Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 2022 | |
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 | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | 9,674,055 | ||
Entity Public Float | $ 148,356,296 | ||
Auditor Firm ID | 659 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Everett, Washington |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 17,104 | $ 13,868 |
Interest-bearing deposits in banks | 28,492 | 112,148 |
Investment securities available for sale, at fair value | 326,569 | 344,212 |
Loans held for sale | 597 | 760 |
Loans receivable (net of allowance for loan losses of $16,116 and $15,124) | 1,531,435 | 1,350,260 |
Federal Home Loan Bank (FHLB) stock, at cost | 11,681 | 5,196 |
Accrued interest receivable | 6,743 | 5,289 |
Premises and equipment, net | 18,089 | 19,830 |
Servicing rights on sold loans, net | 3,887 | 3,282 |
Assets, fair value | 3,887 | 3,820 |
Bank-owned life insurance, net | 39,665 | 39,318 |
Equity and partnership investments | 14,289 | 3,571 |
Goodwill and other intangible assets | 1,089 | 1,183 |
Deferred tax asset, net | 14,091 | 1,561 |
Prepaid expenses and other assets | 28,339 | 20,603 |
Total assets | 2,042,070 | 1,921,081 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 1,564,255 | 1,580,580 |
Borrowings | 285,358 | 119,280 |
Accrued interest payable | 455 | 393 |
Accrued expenses and other liabilities | 32,344 | 29,240 |
Advances from borrowers for taxes and insurance | 1,376 | 1,108 |
Total liabilities | 1,883,788 | 1,730,601 |
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 9,703,581 at December 31, 2022; issued and outstanding 9,972,698 at December 31, 2021 | 97 | 100 |
Additional paid-in capital | 95,508 | 96,131 |
Retained earnings | 114,424 | 103,014 |
Accumulated other comprehensive (loss) income, net of tax | (40,543) | 288 |
Unearned employee stock ownership plan (ESOP) shares | (7,913) | (8,572) |
Total parent's shareholders' equity | 161,573 | 190,961 |
Noncontrolling interest in Quin Ventures, Inc. | (3,291) | (481) |
Total shareholders' equity | 158,282 | 190,480 |
Total liabilities and shareholders' equity | $ 2,042,070 | $ 1,921,081 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 16,116 | $ 15,124 |
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) | 9,703,581 | 9,972,698 |
Common stock, shares outstanding (in shares) | 9,703,581 | 9,972,698 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 68,635 | $ 55,029 |
Interest on investment securities | 10,866 | 8,369 |
Interest-bearing deposits and other | 375 | 83 |
FHLB dividends | 502 | 190 |
Total interest income | 80,378 | 63,671 |
INTEREST EXPENSE | ||
Deposits | 5,198 | 3,396 |
Borrowings | 5,317 | 1,977 |
Total interest expense | 10,515 | 5,373 |
Net interest income | 69,863 | 58,298 |
PROVISION FOR LOAN LOSSES | 1,535 | 1,350 |
Net interest income after provision for loan losses | 68,328 | 56,948 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 4,729 | 3,860 |
Sold loan servicing fees | 867 | 946 |
Net gain on sale of loans | 824 | 5,278 |
Net gain on sale of investment securities | 118 | 2,410 |
Increase in cash surrender value of bank-owned life insurance, net | 916 | 965 |
Income from death benefit on bank-owned life insurance, net | 1,489 | 0 |
Other income | 1,384 | 2,179 |
Total noninterest income | 10,327 | 15,638 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 35,940 | 33,515 |
Data processing | 7,539 | 6,244 |
Occupancy and equipment | 5,398 | 4,312 |
Supplies, postage, and telephone | 1,376 | 1,189 |
Regulatory assessments and state taxes | 1,539 | 1,213 |
Advertising | 3,288 | 2,040 |
Professional fees | 2,645 | 1,997 |
FDIC insurance premium | 888 | 752 |
Other | 3,699 | 3,151 |
Total noninterest expense | 62,312 | 54,413 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 16,343 | 18,173 |
PROVISION FOR INCOME TAXES | 2,847 | 3,194 |
NET INCOME | 13,496 | 14,979 |
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | 2,149 | 439 |
NET INCOME ATTRIBUTABLE TO PARENT | $ 15,645 | $ 15,418 |
Basic and diluted earnings per common share (in dollars per share) | $ 1.71 | $ 1.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
NET INCOME | $ 13,496 | $ 14,979 |
Other comprehensive (loss) income: | ||
Unrealized holding (losses) gains on investments available for sale arising during the period | 51,204 | 1,771 |
Income tax benefit (provision) related to unrealized holding (losses) gains | 10,753 | 373 |
Unrecognized defined benefit ("DB") plan prior service cost | 0 | (2,210) |
Income tax benefit related to DB plan prior service cost | 0 | 464 |
Amortization of unrecognized DB plan prior service cost | (362) | (134) |
Income tax benefit related to amortization of DB plan prior service cost | 75 | 28 |
Reclassification adjustment for net (gains) losses on sales of securities realized in income | (118) | (2,410) |
Income tax benefit related to reclassification adjustment on sales of securities | 25 | 506 |
Other comprehensive (loss) income, net of tax | (40,831) | (5,154) |
COMPREHENSIVE (LOSS) INCOME | (27,335) | 9,825 |
Comprehensive (loss) income attributable to noncontrolling interest | (2,149) | (439) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO PARENT | $ (25,186) | $ 10,264 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2020 | 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 issued and initial investment in Quin Ventures (in shares) | 29,719 | ||||||||
Common stock repurchased (in shares) | (349,497) | ||||||||
Common stock repurchased | $ (4) | (3,491) | (2,484) | (5,979) | |||||
Restricted stock award grants net of forfeitures (in shares) | 64,839 | ||||||||
Restricted stock award grants net of forfeitures | $ 1 | (1) | 0 | ||||||
Restricted stock awards canceled (in shares) | (19,548) | ||||||||
Restricted stock awards canceled | $ 0 | (352) | 0 | (352) | |||||
Other comprehensive loss, net of tax | (5,154) | (5,154) | |||||||
Share-based compensation | 1,794 | 1,794 | |||||||
ESOP shares committed to be released | 271 | 658 | 929 | ||||||
Cash dividends declared and paid | (2,533) | $ (2,533) | |||||||
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 | ||||
NET INCOME | 15,645 | (2,149) | 13,496 | ||||||
Common stock repurchased (in shares) | (386,062) | ||||||||
Common stock repurchased | $ (4) | (3,993) | (1,873) | (5,870) | |||||
Restricted stock award grants net of forfeitures (in shares) | 22,470 | ||||||||
Restricted stock award grants net of forfeitures | $ 0 | 0 | 0 | ||||||
Restricted stock awards canceled (in shares) | (21,302) | ||||||||
Restricted stock awards canceled | $ 0 | (392) | 0 | (392) | |||||
Other comprehensive loss, net of tax | (40,831) | (40,831) | |||||||
Common stock issued (in shares) | 115,777 | ||||||||
Common stock issued | $ 1 | 1,868 | 0 | $ 1,869 | |||||
BALANCE (in shares) at Dec. 31, 2022 | 9,703,581 | 9,703,581 | |||||||
BALANCE at Dec. 31, 2022 | $ 97 | 95,508 | 114,424 | (7,913) | (40,543) | (3,291) | $ 158,282 | ||
BALANCE at Dec. 30, 2022 | $ 425 | $ 425 | |||||||
Share-based compensation | 1,601 | 1,601 | |||||||
ESOP shares committed to be released | 293 | 659 | 952 | ||||||
Cash dividends declared and paid | (2,787) | (2,787) | |||||||
Quin Ventures asset sale in-substance distribution | $ 0 | 0 | 0 | (661) | $ (661) | ||||
BALANCE (in shares) at Dec. 31, 2022 | 9,703,581 | 9,703,581 | |||||||
BALANCE at Dec. 31, 2022 | $ 97 | $ 95,508 | $ 114,424 | $ (7,913) | $ (40,543) | $ (3,291) | $ 158,282 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash dividends declared, per share (in dollars per share) | $ 0.28 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income before noncontrolling interest | $ 13,496 | $ 14,979 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,960 | 1,432 |
Amortization of core deposit intangible | 94 | 5 |
Amortization and accretion of premiums and discounts on investments, net | 1,666 | 1,753 |
Amortization of deferred loan fees and purchased premiums, net | 981 | 1,260 |
Amortization of debt issuance costs | 78 | 57 |
Change in fair value of sold loan servicing rights | (13) | 0 |
Additions to servicing rights on sold loans | (54) | (1,233) |
Amortization of servicing rights on sold loans | 0 | 108 |
Net (decrease) increase in the valuation allowance on servicing rights on sold loans | 0 | (37) |
PROVISION FOR LOAN LOSSES | 1,535 | 1,350 |
Deferred federal income taxes, net | (1,529) | 63 |
Allocation of ESOP shares | 673 | 675 |
Share-based compensation expense | 1,601 | 2,294 |
Gain on sale of loans, net | (824) | (5,278) |
Gain on sale of securities available for sale, net | (118) | (2,410) |
Increase in cash surrender value of life insurance, net | (916) | (965) |
Income from death benefit on bank-owned life insurance, net | (1,489) | 0 |
Origination of loans held for sale | (25,926) | (137,715) |
Proceeds from loans held for sale | 26,913 | 145,986 |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | (1,454) | 1,677 |
Increase in prepaid expenses and other assets | (3,938) | (15,404) |
Increase in accrued interest payable | 62 | 340 |
Increase in accrued expenses and other liabilities | 3,104 | 6,218 |
Net cash from operating activities | 15,902 | 15,155 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (78,409) | (152,930) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 30,497 | 59,663 |
Proceeds from sales of securities available for sale | 12,685 | 109,829 |
(Purchase) redemption of FHLB stock | (6,485) | 781 |
Net increase in loans receivable | (183,691) | (210,901) |
Purchase of premises and equipment, net | (2,914) | (6,019) |
Capital contributions to equity investments | (7,364) | (584) |
Capital contributions to low-income housing tax credit partnerships | (137) | (248) |
Capital contributions to historic tax credit partnerships | (1,829) | 0 |
Net cash acquired from branch acquisition | 0 | 63,545 |
Net cash from investing activities | (237,647) | (136,864) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (16,325) | 182,196 |
Proceeds from long-term FHLB advances | 0 | 40,000 |
Repayment of long-term FHLB advances | 0 | (10,000) |
Net increase (decrease) in short-term advances | 154,000 | (59,977) |
Proceeds from issuance of subordinated debt, net | 0 | 39,223 |
Net increase (decrease) in line of credit | 12,000 | 0 |
Net increase (decrease) in advances from borrowers for taxes and insurance | 268 | (8) |
Restricted stock awards canceled | (392) | (352) |
Repurchase of common stock | (5,439) | (5,979) |
Payment of dividends | (2,787) | (2,533) |
Net cash from financing activities | 141,325 | 182,570 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (80,420) | 60,861 |
CASH AND CASH EQUIVALENTS, beginning of period | 126,016 | 65,155 |
CASH AND CASH EQUIVALENTS, end of period | 45,596 | 126,016 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and borrowings | 10,453 | 4,550 |
Income taxes | 4,446 | 4,270 |
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan | 0 | 2,718 |
NONCASH INVESTING ACTIVITIES | ||
Change in unrealized loss on securities available for sale | (51,322) | (4,181) |
Cumulative adjustment to servicing right asset due to election of fair value option | 538 | 0 |
Investment in low-income housing tax credit partnership and related funding commitment | 0 | 4,949 |
Lease liabilities arising from obtaining right-of-use assets | 0 | 4,402 |
Transfer of bank-owned life insurance proceeds to prepaid expenses and other assets due to death benefit accrued but not paid at year end | 2,057 | 0 |
Equity investment in Quil Ventures received through Quin Ventures asset sale | 225 | 0 |
Investment in partnership acquired through issuance of shares | 1,869 | 0 |
BUSINESS COMBINATION (See Note 17) | ||
Fair value of assets acquired | 0 | 1,340 |
Fair value of liabilities assumed | $ 0 | $ 65,947 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 In April 2021, December 2022 October 31, 2021, On August 5, 2022, 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 primarily 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. 100% Subsequent events no Cash and cash equivalents three not Restricted assets zero December 31, 2022 2021 December 31, 2022 2021 Investment securities one three 1 2 3 December 31, 2022 2021 December 31, 2022 2021 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, 2022 2021 December 31, 2022 2021 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, 2022 2021 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, not 19 not Reserve for unfunded commitments may Real estate owned and repossessed assets may Loan servicing rights December 31, 2021, January 1, 2022, Management assesses the fair value of 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" includes sold loan servicing income and changes in fair value for the year ending December 31, 2022. 2022, Premises and equipment Years Buildings 37.5 - 50 Furniture, fixtures, and equipment 3 - 10 Software 3 Automobiles 5 Bank-owned life insurance Equity and partnership investments December 31, 2022 2021 not December 31, 2022 2021 Goodwill not Core deposit intangible third Income taxes 740 10, Income Taxes Leases January 1, 2019, 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, 2022 2021 December 31, 2022 2021 December 31, 2022 2021 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 January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 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 evaluated 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. December 31, 2022, 2022 06 848 December 31, 2024. No. 2020 04 no In March 2022, No. 2022 01, Derivatives and Hedging (Topic 815 Portfolio Layer Method. one December 15, 2022, not Reclassifications no |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 119,990 $ — $ (21,940 ) $ 98,050 U.S. Treasury notes 2,469 — (105 ) 2,364 International agency issued bonds (Agency bonds) 1,955 — (253 ) 1,702 Corporate issued debt securities (Corporate debt) 60,700 — (5,201 ) 55,499 Mortgage-Backed Securities: U.S. government agency issued mortgage-backed securities (MBS agency) 88,930 1 (13,283 ) 75,648 Non-agency issued mortgage-backed securities (MBS non-agency) 101,139 — (7,833 ) 93,306 Total securities available for sale $ 375,183 $ 1 $ (48,615 ) $ 326,569 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 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 Agency bonds 1,947 — (27 ) 1,920 ABS corporate 14,556 — (67 ) 14,489 Corporate debt 58,906 1,450 (567 ) 59,789 SBA 14,404 276 — 14,680 Mortgage-Backed Securities MBS agency 80,877 248 (1,163 ) 79,962 MBS non-agency 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 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, 2022 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 $ (15,749 ) $ 79,129 $ (6,191 ) $ 18,621 $ (21,940 ) $ 97,750 U.S. Treasury notes (105 ) 2,364 — — (105 ) 2,364 Agency bonds — — (253 ) 1,702 (253 ) 1,702 Corporate debt (2,570 ) 30,555 (2,631 ) 24,944 (5,201 ) 55,499 Mortgage-Backed Securities MBS agency (5,079 ) 40,099 (8,204 ) 33,064 (13,283 ) 73,163 MBS non-agency (3,956 ) 51,994 (3,877 ) 41,311 (7,833 ) 93,305 Total $ (27,459 ) $ 204,141 $ (21,156 ) $ 119,642 $ (48,615 ) $ 323,783 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 non-agency (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 The Company may not December 31, 2022 December 31, 2021 Management believes that the unrealized losses on investment securities relate principally to the general change in interest rates and poor market liquidity, and not not not There were no OTTI losses during the years ended December 31, 2022 2021 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, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 13,762 $ 13,490 $ 7,827 $ 7,832 Due after one through five years 28,890 27,808 24,347 24,371 Due after five through ten years 13,436 12,165 8,466 8,391 Due after ten years 133,981 115,491 100,554 99,376 Total mortgage-backed securities 190,069 168,954 141,194 139,970 All other investment securities: Due within one year — — — — Due after one through five years 20,700 18,957 6,391 6,289 Due after five through ten years 64,211 57,523 79,679 80,807 Due after ten years 100,203 81,135 114,240 117,146 Total all other investment securities 185,114 157,615 200,310 204,242 Total investment securities $ 375,183 $ 326,569 $ 341,504 $ 344,212 Sales of available-for-sale securities were as follows: For the Year Ended December 31, 2022 2021 (In thousands) Proceeds $ 12,685 $ 109,829 Gross gains 128 2,827 Gross losses (10 ) (417 ) |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 (In thousands) Real Estate: One- to four-family $ 343,825 $ 294,965 Multi-family 253,551 172,409 Commercial real estate 390,246 363,299 Construction and land 194,646 224,709 Total real estate loans 1,182,268 1,055,382 Consumer: Home equity 52,322 39,172 Auto and other consumer 222,794 182,769 Total consumer loans 275,116 221,941 Commercial business loans 76,996 79,838 Total loans 1,534,380 1,357,161 Less: Net deferred loan fees 2,786 4,772 Premium on purchased loans, net (15,957 ) (12,995 ) Allowance for loan losses 16,116 15,124 Total loans receivable, net $ 1,531,435 $ 1,350,260 Loans, by the earlier of next repricing date or maturity, at the dates indicated: December 31, 2022 December 31, 2021 (In thousands) Adjustable-rate loans Due within one year $ 329,516 $ 302,187 After one but within five years 277,353 258,094 After five but within ten years 51,251 54,351 After ten years 866 19,098 658,986 633,730 Fixed-rate loans Due within one year $ 3,474 $ 31,970 After one but within five years 190,153 148,233 After five but within ten years 219,437 194,245 After ten years 462,330 348,983 875,394 723,431 Total loans $ 1,534,380 $ 1,357,161 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, 2022 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 Provision for (recapture of) loan losses 45 652 221 (330 ) 112 634 174 27 1,535 Charge-offs — — — — — (1,025 ) — — (1,025 ) Recoveries 114 — — 2 30 194 142 — 482 Ending balance $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 At December 31, 2022 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 $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 General reserve 3,321 2,468 4,217 2,343 545 2,019 786 385 16,084 Specific reserve 22 — — 1 4 5 — — 32 Total loans $ 343,825 $ 253,551 $ 390,246 $ 194,646 $ 52,322 $ 222,794 $ 76,996 $ — $ 1,534,380 General reserves (1) 341,171 253,551 390,196 194,630 52,100 222,702 76,996 — 1,531,346 Specific reserves (2) 2,654 — 50 16 222 92 — — 3,034 ( 1 ( 2 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 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, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 666 $ 705 $ — $ 371 $ 99 Commercial real estate 50 149 — 60 — Construction and land — 14 — 437 1 Home equity — — — 2 — Auto and other consumer — 2 — 184 2 Total 716 870 — 1,054 102 With an allowance recorded: One- to four-family 1,988 2,129 22 2,150 136 Commercial real estate — — — 5 — Construction and land 16 19 1 20 2 Home equity 222 224 4 259 11 Auto and other consumer 92 95 5 91 3 Total 2,318 2,467 32 2,525 152 Total impaired loans: One- to four-family 2,654 2,834 22 2,521 235 Commercial real estate 50 149 — 65 — Construction and land 16 33 1 457 3 Home equity 222 224 4 261 11 Auto and other consumer 92 97 5 275 5 Total $ 3,034 $ 3,337 $ 32 $ 3,579 $ 254 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 Total 309 584 — 1,390 20 With an allowance recorded: One- to four-family 2,045 2,245 25 2,281 138 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 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 Total $ 3,195 $ 3,692 $ 113 $ 4,624 $ 181 Interest income recognized on a cash basis on impaired loans for the years ended December 31, 2022 2021 The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: December 31, 2022 December 31, 2021 (In thousands) One- to four-family $ 957 $ 494 Commercial real estate 51 71 Construction and land 16 22 Home equity 194 282 Auto and other consumer 572 512 Total nonaccrual loans $ 1,790 $ 1,381 Past due loans no 90 December 31, 2022 2021 The following table presents the recorded investment of past due loans, by class, as of December 31, 2022 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 $ 1,461 $ 155 $ 652 $ 2,268 $ 341,557 $ 343,825 Multi-family — — — — 253,551 253,551 Commercial real estate — — — — 390,246 390,246 Construction and land — 19 — 19 194,627 194,646 Total real estate loans 1,461 174 652 2,287 1,179,981 1,182,268 Consumer: Home equity 151 — 11 162 52,160 52,322 Auto and other consumer 1,390 697 554 2,641 220,153 222,794 Total consumer loans 1,541 697 565 2,803 272,313 275,116 Commercial business loans — — — — 76,996 76,996 Total loans $ 3,002 $ 871 $ 1,217 $ 5,090 $ 1,529,290 $ 1,534,380 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 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, 2022 Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 340,046 $ 2,255 $ 27 $ 1,497 $ 343,825 Multi-family 237,873 15,678 — — 253,551 Commercial real estate 351,258 25,659 12,195 1,134 390,246 Construction and land 180,123 521 — 14,002 194,646 Total real estate loans 1,109,300 44,113 12,222 16,633 1,182,268 Consumer: Home equity 51,744 370 14 194 52,322 Auto and other consumer 222,413 215 75 91 222,794 Total consumer loans 274,157 585 89 285 275,116 Commercial business loans 66,140 2,378 8,478 — 76,996 Total loans $ 1,449,597 $ 47,076 $ 20,789 $ 16,918 $ 1,534,380 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 credit risk profile based on payment activity as of December 31, 2022 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 957 $ 342,868 $ 343,825 Multi-family — 253,551 253,551 Commercial real estate 51 390,195 390,246 Construction and land 16 194,630 194,646 Consumer: Home equity 194 52,128 52,322 Auto and other consumer 572 222,222 222,794 Commercial business loans — 76,996 76,996 Total loans $ 1,790 $ 1,532,590 $ 1,534,380 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 is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: December 31, 2022 December 31, 2021 (In thousands) Total TDR loans $ 1,753 $ 1,843 Allowance for loan losses related to TDR loans 18 21 Total nonaccrual TDR loans 29 29 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the years ended December 31, 2022 2021 There were no TDR loans that incurred a payment default within 12 December 31, 2022 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 No additional funds are committed to be advanced in connection with TDR loans at December 31, 2022 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. December 31, 2022 December 31, 2021 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 1,697 $ 29 $ 1,726 $ 1,763 $ 29 $ 1,792 Home equity 27 — 27 51 — 51 Total TDR loans $ 1,724 $ 29 $ 1,753 $ 1,814 $ 29 $ 1,843 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Premises and equipment consist of the following as of: December 31, 2022 December 31, 2021 (In thousands) Land $ 2,907 $ 2,907 Buildings 6,697 6,697 Building improvements 16,747 14,492 Furniture, fixtures, and equipment 7,082 7,512 Software 598 599 Automobiles 66 66 Construction in progress 663 3,361 34,760 35,634 Less accumulated depreciation and amortization (16,671 ) (15,804 ) $ 18,089 $ 19,830 Depreciation expense was $2.0 million and $1.4 million for the years ended December 31, 2022 2021 |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5 The Bank has lease agreements with unaffiliated parties for eight five two one twenty two ten December 31, 2022 Total costs incurred by the Company, as a lessee, were $1.2 million and $868,000 for the years ended December 31, 2022 2021 not The following table presents amounts relevant to the Company's assets leased for use in its operations for the years ended: December 31, 2022 December 31, 2021 (In Thousands) Operating cash flows from operating leases $ 1,194 $ 868 Right of use assets obtained in exchange for new operating lease liabilities — 4,364 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, 2022 December 31, 2021 Weighted-average remaining lease term of operating leases (in years) 10.0 10.8 Weighted-average discount rate of operating leases 2.4 % 2.4 % 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, 2022 Twelve-month period ending: (In Thousands) 2023 $ 819 2024 852 2025 890 2026 885 2027 892 Thereafter 3,934 Total minimum payments required $ 8,272 Less imputed interest 1,359 Present value of lease liabilities $ 6,913 |
Note 6 - Servicing Rights on So
Note 6 - Servicing Rights on Sold Loans | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Loan servicing rights for the periods shown are as follows: For the Year Ended December 31, 2022 2021 (In thousands) Balance at beginning of period $ 3,282 $ 2,120 One-time adjustment for fair value reporting election 538 — Additions 54 1,234 Change in fair value 13 — Amortization — (109 ) Valuation allowance net (impairment) recovery — 37 Balance at end of period $ 3,887 $ 3,282 The aggregate change in valuation allowance for loan servicing rights for the period shown is as follows: For the Year Ended December 31, 2021 (In thousands) Balance at beginning of period $ (37 ) Impairments — Recoveries 37 Balance at end of period $ — 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, 2022 2021 Constant prepayment rate 8.3 % 9.3 % Weighted-average life (years) 6.0 5.4 Yield to maturity discount 13.3 % 10.3 % The fair values of loan servicing rights were approximately $3.9 million and $3.8 million at December 31, 2022 2021 14 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, 2022 2021 (In thousands) Servicing fees $ 972 $ 1,013 Late fees 12 9 The following table represents the hypothetical effect on the fair value of the Company's loan servicing rights using an unfavorable shock analysis of certain key valuation assumptions as of December 31, 2022 2021 may not For the Year Ended December 31, 2022 2021 (Dollars in thousands) Servicing right fair value $ 3,887 $ 3,820 Constant prepayment rate assumption (weighted-average) 8.3 % 9.3 % Impact on fair value with a 10% adverse change in prepayment speed $ (264 ) $ (160 ) Impact on fair value with a 20% adverse change in prepayment speed $ (416 ) $ (278 ) Yield to maturity discount assumption (weighted-average) 13.3 % 10.3 % Impact on fair value with a 10% adverse change in discount rate $ (194 ) $ (163 ) Impact on fair value with a 20% adverse change in discount rate $ (287 ) $ (277 ) |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 December 31, 2022 December 31, 2021 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 315,083 — % $ 343,932 — % Interest-bearing demand deposits 193,558 0.01 % 196,970 0.01 % Money market accounts 473,009 0.58 % 597,815 0.21 % Savings accounts 200,920 0.26 % 194,620 0.05 % Certificates of deposit 381,685 2.19 % 247,243 0.62 % $ 1,564,255 0.74 % $ 1,580,580 0.19 % Maturities of certificates at the dates indicated are as follows: December 31, 2022 (In thousands) Within one year or less $ 262,189 After one year through two years 69,967 After two years through three years 37,032 After three years through four years 7,409 After four years through five years 5,088 $ 381,685 Brokered certificates of deposits of $133.9 million and $65.7 million are included in the December 31, 2022 2021 Deposits at December 31, 2022 2021 December 31, 2022 2021 Interest on deposits by type for the periods shown was as follows: For the Year Ended December 31, 2022 2021 (In thousands) Demand deposits $ 137 $ 43 Money market accounts 1,698 1,165 Savings accounts 165 128 Certificates of deposit 3,198 2,060 $ 5,198 $ 3,396 |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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 under long-term, fixed-rate advance agreements; overnight borrowings through FHLB which renew daily until paid; and, as an alternative source of funds, fixed-rate advances maturing in less than one December 31, 2022 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 $8.9 million were pledged to the FRB at December 31, 2022 On March 25, 2021, 2031 2 On May 20, 2022, May 19, 2023 two 364 FHLB advances, line of credit, and subordinated debt outstanding by type of advance were as follows: December 31, 2022 December 31, 2021 (In thousands) Long-term advances $ 80,000 $ 80,000 Short-term fixed-rate advances 10,000 — Overnight variable-rate advances 144,000 — Line of Credit 12,000 — Subordinated debt, net 39,358 39,280 The maximum and average outstanding balances and average interest rates on FHLB overnight variable-rate advances were as follows: For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 206,000 $ 40,000 Monthly average outstanding 90,983 5,207 Weighted-average daily interest rates Annual 2.83 % 0.30 % Period End 4.30 % 0.31 % Interest expense during the period 1,845 6 The maximum and average outstanding balances and average interest rates on FHLB short-term, fixed-rate advances were as follows: For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 42,500 $ — Monthly average outstanding 15,208 — Weighted-average daily interest rates Annual 1.82 % — % Period End 2.12 % — % Interest expense during the period 246 — For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 80,000 $ 80,000 Monthly average outstanding 80,000 52,500 Weighted-average interest rates Annual 1.52 % 1.46 % Period End 1.52 % 1.52 % Interest expense during the period 1,260 768 The amounts by year of maturity and weighted-average interest rate of FHLB long-term, fixed-rate advances are as follows: December 31, 2022 December 31, 2021 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.54 % $ — — % After one year through two years 15,000 1.47 15,000 1.54 After two years through three years 25,000 1.42 15,000 1.47 After three years through four years 15,000 1.55 25,000 1.42 After four years through five years 10,000 1.76 15,000 1.55 After five years — — 10,000 1.76 $ 80,000 1.52 % $ 80,000 1.52 % The maximum and average outstanding balances and average interest rates on the line of credit were as follows: For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 12,000 $ — Monthly average outstanding 5,770 — Weighted-average interest rates Annual 6.76 % — % Period End 8.00 % — % Interest expense during the period 389 — The maximum and average outstanding balances and average interest rates on subordinated debt were as follows: For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 39,358 $ 39,310 Monthly average outstanding 39,312 30,370 Weighted-average interest rates Annual 4.01 % 3.96 % Period End 4.01 % 3.06 % Interest expense during the period 1,577 1,203 |
Note 9 - Federal Taxes on Incom
Note 9 - Federal Taxes on Income | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 (In thousands) Current $ 4,376 $ 3,131 Deferred (1,529 ) 63 $ 2,847 $ 3,194 A reconciliation of the tax provision (benefit) based on statutory corporate tax rates, estimated to be 21% for the year ended December 31, 2022 For the Year Ended December 31, 2022 2021 (In thousands) Income taxes computed at statutory rates $ 3,432 $ 3,909 Tax-exempt income (183 ) (218 ) Bank-owned life insurance income (505 ) (203 ) Other, net 103 (294 ) $ 2,847 $ 3,194 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. As of December 31, 2022 December 31, 2017, not 80% no December 31, 2021 The Company applies the provisions of FASB ASC 740 not December 31, 2022 2021 December 31, 2022 no December 31, 2021 no December 31, 2019 December 31, 2022 December 31, 2021 (In thousands) Deferred tax assets Allowance for loan losses $ 3,528 $ 3,255 Unrealized loss on securities available for sale 10,432 — Accrued compensation 368 461 Nonaccrual loans — 1 ESOP timing differences 160 173 Restricted stock awards 319 312 Deferred lease liabilities 1,507 1,654 Net operating loss carryforward 1,111 — Retention credit benefit 1,168 — Total deferred tax assets 18,593 5,856 Deferred tax liabilities Deferred loan fees 1,126 702 Unrealized gain on securities available for sale — 569 FHLB stock dividends 374 417 Accumulated depreciation 864 609 Deferred investment gain 424 341 Defined benefit plan 42 59 Right of use assets 1,435 1,595 Other, net 237 3 Total deferred tax liabilities 4,502 4,295 Deferred tax asset, net $ 14,091 $ 1,561 FIRST NORTHWEST BANCORP AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 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 as of the March 23, 2021, March 2021 December 31, 2022 2021 The following table summarizes the changes in benefit obligations and plan assets for the periods shown: December 31, 2022 December 31, 2021 (Dollars in thousands) Change in fair value of plan assets Fair value at beginning of period $ 15,821 $ 14,705 Actual return on plan assets (3,680 ) 1,618 Benefits paid (462 ) (502 ) Settlements and curtailments (866 ) — Fair value at end of period $ 10,813 $ 15,821 Change in projected benefit obligation Projected benefit obligation at beginning of period $ 15,328 $ 14,197 Interest cost 374 304 Actuarial loss (3,756 ) 1,329 Benefits paid (462 ) (502 ) Settlements and curtailments (866 ) — Projected benefit obligation at end of period $ 10,618 $ 15,328 Funded status at period end $ 195 $ 493 Amounts recognized on Consolidated Balance Sheet Other assets $ 195 $ 493 Accumulated other comprehensive income (2,138 ) (1,852 ) Net amount recognized $ 2,333 $ 2,345 Other changes recognized in other comprehensive income Net (gain) loss $ 535 $ 249 Amortization of prior service (cost) credit (147 ) (114 ) Amount recognized due to settlement (26 ) — Net periodic benefit cost $ 362 $ 135 Weighted-average assumptions used to determine projected obligation Discount rate 5.10 % 2.65 % Rate of compensation increase N/A N/A The Company does not 2023 no For the Year Ended December 31, 2022 2021 (Dollars in thousands) Components of net periodic benefit income Interest cost $ 374 $ 304 Expected return on plan assets (611 ) (538 ) Amortization of prior service cost 147 114 Settlements and curtailments 26 — Net periodic benefit income $ (64 ) $ (120 ) Weighted-average assumptions used to determine net cost Discount rate 2.65 % 2.95 % Expected return on plan assets 5.30 % 5.75 % Rate of compensation increase N/A 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, 2022 2023 Asset Category Fixed Income 80% - 100% U.S. Equities 0% - 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, 2022 (Dollars in thousands) Estimated future benefit payments 2023 $ 1,930 2024 970 2025 750 2026 630 2027 670 Years 2028 - 2032 3,500 Thereafter 2,168 Projected benefit obligation $ 10,618 Fair value measurements, including descriptions of Level 1, 2, 3 14 December 31, 2022 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 $ 903 $ — $ — $ 903 International Equity 236 — — 236 Fixed Income 9,674 — — 9,674 $ 10,813 $ — $ — $ 10,813 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, 2022 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, 2022 December 31, 2021 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, 2022 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, 2022 2021 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, 2022 2021 Shares issued to the ESOP as of the dates indicated are as follows: December 31, 2022 December 31, 2021 (Dollars in thousands) Allocated shares 386,285 333,396 Committed-to-be-released shares 26,442 26,442 Unallocated shares 635,302 688,191 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 9,758 $ 13,901 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, 2022 2020 2020 no may 2015 December 31, 2022 2015 2015 During the years ended December 31, 2022 2021 five For the years ended December 31, 2022 2021 2015 2020 Included in the above compensation expense for the years ended December 31, 2022 2021 The following tables provide a summary of changes in non-vested restricted awards for the periods shown: For the Year Ended December 31, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2022 236,432 $ 16.19 Granted 59,443 20.87 Vested (70,761 ) 16.09 Canceled (1) (21,302 ) 16.09 Forfeited (36,973 ) 16.79 Non-vested at December 31, 2022 166,839 $ 17.78 ( 1 As of December 31, 2022 |
Note 11 - Regulatory Capital Re
Note 11 - Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2022 | |
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 financial holding company under the supervision of the Federal Reserve Bank of San Francisco. Financial 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, 2022 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, 2022 December 31, 2022 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, 2022 Common equity tier 1 capital $ 215,037 13.40 % $ 72,230 4.50 % $ 104,332 6.50 % Tier 1 risk-based capital 215,037 13.40 96,306 6.00 128,408 8.00 Total risk-based capital 231,405 14.42 128,408 8.00 160,510 10.00 Tier 1 leverage capital 215,037 10.41 82,607 4.00 103,259 5.00 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 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 (In thousands) Beginning balance $ — $ 143 Loan advances 64 1 Loan repayments — (11 ) Reclassifications (1) — (133 ) Ending balance $ 64 $ — (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 $2.2 million and $3.2 million at December 31, 2022 2021 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 The following financial instruments were outstanding whose contract amounts represent credit risk at: December 31, 2022 December 31, 2021 (In thousands) Commitments to grant loans $ 25 $ 2,720 Standby letters of credit 758 212 Unfunded commitments under lines of credit or existing loans 225,836 270,273 Low-Income Housing Tax Credit Investments December 31, 2022 2021 December 31, 2022 cognized a $77,000 tax benefit and $66,000 of proportional amortization. No tax benefit or proportional amortization was recognized during the year ended December 31, 2021 Total unfunded contingent commitments related to the Company’s LIHTC investment totaled $4.7 million at both December 31, 2022 2021 December 31, 2023 December 31, 2024, December 31, 2035. December 31, 2022 2021 Legal contingencies may no Significant group concentrations of credit risk one 20 December 31, 2022 2021 December 31, 2022 2021 one four At December 31, 2022 2021 December 31, 2022 2021 second December 31, 2022 2021 |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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 The Company used the following methods to measure fair value on a recurring and nonrecurring basis. Securities available for sale 1. 1 not 2, 3. Partnership investments 2, 3. Sold loan servicing rights, at fair value 3 Loans receivable, net 820 Assets and liabilities measured at fair value on a recurring basis December 31, 2022 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 $ 4,913 $ 93,137 $ — $ 98,050 U.S. Treasury notes 2,364 — — 2,364 Agency bonds — 1,702 — 1,702 Corporate debt 5,326 50,173 — 55,499 MBS agency — 75,648 — 75,648 MBS non-agency — 63,707 29,599 93,306 Sold loan servicing rights — — 3,887 3,887 Partnership investments — — 12,563 12,563 $ 12,603 $ 284,367 $ 46,049 $ 343,019 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 non-agency — 60,008 — 60,008 Partnership investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 December 31, 2022 Fair Value (In thousands) Valuation Technique Unobservable Input Range (Weighted Average) (a) Sold loan servicing rights $ 3,887 Discounted cash flow Constant prepayment rate 6.06% - 18.55% (8.33%) Discount rate 11.88% - 15.88% (13.27%) MBS non-agency $ 29,599 Consensus pricing Offered quotes 94 100 Comparability adjustments (%) -4.4% - +1.5% (a) Unobservable inputs were weighted by the relative fair value of the instruments. The following tables summarize the changes in Level 3 As of or For the Year Ended December 31, 2022 Balance at January 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Balance at December 31, 2022 (In thousands) Sold loan servicing rights $ 3,820 $ 54 $ 13 $ 3,887 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Year Ended December 31, 2022 Balance at January 1, 2022 Transfers Into Level 3 (1) Purchases Unrealized Gains Balance at December 31, 2022 (In thousands) Securities available for sale MBS non-agency $ — $ 29,599 $ — $ — $ 29,599 Partnership investments — 12,490 — 73 12,563 (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 investments. As of or For the Year Ended December 31, 2021 Balance at January 1, 2021 Transfers Out of Level 3 (1) Purchases Unrealized Gains Balance at December 31, 2021 (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS non-agency 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. 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, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,034 $ 3,034 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 At December 31, 2022 2021 The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: December 31, 2022 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,596 $ 45,596 $ 45,596 $ — $ — Investment securities available for sale 326,569 326,569 12,603 284,367 29,599 Loans held for sale 597 597 — 597 — Loans receivable, net 1,531,435 1,461,470 — — 1,461,470 FHLB stock 11,681 11,681 — 11,681 — Accrued interest receivable 6,743 6,743 — 6,743 — Servicing rights on sold loans, at fair value 3,887 3,887 — — 3,887 Partnership investments 12,563 12,563 — — 12,563 Financial liabilities Demand deposits $ 1,182,570 $ 1,182,570 $ 1,182,570 $ — $ — Time deposits 381,685 372,865 — — 372,865 FHLB borrowings 234,000 229,103 — — 229,103 Line of credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,358 38,841 — — 38,841 Accrued interest payable 455 455 — 455 — 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 344,212 344,212 11,963 332,249 — 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 Partnership 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 FHLB Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,280 — — 39,280 Accrued interest payable 393 393 — 393 — |
Note 15 - Earnings Per Common S
Note 15 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 (In thousands, except share data) Net income attributable to parent: Net income available to common shareholders $ 15,645 $ 15,418 Earnings allocated to participating securities (141 ) (505 ) Earnings allocated to common shareholders $ 15,504 $ 14,913 Basic: Weighted average common shares outstanding 9,956,823 10,151,946 Weighted average unvested restricted stock awards (219,776 ) (310,088 ) Weighted average unallocated ESOP shares (655,015 ) (707,905 ) Total basic weighted average common shares outstanding 9,082,032 9,133,953 Diluted: Basic weighted average common shares outstanding 9,082,032 9,133,953 Dilutive restricted stock awards 61,583 94,787 Total diluted weighted average common shares outstanding 9,143,615 9,228,740 Basic earnings per common share $ 1.71 $ 1.63 Diluted earnings per common share $ 1.71 $ 1.63 Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. For the years ended December 31, 2022 2021 |
Note 16 - Parent Company Only F
Note 16 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 ASSETS Cash and due from banks $ 1,028 $ 14,087 Investment in bank 176,297 198,660 Equity and partnership investments 10,371 2,588 ESOP loan receivable 8,972 9,576 Commercial business loans receivable, net 14,912 5,000 Accrued interest receivable 678 300 Prepaid expenses and other assets 1,214 525 Total assets $ 213,472 $ 230,736 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt, net $ 39,358 $ 39,280 Line of credit 12,000 — Interest payable 375 375 Payable to subsidiary 96 96 Other liabilities 70 24 Total liabilities 51,899 39,775 Shareholders' equity 161,573 190,961 Total liabilities and shareholders' equity $ 213,472 $ 230,736 FIRST NORTHWEST BANCORP Condensed Statements of Income (In thousands) For the Year Ended December 31, 2022 2021 Operating income: Interest and fees on loans receivable $ 954 $ 420 Unrealized (loss) gain on equity and partnership investments (513 ) 788 Dividends from Bank 3,000 1,000 Total operating income 3,441 2,208 Operating expenses: Interest paid on subordinated debt, net 1,578 1,203 Interest paid on line of credit 388 — Provision for loan losses 73 — Other expenses 1,221 1,759 Total operating expenses 3,260 2,962 Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary 181 (754 ) Provision (benefit) for income taxes 26 (368 ) Income (loss) before equity in undistributed earnings of subsidiary 155 (386 ) Equity in undistributed earnings of subsidiary 18,490 16,804 Net income $ 18,645 $ 16,418 FIRST NORTHWEST BANCORP Condensed Statement of Cash Flows (In thousands) For the Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 18,645 $ 16,418 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed earnings of subsidiary (18,490 ) (16,804 ) Amortization of deferred loan fees 15 — Amortization of debt issuance costs 78 57 Provision for loan losses 73 — Share-based compensation — 500 Change in payable to subsidiary — 24 Change in other assets (51 ) (421 ) Change in other liabilities 46 295 Net cash from operating activities 316 69 Cash flows from investing activities: Dividend paid to subsidiary — (20,000 ) Loan originations, net of repayments (10,000 ) (5,000 ) ESOP loan repayment 604 588 Investment in equity and partnership securities, net of distributions (7,364 ) (584 ) Net cash from investing activities (16,760 ) (24,996 ) Cash flows from financing activities: Proceeds from issuance of subordinated debt, net — 39,223 Net increase in line of credit 12,000 — Repurchase of common stock (5,828 ) (6,331 ) Payment of dividends (2,787 ) (2,533 ) Net cash from financing activities 3,385 30,359 Net (decrease) increase in cash (13,059 ) 5,432 Cash and cash equivalents at beginning of period 14,087 8,655 Cash and cash equivalents at end of period $ 1,028 $ 14,087 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the year for income taxes $ (824 ) $ (987 ) Cash paid during the year for interest on borrowings 1,500 771 NONCASH INVESTING ACTIVITIES Equity investment in Quil Ventures received through Quin Ventures asset sale $ 225 $ — Investment in partnership acquired through issuance of shares 1,869 — |
Note 17 - Business Combination
Note 17 - Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
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 FIRST NORTHWEST BANCORP AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 18 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, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (1,398 ) (1,746 ) (3,144 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) (106 ) (2,010 ) Net other comprehensive loss (3,302 ) (1,852 ) (5,154 ) BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 Other comprehensive loss before reclassification (40,451 ) (287 ) (40,738 ) Amounts reclassified from accumulated other comprehensive income (93 ) — (93 ) Net other comprehensive loss (40,544 ) (287 ) (40,831 ) BALANCE, December 31, 2022 $ (38,404 ) $ (2,139 ) $ (40,543 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Consolidation, Policy [Policy Text Block] | Principles of consolidation 810. 100% |
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, 2022 2021 December 31, 2022 2021 |
Marketable Securities, Policy [Policy Text Block] | Investment securities one three 1 2 3 December 31, 2022 2021 December 31, 2022 2021 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, 2022 2021 December 31, 2022 2021 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, 2022 2021 |
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, 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 December 31, 2021, January 1, 2022, Management assesses the fair value of 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" includes sold loan servicing income and changes in fair value for the year ending December 31, 2022. 2022, |
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 |
Life Insurance, Bank Owned, Policy [Policy Text Block] | Bank-owned life insurance |
Equity Method Investments [Policy Text Block] | Equity and partnership investments December 31, 2022 2021 not December 31, 2022 2021 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Core deposit intangible third |
Income Tax, Policy [Policy Text Block] | Income taxes 740 10, Income Taxes |
Lessee, Leases [Policy Text Block] | Leases January 1, 2019, 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, 2022 2021 December 31, 2022 2021 December 31, 2022 2021 |
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 January 2021, No. 2021 01, Reference Rate Reform (Topic 848 No. 2021 01 848 No. 2021 01 848 December 31, 2022. 2021 01 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 evaluated 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. December 31, 2022, 2022 06 848 December 31, 2024. No. 2020 04 no In March 2022, No. 2022 01, Derivatives and Hedging (Topic 815 Portfolio Layer Method. one December 15, 2022, 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, 2022 | |
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, 2022 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation [Table Text Block] | December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 119,990 $ — $ (21,940 ) $ 98,050 U.S. Treasury notes 2,469 — (105 ) 2,364 International agency issued bonds (Agency bonds) 1,955 — (253 ) 1,702 Corporate issued debt securities (Corporate debt) 60,700 — (5,201 ) 55,499 Mortgage-Backed Securities: U.S. government agency issued mortgage-backed securities (MBS agency) 88,930 1 (13,283 ) 75,648 Non-agency issued mortgage-backed securities (MBS non-agency) 101,139 — (7,833 ) 93,306 Total securities available for sale $ 375,183 $ 1 $ (48,615 ) $ 326,569 December 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 110,497 $ 3,207 $ (340 ) $ 113,364 Agency bonds 1,947 — (27 ) 1,920 ABS corporate 14,556 — (67 ) 14,489 Corporate debt 58,906 1,450 (567 ) 59,789 SBA 14,404 276 — 14,680 Mortgage-Backed Securities MBS agency 80,877 248 (1,163 ) 79,962 MBS non-agency 60,317 71 (380 ) 60,008 Total securities available for sale $ 341,504 $ 5,252 $ (2,544 ) $ 344,212 |
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 $ (15,749 ) $ 79,129 $ (6,191 ) $ 18,621 $ (21,940 ) $ 97,750 U.S. Treasury notes (105 ) 2,364 — — (105 ) 2,364 Agency bonds — — (253 ) 1,702 (253 ) 1,702 Corporate debt (2,570 ) 30,555 (2,631 ) 24,944 (5,201 ) 55,499 Mortgage-Backed Securities MBS agency (5,079 ) 40,099 (8,204 ) 33,064 (13,283 ) 73,163 MBS non-agency (3,956 ) 51,994 (3,877 ) 41,311 (7,833 ) 93,305 Total $ (27,459 ) $ 204,141 $ (21,156 ) $ 119,642 $ (48,615 ) $ 323,783 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 non-agency (374 ) 32,849 (6 ) 5,505 (380 ) 38,354 Total $ (1,820 ) $ 126,789 $ (724 ) $ 29,603 $ (2,544 ) $ 156,392 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ 13,762 $ 13,490 $ 7,827 $ 7,832 Due after one through five years 28,890 27,808 24,347 24,371 Due after five through ten years 13,436 12,165 8,466 8,391 Due after ten years 133,981 115,491 100,554 99,376 Total mortgage-backed securities 190,069 168,954 141,194 139,970 All other investment securities: Due within one year — — — — Due after one through five years 20,700 18,957 6,391 6,289 Due after five through ten years 64,211 57,523 79,679 80,807 Due after ten years 100,203 81,135 114,240 117,146 Total all other investment securities 185,114 157,615 200,310 204,242 Total investment securities $ 375,183 $ 326,569 $ 341,504 $ 344,212 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Proceeds $ 12,685 $ 109,829 Gross gains 128 2,827 Gross losses (10 ) (417 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Real Estate: One- to four-family $ 343,825 $ 294,965 Multi-family 253,551 172,409 Commercial real estate 390,246 363,299 Construction and land 194,646 224,709 Total real estate loans 1,182,268 1,055,382 Consumer: Home equity 52,322 39,172 Auto and other consumer 222,794 182,769 Total consumer loans 275,116 221,941 Commercial business loans 76,996 79,838 Total loans 1,534,380 1,357,161 Less: Net deferred loan fees 2,786 4,772 Premium on purchased loans, net (15,957 ) (12,995 ) Allowance for loan losses 16,116 15,124 Total loans receivable, net $ 1,531,435 $ 1,350,260 |
Schedule of Loans by Earlier of Maturity or Next Repricing Date [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Adjustable-rate loans Due within one year $ 329,516 $ 302,187 After one but within five years 277,353 258,094 After five but within ten years 51,251 54,351 After ten years 866 19,098 658,986 633,730 Fixed-rate loans Due within one year $ 3,474 $ 31,970 After one but within five years 190,153 148,233 After five but within ten years 219,437 194,245 After ten years 462,330 348,983 875,394 723,431 Total loans $ 1,534,380 $ 1,357,161 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At or For the Year Ended December 31, 2022 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 $ 3,184 $ 1,816 $ 3,996 $ 2,672 $ 407 $ 2,221 $ 470 $ 358 $ 15,124 Provision for (recapture of) loan losses 45 652 221 (330 ) 112 634 174 27 1,535 Charge-offs — — — — — (1,025 ) — — (1,025 ) Recoveries 114 — — 2 30 194 142 — 482 Ending balance $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 At December 31, 2022 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 $ 3,343 $ 2,468 $ 4,217 $ 2,344 $ 549 $ 2,024 $ 786 $ 385 $ 16,116 General reserve 3,321 2,468 4,217 2,343 545 2,019 786 385 16,084 Specific reserve 22 — — 1 4 5 — — 32 Total loans $ 343,825 $ 253,551 $ 390,246 $ 194,646 $ 52,322 $ 222,794 $ 76,996 $ — $ 1,534,380 General reserves (1) 341,171 253,551 390,196 194,630 52,100 222,702 76,996 — 1,531,346 Specific reserves (2) 2,654 — 50 16 222 92 — — 3,034 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 |
Impaired Financing Receivables [Table Text Block] | Year Ended December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One- to four-family $ 666 $ 705 $ — $ 371 $ 99 Commercial real estate 50 149 — 60 — Construction and land — 14 — 437 1 Home equity — — — 2 — Auto and other consumer — 2 — 184 2 Total 716 870 — 1,054 102 With an allowance recorded: One- to four-family 1,988 2,129 22 2,150 136 Commercial real estate — — — 5 — Construction and land 16 19 1 20 2 Home equity 222 224 4 259 11 Auto and other consumer 92 95 5 91 3 Total 2,318 2,467 32 2,525 152 Total impaired loans: One- to four-family 2,654 2,834 22 2,521 235 Commercial real estate 50 149 — 65 — Construction and land 16 33 1 457 3 Home equity 222 224 4 261 11 Auto and other consumer 92 97 5 275 5 Total $ 3,034 $ 3,337 $ 32 $ 3,579 $ 254 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 Total 309 584 — 1,390 20 With an allowance recorded: One- to four-family 2,045 2,245 25 2,281 138 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 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 Total $ 3,195 $ 3,692 $ 113 $ 4,624 $ 181 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) One- to four-family $ 957 $ 494 Commercial real estate 51 71 Construction and land 16 22 Home equity 194 282 Auto and other consumer 572 512 Total nonaccrual loans $ 1,790 $ 1,381 |
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 $ 1,461 $ 155 $ 652 $ 2,268 $ 341,557 $ 343,825 Multi-family — — — — 253,551 253,551 Commercial real estate — — — — 390,246 390,246 Construction and land — 19 — 19 194,627 194,646 Total real estate loans 1,461 174 652 2,287 1,179,981 1,182,268 Consumer: Home equity 151 — 11 162 52,160 52,322 Auto and other consumer 1,390 697 554 2,641 220,153 222,794 Total consumer loans 1,541 697 565 2,803 272,313 275,116 Commercial business loans — — — — 76,996 76,996 Total loans $ 3,002 $ 871 $ 1,217 $ 5,090 $ 1,529,290 $ 1,534,380 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One- to four-family $ 340,046 $ 2,255 $ 27 $ 1,497 $ 343,825 Multi-family 237,873 15,678 — — 253,551 Commercial real estate 351,258 25,659 12,195 1,134 390,246 Construction and land 180,123 521 — 14,002 194,646 Total real estate loans 1,109,300 44,113 12,222 16,633 1,182,268 Consumer: Home equity 51,744 370 14 194 52,322 Auto and other consumer 222,413 215 75 91 222,794 Total consumer loans 274,157 585 89 285 275,116 Commercial business loans 66,140 2,378 8,478 — 76,996 Total loans $ 1,449,597 $ 47,076 $ 20,789 $ 16,918 $ 1,534,380 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 Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 957 $ 342,868 $ 343,825 Multi-family — 253,551 253,551 Commercial real estate 51 390,195 390,246 Construction and land 16 194,630 194,646 Consumer: Home equity 194 52,128 52,322 Auto and other consumer 572 222,222 222,794 Commercial business loans — 76,996 76,996 Total loans $ 1,790 $ 1,532,590 $ 1,534,380 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 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Total TDR loans $ 1,753 $ 1,843 Allowance for loan losses related to TDR loans 18 21 Total nonaccrual TDR loans 29 29 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 December 31, 2022 December 31, 2021 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 1,697 $ 29 $ 1,726 $ 1,763 $ 29 $ 1,792 Home equity 27 — 27 51 — 51 Total TDR loans $ 1,724 $ 29 $ 1,753 $ 1,814 $ 29 $ 1,843 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Land $ 2,907 $ 2,907 Buildings 6,697 6,697 Building improvements 16,747 14,492 Furniture, fixtures, and equipment 7,082 7,512 Software 598 599 Automobiles 66 66 Construction in progress 663 3,361 34,760 35,634 Less accumulated depreciation and amortization (16,671 ) (15,804 ) $ 18,089 $ 19,830 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2022 December 31, 2021 (In Thousands) Operating cash flows from operating leases $ 1,194 $ 868 Right of use assets obtained in exchange for new operating lease liabilities — 4,364 December 31, 2022 December 31, 2021 Weighted-average remaining lease term of operating leases (in years) 10.0 10.8 Weighted-average discount rate of operating leases 2.4 % 2.4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2022 Twelve-month period ending: (In Thousands) 2023 $ 819 2024 852 2025 890 2026 885 2027 892 Thereafter 3,934 Total minimum payments required $ 8,272 Less imputed interest 1,359 Present value of lease liabilities $ 6,913 |
Note 6 - Servicing Rights on _2
Note 6 - Servicing Rights on Sold Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Servicing Asset at Amortized Cost [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Balance at beginning of period $ 3,282 $ 2,120 One-time adjustment for fair value reporting election 538 — Additions 54 1,234 Change in fair value 13 — Amortization — (109 ) Valuation allowance net (impairment) recovery — 37 Balance at end of period $ 3,887 $ 3,282 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | For the Year Ended December 31, 2021 (In thousands) Balance at beginning of period $ (37 ) Impairments — Recoveries 37 Balance at end of period $ — |
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, 2022 2021 Constant prepayment rate 8.3 % 9.3 % Weighted-average life (years) 6.0 5.4 Yield to maturity discount 13.3 % 10.3 % For the Year Ended December 31, 2022 2021 (Dollars in thousands) Servicing right fair value $ 3,887 $ 3,820 Constant prepayment rate assumption (weighted-average) 8.3 % 9.3 % Impact on fair value with a 10% adverse change in prepayment speed $ (264 ) $ (160 ) Impact on fair value with a 20% adverse change in prepayment speed $ (416 ) $ (278 ) Yield to maturity discount assumption (weighted-average) 13.3 % 10.3 % Impact on fair value with a 10% adverse change in discount rate $ (194 ) $ (163 ) Impact on fair value with a 20% adverse change in discount rate $ (287 ) $ (277 ) |
Schedule of Fees Earned in Connection with Servicing Assets and Liabilities [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Servicing fees $ 972 $ 1,013 Late fees 12 9 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2022 December 31, 2021 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Noninterest-bearing demand deposits $ 315,083 — % $ 343,932 — % Interest-bearing demand deposits 193,558 0.01 % 196,970 0.01 % Money market accounts 473,009 0.58 % 597,815 0.21 % Savings accounts 200,920 0.26 % 194,620 0.05 % Certificates of deposit 381,685 2.19 % 247,243 0.62 % $ 1,564,255 0.74 % $ 1,580,580 0.19 % |
Time Deposit Maturities [Table Text Block] | December 31, 2022 (In thousands) Within one year or less $ 262,189 After one year through two years 69,967 After two years through three years 37,032 After three years through four years 7,409 After four years through five years 5,088 $ 381,685 |
Schedule of Interest on Deposits Liabilities, Type [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Demand deposits $ 137 $ 43 Money market accounts 1,698 1,165 Savings accounts 165 128 Certificates of deposit 3,198 2,060 $ 5,198 $ 3,396 |
Note 8 - Borrowings (Tables)
Note 8 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Long-term advances $ 80,000 $ 80,000 Short-term fixed-rate advances 10,000 — Overnight variable-rate advances 144,000 — Line of Credit 12,000 — Subordinated debt, net 39,358 39,280 For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 206,000 $ 40,000 Monthly average outstanding 90,983 5,207 Weighted-average daily interest rates Annual 2.83 % 0.30 % Period End 4.30 % 0.31 % Interest expense during the period 1,845 6 For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 42,500 $ — Monthly average outstanding 15,208 — Weighted-average daily interest rates Annual 1.82 % — % Period End 2.12 % — % Interest expense during the period 246 — For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 80,000 $ 80,000 Monthly average outstanding 80,000 52,500 Weighted-average interest rates Annual 1.52 % 1.46 % Period End 1.52 % 1.52 % Interest expense during the period 1,260 768 December 31, 2022 December 31, 2021 Amount Weighted- Average Interest Rate Amount Weighted- Average Interest Rate (Dollars in thousands) Within one year or less $ 15,000 1.54 % $ — — % After one year through two years 15,000 1.47 15,000 1.54 After two years through three years 25,000 1.42 15,000 1.47 After three years through four years 15,000 1.55 25,000 1.42 After four years through five years 10,000 1.76 15,000 1.55 After five years — — 10,000 1.76 $ 80,000 1.52 % $ 80,000 1.52 % For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 12,000 $ — Monthly average outstanding 5,770 — Weighted-average interest rates Annual 6.76 % — % Period End 8.00 % — % Interest expense during the period 389 — For the Year Ended December 31, 2022 2021 (Dollars in thousands) Maximum outstanding at any month-end $ 39,358 $ 39,310 Monthly average outstanding 39,312 30,370 Weighted-average interest rates Annual 4.01 % 3.96 % Period End 4.01 % 3.06 % Interest expense during the period 1,577 1,203 |
Note 9 - Federal Taxes on Inc_2
Note 9 - Federal Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Current $ 4,376 $ 3,131 Deferred (1,529 ) 63 $ 2,847 $ 3,194 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Income taxes computed at statutory rates $ 3,432 $ 3,909 Tax-exempt income (183 ) (218 ) Bank-owned life insurance income (505 ) (203 ) Other, net 103 (294 ) $ 2,847 $ 3,194 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Deferred tax assets Allowance for loan losses $ 3,528 $ 3,255 Unrealized loss on securities available for sale 10,432 — Accrued compensation 368 461 Nonaccrual loans — 1 ESOP timing differences 160 173 Restricted stock awards 319 312 Deferred lease liabilities 1,507 1,654 Net operating loss carryforward 1,111 — Retention credit benefit 1,168 — Total deferred tax assets 18,593 5,856 Deferred tax liabilities Deferred loan fees 1,126 702 Unrealized gain on securities available for sale — 569 FHLB stock dividends 374 417 Accumulated depreciation 864 609 Deferred investment gain 424 341 Defined benefit plan 42 59 Right of use assets 1,435 1,595 Other, net 237 3 Total deferred tax liabilities 4,502 4,295 Deferred tax asset, net $ 14,091 $ 1,561 |
Note 10 - Benefit Plans (Tables
Note 10 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2022 December 31, 2021 (Dollars in thousands) Change in fair value of plan assets Fair value at beginning of period $ 15,821 $ 14,705 Actual return on plan assets (3,680 ) 1,618 Benefits paid (462 ) (502 ) Settlements and curtailments (866 ) — Fair value at end of period $ 10,813 $ 15,821 Change in projected benefit obligation Projected benefit obligation at beginning of period $ 15,328 $ 14,197 Interest cost 374 304 Actuarial loss (3,756 ) 1,329 Benefits paid (462 ) (502 ) Settlements and curtailments (866 ) — Projected benefit obligation at end of period $ 10,618 $ 15,328 Funded status at period end $ 195 $ 493 Amounts recognized on Consolidated Balance Sheet Other assets $ 195 $ 493 Accumulated other comprehensive income (2,138 ) (1,852 ) Net amount recognized $ 2,333 $ 2,345 Other changes recognized in other comprehensive income Net (gain) loss $ 535 $ 249 Amortization of prior service (cost) credit (147 ) (114 ) Amount recognized due to settlement (26 ) — Net periodic benefit cost $ 362 $ 135 Weighted-average assumptions used to determine projected obligation Discount rate 5.10 % 2.65 % Rate of compensation increase N/A N/A |
Schedule of Net Benefit Costs [Table Text Block] | For the Year Ended December 31, 2022 2021 (Dollars in thousands) Components of net periodic benefit income Interest cost $ 374 $ 304 Expected return on plan assets (611 ) (538 ) Amortization of prior service cost 147 114 Settlements and curtailments 26 — Net periodic benefit income $ (64 ) $ (120 ) Weighted-average assumptions used to determine net cost Discount rate 2.65 % 2.95 % Expected return on plan assets 5.30 % 5.75 % Rate of compensation increase N/A N/A |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | Asset Category Fixed Income 80% - 100% U.S. Equities 0% - 30% Non-U.S. Equities 0% - 20% Real Assets 0% - 10% |
Schedule of Expected Benefit Payments [Table Text Block] | December 31, 2022 (Dollars in thousands) Estimated future benefit payments 2023 $ 1,930 2024 970 2025 750 2026 630 2027 670 Years 2028 - 2032 3,500 Thereafter 2,168 Projected benefit obligation $ 10,618 |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | December 31, 2022 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 $ 903 $ — $ — $ 903 International Equity 236 — — 236 Fixed Income 9,674 — — 9,674 $ 10,813 $ — $ — $ 10,813 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, 2022 December 31, 2021 (Dollars in thousands) Allocated shares 386,285 333,396 Committed-to-be-released shares 26,442 26,442 Unallocated shares 635,302 688,191 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 9,758 $ 13,901 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For the Year Ended December 31, 2022 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2022 236,432 $ 16.19 Granted 59,443 20.87 Vested (70,761 ) 16.09 Canceled (1) (21,302 ) 16.09 Forfeited (36,973 ) 16.79 Non-vested at December 31, 2022 166,839 $ 17.78 |
Note 11 - Regulatory Capital _2
Note 11 - Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Common equity tier 1 capital $ 215,037 13.40 % $ 72,230 4.50 % $ 104,332 6.50 % Tier 1 risk-based capital 215,037 13.40 96,306 6.00 128,408 8.00 Total risk-based capital 231,405 14.42 128,408 8.00 160,510 10.00 Tier 1 leverage capital 215,037 10.41 82,607 4.00 103,259 5.00 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 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands) Beginning balance $ — $ 143 Loan advances 64 1 Loan repayments — (11 ) Reclassifications (1) — (133 ) Ending balance $ 64 $ — (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, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2022 December 31, 2021 (In thousands) Commitments to grant loans $ 25 $ 2,720 Standby letters of credit 758 212 Unfunded commitments under lines of credit or existing loans 225,836 270,273 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2022 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 $ 4,913 $ 93,137 $ — $ 98,050 U.S. Treasury notes 2,364 — — 2,364 Agency bonds — 1,702 — 1,702 Corporate debt 5,326 50,173 — 55,499 MBS agency — 75,648 — 75,648 MBS non-agency — 63,707 29,599 93,306 Sold loan servicing rights — — 3,887 3,887 Partnership investments — — 12,563 12,563 $ 12,603 $ 284,367 $ 46,049 $ 343,019 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 non-agency — 60,008 — 60,008 Partnership investments — 3,071 — 3,071 $ 11,963 $ 335,320 $ — $ 347,283 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2022 Fair Value (In thousands) Valuation Technique Unobservable Input Range (Weighted Average) (a) Sold loan servicing rights $ 3,887 Discounted cash flow Constant prepayment rate 6.06% - 18.55% (8.33%) Discount rate 11.88% - 15.88% (13.27%) MBS non-agency $ 29,599 Consensus pricing Offered quotes 94 100 Comparability adjustments (%) -4.4% - +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] | As of or For the Year Ended December 31, 2022 Balance at January 1, 2022 Servicing rights that result from transfers and sale of financial assets Changes in fair value due to changes in model inputs or assumptions (1) Balance at December 31, 2022 (In thousands) Sold loan servicing rights $ 3,820 $ 54 $ 13 $ 3,887 (1) Represents changes due to collection/realization of expected cash flows and curtailments. As of or For the Year Ended December 31, 2022 Balance at January 1, 2022 Transfers Into Level 3 (1) Purchases Unrealized Gains Balance at December 31, 2022 (In thousands) Securities available for sale MBS non-agency $ — $ 29,599 $ — $ — $ 29,599 Partnership investments — 12,490 — 73 12,563 (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 investments. As of or For the Year Ended December 31, 2021 Balance at January 1, 2021 Transfers Out of Level 3 (1) Purchases Unrealized Gains Balance at December 31, 2021 (In thousands) Securities available for sale Corporate debt $ 2,540 $ (2,540 ) $ — $ — $ — MBS non-agency 6,372 (6,372 ) — — — $ 8,912 $ (8,912 ) $ — $ — $ — (1) Transferred from Level 3 to Level 2 after obtaining observable market data. |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,034 $ 3,034 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 3,195 $ 3,195 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 Carrying Estimated Fair Fair Value Measurements Using: Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,596 $ 45,596 $ 45,596 $ — $ — Investment securities available for sale 326,569 326,569 12,603 284,367 29,599 Loans held for sale 597 597 — 597 — Loans receivable, net 1,531,435 1,461,470 — — 1,461,470 FHLB stock 11,681 11,681 — 11,681 — Accrued interest receivable 6,743 6,743 — 6,743 — Servicing rights on sold loans, at fair value 3,887 3,887 — — 3,887 Partnership investments 12,563 12,563 — — 12,563 Financial liabilities Demand deposits $ 1,182,570 $ 1,182,570 $ 1,182,570 $ — $ — Time deposits 381,685 372,865 — — 372,865 FHLB borrowings 234,000 229,103 — — 229,103 Line of credit 12,000 12,034 — — 12,034 Subordinated debt, net 39,358 38,841 — — 38,841 Accrued interest payable 455 455 — 455 — 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 344,212 344,212 11,963 332,249 — 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 Partnership 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 FHLB Borrowings 80,000 80,192 — — 80,192 Subordinated debt, net 39,280 39,280 — — 39,280 Accrued interest payable 393 393 — 393 — |
Note 15 - Earnings Per Common_2
Note 15 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2022 2021 (In thousands, except share data) Net income attributable to parent: Net income available to common shareholders $ 15,645 $ 15,418 Earnings allocated to participating securities (141 ) (505 ) Earnings allocated to common shareholders $ 15,504 $ 14,913 Basic: Weighted average common shares outstanding 9,956,823 10,151,946 Weighted average unvested restricted stock awards (219,776 ) (310,088 ) Weighted average unallocated ESOP shares (655,015 ) (707,905 ) Total basic weighted average common shares outstanding 9,082,032 9,133,953 Diluted: Basic weighted average common shares outstanding 9,082,032 9,133,953 Dilutive restricted stock awards 61,583 94,787 Total diluted weighted average common shares outstanding 9,143,615 9,228,740 Basic earnings per common share $ 1.71 $ 1.63 Diluted earnings per common share $ 1.71 $ 1.63 |
Note 16 - Parent Company Only_2
Note 16 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2022 December 31, 2021 ASSETS Cash and due from banks $ 1,028 $ 14,087 Investment in bank 176,297 198,660 Equity and partnership investments 10,371 2,588 ESOP loan receivable 8,972 9,576 Commercial business loans receivable, net 14,912 5,000 Accrued interest receivable 678 300 Prepaid expenses and other assets 1,214 525 Total assets $ 213,472 $ 230,736 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt, net $ 39,358 $ 39,280 Line of credit 12,000 — Interest payable 375 375 Payable to subsidiary 96 96 Other liabilities 70 24 Total liabilities 51,899 39,775 Shareholders' equity 161,573 190,961 Total liabilities and shareholders' equity $ 213,472 $ 230,736 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2022 2021 Operating income: Interest and fees on loans receivable $ 954 $ 420 Unrealized (loss) gain on equity and partnership investments (513 ) 788 Dividends from Bank 3,000 1,000 Total operating income 3,441 2,208 Operating expenses: Interest paid on subordinated debt, net 1,578 1,203 Interest paid on line of credit 388 — Provision for loan losses 73 — Other expenses 1,221 1,759 Total operating expenses 3,260 2,962 Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary 181 (754 ) Provision (benefit) for income taxes 26 (368 ) Income (loss) before equity in undistributed earnings of subsidiary 155 (386 ) Equity in undistributed earnings of subsidiary 18,490 16,804 Net income $ 18,645 $ 16,418 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 18,645 $ 16,418 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed earnings of subsidiary (18,490 ) (16,804 ) Amortization of deferred loan fees 15 — Amortization of debt issuance costs 78 57 Provision for loan losses 73 — Share-based compensation — 500 Change in payable to subsidiary — 24 Change in other assets (51 ) (421 ) Change in other liabilities 46 295 Net cash from operating activities 316 69 Cash flows from investing activities: Dividend paid to subsidiary — (20,000 ) Loan originations, net of repayments (10,000 ) (5,000 ) ESOP loan repayment 604 588 Investment in equity and partnership securities, net of distributions (7,364 ) (584 ) Net cash from investing activities (16,760 ) (24,996 ) Cash flows from financing activities: Proceeds from issuance of subordinated debt, net — 39,223 Net increase in line of credit 12,000 — Repurchase of common stock (5,828 ) (6,331 ) Payment of dividends (2,787 ) (2,533 ) Net cash from financing activities 3,385 30,359 Net (decrease) increase in cash (13,059 ) 5,432 Cash and cash equivalents at beginning of period 14,087 8,655 Cash and cash equivalents at end of period $ 1,028 $ 14,087 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the year for income taxes $ (824 ) $ (987 ) Cash paid during the year for interest on borrowings 1,500 771 NONCASH INVESTING ACTIVITIES Equity investment in Quil Ventures received through Quin Ventures asset sale $ 225 $ — Investment in partnership acquired through issuance of shares 1,869 — |
Note 17 - Business Combination
Note 17 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
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, 2020 $ 5,442 $ — $ 5,442 Other comprehensive loss before reclassification (1,398 ) (1,746 ) (3,144 ) Amounts reclassified from accumulated other comprehensive income (1,904 ) (106 ) (2,010 ) Net other comprehensive loss (3,302 ) (1,852 ) (5,154 ) BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 BALANCE, December 31, 2021 $ 2,140 $ (1,852 ) $ 288 Other comprehensive loss before reclassification (40,451 ) (287 ) (40,738 ) Amounts reclassified from accumulated other comprehensive income (93 ) — (93 ) Net other comprehensive loss (40,544 ) (287 ) (40,831 ) BALANCE, December 31, 2022 $ (38,404 ) $ (2,139 ) $ (40,543 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Jan. 01, 2023 | Dec. 18, 2015 | Jan. 29, 2015 | Dec. 31, 2022 | Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | 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), Total | $ 114,424,000 | $ 114,424,000 | $ 103,014,000 | $ 79,700,000 | |||||
Employee Stock Ownership Plan (ESOP), Issued, Percentage of Common Stock Issued | 8% | ||||||||
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 | 1,048,029 | |||||
Employee Stock Ownership Plan (ESOP), Number of Shares Purchased, Percentage | 100% | 100% | 100% | ||||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 386,285 | 386,285 | 333,396 | ||||||
Loans and Leases Receivable, Net Amount | $ 1,531,435,000 | $ 1,531,435,000 | $ 1,350,260,000 | ||||||
Stock Issued During Period, Value, New Issues | 1,869,000 | ||||||||
Debt Securities, Trading, and Equity Securities, FV-NI, Total | 0 | 0 | 0 | ||||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | 0 | 0 | 0 | ||||||
Federal Home Loan Bank, Minimum Investment Requirement | 11,600,000 | 11,600,000 | 5,200,000 | ||||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Remaining Balance | 1,900,000 | 1,900,000 | 2,000,000 | ||||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Amount Repurchased | 0 | 0 | |||||||
Transfers of financial Assets, Mortgage Loans Sold with Recourse, Allowance Reserve | 9,000 | 9,000 | 11,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses, Percentage Increase (Decrease) | 15% | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses, Percentage Increase (Decrease) | 30% | ||||||||
Non-publicly Traded Stock and Simple Agreements for Future Equity ("SAFE") [Member] | |||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 1,700,000 | 1,700,000 | 500,000 | ||||||
Partnership Interest [Member] | |||||||||
Equity Method Investments | $ 12,600,000 | 12,600,000 | 3,100,000 | ||||||
Federal Home Loan Bank Stock [Member] | |||||||||
Other Than Temporary Impairment Loss on FHLB Stock | $ 0 | $ 0 | |||||||
Quil Ventures, Inc. [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | 5% | |||||||
Investments, Total | $ 225,000 | $ 225,000 | |||||||
Commitment Receivable | $ 1,500,000 | $ 1,500,000 | |||||||
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 | $ 8,000,000 | ||||||||
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 | ||||||||
Stock Returned During Period, Shares (in shares) | 29,719 | ||||||||
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, 2022 | |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 182 | 76 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total | $ 48,615 | $ 2,544 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total | 323,783 | 156,392 |
Other than Temporary Impairment Losses, Investments | $ 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, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 375,183 | $ 341,504 |
Securities available for sale, gross unrealized gains | 1 | 5,252 |
Securities available for sale, gross unrealized losses | (48,615) | (2,544) |
Investment securities available for sale, at fair value | 326,569 | 344,212 |
Securities available for sale, gross unrealized losses | 48,615 | 2,544 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 119,990 | 110,497 |
Securities available for sale, gross unrealized gains | 0 | 3,207 |
Securities available for sale, gross unrealized losses | (21,940) | (340) |
Investment securities available for sale, at fair value | 98,050 | 113,364 |
Securities available for sale, gross unrealized losses | 21,940 | 340 |
US Treasury Securities [Member] | ||
Securities available for sale, amortized cost | 2,469 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (105) | |
Investment securities available for sale, at fair value | 2,364 | |
Securities available for sale, gross unrealized losses | 105 | |
International Agency Bonds [Member] | ||
Securities available for sale, amortized cost | 1,955 | 1,947 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (253) | (27) |
Investment securities available for sale, at fair value | 1,702 | 1,920 |
Securities available for sale, gross unrealized losses | 253 | 27 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 14,556 | |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | (67) | |
Investment securities available for sale, at fair value | 14,489 | |
Securities available for sale, gross unrealized losses | 67 | |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 60,700 | 58,906 |
Securities available for sale, gross unrealized gains | 0 | 1,450 |
Securities available for sale, gross unrealized losses | (5,201) | (567) |
Investment securities available for sale, at fair value | 55,499 | 59,789 |
Securities available for sale, gross unrealized losses | 5,201 | 567 |
US Small Business Administration Securities [Member] | ||
Securities available for sale, amortized cost | 14,404 | |
Securities available for sale, gross unrealized gains | 276 | |
Securities available for sale, gross unrealized losses | 0 | |
Investment securities available for sale, at fair value | 14,680 | |
Securities available for sale, gross unrealized losses | 0 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 88,930 | 80,877 |
Securities available for sale, gross unrealized gains | 1 | 248 |
Securities available for sale, gross unrealized losses | (13,283) | (1,163) |
Investment securities available for sale, at fair value | 75,648 | 79,962 |
Securities available for sale, gross unrealized losses | 13,283 | 1,163 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, amortized cost | 101,139 | 60,317 |
Securities available for sale, gross unrealized gains | 71 | |
Securities available for sale, gross unrealized losses | (7,833) | (380) |
Investment securities available for sale, at fair value | 93,306 | 60,008 |
Securities available for sale, gross unrealized losses | $ 7,833 | $ 380 |
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, 2022 | Dec. 31, 2021 |
Securities available for sale, gross unrealized losses, less than twelve months | $ (27,459) | $ (1,820) |
Securities available for sale, fair value, less than twelve months | 204,141 | 126,789 |
Securities available for sale, gross unrealized losses, twelve months or longer | (21,156) | (724) |
Securities available for sale, fair value, twelve months or longer | 119,642 | 29,603 |
Securities available for sale, gross unrealized losses, total | (48,615) | (2,544) |
Securities available for sale, fair value, total | 323,783 | 156,392 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (15,749) | (306) |
Securities available for sale, fair value, less than twelve months | 79,129 | 23,125 |
Securities available for sale, gross unrealized losses, twelve months or longer | (6,191) | (34) |
Securities available for sale, fair value, twelve months or longer | 18,621 | 1,475 |
Securities available for sale, gross unrealized losses, total | (21,940) | (340) |
Securities available for sale, fair value, total | 97,750 | 24,600 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | 0 | (27) |
Securities available for sale, fair value, less than twelve months | 0 | 1,920 |
Securities available for sale, gross unrealized losses, twelve months or longer | (253) | 0 |
Securities available for sale, fair value, twelve months or longer | 1,702 | 0 |
Securities available for sale, gross unrealized losses, total | (253) | (27) |
Securities available for sale, fair value, total | 1,702 | 1,920 |
Asset-backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (67) | |
Securities available for sale, fair value, less than twelve months | 10,976 | |
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 | (67) | |
Securities available for sale, fair value, total | 10,976 | |
US Treasury Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (105) | |
Securities available for sale, fair value, less than twelve months | 2,364 | |
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 | (105) | |
Securities available for sale, fair value, total | 2,364 | |
Corporate Debt Securities [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (2,570) | (333) |
Securities available for sale, fair value, less than twelve months | 30,555 | 18,890 |
Securities available for sale, gross unrealized losses, twelve months or longer | (2,631) | (234) |
Securities available for sale, fair value, twelve months or longer | 24,944 | 9,752 |
Securities available for sale, gross unrealized losses, total | (5,201) | (567) |
Securities available for sale, fair value, total | 55,499 | 28,642 |
US Small Business Administration Securities [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 | 0 | |
Securities available for sale, fair value, twelve months or longer | 69 | |
Securities available for sale, gross unrealized losses, total | 0 | |
Securities available for sale, fair value, total | 69 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (5,079) | (713) |
Securities available for sale, fair value, less than twelve months | 40,099 | 39,029 |
Securities available for sale, gross unrealized losses, twelve months or longer | (8,204) | (450) |
Securities available for sale, fair value, twelve months or longer | 33,064 | 12,802 |
Securities available for sale, gross unrealized losses, total | (13,283) | (1,163) |
Securities available for sale, fair value, total | 73,163 | 51,831 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Securities available for sale, gross unrealized losses, less than twelve months | (3,956) | (374) |
Securities available for sale, fair value, less than twelve months | 51,994 | 32,849 |
Securities available for sale, gross unrealized losses, twelve months or longer | (3,877) | (6) |
Securities available for sale, fair value, twelve months or longer | 41,311 | 5,505 |
Securities available for sale, gross unrealized losses, total | (7,833) | (380) |
Securities available for sale, fair value, total | $ 93,305 | $ 38,354 |
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, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 375,183 | $ 341,504 |
Investment securities available for sale, at fair value | 326,569 | 344,212 |
Collateralized Mortgage-Backed Securities [Member] | ||
Due within one year, amortized cost | 13,762 | 7,827 |
Due within one year, estimated fair value | 13,490 | 7,832 |
Due after one through five years, amortized cost | 28,890 | 24,347 |
Due after one through five years, estimated fair value | 27,808 | 24,371 |
Due after five through ten years, amortized cost | 13,436 | 8,466 |
Due after five through ten years, estimated fair value | 12,165 | 8,391 |
Due after ten years, amortized cost | 133,981 | 100,554 |
Due after ten years, estimated fair value | 115,491 | 99,376 |
Securities available for sale, amortized cost | 190,069 | 141,194 |
Investment securities available for sale, at fair value | 168,954 | 139,970 |
Investment Securities, Excluding Mortgage Backed Securities [Member] | ||
Due within one year, amortized cost | 0 | 0 |
Due within one year, estimated fair value | 0 | 0 |
Due after one through five years, amortized cost | 20,700 | 6,391 |
Due after one through five years, estimated fair value | 18,957 | 6,289 |
Due after five through ten years, amortized cost | 64,211 | 79,679 |
Due after five through ten years, estimated fair value | 57,523 | 80,807 |
Due after ten years, amortized cost | 100,203 | 114,240 |
Due after ten years, estimated fair value | 81,135 | 117,146 |
Securities available for sale, amortized cost | 185,114 | 200,310 |
Investment securities available for sale, at fair value | $ 157,615 | $ 204,242 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sales of securities available for sale | $ 12,685 | $ 109,829 |
Gross gains | 128 | 2,827 |
Gross losses | $ (10) | $ (417) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) Pure in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 141,000 | $ 162,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable, gross | $ 1,534,380 | $ 1,357,161 | |
Net deferred loan fees | 2,786 | 4,772 | |
Premium on purchased loans, net | (15,957) | (12,995) | |
Allowance for loan losses | 16,116 | 15,124 | $ 13,847 |
Total loans receivable, net | 1,531,435 | 1,350,260 | |
Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 1,182,268 | 1,055,382 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Loans receivable, gross | 343,825 | 294,965 | |
Allowance for loan losses | 3,343 | 3,184 | 3,469 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Loans receivable, gross | 253,551 | 172,409 | |
Allowance for loan losses | 2,468 | 1,816 | 1,764 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans receivable, gross | 390,246 | 363,299 | |
Allowance for loan losses | 4,217 | 3,996 | 3,420 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable, gross | 194,646 | 224,709 | |
Allowance for loan losses | 2,344 | 2,672 | 1,461 |
Consumer Portfolio Segment [Member] | |||
Loans receivable, gross | 275,116 | 221,941 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans receivable, gross | 52,322 | 39,172 | |
Allowance for loan losses | 549 | 407 | 368 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Loans receivable, gross | 222,794 | 182,769 | |
Allowance for loan losses | 2,024 | 2,221 | 2,642 |
Commercial Portfolio Segment [Member] | |||
Loans receivable, gross | 76,996 | 79,838 | |
Allowance for loan losses | $ 786 | $ 470 | $ 429 |
Note 3 - Loans Receivable - L_2
Note 3 - Loans Receivable - Loans by Earlier of Repricing date or Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total loans | $ 1,534,380 | $ 1,357,161 |
Adjustable Rate Loans [Member] | ||
Due within one year | 329,516 | 302,187 |
After one but within five years | 277,353 | 258,094 |
After five but within ten years | 51,251 | 54,351 |
After ten years | 866 | 19,098 |
Total loans | 658,986 | 633,730 |
Fixed Rate Loans [Member] | ||
Due within one year | 3,474 | 31,970 |
After one but within five years | 190,153 | 148,233 |
After five but within ten years | 219,437 | 194,245 |
After ten years | 462,330 | 348,983 |
Total loans | $ 875,394 | $ 723,431 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Beginning balance | $ 15,124 | $ 13,847 | |
PROVISION FOR LOAN LOSSES | 1,535 | 1,350 | |
Charge-offs | (1,025) | (877) | |
Recoveries | 482 | 804 | |
Ending balance | 16,116 | 15,124 | |
Allowance for loan losses | 16,116 | 15,124 | |
General reserve | 16,084 | 15,011 | |
Specific reserve | 32 | 113 | |
Total loans | 1,534,380 | 1,357,161 | |
General reserves | [1] | 1,531,346 | 1,353,966 |
Specific reserves | [2] | 3,034 | 3,195 |
Real Estate Portfolio Segment [Member] | |||
Total loans | 1,182,268 | 1,055,382 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||
Beginning balance | 3,184 | 3,469 | |
PROVISION FOR LOAN LOSSES | 45 | (291) | |
Charge-offs | 0 | 0 | |
Recoveries | 114 | 6 | |
Ending balance | 3,343 | 3,184 | |
Allowance for loan losses | 3,343 | 3,184 | |
General reserve | 3,321 | 3,159 | |
Specific reserve | 22 | 25 | |
Total loans | 343,825 | 294,965 | |
General reserves | [1] | 341,171 | 292,708 |
Specific reserves | [2] | 2,654 | 2,257 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | |||
Beginning balance | 1,816 | 1,764 | |
PROVISION FOR LOAN LOSSES | 652 | 52 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 2,468 | 1,816 | |
Allowance for loan losses | 2,468 | 1,816 | |
General reserve | 2,468 | 1,816 | |
Specific reserve | 0 | 0 | |
Total loans | 253,551 | 172,409 | |
General reserves | [1] | 253,551 | 172,409 |
Specific reserves | [2] | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Beginning balance | 3,996 | 3,420 | |
PROVISION FOR LOAN LOSSES | 221 | 576 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 4,217 | 3,996 | |
Allowance for loan losses | 4,217 | 3,996 | |
General reserve | 4,217 | 3,996 | |
Specific reserve | 0 | 0 | |
Total loans | 390,246 | 363,299 | |
General reserves | [1] | 390,196 | 363,228 |
Specific reserves | [2] | 50 | 71 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Beginning balance | 2,672 | 1,461 | |
PROVISION FOR LOAN LOSSES | (330) | 1,203 | |
Charge-offs | 0 | 0 | |
Recoveries | 2 | 8 | |
Ending balance | 2,344 | 2,672 | |
Allowance for loan losses | 2,344 | 2,672 | |
General reserve | 2,343 | 2,672 | |
Specific reserve | 1 | 0 | |
Total loans | 194,646 | 224,709 | |
General reserves | [1] | 194,630 | 224,687 |
Specific reserves | [2] | 16 | 22 |
Consumer Portfolio Segment [Member] | |||
Total loans | 275,116 | 221,941 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Beginning balance | 407 | 368 | |
PROVISION FOR LOAN LOSSES | 112 | (25) | |
Charge-offs | 0 | (12) | |
Recoveries | 30 | 76 | |
Ending balance | 549 | 407 | |
Allowance for loan losses | 549 | 407 | |
General reserve | 545 | 402 | |
Specific reserve | 4 | 5 | |
Total loans | 52,322 | 39,172 | |
General reserves | [1] | 52,100 | 38,839 |
Specific reserves | [2] | 222 | 333 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | |||
Beginning balance | 2,221 | 2,642 | |
PROVISION FOR LOAN LOSSES | 634 | (270) | |
Charge-offs | (1,025) | (865) | |
Recoveries | 194 | 714 | |
Ending balance | 2,024 | 2,221 | |
Allowance for loan losses | 2,024 | 2,221 | |
General reserve | 2,019 | 2,138 | |
Specific reserve | 5 | 83 | |
Total loans | 222,794 | 182,769 | |
General reserves | [1] | 222,702 | 182,257 |
Specific reserves | [2] | 92 | 512 |
Commercial Portfolio Segment [Member] | |||
Beginning balance | 470 | 429 | |
PROVISION FOR LOAN LOSSES | 174 | 41 | |
Charge-offs | 0 | 0 | |
Recoveries | 142 | 0 | |
Ending balance | 786 | 470 | |
Allowance for loan losses | 786 | 470 | |
General reserve | 786 | 470 | |
Specific reserve | 0 | 0 | |
Total loans | 76,996 | 79,838 | |
General reserves | [1] | 76,996 | 79,838 |
Specific reserves | [2] | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 358 | 294 | |
PROVISION FOR LOAN LOSSES | 27 | 64 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 385 | 358 | |
Allowance for loan losses | 385 | 358 | |
General reserve | 385 | 358 | |
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, 2022 | Dec. 31, 2021 | |
Recorded investment, with no allowance recorded | $ 716 | $ 309 |
Unpaid principal balance, with no allowance recorded | 870 | 584 |
Average recorded investment, with no allowance recorded | 1,054 | 1,390 |
Interest income recognized, with no allowance recorded | 102 | 20 |
Recorded investment, with an allowance recorded | 2,318 | 2,886 |
Unpaid principal balance, with an allowance recorded | 2,467 | 3,108 |
Related allowance | 32 | 113 |
Average recorded investment, with an allowance recorded | 2,525 | 3,234 |
Interest income recognized, with an allowance recorded | 152 | 161 |
Recorded investment, total | 3,034 | 3,195 |
Unpaid principal balance, total | 3,337 | 3,692 |
Average recorded investment, total | 3,579 | 4,624 |
Interest income recognized, total | 254 | 181 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Recorded investment, with no allowance recorded | 666 | 212 |
Unpaid principal balance, with no allowance recorded | 705 | 247 |
Average recorded investment, with no allowance recorded | 371 | 219 |
Interest income recognized, with no allowance recorded | 99 | 12 |
Recorded investment, with an allowance recorded | 1,988 | 2,045 |
Unpaid principal balance, with an allowance recorded | 2,129 | 2,245 |
Related allowance | 22 | 25 |
Average recorded investment, with an allowance recorded | 2,150 | 2,281 |
Interest income recognized, with an allowance recorded | 136 | 138 |
Recorded investment, total | 2,654 | 2,257 |
Unpaid principal balance, total | 2,834 | 2,492 |
Average recorded investment, total | 2,521 | 2,500 |
Interest income recognized, total | 235 | 150 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Recorded investment, with no allowance recorded | 50 | 71 |
Unpaid principal balance, with no allowance recorded | 149 | 177 |
Average recorded investment, with no allowance recorded | 60 | 1,016 |
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 | 5 | 121 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Recorded investment, total | 50 | 71 |
Unpaid principal balance, total | 149 | 177 |
Average recorded investment, total | 65 | 1,137 |
Interest income recognized, total | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Recorded investment, with no allowance recorded | 0 | |
Unpaid principal balance, with no allowance recorded | 0 | |
Average recorded investment, with no allowance recorded | 94 | |
Interest income recognized, with no allowance recorded | 0 | |
Recorded investment, with an allowance recorded | 0 | |
Unpaid principal balance, with an allowance recorded | 0 | |
Related allowance | 0 | |
Average recorded investment, with an allowance recorded | 94 | |
Interest income recognized, with an allowance recorded | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 14 | 24 |
Average recorded investment, with no allowance recorded | 437 | 0 |
Interest income recognized, with no allowance recorded | 1 | 0 |
Recorded investment, with an allowance recorded | 16 | 22 |
Unpaid principal balance, with an allowance recorded | 19 | 22 |
Related allowance | 1 | 0 |
Average recorded investment, with an allowance recorded | 20 | 24 |
Interest income recognized, with an allowance recorded | 2 | 1 |
Recorded investment, total | 16 | 22 |
Unpaid principal balance, total | 33 | 46 |
Average recorded investment, total | 457 | 24 |
Interest income recognized, total | 3 | 1 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no allowance recorded | 0 | 26 |
Unpaid principal balance, with no allowance recorded | 0 | 59 |
Average recorded investment, with no allowance recorded | 2 | 32 |
Interest income recognized, with no allowance recorded | 0 | 1 |
Recorded investment, with an allowance recorded | 222 | 307 |
Unpaid principal balance, with an allowance recorded | 224 | 329 |
Related allowance | 4 | 5 |
Average recorded investment, with an allowance recorded | 259 | 155 |
Interest income recognized, with an allowance recorded | 11 | 9 |
Recorded investment, total | 222 | 333 |
Unpaid principal balance, total | 224 | 388 |
Average recorded investment, total | 261 | 187 |
Interest income recognized, total | 11 | 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 | 2 | 77 |
Average recorded investment, with no allowance recorded | 184 | 29 |
Interest income recognized, with no allowance recorded | 2 | 7 |
Recorded investment, with an allowance recorded | 92 | 512 |
Unpaid principal balance, with an allowance recorded | 95 | 512 |
Related allowance | 5 | 83 |
Average recorded investment, with an allowance recorded | 91 | 653 |
Interest income recognized, with an allowance recorded | 3 | 13 |
Recorded investment, total | 92 | 512 |
Unpaid principal balance, total | 97 | 589 |
Average recorded investment, total | 275 | 682 |
Interest income recognized, total | $ 5 | $ 20 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total nonaccrual loans | $ 1,790 | $ 1,381 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total nonaccrual loans | 957 | 494 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total nonaccrual loans | 51 | 71 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total nonaccrual loans | 16 | 22 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total nonaccrual loans | 194 | 282 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total nonaccrual loans | $ 572 | $ 512 |
Note 3 - Loans Receivable - Pas
Note 3 - Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable, gross | $ 1,534,380 | $ 1,357,161 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 3,002 | 1,638 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 871 | 368 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 1,217 | 99 |
Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 5,090 | 2,105 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,529,290 | 1,355,056 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, gross | 1,182,268 | 1,055,382 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,461 | 1,079 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 174 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 652 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,287 | 1,079 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 1,179,981 | 1,054,303 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans receivable, gross | 343,825 | 294,965 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,461 | 786 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 155 | 0 |
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 | 652 | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,268 | 786 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 341,557 | 294,179 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Loans receivable, gross | 253,551 | 172,409 |
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 | 253,551 | 172,409 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans receivable, gross | 390,246 | 363,299 |
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 | 390,246 | 363,299 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable, gross | 194,646 | 224,709 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 293 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 19 | 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 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 19 | 293 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 194,627 | 224,416 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, gross | 275,116 | 221,941 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,541 | 552 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 697 | 368 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 565 | 99 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,803 | 1,019 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 272,313 | 220,922 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable, gross | 52,322 | 39,172 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 151 | 83 |
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 | 11 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 162 | 83 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 52,160 | 39,089 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Loans receivable, gross | 222,794 | 182,769 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 1,390 | 469 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, gross | 697 | 368 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, gross | 554 | 99 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable, gross | 2,641 | 936 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | 220,153 | 181,833 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, gross | 76,996 | 79,838 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, gross | 0 | 7 |
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 | 0 | 7 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable, gross | $ 76,996 | $ 79,831 |
Note 3 - Loans Receivable - Cre
Note 3 - Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total loans | $ 1,534,380 | $ 1,357,161 |
Nonperforming Financial Instruments [Member] | ||
Total loans | 1,790 | 1,381 |
Performing Financial Instruments [Member] | ||
Total loans | 1,532,590 | 1,355,780 |
Pass [Member] | ||
Total loans | 1,449,597 | 1,286,542 |
Watch [Member] | ||
Total loans | 47,076 | 45,717 |
Special Mention [Member] | ||
Total loans | 20,789 | 12,305 |
Substandard [Member] | ||
Total loans | 16,918 | 12,597 |
Real Estate Portfolio Segment [Member] | ||
Total loans | 1,182,268 | 1,055,382 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 1,109,300 | 986,831 |
Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 44,113 | 44,577 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 12,222 | 12,240 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 16,633 | 11,734 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Total loans | 343,825 | 294,965 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 957 | 494 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 342,868 | 294,471 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Pass [Member] | ||
Total loans | 340,046 | 291,421 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Watch [Member] | ||
Total loans | 2,255 | 2,727 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Special Mention [Member] | ||
Total loans | 27 | 53 |
Real Estate Portfolio Segment [Member] | One-to-four Family Loan [Member] | Substandard [Member] | ||
Total loans | 1,497 | 764 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | ||
Total loans | 253,551 | 172,409 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 253,551 | 172,409 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Pass [Member] | ||
Total loans | 237,873 | 153,704 |
Real Estate Portfolio Segment [Member] | Multi-family Loan [Member] | Watch [Member] | ||
Total loans | 15,678 | 18,705 |
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 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Total loans | 390,246 | 363,299 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 51 | 71 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Performing Financial Instruments [Member] | ||
Total loans | 390,195 | 363,228 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Total loans | 351,258 | 326,444 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Total loans | 25,659 | 22,850 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Total loans | 12,195 | 3,057 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Total loans | 1,134 | 10,948 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Total loans | 194,646 | 224,709 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 16 | 22 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||
Total loans | 194,630 | 224,687 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Total loans | 180,123 | 215,262 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Watch [Member] | ||
Total loans | 521 | 295 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Total loans | 0 | 9,130 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Total loans | 14,002 | 22 |
Consumer Portfolio Segment [Member] | ||
Total loans | 275,116 | 221,941 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 274,157 | 220,095 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 585 | 918 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 89 | 65 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | 285 | 863 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 52,322 | 39,172 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 194 | 282 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 52,128 | 38,890 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Total loans | 51,744 | 38,739 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Watch [Member] | ||
Total loans | 370 | 83 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Total loans | 14 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Total loans | 194 | 350 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | ||
Total loans | 222,794 | 182,769 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 572 | 512 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Performing Financial Instruments [Member] | ||
Total loans | 222,222 | 182,257 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Pass [Member] | ||
Total loans | 222,413 | 181,356 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Watch [Member] | ||
Total loans | 215 | 835 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Special Mention [Member] | ||
Total loans | 75 | 65 |
Consumer Portfolio Segment [Member] | Automobile and Other Loan [Member] | Substandard [Member] | ||
Total loans | 91 | 513 |
Commercial Portfolio Segment [Member] | ||
Total loans | 76,996 | 79,838 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Total loans | 76,996 | 79,838 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total loans | 66,140 | 79,616 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Total loans | 2,378 | 222 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total loans | 8,478 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total loans | $ 0 | $ 0 |
Note 3 - Loans Receivable - Tro
Note 3 - Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Total TDR loans | $ 1,753 | $ 1,843 |
Total nonaccrual TDR loans | $ 29 | 29 |
TDR loans that subsequently defaulted, number of contracts | 0 | |
Total accrual TDR loans | $ 1,724 | 1,814 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Total TDR loans | 1,726 | 1,792 |
Total nonaccrual TDR loans | 29 | $ 29 |
TDR loans that subsequently defaulted, number of contracts | 1 | |
TDR loans that subsequently defaulted, modifications | $ 29 | |
Total accrual TDR loans | 1,697 | 1,763 |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Rate Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 29 | |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Term Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 0 | |
One-to-four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Combination Modification [Member] | ||
TDR loans that subsequently defaulted, modifications | 0 | |
Troubled Debt Restructurings [Member] | ||
Allowance for loan losses related to TDR loans | 18 | 21 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | ||
Total TDR loans | 27 | 51 |
Total nonaccrual TDR loans | 0 | 0 |
Total accrual TDR loans | $ 27 | $ 51 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 1,960 | $ 1,432 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and Equipment, gross | $ 34,760 | $ 35,634 |
Less accumulated depreciation and amortization | (16,671) | (15,804) |
Property, Plant and Equipment, Net, Total | 18,089 | 19,830 |
Land [Member] | ||
Premises and Equipment, gross | 2,907 | 2,907 |
Building [Member] | ||
Premises and Equipment, gross | 6,697 | 6,697 |
Building Improvements [Member] | ||
Premises and Equipment, gross | 16,747 | 14,492 |
Furniture, Fixtures, and Equipment [Member] | ||
Premises and Equipment, gross | 7,082 | 7,512 |
Software and Software Development Costs [Member] | ||
Premises and Equipment, gross | 598 | 599 |
Automobiles [Member] | ||
Premises and Equipment, gross | 66 | 66 |
Construction in Progress [Member] | ||
Premises and Equipment, gross | $ 663 | $ 3,361 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lease, Cost, Total | $ 1,200,000 | $ 868,000 |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 6,700,000 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 6,913,000 | |
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 |
Note 5 - Leases - Amount Relate
Note 5 - Leases - Amount Related to Operating Lease Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating cash flows from operating leases | $ 1,194 | $ 868 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 0 | 4,402 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 4,364 | |
Weighted-average remaining lease term of operating leases (in years) (Year) | 10 years | 10 years 9 months 18 days |
Weighted-average discount rate of operating leases | 2.40% | 2.40% |
Note 5 - Leases - Minimum Annua
Note 5 - Leases - Minimum Annual Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 819 |
2024 | 852 |
2025 | 890 |
2026 | 885 |
2027 | 892 |
Thereafter | 3,934 |
Total minimum payments required | 8,272 |
Less imputed interest | 1,359 |
Other Liabilities [Member] | |
Present value of lease liabilities | $ 6,913 |
Note 6 - Servicing Rights on _3
Note 6 - Servicing Rights on Sold Loans (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Servicing Asset, Mortgage Loans Serviced for Third Parties | $ 418,700 | $ 454,400 |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 3,887 | $ 3,820 |
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, 2022 | Dec. 31, 2021 | |
Balance | $ 3,282 | $ 2,120 |
One-time adjustment for fair value reporting election | 538 | 0 |
Additions | 54 | 1,234 |
Change in fair value | 13 | 0 |
Amortization | 0 | (109) |
Valuation allowance net (impairment) recovery | 0 | 37 |
Balance | $ 3,887 | $ 3,282 |
Note 6 - Servicing Rights on _5
Note 6 - Servicing Rights on Sold Loans - Valuation Allowance (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Balance | $ (37) |
Impairments | 0 |
Recoveries | 37 |
Balance | $ 0 |
Note 6 -Servicing Rights on Sol
Note 6 -Servicing Rights on Sold Loans - Fair Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Constant prepayment rate | 8.30% | 9.30% |
Weighted-average life (years) (Year) | 6 years | 5 years 4 months 24 days |
Yield to maturity discount | 13.30% | 10.30% |
Servicing right fair value | $ 3,887 | $ 3,820 |
Constant prepayment rate assumption (weighted-average) | 8.30% | 9.30% |
Yield to maturity discount assumption (weighted-average) | 13.30% | 10.30% |
Sold Loan Servicing Rights [Member] | ||
Impact on fair value with a 10% adverse change in prepayment speed | $ 264 | $ 160 |
Impact on fair value with a 20% adverse change in prepayment speed | 416 | 278 |
Impact on fair value with a 10% adverse change in discount rate | 194 | 163 |
Impact on fair value with a 20% adverse change in discount rate | $ 287 | $ 277 |
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, 2022 | Dec. 31, 2021 | |
Servicing fees | $ 972 | $ 1,013 |
Late fees | $ 12 | $ 9 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 96.6 | $ 75.1 |
Interest-Bearing Domestic Deposit, Brokered | 133.9 | 65.7 |
Deposits, Public Fund | 93.3 | 134.1 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Total | $ 57 | $ 67.9 |
Note 7 - Deposits - Deposits (D
Note 7 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Noninterest-bearing demand deposits | $ 315,083 | $ 343,932 |
Interest-bearing demand deposits | $ 193,558 | $ 196,970 |
Interest-bearing demand deposits, weighted-average interest rate | 0.01% | 0.01% |
Money market accounts | $ 473,009 | $ 597,815 |
Money market accounts, weighted-average interest rate | 0.58% | 0.21% |
Savings accounts | $ 200,920 | $ 194,620 |
Savings accounts, weighted-average interest rate | 0.26% | 0.05% |
Certificates of deposit | $ 381,685 | $ 247,243 |
Certificates of deposit, weighted-average interest rate | 2.19% | 0.62% |
Deposits | $ 1,564,255 | $ 1,580,580 |
Total deposits, weighted-average interest rate | 0.74% | 0.19% |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Certificates (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Within one year or less | $ 262,189 | |
After one year through two years | 69,967 | |
After two years through three years | 37,032 | |
After three years through four years | 7,409 | |
After four years through five years | 5,088 | |
Time Deposits, Total | $ 381,685 | $ 247,243 |
Note 7 - Deposits - Interest on
Note 7 - Deposits - Interest on Deposits by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Demand deposits | $ 137 | $ 43 |
Money market accounts | 1,698 | 1,165 |
Savings accounts | 165 | 128 |
Certificates of deposit | 3,198 | 2,060 |
Interest Expense, Deposits, Total | $ 5,198 | $ 3,396 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Maximum Available Credit to Bank Assets, Percentage | 40% | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 753,600 | $ 699,500 | |
Subordinated Debt, Ending Balance | 39,358 | 39,280 | |
Proceeds from Issuance of Subordinated Long-Term Debt | 0 | $ 39,223 | |
Debt Instrument, Notes Due 2031 [Member] | |||
Subordinated Debt, Ending Balance | $ 40,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Proceeds from Issuance of Subordinated Long-Term Debt | $ 39,300 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 20,000 | ||
Federal Home Loan Bank of San Francisco [Member] | |||
Federal Reserve Bank Advances | 0 | ||
Federal Home Loan Bank of San Francisco [Member] | Securities Investment [Member] | |||
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 8,900 |
Note 8 - Borrowings - Advances
Note 8 - Borrowings - Advances from FHLB (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term advances | $ 80,000 | $ 80,000 |
Short-term fixed-rate advances | 10,000 | 0 |
Overnight variable-rate advances | 144,000 | 0 |
Line of Credit | 12,000 | 0 |
Subordinated debt, net | 39,358 | 39,280 |
Within one year or less | $ 15,000 | $ 0 |
Within one year or less, weighted average interest rate | 1.54% | 0% |
After one year through two years | $ 15,000 | $ 15,000 |
After one year through two years, weighted average interest rate | 1.47% | 1.54% |
After two years through three years | $ 25,000 | $ 15,000 |
After two years through three years, weighted average interest rate | 1.42% | 1.47% |
After three years through four years | $ 15,000 | $ 25,000 |
After three years through four years, weighted average interest rate | 1.55% | 1.42% |
After four years through five years | $ 10,000 | $ 15,000 |
After four years through five years, weighted average interest rate | 1.76% | 1.55% |
After five years | $ 0 | $ 10,000 |
After five years, weighted average interest rate | 0% | 1.76% |
Weighted average interest rate | 1.52% | 1.52% |
Borrowings | $ 5,317 | $ 1,977 |
Subordinated Debt [Member] | ||
Maximum outstanding at any month-end | 39,358 | 39,310 |
Monthly average outstanding | $ 39,312 | $ 30,370 |
Annual | 4.01% | 3.96% |
Period End | 4.01% | 3.06% |
Interest expense during the period | $ 1,577 | $ 1,203 |
NexBank [Member] | ||
Maximum outstanding at any month-end | 12,000 | 0 |
Monthly average outstanding | $ 5,770 | $ 0 |
Annual | 6.76% | 0% |
Period End | 8% | 0% |
Borrowings | $ 389 | $ 0 |
Federal Home Loan Bank, Short-term, Fixed-rate Advances [Member] | ||
Maximum outstanding at any month-end | 42,500 | 0 |
Monthly average outstanding | $ 15,208 | $ 0 |
Annual | 1.82% | 0% |
Period End | 2.12% | 0% |
Interest expense during the period | $ 246 | $ 0 |
Maximum outstanding at any month-end | 42,500 | 0 |
Monthly average outstanding | $ 15,208 | $ 0 |
Annual | 1.82% | 0% |
Period End | 2.12% | 0% |
Interest expense during the period | $ 246 | $ 0 |
Federal Home Loan Bank, Short-term, Variable-rate Advances [Member] | ||
Maximum outstanding at any month-end | 206,000 | 40,000 |
Monthly average outstanding | $ 90,983 | $ 5,207 |
Annual | 2.83% | 0.30% |
Period End | 4.30% | 0.31% |
Interest expense during the period | $ 1,845 | $ 6 |
Maximum outstanding at any month-end | 206,000 | 40,000 |
Monthly average outstanding | $ 90,983 | $ 5,207 |
Annual | 2.83% | 0.30% |
Period End | 4.30% | 0.31% |
Interest expense during the period | $ 1,845 | $ 6 |
Federal Home Loan Bank, Long-term, Fixed-rate Advances [Member] | ||
Maximum outstanding at any month-end | 80,000 | 80,000 |
Monthly average outstanding | $ 80,000 | $ 52,500 |
Annual | 1.52% | 1.46% |
Period End | 1.52% | 1.52% |
Interest expense during the period | $ 1,260 | $ 768 |
Maximum outstanding at any month-end | 80,000 | 80,000 |
Monthly average outstanding | $ 80,000 | $ 52,500 |
Annual | 1.52% | 1.46% |
Period End | 1.52% | 1.52% |
Interest expense during the period | $ 1,260 | $ 768 |
Note 9 - Federal Taxes on Inc_3
Note 9 - Federal Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Retaining Earnings, Federal Income Taxes not Provided | $ 6,400 | |
Operating Loss Carryforwards | 5,200 | |
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, 2022 | Dec. 31, 2021 | |
Current | $ 4,376 | $ 3,131 |
Deferred | (1,529) | 63 |
Income Tax Expense (Benefit), Total | $ 2,847 | $ 3,194 |
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, 2022 | Dec. 31, 2021 | |
Income taxes computed at statutory rates | $ 3,432 | $ 3,909 |
Tax-exempt income | (183) | (218) |
Bank-owned life insurance income | (505) | (203) |
Other, net | 103 | (294) |
Income Tax Expense (Benefit), Total | $ 2,847 | $ 3,194 |
Note 9 - Federal Taxes on Inc_6
Note 9 - Federal Taxes on Income - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 3,528 | $ 3,255 |
Unrealized loss on securities available for sale | 10,432 | 0 |
Accrued compensation | 368 | 461 |
Nonaccrual loans | 0 | 1 |
ESOP timing differences | 160 | 173 |
Restricted stock awards | 319 | 312 |
Deferred lease liabilities | 1,507 | 1,654 |
Net operating loss carryforward | 1,111 | 0 |
Retention credit benefit | 1,168 | 0 |
Total deferred tax assets | 18,593 | 5,856 |
Deferred loan fees | 1,126 | 702 |
Unrealized gain on securities available for sale | 0 | 569 |
FHLB stock dividends | 374 | 417 |
Accumulated depreciation | 864 | 609 |
Deferred investment gain | 424 | 341 |
Defined benefit plan | 42 | 59 |
Right of use assets | 1,435 | 1,595 |
Other, net | 237 | 3 |
Total deferred tax liabilities | 4,502 | 4,295 |
Deferred tax asset, net | $ 14,091 | $ 1,561 |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) | 12 Months Ended | ||||||
Mar. 22, 2021 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Jun. 30, 2017 shares | Mar. 23, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 15, 2015 shares | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 10,813,000 | $ 15,821,000 | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit), Period (Year) | 15 years | ||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | ||||||
Defined Contribution Plan, Cost | $ 634,000 | $ 569,000 | |||||
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% | ||||||
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% | 100% | |||||
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 | $ 673,000 | $ 675,000 | |||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | shares | 166,839 | 236,432 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 59,443 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,100,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 15 days | ||||||
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 | 50,920 | ||||||
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 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 307,967 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | 0 | |||||
First Northwest Bancorp 2020 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 59,443 | 102,033 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
First Northwest Bancorp 2015 and 2020 Equity Incentive Plan [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 1,600,000 | $ 1,800,000 | |||||
Board of Directors and Officers [Member] | |||||||
Deferred Compensation Arrangement with Individual, Aggregate Balance Held in Trust | 1,100,000 | ||||||
Director [Member] | First Northwest Bancorp 2015 and 2020 Equity Incentive Plan [Member] | |||||||
Share-Based Payment Arrangement, Expense | 239,000 | 368,000 | |||||
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 | $ 1,700,000 | |||||
Common Stock [Member] | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 386,062 | 349,497 | |||||
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 | $ 10,813,000 | $ 15,821,000 | $ 14,705,000 | ||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 10,618,000 | $ 15,328,000 | $ 14,197,000 | ||||
Pension Plan [Member] | First Federal Defined Benefit Plan [Member] | |||||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 14,700,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 14,200,000 | ||||||
Pentegra Defined Benefit Plan for Financial Institutions [Member] | |||||||
Multiemployer Plan, Employer Contribution, Cost, Total | $ 2,700,000 |
Note 10 - Benefits Plans - Plan
Note 10 - Benefits Plans - Plan Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value at beginning of period | $ 15,821 | |
Fair value at end of period | 10,813 | $ 15,821 |
Pension Plan [Member] | ||
Fair value at beginning of period | 15,821 | 14,705 |
Actual return on plan assets | (3,680) | 1,618 |
Benefits paid | (462) | (502) |
Settlements and curtailments | (866) | 0 |
Fair value at end of period | 10,813 | 15,821 |
Projected benefit obligation at beginning of period | 15,328 | 14,197 |
Interest cost | 374 | 304 |
Actuarial loss | (3,756) | 1,329 |
Benefits paid | (462) | (502) |
Settlements and curtailments | (866) | 0 |
Projected benefit obligation at end of period | 10,618 | 15,328 |
Funded status at period end | 195 | 493 |
Other assets | 195 | 493 |
Accumulated other comprehensive income | (2,138) | (1,852) |
Net amount recognized | 2,333 | 2,345 |
Net (gain) loss | 535 | 249 |
Amortization of prior service (cost) credit | (147) | (114) |
Amount recognized due to settlement | (26) | 0 |
Net periodic benefit cost | $ 362 | $ 135 |
Discount rate | 5.10% | 2.65% |
Note 10 - Benefits Plans - Net
Note 10 - Benefits Plans - Net Period Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of prior service cost | $ 362 | $ 134 |
Pension Plan [Member] | ||
Interest cost | 374 | 304 |
Expected return on plan assets | (611) | (538) |
Amortization of prior service cost | 147 | 114 |
Settlements and curtailments | 26 | 0 |
Net periodic benefit income | $ (64) | $ (120) |
Weighted-average assumptions used to determine net cost | ||
Discount rate | 2.65% | 2.95% |
Expected return on plan assets | 5.30% | 5.75% |
Note 10 - Benefit Plans - Targe
Note 10 - Benefit Plans - Target Allocation (Details) | Dec. 31, 2022 |
Minimum [Member] | Fixed Income Securities [Member] | |
Target Allocation | 80% |
Minimum [Member] | Defined Benefit Plan, Equity Securities, US [Member] | |
Target Allocation | 0% |
Minimum [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Target Allocation | 0% |
Minimum [Member] | Defined Benefit Plan, Real Estate [Member] | |
Target Allocation | 0% |
Maximum [Member] | Fixed Income Securities [Member] | |
Target Allocation | 100% |
Maximum [Member] | Defined Benefit Plan, Equity Securities, US [Member] | |
Target Allocation | 30% |
Maximum [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | |
Target Allocation | 20% |
Maximum [Member] | Defined Benefit Plan, Real Estate [Member] | |
Target Allocation | 10% |
Note 10 - Benefit Plans - Expec
Note 10 - Benefit Plans - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 1,930 |
2024 | 970 |
2025 | 750 |
2026 | 630 |
2027 | 670 |
Years 2028 - 2032 | 3,500 |
Thereafter | 2,168 |
Projected benefit obligation | $ 10,618 |
Note 10 - Benefit Plans - Inves
Note 10 - Benefit Plans - Investment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Define Benefit Plan, Investment Assets | $ 10,813 | $ 15,821 |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | ||
Define Benefit Plan, Investment Assets | 903 | 4,848 |
Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Define Benefit Plan, Investment Assets | 236 | 1,389 |
Defined Benefit Plan, Equity Securities, US, Small to Mid Cap [Member] | ||
Define Benefit Plan, Investment Assets | 781 | |
Defined Benefit Plan, Fixed Income [Member] | ||
Define Benefit Plan, Investment Assets | 9,674 | 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 | 10,813 | 15,821 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | ||
Define Benefit Plan, Investment Assets | 903 | 4,848 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Define Benefit Plan, Investment Assets | 236 | 1,389 |
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, Fixed Income [Member] | ||
Define Benefit Plan, Investment Assets | 9,674 | 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 | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | ||
Define Benefit Plan, Investment Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Define Benefit Plan, Investment Assets | 0 | 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, Fixed Income [Member] | ||
Define Benefit Plan, Investment Assets | 0 | 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 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | ||
Define Benefit Plan, Investment Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Define Benefit Plan, Investment Assets | 0 | 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, Fixed Income [Member] | ||
Define Benefit Plan, Investment Assets | $ 0 | 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, 2022 | Dec. 31, 2021 | Dec. 15, 2015 |
Allocated shares (in shares) | 386,285 | 333,396 | |
Committed-to-be-released shares (in shares) | 26,442 | 26,442 | |
Unallocated shares (in shares) | 635,302 | 688,191 | |
Total ESOP shares issued (in shares) | 1,048,029 | 1,048,029 | 1,048,029 |
Fair value of unallocated shares | $ 9,758 | $ 13,901 |
Note 10 - Benefit Plans - Non-v
Note 10 - Benefit Plans - Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] | 12 Months Ended | |
Dec. 31, 2022 $ / shares shares | ||
Non-vested, shares (in shares) | shares | 236,432 | |
Non-vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.19 | |
Granted, shares (in shares) | shares | 59,443 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 20.87 | |
Vested, shares (in shares) | shares | (70,761) | |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.09 | |
Canceled, shares (in shares) | shares | (21,302) | [1] |
Canceled, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.09 | [1] |
Forfeited, shares (in shares) | shares | (36,973) | |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.79 | |
Non-vested, shares (in shares) | shares | 166,839 | |
Non-vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 17.78 | |
[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, 2022 | Dec. 31, 2021 | 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, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2015 |
Common equity tier 1 capital, actual amount | $ 215,037 | $ 196,319 | |
Common equity tier 1 capital, actual ratio | 0.1340 | 0.1379 | |
Common equity tier 1 capital, for capital adequacy purposes, amount | $ 72,230 | $ 64,081 | |
Common equity tier 1 capital, for capital adequacy purposes, ratio | 0.0450 | 0.0450 | 0.045 |
Common equity tier 1 capital, well capitalized, amount | $ 104,332 | $ 92,562 | |
Common equity tier 1 capital, well capitalized, ratio | 0.0650 | 0.0650 | |
Tier 1 risk-based capital, actual amount | $ 215,037 | $ 196,319 | |
Tier 1 risk-based capital, actual ratio | 0.1340 | 0.1379 | |
Tier 1 risk-based capital, for capital adequacy purposes, amount | $ 96,306 | $ 85,442 | |
Tier 1 risk-based capital, for capital adequacy purposes, ratio | 0.0600 | 0.0600 | 0.060 |
Tier 1 risk-based capital, well capitalized, amount | $ 128,408 | $ 113,923 | |
Tier 1 risk-based capital, well capitalized, ratio | 0.0800 | 0.0800 | |
Total risk-based capital, actual amount | $ 231,405 | $ 211,828 | |
Total risk-based capital, actual ratio | 0.1442 | 0.1488 | |
Total risk-based capital, for capital adequacy purposes, amount | $ 128,408 | $ 113,923 | |
Total risk-based capital, for capital adequacy purposes, ratio | 0.0800 | 0.0800 | 0.080 |
Total risk-based capital, well capitalized, amount | $ 160,510 | $ 142,403 | |
Total risk-based capital, well capitalized, ratio | 0.1000 | 0.1000 | |
Tier 1 leverage capital, actual amount | $ 215,037 | $ 196,319 | |
Tier 1 leverage capital, actual ratio | 0.1041 | 0.1056 | |
Tier 1 leverage capital, for capital adequacy purposes, amount | $ 82,607 | $ 74,362 | |
Tier 1 leverage capital, for capital adequacy purposes, ratio | 0.0400 | 0.0400 | 0.040 |
Tier 1 leverage capital, well capitalized, amount | $ 103,259 | $ 92,953 | |
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, 2022 | Dec. 31, 2021 |
Related Party Deposit Liabilities | $ 2.2 | $ 3.2 |
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, 2022 | Dec. 31, 2021 | ||
Balance | $ 0 | $ 143 | |
Loan advances | 64 | 1 | |
Loan repayments | 0 | (11) | |
Balance | 64 | 0 | |
Reclassification of Loans Between Related Party and Third Party [Member] | |||
Reclassifications (1) | [1] | $ 0 | $ (133) |
[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, 2022 | Dec. 31, 2021 | Dec. 31, 2035 | Dec. 31, 2024 | Dec. 31, 2023 | |
Loans and Leases Receivable, Gross | $ 1,534,380,000 | $ 1,357,161,000 | |||
Municipal Bonds [Member] | |||||
Investments, Total | 98,100,000 | 113,400,000 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Investments, Total | $ 87,300,000 | $ 99,800,000 | |||
Credit Concentration Risk [Member] | Loans Receivable [Member] | Loans Secured by Real Estate [Member] | |||||
Concentration Risk, Percentage | 80.50% | 82.50% | |||
Investment Concentration Risk [Member] | Investments [Member] | Municipal Bonds [Member] | |||||
Concentration Risk, Percentage | 29% | 32.40% | |||
Investment Concentration Risk [Member] | Investments [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Concentration Risk, Percentage | 25.80% | 28.60% | |||
Real Estate Loan [Member] | |||||
Loans and Leases Receivable, Gross | $ 1,240,000,000 | $ 1,120,000,000 | |||
Low Income Housing Tax Credit Investments [Member] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 4,900,000 | 4,900,000 | |||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 77,000 | 0 | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 66,000 | 0 | |||
Qualified Affordable Housing Project Investments, Commitment | 4,700,000 | 4,700,000 | |||
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, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Financial instruments, contracts representing credit risk | $ 25 | $ 2,720 |
Standby Letters of Credit [Member] | ||
Financial instruments, contracts representing credit risk | 758 | 212 |
Unfunded Commitments Lines of Credit and Loans [Member] | ||
Financial instruments, contracts representing credit risk | $ 225,836 | $ 270,273 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities available for sale, at fair value | $ 326,569 | $ 344,212 |
Servicing right fair value | 3,887 | 3,820 |
Fair Value, Recurring [Member] | ||
Servicing right fair value | 3,887 | |
Partnership investments | 12,563 | 3,071 |
Investments, Fair Value Disclosure, Total | 343,019 | 347,283 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Servicing right fair value | 0 | |
Partnership investments | 0 | 0 |
Investments, Fair Value Disclosure, Total | 12,603 | 11,963 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Servicing right fair value | 0 | |
Partnership investments | 0 | 3,071 |
Investments, Fair Value Disclosure, Total | 284,367 | 335,320 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Servicing right fair value | 3,887 | 3,820 |
Partnership investments | 12,563 | 0 |
Investments, Fair Value Disclosure, Total | 46,049 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at fair value | 98,050 | 113,364 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 98,050 | 113,364 |
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 | 4,913 | 5,902 |
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 | 93,137 | 107,462 |
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 Treasury Securities [Member] | ||
Investment securities available for sale, at fair value | 2,364 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 2,364 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 2,364 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
International Agency Bonds [Member] | ||
Investment securities available for sale, at fair value | 1,702 | 1,920 |
International Agency Bonds [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,920 | |
International Agency Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
International Agency Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,920 | |
International Agency Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 1,702 | |
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 | 1,702 | |
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 Private Enterprises [Member] | ||
Investment securities available for sale, at fair value | 14,489 | |
Asset-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,489 | |
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 | |
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 | |
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 | |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at fair value | 55,499 | 59,789 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 55,499 | 59,789 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 5,326 | 6,061 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 50,173 | 53,728 |
Corporate Debt Securities [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] | ||
Investment securities available for sale, at fair value | 14,680 | |
US Small Business Administration Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 14,680 | |
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 | |
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 | |
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 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale, at fair value | 75,648 | 79,962 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 75,648 | 79,962 |
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 | 75,648 | 79,962 |
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] | ||
Investment securities available for sale, at fair value | 93,306 | 60,008 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale, at fair value | 93,306 | 60,008 |
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 | 63,707 | 60,008 |
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 | $ 29,599 | $ 0 |
Note 14 - Fair Value Measurem_5
Note 14 - Fair Value Measurements - Quantitative Information (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Assets, fair value | $ 3,887,000 | $ 3,820,000 |
Fair Value, Recurring [Member] | ||
Assets, fair value | 3,887,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | $ 3,887,000 | $ 3,820,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Sold loan servicing rights, measurement input | 0.1327 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Sold loan servicing rights, measurement input | 0.0833 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Sold Loan Servicing Rights [Member] | ||
Assets, fair value | $ 3,887,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Assets, fair value | $ 29,599 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Measurement Input, Offered Price [Member] | Minimum [Member] | ||
Measurement input | 94 | |
Debt Securities, Available-for-Sale, Measurement Input | 94 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Consensus Pricing Model [Member] | Measurement Input, Offered Price [Member] | Maximum [Member] | ||
Measurement input | 100 | |
Debt Securities, Available-for-Sale, Measurement Input | 100 |
Note 14 - Fair Value Measurem_6
Note 14 - Fair Value Measurements - Changes in Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Sold loan servicing rights | $ 3,820 | |||
Additions | 54 | $ 1,234 | ||
Sold loan servicing rights | 3,887 | 3,820 | ||
Fair Value, Recurring [Member] | ||||
Sold loan servicing rights | 3,887 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Sold loan servicing rights | 3,820 | |||
Additions | 54 | |||
Changes in fair value due to changes in model inputs or assumptions | [1] | 13 | ||
Sold loan servicing rights | 3,887 | 3,820 | ||
Balance at Beginning of Period | 0 | 8,912 | ||
Transfers Into Level 3 | [2] | (8,912) | ||
Purchases | 0 | |||
Unrealized | 0 | |||
Total | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Balance at Beginning of Period | 0 | 6,372 | ||
Transfers Into Level 3 | 29,599 | (6,372) | [2] | |
Purchases | 0 | 0 | ||
Unrealized | 0 | 0 | ||
Total | 29,599 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Balance at Beginning of Period | 0 | 2,540 | ||
Transfers Into Level 3 | [2] | (2,540) | ||
Purchases | 0 | |||
Unrealized | 0 | |||
Total | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Partnership Investments [Member] | ||||
Balance at Beginning of Period | 0 | |||
Transfers Into Level 3 | 12,490 | |||
Purchases | 0 | |||
Unrealized | 73 | |||
Total | $ 12,563 | $ 0 | ||
[1]Represents changes due to collection/realization of expected cash flows and curtailments.[2]Transferred from Level 3 to Level 2 after obtaining observable market data. |
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, 2022 | Dec. 31, 2021 |
Impaired loans | $ 3,034 | $ 3,195 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 3,034 | $ 3,195 |
Note 14 - Fair Value Measurem_8
Note 14 - Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities available for sale | $ 326,569 | $ 344,212 |
Accrued interest receivable | 6,743 | 5,289 |
Servicing right fair value | 3,887 | 3,820 |
Line of credit | 12,000 | 0 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 45,596 | 126,016 |
Investment securities available for sale | 326,569 | 344,212 |
Loans held for sale | 597 | 760 |
Loans receivable, net | 1,531,435 | 1,350,260 |
FHLB stock | 11,681 | 5,196 |
Accrued interest receivable | 6,743 | 5,289 |
Servicing right fair value | 3,887 | 3,282 |
Partnership investments | 12,563 | 3,071 |
FHLB borrowings | 234,000 | 80,000 |
Line of credit | 12,000 | |
Subordinated debt, net | 39,358 | 39,280 |
Accrued interest payable | 455 | 393 |
Reported Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,182,570 | 1,333,337 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 381,685 | 247,243 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 45,596 | 126,016 |
Investment securities available for sale | 326,569 | 344,212 |
Loans held for sale | 597 | 760 |
Loans receivable, net | 1,461,470 | 1,328,589 |
FHLB stock | 11,681 | 5,196 |
Accrued interest receivable | 6,743 | 5,289 |
Servicing right fair value | 3,887 | 3,820 |
Partnership investments | 12,563 | 3,071 |
FHLB borrowings | 229,103 | 80,192 |
Line of credit | 12,034 | |
Subordinated debt, net | 38,841 | 39,280 |
Accrued interest payable | 455 | 393 |
Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
deposits | 1,182,570 | 1,333,337 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
deposits | 372,865 | 247,217 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 45,596 | 126,016 |
Investment securities available for sale | 12,603 | 11,963 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing right fair value | 0 | 0 |
Partnership investments | 0 | 0 |
FHLB borrowings | 0 | 0 |
Line of credit | 0 | |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
deposits | 1,182,570 | 1,333,337 |
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 | 284,367 | 332,249 |
Loans held for sale | 597 | 760 |
Loans receivable, net | 0 | 0 |
FHLB stock | 11,681 | 5,196 |
Accrued interest receivable | 6,743 | 5,289 |
Servicing right fair value | 0 | 0 |
Partnership investments | 0 | 3,071 |
FHLB borrowings | 0 | 0 |
Line of credit | 0 | |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 455 | 393 |
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 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 29,599 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 1,461,470 | 1,328,589 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Servicing right fair value | 3,887 | 3,820 |
Partnership investments | 12,563 | 0 |
FHLB borrowings | 229,103 | 80,192 |
Line of credit | 12,034 | |
Subordinated debt, net | 38,841 | 39,280 |
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 | $ 372,865 | $ 247,217 |
Note 15 - Earnings Per Common_3
Note 15 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 3,460 | 115 |
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, 2022 | Dec. 31, 2021 | |
Net income | $ 15,645 | $ 15,418 |
Earnings allocated to participating securities | (141) | (505) |
Earnings allocated to common shareholders | $ 15,504 | $ 14,913 |
Weighted average common shares outstanding (in shares) | 9,956,823 | 10,151,946 |
Weighted average unvested restricted stock awards (in shares) | (219,776) | (310,088) |
Weighted average unallocated ESOP shares (in shares) | (655,015) | (707,905) |
Total basic weighted average common shares outstanding (in shares) | 9,082,032 | 9,133,953 |
Basic weighted average common shares outstanding (in shares) | 9,082,032 | 9,133,953 |
Dilutive restricted stock awards (in shares) | 61,583 | 94,787 |
Total diluted weighted average common shares outstanding (in shares) | 9,143,615 | 9,228,740 |
Basic and diluted earnings per common share (in dollars per share) | $ 1.71 | $ 1.63 |
Diluted earnings per common share (in dollars per share) | $ 1.71 | $ 1.63 |
Note 16 - Parent Company Only_3
Note 16 - Parent Company Only Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and due from banks | $ 17,104 | $ 13,868 |
Commercial business loans receivable, net | 1,531,435 | 1,350,260 |
Accrued interest receivable | 6,743 | 5,289 |
Prepaid expenses and other assets | 28,339 | 20,603 |
Total assets | 2,042,070 | 1,921,081 |
Subordinated debt, net | 39,358 | 39,280 |
Line of credit | 12,000 | 0 |
Interest payable | 455 | 393 |
Total liabilities | 1,883,788 | 1,730,601 |
Shareholders' equity | 161,573 | 190,961 |
Total liabilities and shareholders' equity | 2,042,070 | 1,921,081 |
Parent Company [Member] | ||
Cash and due from banks | 1,028 | 14,087 |
Investment in bank | 176,297 | 198,660 |
Equity and partnership investments | 10,371 | 2,588 |
ESOP loan receivable | 8,972 | 9,576 |
Commercial business loans receivable, net | 14,912 | 5,000 |
Accrued interest receivable | 678 | 300 |
Prepaid expenses and other assets | 1,214 | 525 |
Total assets | 213,472 | 230,736 |
Subordinated debt, net | 39,358 | 39,280 |
Line of credit | 12,000 | 0 |
Interest payable | 375 | 375 |
Payable to subsidiary | 96 | 96 |
Other liabilities | 70 | 24 |
Total liabilities | 51,899 | 39,775 |
Shareholders' equity | 161,573 | 190,961 |
Total liabilities and shareholders' equity | $ 213,472 | $ 230,736 |
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, 2022 | Dec. 31, 2021 | |
Interest and fees on loans receivable | $ 68,635 | $ 55,029 |
Total operating income | 80,378 | 63,671 |
Other | 3,699 | 3,151 |
Total operating expenses | 62,312 | 54,413 |
Net income | 15,645 | 15,418 |
Parent Company [Member] | ||
Interest and fees on loans receivable | 954 | 420 |
Unrealized (loss) gain on equity and partnership investments | (513) | 788 |
Dividends from Bank | 3,000 | 1,000 |
Total operating income | 3,441 | 2,208 |
Interest paid on subordinated debt, net | 1,578 | 1,203 |
Interest paid on line of credit | 388 | 0 |
Provision for loan losses | 73 | 0 |
Other | 1,221 | 1,759 |
Total operating expenses | 3,260 | 2,962 |
Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary | 181 | (754) |
Provision (benefit) for income taxes | 26 | (368) |
Income (loss) before equity in undistributed earnings of subsidiary | 155 | (386) |
Equity in undistributed earnings of subsidiary | 18,490 | 16,804 |
Net income | $ 18,645 | $ 16,418 |
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, 2022 | Dec. 31, 2021 | |
Net income | $ 15,645 | $ 15,418 |
Amortization of deferred loan fees | 981 | 1,260 |
Amortization of debt issuance costs | 78 | 57 |
PROVISION FOR LOAN LOSSES | 1,535 | 1,350 |
Share-based compensation | 1,601 | 2,294 |
Net cash from operating activities | 15,902 | 15,155 |
Investment in equity and partnership securities, net of distributions | (7,364) | (584) |
Net cash from investing activities | (237,647) | (136,864) |
Proceeds from Issuance of Subordinated Long-Term Debt | 0 | 39,223 |
Net increase in line of credit | 12,000 | 0 |
Repurchase of common stock | (5,439) | (5,979) |
Payment of dividends | (2,787) | (2,533) |
Net cash from financing activities | 141,325 | 182,570 |
Net (decrease) increase in cash | (80,420) | 60,861 |
CASH AND CASH EQUIVALENTS, beginning of period | 126,016 | 65,155 |
CASH AND CASH EQUIVALENTS, end of period | 45,596 | 126,016 |
Income taxes | 4,446 | 4,270 |
Interest on deposits and borrowings | 10,453 | 4,550 |
Equity investment in Quil Ventures received through Quin Ventures asset sale | 225 | 0 |
Investment in partnership acquired through issuance of shares | 1,869 | 0 |
Parent Company [Member] | ||
Net income | 18,645 | 16,418 |
Equity in undistributed earnings of subsidiary | (18,490) | (16,804) |
Amortization of deferred loan fees | 15 | 0 |
Amortization of debt issuance costs | 78 | 57 |
PROVISION FOR LOAN LOSSES | 73 | 0 |
Share-based compensation | 0 | 500 |
Change in payable to subsidiary | 0 | 24 |
Change in other assets | (51) | (421) |
Change in other liabilities | 46 | 295 |
Net cash from operating activities | 316 | 69 |
Dividend paid to subsidiary | 0 | (20,000) |
Loan originations, net of repayments | (10,000) | (5,000) |
ESOP loan repayment | 604 | 588 |
Investment in equity and partnership securities, net of distributions | (7,364) | (584) |
Net cash from investing activities | (16,760) | (24,996) |
Proceeds from Issuance of Subordinated Long-Term Debt | 0 | 39,223 |
Net increase in line of credit | 12,000 | 0 |
Repurchase of common stock | (5,828) | (6,331) |
Payment of dividends | (2,787) | (2,533) |
Net cash from financing activities | 3,385 | 30,359 |
Net (decrease) increase in cash | (13,059) | 5,432 |
CASH AND CASH EQUIVALENTS, beginning of period | 14,087 | 8,655 |
CASH AND CASH EQUIVALENTS, end of period | 1,028 | 14,087 |
Income taxes | (824) | (987) |
Interest on deposits and borrowings | 1,500 | 771 |
Equity investment in Quil Ventures received through Quin Ventures asset sale | 225 | 0 |
Investment in partnership acquired through issuance of shares | $ 1,869 | $ 0 |
Note 17 - Business Combinatio_2
Note 17 - Business Combination (Details Textual) $ in Thousands | Jul. 23, 2021 USD ($) |
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, 2022 | Dec. 31, 2021 |
Total identifiable assets acquired | $ 0 | $ 1,340 | |
Total liabilities assumed | $ 0 | $ 65,947 | |
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] | Reported Value by Acquiree [Member] | |||
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] | Fair Value Adjustments [Member] | |||
Total identifiable assets acquired | 126 | ||
Deposits | (229) | ||
Total liabilities assumed | (229) | ||
Total identifiable net liabilities assumed | 355 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | |||
Core deposit intangible ("CDI") | 126 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | Reported Value by Acquiree [Member] | |||
Core deposit intangible ("CDI") | 0 | ||
Acquisition Of Sterling Branch [Member] | Core Deposits [Member] | Fair Value Adjustments [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, 2022 | Dec. 31, 2021 | |
BALANCE | $ 190,961 | |
Other comprehensive (loss) income, net of tax | (40,831) | $ (5,154) |
BALANCE | 161,573 | 190,961 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
BALANCE | 2,140 | 5,442 |
Other comprehensive loss before reclassification | (40,451) | (1,398) |
Amounts reclassified from accumulated other comprehensive income | (93) | (1,904) |
Other comprehensive (loss) income, net of tax | (40,544) | (3,302) |
BALANCE | (38,404) | 2,140 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
BALANCE | (1,852) | 0 |
Other comprehensive loss before reclassification | (287) | (1,746) |
Amounts reclassified from accumulated other comprehensive income | 0 | (106) |
Other comprehensive (loss) income, net of tax | (287) | (1,852) |
BALANCE | (2,139) | (1,852) |
AOCI Attributable to Parent [Member] | ||
BALANCE | 288 | 5,442 |
Other comprehensive loss before reclassification | (40,738) | (3,144) |
Amounts reclassified from accumulated other comprehensive income | (93) | (2,010) |
Other comprehensive (loss) income, net of tax | (40,831) | (5,154) |
BALANCE | $ (40,543) | $ 288 |