,961 186,383 Total liabilities and shareholders' equity $ 230,736 $ 186,559 FIRST NORTHWEST BANCORP Condensed Statements of Income (In thousands) For the Year Ended December 31, 2021 2020 Operating income: Interest and fees on loans receivable $ 420 $ 254 Interest on mortgage-backed and related securities — 58 Interest on investment securities — 105 Gain (loss) on sale of securities — 250 Unrealized gain (loss) on equity securities 788 (140 ) Dividends from Bank 1,000 2,000 Total operating income 2,208 2,527 Operating expenses: Interest paid on subordinated debt, net 1,203 — Other expenses 1,759 875 Total operating expenses 2,962 875 (Loss) income before benefit for income taxes and equity in undistributed earnings of subsidiary (754 ) 1,652 Benefit for income taxes (368 ) (73 ) (Loss) income before equity in undistributed earnings of subsidiary (386 ) 1,725 Equity in undistributed earnings of subsidiary 16,804 10,615 Net income $ 16,418 $ 12,340 FIRST NORTHWEST BANCORP Condensed Statement of Cash Flows (In thousands) For the Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 16,418 $ 12,340 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed earnings of subsidiary (16,804 ) (10,615 ) Amortization of premiums and accretion of discounts on investments, net — 50 Amortization of debt issuance costs 57 — Gain on sale of securities available for sale — (250 ) Share-based compensation 500 — Change in payable to subsidiary 24 (105 ) Change in other assets (421 ) (171 ) Change in other liabilities 295 81 Net cash from operating activities 69 1,330 Cash flows from investing activities: Proceeds from maturities, calls, and principal repayments of securities available for sale — 2,065 Proceeds from sales of securities available for sale — 9,872 Dividend paid to subsidiary (20,000 ) — Loan originations, net of repayments (5,000 ) — ESOP loan repayment 588 576 Investment in equity securities (584 ) (1,401 ) Net cash from investing activities (24,996 ) 11,112 Cash flows from financing activities: Proceeds from issuance of subordinated debt, net 39,223 — Repurchase of common stock (6,331 ) (7,591 ) Payment of dividends (2,533 ) (2,185 ) Net cash from financing activities 30,359 (9,776 ) Net increase in cash 5,432 2,666 Cash and cash equivalents at beginning of period 8,655 5,989 Cash and cash equivalents at end of period $ 14,087 $ 8,655 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the year for income taxes $ (987 ) $ 360 Cash paid during the year for interest on borrowings $ 771 $ — |
Note 17 - Business Combination
Note 17 - Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 17 On July 23, 2021, no not The acquired assets and assumed liabilities were recorded in the Company's consolidated balance sheets at their estimated fair value as of the July 23, 2021, In most instances, determining the estimated fair values of the acquired assets and assumed liabilities required the Bank to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may not The following table summarizes the fair value of consideration transferred, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction (in thousands): At July 23, 2021 Book Value Fair Value Adjustment Estimated Fair Value (In thousands) Cash consideration received $ 63,545 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Core deposit intangible ("CDI") $ — $ 126 $ 126 Premises and equipment 459 — 459 Accrued interest receivable and other assets 755 — 755 Total identifiable assets acquired 1,214 126 1,340 Liabilities assumed Deposits $ 65,096 $ (229 ) $ 64,867 Accrued expenses and other liabilities 1,080 — 1,080 Total liabilities assumed 66,176 (229 ) 65,947 Total identifiable net liabilities assumed (64,962 ) 355 (64,607 ) Goodwill recognized $ 1,062 CDI represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten may not |
Note 18 - Change in Accumulated
Note 18 - Change in Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 18 Our AOCI includes unrealized gain (loss) on available-for-sale securities and an unrecognized defined benefit plan prior service cost. The following table presents changes to accumulated other comprehensive income after-tax for the periods shown: Unrealized Gains and Losses on Available-for-Sale Securities Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Total (In thousands) BALANCE, December 31, 2019 $ (1,539 ) $ — $ (1,539 ) Other comprehensive income before reclassification 9,467 — 9,467 Amounts reclassified from accumulated other comprehensive income (2,486 ) — (2,486 ) Net other comprehensive income 6,981 — 6,981 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (1,398 ) (1,852 ) (3,250 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) — (1,904 ) Net other comprehensive loss (3,302 ) (1,852 ) (5,154 ) BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Consolidation, Policy [Policy Text Block] | Principles of consolidation 810. |
Subsequent Events, Policy [Policy Text Block] | Subsequent events no |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted assets zero December 31, 2021 2020 December 31, 2021 2020 |
Equity Securities, Policy [Policy Text Block] | Equity securities |
Marketable Securities, Policy [Policy Text Block] | Investment securities one three 1 2 3 December 31, 2021 2020 no December 31, 2021 2020 Securities that are held-to-maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. Investment securities categorized as available for sale are generally held for investment purposes (to maturity), although unanticipated future events may The Company reviews investment securities for other-than-temporary impairment (OTTI) on a quarterly basis. For debt securities, the Company considers whether management intends to sell a security or if it is likely that the Company will be required to sell the security before recovery of the amortized cost basis of the investment, which may not not not |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank stock December 31, 2021 2020 December 31, 2021 2020 may Management evaluates FHLB stock for impairment based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as ( 1 2 3 4 not December 31, 2021 2020 |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans held for sale third |
Financing Receivable [Policy Text Block] | Loans receivable Each loan segment and class inherently contains differing credit risk profiles depending on the unique aspects of that segment or class of loans. For example, borrowers tend to consider their primary residence and access to transportation for employment-related purposes as basic requirements; accordingly, many consumers prioritize making payments on real estate first second may not may may not Loans are classified as impaired when, based on current information and events, it is probable that First Fed will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows discounted at each loan’s effective interest rate or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, First Fed recognizes this impairment and adjusts the carrying value of the loan to fair value through the allowance for loan losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan losses. The accrual of interest on loans is discontinued at the time the loan is 90 All interest accrued but not not not six |
Financing Receivable, Fee and Interest Income [Policy Text Block] | Loan fees and purchased premiums may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses 19 19 19 The ultimate recovery of loans is susceptible to future market factors beyond First Fed’s control, which may may Allowances for losses on specific problem loans are charged to income when it is determined that the value of these loans and properties, in the judgment of management, is impaired. First Fed accounts for impaired loans in accordance with Accounting Standards Codification (ASC) 310 10 35, Receivables—Overall—Subsequent Measurement When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when it is determined that the sole source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, impairment is measured at current fair value generally based on a current appraisal of the collateral, reduced by estimated selling costs. When the measurement of the impaired loan is less than the recorded investment in the loan (including collected interest that has been applied to principal, net deferred loan fees or costs, and unamortized premiums or discounts), loan impairment is recognized by establishing or adjusting an allocation of the allowance for loan losses. Uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The impairment amount for small balance homogeneous loans is calculated using the adjusted historical loss rate for the class and risk category related to each loan, unless the loan is subject to a troubled debt restructuring ("TDR"). A TDR is a loan for which First Fed, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that First Fed would not not The restructured loans may may six TDR loans may six no In March 2020, 2019 19" 2020 March 27, 2020, December 27, 2020, 2021 January 1, 2022 60 not 19 not |
Unfunded Loan Commitments Reserve, Policy [Policy Text Block] | Reserve for unfunded commitments may |
Financing Receivable, Held-for-investment [Policy Text Block] | Real estate owned and repossessed assets may |
Mortgage Banking Activity [Policy Text Block] | Loan servicing rights Management assesses impairment of the loan servicing rights based on recalculations of the present value of remaining future cash flows using updated market discount rates and prepayment speeds. Subsequent loan prepayments and changes in prepayment assumptions in excess of those forecasted can adversely impact the carrying value of the servicing rights. Impairment is assessed on a stratified basis with any impairment recognized through a valuation allowance for each impaired stratum. The servicing rights are stratified based on the predominant risk characteristics of the underlying loans: fixed-rate loans and adjustable-rate loans. The effect of changes in market interest rates on estimated rates of loan prepayments is the predominant risk characteristic for loan servicing rights. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Sold loan servicing income represents fees earned for servicing loans. Fees for servicing sold loans are generally based upon a percentage of the principal balance of the loans serviced, as well as related ancillary income such as late charges. Servicing income is recognized as earned unless collection is doubtful. The caption in the consolidated statement of income "Sold loan servicing fees, net of amortization" includes sold loan servicing income, amortization of loan servicing rights, the effects of sold loan servicing run-off, and impairment, if applicable. |
Income Tax, Policy [Policy Text Block] | Income taxes 740 10, Income Taxes |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Years Buildings 37.5 - 50 Furniture, fixtures, and equipment 3 - 10 Software 3 Automobiles 5 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Core deposit intangible one third ten |
Lessee, Leases [Policy Text Block] | Leases not twelve |
Low Income Housing Tax Credit Investment [Policy Text Block] | Low Income Housing Tax Credit Investment 10 15 The Company accounts for the LIHTC under the proportional amortization method and amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance on the Consolidated Statements of Income as a component of income tax expense. The Company reports the carrying value of the equity investment in the unconsolidated LIHTC in Prepaid expenses and other assets on the Company’s Consolidated Balance Sheets. The maximum exposure to loss in the LIHTC is the amount of equity invested and credit extended by the Company. The Company has evaluated the variable interests held by the Company in the LIHTC investment and determined that the Company does not not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets 1 2 3 not Periodically, First Fed sells mortgage loans with "life of the loan" recourse provisions, requiring First Fed to repurchase the loan at any time if it defaults. The remaining balance of such loans at December 31, 2021 2020 December 31, 2021 2020 December 31, 2021 2020 |
Life Insurance, Bank Owned, Policy [Policy Text Block] | Bank-owned life insurance |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-balance-sheet credit-related financial instruments |
Advertising Cost [Policy Text Block] | Advertising costs |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) |
Dividend Restriction, Policy [Policy Text Block] | Dividend restriction may |
Revenue [Policy Text Block] | Components of noninterest income evaluated under Topic 606 no 2014 09. Deposit fees Debit card interchange income Third-party credit card interchange income third third Investment services revenue Gains/losses on the sale of other real estate owned are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at time of each real estate closing. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements 14 |
Segment Reporting, Policy [Policy Text Block] | Segment information |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share - Earn two two two not two |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In November 2019, 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 10 2016 13, 2019 04, 2019 05. December 15, 2020 December 15, 2022. December 15, 2018. January 1, 2023. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 740. December 15, 2020, not In January 2020, No. 2020 01, Investments-Equity Securities (Topic 321 323 815 321, 323, 815 2020 01 December 15, 2020, not In August 2021, No. 2021 06, Presentation of Financial Statements (Topic 205 942 946 No. 33 10786, No. 33 10835, 2021 06 August 2021. not Recently issued accounting pronouncements not Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Loss 2018 19, 2019 04 2019 05. No. 2016 13 December 15, 2022, Additional updates were issued in ASU No. 2019 04, Codification Improvements to Topic 326, 815, 825 In addition, new updates were issued through ASU No. 2019 05, Financial Instruments - Credit Losses (Topic 326 326 20 The Company is evaluating the provisions of ASU No. 2016 13, No. 2019 04 No. 2019 05, third December 15, 2018. January 1, 2023. Other ASUs not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 no In January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Buildings 37.5 - 50 Furniture, fixtures, and equipment 3 - 10 Software 3 Automobiles 5 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation [Table Text Block] | December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 International agency issued bonds (Agency bonds) 1,947 — (27 ) 1,920 Corporate issued asset-backed securities (ABS corporate) 14,556 — (67 ) 14,489 Corporate issued debt securities (Corporate debt) 58,906 1,450 (567 ) 59,789 U.S. Small Business Administration securities (SBA) 14,404 276 — 14,680 Mortgage-Backed Securities: U.S. government agency issued mortgage-backed securities (MBS agency) 80,877 248 (1,163 ) 79,962 Corporate issued mortgage-backed securities (MBS corporate) 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 December 31, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 122,667 $ 5,212 $ (17 ) $ 127,862 U.S. government agency issued asset-backed securities (ABS agency) 62,934 1,240 (354 ) 63,820 ABS corporate 29,661 37 (418 ) 29,280 Corporate debt 35,408 687 (585 ) 35,510 SBA 18,420 144 — 18,564 Mortgage-Backed Securities MBS agency 61,859 876 (52 ) 62,683 MBS corporate 26,458 162 (43 ) 26,577 Total securities available for sale $ 357,407 $ 8,358 $ (1,469 ) $ 364,296 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (306 ) $ 23,125 $ (34 ) $ 1,475 $ (340 ) $ 24,600 Agency bonds (27 ) 1,920 — — (27 ) 1,920 ABS corporate (67 ) 10,976 — — (67 ) 10,976 Corporate debt (333 ) 18,890 (234 ) 9,752 (567 ) 28,642 SBA — — — 69 — 69 Mortgage-Backed Securities MBS agency (713 ) 39,029 (450 ) 12,802 (1,163 ) 51,831 MBS corporate (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (15 ) $ 5,214 $ (2 ) $ 1,319 $ (17 ) $ 6,533 ABS Agency — — (354 ) 21,430 (354 ) 21,430 ABS Corporate — — (418 ) 27,283 (418 ) 27,283 Corporate debt (8 ) 5,892 (577 ) 9,409 (585 ) 15,301 SBA — 63 — 47 — 110 Mortgage-Backed Securities MBS agency (52 ) 18,516 — 261 (52 ) 18,777 MBS corporate (43 ) 10,003 — — (43 ) 10,003 Total $ (118 ) $ 39,688 $ (1,351 ) $ 59,749 $ (1,469 ) $ 99,437 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 7,827 $ 7,832 $ 80 $ 84 Due after one through five years 24,347 24,371 12,446 12,402 Due after five through ten years 8,466 8,391 — — Due after ten years 100,554 99,376 75,791 76,774 Total mortgage-backed securities 141,194 139,970 88,317 89,260 All other investment securities: Due within one year — — — — Due after one through five years 6,391 6,289 2,210 2,328 Due after five through ten years 79,679 80,807 74,568 74,351 Due after ten years 114,240 117,146 192,312 198,357 Total all other investment securities 200,310 204,242 269,090 275,036 Total investment securities $ 341,504 $ 344,212 $ 357,407 $ 364,296 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Proceeds $ 109,829 $ 210,264 Gross gains 2,827 4,537 Gross losses (417 ) (1,390 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Real Estate: One- to four-family $ 294,965 $ 309,828 Multi-family 172,409 162,467 Commercial real estate 363,299 296,574 Construction and land 224,709 123,627 Total real estate loans 1,055,382 892,496 Consumer: Home equity 39,172 33,103 Auto and other consumer 182,769 128,233 Total consumer loans 221,941 161,336 Commercial business loans 79,838 100,201 Total loans 1,357,161 1,154,033 Less: Net deferred loan fees 4,772 4,346 Premium on purchased loans, net (12,995 ) (6,129 ) Allowance for loan losses 15,124 13,847 Total loans receivable, net $ 1,350,260 $ 1,141,969 |
Schedule of Loans by Earlier of Maturity or Next Repricing Date [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Adjustable-rate loans Due within one year $ 302,187 $ 149,701 After one but within five years 258,094 231,491 After five but within ten years 54,351 83,286 After ten years 19,098 16,608 633,730 481,086 Fixed-rate loans Due within one year $ 31,970 54,903 After one but within five years 148,233 107,785 After five but within ten years 194,245 219,014 After ten years 348,983 291,245 723,431 672,947 Total loans $ 1,357,161 $ 1,154,033 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Year Ended December 31, 2021 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 (Recapture of) provision for loan losses (291 ) 52 576 1,203 (25 ) (270 ) 41 64 1,350 Charge-offs — — — — (12 ) (865 ) — — (877 ) Recoveries 6 — — 8 76 714 — — 804 Ending balance $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 At December 31, 2021 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 General reserve 3,159 1,816 3,996 2,672 402 2,138 470 358 15,011 Specific reserve 25 — — — 5 83 — — 113 Total loans $ 294,965 $ 172,409 $ 363,299 $ 224,709 $ 39,172 $ 182,769 $ 79,838 $ — $ 1,357,161 General reserves (1) 292,708 172,409 363,228 224,687 38,839 182,257 79,838 — 1,353,966 Specific reserves (2) 2,257 — 71 22 333 512 — — 3,195 At or For the Year Ended December 31, 2020 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,024 $ 888 $ 2,243 $ 399 $ 454 $ 2,261 $ 208 $ 151 $ 9,628 Provision for (recapture of) loan losses 387 876 1,177 1,062 (99 ) 1,279 221 143 5,046 Charge-offs — — — (5 ) — (992 ) — — (997 ) Recoveries 58 — — 5 13 94 — — 170 Ending balance $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 At December 31, 2020 One- to four-family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,469 $ 1,764 $ 3,420 $ 1,461 $ 368 $ 2,642 $ 429 $ 294 $ 13,847 General reserve 3,433 1,764 3,419 1,461 364 2,366 429 294 13,530 Specific reserve 36 — 1 — 4 276 — — 317 Total loans $ 309,828 $ 162,467 $ 296,574 $ 123,627 $ 33,103 $ 128,233 $ 100,201 $ — $ 1,154,033 General reserves (1) 306,862 162,183 295,296 123,601 32,968 127,411 100,201 — 1,148,522 Specific reserves (2) 2,966 284 1,278 26 135 822 — — 5,511 |
Impaired Financing Receivables [Table Text Block] | Year Ended December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 212 $ 247 $ — $ 219 $ 12 Multi-family — — — 94 — Commercial real estate 71 177 — 1,016 — Construction and land — 24 — — — Home equity 26 59 — 32 1 Auto and other consumer — 77 — 29 7 Commercial business — — — — — Total 309 584 — 1,390 20 With an allowance recorded: One- to four-family 2,045 2,245 25 2,281 138 Multi-family — — — — — Commercial real estate — — — 121 — Construction and land 22 22 — 24 1 Home equity 307 329 5 155 9 Auto and other consumer 512 512 83 653 13 Commercial business — — — — — Total 2,886 3,108 113 3,234 161 Total impaired loans: One- to four-family 2,257 2,492 25 2,500 150 Multi-family — — — 94 — Commercial real estate 71 177 — 1,137 — Construction and land 22 46 — 24 1 Home equity 333 388 5 187 10 Auto and other consumer 512 589 83 682 20 Commercial business — — — — — Total $ 3,195 $ 3,692 $ 113 $ 4,624 $ 181 Year Ended December 31, 2020 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 227 $ 257 $ — $ 168 $ 13 Commercial real estate 1,216 1,308 — 1,213 33 Construction and land — 29 — 9 — Home equity 37 94 — 41 1 Auto and other consumer — 224 — — 13 Commercial business — — — 68 — Total 1,764 2,196 — 1,718 60 With an allowance recorded: One- to four-family 2,739 2,941 36 3,197 177 Multi-family — — — 119 — Commercial real estate 62 62 1 301 3 Construction and land 26 26 — 27 3 Home equity 98 157 4 186 9 Auto and other consumer 822 953 276 721 33 Commercial business — — — 109 — Total 3,747 4,139 317 4,660 225 Total impaired loans: One- to four-family 2,966 3,198 36 3,365 190 Multi-family 284 284 — 338 — Commercial real estate 1,278 1,370 1 1,514 36 Construction and land 26 55 — 36 3 Home equity 135 251 4 227 10 Auto and other consumer 822 1,177 276 721 46 Commercial business — — — 177 — Total $ 5,511 $ 6,335 $ 317 $ 6,378 $ 285 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) One- to four-family $ 494 $ 912 Multi-family — 284 Commercial real estate 71 157 Construction and land 22 26 Home equity 282 73 Auto and other consumer 512 821 Total nonaccrual loans $ 1,381 $ 2,273 |
Financing Receivable, Past Due [Table Text Block] | 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One- to four-family $ 786 $ — $ — $ 786 $ 294,179 $ 294,965 Multi-family — — — — 172,409 172,409 Commercial real estate — — — — 363,299 363,299 Construction and land 293 — — 293 224,416 224,709 Total real estate loans 1,079 — — 1,079 1,054,303 1,055,382 Consumer: Home equity 83 — — 83 39,089 39,172 Auto and other consumer 469 368 99 936 181,833 182,769 Total consumer loans 552 368 99 1,019 220,922 221,941 Commercial business loans 7 — — 7 79,831 79,838 Total loans $ 1,638 $ 368 $ 99 $ 2,105 $ 1,355,056 $ 1,357,161 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One- to four-family $ 406 $ 132 $ 29 $ 567 $ 309,261 $ 309,828 Multi-family — — — — 162,467 162,467 Commercial real estate — — — — 296,574 296,574 Construction and land 56 — 26 82 123,545 123,627 Total real estate loans 462 132 55 649 891,847 892,496 Consumer: Home equity 94 — — 94 33,009 33,103 Auto and other consumer 815 138 137 1,090 127,143 128,233 Total consumer loans 909 138 137 1,184 160,152 161,336 Commercial business loans — — — — 100,201 100,201 Total loans $ 1,371 $ 270 $ 192 $ 1,833 $ 1,152,200 $ 1,154,033 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 291,421 $ 2,727 $ 53 $ 764 $ 294,965 Multi-family 153,704 18,705 — — 172,409 Commercial real estate 326,444 22,850 3,057 10,948 363,299 Construction and land 215,262 295 9,130 22 224,709 Total real estate loans 986,831 44,577 12,240 11,734 1,055,382 Consumer: Home equity 38,739 83 — 350 39,172 Auto and other consumer 181,356 835 65 513 182,769 Total consumer loans 220,095 918 65 863 221,941 Commercial business loans 79,616 222 — — 79,838 Total loans $ 1,286,542 $ 45,717 $ 12,305 $ 12,597 $ 1,357,161 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 303,840 $ 2,487 $ 1,730 $ 1,771 $ 309,828 Multi-family 146,536 15,647 — 284 162,467 Commercial real estate 250,970 20,759 20,690 4,155 296,574 Construction and land 114,575 8,914 74 64 123,627 Total real estate loans 815,921 47,807 22,494 6,274 892,496 Consumer: Home equity 32,500 349 100 154 33,103 Auto and other consumer 124,115 2,034 1,216 868 128,233 Total consumer loans 156,615 2,383 1,316 1,022 161,336 Commercial business loans 92,010 7,791 168 232 100,201 Total loans $ 1,064,546 $ 57,981 $ 23,978 $ 7,528 $ 1,154,033 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 494 $ 294,471 $ 294,965 Multi-family — 172,409 172,409 Commercial real estate 71 363,228 363,299 Construction and land 22 224,687 224,709 Consumer: Home equity 282 38,890 39,172 Auto and other consumer 512 182,257 182,769 Commercial business loans — 79,838 79,838 Total loans $ 1,381 $ 1,355,780 $ 1,357,161 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 912 $ 308,916 $ 309,828 Multi-family 284 162,183 162,467 Commercial real estate 157 296,417 296,574 Construction and land 26 123,601 123,627 Consumer: Home equity 73 33,030 33,103 Auto and other consumer 821 127,412 128,233 Commercial business loans — 100,201 100,201 Total loans $ 2,273 $ 1,151,760 $ 1,154,033 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Total TDR loans $ 1,843 $ 2,224 Allowance for loan losses related to TDR loans 21 26 Total nonaccrual TDR loans 29 108 Number of Contracts Rate Modification Term Modification Combination Modification Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ 29 $ — $ — $ 29 Number of Contracts Rate Modification Term Modification Combination Modification Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ 29 $ — $ — $ 29 Post-modification outstanding recorded investment One- to four-family 1 $ 29 $ — $ — $ 29 December 31, 2021 December 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 1,763 $ 29 $ 1,792 $ 2,054 $ 108 $ 2,162 Home equity 51 — 51 62 — 62 Total TDR loans $ 1,814 $ 29 $ 1,843 $ 2,116 $ 108 $ 2,224 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Land $ 2,907 $ 2,564 Buildings 6,697 6,075 Building improvements 14,492 12,067 Furniture, fixtures, and equipment 7,512 7,063 Software 599 1,261 Automobiles 66 66 Construction in progress 3,361 1,257 35,634 30,353 Less accumulated depreciation and amortization (15,804 ) (15,568 ) $ 19,830 $ 14,785 |
Note 5 - Operating Leases (Tabl
Note 5 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2021 December 31, 2020 (In Thousands) Operating cash flows from operating leases $ 868 $ 587 Right of use assets obtained in exchange for new operating lease liabilities 4,364 1,047 December 31, 2021 December 31, 2020 Weighted-average remaining lease term of operating leases (in years) 10.8 12.5 Weighted-average discount rate of operating leases 2.4 % 3.2 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2021 Twelve-month period ending: (In Thousands) 2022 $ 831 2023 852 2024 886 2025 925 2026 903 Thereafter 4,825 Total minimum payments required $ 9,222 Less imputed interest 1,488 Present value of lease liabilities $ 7,734 |
Note 6 - Servicing Rights on _2
Note 6 - Servicing Rights on Sold Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Balance at beginning of period $ 2,120 $ 871 Additions 1,234 1,564 Amortization (109 ) (278 ) Valuation allowance net recovery (impairment) 37 (37 ) Balance at end of period $ 3,282 $ 2,120 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Balance at beginning of period $ (37 ) $ — Impairments — (37 ) Recoveries 37 — Balance at end of period $ — $ (37 ) |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | For the Year Ended December 31, 2021 2020 Constant prepayment rate 9.3 % 14.4 % Weighted-average life (years) 5.4 4.8 Yield to maturity discount 10.3 % 8.4 % |
Schedule of Fees Earned in Connection with Servicing Assets and Liabilities [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Servicing fees $ 1,013 $ 452 Late fees 9 12 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2021 December 31, 2020 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 343,932 — % $ 274,930 — % Interest-bearing demand deposits 196,970 0.01 % 156,241 0.01 % Money market accounts 597,815 0.21 % 429,143 0.31 % Savings accounts 194,620 0.05 % 164,434 0.17 % Certificates of deposit 247,243 0.62 % 308,769 1.00 % $ 1,580,580 0.19 % $ 1,333,517 0.36 % |
Time Deposit Maturities [Table Text Block] | December 31, 2021 (In thousands) Within one year or less $ 153,472 After one year through two years 54,970 After two years through three years 17,620 After three years through four years 14,358 After four years through five years 6,823 After five years — $ 247,243 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Demand deposits $ 43 $ 37 Money market accounts 1,165 1,446 Savings accounts 128 843 Certificates of deposit 2,060 4,337 $ 3,396 $ 6,663 |
Note 8 - Borrowings (Tables)
Note 8 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Long-term advances $ 80,000 $ 50,000 Overnight variable-rate advances — 59,977 Subordinated debt 40,000 — For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 40,000 $ 100,021 Monthly average outstanding 5,207 54,548 Weighted-average daily interest rates Annual 0.30 % 0.60 % Period End 0.31 % 0.32 % Interest expense during the period 6 132 December 31, 2021 December 31, 2020 Weighted- Average Interest Rate Amount Weighted- Average Interest Rate Amount (Dollars in thousands) Within one year or less — % $ — — % $ — After one year through two years 1.54 15,000 1.79 10,000 After two years through three years 1.47 15,000 1.54 15,000 After three years through four years 1.42 25,000 1.47 15,000 After four years through five years 1.55 15,000 1.36 10,000 After five years 1.76 10,000 — — 1.52 $ 80,000 1.53 $ 50,000 For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 80,000 $ 55,000 Monthly average outstanding 52,500 50,000 Weighted-average interest rates Annual 1.46 % 1.75 % Period End 1.52 % 1.53 % Interest expense during the period 768 920 For the Year Ended December 31, 2021 2020 (Dollars in thousands) Maximum outstanding at any month-end $ 40,000 $ — Monthly average outstanding 30,370 — Weighted-average interest rates Annual 3.96 % — % Period End 3.01 % — % Interest expense during the period 1,203 — |
Note 9 - Federal Taxes on Inc_2
Note 9 - Federal Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Current $ 3,131 $ 4,085 Deferred 63 (1,131 ) $ 3,194 $ 2,954 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Income taxes computed at statutory rates $ 3,909 $ 2,792 Tax-exempt income (218 ) (236 ) Bank-owned life insurance income (203 ) (383 ) Bank-owned life insurance penalty for early surrender of contract — 748 Other, net (294 ) 33 $ 3,194 $ 2,954 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Deferred tax assets Allowance for loan losses $ 3,255 $ 2,971 Accrued compensation 461 602 Nonaccrual loans 1 1 ESOP timing differences 173 159 Restricted stock awards 312 152 Deferred lease liabilities 1,654 868 Total deferred tax assets 5,856 4,753 Deferred tax liabilities Deferred loan fees 702 605 Unrealized gain on securities available for sale 569 1,447 FHLB stock dividends 417 421 Accumulated depreciation 609 632 Deferred investment gain 341 58 Defined benefit plan 59 — Right of use assets 1,595 840 Other, net 3 4 Total deferred tax liabilities 4,295 4,007 Deferred tax asset, net $ 1,561 $ 746 |
Note 10 - Benefit Plans (Tables
Note 10 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Multiemployer Plan [Table Text Block] | 2020 Source Valuation Report Our plan 109.7 % Year Ended December 31, 2020 Date Paid Amount (In thousands) 12/24/2020 $ 364 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2021 (Dollars in thousands) Fair value, January 1 $ 14,705 Actual return on plan assets 1,618 Company contributions — Settlements and curtailments — Benefits paid (502 ) Federal subsidy on benefits paid — Fair value, December 31 15,821 Change in projected benefit obligation Projected benefit obligation, January 1 14,197 Service cost — Interest cost 304 Plan amendments — Settlements and curtailments — Actuarial loss 1,329 Benefits paid (502 ) Federal subsidy on benefits paid — Projected benefit obligation, December 31 15,328 Amounts recognized on Consolidated Balance Sheet Other assets 493 Accumulated other comprehensive income (1,852 ) Net amount recognized, December 31 2,345 Funded status, December 31 Accumulated benefit obligation 15,328 Overfunded (underfunded) status of ABO 493 Provision for future salaries — Projected benefit obligation 15,328 Weighted-average assumptions, December 31 Discount rate 2.65 % Rate of compensation increase N/A Interest-crediting rate 0.00 % |
Schedule of Net Benefit Costs [Table Text Block] | For the Year Ended December 31, 2021 (Dollars in thousands) Components of Net Period Benefit Cost (Income) Interest cost $ 304 Expected return on plan assets (538 ) Amortization of prior service cost (credit) (26 ) Other — Net periodic benefit cost (income) (260 ) Other changes recognized in other comprehensive income Net (gain) loss $ 249 Amortization of prior service (cost) credit 26 Other — Net periodic benefit cost (income) 275 Weighted-average assumptions used to determine net cost Discount rate 2.65 % Expected return on plan assets 5.75 % Rate of compensation increase N/A |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | Asset Category Fixed Income 80% - 100% U.S. Equities 10% - 30% Non-U.S. Equities 0% - 20% Real Assets 0% - 10% |
Schedule of Expected Benefit Payments [Table Text Block] | December 31, 2021 (Dollars in thousands) Estimated future benefit payments 2022 $ 2,390 2023 900 2024 1,010 2025 870 2026 700 Years 2027 - 2031 3,980 Thereafter 5,478 Projected benefit obligation $ 15,328 |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Large U.S. Equity $ 4,848 $ — $ — $ 4,848 Small/Mid U.S. Equity 781 — — 781 International Equity 1,389 — — 1,389 Fixed Income 7,769 — — 7,769 Other 1,034 — — 1,034 $ 15,821 $ — $ — $ 15,821 |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | December 31, 2021 December 31, 2020 (Dollars in thousands) Allocated shares 333,396 280,507 Committed-to-be-released shares 26,442 26,442 Unallocated shares 688,191 741,080 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 13,901 $ 11,561 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Year Ended December 31, 2021 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2021 292,892 $ 13.96 Granted 102,033 18.49 Vested (101,751 ) 13.63 Canceled (1) (19,548 ) 13.63 Forfeited (37,194 ) 13.30 Non-vested at December 31, 2021 236,432 16.19 |
Note 11 - Regulatory Capital _2
Note 11 - Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Categorized As Well Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Common equity tier 1 capital $ 196,319 13.79 % $ 64,081 4.50 % $ 92,562 6.50 % Tier 1 risk-based capital 196,319 13.79 85,442 6.00 113,923 8.00 Total risk-based capital 211,828 14.88 113,923 8.00 142,403 10.00 Tier 1 leverage capital 196,319 10.56 74,362 4.00 92,953 5.00 As of December 31, 2020 Common equity tier 1 capital $ 159,842 13.40 % $ 53,678 4.50 % $ 77,535 6.50 % Tier 1 risk-based capital 159,842 13.40 71,571 6.00 95,427 8.00 Total risk-based capital 173,998 14.59 95,427 8.00 119,284 10.00 Tier 1 leverage capital 159,842 10.28 62,194 4.00 77,742 5.00 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands) Beginning balance $ 143 $ 689 Loan advances 1 4 Loan repayments (11 ) (550 ) Reclassifications (1) (133 ) — Ending balance $ — $ 143 (1) Represents loans that were once considered related party but are no longer considered related party or loans that were not related party that subsequently became related party loans. |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2021 December 31, 2020 (In thousands) Commitments to grant loans $ 2,720 $ 1,629 Standby letters of credit 212 182 Unfunded commitments under lines of credit or existing loans 270,273 212,114 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ 5,902 $ 107,462 $ — $ 113,364 Agency bonds — 1,920 — 1,920 ABS corporate — 14,489 — 14,489 SBA — 14,680 — 14,680 Corporate debt 6,061 53,728 — 59,789 MBS agency — 79,962 — 79,962 MBS corporate — 60,008 — 60,008 Equity investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 December 31, 2020 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ — $ 127,862 $ — $ 127,862 ABS agency — 63,820 — 63,820 ABS corporate — 29,280 — 29,280 SBA — 18,564 — 18,564 Corporate debt — 32,970 2,540 35,510 MBS agency — 62,683 — 62,683 MBS corporate — 20,205 6,372 26,577 Equity investments — 1,260 — 1,260 $ — $ 356,644 $ 8,912 $ 365,556 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2020 Fair Value (In thousands) Valuation Technique Unobservable Input Range (a) Corporate debt $ 1,540 Consensus pricing Offered quotes 89 91 Comparability adjustments (%) -0.7% - +1.3% 1,000 Consensus pricing Offered quotes 92 100 Comparability adjustments (%) -7.4% 0% MBS corporate 6,372 Consensus pricing Offered quotes 104 107 Comparability adjustments (%) -1.5% - +1.5% (a) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | December 31, 2021 Balance at January 1, 2021 Transfers Out of Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS corporate 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — December 31, 2020 Balance at January 1, 2020 Transfers Into Level 3 (1) Purchases Unrealized Total (In thousands) Securities available for sale Corporate debt $ — $ 1,540 $ 1,000 $ — $ 2,540 MBS corporate — — 6,372 — 6,372 $ — $ 1,540 $ 7,372 $ — $ 8,912 (1) Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 5,511 $ 5,511 Real estate owned and repossessed assets — — 2 2 $ — $ — $ 5,513 $ 5,513 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (1) (In thousands) Real estate owned and repossessed assets $ 2 Market comparable Discount to appraisal 0% - 10%(5%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 126,016 $ 126,016 $ 126,016 $ — $ — Investment securities available for sale 344,212 347,283 11,963 335,320 — Loans held for sale 760 760 — 760 — Loans receivable, net 1,350,260 1,328,589 — — 1,328,589 FHLB stock 5,196 5,196 — 5,196 — Accrued interest receivable 5,289 5,289 — 5,289 — Servicing rights on sold loans, net 3,282 3,820 — — 3,820 Equity investments 3,071 3,071 — 3,071 — Financial liabilities Demand deposits $ 1,333,337 $ 1,333,337 $ 1,333,337 $ — $ — Time deposits 247,243 247,217 — — 247,217 Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,144 — — 39,144 Accrued interest payable 393 393 — 393 — December 31, 2020 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 65,155 $ 65,155 $ 65,155 $ — $ — Investment securities available for sale 364,296 365,556 — 356,644 8,912 Loans held for sale 3,753 3,753 — 3,753 — Loans receivable, net 1,141,969 1,129,570 — — 1,129,570 FHLB stock 5,977 5,977 — 5,977 — Accrued interest receivable 6,966 6,966 — 6,966 — Servicing rights on sold loans, net 2,120 2,189 — — 2,189 Equity investments 1,260 1,260 — 1,260 — Financial liabilities Demand deposits $ 1,024,748 $ 1,024,748 $ 1,024,748 $ — $ — Time deposits 308,769 310,992 — 310,992 — Borrowings 109,977 111,462 — 111,462 — Accrued interest payable 53 53 — 53 — |
Note 15 - Earnings Per Common_2
Note 15 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2021 2020 (In thousands, except share data) Net income: Net income available to common shareholders $ 15,418 $ 10,340 Earnings allocated to participating securities (505 ) (292 ) Earnings allocated to common shareholders $ 14,913 $ 10,048 Basic: Weighted average common shares outstanding 10,151,946 10,407,042 Weighted average unvested restricted stock awards (310,088 ) (270,991 ) Weighted average unallocated ESOP shares (707,905 ) (765,273 ) Total basic weighted average common shares outstanding 9,133,953 9,370,778 Diluted: Basic weighted average common shares outstanding 9,133,953 9,370,778 Dilutive restricted stock awards 94,787 31,420 Total diluted weighted average common shares outstanding 9,228,740 9,402,198 Basic earnings per common share $ 1.63 $ 1.07 Diluted earnings per common share $ 1.63 $ 1.07 |
Note 16 - Parent Company Only_2
Note 16 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2021 December 31, 2020 ASSETS Cash and due from banks $ 14,087 $ 8,655 Investment in bank 198,660 165,285 Investment in equity securities 2,588 1,260 ESOP loan receivable 9,576 10,164 Commercial business loan receivable 5,000 — Accrued interest receivable 300 126 Prepaid expenses and other assets 525 1,069 Total assets $ 230,736 $ 186,559 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt, net $ 39,280 $ — Interest payable 375 — Payable to subsidiary 96 72 Other liabilities 24 104 Total liabilities 39,775 176 Shareholders' equity 190,961 186,383 Total liabilities and shareholders' equity $ 230,736 $ 186,559 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2021 2020 Operating income: Interest and fees on loans receivable $ 420 $ 254 Interest on mortgage-backed and related securities — 58 Interest on investment securities — 105 Gain (loss) on sale of securities — 250 Unrealized gain (loss) on equity securities 788 (140 ) Dividends from Bank 1,000 2,000 Total operating income 2,208 2,527 Operating expenses: Interest paid on subordinated debt, net 1,203 — Other expenses 1,759 875 Total operating expenses 2,962 875 (Loss) income before benefit for income taxes and equity in undistributed earnings of subsidiary (754 ) 1,652 Benefit for income taxes (368 ) (73 ) (Loss) income before equity in undistributed earnings of subsidiary (386 ) 1,725 Equity in undistributed earnings of subsidiary 16,804 10,615 Net income $ 16,418 $ 12,340 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 16,418 $ 12,340 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed earnings of subsidiary (16,804 ) (10,615 ) Amortization of premiums and accretion of discounts on investments, net — 50 Amortization of debt issuance costs 57 — Gain on sale of securities available for sale — (250 ) Share-based compensation 500 — Change in payable to subsidiary 24 (105 ) Change in other assets (421 ) (171 ) Change in other liabilities 295 81 Net cash from operating activities 69 1,330 Cash flows from investing activities: Proceeds from maturities, calls, and principal repayments of securities available for sale — 2,065 Proceeds from sales of securities available for sale — 9,872 Dividend paid to subsidiary (20,000 ) — Loan originations, net of repayments (5,000 ) — ESOP loan repayment 588 576 Investment in equity securities (584 ) (1,401 ) Net cash from investing activities (24,996 ) 11,112 Cash flows from financing activities: Proceeds from issuance of subordinated debt, net 39,223 — Repurchase of common stock (6,331 ) (7,591 ) Payment of dividends (2,533 ) (2,185 ) Net cash from financing activities 30,359 (9,776 ) Net increase in cash 5,432 2,666 Cash and cash equivalents at beginning of period 8,655 5,989 Cash and cash equivalents at end of period $ 14,087 $ 8,655 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the year for income taxes $ (987 ) $ 360 Cash paid during the year for interest on borrowings $ 771 $ — |
Note 17 - Business Combination
Note 17 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | At July 23, 2021 Book Value Fair Value Adjustment Estimated Fair Value (In thousands) Cash consideration received $ 63,545 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Core deposit intangible ("CDI") $ — $ 126 $ 126 Premises and equipment 459 — 459 Accrued interest receivable and other assets 755 — 755 Total identifiable assets acquired 1,214 126 1,340 Liabilities assumed Deposits $ 65,096 $ (229 ) $ 64,867 Accrued expenses and other liabilities 1,080 — 1,080 Total liabilities assumed 66,176 (229 ) 65,947 Total identifiable net liabilities assumed (64,962 ) 355 (64,607 ) Goodwill recognized $ 1,062 |
Note 18 - Change in Accumulat_2
Note 18 - Change in Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains and Losses on Available-for-Sale Securities Unrecognized Defined Benefit Plan Prior Service Cost, Net of Amortization Total (In thousands) BALANCE, December 31, 2019 $ (1,539 ) $ — $ (1,539 ) Other comprehensive income before reclassification 9,467 — 9,467 Amounts reclassified from accumulated other comprehensive income (2,486 ) — (2,486 ) Net other comprehensive income 6,981 — 6,981 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 BALANCE, December 31, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (1,398 ) (1,852 ) (3,250 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) — (1,904 ) Net other comprehensive loss (3,302 ) (1,852 ) (5,154 ) BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Dec. 18, 2015 | Jan. 29, 2015 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 15, 2015 | Jun. 30, 2014 |
Stock Issued During Period, Shares, New Issues (in shares) | 13,100,360 | ||||||
Proceeds from Issuance of Common Stock, Net | $ 117,600,000 | ||||||
Proceeds from Issuance Initial Public Offering | 58,400,000 | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 103,014,000 | $ 92,657,000 | $ 79,700,000 | ||||
Employee Stock Ownership Plan (ESOP), Issued, Percentage of Common Stock Issued | 8.00% | ||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 1,048,029 | ||||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 1,048,029 | 1,048,029 | 1,048,029 | ||||
Employee Stock Ownership Plan (ESOP), Number of Shares Purchased, Percentage | 100.00% | 100.00% | |||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 333,396 | 280,507 | |||||
Loans and Leases Receivable, Net Amount, Total | $ 1,350,260,000 | $ 1,141,969,000 | |||||
Debt Securities, Trading, and Equity Securities, FV-NI, Total | 0 | 0 | |||||
Federal Home Loan Bank, Minimum Investment Requirement | 5,200,000 | 5,900,000 | |||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Remaining Balance | 2,000,000 | 2,700,000 | |||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Amount Repurchased | 0 | 0 | |||||
Accrued Liabilities And Other Liabilities [Member] | |||||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Allowance Reserve | $ 11,000 | $ 11,000 | |||||
First Federal Community Foundation [Member] | |||||||
Payments for Contributions to Charity | $ 400,000 | ||||||
Quin Ventures, Inc [Member] | Joint Venture Agreement [Member] | Partially Unfunded Loan Commitment [Member] | |||||||
Loans and Leases Receivable, Net Amount, Total | $ 15,000,000 | ||||||
POM Peace of Mind, Inc [Member] | Joint Venture Agreement [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 29,719 | ||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | ||||||
Contribution of Nonmonetary Assets to Charitable Organization [Member] | First Federal Community Foundation [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 933,360 | ||||||
IPO [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 12,167,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | ||||||
Proceeds from Issuance of Common Stock | $ 121,700,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building [Member] | Minimum [Member] | |
Useful life (Year) | 37 years 6 months |
Building [Member] | Maximum [Member] | |
Useful life (Year) | 50 years |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 10 years |
Software and Software Development Costs [Member] | |
Useful life (Year) | 3 years |
Automobiles [Member] | |
Useful life (Year) | 5 years |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 76 | 36 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | $ 2,544 | $ 1,469 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 156,392 | 99,437 |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 341,504 | $ 357,407 |
Securities available for sale, gross unrealized gains | 5,252 | 8,358 |
Securities available for sale, gross unrealized losses | (2,544) | (1,469) |
Investment securities available for sale, at fair value | 344,212 | 364,296 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 110,497 | 122,667 |
Securities available for sale, gross unrealized gains | 3,207 | 5,212 |
Securities available for sale, gross unrealized losses | (340) | (17) |
Investment securities available for sale, at fair value | 113,364 | 127,862 |
International Agency Bonds [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 1,947 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (27) | |
Investment securities available for sale, at fair value | 1,920 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 62,934 | |
Securities available for sale, gross unrealized gains | 1,240 | |
Securities available for sale, gross unrealized losses | (354) | |
Investment securities available for sale, at fair value | 63,820 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 14,556 | 29,661 |
Securities available for sale, gross unrealized gains | 0 | 37 |
Securities available for sale, gross unrealized losses | (67) | (418) |
Investment securities available for sale, at fair value | 14,489 | 29,280 |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 58,906 | 35,408 |
Securities available for sale, gross unrealized gains | 1,450 | 687 |
Securities available for sale, gross unrealized losses | (567) | (585) |
Investment securities available for sale, at fair value | 59,789 | 35,510 |
US Small Business Administration Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, amortized cost | 14,404 | 18,420 |
Securities available for sale, gross unrealized gains | 276 | 144 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 14,680 | 18,564 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 80,877 | 61,859 |
Securities available for sale, gross unrealized gains | 248 | 876 |
Securities available for sale, gross unrealized losses | (1,163) | (52) |
Investment securities available for sale, at fair value | 79,962 | 62,683 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 60,317 | 26,458 |
Securities available for sale, gross unrealized gains | 71 | 162 |
Securities available for sale, gross unrealized losses | (380) | (43) |
Investment securities available for sale, at fair value | $ 60,008 | $ 26,577 |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gross Losses and Fair Value of Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (1,820) | $ (118) |
Securities available for sale, fair value, less than twelve months | 126,789 | 39,688 |
Securities available for sale, gross unrealized losses, twelve months or longer | (724) | (1,351) |
Securities available for sale, fair value, twelve months or longer | 29,603 | 59,749 |
Securities available for sale, gross unrealized losses, total | (2,544) | (1,469) |
Securities available for sale, fair value, total | 156,392 | 99,437 |
US States and Political Subdivisions Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (306) | (15) |
Securities available for sale, fair value, less than twelve months | 23,125 | 5,214 |
Securities available for sale, gross unrealized losses, twelve months or longer | (34) | (2) |
Securities available for sale, fair value, twelve months or longer | 1,475 | 1,319 |
Securities available for sale, gross unrealized losses, total | (340) | (17) |
Securities available for sale, fair value, total | 24,600 | 6,533 |
Asset-backed Securities, Issued by US Government Agencies [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | |
Securities available for sale, fair value, less than twelve months | 0 | |
Securities available for sale, gross unrealized losses, twelve months or longer | (354) | |
Securities available for sale, fair value, twelve months or longer | 21,430 | |
Securities available for sale, gross unrealized losses, total | (354) | |
Securities available for sale, fair value, total | 21,430 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (67) | 0 |
Securities available for sale, fair value, less than twelve months | 10,976 | 0 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | (418) |
Securities available for sale, fair value, twelve months or longer | 0 | 27,283 |
Securities available for sale, gross unrealized losses, total | (67) | (418) |
Securities available for sale, fair value, total | 10,976 | 27,283 |
US Government-sponsored Enterprises Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (27) | |
Securities available for sale, fair value, less than twelve months | 1,920 | |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | |
Securities available for sale, fair value, twelve months or longer | 0 | |
Securities available for sale, gross unrealized losses, total | (27) | |
Securities available for sale, fair value, total | 1,920 | |
Corporate Debt Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (333) | (8) |
Securities available for sale, fair value, less than twelve months | 18,890 | 5,892 |
Securities available for sale, gross unrealized losses, twelve months or longer | (234) | (577) |
Securities available for sale, fair value, twelve months or longer | 9,752 | 9,409 |
Securities available for sale, gross unrealized losses, total | (567) | (585) |
Securities available for sale, fair value, total | 28,642 | 15,301 |
US Small Business Administration Securities [Member] | Securities Investment [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | 0 |
Securities available for sale, fair value, less than twelve months | 0 | 63 |
Securities available for sale, gross unrealized losses, twelve months or longer | 0 | 0 |
Securities available for sale, fair value, twelve months or longer | 69 | 47 |
Securities available for sale, gross unrealized losses, total | 0 | 0 |
Securities available for sale, fair value, total | 69 | 110 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (713) | (52) |
Securities available for sale, fair value, less than twelve months | 39,029 | 18,516 |
Securities available for sale, gross unrealized losses, twelve months or longer | (450) | 0 |
Securities available for sale, fair value, twelve months or longer | 12,802 | 261 |
Securities available for sale, gross unrealized losses, total | (1,163) | (52) |
Securities available for sale, fair value, total | 51,831 | 18,777 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (374) | (43) |
Securities available for sale, fair value, less than twelve months | 32,849 | 10,003 |
Securities available for sale, gross unrealized losses, twelve months or longer | (6) | 0 |
Securities available for sale, fair value, twelve months or longer | 5,505 | 0 |
Securities available for sale, gross unrealized losses, total | (380) | (43) |
Securities available for sale, fair value, total | $ 38,354 | $ 10,003 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 341,504 | $ 357,407 |
Investment securities available for sale, at fair value | 344,212 | 364,296 |
Total investment securities,, held to maturity, amortized cost | 357,407 | |
Total mortgage-backed securities, held to maturity, fair value | 364,296 | |
Collateralized Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 7,827 | |
Due within one year, estimated fair value | 7,832 | |
Due within one year, held to maturity, amortized cost | 80 | |
Due within one year, held to maturity, fair value | 84 | |
Due after one through five years, amortized cost | 24,347 | |
Due after one through five years, estimated fair value | 24,371 | |
Due after one through five years, held to maturity, amortized cost | 12,446 | |
Due after one through five years, held to maturity, fair value | 12,402 | |
Due after five through ten years, amortized cost | 8,466 | |
Due after five through ten years, estimated fair value | 8,391 | |
Due after five through ten years, held to maturity, amortized cost | 0 | |
Due after five through ten years, held to maturity, fair value | 0 | |
Due after ten years, amortized cost | 100,554 | |
Due after ten years, estimated fair value | 99,376 | |
Due after ten years, held to maturity, amortized cost | 75,791 | |
Due after ten years, held to maturity, fair value | 76,774 | |
Securities available for sale, amortized cost | 141,194 | |
Investment securities available for sale, at fair value | 139,970 | |
Total investment securities,, held to maturity, amortized cost | 88,317 | |
Total mortgage-backed securities, held to maturity, fair value | 89,260 | |
Investment Securities, Excluding Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 0 | |
Due within one year, estimated fair value | 0 | |
Due within one year, held to maturity, amortized cost | 0 | |
Due within one year, held to maturity, fair value | 0 | |
Due after one through five years, amortized cost | 6,391 | |
Due after one through five years, estimated fair value | 6,289 | |
Due after one through five years, held to maturity, amortized cost | 2,210 | |
Due after one through five years, held to maturity, fair value | 2,328 | |
Due after five through ten years, amortized cost | 79,679 | |
Due after five through ten years, estimated fair value | 80,807 | |
Due after five through ten years, held to maturity, amortized cost | 74,568 | |
Due after five through ten years, held to maturity, fair value | 74,351 | |
Due after ten years, amortized cost | 114,240 | |
Due after ten years, estimated fair value | 117,146 | |
Due after ten years, held to maturity, amortized cost | 192,312 | |
Due after ten years, held to maturity, fair value | 198,357 | |
Securities available for sale, amortized cost | 200,310 | |
Investment securities available for sale, at fair value | $ 204,242 | |
Total investment securities,, held to maturity, amortized cost | 269,090 | |
Total mortgage-backed securities, held to maturity, fair value | $ 275,036 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from sales of securities available for sale | $ 109,829 | $ 210,264 |
Gross gains | 2,827 | 4,537 |
Gross losses | $ (417) | $ (1,390) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 162,000 | $ 256,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Financing Receivable, Number of Temporary Loan Modifications | 357 | |
Financing Receivable, Temporary Loan Modifications | $ 177,600,000 | |
Financing Receivable, Number of Payment Deferrals | 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 |
Note 3 - Loans Receivable - Loa
Note 3 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable, gross | $ 1,357,161 | $ 1,154,033 | |
Net deferred loan fees | 4,772 | 4,346 | |
Premium on purchased loans, net | (12,995) | (6,129) | |
Allowance for loan losses | 15,124 | 13,847 | $ 9,628 |
Total loans receivable, net | 1,350,260 | 1,141,969 | |
Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 1,055,382 | 892,496 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Loans receivable, gross | 294,965 | 309,828 | |
Allowance for loan losses | 3,184 | 3,469 | 3,024 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Loans receivable, gross | 172,409 | 162,467 | |
Allowance for loan losses | 1,816 | 1,764 | 888 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans receivable, gross | 363,299 | 296,574 | |
Allowance for loan losses | 3,996 | 3,420 | 2,243 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable, gross | 224,709 | 123,627 | |
Allowance for loan losses | 2,672 | 1,461 | 399 |
Consumer Portfolio Segment [Member] | |||
Loans receivable, gross | 221,941 | 161,336 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable, gross | 39,172 | 33,103 | |
Allowance for loan losses | 407 | 368 | 454 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Loans receivable, gross | 182,769 | 128,233 | |
Allowance for loan losses | 2,221 | 2,642 | 2,261 |
Commercial Portfolio Segment [Member] | |||
Loans receivable, gross | 79,838 | 100,201 | |
Allowance for loan losses | $ 470 | $ 429 | $ 208 |
Note 3 - Loans Receivable - L_2
Note 3 - Loans Receivable - Loans by Earlier of Repricing date or Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total loans | $ 1,357,161 | $ 1,154,033 |
Adjustable Rate Loans [Member] | ||
Due within one year | 302,187 | 149,701 |
After one but within five years | 258,094 | 231,491 |
After five but within ten years | 54,351 | 83,286 |
After ten years | 19,098 | 16,608 |
Total loans | 633,730 | 481,086 |
Fixed Rate Loans [Member] | ||
Due within one year | 31,970 | 54,903 |
After one but within five years | 148,233 | 107,785 |
After five but within ten years | 194,245 | 219,014 |
After ten years | 348,983 | 291,245 |
Total loans | $ 723,431 | $ 672,947 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Beginning balance | $ 13,847 | $ 9,628 | |
PROVISION FOR LOAN LOSSES | 1,350 | 5,046 | |
Charge-offs | (877) | (997) | |
Recoveries | 804 | 170 | |
Ending balance | 15,124 | 13,847 | |
Allowance for loan losses | 15,124 | 13,847 | |
General reserve | 15,011 | 13,530 | |
Specific reserve | 113 | 317 | |
Total loans | 1,357,161 | 1,154,033 | |
General reserves | [1] | 1,353,966 | 1,148,522 |
Specific reserves | [2] | 3,195 | 5,511 |
Real Estate Portfolio Segment [Member] | |||
Total loans | 1,055,382 | 892,496 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Beginning balance | 3,469 | 3,024 | |
PROVISION FOR LOAN LOSSES | (291) | 387 | |
Charge-offs | 0 | 0 | |
Recoveries | 6 | 58 | |
Ending balance | 3,184 | 3,469 | |
Allowance for loan losses | 3,184 | 3,469 | |
General reserve | 3,159 | 3,433 | |
Specific reserve | 25 | 36 | |
Total loans | 294,965 | 309,828 | |
General reserves | [1] | 292,708 | 306,862 |
Specific reserves | [2] | 2,257 | 2,966 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Beginning balance | 1,764 | 888 | |
PROVISION FOR LOAN LOSSES | 52 | 876 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 1,816 | 1,764 | |
Allowance for loan losses | 1,816 | 1,764 | |
General reserve | 1,816 | 1,764 | |
Specific reserve | 0 | 0 | |
Total loans | 172,409 | 162,467 | |
General reserves | [1] | 172,409 | 162,183 |
Specific reserves | [2] | 0 | 284 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Beginning balance | 3,420 | 2,243 | |
PROVISION FOR LOAN LOSSES | 576 | 1,177 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 3,996 | 3,420 | |
Allowance for loan losses | 3,996 | 3,420 | |
General reserve | 3,996 | 3,419 | |
Specific reserve | 0 | 1 | |
Total loans | 363,299 | 296,574 | |
General reserves | [1] | 363,228 | 295,296 |
Specific reserves | [2] | 71 | 1,278 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Beginning balance | 1,461 | 399 | |
PROVISION FOR LOAN LOSSES | 1,203 | 1,062 | |
Charge-offs | 0 | (5) | |
Recoveries | 8 | 5 | |
Ending balance | 2,672 | 1,461 | |
Allowance for loan losses | 2,672 | 1,461 | |
General reserve | 2,672 | 1,461 | |
Specific reserve | 0 | 0 | |
Total loans | 224,709 | 123,627 | |
General reserves | [1] | 224,687 | 123,601 |
Specific reserves | [2] | 22 | 26 |
Consumer Portfolio Segment [Member] | |||
Total loans | 221,941 | 161,336 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Beginning balance | 368 | 454 | |
PROVISION FOR LOAN LOSSES | (25) | (99) | |
Charge-offs | (12) | 0 | |
Recoveries | 76 | 13 | |
Ending balance | 407 | 368 | |
Allowance for loan losses | 407 | 368 | |
General reserve | 402 | 364 | |
Specific reserve | 5 | 4 | |
Total loans | 39,172 | 33,103 | |
General reserves | [1] | 38,839 | 32,968 |
Specific reserves | [2] | 333 | 135 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Beginning balance | 2,642 | 2,261 | |
PROVISION FOR LOAN LOSSES | (270) | 1,279 | |
Charge-offs | (865) | (992) | |
Recoveries | 714 | 94 | |
Ending balance | 2,221 | 2,642 | |
Allowance for loan losses | 2,221 | 2,642 | |
General reserve | 2,138 | 2,366 | |
Specific reserve | 83 | 276 | |
Total loans | 182,769 | 128,233 | |
General reserves | [1] | 182,257 | 127,411 |
Specific reserves | [2] | 512 | 822 |
Commercial Portfolio Segment [Member] | |||
Beginning balance | 429 | 208 | |
PROVISION FOR LOAN LOSSES | 41 | 221 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 470 | 429 | |
Allowance for loan losses | 470 | 429 | |
General reserve | 470 | 429 | |
Specific reserve | 0 | 0 | |
Total loans | 79,838 | 100,201 | |
General reserves | [1] | 79,838 | 100,201 |
Specific reserves | [2] | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 294 | 151 | |
PROVISION FOR LOAN LOSSES | 64 | 143 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 358 | 294 | |
Allowance for loan losses | 358 | 294 | |
General reserve | 358 | 294 | |
Specific reserve | 0 | 0 | |
Total loans | 0 | 0 | |
General reserves | [1] | 0 | 0 |
Specific reserves | [2] | $ 0 | $ 0 |
[1] | Loans collectively evaluated for general reserves. | ||
[2] | Loans individually evaluated for specific reserves. |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded investment, with no allowance recorded | $ 309 | $ 1,764 |
Unpaid principal balance, with no allowance recorded | 584 | 2,196 |
Average recorded investment, with no allowance recorded | 1,390 | 1,718 |
Interest income recognized, with no allowance recorded | 20 | 60 |
Recorded investment, with an allowance recorded | 2,886 | 3,747 |
Unpaid principal balance, with an allowance recorded | 3,108 | 4,139 |
Related allowance | 113 | 317 |
Average recorded investment, with an allowance recorded | 3,234 | 4,660 |
Interest income recognized, with an allowance recorded | 161 | 225 |
Recorded investment, total | 3,195 | 5,511 |
Unpaid principal balance, total | 3,692 | 6,335 |
Average recorded investment, total | 4,624 | 6,378 |
Interest income recognized, total | 181 | 285 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Recorded investment, with no allowance recorded | 212 | 227 |
Unpaid principal balance, with no allowance recorded | 247 | 257 |
Average recorded investment, with no allowance recorded | 219 | 168 |
Interest income recognized, with no allowance recorded | 12 | 13 |
Recorded investment, with an allowance recorded | 2,045 | 2,739 |
Unpaid principal balance, with an allowance recorded | 2,245 | 2,941 |
Related allowance | 25 | 36 |
Average recorded investment, with an allowance recorded | 2,281 | 3,197 |
Interest income recognized, with an allowance recorded | 138 | 177 |
Recorded investment, total | 2,257 | 2,966 |
Unpaid principal balance, total | 2,492 | 3,198 |
Average recorded investment, total | 2,500 | 3,365 |
Interest income recognized, total | 150 | 190 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 0 | 0 |
Average recorded investment, with no allowance recorded | 94 | 119 |
Interest income recognized, with no allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 284 |
Unpaid principal balance, with an allowance recorded | 0 | 284 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 338 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment, total | 0 | |
Unpaid principal balance, total | 0 | |
Average recorded investment, total | 94 | |
Interest income recognized, total | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Recorded investment, with no allowance recorded | 71 | 1,216 |
Unpaid principal balance, with no allowance recorded | 177 | 1,308 |
Average recorded investment, with no allowance recorded | 1,016 | 1,213 |
Interest income recognized, with no allowance recorded | 0 | 33 |
Recorded investment, with an allowance recorded | 0 | 62 |
Unpaid principal balance, with an allowance recorded | 0 | 62 |
Related allowance | 0 | 1 |
Average recorded investment, with an allowance recorded | 121 | 301 |
Interest income recognized, with an allowance recorded | 0 | 3 |
Recorded investment, total | 71 | 1,278 |
Unpaid principal balance, total | 177 | 1,370 |
Average recorded investment, total | 1,137 | 1,514 |
Interest income recognized, total | 0 | 36 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 24 | 29 |
Average recorded investment, with no allowance recorded | 0 | 9 |
Interest income recognized, with no allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 22 | 26 |
Unpaid principal balance, with an allowance recorded | 22 | 26 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 24 | 27 |
Interest income recognized, with an allowance recorded | 1 | 3 |
Recorded investment, total | 22 | 26 |
Unpaid principal balance, total | 46 | 55 |
Average recorded investment, total | 24 | 36 |
Interest income recognized, total | 1 | 3 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no allowance recorded | 26 | 37 |
Unpaid principal balance, with no allowance recorded | 59 | 94 |
Average recorded investment, with no allowance recorded | 32 | 41 |
Interest income recognized, with no allowance recorded | 1 | 1 |
Recorded investment, with an allowance recorded | 307 | 98 |
Unpaid principal balance, with an allowance recorded | 329 | 157 |
Related allowance | 5 | 4 |
Average recorded investment, with an allowance recorded | 155 | 186 |
Interest income recognized, with an allowance recorded | 9 | 9 |
Recorded investment, total | 333 | 135 |
Unpaid principal balance, total | 388 | 251 |
Average recorded investment, total | 187 | 227 |
Interest income recognized, total | 10 | 10 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 77 | 224 |
Average recorded investment, with no allowance recorded | 29 | 0 |
Interest income recognized, with no allowance recorded | 7 | 13 |
Recorded investment, with an allowance recorded | 512 | 822 |
Unpaid principal balance, with an allowance recorded | 512 | 953 |
Related allowance | 83 | 276 |
Average recorded investment, with an allowance recorded | 653 | 721 |
Interest income recognized, with an allowance recorded | 13 | 33 |
Recorded investment, total | 512 | 822 |
Unpaid principal balance, total | 589 | 1,177 |
Average recorded investment, total | 682 | 721 |
Interest income recognized, total | 20 | 46 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 0 | 0 |
Average recorded investment, with no allowance recorded | 0 | 68 |
Interest income recognized, with no allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 109 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment, total | 0 | 0 |
Unpaid principal balance, total | 0 | 0 |
Average recorded investment, total | 0 | 177 |
Interest income recognized, total | $ 0 | $ 0 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total nonaccrual loans | $ 1,381 | $ 2,273 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 494 | 912 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total nonaccrual loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 71 | 157 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 22 | 26 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 282 | 73 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | $ 512 | $ 821 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable, gross | $ 1,357,161 | $ 1,154,033 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,638 | 1,371 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 368 | 270 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 99 | 192 |
Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,105 | 1,833 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,355,056 | 1,152,200 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, gross | 1,055,382 | 892,496 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,079 | 462 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 132 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 55 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 1,079 | 649 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,054,303 | 891,847 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans receivable, gross | 294,965 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 786 | 406 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 132 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 29 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 786 | 567 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 294,179 | 309,261 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loans receivable, gross | 172,409 | 162,467 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 172,409 | 162,467 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans receivable, gross | 363,299 | 296,574 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 363,299 | 296,574 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable, gross | 224,709 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 293 | 56 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 26 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 293 | 82 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 224,416 | 123,545 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, gross | 221,941 | 161,336 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 552 | 909 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 368 | 138 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 99 | 137 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 1,019 | 1,184 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 220,922 | 160,152 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable, gross | 39,172 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 83 | 94 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 83 | 94 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 39,089 | 33,009 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loans receivable, gross | 182,769 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 469 | 815 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 368 | 138 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 99 | 137 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 936 | 1,090 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 181,833 | 127,143 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, gross | 79,838 | 100,201 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 7 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 7 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | $ 79,831 | $ 100,201 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total loans | $ 1,357,161 | $ 1,154,033 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 1,381 | 2,273 |
Performing Financial Instruments [Member] | ||
Total loans | 1,355,780 | 1,151,760 |
Pass [Member] | ||
Total loans | 1,286,542 | 1,064,546 |
Watch [Member] | ||
Total loans | 45,717 | 57,981 |
Special Mention [Member] | ||
Total loans | 12,305 | 23,978 |
Substandard [Member] | ||
Total loans | 12,597 | 7,528 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 1,055,382 | 892,496 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 986,831 | 815,921 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 44,577 | 47,807 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 12,240 | 22,494 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 11,734 | 6,274 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 294,965 | 309,828 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 494 | 912 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 294,471 | 308,916 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 291,421 | 303,840 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 2,727 | 2,487 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 53 | 1,730 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 764 | 1,771 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 172,409 | 162,467 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 172,409 | 162,183 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 153,704 | 146,536 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 18,705 | 15,647 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Special Mention [Member] | ||
Total loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Substandard [Member] | ||
Total loans | 0 | 284 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total loans | 363,299 | 296,574 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 71 | 157 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 363,228 | 296,417 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 326,444 | 250,970 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 22,850 | 20,759 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 3,057 | 20,690 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 10,948 | 4,155 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 224,709 | 123,627 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 22 | 26 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 224,687 | 123,601 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 215,262 | 114,575 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 295 | 8,914 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 9,130 | 74 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 22 | 64 |
Consumer Portfolio Segment [Member] | ||
Total loans | 221,941 | 161,336 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 220,095 | 156,615 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 918 | 2,383 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 65 | 1,316 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 863 | 1,022 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 39,172 | 33,103 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 282 | 73 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 38,890 | 33,030 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 38,739 | 32,500 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 83 | 349 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 0 | 100 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 350 | 154 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 182,769 | 128,233 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 512 | 821 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 182,257 | 127,412 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 181,356 | 124,115 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 835 | 2,034 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 65 | 1,216 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 513 | 868 |
Commercial Portfolio Segment [Member] | ||
Total loans | 79,838 | 100,201 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | 79,838 | 100,201 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 79,616 | 92,010 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 222 | 7,791 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 0 | 168 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | $ 0 | $ 232 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Total TDR loans | $ 1,843 | $ 2,224 |
Total nonaccrual TDR loans | $ 29 | $ 108 |
TDR loans that subsequently defaulted, number of contracts | 0 | |
Number of Contracts | 0 | |
Total accrual TDR loans | $ 1,814 | $ 2,116 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Total TDR loans | 1,792 | 2,162 |
Total nonaccrual TDR loans | $ 29 | $ 108 |
TDR loans that subsequently defaulted, number of contracts | 1 | |
TDR loans that subsequently defaulted, modifications | $ 29 | |
Number of Contracts | 1 | |
Pre-modification outstanding recorded investment | $ 29 | |
Post-modification outstanding recorded investment | 29 | |
Total accrual TDR loans | 1,763 | 2,054 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Rate Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 29 | |
Pre-modification outstanding recorded investment | 29 | |
Post-modification outstanding recorded investment | 29 | |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Term Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 0 | |
Pre-modification outstanding recorded investment | 0 | |
Post-modification outstanding recorded investment | 0 | |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Combination Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 0 | |
Pre-modification outstanding recorded investment | 0 | |
Post-modification outstanding recorded investment | 0 | |
Troubled Debt Restructurings [Member] | ||
Allowance for loan losses related to TDR loans | 21 | 26 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Total TDR loans | 51 | 62 |
Total nonaccrual TDR loans | 0 | 0 |
Total accrual TDR loans | $ 51 | $ 62 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 1,432 | $ 1,375 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and Equipment, gross | $ 35,634 | $ 30,353 |
Less accumulated depreciation and amortization | (15,804) | (15,568) |
Property, Plant and Equipment, Net, Ending Balance | 19,830 | 14,785 |
Land [Member] | ||
Premises and Equipment, gross | 2,907 | 2,564 |
Building [Member] | ||
Premises and Equipment, gross | 6,697 | 6,075 |
Building Improvements [Member] | ||
Premises and Equipment, gross | 14,492 | 12,067 |
Furniture, Fixtures, and Equipment [Member] | ||
Premises and Equipment, gross | 7,512 | 7,063 |
Software and Software Development Costs [Member] | ||
Premises and Equipment, gross | 599 | 1,261 |
Automobiles [Member] | ||
Premises and Equipment, gross | 66 | 66 |
Construction in Progress [Member] | ||
Premises and Equipment, gross | $ 3,361 | $ 1,257 |
Note 5 - Operating Leases (Deta
Note 5 - Operating Leases (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Lease, Cost, Total | $ 868,000 | $ 587,000 |
Minimum [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Number of Units | 1 | |
Lessee, Operating Lease, Renewal Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 20 years | |
Lessee, Operating Lease, Renewal Term (Year) | 10 years | |
Building [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Number of Units | 8 | |
Building Branch Office [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Number of Units | 5 | |
Building Business Centers [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Number of Units | 2 | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 7,600,000 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 7,734,000 |
Note 5 - Operating Leases - Amo
Note 5 - Operating Leases - Amount Related to Operating Lease Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating cash flows from operating leases | $ 868 | $ 587 |
Right of use assets obtained in exchange for new operating lease liabilities | 4,364 | |
Right of use assets obtained in exchange for new operating lease liabilities | $ 4,402 | $ 1,047 |
Weighted-average remaining lease term of operating leases (in years) (Year) | 10 years 9 months 18 days | 12 years 6 months |
Weighted-average discount rate of operating leases | 2.40% | 3.20% |
Note 5 - Operating Leases - Min
Note 5 - Operating Leases - Minimum Annual Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 831 |
2023 | 852 |
2024 | 886 |
2025 | 925 |
2026 | 903 |
Thereafter | 4,825 |
Total minimum payments required | 9,222 |
Less imputed interest | 1,488 |
Other Liabilities [Member] | |
Present value of lease liabilities | $ 7,734 |
Note 6 - Servicing Rights on _3
Note 6 - Servicing Rights on Sold Loans (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Servicing Asset, Mortgage Loans Serviced for Third Parties | $ 454.4 | $ 268.2 |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 3.8 | $ 2.2 |
Note 6 - Servicing Rights on _4
Note 6 - Servicing Rights on Sold Loans - Loans Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 2,120 | $ 871 |
Additions | 1,234 | 1,564 |
Amortization | (109) | (278) |
Valuation allowance net recovery (impairment) | 37 | (37) |
Balance | $ 3,282 | $ 2,120 |
Note 6 - Servicing Rights on _5
Note 6 - Servicing Rights on Sold Loans - Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ (37) | $ 0 |
Impairments | 0 | (37) |
Recoveries | 37 | 0 |
Balance | $ 0 | $ (37) |
Note 6 -Servicing Rights on Sol
Note 6 -Servicing Rights on Sold Loans - Fair Value of Mortgage Servicing Rights (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Constant prepayment rate | 9.30% | 14.40% |
Weighted-average life (years) (Year) | 5 years 4 months 24 days | 4 years 9 months 18 days |
Yield to maturity discount | 10.30% | 8.40% |
Note 6 - Servicing Rights on _6
Note 6 - Servicing Rights on Sold Loans - Servicing Fees and Late Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing fees | $ 1,013 | $ 452 |
Late fees | $ 9 | $ 12 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 75.1 | $ 91.7 |
Interest-bearing Domestic Deposit, Brokered | 65.7 | 89.6 |
Deposits, Public Fund | 134.1 | 80.9 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 67.9 | $ 48.1 |
Note 7 - Deposits - Deposits (D
Note 7 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noninterest-bearing demand deposits | $ 343,932 | $ 274,930 |
Interest-bearing demand deposits | $ 196,970 | $ 156,241 |
Interest-bearing demand deposits, weighted-average interest rate | 0.01% | 0.01% |
Money market accounts | $ 597,815 | $ 429,143 |
Money market accounts, weighted-average interest rate | 0.21% | 0.31% |
Savings accounts | $ 194,620 | $ 164,434 |
Savings accounts, weighted-average interest rate | 0.05% | 0.17% |
Certificates of deposit | $ 247,243 | $ 308,769 |
Certificates of deposit, weighted-average interest rate | 0.62% | 1.00% |
Deposits | $ 1,580,580 | $ 1,333,517 |
Total deposits, weighted-average interest rate | 0.19% | 0.36% |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Within one year or less | $ 153,472 | |
After one year through two years | 54,970 | |
After two years through three years | 17,620 | |
After three years through four years | 14,358 | |
After four years through five years | 6,823 | |
After five years | 0 | |
Time Deposits, Total | $ 247,243 | $ 308,769 |
Note 7 - Deposits - Interest on
Note 7 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Demand deposits | $ 43 | $ 37 |
Money market accounts | 1,165 | 1,446 |
Savings accounts | 128 | 843 |
Certificates of deposit | $ 2,060 | $ 4,337 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) | Mar. 25, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Maximum Available Credit to Bank Assets, Percentage | 40.00% | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 699,500,000 | $ 641,700,000 | |
Subordinated Debt, Ending Balance | 39,280,000 | 0 | |
Proceeds from Issuance of Subordinated Long-term Debt | 39,223,000 | 0 | |
Debt Instrument, Notes Due 2031 [Member] | |||
Subordinated Debt, Ending Balance | $ 40,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 39,300,000 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 20,000,000 | ||
Federal Home Loan Bank of San Francisco [Member] | |||
Federal Reserve Bank Advances | 0 | ||
Securities Investment [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 | $ 152,000 | |
Securities Investment [Member] | Federal Home Loan Bank of San Francisco [Member] | |||
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 17,200,000 |
Note 8 - Borrowings - Advances
Note 8 - Borrowings - Advances from FHLB (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term advances | $ 80,000 | $ 50,000 |
Overnight variable-rate advances | 0 | 59,977 |
Subordinated debt | $ 39,280 | $ 0 |
Within one year or less, weighted-average interest rate | 0.00% | |
Within one year or less | $ 0 | |
After one year through two years, weighted-average interest rate | 1.54% | 1.79% |
After one year through two years | $ 15,000 | $ 10,000 |
After two years through three years, weighted-average interest rate | 1.47% | 1.54% |
After two years through three years | $ 15,000 | $ 15,000 |
After three years through four years, weighted-average interest rate | 1.42% | 1.47% |
After three years through four years | $ 25,000 | $ 15,000 |
After four years through five years, weighted-average interest rate | 1.55% | 1.36% |
After four years through five years | $ 15,000 | $ 10,000 |
After five years, weighted-average interest rate | 1.76% | 0.00% |
After five years | $ 10,000 | $ 0 |
Weighted average interest rate | 1.52% | 1.53% |
Amount | $ 80,000 | $ 50,000 |
Subordinated Debt [Member] | ||
Maximum outstanding at any month-end | 40,000 | 0 |
Monthly average outstanding | $ 30,370 | $ 0 |
Annual | 3.96% | 0.00% |
Period End | 3.01% | 0.00% |
Interest expense during the period | $ 1,203 | $ 0 |
Federal Home Loan Bank, Short-term, Variable-rate Advances [Member] | ||
Maximum outstanding at any month-end | 40,000 | 100,021 |
Monthly average outstanding | $ 5,207 | $ 54,548 |
Annual | 0.30% | 0.60% |
Period End | 0.31% | 0.32% |
Interest expense during the period | $ 6 | $ 132 |
Federal Home Loan Bank, Long-term, Fixed-rate Advances [Member] | ||
Maximum outstanding at any month-end | 80,000 | 55,000 |
Monthly average outstanding | $ 52,500 | $ 50,000 |
Annual | 1.46% | 1.75% |
Period End | 1.52% | 1.53% |
Interest expense during the period | $ 768 | $ 920 |
Note 9 - Federal Taxes on Inc_3
Note 9 - Federal Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Retaining Earnings, Federal Income Taxes not Provided | $ 6,400 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 |
Note 9 - Federal Taxes on Inc_4
Note 9 - Federal Taxes on Income - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 3,131 | $ 4,085 |
Deferred | 63 | (1,131) |
Income Tax Expense (Benefit), Total | $ 3,194 | $ 2,954 |
Note 9 - Federal Taxes on Inc_5
Note 9 - Federal Taxes on Income - Reconciliation of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes computed at statutory rates | $ 3,909 | $ 2,792 |
Tax-exempt income | (218) | (236) |
Bank-owned life insurance income | (203) | (383) |
Bank-owned life insurance penalty for early surrender of contract | 0 | 748 |
Other, net | (294) | 33 |
Income Tax Expense (Benefit), Total | $ 3,194 | $ 2,954 |
Note 9 - Federal Taxes on Inc_6
Note 9 - Federal Taxes on Income - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 3,255 | $ 2,971 |
Accrued compensation | 461 | 602 |
Nonaccrual loans | 1 | 1 |
ESOP timing differences | 173 | 159 |
Restricted stock awards | 312 | 152 |
Deferred lease liabilities | 1,654 | 868 |
Total deferred tax assets | 5,856 | 4,753 |
Deferred loan fees | 702 | 605 |
Unrealized gain on securities available for sale | 569 | 1,447 |
FHLB stock dividends | 417 | 421 |
Accumulated depreciation | 609 | 632 |
Deferred investment gain | 341 | 58 |
Defined benefit plan | 59 | 0 |
Right of use assets | 1,595 | 840 |
Other, net | 3 | 4 |
Total deferred tax liabilities | 4,295 | 4,007 |
Deferred tax asset, net | $ 1,561 | $ 746 |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Mar. 22, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Jun. 30, 2017shares | Dec. 15, 2015shares | |
Multiemployer Plans, Requisite Service Period (Year) | 1 year | ||||
Multiemployer Plans, Benefit Vesting Period (Year) | 5 years | ||||
Multiemployer Plans, Percentage Of Employer's Contributions | 5.00% | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 15,821,000 | ||||
Multiemployer Plan, Employer Contribution, Cost, Total | $ 364,000 | ||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit), Period (Year) | 15 years | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||||
Defined Contribution Plan, Cost | $ 569,000 | $ 380,000 | |||
Employee Stock Ownership Plan (ESOP), Minimum Service Period, Hours | 1,000 | ||||
Employee Stock Ownership Plan (ESOP), Requisite Service Period (Month) | 12 months | ||||
Employee Stock Ownership Plan (ESOP), Shares to be Purchased, Percentage | 8.00% | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | shares | 1,048,029 | 1,048,029 | 1,048,029 | ||
Employee Stock Ownership Plan (ESOP), Number of Shares Purchased, Percentage | 100.00% | 100.00% | |||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ / shares | $ 12.45 | ||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Amortization Period (Year) | 20 years | ||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Estimated Interest Rate | 2.46% | ||||
Employee Stock Ownership Plan (ESOP), Principal and Interest Payments from ESOP | $ 835,000 | $ 835,000 | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Net of Dividends Received | $ 675,000 | $ 475,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | shares | 236,432 | 292,892 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 102,033 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,000,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 3 days | ||||
First Northwest Bancorp 2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | 0 | |||
First Northwest Bancorp 2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | shares | 103,520 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 102,033 | 161,224 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||
First Northwest Bancorp 2020 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 520,000 | ||||
First Northwest Bancorp 2020 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 344,537 | ||||
First Northwest Bancorp 2015 and 2020 Equity Incentive Plan [Member] | |||||
Share-based Payment Arrangement, Expense | $ 1,800,000 | $ 1,300,000 | |||
Board of Directors and Officers [Member] | |||||
Deferred Compensation Arrangement with Individual, Aggregate Balance Held in Trust | 1,300,000 | ||||
Director [Member] | First Northwest Bancorp 2015 and 2020 Equity Incentive Plan [Member] | |||||
Share-based Payment Arrangement, Expense | 368,000 | $ 358,000 | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $ 1,600,000 | ||||
Common Stock [Member] | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 349,497 | 575,859 | |||
Common Stock [Member] | First Northwest Bancorp 2015 Equity Incentive Plan [Member] | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 523,014 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 15,821,000 | $ 14,705,000 | |||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 15,328,000 | $ 14,197,000 | |||
Pension Plan [Member] | First Federal Defined Benefit Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 14,705,000 | ||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 14,197,000 | ||||
Pentegra Defined Benefit Plan for Financial Institutions [Member] | |||||
Multiemployer Plan, Employer Contribution, Cost, Total | $ 2,717,599 |
Note 10 - Benefit Plans - Multi
Note 10 - Benefit Plans - Multi-employer Pension Plan (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Our plan | 109.70% |
12/24/2020 | $ 364 |
Note 10 - Benefits Plans - Plan
Note 10 - Benefits Plans - Plan Assets and Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance, Plan Asset | $ 15,821 |
Projected benefit obligation | 15,328 |
Pension Plan [Member] | |
Balance, Plan Asset | 14,705 |
Actual return on plan assets | 1,618 |
Company contributions | 0 |
Settlements and curtailments | 0 |
Benefits paid | (502) |
Federal subsidy on benefits paid | 0 |
Balance, Plan Asset | 15,821 |
Balance, Plan Obligation | 14,197 |
Service cost | 0 |
Interest cost | 304 |
Plan amendments | 0 |
Settlements and curtailments | 0 |
Actuarial loss | 1,329 |
Benefits paid | (502) |
Federal subsidy on benefits paid | 0 |
Balance, Plan Obligation | 15,328 |
Other assets | 493 |
Accumulated other comprehensive income | (1,852) |
Net amount recognized, December 31 | 2,345 |
Accumulated benefit obligation | 15,328 |
Overfunded (underfunded) status of ABO | 493 |
Provision for future salaries | 0 |
Projected benefit obligation | $ 15,328 |
Discount rate | 2.65% |
Interest-crediting rate | 0.00% |
Note 10 - Benefits Plans - Net
Note 10 - Benefits Plans - Net Period Benefit Cost (Income) (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Interest cost | $ 304 |
Expected return on plan assets | (538) |
Amortization of prior service cost (credit) | (26) |
Other | 0 |
Net periodic benefit cost (income) | (260) |
Net (gain) loss | 249 |
Amortization of prior service (cost) credit | 26 |
Other | 0 |
Net periodic benefit cost (income) | $ 275 |
Weighted-average assumptions used to determine net cost | |
Discount rate | 2.65% |
Expected return on plan assets | 5.75% |
Note 10 - Benefit Plans - Targe
Note 10 - Benefit Plans - Target Allocation (Details) | Dec. 31, 2021 |
Minimum [Member] | Fixed Income Securities [Member] | |
Target Allocation | 80.00% |
Minimum [Member] | Defined Benefit Plan, Equity Securities, US [Member] | |
Target Allocation | 10.00% |
Minimum [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Target Allocation | 0.00% |
Minimum [Member] | Defined Benefit Plan, Real Estate [Member] | |
Target Allocation | 0.00% |
Maximum [Member] | Fixed Income Securities [Member] | |
Target Allocation | 100.00% |
Maximum [Member] | Defined Benefit Plan, Equity Securities, US [Member] | |
Target Allocation | 30.00% |
Maximum [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Target Allocation | 20.00% |
Maximum [Member] | Defined Benefit Plan, Real Estate [Member] | |
Target Allocation | 10.00% |
Note 10 - Benefit Plans - Expec
Note 10 - Benefit Plans - Expected Future Benefit Payments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
2022 | $ 2,390 |
2023 | 900 |
2024 | 1,010 |
2025 | 870 |
2026 | 700 |
Years 2027 - 2031 | 3,980 |
Thereafter | 5,478 |
Projected benefit obligation | $ 15,328 |
Note 10 - Benefit Plans - Inves
Note 10 - Benefit Plans - Investment Assets (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Define Benefit Plan, Investment Assets | $ 15,821 |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |
Define Benefit Plan, Investment Assets | 4,848 |
Defined Benefit Plan, Equity Securities, US, Small to Mid Cap [Member] | |
Define Benefit Plan, Investment Assets | 781 |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Define Benefit Plan, Investment Assets | 1,389 |
Defined Benefit Plan, Fixed Income [Member] | |
Define Benefit Plan, Investment Assets | 7,769 |
Defined Benefit Plan, Other [Member] | |
Define Benefit Plan, Investment Assets | 1,034 |
Fair Value, Inputs, Level 1 [Member] | |
Define Benefit Plan, Investment Assets | 15,821 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |
Define Benefit Plan, Investment Assets | 4,848 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Small to Mid Cap [Member] | |
Define Benefit Plan, Investment Assets | 781 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Define Benefit Plan, Investment Assets | 1,389 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Fixed Income [Member] | |
Define Benefit Plan, Investment Assets | 7,769 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Other [Member] | |
Define Benefit Plan, Investment Assets | 1,034 |
Fair Value, Inputs, Level 2 [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Small to Mid Cap [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Fixed Income [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Other [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US, Small to Mid Cap [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Fixed Income [Member] | |
Define Benefit Plan, Investment Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Other [Member] | |
Define Benefit Plan, Investment Assets | $ 0 |
Note 10 - Employee Benefits - S
Note 10 - Employee Benefits - Shares Issued to the ESOP (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 15, 2015 |
Allocated shares (in shares) | 333,396 | 280,507 | |
Committed-to-be-released shares (in shares) | 26,442 | 26,442 | |
Unallocated shares (in shares) | 688,191 | 741,080 | |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 | 1,048,029 |
Fair value of unallocated shares | $ 13,901 | $ 11,561 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] | 12 Months Ended | |
Dec. 31, 2021$ / sharesshares | ||
Non-vested, shares (in shares) | shares | 292,892 | |
Non-vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 13.96 | |
Granted, shares (in shares) | shares | 102,033 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 18.49 | |
Vested, shares (in shares) | shares | (101,751) | |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 13.63 | |
Canceled, shares (in shares) | shares | (19,548) | [1] |
Canceled, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 13.63 | [1] |
Forfeited, shares (in shares) | shares | (37,194) | |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 13.30 | |
Non-vested, shares (in shares) | shares | 236,432 | |
Non-vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.19 | |
[1] | A surrender of vested stock awards by a participant surrendering the number of shares valued at the current stock price at the vesting date to cover the participant's tax obligation of the vested shares. The surrendered shares are canceled and are unavailable for reissue. |
Note 11 - Regulatory Capital _3
Note 11 - Regulatory Capital Requirements (Details Textual) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | Jan. 01, 2015 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0450 | 0.0450 | 0.045 | |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0600 | 0.0600 | 0.060 | |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0800 | 0.0800 | 0.080 | |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 | 0.040 | |
Excess Tier One Common Equity, Capital Conservation Buffer | 2.50% |
Note 11 - Regulatory Capital _4
Note 11 - Regulatory Capital Requirements - Actual and Required Capital Amount and Ratio (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2015 |
Common equity tier 1 capital, actual amount | $ 196,319 | $ 159,842 | ||
Common equity tier 1 capital, actual ratio | 0.1379 | 0.1340 | ||
Common equity tier 1 capital, for capital adequacy purposes, amount | $ 64,081 | $ 53,678 | ||
Common equity tier 1 capital, for capital adequacy purposes, ratio | 0.0450 | 0.0450 | 0.045 | |
Common equity tier 1 capital, well capitalized, amount | $ 92,562 | $ 77,535 | ||
Common equity tier 1 capital, well capitalized, ratio | 0.0650 | 0.0650 | ||
Tier 1 risk-based capital, actual amount | $ 196,319 | 159,842 | ||
Tier 1 risk-based capital, actual ratio | 0.1379 | 0.1340 | ||
Tier 1 risk-based capital, for capital adequacy purposes, amount | $ 85,442 | $ 71,571 | ||
Tier 1 risk-based capital, for capital adequacy purposes, ratio | 0.0600 | 0.0600 | 0.060 | |
Tier 1 risk-based capital, well capitalized, amount | $ 113,923 | $ 95,427 | ||
Tier 1 risk-based capital, well capitalized, ratio | 0.0800 | 0.0800 | ||
Total risk-based capital, actual amount | $ 211,828 | 173,998 | ||
Total risk-based capital, actual ratio | 0.1488 | 0.1459 | ||
Total risk-based capital, for capital adequacy purposes, amount | $ 113,923 | $ 95,427 | ||
Total risk-based capital, for capital adequacy purposes, ratio | 0.0800 | 0.0800 | 0.080 | |
Total risk-based capital, well capitalized, amount | $ 142,403 | $ 119,284 | ||
Total risk-based capital, well capitalized, ratio | 0.1000 | 0.1000 | ||
Tier 1 leverage capital, actual amount | $ 196,319 | $ 159,842 | ||
Tier 1 leverage capital, actual ratio | 0.1056 | 0.1028 | ||
Tier 1 leverage capital, for capital adequacy purposes, amount | $ 74,362 | $ 62,194 | ||
Tier 1 leverage capital, for capital adequacy purposes, ratio | 0.0400 | 0.0400 | 0.040 | |
Tier 1 leverage capital, well capitalized, amount | $ 92,953 | $ 77,742 | ||
Tier 1 leverage capital, well capitalized, ratio | 0.0500 | 0.0500 |
Note 12 - Related Party Trans_3
Note 12 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Deposit Liabilities | $ 3.2 | $ 3 |
Note 12 - Related Party Trans_4
Note 12 - Related Party Transactions - Activity in Loans to Directors and Executive Officers (Details) - Management [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 143 | $ 689 | |
Loan advances | 1 | 4 | |
Loan repayments | (11) | (550) | |
Balance | 0 | 143 | |
Reclassification of Loans Between Related Party and Third Party [Member] | |||
Reclassifications (1) | [1] | $ (133) | $ 0 |
[1] | Represents loans that were once considered related party but are no longer considered related party or loans that were not related party that subsequently became related party loans. |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2035 | Dec. 31, 2024 | Dec. 31, 2023 | |
Loans and Leases Receivable, Gross, Total | $ 1,357,161,000 | $ 1,154,033,000 | |||
US Treasury and Government [Member] | |||||
Investments, Total | 99,800,000 | $ 151,000,000 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Investments, Total | $ 113,400,000 | ||||
Credit Concentration Risk [Member] | Loans Receivable [Member] | Loans Secured by Real Estate [Member] | |||||
Concentration Risk, Percentage | 82.50% | 80.50% | |||
Investment Concentration Risk [Member] | Investments [Member] | US Treasury and Government [Member] | |||||
Concentration Risk, Percentage | 28.60% | 40.80% | |||
Investment Concentration Risk [Member] | Investments [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Concentration Risk, Percentage | 32.40% | ||||
Real Estate Loan [Member] | |||||
Loans and Leases Receivable, Gross, Total | $ 1,120,000,000 | $ 929,200,000 | |||
Low Income Housing Tax Credit Investments [Member] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 4,900,000 | 0 | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 0 | 0 | |||
Qualified Affordable Housing Project Investments, Commitment | 4,700,000 | 0 | |||
Affordable Housing Project Investment, Write-down, Amount | $ 0 | $ 0 | |||
Low Income Housing Tax Credit Investments [Member] | Forecast [Member] | |||||
Qualified Affordable Housing Project Investments, Commitment | $ 87,000 | $ 3,400,000 | $ 1,200,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Financial Instrument Represent Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Financial instruments, contracts representing credit risk | $ 2,720 | $ 1,629 |
Standby Letters of Credit [Member] | ||
Financial instruments, contracts representing credit risk | 212 | 182 |
Unfunded Commitments Lines of Credit and Loans [Member] | ||
Financial instruments, contracts representing credit risk | $ 270,273 | $ 212,114 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Discount | $ 0 | $ 0 |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale, at fair value | $ 344,212,000 | $ 364,296,000 |
Fair Value, Recurring [Member] | ||
Equity investments | 3,071,000 | 1,260 |
Investments, Fair Value Disclosure, Total | 347,283,000 | 365,556,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Equity investments | 0 | 0 |
Investments, Fair Value Disclosure, Total | 11,963,000 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Equity investments | 3,071,000 | 1,260 |
Investments, Fair Value Disclosure, Total | 335,320,000 | 356,644,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Equity investments | 0 | 0 |
Investments, Fair Value Disclosure, Total | 0 | 8,912,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 113,364,000 | 127,862,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 5,902,000 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 107,462,000 | 127,862,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,920,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,920,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 63,820,000 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 63,820,000 | |
Asset-backed Securities, Issued by US Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,489,000 | 29,280,000 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,489,000 | 29,280,000 |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,680,000 | 18,564,000 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,680,000 | 18,564,000 |
US Small Business Administration Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 59,789,000 | 35,510,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 6,061,000 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 53,728,000 | 32,970,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 2,540,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 79,962,000 | 62,683,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 79,962,000 | 62,683,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 60,008,000 | 26,577,000 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 60,008,000 | 20,205,000 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | $ 0 | $ 6,372,000 |
Note 14 - Fair Value Measurem_5
Note 14 - Fair Value Measurements - Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - Valuation, Market Approach [Member] $ in Thousands | Dec. 31, 2020USD ($) | |
Assets, fair value | $ 1,000 | |
Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 92 | [1] |
Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Measurement input | (0.074) | [1] |
Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 100 | [1] |
Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Measurement input | 0 | [1] |
Corporate Debt Securities [Member] | ||
Assets, fair value | $ 1,540 | |
Corporate Debt Securities [Member] | Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 89 | [1] |
Corporate Debt Securities [Member] | Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 91 | [1] |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Assets, fair value | $ 6,372 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Minimum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 104 | [1] |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Maximum [Member] | Measurement Input, Quoted Price [Member] | ||
Measurement input | 107 | [1] |
[1] | Unobservable inputs were weighted by the relative fair value of the instruments. |
Note 14 - Fair Value Measurem_6
Note 14 - Fair Value Measurements - Changes in Level 3 Assets (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Balance at Beginning of Period | $ 8,912 | |||
Transfers Into Level 3 | (8,912) | [1] | $ 1,540 | |
Purchases | 0 | 7,372 | ||
Unrealized | 0 | |||
Total | 0 | 8,912 | ||
Corporate Debt Securities [Member] | ||||
Balance at Beginning of Period | 2,540 | 0 | ||
Transfers Into Level 3 | (2,540) | [1] | 1,540 | [2] |
Purchases | 0 | 1,000 | ||
Unrealized | 0 | 0 | ||
Total | 0 | 2,540 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Balance at Beginning of Period | 6,372 | 0 | ||
Transfers Into Level 3 | (6,372) | [1] | 0 | [2] |
Purchases | 0 | 6,372 | ||
Unrealized | 0 | 0 | ||
Total | $ 0 | $ 6,372 | ||
[1] | Transferred from Level 3 to Level 2 after obtaining observable market data. | |||
[2] | Transferred from Level 2 to Level 3 because of a lack of observable market data, resulting from little to no market activity for the securities. |
Note 14 - Fair Value Measurem_7
Note 14 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans | $ 3,195 | $ 5,511 |
Real estate owned and repossessed assets | 2 | |
Assets, Fair Value Disclosure | 5,513 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Real estate owned and repossessed assets | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Real estate owned and repossessed assets | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 3,195 | 5,511 |
Real estate owned and repossessed assets | 2 | |
Assets, Fair Value Disclosure | $ 5,513 |
Note 14 - Fair Value Measurem_8
Note 14 - Fair Value Measurements - Schedule of Assets on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Real estate owned and repossessed assets | $ 2 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | |
Real estate owned and repossessed assets | $ 2 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Minimum [Member] | |
Real estate owned and repossessed assets | 0 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Maximum [Member] | |
Real estate owned and repossessed assets | 10 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | |
Real estate owned and repossessed assets | 5 |
Note 14 - Fair Value Measurem_9
Note 14 - Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale | $ 344,212,000 | $ 364,296,000 |
Accrued interest receivable | 5,289,000 | 6,966,000 |
Servicing rights on sold loans, net | 3,800,000 | 2,200,000 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 126,016,000 | 65,155,000 |
Investment securities available for sale | 344,212,000 | 364,296,000 |
Loans held for sale | 760,000 | 3,753,000 |
Loans receivable, net | 1,350,260,000 | 1,141,969,000 |
FHLB stock | 5,196,000 | 5,977,000 |
Accrued interest receivable | 5,289,000 | 6,966,000 |
Servicing rights on sold loans, net | 3,282,000 | 2,120 |
Equity investments | 3,071,000 | 1,260 |
Borrowings | 80,000,000 | 109,977 |
Subordinated debt, net | 39,280,000 | |
Accrued interest payable | 393,000 | 53,000 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,333,337,000 | 1,024,748,000 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 247,243,000 | 308,769,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 126,016,000 | 65,155,000 |
Investment securities available for sale | 347,283,000 | 365,556,000 |
Loans held for sale | 760,000 | 3,753,000 |
Loans receivable, net | 1,328,589,000 | 1,129,570,000 |
FHLB stock | 5,196,000 | 5,977,000 |
Accrued interest receivable | 5,289,000 | 6,966,000 |
Servicing rights on sold loans, net | 3,820,000 | 2,189 |
Equity investments | 3,071,000 | 1,260 |
Borrowings | 80,192,000 | 111,462 |
Subordinated debt, net | 39,144,000 | |
Accrued interest payable | 393,000 | 53,000 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,333,337,000 | 1,024,748,000 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 247,217,000 | 310,992,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 126,016,000 | 65,155,000 |
Investment securities available for sale | 11,963,000 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing rights on sold loans, net | 0 | 0 |
Equity investments | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debt, net | 0 | |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
deposits | 1,333,337,000 | 1,024,748,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 335,320,000 | 356,644,000 |
Loans held for sale | 760,000 | 3,753,000 |
Loans receivable, net | 0 | 0 |
FHLB stock | 5,196,000 | 5,977,000 |
Accrued interest receivable | 5,289,000 | 6,966,000 |
Servicing rights on sold loans, net | 0 | 0 |
Equity investments | 3,071,000 | 1,260 |
Borrowings | 0 | 111,462 |
Subordinated debt, net | 0 | |
Accrued interest payable | 393,000 | 53,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
deposits | 0 | 310,992,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 8,912,000 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 1,328,589,000 | 1,129,570,000 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing rights on sold loans, net | 3,820,000 | 2,189 |
Equity investments | 0 | 0 |
Borrowings | 80,192,000 | 0 |
Subordinated debt, net | 39,144,000 | |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
deposits | $ 247,217,000 | $ 0 |
Note 15 - Earnings Per Common_3
Note 15 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 115 | 33,208 |
Note 15 - Earnings Per Common_4
Note 15 - Earnings Per Common Share - Components Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 15,418 | $ 10,340 |
Earnings allocated to participating securities | (505) | (292) |
Earnings allocated to common shareholders | $ 14,913 | $ 10,048 |
Weighted average common shares outstanding (in shares) | 10,151,946 | 10,407,042 |
Weighted average unvested restricted stock awards (in shares) | (310,088) | (270,991) |
Weighted average unallocated ESOP shares (in shares) | (707,905) | (765,273) |
Total basic weighted average common shares outstanding (in shares) | (9,133,953) | (9,370,778) |
Basic weighted average common shares outstanding (in shares) | 9,133,953 | 9,370,778 |
Dilutive restricted stock awards (in shares) | 94,787 | 31,420 |
Total diluted weighted average common shares outstanding (in shares) | 9,228,740 | 9,402,198 |
Basic earnings per common share (in dollars per share) | $ 1.63 | $ 1.07 |
Diluted earnings per common share (in dollars per share) | $ 1.63 | $ 1.07 |
Note 16 - Parent Company Only_3
Note 16 - Parent Company Only Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and due from banks | $ 13,868 | $ 13,508 |
Commercial business loan receivable | 1,350,260 | 1,141,969 |
Accrued interest receivable | 5,289 | 6,966 |
Prepaid expenses and other assets | 25,735 | 10,975 |
Total assets | 1,921,081 | 1,654,349 |
Subordinated debt | 39,280 | 0 |
Interest payable | 393 | 53 |
Total liabilities | 1,730,601 | 1,467,966 |
Shareholders' equity | 190,961 | 186,383 |
Total liabilities and shareholders' equity | 1,921,081 | 1,654,349 |
Parent Company [Member] | ||
Cash and due from banks | 14,087 | 8,655 |
Investment in bank | 198,660 | 165,285 |
Investment in equity securities | 2,588 | 1,260 |
ESOP loan receivable | 9,576 | 10,164 |
Commercial business loan receivable | 5,000 | 0 |
Accrued interest receivable | 300 | 126 |
Prepaid expenses and other assets | 525 | 1,069 |
Total assets | 230,736 | 186,559 |
Subordinated debt | 39,280 | 0 |
Interest payable | 375 | 0 |
Payable to subsidiary | 96 | 72 |
Other liabilities | 24 | 104 |
Total liabilities | 39,775 | 176 |
Shareholders' equity | 190,961 | 186,383 |
Total liabilities and shareholders' equity | $ 230,736 | $ 186,559 |
Note 16 - Parent Company Only_4
Note 16 - Parent Company Only Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and fees on loans receivable | $ 55,029 | $ 43,063 |
Interest on mortgage-backed and related securities | 2,550 | 2,701 |
Total operating income | 63,671 | 51,682 |
Interest paid on subordinated debt, net | 1,203 | 0 |
Other expenses | 3,151 | 2,959 |
Total operating expenses | 54,413 | 41,464 |
Net income | 15,418 | 10,340 |
Parent Company [Member] | ||
Interest and fees on loans receivable | 420 | 254 |
Interest on mortgage-backed and related securities | 0 | 58 |
Interest on investment securities | 0 | 105 |
Gain (loss) on sale of securities | 0 | 250 |
Unrealized gain (loss) on equity securities | 788 | (140) |
Dividends from Bank | 1,000 | 2,000 |
Total operating income | 2,208 | 2,527 |
Interest paid on subordinated debt, net | 1,203 | 0 |
Other expenses | 1,759 | 875 |
Total operating expenses | 2,962 | 875 |
(Loss) income before benefit for income taxes and equity in undistributed earnings of subsidiary | (754) | 1,652 |
Benefit for income taxes | (368) | (73) |
(Loss) income before equity in undistributed earnings of subsidiary | (386) | 1,725 |
Equity in undistributed earnings of subsidiary | 16,804 | 10,615 |
Net income | $ 16,418 | $ 12,340 |
Note 16 - Parent Company Only_5
Note 16 - Parent Company Only Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 15,418 | $ 10,340 |
Amortization of premiums and accretion of discounts on investments, net | 1,753 | 1,551 |
Amortization of debt issuance costs | 57 | 0 |
Gain on sale of securities available for sale | (2,410) | (3,147) |
Share-based compensation | 2,294 | 1,295 |
Net cash from operating activities | 15,155 | 13,256 |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 59,663 | 57,166 |
Proceeds from sales of securities available for sale | 109,829 | 210,264 |
Investment in equity securities | (584) | (1,416) |
Net cash from investing activities | (136,864) | (315,954) |
Proceeds from Issuance of Subordinated Long-term Debt | 39,223 | 0 |
Repurchase of common stock | (5,979) | (7,413) |
Payment of dividends | (2,533) | (2,185) |
Net cash from financing activities | 182,570 | 319,114 |
Net increase in cash | 60,861 | 16,416 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,155 | 48,739 |
CASH AND CASH EQUIVALENTS, end of period | 126,016 | 65,155 |
Income taxes | 4,270 | 2,900 |
Interest on deposits and borrowings | 4,550 | 8,043 |
Parent Company [Member] | ||
Net income | 16,418 | 12,340 |
Equity in undistributed earnings of subsidiary | (16,804) | (10,615) |
Amortization of premiums and accretion of discounts on investments, net | 0 | 50 |
Amortization of debt issuance costs | 57 | 0 |
Gain on sale of securities available for sale | 0 | (250) |
Share-based compensation | 500 | 0 |
Change in payable to subsidiary | 24 | (105) |
Change in other assets | (421) | (171) |
Change in other liabilities | 295 | 81 |
Net cash from operating activities | 69 | 1,330 |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 0 | 2,065 |
Proceeds from sales of securities available for sale | 0 | 9,872 |
Dividend paid to subsidiary | (20,000) | 0 |
Loan originations, net of repayments | (5,000) | 0 |
ESOP loan repayment | 588 | 576 |
Investment in equity securities | (584) | (1,401) |
Net cash from investing activities | (24,996) | 11,112 |
Proceeds from Issuance of Subordinated Long-term Debt | 39,223 | 0 |
Repurchase of common stock | (6,331) | (7,591) |
Payment of dividends | (2,533) | (2,185) |
Net cash from financing activities | 30,359 | (9,776) |
Net increase in cash | 5,432 | 2,666 |
CASH AND CASH EQUIVALENTS, beginning of period | 8,655 | 5,989 |
CASH AND CASH EQUIVALENTS, end of period | 14,087 | 8,655 |
Income taxes | (987) | 360 |
Interest on deposits and borrowings | $ 771 | $ 0 |
Note 17 - Business Combinatio_2
Note 17 - Business Combination (Details Textual) $ in Thousands | Jul. 23, 2021USD ($) |
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years |
Acquisition Of Sterling Branch [Member] | |
Payments to Acquire Businesses, Gross | $ 63,545 |
Note 17 - Business Combinatio_3
Note 17 - Business Combination - Fair Value of Consideration Transferred and Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 23, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Total identifiable assets acquired | $ 1,340 | $ 0 | |
Total liabilities assumed | $ 65,947 | $ 0 | |
Acquisition Of Sterling Branch [Member] | |||
Cash consideration received | $ 63,545 | ||
Premises and equipment | 459 | ||
Accrued interest receivable and other assets | 755 | ||
Total identifiable assets acquired | 1,340 | ||
Deposits | 64,867 | ||
Accrued expenses and other liabilities | 1,080 | ||
Total liabilities assumed | 65,947 | ||
Total identifiable net liabilities assumed | (64,607) | ||
Goodwill recognized | 1,062 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | |||
Core deposit intangible ("CDI") | 126 | ||
Acquisition Of Sterling Branch [Member] | Reported Value by Acquiree [Member] | |||
Cash consideration received | |||
Premises and equipment | 459 | ||
Accrued interest receivable and other assets | 755 | ||
Total identifiable assets acquired | 1,214 | ||
Deposits | 65,096 | ||
Accrued expenses and other liabilities | 1,080 | ||
Total liabilities assumed | 66,176 | ||
Total identifiable net liabilities assumed | (64,962) | ||
Acquisition Of Sterling Branch [Member] | Reported Value by Acquiree [Member] | Core Deposits [Member] | |||
Core deposit intangible ("CDI") | 0 | ||
Acquisition Of Sterling Branch [Member] | Fair Value Adjustments [Member] | |||
Cash consideration received | |||
Total identifiable assets acquired | 126 | ||
Deposits | (229) | ||
Total liabilities assumed | (229) | ||
Total identifiable net liabilities assumed | 355 | ||
Acquisition Of Sterling Branch [Member] | Fair Value Adjustments [Member] | Core Deposits [Member] | |||
Core deposit intangible ("CDI") | $ 126 |
Note 18 - Change in Accumulat_3
Note 18 - Change in Accumulated Other Comprehensive Income ("AOCI") - Change in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
BALANCE | $ 186,383 | |
Other comprehensive (loss) income, net of tax | (5,154) | $ 6,981 |
BALANCE | 190,961 | 186,383 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
BALANCE | 5,442 | (1,539) |
Other comprehensive income before reclassification | (1,398) | 9,467 |
Amounts reclassified from accumulated other comprehensive income | (1,904) | (2,486) |
Other comprehensive (loss) income, net of tax | (3,302) | 6,981 |
Other comprehensive loss before reclassification | (1,398) | 9,467 |
BALANCE | 2,140 | 5,442 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
BALANCE | 0 | 0 |
Other comprehensive income before reclassification | (1,852) | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive (loss) income, net of tax | (1,852) | 0 |
Other comprehensive loss before reclassification | (1,852) | 0 |
BALANCE | (1,852) | 0 |
AOCI Attributable to Parent [Member] | ||
BALANCE | 5,442 | (1,539) |
Other comprehensive income before reclassification | (3,250) | 9,467 |
Amounts reclassified from accumulated other comprehensive income | (1,904) | (2,486) |
Other comprehensive (loss) income, net of tax | (5,154) | 6,981 |
Other comprehensive loss before reclassification | (3,250) | 9,467 |
BALANCE | $ 288 | $ 5,442 |