Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BCOW | ||
Entity Registrant Name | 1895 Bancorp of Wisconsin, Inc. | ||
Entity Central Index Key | 0001847360 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Address, State or Province | WI | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 6,371,198 | ||
Entity File Number | 001-40609 | ||
Entity Tax Identification Number | 61-1993378 | ||
Entity Address, Address Line One | 7001 West Edgerton Avenue | ||
Entity Address, City or Town | Greenfield | ||
Entity Address, Postal Zip Code | 53220 | ||
City Area Code | 414 | ||
Local Phone Number | 421-8200 | ||
Entity Incorporation, State or Country Code | MD | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Public Float | $ 86.4 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Wipfli LLP | ||
Auditor Firm ID | 344 | ||
Auditor Location | Eau Claire, Wisconsin | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: None. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 65,300 | $ 87,977 | |
Fed funds sold | 1,503 | 4,549 | |
Cash and cash equivalents | 66,803 | 92,526 | |
Marketable equity securities, stated at fair value | 3,544 | 2,992 | |
Available for sale securities, stated at fair value | 112,440 | 58,703 | |
Loans held for sale | 1,183 | 2,484 | |
Loans, net | 323,789 | 329,073 | |
Premises and equipment, net | 5,864 | 6,275 | |
Mortgage servicing rights, net | 2,036 | 1,806 | |
Federal Home Loan Bank (FHLB) stock, at cost | 3,032 | 3,032 | |
Accrued interest receivable | 948 | 912 | |
Cash value of life insurance | 13,892 | 13,485 | |
Other assets | 6,108 | 5,469 | |
TOTAL ASSETS | 539,639 | 516,757 | |
Liabilities and Stockholders' Equity | |||
Deposits | 384,501 | 379,848 | |
Advance payments by borrowers for taxes and insurance | 1,860 | 2,737 | |
FHLB advances | 55,442 | 68,398 | |
Accrued interest payable | 109 | 183 | |
Other liabilities | 6,834 | 5,583 | |
TOTAL LIABILITIES | 448,746 | 456,749 | |
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at December 31, 2021 and December 31, 2020 Issued - 6,402,571 at December 31, 2021 and 4,961,626 at December 31, 2020 (includes 97,128 and 84,949 unvested shares, respectively) Outstanding - 6,372,508 at December 31, 2021 and 4,834,401 at December 31, 2020 (includes 97,128 and 84,949 unvested shares, respectively) | [1] | 64 | 49 |
Preferred stock, $0.01 par value, 10,000,000 shares authorized at December 31, 2021 and December 31, 2020 | 0 | 0 | |
Additional paid-in capital | 52,805 | 20,134 | |
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 377,077 and 161,486 shares at December 31, 2021 and December 31, 2020, respectively | [1] | (3,432) | (1,615) |
Less treasury stock at cost, 30,063 at December 31, 2021 and 127,225 at December 31, 2020 | [1] | (301) | (1,228) |
Retained earnings | 41,615 | 41,530 | |
Accumulated other comprehensive income, net of income taxes | 142 | 1,138 | |
Total stockholders' equity | 90,893 | 60,008 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 539,639 | $ 516,757 | |
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 | |
Common Stock, Shares, Issued | 6,402,571 | 4,961,626 | |
Common Stock, Shares, Outstanding | 6,372,508 | 4,834,401 | |
Preferred stock par or stated value per share | $ / shares | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |
Unallocated common stock of Employee Stock Ownership Plan | 377,077 | 161,486 | |
Treasury stock | 30,063 | 127,225 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | [1] | 97,128 | 111,802 |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | ||
Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 84,949 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 97,128 | ||
Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 84,949 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 97,128 | ||
[1] | Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | ||||
Interest and dividend income: | |||||
Loans, including fees | $ 12,594 | $ 13,959 | |||
Securities, taxable | 1,399 | 1,349 | |||
Other | 245 | 187 | |||
Total interest and dividend income | 14,238 | 15,495 | |||
Interest expense: | |||||
Interest-bearing deposits | 784 | 2,320 | |||
Borrowed funds | 752 | 721 | |||
Total interest expense | 1,536 | 3,041 | |||
Net interest income | 12,702 | 12,454 | |||
Provision for loan losses | 30 | 500 | |||
Net interest income after provision for loan losses | 12,672 | 11,954 | |||
Noninterest income: | |||||
Service charges and other fees | 964 | 814 | |||
Loan servicing, net | 1,157 | 546 | |||
Net gain on sale of loans | 1,503 | 3,499 | |||
Net gain on sale of securities | 12 | 1,023 | |||
Increase in cash surrender value of insurance | 407 | 400 | |||
Unrealized gain on marketable equity securities | 222 | 568 | |||
Other | 5 | (72) | |||
Total noninterest income | 4,270 | 6,778 | |||
Noninterest expense: | |||||
Salaries and employee benefits | 10,425 | 9,674 | |||
Foreclosed assets, net | (6) | ||||
Advertising and promotions | 111 | 110 | |||
Data processing | 801 | 761 | |||
Occupancy and equipment | 1,410 | 1,361 | |||
FDIC assessment | 163 | 112 | |||
Other | 4,011 | 3,667 | |||
Total noninterest expense | 16,921 | 15,679 | |||
Income before income taxes | 21 | 3,053 | |||
Income (benefit) tax expense | (64) | 1,736 | |||
Net income | $ 85 | [1] | $ 1,317 | [2] | |
Earnings per share: | |||||
Basic | [3] | $ 0.01 | $ 0.28 | ||
Diluted | [3] | $ 0.01 | [1] | $ 0.28 | [2] |
Average common shares outstanding: | |||||
Basic | [3] | 5,987,164 | [1] | 4,642,171 | [2] |
Diluted | [3] | 6,190,409 | 4,685,208 | ||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||
[3] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). Refer to Note 18 Earnings Per Share for retroactive recognition given to the exchange ratio applied in the Conversion for the year ended December 31, 2020. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) | Dec. 31, 2021 | Jul. 14, 2021 |
Income Statement [Abstract] | ||
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | 1.3163 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 85 | [1] | $ 1,317 | [2] |
Other comprehensive (loss) income: | ||||
Unrealized holding (losses) gains arising during the period | (1,352) | 2,435 | ||
Reclassification adjustment for gains realized in net income | (12) | (1,023) | ||
Other comprehensive (loss) income before tax effect | (1,364) | 1,412 | ||
Tax effect of other comprehensive (loss) income items | (368) | 381 | ||
Other comprehensive (loss) income, net of tax | (996) | 1,031 | ||
Comprehensive (loss) income | $ (911) | $ 2,348 | ||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | |||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury Stock | Unallocated common stock of ESOP | Retained earnings | Accumulated other comprehensive income (loss) | ||
Balance at Dec. 31, 2019 | $ 58,665 | $ 49 | $ 19,981 | $ (1,685) | $ 40,213 | $ 107 | |||
Net income | 1,317 | [1] | 1,317 | ||||||
Other comprehensive income | 1,031 | 1,031 | |||||||
Repurchase of common stock | (1,053) | $ (1,053) | |||||||
Common stock reclassified to treasury stock | (175) | (175) | |||||||
ESOP shares committed to be released (7,021 shares) | [1] | 67 | (3) | 70 | |||||
Stock compensation expense | 156 | 156 | |||||||
Balance at Dec. 31, 2020 | 60,008 | 49 | 20,134 | (1,228) | (1,615) | 41,530 | 1,138 | ||
Net income | 85 | [2] | 85 | ||||||
Other comprehensive income | (996) | (996) | |||||||
Gross proceeds from stock offering | 35,418 | 15 | 35,403 | ||||||
Purchase of treasury stock by Rabbi Trust | (136) | (136) | |||||||
Sales of treasury stock by Rabbi Trust | 10 | 10 | |||||||
Repurchase of common stock | (15) | (15) | |||||||
Contribution from 1895 Bancorp of Wisconsin, MHC | 100 | 100 | |||||||
Stock offering costs | (1,988) | (1,988) | |||||||
Retirement of treasury shares from stock offering | (1,053) | 1,053 | |||||||
Purchase of ESOP Shares | (2,041) | (2,041) | |||||||
ESOP shares committed to be released (7,021 shares) | 246 | 22 | 224 | ||||||
Retirement of common stock | (69) | (69) | |||||||
Stock options exercised | 30 | 30 | |||||||
Stock compensation expense | 241 | 241 | |||||||
Balance at Dec. 31, 2021 | $ 90,893 | $ 64 | $ 52,805 | $ (301) | $ (3,432) | $ 41,615 | $ 142 | ||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||||||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Dec. 31, 2021shares | Dec. 31, 2020shares |
ESOP shares committed to be released | 22,401 | 7,021 |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 85 | $ 1,317 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net amortization of investment securities | 221 | 232 |
Depreciation | 654 | 661 |
Provision for loan losses | 30 | 500 |
Net loss on disposal of premises and equipment | 0 | 33 |
Net change in fair value of marketable equity securities | (222) | (568) |
Net gain on sale of available for sale securities | (12) | (1,023) |
Stock compensation expense | 241 | 156 |
Adjustment to mortgage servicing rights valuation | (369) | 369 |
(Benefit from) provision for deferred income tax | (64) | 1,650 |
Originations of mortgage loans held for sale | (121,562) | (195,425) |
Proceeds from sales of mortgage loans held for sale | 124,366 | 197,125 |
Net gain on sale of mortgage loans held for sale | (1,503) | (3,499) |
ESOP compensation | 246 | 67 |
Net change in cash value of life insurance | (407) | (400) |
Changes in operating assets and liabilities: | ||
Net change in mortgage servicing rights | 139 | (3) |
Change in accrued interest receivable and other assets | (243) | (248) |
Change in accrued interest payable and other liabilities | 1,108 | 322 |
Net cash provided by operating activities | 2,708 | 1,266 |
Cash Flows From Investing Activities | ||
Proceeds from sales of available for sale securities | 1,018 | 19,515 |
Maturities, prepayments, and calls of available for sale securities | 12,442 | 55,217 |
Purchases of available for sale securities | (68,770) | (59,857) |
Net Change In Marketable Equity Securities | (330) | (46) |
Net (increase) decrease in loans | 5,254 | (18,899) |
Net capital expenditures for premises and equipment | (243) | (288) |
Net increase in Federal Home Loan Bank stock | 0 | (2,119) |
Cash Received In MHC Merger | 100 | 0 |
Net cash used in investing activities | (50,529) | (6,477) |
Cash flows from financing activities | ||
Net increase in deposits | 4,653 | 35,252 |
Net (decrease) increase in advance payments by borrowers for taxes and insurance | (877) | 1,056 |
Proceeds from the issuance of FHLB advances | 0 | 52,000 |
Proceeds from stock offering | 35,418 | 0 |
Stock offering costs | (1,988) | 0 |
Purchase of ESOP shares | (2,041) | 0 |
Purchases of common stock | (151) | (1,053) |
Sale of treasury stock by Rabbi Trust | 10 | 0 |
Principal payments on Federal Home Loan Bank advances | (12,956) | (1,225) |
Stock options exercised | 30 | 0 |
Net cash provided by financing activities | 22,098 | 86,030 |
Net (decrease) increase in cash and cash equivalents | (25,723) | 80,819 |
Cash and cash equivalents at beginning of year | 92,526 | 11,707 |
Cash and cash equivalents at end of year | 66,803 | 92,526 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | 1,610 | 3,242 |
Cash received during the year for income taxes | (196) | (5) |
Noncash activities: | ||
Retirement of common stock | 69 | 0 |
Loans transferred to loans held for sale | 0 | 124 |
Issuance of treasury stock – stock compensation plans | 15 | 0 |
1895 Bancorp of Wisconsin, Inc. common stock held by PyraMax Bank reclassified to treasury stock | 0 | 175 |
Retirement of treasury stock | $ 1,053 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 — Summary of Significant Accounting Policies Organization 1895 Bancorp of Wisconsin, Inc., a Maryland corporation (the “Company”, “New 1895 Bancorp”) was formed to serve as the stock holding company for PyraMax Bank, FSB (the “Bank”) as part of the mutual-to-stock The cost of the reorganization and the issuing of the common stock totaling $2.0 million PyraMax Bank is a stock savings bank headquartered in Greenfield, Wisconsin. PyraMax Bank operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin, area. PyraMax Bank is subject to competition from other financial and nonfinancial institutions providing financial products. In addition, PyraMax Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 Jumpstart Our Business Startups Act The Jumpstart Our Business Startups Act (the JOBS Act), which was signed into law on April 5, 2012, has made numerous changes to the federal securities laws to facilitate access to capital markets. Under the JOBS Act, a company with total annual gross revenues of less than $1.0 billion during its most recently completed fiscal year qualifies as an “emerging growth company.” The Company qualifies as an “emerging growth company” and believes that it will continue to qualify as an “emerging growth company” until five years from the completion of the stock offering. As an “emerging growth company,” the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the financial statements may not be comparable to the financial statements of companies that comply with such new or revised accounting standards. Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the fair values of financial instruments, and the valuation of deferred income tax assets. Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (Topic 606), established principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company’s revenue-generating transactions are not subject to Topic 606, including all interest and dividend income generated from financial instruments. Certain noninterest income items, including loan servicing income, gain on sales of loans, gain on sales of securities, and other noninterest income have been evaluated to not fall within the scope of Topic 606. Elements of noninterest income that are within Topic 606 are as follows: Fee income on deposit accounts non-sufficient Sale of foreclosed assets Merchant card arrangement fees Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, interest-bearing and non-interest-bearing Marketable Equity Securities The Company holds marketable equity securities, which have a readily determinable fair value, and consist of mutual fund investments and common equity. These securities are recorded at fair value with unrealized gains and losses, due to change in fair value, reflected in noninterest income. Gains and losses on the sale of marketable equity securities are recorded on the trade date and determined using the specific-identification method. The portion of unrealized gains for the period related to marketable equity securities still held as of December 31, 2021 and 2020 was $222 and $568, respectively. Available for Sale Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities classified as available for sale are carried at fair value. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Gains and losses on the sale of securities are recorded on the trade date and determined using the specific-identification method. Interest and dividends on available securities are recognized as income when earned. Amortization of premiums and accretion of discounts for noncallable securities are recognized in interest income using the interest method over the estimated lives of the securities. The estimated lives of callable securities are calculated using the first call date. Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loan sold. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may be unable to make payments as they become due. When loans are placed on non-accrual Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial real estate Land development: on-site Commercial Other: Residential real estate: loan-to-value Consumer: 1-4 Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic conditions, and other relevant factors. This evaluation is inherently subjective since it requires material estimates that may be susceptible to significant change. A loan is impaired when, based on current information, it is probable that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. Management determines whether a loan is impaired on a case-by-case In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may require the Company to make additions to the allowance for loan losses based on their judgments of collectability based on information available to them at the time of their examination. Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants a “concession” to the borrower that they would not otherwise consider. These concessions include a modification of terms such as a reduction of the stated interest rate or loan balance, a reduction of accrued interest, an extension of the maturity date at an interest rate lower than a current market rate for a new loan with similar risk, or some combination thereof to facilitate repayment. Troubled debt restructurings are considered impaired loans. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line method over the estimated useful lives of the assets. Mortgage Servicing Rights The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold. Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights, when purchased, are initially recorded at fair value. Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets, net in the consolidated balance sheets. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Recognized gains on sale of mortgage servicing rights are included in other noninterest income in the consolidated statements of operations. The fair value of mortgage servicing rights is estimated using a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, the custodial earnings rate, ancillary income, default rates and losses, and prepayment speeds. The fair value of mortgage servicing rights may change because of changes in the discount rates, prepayment expectations, default rates, and other factors. Mortgage servicing rights are amortized into income in proportion to and over the period of the estimated future net servicing income of the underlying loans. Mortgage servicing rights are evaluated for impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation includes stratifying the mortgage servicing rights by predominant characteristics such as interest rates and terms and estimating fair value of each stratum. Impairment is recognized through a valuation allowance for an individual stratum to the extent that fair value is less than the carrying amount for the stratum. Federal Home Loan Bank Stock The Company’s investment in Federal Home Loan Bank (“FHLB”) stock is carried at cost. The Company is required to hold the stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is pledged as collateral for outstanding FHLB advances. The stock is evaluated for impairment on an annual basis. Foreclosed Assets Assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net foreclosed asset expense. There were no foreclosed assets as of December 31, 2021 and 2020, respectively. There were approximately $52 and $56 of residential real estate loans in process of foreclosure at December 31, 2021 and 2020, respectively. Cash value of life insurance The Company purchased bank owned life insurance on the lives of certain employees. The Company is the beneficiary of the life insurance policies. The cash surrender value of life insurance is reported at the amount that would be received in cash if the policies were surrendered. Increases in the cash value of the policies and proceeds of death benefits received are recorded in noninterest income. The increase in cash value of life insurance is not subject to income taxes, as long as the Company has the intent and ability to hold the policies until the death benefits are received. Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income including consideration of applicable tax planning strategies. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, weigh all positive and negative evidence and are reviewed on a regular basis as regulatory and business factors change. Any reduction in estimated future taxable income may require us to increase the valuation allowance against our deferred tax assets. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, and mortgage servicing rights. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the consolidated financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not recognize any interest or penalties related to income tax expense in its statements of operations. Employee Benefit Plans The Company has employee benefit plans for qualified employees. The Company’s policy is to fund contributions as accrued. Off-Balance In the ordinary course of business, the Company has entered into off-balance-sheet Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Rate Lock Commitments The Company enters into commitments to originate loans, whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments, along with any related fees received from potential borrowers, are recorded at fair value in other assets or liabilities, with changes in fair value recorded in the net gain or loss on sale of mortgage loans. Fair value is based on fees currently charged to enter into similar agreements and for fixed-rate commitments also considers the difference between current levels of interest rates and the committed rates. Advertising Advertising costs are expensed as incurred. Other Comprehensive (Loss) Income Other comprehensive (loss) income is shown on the statements of comprehensive (loss) income. The Company’s accumulated other comprehensive (loss) income is composed of the unrealized gain (loss) on securities available for sale, net of tax and is shown on the statements of changes in stockholders’ equity. Reclassification adjustments out of other comprehensive (loss) income for gains realized on sales of securities available for sale comprise the entire balance of “net gain on sale of securities” on the statements of operations. As part of this reclassification, income tax expense of approximately $3 and $276 was recognized for the years ended December 31, 2021 and 2020, respectively, in “income (benefit) tax expense” on the statements of operations. Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements to conform to the 2021 classifications. Subsequent events Management has reviewed the Company’s operations for potential disclosure or financial statement impacts related to events occurring after December 31, 2021, but prior to the release of these consolidated financial statements. Based on the results of this review, no other subsequent event disclosures or financial statement impacts to these consolidated financial statements are required. Recent Accounting Pronouncements The following Accounting Standards Updates (ASU) have been issued by the Financial Accounting Standards Board (FASB) and may impact the Company’s consolidated financial statements in future reporting periods. ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13 2019-10, 2016-13 2016-13 ASU 2016-02, Leases (Topic 842) 2016-02 2019-10, 2020-05, ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04 |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Cash and Due from Banks | NOTE 2 — Cash and Due from Banks Under Regulation D, savings institutions are generally required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based upon a percentage of deposits. Effective March 12, 2021, the Federal Reserve Board reduced reserve requirement ratios to zero percent, eliminating the requirement to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. This reduction in reserve requirement ratios does not have a defined timeframe and may be revised by the Federal Reserve Board in the future. In the normal course of business, the Company maintains cash and due from bank balances with correspondent banks. Balances in these accounts may exceed the Federal Deposit Insurance Corporation’s insured limit of $250. Management believes these financial institutions have strong credit ratings and that the credit risk related to these deposits is minimal. |
Available for Sale Securities
Available for Sale Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | NOTE 3— Available for Sale Securities Amortized costs and fair values of available for sale securities are summarized as follows: Gross Gross Amortized Unrealized Unrealized December 31, 2021 Cost Gains Losses Fair Value U.S. Treasury notes $ 19,501 $ 8 $ (25 ) $ 19,484 Obligations of states and political subdivisions 20,758 207 (205 ) 20,760 Government-sponsored mortgage-backed securities 64,049 563 (463 ) 64,149 Asset-backed securities 6,479 45 (1 ) 6,523 Certificates of deposit 1,459 65 — 1,524 Total $ 112,246 $ 888 $ (694 ) $ 112,440 Gross Gross Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 11,570 $ 244 $ (11 ) $ 11,803 Government-sponsored mortgage-backed securities 36,886 1,165 (12 ) 38,039 Asset-backed securities 7,231 57 (7 ) 7,281 Certificates of deposit 1,458 122 — 1,580 Total $ 57,145 $ 1,588 $ (30 ) $ 58,703 Fair values of securities are estimated based on financial models or prices paid for similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value. The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by one of the following government enterprises: Fannie Mae, Freddie Mac or Ginnie Mae. Available for sale securities with a carrying value of $1.8 million and $2.0 million were pledged as collateral to secure customer deposit accounts at December 31, 2021 and December 31, 2020, respectively. The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Loss Value Loss Value Loss U.S. Treasury notes $ 12,971 $ (25 ) $ — $ — $ 12,971 $ (25 ) Obligations of states and political subdivisions 5,414 (82 ) 4,105 (123 ) 9,519 (205 ) Government-sponsored mortgage-backed securities 39,392 (463 ) — — 39,392 (463 ) Asset-backed securities 808 (1 ) — — 808 (1 ) Total $ 58,585 $ (571 ) $ 4,105 $ (123 ) $ 62,690 $ (694 ) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Value Loss Value Loss Value Loss Obligations of states and political subdivisions $ 4,235 $ (11 ) $ — $ — $ 4,235 $ (11 ) Government-sponsored mortgage-backed securities 4,984 (12 ) — — 4,984 (12 ) Asset-backed securities — — 638 (7 ) 638 (7 ) Total $ 9,219 $ (23 ) $ 638 $ (7 ) $ 9,857 $ (30 ) At December 31, 2021, the Company had 24 debt securities with unrealized losses with aggregate depreciation of 1.1% from the Company’s amortized cost basis. At December 31, 2020, the Company had 5 debt securities with unrealized losses with aggregate depreciation of 0.3% from the Company’s amortized cost basis. These unrealized losses relate principally to the changes in interest rates and are not caused by changes in the financial condition of the issuer, the quality of any underlying assets, or applicable credit enhancements. In analyzing whether unrealized losses on debt securities are other than temporary, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, and the quality of any underlying assets or credit enhancements. Since management has the ability to hold debt securities for the foreseeable future, no declines are deemed to be other than temporary. The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below: December 31, 2021 Amortized Fair Cost Value Debt and other securities: Due in one year or less $ 1,505 $ 1,512 Due after one through 5 years 13,901 13,982 Due after 5 through 10 years 14,812 14,822 Due after 10 years 11,500 11,452 Total debt and other securities 41,718 41,768 Mortgage-related securities 64,049 64,149 Asset-backed securities 6,479 6,523 Total $ 112,246 $ 112,440 The following is a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for each of the periods listed below: Years ended December 31, 2021 2020 Proceeds from sales of securities available-for-sale $ 1,018 $ 19,515 Gross realized gains 12 1,023 Gross realized losses — — |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | NOTE 4 — Loans Major classifications of loans are as follows: As of December 31, 2021 2020 Commercial: Real estate $ 185,223 $ 189,291 Land development 1,400 1,492 Other 38,160 46,184 Residential real estate: First mortgage 80,661 68,968 Construction 3,388 2,954 Consumer: Home equity and lines of credit 17,032 22,348 Other 128 361 Subtotal 325,992 331,598 Net deferred loan costs 655 178 Allowance for loan losses (2,858 ) (2,703 ) Loans, net $ 323,789 $ 329,073 Deposit accounts in an overdrawn position and reclassified as loans totaled $106 and $141 at December 31, 2021 and 2020, respectively. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, we were automatically authorized to originate PPP loans. The Company actively participated in assisting our customers with applications for resources through the program until its closing on August 8, 2020. PPP loans originated by the Company have: (a) an interest rate of 1.0%, (b) two-year On December 27, 2020, the Relief Act became law and provided an additional $284 billion for the PPP, as well as extending the PPP through March 31, 2021. Among the changes to the PPP as a result of the Relief Act include: (1) an opportunity for a second PPP forgivable loan for small businesses and nonprofits with 300 or fewer employees that can demonstrate a loss of 25% of gross receipts in any quarter during 2020 compared to the corresponding quarter in 2019 (or demonstrating a loss of 25% of gross receipts for the calendar year 2020 compared to calendar year 2019); (2) allowing qualified borrowers to apply for a PPP loan up to 2.5 times (or 3.5 times for small businesses in the restaurant and hospitality industries) the borrower’s average monthly payroll costs in the one-year a tax-deductible, The Company provides several types of loans to its customers, including commercial, residential, construction and consumer loans. Significant loan concentrations are considered to exist when there are amounts loaned to one borrower, or to multiple borrowers engaged in similar activities, that would cause them to be similarly impacted by economic or other conditions. While credit risks tend to be geographically concentrated in the Company’s metropolitan Milwaukee market area, and while a significant portion of the Company’s loan portfolio is secured by commercial and residential real estate, there are no significant concentrations whose primary sources of repayment are reliant upon an individual or group of related borrowers. During the normal course of business, the Company may transfer a portion of a loan as a participation loan to another financial institution in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, and rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. As December 31, 2021 and December 31, 2020, respectively, the Company had transferred $32.1 million and $29.6 million in participation loans which were eligible for sales treatment to other financial institutions, all of which were being serviced by the Company. A summary of the activity in the allowance for loan losses by portfolio segment is as follows: December 31, 2021 Commercial Residential Consumer Total Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision (credit) for loan losses 30 — — 30 Loans charged-off — — (19 ) (19 ) Recoveries 18 — 126 144 Ending balance $ 1,657 $ 745 $ 456 $ 2,858 December 31, 2020 Commercial Residential Consumer Total Allowance for loan losses Beginning balance $ 1,235 $ 573 $ 192 $ 2,000 Provision (credit) for loan losses 360 100 40 500 Loans charged-off — (60 ) (8 ) (68 ) Recoveries 14 132 125 271 Ending balance $ 1,609 $ 745 $ 349 $ 2,703 Information about how loans were evaluated for impairment and the related allowance for loan losses follows: December 31, 2021 Commercial Residential Consumer Total Loans: Individually evaluated for impairment $ 4,833 $ 1,357 $ 37 $ 6,227 Collectively evaluated for impairment 219,950 82,692 17,123 319,765 Total loans $ 224,783 $ 84,049 $ 17,160 $ 325,992 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,657 745 456 2,858 Total allowance for loan losses $ 1,657 $ 745 $ 456 $ 2,858 December 31, 2020 Commercial Residential Consumer Total Loans: Individually evaluated for impairment $ 10,573 $ 411 $ 21 $ 11,005 Collectively evaluated for impairment 226,394 71,511 22,688 320,593 Total loans $ 236,967 $ 71,922 $ 22,709 $ 331,598 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,609 745 349 2,703 Total allowance for loan losses $ 1,609 $ 745 $ 349 $ 2,703 Information regarding impaired loans follows: Recorded Unpaid Reserve Average Interest December 31, 2021 Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans with reserve — — — — — Impaired loans with no reserve: Commercial: Real estate $ 4,088 $ 4,089 NA $ 5,615 $ 213 Land development — — NA 734 33 Other 745 796 NA 1,478 35 Residential real estate: First mortgages 1,357 1,572 NA 914 34 Construction — — NA — — Consumer: Home equity and lines of credit 37 41 NA 17 22 Other — — NA — — Total impaired loans with no reserve 6,227 6,498 NA 8,758 337 Total impaired loans $ 6,227 $ 6,498 $ — $ 8,758 $ 337 Information regarding impaired loans follows: Recorded Unpaid Reserve Average Interest December 31, 2020 Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — 36 — Construction — — — — — Consumer: Home equity and lines of credit — — — 4 — Other — — — — — Total impaired loans with reserve — — — 40 — Impaired loans with no reserve: Commercial: Real estate $ 6,277 $ 6,277 NA $ 6,268 $ 332 Land development 1,492 1,492 NA 503 40 Other 2,804 2,804 NA 2,301 138 Residential real estate: First mortgages 411 495 NA 568 261 Construction — — NA — — Consumer: Home equity and lines of credit 21 51 NA 24 3 Other — — NA — — Total impaired loans with no reserve 11,005 11,119 NA 9,664 774 Total impaired loans $ 11,005 $ 11,119 $ — $ 9,704 $ 774 Management regularly monitors impaired loan relationships. In the event facts and circumstances change, additional reserves may be necessary. There were no additional funds committed to impaired loans as of December 31, 2021 and 2020, respectively. The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for loan losses. The credit quality indicators monitored differ depending on the class of loan. “Pass” ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable. “Watch / Special mention” ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable. “Substandard” ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable. “Doubtful” ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely. Information regarding the credit quality indicators most closely monitored for commercial loans by class follows: December 31, 2021 Pass Watch and Substandard Total Commercial: Real estate $ 172,172 $ 8,963 $ 4,088 $ 185,223 Land development 1,400 — — 1,400 Other 37,414 1 745 38,160 Total $ 210,986 $ 8,964 $ 4,833 $ 224,783 December 31, 2020 Pass Watch and Substandard Total Commercial: Real estate $ 163,961 $ 19,272 $ 6,058 $ 189,291 Land development — — 1,492 1,492 Other 37,675 5,705 2,804 46,184 Total $ 201,636 $ 24,977 $ 10,354 $ 236,967 There were no loans rated as doubtful at December 31, 2021 and December 31, 2020. Residential real estate and consumer loans are generally evaluated based on whether or not the loan is performing according to the contractual terms of the loan. Management determines that a loan is impaired or non-performing Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans by class follows: December 31, 2021 Performing Non-Performing Total Residential real estate: First mortgage $ 79,722 $ 939 $ 80,661 Construction 3,388 — 3,388 Consumer: Home equity and lines of credit 16,954 78 17,032 Other 128 — 128 Total $ 100,192 $ 1,017 $ 101,209 December 31, 2020 Performing Non-Performing Total Residential real estate: First mortgage $ 67,817 $ 1,151 $ 68,968 Construction 2,954 — 2,954 Consumer: Home equity and lines of credit 22,212 136 22,348 Other 361 — 361 Total $ 93,344 $ 1,287 $ 94,631 Loan aging and non-accrual December 31, 2021 Current Loans Past 30-89 Loans Past Total Non-accrual Commercial: Real estate $ 185,223 $ — $ — $ 185,223 $ — Land development 1,400 — — 1,400 — Other 38,127 33 — 38,160 — Residential real estate: First mortgage 80,319 342 — 80,661 939 Construction 3,388 — — 3,388 — Consumer: Home equity and lines of credit 17,032 — — 17,032 78 Other 128 — — 128 — Total $ 325,617 $ 375 $ — $ 325,992 $ 1,017 Total non-accrual 0.31 % Total non-accrual 0.19 % December 31, 2020 Current Loans Past 30-89 Loans Past Total Non-accrual Commercial: Real estate $ 189,050 $ 241 $ — $ 189,291 $ — Land development 1,492 — — 1,492 — Other 46,151 33 — 46,184 — Residential real estate: First mortgage 68,147 684 137 68,968 1,151 Construction 2,954 — — 2,954 — Consumer: Home equity and lines of credit 22,204 121 23 22,348 136 Other 361 — — 361 — Total $ 330,359 $ 1,079 $ 160 $ 331,598 $ 1,287 Total non-accrual 0.39 % Total non-accrual 0.25 % There are no loans 90 or more days past due and accruing interest as of December 31, 2021 or 2020. Non-performing Years ended December 31, 2021 2020 Nonaccrual loans, other than troubled debt restructurings $ 826 $ 1,068 Nonaccrual loans, troubled debt restructurings 191 219 Total nonperforming loans (NPLs) $ 1,017 $ 1,287 Troubled debt restructurings, accruing $ 418 $ 432 There were no loans modified as troubled debt restructurings during years ended December 31, 2021 and December 31, 2020. The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 COVID-19 The Company considers a troubled debt restructuring in default if it becomes past due more than 90 days. No troubled debt restructurings defaulted within twelve months of their modification date during the years ended December 31, 2021 and 2020. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 — Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and are summarized as follows: As of December 31, 2021 2020 Land $ 863 $ 863 Buildings 8,060 7,845 Leasehold improvements 1 209 Furniture and equipment 6,111 5,929 Totals 15,035 14,846 Less: Accumulated depreciation 9,171 8,571 Premises and equipment, net $ 5,864 $ 6,275 Depreciation of premises and equipment totaled $654 and $661 for the years ended December 31, 2021 and 2020, respectively. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 6 — Mortgage Servicing Rights Loans serviced for others are not included in the consolidated The following is a summary of changes in the balance of mortgage servicing rights for the periods indicated below: As of December 31, 2021 2020 Mortgage servicing rights beginning balance $ 1,806 $ 2,172 Additions 553 770 Amortization (692 ) (767 ) De in 369 (369 ) Mortgage servicing rights ending balance $ 2,036 $ 1,806 Fair value at beginning of period $ 1,806 $ 2,404 Fair value at end of period $ 2,477 $ 1,806 There was no valuation allowance as of December 31, 2021. The valuation allowance as of December 31, 2020 was $369. The Company did not sell any mortgage servicing rights during the years ended December 31, 2021 and 2020. The estimated fair value of mortgage servicing rights was determined using a valuation model that calculates the present value of expected future servicing and ancillary income, net of expected servicing costs. The model incorporates various assumptions such as discount rates, prepayment speeds, and ancillary income and servicing costs. As of December 31, 2021, the model used discount rates ranging from 10% to 13.5% and prepayment speeds ranging from 11.3% to 37%, respectively, both of which were based on market data from independent organizations. As of December 31, 2020, the model used discount rates of 10% to 13.5% and prepayment speeds ranging from 18% to 46%. The following table shows the estimated future amortization of mortgage servicing rights for the next five years. The projections of amortization expense are based on existing asset balances as of as of December 31, 2021. The actual amortization expense the Company recognizes in any given period may be significantly different depending on changes in interest rates, market conditions, and regulatory requirements. Estimated future amortization as of December 31, 2021: 2022 $ 419 2023 282 2024 217 2025 181 2026 152 Thereafter 785 Total $ 2,036 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | NOTE 7 — Deposits The composition of deposits is as follows: As of December 31, 2021 2020 Non-interest $ 106,664 $ 98,970 Interest bearing checking 37,467 30,630 Money market 94,823 103,724 Statement savings 64,954 58,895 Certificates of deposit (1) 80,593 87,629 Total $ 384,501 $ 379,848 (1) Included in these amounts are brokered deposits of $5.5 million at December 31, 2020. There were no brokered deposits at December 31, 2021. Certificates of deposit that met or exceeded the FDIC insurance limit of $250 totaled $10.0 million and $8.7 million at December 31, 2021 and 2020, respectively. Interest expense on deposits is summarized as follows: Years ended December 31, 2021 2020 Interest bearing checking $ 36 $ 46 Money market 261 448 Statement savings 35 58 Certificates of deposit 452 1,768 Total $ 784 $ 2,320 The scheduled maturities of certificates of deposit are as follows: 2022 $ 77,339 2023 1,351 2024 972 2025 581 2026 350 Total $ 80,593 |
FHLB Advances and Other Borrowi
FHLB Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
FHLB Advances and Other Borrowings | NOTE 8 — FHLB Advances and Other Borrowings A summary of Federal Home Loan Bank advances follows: As of December 31, 2021 2020 Rate Amount Rate Amount Fixed rate, COVID-19 N/A $ — 0.00 % $ 4,000 Fixed rate, fixed term advance, maturing July 2021 N/A — 1.41 % 7,000 Fixed rate, fixed term advance, maturing February 2022 1.62 % 6,500 1.62 % 6,500 Fixed rate, fixed term advance, maturing February 2023 1.62 % 6,500 1.62 % 6,500 Putable advance, maturing October 2029 first option date Nov 2020 1.03 % 10,000 1.03 % 10,000 Putable advance, maturing February 2030 first option date Feb 2023 0.98 % 5,000 0.98 % 5,000 Putable advance, maturing March 2030 first option date March 2025 0.89 % 10,000 0.89 % 10,000 Advance structured note, payments due monthly, maturing February 2030 7.47 % 542 7.47 % 584 Advance structured note, payments due monthly, maturing April 2030 1.05 % 8,405 1.05 % 9,365 Advance structured note, payments due monthly, maturing May 2030 1.19 % 8,495 1.19 % 9,449 Total $ 55,442 $ 68,398 A summary of the scheduled maturities and principal payments of Federal Home Loan Bank advances follows: December 31, 2021 Weighted Amount 2022 1.54 % 8,481 2023 1.54 % 8,506 2024 1.28 % 2,032 2025 1.30 % 2,059 2026 1.31 % 2,086 Thereafter 1.05 % 32,278 Total $ 55,442 Actual maturities may differ from the scheduled principal maturities due to call options on the various advances. The Company maintains a master contract agreement with the FHLB, which provides for borrowing up to the lesser of 22.22 times the FHLB stock owned, a determined percentage of the book value of the Company’s qualifying real estate loans, or a determined percentage of the Company’s assets. The FHLB provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest such as federal funds or Treasury bill rates. FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. The Company had pledged qualifying real estate mortgage loans with collateral values of approximately $147.5 million at December 31, 2021, and $149.1 million at December 31, 2020. FHLB advances were also secured by $3.0 million at December 31, 2021 and $3.0 million at December 31, 2020 of FHLB stock owned by the Company. At December 31, 2021 and 2020, the Company’s available and unused portion of this borrowing agreement totaled $90.9 million and $79.6 million, respectively. Additional borrowing would require additional purchase of FHLB stock. Additionally, at December 31, 2021 we had a $15.0 million federal funds rate line of credit with the BMO Harris Bank, none of which was drawn at December 31, 2021. The Company also had a $8.1 million line of credit at the Federal Reserve based on pledged commercial real estate loans of approximately $13.7 million at December 31, 2021. The Company had not drawn on the Federal Reserve line as of December 31, 2021. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 9 — Employee Benefit Plan The Company sponsors a 401(k)-profit sharing plan covering substantially all employees certain age and minimum service requirements. The Company may then match a discretionary percentage of each eligible participant’s contribution. The expense charge to operations for the Company’s matching contributions were $447 and $414 for the years ended December 31, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 — Income Taxes The provision for income taxes included in the accompanying consolidated statements of operations consists of the following components: Years ended December 31, 2021 2020 Current tax expense (benefit): Federal $ — $ 86 State — — Total current tax expense (benefit) — 86 Deferred tax expense: Federal (49 ) 589 State (15 ) 127 Valuation allowance — 934 Total deferred tax expense (64 ) 1,650 Provision (credit) for income taxes $ (64 ) $ 1,736 A summary of the sources of differences between income taxes at the federal statutory rate and the provision (credit) for income taxes follows: Years ended December 31, 2021 2020 Amount % of Amount % of Reconciliation of statutory to effective rates: Federal income taxes at statutory rate $ 5 21.00 % $ 641 21.00 % Adjustments for: Increase in cash value of life insurance (85 ) (357.00 %) (84 ) (2.75 %) Change in valuation allowance — 0.00 % 934 30.60 % Other, net 16 67.20 % 245 8.03 % Total income tax expense (benefit) $ (64 ) (268.80 %) $ 1,736 56.88 % Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax asset in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities: As of December 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 780 $ 735 Deferred compensation 1,070 859 Accrued employee benefits 102 122 NOL and charitable contribution carryforwards 3,442 3,492 Premises and equipment 40 6 ESOP release of shares 32 17 Other 82 57 Total deferred tax assets $ 5,548 $ 5,288 Deferred tax liabilities: Loan fees $ 179 $ 48 Unrealized gain on available for sale securities 52 420 Mortgage servicing rights 556 491 FHLB stock dividends 26 26 Total deferred tax liabilities $ 813 $ 985 Net deferred tax asset/liability 4,735 4,303 Valuation allowance (934 ) (934 ) Net deferred tax asset $ 3,801 $ 3,369 Income (benefit) tax expense was ($64) for the year ended December 31, 2021 and $1.7 million for the year ended December 31, 2020. As of December 31, 2021 and December 31, 2020, the Company had a deferred tax asset valuation allowance of $934, reducing our net deferred tax assets to $3.8 million and $3.4 million, at each respective date. Deferred tax assets are deferred tax consequences attributable to deductible temporary differences and carryforwards. After the deferred tax asset has been measured using the applicable enacted tax rate and provisions of the enacted tax law, it is then necessary to assess the need for a valuation allowance. A valuation allowance is needed when, based on the weight of the available positive and negative evidence, it is more likely than not that some portion of the deferred asset will not be realized. As required by generally accepted accounting principles, available evidence is weighted heavily on cumulative losses, with less weight placed on future projected profitability. Realization of the deferred tax asset is dependent on whether there will be sufficient future taxable income, including available tax strategies of the appropriate character in the period during which deductible temporary differences reverse or within the carryforward periods available under tax law. The Company has federal loss carryforwards of approximately $9.7 million as of December 31, 2021. Of this amount, $1.8 million represents a tax loss carryforward from the 2019 tax year has an indefinite carryforward period due to the Tax Cuts and Jobs Act of 2017. The remaining $7.9 million of losses begin to expire in 2030. The Company also has $416 of charitable contribution carryforwards that may be applied against future taxable income and begin to expire in 2024. The Company had an ownership change during 2021 which resulted in an annual limitation on the future utilization of both Federal and Wisconsin net operating loss (NOL) carryforwards. The Company has state net operating loss carryforwards totaling approximately $19.9 million that may be applied against future state taxable income and begin to expire in 2024 as of December 31, 2021. The Company also has $419 With few exceptions, the Company is generally no longer subject to examinations by taxing authorities for years before 2018 for federal tax examinations and 2017 for state tax examinations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 — Commitments and Contingencies Legal Matters In the normal course of business, the Company may be involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the Company’s consolidated financial statements. No legal proceedings existed at December 31, 2021 that would have a material adverse effect on the Company’s consolidated financial statements. Credit Commitments and Contingencies The Company is party to financial instruments with off-balance-sheet The Company’s exposure to credit loss is represented by the contractual, or notional, amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance- The contract amounts of credit-related financial instruments at December 31, 2021 and 2020 are summarized below: December 31, 2021 Fixed Variable Total Commitments to extend credit $ 21,586 $ 56,921 $ 78,507 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,214 — 1,214 Commitments to sell loans 5,410 — 5,410 Overdraft protection program commitments 3,993 — 3,993 December 31, 2020 Fixed Variable Total Commitments to extend credit $ 12,084 $ 41,778 $ 53,862 Standby letters of credit 23 2,150 2,173 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,087 — 1,087 Commitments to sell loans 53,847 — 53,847 Overdraft protection program commitments 4,104 — 4,104 Commitments to extend credit are agreements to lend to a customer at fixed or variable rates, as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable; inventory; property, plant and equipment; real estate; and stocks and bonds. Commitments to sell loans represent commitments obtained by the Company from a secondary market agency to purchase mortgages from the Company at specified interest rates and within specified periods of time. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all standby letters of credit have expiration dates within one year. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting these commitments. Standby letters of credit are not reflected in the consolidated financial statements, since recording the fair value of these guarantees would not have a significant impact on the consolidated financial statements. The Company participates in the FHLB Mortgage Partnership Finance Program (the “Program”). In addition to entering into forward commitments to sell mortgage loans to a secondary market agency, the Company enters into firm commitments to deliver loans to the FHLB through the Program. Under the Program, loans are funded by the FHLB, and the Company receives an agency fee reported as a component of gain on sale of loans. The Company had $2.2 million of commitments to deliver loans through the Program as of December 31, 2021. Once delivered to the Program, the Company provides a contractually agreed-upon credit enhancement and performs servicing of the loans. Under the credit enhancement, the Company is liable for losses on loans delivered to the Program after application of any mortgage insurance and a contractually agreed-upon credit enhancement provided by the Program subject to an agreed-upon maximum. The Company receives a fee for this credit enhancement. The Company records a liability for expected losses in excess of anticipated credit enhancement fees. As of December 31, 2021, and 2020, the Company had no liability outstanding. Unfunded commitments under overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit may or may not require collateral and may or may not contain a specific maturity date. Lease Commitments At December 31, 2021, the Company was obligated under noncancelable operating leases for office space or other commitments. Rent expense under operating leases, included in net occupancy and equipment expense, was $83 and $93 for the years ended December 31, 2021 and 2020, respectively. Rent commitments before considering renewal options that generally are present, were as follows at December 31, 2021: 2022 $ 85 2023 87 2024 15 Thereafter — Total $ 187 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | NOTE 12 — Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, investments, and loans. The Company’s cash and cash equivalents are held in demand accounts with various institutions. The Company’s investments are held in a variety of interest-bearing investments including U.S. Treasury notes, obligations from states and political subdivisions, government sponsored agencies and certificates of deposit. Such certificates of deposits are generally within insured limits. The Company has not experienced any historical losses on its investments of cash and cash equivalents. Practically all of the Company’s loans and commitments have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the ability of their debtors to honor their contracts is dependent on the economic conditions of the counties surrounding the Company. The concentration of credit by type of loan is set forth in Note 4. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan | NOTE 13 — Employee Stock Ownership Plan The Company established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the reorganization, effective January 1, 2019. Eligible employees become 20% vested in their accounts after 1 year of service, 40% vested after 2 years of service, 60% vested after 3 years of service, 80% vested after 4 years of service, and 100% vested after 5 or more years of service, or earlier, upon death, disability or attainment of normal retirement age. On January 8, 2019, the ESOP purchased 175,528 shares of the Company’s common stock, which was funded by a loan from Old 1895 Bancorp. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP, and discretionary contributions from the Company to the ESOP and earnings thereon. As part of the mutual-to-stock Compensation expense for the ESOP is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to stockholders’ equity. The Company recognized $246 and $67 in compensation expense for the years ended December 31, 2021 and December 31, 2020, respectively. The following table provides the allocated and unallocated shares of common stock associated with the ESOP as of December 31, 2021 and 2020. 2021 (1) 2020 Shares committed to be released 22,401 7,021 Total allocated shares 15,239 7,021 Total unallocated shares 377,077 161,486 Total ESOP shares 414,717 175,528 Fair value of unallocated shares (based on $10.99 and $9.96 share price as of December 31, 2021 and December 31, 2020, respectively) $ 4,144 $ 1,608 (1) Share amounts reflected in the table are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 14 — Related-Party Transactions A summary of loans to directors, executive officers, and their affiliates follows: Years ended 2021 2020 Beginning balance $ 1,034 $ 1,172 Adjustments due to changes in directors, executive officers, and/or principal stockholders 202 — New loans 53 512 Repayments (357 ) (650 ) Ending balance $ 932 $ 1,034 Deposits from directors, executive officers, and their affiliates totaled $1.1 million and $940 at December 31, 2021 and 2020, respectively. The Company utilizes the services of law firms in which certain of the Company’s directors are partners. Fees paid to the firms were $31 and $30 during the years ended December 31, 2021 and 2020, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 15 — Fair Value ASC Topic 820, Fair Value Measurements and Disclosures defines fair values, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This accounting standard applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. The standard also emphasizes that fair value (i.e., the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date), among other things, is based on exit price versus entry price, should include assumptions about risk such as nonperformance risk in liability fair values, and is a market-based measurement, not an entity-specific measurement. When considering the assumptions that market participants would use in pricing an asset or liability, this accounting standard establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy prioritizes inputs used to measure fair value into three broad levels. Level 1 inputs – In general, fair values determined by Level 1 inputs use quoted market prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs – Fair values determined by Level 2 inputs use inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets where there are few transactions and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs – Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Some assets and liabilities, such as securities available for sale, are measured at fair value on a recurring basis under accounting principles generally accepted in the United States. Other assets and liabilities, such as impaired loans, may be measured at fair value on a nonrecurring basis. Following is a description of the Company’s valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis, as well as the classification of the asset or liability within the fair value hierarchy. Securities available-for-sale Impaired loans Rate lock commitments— Mortgage servicing rights Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value: Recurring Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 3,544 $ 3,544 $ — $ — Securities available-for-sale: U.S. Treasury notes 19,484 — 19,484 — Obligations of states and political subdivisions 20,760 — 20,760 — Government-sponsored mortgage-backed securities 64,149 — 64,149 — Asset-backed securities 6,523 — 6,523 — Certificates of deposit 1,524 — 1,524 — Total $ 115,984 $ 3,544 $ 112,440 $ — Recurring Fair Value Measurements Using December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 2,992 $ 2,992 $ — $ — Securities available-for-sale: U.S. Treasury notes — — — — Obligations of states and political subdivisions 11,803 — 11,803 — Government-sponsored mortgage-backed securities 38,039 — 38,039 — Asset-backed securities 7,281 — 7,281 — Certificates of deposit 1,580 — 1,580 — Total $ 61,695 $ 2,992 $ 58,703 $ — Impaired loans are measured at fair value on a non-recurring Mortgage servicing rights are measured at fair value on a non-recurring For Level 3 assets measured at fair value on a nonrecurring basis, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value at Significant Unobservable Input Value December 31, 2021 Valuation Significant Minimum Value Maximum Value Rate lock commitments 30 Pricing model Pull through rate 75.0 % 100.0 % Mortgage servicing rights 2,477 Pricing models Prepayment rate 11.3 % 37.0 % Discount rate 10.0 % 13.5 % Cost to service $ 83.00 $ 85.00 The Company estimates fair value of all financial instruments regardless of whether such instruments are measured at fair value. The following methods and assumptions were used by the Company to estimate fair value of financial instruments not previously discussed. Cash and cash equivalents — Loans held for sale — Loans — non-performing FHLB stock Accrued interest receivable and payable Cash value of life insurance Deposits and advance payments by borrowers for taxes and insurance FHLB Advances The carrying value and estimated fair value of financial instruments follow: December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 66,803 $ 66,803 $ — $ — Available for sale securities 112,440 — 112,440 — Marketable equity securities 3,544 3,544 — — Loans held for sale 1,183 — 1,183 — Loans 323,789 — — 323,182 Rate lock commitments 30 — — 30 Accrued interest receivable 948 948 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,892 — — 13,892 Financial liabilities: Deposits 384,501 303,908 — 80,473 Advance payments by borrowers for taxes and insurance 1,860 1,860 — — Federal Home Loan Bank advances 55,442 — — 55,981 Accrued interest payable 109 109 — — December 31, 2020 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 92,526 $ 92,526 $ — $ — Available for sale securities 58,703 — 58,703 — Marketable equity securities 2,992 2,992 — — Loans held for sale 2,484 — 2,484 — Loans 329,073 — — 332,882 Rate lock commitments 354 — — 354 Accrued interest receivable 912 912 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,485 — — 13,485 Financial liabilities: Deposits 379,848 292,219 — 87,884 Advance payments by borrowers for taxes and insurance 2,737 2,737 — — Federal Home Loan Bank advances 68,398 — — 70,561 Accrued interest payable 183 183 — — Limitations — Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters that could affect the estimates. Fair value estimates are based on existing on- off-balance-sheet |
Equity and Regulatory Matters
Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Equity and Regulatory Matters | NOTE 16 — Equity and Regulatory Matters The Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, Tier 1, and Total capital to risk-weighted assets and of Tier 1 capital to average assets. It is management’s opinion, as of December 31, 2021, that the Bank met all applicable capital adequacy requirements. As of December 31, 2021, the Bank is categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum regulatory capital ratios as set forth in the table. There are no conditions or events since December 31, 2021 that management believes have changed the category. The Bank’s actual capital amounts and ratios are presented in the following tables: Actual For Capital Adequacy To Be Well Capitalized Under (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 PyraMax Bank Leverage (Tier 1) $ 65,179 11.9 % $ 21,838 4.0 % $ 27,298 5.0 % Risk-based: Common Equity Tier 1 65,179 19.4 % 15,124 4.5 % 21,846 6.5 % Tier 1 65,179 19.4 % 20,166 6.0 % 26,888 8.0 % Total 68,037 20.2 % 26,888 8.0 % 33,610 10.0 % December 31, 2020 PyraMax Bank Leverage (Tier 1) $ 49,534 9.8 % $ 20,195 4.0 % $ 25,243 5.0 % Risk-based: Common Equity Tier 1 49,534 15.1 % 14,725 4.5 % 21,269 6.5 % Tier 1 49,534 15.1 % 19,633 6.0 % 26,177 8.0 % Total 52,237 16.0 % 26,177 8.0 % 32,722 10.0 % |
Deferred Compensation
Deferred Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Disclosure Of Deferred Compensation | NOTE 17 — Deferred Compensation The Company has obligations to certain retired and active employees and directors under deferred compensation plans. A liability is recorded for the value of the deferred compensation obligations amounting to $ million and $ million at December , and , respectively. The Company holds marketable equity securities consisting of mutual fund investments and common stock deferred under the plans, which are held in a Rabbi Trust. The Company may sell these securities on a periodic basis in order to pay retirement benefits to plan retirees. There are no gain or losses realized from the sales of marketable equity securities. Benefits paid total $ and $ for the years ended December , and , respectively. The amount charged to operations related to administrative fees for deferred compensation plans was $ and $ for the years ended December , and , respectively. The Company has entered into various salary continuation agreements with former key officers. The agreements provide for the payment of specified amounts upon each employee’s retirement or death. The liability outstanding under the agreements was $231 and $299 at December 31, 2021 and 2020, respectively. The amount charged to operations was $16 and $20 for the years ended December 31, 2021 and 2020, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 18 — Earnings Per Share (EPS) Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. Earnings per common share for the years ended December 31, 2021 and 2020 is presented in the following table. Years ended December 31, 2021 (1) 2020 (2) 2020 (1) (Unaudited) (dollars in thousands, except per share amounts) Net income $ 85 $ 1,317 $ 1,317 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,248,678 4,807,158 6,327,662 Less: Weighted average unallocated ESOP shares 261,514 164,987 217,172 Weighted average shares outstanding for basic EPS 5,987,164 4,642,171 6,110,490 Additional dilutive shares 203,245 43,037 56,649 Weighted average shares outstanding for dilutive EPS 6,190,409 4,685,208 6,167,139 Basic income per share $ 0.01 $ 0.28 $ 0.22 Diluted income per share $ 0.01 $ 0.28 $ 0.21 (1) Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). (2) Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | NOTE 19 – Stock Based Compensation Stock-Based Compensation Plan On March 27, 2020, the Company’s stockholders approved the 1895 Bancorp of Wisconsin, Inc. 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”). A total of 238,467 stock options and 95,387 restricted shares were approved for award. The stock options granted to employees and non-employee non-employee Accounting for Stock-Based Compensation Plan The fair value of stock options granted is estimated on the grant date using a Black-Scholes pricing model. The fair value of restricted shares is equal to the quoted NASDAQ market closing price on the date of grant. The fair value of stock grants is recognized as compensation expense on a straight-line basis over the vesting period of the grants. Compensation expense is included in salaries and employee benefits in the consolidated statements of operations. Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock options represent the period of time that the options are expected to be outstanding and is based on the historical results from the previous awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the actual volatility of 1895 Bancorp of Wisconsin, Inc. stock for the weighted average life time period prior to issuance date. The following assumptions were used in estimating the fair value of options granted in the years ended December 31, 2021 and December 31, 2020: 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.96 % 0.45 % Expected volatility 24.64 % 24.00 % Weighted average expected life 6.5 6.5 Weighted average per share value of options $ 2.10 $ 1.98 Based on the assumptions above, the estimated weighted average grant-date fair value of options granted was $78 during the year ended December 31, 2021. A summary of the Company’s stock option activity for the years ended December 31, 2021 and 2020 is presented below. Stock Options Shares (1) Weighted Weighted Aggregate Outstanding and exercisable December 31, 2019 — $ — — — Granted 287,097 5.99 — 1,138,663 Exercised — — — — Forfeited — — — — Outstanding December 31, 2020 287,097 5.99 9.30 1,138,663 Options exercisable at December 31, 2020 — $ — — — Granted (2) 37,316 7.76 — 120,526 Exercised (4,738 ) 6.27 — 23,274 Forfeited (18,955 ) 6.27 — 91,574 Outstanding December 31, 2021 300,720 6.19 8.40 1,443,067 Options exercisable at December 31, 2021 52,677 $ 5.97 8.30 264,489 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. Stock Options Shares (1) Weighted Average Grant Nonvested at December 31, 2019 — $ — Granted 287,097 1.98 Vested — — Forfeited — — Nonvested at December 31, 2020 287,097 $ 1.98 Nonvested at December 31, 2020 287,097 $ 1.98 Granted (2) 37,316 2.10 Vested (57,415 ) 1.50 Forfeited (18,955 ) 1.61 Nonvested at December 31, 2021 248,043 $ 1.58 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. The Company amortizes the expense related to stock options as compensation expense over the vesting period. The Company recognized $95 and $61 in stock option expense during the years ended December 31, 2021 and December 31, 2020, respectively. At December 31, 2021, the Company had $323 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 3.5 years. The following table summarizes information about the Company’s restricted stock activity for the years ended December 31, 2021 and 2020: Restricted Stock Shares (1) Weighted Average Nonvested at December 31, 2019 — $ — Granted 111,802 5.98 Vested — — Forfeited — — Nonvested at December 31, 2020 111,802 $ 5.98 Nonvested at December 31, 2020 111,802 $ 5.98 Granted (2) 15,052 7.76 Vested (3) (22,355 ) 5.98 Forfeited (7,371 ) 6.06 Nonvested at December 31, 2021 97,128 $ 6.25 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 1,313 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. (3) Includes 6,305 shares surrendered by employees to cover payroll tax costs related to the vested shares. The Company amortizes the expense related to restricted stock awards as compensation expense over the vesting period. The Company recognized $146 and $95 in restricted stock expense during the years ended December 31, 2021 and December 31, 2020, respectively. At December 31, 2021, the Company had $500 of unrecognized compensation expense related to restricted stock shares that is expected to be recognized over a weighted average period of 3.5 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization 1895 Bancorp of Wisconsin, Inc., a Maryland corporation (the “Company”, “New 1895 Bancorp”) was formed to serve as the stock holding company for PyraMax Bank, FSB (the “Bank”) as part of the mutual-to-stock The cost of the reorganization and the issuing of the common stock totaling $2.0 million PyraMax Bank is a stock savings bank headquartered in Greenfield, Wisconsin. PyraMax Bank operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin, area. PyraMax Bank is subject to competition from other financial and nonfinancial institutions providing financial products. In addition, PyraMax Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 Jumpstart Our Business Startups Act The Jumpstart Our Business Startups Act (the JOBS Act), which was signed into law on April 5, 2012, has made numerous changes to the federal securities laws to facilitate access to capital markets. Under the JOBS Act, a company with total annual gross revenues of less than $1.0 billion during its most recently completed fiscal year qualifies as an “emerging growth company.” The Company qualifies as an “emerging growth company” and believes that it will continue to qualify as an “emerging growth company” until five years from the completion of the stock offering. As an “emerging growth company,” the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the financial statements may not be comparable to the financial statements of companies that comply with such new or revised accounting standards. |
Use of Estimates | Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the fair values of financial instruments, and the valuation of deferred income tax assets. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (Topic 606), established principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company’s revenue-generating transactions are not subject to Topic 606, including all interest and dividend income generated from financial instruments. Certain noninterest income items, including loan servicing income, gain on sales of loans, gain on sales of securities, and other noninterest income have been evaluated to not fall within the scope of Topic 606. Elements of noninterest income that are within Topic 606 are as follows: Fee income on deposit accounts non-sufficient Sale of foreclosed assets Merchant card arrangement fees |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, interest-bearing and non-interest-bearing |
Available for Sale Securities | Marketable Equity Securities The Company holds marketable equity securities, which have a readily determinable fair value, and consist of mutual fund investments and common equity. These securities are recorded at fair value with unrealized gains and losses, due to change in fair value, reflected in noninterest income. Gains and losses on the sale of marketable equity securities are recorded on the trade date and determined using the specific-identification method. The portion of unrealized gains for the period related to marketable equity securities still held as of December 31, 2021 and 2020 was $222 and $568, respectively. Available for Sale Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities classified as available for sale are carried at fair value. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Gains and losses on the sale of securities are recorded on the trade date and determined using the specific-identification method. Interest and dividends on available securities are recognized as income when earned. Amortization of premiums and accretion of discounts for noncallable securities are recognized in interest income using the interest method over the estimated lives of the securities. The estimated lives of callable securities are calculated using the first call date. Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. |
Loans Held for Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loan sold. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may be unable to make payments as they become due. When loans are placed on non-accrual |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial real estate Land development: on-site Commercial Other: Residential real estate: loan-to-value Consumer: 1-4 Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic conditions, and other relevant factors. This evaluation is inherently subjective since it requires material estimates that may be susceptible to significant change. A loan is impaired when, based on current information, it is probable that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. Management determines whether a loan is impaired on a case-by-case In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may require the Company to make additions to the allowance for loan losses based on their judgments of collectability based on information available to them at the time of their examination. |
Troubled Debt Restructurings | Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants a “concession” to the borrower that they would not otherwise consider. These concessions include a modification of terms such as a reduction of the stated interest rate or loan balance, a reduction of accrued interest, an extension of the maturity date at an interest rate lower than a current market rate for a new loan with similar risk, or some combination thereof to facilitate repayment. Troubled debt restructurings are considered impaired loans. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line method over the estimated useful lives of the assets. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold. Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights, when purchased, are initially recorded at fair value. Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets, net in the consolidated balance sheets. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Recognized gains on sale of mortgage servicing rights are included in other noninterest income in the consolidated statements of operations. The fair value of mortgage servicing rights is estimated using a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, the custodial earnings rate, ancillary income, default rates and losses, and prepayment speeds. The fair value of mortgage servicing rights may change because of changes in the discount rates, prepayment expectations, default rates, and other factors. Mortgage servicing rights are amortized into income in proportion to and over the period of the estimated future net servicing income of the underlying loans. Mortgage servicing rights are evaluated for impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation includes stratifying the mortgage servicing rights by predominant characteristics such as interest rates and terms and estimating fair value of each stratum. Impairment is recognized through a valuation allowance for an individual stratum to the extent that fair value is less than the carrying amount for the stratum. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Company’s investment in Federal Home Loan Bank (“FHLB”) stock is carried at cost. The Company is required to hold the stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is pledged as collateral for outstanding FHLB advances. The stock is evaluated for impairment on an annual basis. |
Foreclosed Assets | Foreclosed Assets Assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net foreclosed asset expense. There were no foreclosed assets as of December 31, 2021 and 2020, respectively. There were approximately $52 and $56 of residential real estate loans in process of foreclosure at December 31, 2021 and 2020, respectively. |
Cash value of life insurance | Cash value of life insurance The Company purchased bank owned life insurance on the lives of certain employees. The Company is the beneficiary of the life insurance policies. The cash surrender value of life insurance is reported at the amount that would be received in cash if the policies were surrendered. Increases in the cash value of the policies and proceeds of death benefits received are recorded in noninterest income. The increase in cash value of life insurance is not subject to income taxes, as long as the Company has the intent and ability to hold the policies until the death benefits are received. |
Income Taxes | Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income including consideration of applicable tax planning strategies. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, weigh all positive and negative evidence and are reviewed on a regular basis as regulatory and business factors change. Any reduction in estimated future taxable income may require us to increase the valuation allowance against our deferred tax assets. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, and mortgage servicing rights. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the consolidated financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not recognize any interest or penalties related to income tax expense in its statements of operations. |
Employee Benefit Plans | Employee Benefit Plans The Company has employee benefit plans for qualified employees. The Company’s policy is to fund contributions as accrued. |
Off-Balance Sheet Instruments | Off-Balance In the ordinary course of business, the Company has entered into off-balance-sheet |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Rate Lock Commitments | Rate Lock Commitments The Company enters into commitments to originate loans, whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments, along with any related fees received from potential borrowers, are recorded at fair value in other assets or liabilities, with changes in fair value recorded in the net gain or loss on sale of mortgage loans. Fair value is based on fees currently charged to enter into similar agreements and for fixed-rate commitments also considers the difference between current levels of interest rates and the committed rates. |
Advertising | Advertising Advertising costs are expensed as incurred. |
Other Comprehensive Loss | Other Comprehensive (Loss) Income Other comprehensive (loss) income is shown on the statements of comprehensive (loss) income. The Company’s accumulated other comprehensive (loss) income is composed of the unrealized gain (loss) on securities available for sale, net of tax and is shown on the statements of changes in stockholders’ equity. Reclassification adjustments out of other comprehensive (loss) income for gains realized on sales of securities available for sale comprise the entire balance of “net gain on sale of securities” on the statements of operations. As part of this reclassification, income tax expense of approximately $3 and $276 was recognized for the years ended December 31, 2021 and 2020, respectively, in “income (benefit) tax expense” on the statements of operations. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements to conform to the 2021 classifications. Subsequent events Management has reviewed the Company’s operations for potential disclosure or financial statement impacts related to events occurring after December 31, 2021, but prior to the release of these consolidated financial statements. Based on the results of this review, no other subsequent event disclosures or financial statement impacts to these consolidated financial statements are required. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following Accounting Standards Updates (ASU) have been issued by the Financial Accounting Standards Board (FASB) and may impact the Company’s consolidated financial statements in future reporting periods. ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13 2019-10, 2016-13 2016-13 ASU 2016-02, Leases (Topic 842) 2016-02 2019-10, 2020-05, ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Costs and Fair Value of Securities Available for Sale | Amortized costs and fair values of available for sale securities are summarized as follows: Gross Gross Amortized Unrealized Unrealized December 31, 2021 Cost Gains Losses Fair Value U.S. Treasury notes $ 19,501 $ 8 $ (25 ) $ 19,484 Obligations of states and political subdivisions 20,758 207 (205 ) 20,760 Government-sponsored mortgage-backed securities 64,049 563 (463 ) 64,149 Asset-backed securities 6,479 45 (1 ) 6,523 Certificates of deposit 1,459 65 — 1,524 Total $ 112,246 $ 888 $ (694 ) $ 112,440 Gross Gross Amortized Unrealized Unrealized December 31, 2020 Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 11,570 $ 244 $ (11 ) $ 11,803 Government-sponsored mortgage-backed securities 36,886 1,165 (12 ) 38,039 Asset-backed securities 7,231 57 (7 ) 7,281 Certificates of deposit 1,458 122 — 1,580 Total $ 57,145 $ 1,588 $ (30 ) $ 58,703 |
Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values | The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Loss Value Loss Value Loss U.S. Treasury notes $ 12,971 $ (25 ) $ — $ — $ 12,971 $ (25 ) Obligations of states and political subdivisions 5,414 (82 ) 4,105 (123 ) 9,519 (205 ) Government-sponsored mortgage-backed securities 39,392 (463 ) — — 39,392 (463 ) Asset-backed securities 808 (1 ) — — 808 (1 ) Total $ 58,585 $ (571 ) $ 4,105 $ (123 ) $ 62,690 $ (694 ) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Value Loss Value Loss Value Loss Obligations of states and political subdivisions $ 4,235 $ (11 ) $ — $ — $ 4,235 $ (11 ) Government-sponsored mortgage-backed securities 4,984 (12 ) — — 4,984 (12 ) Asset-backed securities — — 638 (7 ) 638 (7 ) Total $ 9,219 $ (23 ) $ 638 $ (7 ) $ 9,857 $ (30 ) |
Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity | The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below: December 31, 2021 Amortized Fair Cost Value Debt and other securities: Due in one year or less $ 1,505 $ 1,512 Due after one through 5 years 13,901 13,982 Due after 5 through 10 years 14,812 14,822 Due after 10 years 11,500 11,452 Total debt and other securities 41,718 41,768 Mortgage-related securities 64,049 64,149 Asset-backed securities 6,479 6,523 Total $ 112,246 $ 112,440 |
Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses | The following is a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for each of the periods listed below: Years ended December 31, 2021 2020 Proceeds from sales of securities available-for-sale $ 1,018 $ 19,515 Gross realized gains 12 1,023 Gross realized losses — — |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans are as follows: As of December 31, 2021 2020 Commercial: Real estate $ 185,223 $ 189,291 Land development 1,400 1,492 Other 38,160 46,184 Residential real estate: First mortgage 80,661 68,968 Construction 3,388 2,954 Consumer: Home equity and lines of credit 17,032 22,348 Other 128 361 Subtotal 325,992 331,598 Net deferred loan costs 655 178 Allowance for loan losses (2,858 ) (2,703 ) Loans, net $ 323,789 $ 329,073 |
Summary of Activity in Allowance for Loan and Lease Losses | A summary of the activity in the allowance for loan losses by portfolio segment is as follows: December 31, 2021 Commercial Residential Consumer Total Allowance for loan losses Beginning balance $ 1,609 $ 745 $ 349 $ 2,703 Provision (credit) for loan losses 30 — — 30 Loans charged-off — — (19 ) (19 ) Recoveries 18 — 126 144 Ending balance $ 1,657 $ 745 $ 456 $ 2,858 December 31, 2020 Commercial Residential Consumer Total Allowance for loan losses Beginning balance $ 1,235 $ 573 $ 192 $ 2,000 Provision (credit) for loan losses 360 100 40 500 Loans charged-off — (60 ) (8 ) (68 ) Recoveries 14 132 125 271 Ending balance $ 1,609 $ 745 $ 349 $ 2,703 |
Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment | Information about how loans were evaluated for impairment and the related allowance for loan losses follows: December 31, 2021 Commercial Residential Consumer Total Loans: Individually evaluated for impairment $ 4,833 $ 1,357 $ 37 $ 6,227 Collectively evaluated for impairment 219,950 82,692 17,123 319,765 Total loans $ 224,783 $ 84,049 $ 17,160 $ 325,992 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,657 745 456 2,858 Total allowance for loan losses $ 1,657 $ 745 $ 456 $ 2,858 December 31, 2020 Commercial Residential Consumer Total Loans: Individually evaluated for impairment $ 10,573 $ 411 $ 21 $ 11,005 Collectively evaluated for impairment 226,394 71,511 22,688 320,593 Total loans $ 236,967 $ 71,922 $ 22,709 $ 331,598 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — Collectively evaluated for impairment 1,609 745 349 2,703 Total allowance for loan losses $ 1,609 $ 745 $ 349 $ 2,703 |
Summary of Information Regarding Impaired Loans | Information regarding impaired loans follows: Recorded Unpaid Reserve Average Interest December 31, 2021 Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — — — Construction — — — — — Consumer: Home equity and lines of credit — — — — — Other — — — — — Total impaired loans with reserve — — — — — Impaired loans with no reserve: Commercial: Real estate $ 4,088 $ 4,089 NA $ 5,615 $ 213 Land development — — NA 734 33 Other 745 796 NA 1,478 35 Residential real estate: First mortgages 1,357 1,572 NA 914 34 Construction — — NA — — Consumer: Home equity and lines of credit 37 41 NA 17 22 Other — — NA — — Total impaired loans with no reserve 6,227 6,498 NA 8,758 337 Total impaired loans $ 6,227 $ 6,498 $ — $ 8,758 $ 337 Information regarding impaired loans follows: Recorded Unpaid Reserve Average Interest December 31, 2020 Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — 36 — Construction — — — — — Consumer: Home equity and lines of credit — — — 4 — Other — — — — — Total impaired loans with reserve — — — 40 — Impaired loans with no reserve: Commercial: Real estate $ 6,277 $ 6,277 NA $ 6,268 $ 332 Land development 1,492 1,492 NA 503 40 Other 2,804 2,804 NA 2,301 138 Residential real estate: First mortgages 411 495 NA 568 261 Construction — — NA — — Consumer: Home equity and lines of credit 21 51 NA 24 3 Other — — NA — — Total impaired loans with no reserve 11,005 11,119 NA 9,664 774 Total impaired loans $ 11,005 $ 11,119 $ — $ 9,704 $ 774 |
Summary of Internal Risk Ratings of Loans | Information regarding the credit quality indicators most closely monitored for commercial loans by class follows: December 31, 2021 Pass Watch and Substandard Total Commercial: Real estate $ 172,172 $ 8,963 $ 4,088 $ 185,223 Land development 1,400 — — 1,400 Other 37,414 1 745 38,160 Total $ 210,986 $ 8,964 $ 4,833 $ 224,783 December 31, 2020 Pass Watch and Substandard Total Commercial: Real estate $ 163,961 $ 19,272 $ 6,058 $ 189,291 Land development — — 1,492 1,492 Other 37,675 5,705 2,804 46,184 Total $ 201,636 $ 24,977 $ 10,354 $ 236,967 |
Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans | Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans by class follows: December 31, 2021 Performing Non-Performing Total Residential real estate: First mortgage $ 79,722 $ 939 $ 80,661 Construction 3,388 — 3,388 Consumer: Home equity and lines of credit 16,954 78 17,032 Other 128 — 128 Total $ 100,192 $ 1,017 $ 101,209 December 31, 2020 Performing Non-Performing Total Residential real estate: First mortgage $ 67,817 $ 1,151 $ 68,968 Construction 2,954 — 2,954 Consumer: Home equity and lines of credit 22,212 136 22,348 Other 361 — 361 Total $ 93,344 $ 1,287 $ 94,631 |
Schedule of Analysis of Past due Loans | Loan aging and non-accrual December 31, 2021 Current Loans Past 30-89 Loans Past Total Non-accrual Commercial: Real estate $ 185,223 $ — $ — $ 185,223 $ — Land development 1,400 — — 1,400 — Other 38,127 33 — 38,160 — Residential real estate: First mortgage 80,319 342 — 80,661 939 Construction 3,388 — — 3,388 — Consumer: Home equity and lines of credit 17,032 — — 17,032 78 Other 128 — — 128 — Total $ 325,617 $ 375 $ — $ 325,992 $ 1,017 Total non-accrual 0.31 % Total non-accrual 0.19 % December 31, 2020 Current Loans Past 30-89 Loans Past Total Non-accrual Commercial: Real estate $ 189,050 $ 241 $ — $ 189,291 $ — Land development 1,492 — — 1,492 — Other 46,151 33 — 46,184 — Residential real estate: First mortgage 68,147 684 137 68,968 1,151 Construction 2,954 — — 2,954 — Consumer: Home equity and lines of credit 22,204 121 23 22,348 136 Other 361 — — 361 — Total $ 330,359 $ 1,079 $ 160 $ 331,598 $ 1,287 Total non-accrual 0.39 % Total non-accrual 0.25 % |
Summary of Information Regarding Non-accrual Loans | Non-performing Years ended December 31, 2021 2020 Nonaccrual loans, other than troubled debt restructurings $ 826 $ 1,068 Nonaccrual loans, troubled debt restructurings 191 219 Total nonperforming loans (NPLs) $ 1,017 $ 1,287 Troubled debt restructurings, accruing $ 418 $ 432 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are stated at cost less accumulated depreciation and are summarized as follows: As of December 31, 2021 2020 Land $ 863 $ 863 Buildings 8,060 7,845 Leasehold improvements 1 209 Furniture and equipment 6,111 5,929 Totals 15,035 14,846 Less: Accumulated depreciation 9,171 8,571 Premises and equipment, net $ 5,864 $ 6,275 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Summary of Activity in Mortgage Servicing Rights | The following is a summary of changes in the balance of mortgage servicing rights for the periods indicated below: As of December 31, 2021 2020 Mortgage servicing rights beginning balance $ 1,806 $ 2,172 Additions 553 770 Amortization (692 ) (767 ) De in 369 (369 ) Mortgage servicing rights ending balance $ 2,036 $ 1,806 Fair value at beginning of period $ 1,806 $ 2,404 Fair value at end of period $ 2,477 $ 1,806 |
Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights | The following table shows the estimated future amortization of mortgage servicing rights for the next five years. The projections of amortization expense are based on existing asset balances as of as of December 31, 2021. The actual amortization expense the Company recognizes in any given period may be significantly different depending on changes in interest rates, market conditions, and regulatory requirements. Estimated future amortization as of December 31, 2021: 2022 $ 419 2023 282 2024 217 2025 181 2026 152 Thereafter 785 Total $ 2,036 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits is as follows: As of December 31, 2021 2020 Non-interest $ 106,664 $ 98,970 Interest bearing checking 37,467 30,630 Money market 94,823 103,724 Statement savings 64,954 58,895 Certificates of deposit (1) 80,593 87,629 Total $ 384,501 $ 379,848 (1) Included in these amounts are brokered deposits of $5.5 million at December 31, 2020. There were no brokered deposits at December 31, 2021. |
Interest Expense on Deposits | Interest expense on deposits is summarized as follows: Years ended December 31, 2021 2020 Interest bearing checking $ 36 $ 46 Money market 261 448 Statement savings 35 58 Certificates of deposit 452 1,768 Total $ 784 $ 2,320 |
Scheduled Maturities of Certificates of Deposit | The scheduled maturities of certificates of deposit are as follows: 2022 $ 77,339 2023 1,351 2024 972 2025 581 2026 350 Total $ 80,593 |
FHLB Advances and Other Borro_2
FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | A summary of Federal Home Loan Bank advances follows: As of December 31, 2021 2020 Rate Amount Rate Amount Fixed rate, COVID-19 N/A $ — 0.00 % $ 4,000 Fixed rate, fixed term advance, maturing July 2021 N/A — 1.41 % 7,000 Fixed rate, fixed term advance, maturing February 2022 1.62 % 6,500 1.62 % 6,500 Fixed rate, fixed term advance, maturing February 2023 1.62 % 6,500 1.62 % 6,500 Putable advance, maturing October 2029 first option date Nov 2020 1.03 % 10,000 1.03 % 10,000 Putable advance, maturing February 2030 first option date Feb 2023 0.98 % 5,000 0.98 % 5,000 Putable advance, maturing March 2030 first option date March 2025 0.89 % 10,000 0.89 % 10,000 Advance structured note, payments due monthly, maturing February 2030 7.47 % 542 7.47 % 584 Advance structured note, payments due monthly, maturing April 2030 1.05 % 8,405 1.05 % 9,365 Advance structured note, payments due monthly, maturing May 2030 1.19 % 8,495 1.19 % 9,449 Total $ 55,442 $ 68,398 |
Schedule of Maturities of Federal Home Loan Bank Advances | A summary of the scheduled maturities and principal payments of Federal Home Loan Bank advances follows: December 31, 2021 Weighted Amount 2022 1.54 % 8,481 2023 1.54 % 8,506 2024 1.28 % 2,032 2025 1.30 % 2,059 2026 1.31 % 2,086 Thereafter 1.05 % 32,278 Total $ 55,442 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes included in the accompanying consolidated statements of operations consists of the following components: Years ended December 31, 2021 2020 Current tax expense (benefit): Federal $ — $ 86 State — — Total current tax expense (benefit) — 86 Deferred tax expense: Federal (49 ) 589 State (15 ) 127 Valuation allowance — 934 Total deferred tax expense (64 ) 1,650 Provision (credit) for income taxes $ (64 ) $ 1,736 |
Schedule of Effective Income Tax Rate Reconciliation | A summary of the sources of differences between income taxes at the federal statutory rate and the provision (credit) for income taxes follows: Years ended December 31, 2021 2020 Amount % of Amount % of Reconciliation of statutory to effective rates: Federal income taxes at statutory rate $ 5 21.00 % $ 641 21.00 % Adjustments for: Increase in cash value of life insurance (85 ) (357.00 %) (84 ) (2.75 %) Change in valuation allowance — 0.00 % 934 30.60 % Other, net 16 67.20 % 245 8.03 % Total income tax expense (benefit) $ (64 ) (268.80 %) $ 1,736 56.88 % |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities: As of December 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 780 $ 735 Deferred compensation 1,070 859 Accrued employee benefits 102 122 NOL and charitable contribution carryforwards 3,442 3,492 Premises and equipment 40 6 ESOP release of shares 32 17 Other 82 57 Total deferred tax assets $ 5,548 $ 5,288 Deferred tax liabilities: Loan fees $ 179 $ 48 Unrealized gain on available for sale securities 52 420 Mortgage servicing rights 556 491 FHLB stock dividends 26 26 Total deferred tax liabilities $ 813 $ 985 Net deferred tax asset/liability 4,735 4,303 Valuation allowance (934 ) (934 ) Net deferred tax asset $ 3,801 $ 3,369 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Off-balance-sheet Credit-related Financial Instruments | The contract amounts of credit-related financial instruments at December 31, 2021 and 2020 are summarized below: December 31, 2021 Fixed Variable Total Commitments to extend credit $ 21,586 $ 56,921 $ 78,507 Standby letters of credit — 175 175 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,214 — 1,214 Commitments to sell loans 5,410 — 5,410 Overdraft protection program commitments 3,993 — 3,993 December 31, 2020 Fixed Variable Total Commitments to extend credit $ 12,084 $ 41,778 $ 53,862 Standby letters of credit 23 2,150 2,173 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 1,087 — 1,087 Commitments to sell loans 53,847 — 53,847 Overdraft protection program commitments 4,104 — 4,104 |
Summary of Rent commitments Before Considering Renewal Options | Rent commitments before considering renewal options that generally are present, were as follows at December 31, 2021: 2022 $ 85 2023 87 2024 15 Thereafter — Total $ 187 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The following table provides the allocated and unallocated shares of common stock associated with the ESOP as of December 31, 2021 and 2020. 2021 (1) 2020 Shares committed to be released 22,401 7,021 Total allocated shares 15,239 7,021 Total unallocated shares 377,077 161,486 Total ESOP shares 414,717 175,528 Fair value of unallocated shares (based on $10.99 and $9.96 share price as of December 31, 2021 and December 31, 2020, respectively) $ 4,144 $ 1,608 (1) Share amounts reflected in the table are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Loans to Directors, Executive Officers and Affiliates | A summary of loans to directors, executive officers, and their affiliates follows: Years ended 2021 2020 Beginning balance $ 1,034 $ 1,172 Adjustments due to changes in directors, executive officers, and/or principal stockholders 202 — New loans 53 512 Repayments (357 ) (650 ) Ending balance $ 932 $ 1,034 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value: Recurring Fair Value Measurements Using December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 3,544 $ 3,544 $ — $ — Securities available-for-sale: U.S. Treasury notes 19,484 — 19,484 — Obligations of states and political subdivisions 20,760 — 20,760 — Government-sponsored mortgage-backed securities 64,149 — 64,149 — Asset-backed securities 6,523 — 6,523 — Certificates of deposit 1,524 — 1,524 — Total $ 115,984 $ 3,544 $ 112,440 $ — Recurring Fair Value Measurements Using December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 2,992 $ 2,992 $ — $ — Securities available-for-sale: U.S. Treasury notes — — — — Obligations of states and political subdivisions 11,803 — 11,803 — Government-sponsored mortgage-backed securities 38,039 — 38,039 — Asset-backed securities 7,281 — 7,281 — Certificates of deposit 1,580 — 1,580 — Total $ 61,695 $ 2,992 $ 58,703 $ — |
Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements | For Level 3 assets measured at fair value on a nonrecurring basis, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value at Significant Unobservable Input Value December 31, 2021 Valuation Significant Minimum Value Maximum Value Rate lock commitments 30 Pricing model Pull through rate 75.0 % 100.0 % Mortgage servicing rights 2,477 Pricing models Prepayment rate 11.3 % 37.0 % Discount rate 10.0 % 13.5 % Cost to service $ 83.00 $ 85.00 |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The carrying value and estimated fair value of financial instruments follow: December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 66,803 $ 66,803 $ — $ — Available for sale securities 112,440 — 112,440 — Marketable equity securities 3,544 3,544 — — Loans held for sale 1,183 — 1,183 — Loans 323,789 — — 323,182 Rate lock commitments 30 — — 30 Accrued interest receivable 948 948 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,892 — — 13,892 Financial liabilities: Deposits 384,501 303,908 — 80,473 Advance payments by borrowers for taxes and insurance 1,860 1,860 — — Federal Home Loan Bank advances 55,442 — — 55,981 Accrued interest payable 109 109 — — December 31, 2020 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 92,526 $ 92,526 $ — $ — Available for sale securities 58,703 — 58,703 — Marketable equity securities 2,992 2,992 — — Loans held for sale 2,484 — 2,484 — Loans 329,073 — — 332,882 Rate lock commitments 354 — — 354 Accrued interest receivable 912 912 — — Federal Home Loan Bank Stock 3,032 — — 3,032 Cash value of life insurance 13,485 — — 13,485 Financial liabilities: Deposits 379,848 292,219 — 87,884 Advance payments by borrowers for taxes and insurance 2,737 2,737 — — Federal Home Loan Bank advances 68,398 — — 70,561 Accrued interest payable 183 183 — — |
Equity and Regulatory Matters (
Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Banks Actual and Required Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following tables: Actual For Capital Adequacy To Be Well Capitalized Under (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 PyraMax Bank Leverage (Tier 1) $ 65,179 11.9 % $ 21,838 4.0 % $ 27,298 5.0 % Risk-based: Common Equity Tier 1 65,179 19.4 % 15,124 4.5 % 21,846 6.5 % Tier 1 65,179 19.4 % 20,166 6.0 % 26,888 8.0 % Total 68,037 20.2 % 26,888 8.0 % 33,610 10.0 % December 31, 2020 PyraMax Bank Leverage (Tier 1) $ 49,534 9.8 % $ 20,195 4.0 % $ 25,243 5.0 % Risk-based: Common Equity Tier 1 49,534 15.1 % 14,725 4.5 % 21,269 6.5 % Tier 1 49,534 15.1 % 19,633 6.0 % 26,177 8.0 % Total 52,237 16.0 % 26,177 8.0 % 32,722 10.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share for the years ended December 31, 2021 and 2020 is presented in the following table. Years ended December 31, 2021 (1) 2020 (2) 2020 (1) (Unaudited) (dollars in thousands, except per share amounts) Net income $ 85 $ 1,317 $ 1,317 Weighted shares outstanding for basic EPS Weighted average shares outstanding 6,248,678 4,807,158 6,327,662 Less: Weighted average unallocated ESOP shares 261,514 164,987 217,172 Weighted average shares outstanding for basic EPS 5,987,164 4,642,171 6,110,490 Additional dilutive shares 203,245 43,037 56,649 Weighted average shares outstanding for dilutive EPS 6,190,409 4,685,208 6,167,139 Basic income per share $ 0.01 $ 0.28 $ 0.22 Diluted income per share $ 0.01 $ 0.28 $ 0.21 (1) Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). (2) Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumptions Used in Estimating the Fair Value of Options Granted | The following assumptions were used in estimating the fair value of options granted in the years ended December 31, 2021 and December 31, 2020: 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.96 % 0.45 % Expected volatility 24.64 % 24.00 % Weighted average expected life 6.5 6.5 Weighted average per share value of options $ 2.10 $ 1.98 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the years ended December 31, 2021 and 2020 is presented below. Stock Options Shares (1) Weighted Weighted Aggregate Outstanding and exercisable December 31, 2019 — $ — — — Granted 287,097 5.99 — 1,138,663 Exercised — — — — Forfeited — — — — Outstanding December 31, 2020 287,097 5.99 9.30 1,138,663 Options exercisable at December 31, 2020 — $ — — — Granted (2) 37,316 7.76 — 120,526 Exercised (4,738 ) 6.27 — 23,274 Forfeited (18,955 ) 6.27 — 91,574 Outstanding December 31, 2021 300,720 6.19 8.40 1,443,067 Options exercisable at December 31, 2021 52,677 $ 5.97 8.30 264,489 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Summary of Nonvested Stock option Activity | Stock Options Shares (1) Weighted Average Grant Nonvested at December 31, 2019 — $ — Granted 287,097 1.98 Vested — — Forfeited — — Nonvested at December 31, 2020 287,097 $ 1.98 Nonvested at December 31, 2020 287,097 $ 1.98 Granted (2) 37,316 2.10 Vested (57,415 ) 1.50 Forfeited (18,955 ) 1.61 Nonvested at December 31, 2021 248,043 $ 1.58 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Summary of Restricted Stock Unit Activity | The following table summarizes information about the Company’s restricted stock activity for the years ended December 31, 2021 and 2020: Restricted Stock Shares (1) Weighted Average Nonvested at December 31, 2019 — $ — Granted 111,802 5.98 Vested — — Forfeited — — Nonvested at December 31, 2020 111,802 $ 5.98 Nonvested at December 31, 2020 111,802 $ 5.98 Granted (2) 15,052 7.76 Vested (3) (22,355 ) 5.98 Forfeited (7,371 ) 6.06 Nonvested at December 31, 2021 97,128 $ 6.25 (1) Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. (2) Includes 1,313 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. (3) Includes 6,305 shares surrendered by employees to cover payroll tax costs related to the vested shares. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Foreclosed assets | $ 0 | $ 0 |
Reorganization Cost And Issuing Of Common Stock Deferred | 2,000 | |
Other comprehensive income (loss) tax | 3,000 | 276,000 |
Unrealized Gain (Loss) Marketable Securities | 222,000 | 568,000 |
Increase in assets and liabilities | $ 507,000 | |
Common Stock Held By Public | 100.00% | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Annual gross revenue benchmark to qualify as emerging growth company | $ 1,000,000,000 | |
Period for company qualifies as emerging growth company from completion of stock offering | 5 years | |
Residential Real Estate [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loans in process of foreclosure | $ 52 | $ 56 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 12, 2021 | Dec. 31, 2020 |
Certificates of deposit federally insured | $ 250 | $ 250 | |
Federal Reserve Bank Advances [Member] | |||
Cash Reserve Requirement Percentage | 0.00% |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation - Additional Information (Detail) - Federal funds rate [Member] | Mar. 03, 2020 | Mar. 16, 2020 |
Increase decrease in interest rate | 50.00% | |
Maximum [Member] | ||
Debt instrument interest rate | 0.25% | |
Minimum [Member] | ||
Debt instrument interest rate | 1.00% | 0.00% |
Available for Sale Securities -
Available for Sale Securities - Summary of Amortized Costs and Fair Value of Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 112,246 | $ 57,145 |
Securities Available for Sale, Gross Unrealized Gains | 888 | 1,588 |
Securities Available for Sale, Gross Unrealized Losses | (694) | (30) |
Securities Available for Sale, Fair Value | 112,440 | 58,703 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 19,501 | |
Securities Available for Sale, Gross Unrealized Gains | 8 | |
Securities Available for Sale, Gross Unrealized Losses | (25) | |
Securities Available for Sale, Fair Value | 19,484 | |
Obligations of states and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 20,758 | 11,570 |
Securities Available for Sale, Gross Unrealized Gains | 207 | 244 |
Securities Available for Sale, Gross Unrealized Losses | (205) | (11) |
Securities Available for Sale, Fair Value | 20,760 | 11,803 |
Government-sponsored Mortgage-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 64,049 | 36,886 |
Securities Available for Sale, Gross Unrealized Gains | 563 | 1,165 |
Securities Available for Sale, Gross Unrealized Losses | (463) | (12) |
Securities Available for Sale, Fair Value | 64,149 | 38,039 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 6,479 | 7,231 |
Securities Available for Sale, Gross Unrealized Gains | 45 | 57 |
Securities Available for Sale, Gross Unrealized Losses | (1) | (7) |
Securities Available for Sale, Fair Value | 6,523 | 7,281 |
Certificates of deposit [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,459 | 1,458 |
Securities Available for Sale, Gross Unrealized Gains | 65 | 122 |
Securities Available for Sale, Fair Value | $ 1,524 | $ 1,580 |
Available for Sale Securities_2
Available for Sale Securities - Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | $ 1,512 |
Due after one through 5 years | 13,982 |
Due after 5 through 10 years | 14,822 |
Due after 10 years | 11,452 |
Subtotal | 41,768 |
Total | 112,440 |
Due in one year or less | 1,505 |
Due after one through 5 years | 13,901 |
Due after 5 through 10 years | 14,812 |
Due after 10 years | 11,500 |
Subtotal | 41,718 |
Total | 112,246 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Subtotal | 64,149 |
Subtotal | 64,049 |
Asset-backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Subtotal | 6,523 |
Subtotal | $ 6,479 |
Available for Sale Securities_3
Available for Sale Securities - Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 58,585 | $ 9,219 |
Unrealized Loss | (571) | (23) |
Fair Value | 4,105 | 638 |
Unrealized Loss | (123) | (7) |
Fair Value | 62,690 | 9,857 |
Unrealized Loss | (694) | (30) |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 12,971 | |
Unrealized Loss | (25) | |
Fair Value | 12,971 | |
Unrealized Loss | (25) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 5,414 | 4,235 |
Unrealized Loss | (82) | (11) |
Fair Value | 4,105 | 0 |
Unrealized Loss | (123) | 0 |
Fair Value | 9,519 | 4,235 |
Unrealized Loss | (205) | (11) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 39,392 | 4,984 |
Unrealized Loss | (463) | (12) |
Fair Value | 0 | |
Unrealized Loss | 0 | |
Fair Value | 39,392 | 4,984 |
Unrealized Loss | (463) | (12) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 808 | 0 |
Unrealized Loss | (1) | 0 |
Fair Value | 638 | |
Unrealized Loss | (7) | |
Fair Value | 808 | 638 |
Unrealized Loss | $ (1) | $ (7) |
Available for Sale Securities_4
Available for Sale Securities - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)DebtInstrument | Dec. 31, 2020USD ($)DebtInstrument | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized losses | DebtInstrument | 24 | 5 |
Percentage of depreciation from amortized cost bases | 1.10% | 0.30% |
Collateral to secure customer deposit accounts | $ | $ 1.8 | $ 2 |
Available for Sale Securities_5
Available for Sale Securities - Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of securities available-for-sale | $ 1,018 | $ 19,515 |
Gross realized gains | $ 12 | $ 1,023 |
Loans - Summary of Major Classi
Loans - Summary of Major Classifications of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 325,992 | $ 331,598 | |
Net deferred loan costs | 655 | 178 | |
Allowance for loan losses | (2,858) | (2,703) | $ (2,000) |
Loans, net | 323,789 | 329,073 | |
Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 185,223 | 189,291 | |
Commercial [Member] | Land [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 1,400 | 1,492 | |
Commercial [Member] | Other Commercial Loan [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 38,160 | 46,184 | |
Residential Real Estate [Member] | First Mortgage [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 80,661 | 68,968 | |
Residential Real Estate [Member] | Construction Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 3,388 | 2,954 | |
Consumer [Member] | Other Consumer Loan [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | 128 | 361 | |
Consumer [Member] | Home Equity Lines Of Credit [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 17,032 | $ 22,348 |
Loans - Additional Information
Loans - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)Second | Dec. 31, 2020USD ($) | Dec. 27, 2020USD ($) | Aug. 08, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans 90 days or more past due and accruing interest | $ 0 | $ 0 | |||
Additional Loans Receivable | 325,992,000 | 331,598,000 | |||
Additional committed impared loans | 0 | 0 | |||
Loans modified as troubled debt restructurings | 0 | 0 | |||
Overdrawn deposit account reclassified as loan | 106,000 | 141,000 | |||
Loans and leases receivable, net amount | 323,789,000 | 329,073,000 | |||
PPP loans [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Additional Loans Receivable | $ 284,000,000,000 | ||||
Loans and leases receivable, net amount | $ 10,500,000 | ||||
Financing Receivable, Interest Rate | 1.00% | ||||
Financing Receivable, Number Of Contracts | Second | 143 | ||||
Forgiven Loans in process | $ 150,000,000 | ||||
Percentage Of Loss In Gross Receipts | 25.00% | ||||
Maximum Loan Borrowed | $ 2,000,000 | ||||
Loans Forgiven Amount | $ 5,100,000 | ||||
PPP loans [Member] | Commercial Loan [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and leases receivable, net amount | $ 30,300,000 | ||||
Percentage Of Loan Guarantee By Small Business Administration | 100.00% | ||||
Financing Receivable, Number Of Contracts | 246 | ||||
Covid Nineteen [Member] | Payment Deferral [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Financing recievable threshold past due | 30 days | ||||
Loans and leases receivable, net amount | $ 11,200,000 | ||||
Financing receivable deferral amount | 383 | ||||
Doubtful [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Additional Loans Receivable | 0 | 0 | |||
Troubled debt restructurings within past twelve months for which there was a default | 0 | 0 | |||
Other Financial Institutions [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Participation loans transferred | $ 32,100,000 | $ 29,600,000 |
Loans - Summary of Activity in
Loans - Summary of Activity in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 2,703 | $ 2,000 |
Provision (credit) for loan losses | 30 | 500 |
Loans charged-off | (19) | (68) |
Recoveries of loans previously charged off | 144 | 271 |
Ending balance | 2,858 | 2,703 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,609 | 1,235 |
Provision (credit) for loan losses | 30 | 360 |
Loans charged-off | 0 | |
Recoveries of loans previously charged off | 18 | 14 |
Ending balance | 1,657 | 1,609 |
Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 745 | 573 |
Provision (credit) for loan losses | 0 | 100 |
Loans charged-off | 0 | (60) |
Recoveries of loans previously charged off | 0 | 132 |
Ending balance | 745 | 745 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 349 | 192 |
Provision (credit) for loan losses | 0 | 40 |
Loans charged-off | (19) | (8) |
Recoveries of loans previously charged off | 126 | 125 |
Ending balance | $ 456 | $ 349 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Individually evaluated for impairment | $ 6,227 | $ 11,005 | |
Collectively evaluated for impairment | 319,765 | 320,593 | |
Total loans | 325,992 | 331,598 | |
Collectively evaluated for impairment | 2,858 | 2,703 | |
Total allowance for loan losses | 2,858 | 2,703 | $ 2,000 |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Individually evaluated for impairment | 4,833 | 10,573 | |
Collectively evaluated for impairment | 219,950 | 226,394 | |
Total loans | 224,783 | 236,967 | |
Collectively evaluated for impairment | 1,657 | 1,609 | |
Total allowance for loan losses | 1,657 | 1,609 | 1,235 |
Residential [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Individually evaluated for impairment | 1,357 | 411 | |
Collectively evaluated for impairment | 82,692 | 71,511 | |
Total loans | 84,049 | 71,922 | |
Collectively evaluated for impairment | 745 | 745 | |
Total allowance for loan losses | 745 | 745 | 573 |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Individually evaluated for impairment | 37 | 21 | |
Collectively evaluated for impairment | 17,123 | 22,688 | |
Total loans | 17,160 | 22,709 | |
Collectively evaluated for impairment | 456 | 349 | |
Total allowance for loan losses | $ 456 | $ 349 | $ 192 |
Loans - Summary of Internal Ris
Loans - Summary of Internal Risk Ratings of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 325,992 | $ 331,598 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 185,223 | 189,291 |
Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,400 | 1,492 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 38,160 | 46,184 |
Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 224,783 | 236,967 |
Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 185,223 | 189,291 |
Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,400 | 1,492 |
Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 38,160 | 46,184 |
Pass [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 210,986 | 201,636 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 172,172 | 163,961 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,400 | |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 37,414 | 37,675 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 8,964 | 24,977 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 8,963 | 19,272 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1 | 5,705 |
Substandard [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,833 | 10,354 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 4,088 | 6,058 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,492 | |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 745 | $ 2,804 |
Loans - Summary of Information
Loans - Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 325,992 | $ 331,598 |
Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 101,209 | 94,631 |
Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 80,661 | 68,968 |
Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,388 | 2,954 |
Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 17,032 | 22,348 |
Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 128 | 361 |
Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 100,192 | 93,344 |
Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 79,722 | 67,817 |
Performing [Member] | Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,388 | 2,954 |
Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 16,954 | 22,212 |
Performing [Member] | Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 128 | 361 |
Non Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,017 | 1,287 |
Non Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 939 | 1,151 |
Non Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 78 | $ 136 |
Loans - Summary of Informatio_2
Loans - Summary of Information Regarding Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 40 | |
Recorded Investment | $ 6,227 | 11,005 |
Reserve | 0 | 369 |
Average Investment | 8,758 | 9,704 |
Interest Recognized | 337 | 774 |
Recorded Investment | 6,227 | 11,005 |
Principal Balance | 6,498 | 11,119 |
Average Investment | 8,758 | 9,664 |
Interest Recognized | 337 | 774 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,088 | 6,277 |
Principal Balance | 4,089 | 6,277 |
Average Investment | 5,615 | 6,268 |
Interest Recognized | 213 | 332 |
Commercial Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,492 | |
Principal Balance | 1,492 | |
Average Investment | 734 | 503 |
Interest Recognized | 33 | 40 |
Commercial Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 745 | 2,804 |
Principal Balance | 796 | 2,804 |
Average Investment | 1,478 | 2,301 |
Interest Recognized | 35 | 138 |
Residential real estate and consumer First mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 36 | |
Recorded Investment | 1,357 | 411 |
Principal Balance | 1,572 | 495 |
Average Investment | 914 | 568 |
Interest Recognized | 34 | 261 |
Residential real estate and consumer Home equity and lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4 | |
Recorded Investment | 37 | 21 |
Principal Balance | 41 | 51 |
Average Investment | 17 | 24 |
Interest Recognized | $ 22 | $ 3 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans, other than troubled debt restructurings | $ 826 | $ 1,068 |
Total nonperforming loans (NPLs) | 1,017 | 1,287 |
Non Accruing Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 191 | 219 |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 418 | $ 432 |
Loans - Schedule of Analysis of
Loans - Schedule of Analysis of Past due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 325,617 | $ 330,359 |
Total Loans | 325,992 | 331,598 |
Nonaccrual Loans | $ 1,017 | $ 1,287 |
Total non-accrual loans to total loans | 0.31% | 0.39% |
Total non-accrual loans to total assets | 0.19% | 0.25% |
Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 185,223 | $ 189,050 |
Total Loans | 185,223 | 189,291 |
Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 1,400 | 1,492 |
Total Loans | 1,400 | 1,492 |
Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 38,127 | 46,151 |
Total Loans | 38,160 | 46,184 |
Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 80,319 | 68,147 |
Total Loans | 80,661 | 68,968 |
Nonaccrual Loans | 939 | 1,151 |
Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 3,388 | 2,954 |
Total Loans | 3,388 | 2,954 |
Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 17,032 | 22,204 |
Total Loans | 17,032 | 22,348 |
Nonaccrual Loans | 78 | 136 |
Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 128 | 361 |
Total Loans | 128 | 361 |
Loans Past Due 30-89 Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 375 | 1,079 |
Loans Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 0 | 241 |
Loans Past Due 30-89 Days [Member] | Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 33 | 33 |
Loans Past Due 30-89 Days [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 342 | 684 |
Loans Past Due 30-89 Days [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 0 | 121 |
Loans Past Due 90+ Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 0 | 160 |
Loans Past Due 90+ Days [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | 0 | 137 |
Loans Past Due 90+ Days [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due / Current Loans | $ 0 | $ 23 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 15,035 | $ 14,846 |
Less: Accumulated depreciation | 9,171 | 8,571 |
Premises and equipment, net | 5,864 | 6,275 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 863 | 863 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 8,060 | 7,845 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 1 | 209 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 6,111 | $ 5,929 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation of Premises and Equipment | $ 654 | $ 661 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Unpaid principal balance of mortgage loans serviced for others | $ 332,900 | $ 345,100 |
Mortgage servicing rights , valuation allowance | $ 0 | $ 369 |
Minimum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 10.00% | 10.00% |
Prepayment speeds used in valuation model | 11.30% | 18.00% |
Maximum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 13.50% | 13.50% |
Prepayment speeds used in valuation model | 37.00% | 46.00% |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Mortgage servicing rights beginning balance | $ 1,806 | $ 2,172 |
Additions | 553 | 770 |
Amortization | (692) | (767) |
Decrease (increase) in valuation allowance | 369 | (369) |
Mortgage servicing rights ending balance | 2,036 | 1,806 |
Fair value at beginning of period | 1,806 | 2,404 |
Fair value at end of period | $ 2,477 | $ 1,806 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 419 |
2023 | 282 |
2024 | 217 |
2025 | 181 |
2026 | 152 |
Thereafter | 785 |
Total | $ 2,036 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest bearing checking | $ 106,664 | $ 98,970 |
Interest bearing checking | 37,467 | 30,630 |
Money market | 94,823 | 103,724 |
Statement savings | 64,954 | 58,895 |
Certificates of deposit | 80,593 | 87,629 |
Total | $ 384,501 | $ 379,848 |
Deposits - Composition of Dep_2
Deposits - Composition of Deposits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Brokered deposits | $ 0 | $ 5,500 |
Deposits - Interest Expense On
Deposits - Interest Expense On Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deposits [Abstract] | ||
Interest bearing checking | $ 36 | $ 46 |
Money market | 261 | 448 |
Statement savings | 35 | 58 |
Certificates of deposit | 452 | 1,768 |
Total | $ 784 | $ 2,320 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2022 | $ 77,339 |
2023 | 1,351 |
2024 | 972 |
2025 | 581 |
2026 | 350 |
Total | $ 80,593 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Certificates of deposit with balances of $250 or more | $ 10,000 | $ 8,700 |
Certificates of deposit federally insured | $ 250 | $ 250 |
FHLB Advances and Other Borro_3
FHLB Advances and Other Borrowings - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB Advances, total | $ 55,442 | $ 68,398 |
Fixed rate, COVID-19 Relief Advance, maturing May 2021 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0.00% | |
FHLB Advances, total | 0 | $ 4,000 |
Fixed rate, fixed term advance, maturing July 2021 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.41% | |
FHLB Advances, total | $ 0 | $ 7,000 |
Fixed rate, fixed term advance, maturing February 2022 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.62% | 1.62% |
FHLB Advances, total | $ 6,500 | $ 6,500 |
Fixed rate, fixed term advance, maturing February 2023 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.62% | 1.62% |
FHLB Advances, total | $ 6,500 | $ 6,500 |
Putable advance, maturing October 2029 first option date Nov 2020 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.03% | 1.03% |
FHLB Advances, total | $ 10,000 | $ 10,000 |
Putable advance, maturing February 2030 first option date Feb 2023 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0.98% | 0.98% |
FHLB Advances, total | $ 5,000 | $ 5,000 |
Putable advance, maturing March 2030 first option date March 2025 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 0.89% | 0.89% |
FHLB Advances, total | $ 10,000 | $ 10,000 |
Advance structured note, payments due monthly, maturing February 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 7.47% | 7.47% |
FHLB Advances, total | $ 542 | $ 584 |
Advance structured note, payments due monthly, maturing April 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.05% | 1.05% |
FHLB Advances, total | $ 8,405 | $ 9,365 |
Advance structured note, payments due monthly, maturing May 2030 [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, interest rate | 1.19% | 1.19% |
FHLB Advances, total | $ 8,495 | $ 9,449 |
FHLB Advances and Other Borro_4
FHLB Advances and Other Borrowings - Schedule of Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
2022 | 1.54% | |
2023 | 1.54% | |
2024 | 1.28% | |
2025 | 1.30% | |
2026 | 1.31% | |
Thereafter | 1.05% | |
2022 | $ 8,481 | |
2023 | 8,506 | |
2024 | 2,032 | |
2025 | 2,059 | |
2026 | 2,086 | |
Thereafter | 32,278 | |
Total | $ 55,442 | $ 68,398 |
FHLB Advances and Other Borro_5
FHLB Advances and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank stock to maximum borrowing capacity | The Company maintains a master contract agreement with the FHLB, which provides for borrowing up to the lesser of 22.22 times the FHLB stock owned, a determined percentage of the book value of the Company’s qualifying real estate loans, or a determined percentage of the Company’s assets. | |
Qualifying loans pledged as collateral | $ 147,500,000 | $ 149,100,000 |
Federal Home Loan Bank stock held | 3,032,000 | 3,032,000 |
Available and unused funds under borrowing agreement | 90,900,000 | $ 79,600,000 |
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | BMO Harris Bank [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal funds rate line of credit | 15,000,000 | |
Federal Fund Rate [Member] | BMO Harris Bank [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Qualifying loans pledged as collateral | 13,700,000 | |
Line Of Credit At Federal Reserve | 8,100,000 | |
Available Borrowing Capacity | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Matching contributions | $ 447 | $ 414 |
Income Taxes - Provision For In
Income Taxes - Provision For Income taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expense (benefit): | ||
Federal | $ 86 | |
Total current tax expense (benefit) | 86 | |
Deferred tax expense: | ||
Federal | $ (49) | 589 |
State | (15) | 127 |
Valuation allowance | 934 | |
Total deferred tax expense | (64) | 1,650 |
Total income tax expense (benefit), Amount | $ (64) | $ 1,736 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Asset and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 780 | $ 735 |
Deferred compensation | 1,070 | 859 |
Accrued employee benefits | 102 | 122 |
NOL and charitable contribution carryforwards | 3,442 | 3,492 |
Premises and equipment | 40 | 6 |
ESOP release of shares | 32 | 17 |
Other | 82 | 57 |
Total deferred tax assets | 5,548 | 5,288 |
Deferred tax liabilities: | ||
Loan fees | 179 | 48 |
Unrealized gain on available for sale securities | 52 | 420 |
Mortgage servicing rights | 556 | 491 |
FHLB stock dividends | 26 | 26 |
Total deferred tax liabilities | 813 | 985 |
Net deferred tax asset/liability | 4,735 | 4,303 |
Valuation allowance | (934) | (934) |
Net deferred tax assets | $ 3,801 | $ 3,369 |
Income Taxes - Summary of the S
Income Taxes - Summary of the Sources of Differences Between Income Taxes At the Federal Statutory Rate and the Provision (Credit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Federal income taxes at statutory rate, Amount | $ 5 | $ 641 |
Increase in cash value of life insurance, Amount | (85) | (84) |
Change in valuation allowance, Amount | 934 | |
Other net, Amount | 16 | 245 |
Total income tax expense (benefit), Amount | $ (64) | $ 1,736 |
Reconciliation of statutory to effective rates: Percentage | ||
Federal income taxes at statutory rate, Percentage | 21.00% | 21.00% |
Increase in cash value of life insurance, Percentage | (357.00%) | (2.75%) |
Change in valuation allowance, Percentage | 0.00% | 30.60% |
Other net, Percentage | 67.20% | 8.03% |
Total income tax expense (benefit), Percentage | (268.80%) | 56.88% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation allowance | $ 934 | $ 934 | |
Income tax expense (benefit) | (64) | 1,736 | |
Deferred tax asset net of valuation allowance | 3,801 | $ 3,369 | |
Charitable contribution carryforward [Member] | |||
Federal Loss Carryforwards | $ 419,000 | ||
Expiration Period | 2024 years | ||
Retained Earnings | $ 416,000 | ||
Domestic Tax Authority [Member] | |||
Federal Loss Carryforwards | $ 9,700 | ||
Expiration Period | 2030 years | ||
Operating Loss Carryforwards, Not Subject to Expiration | $ 1,800 | ||
Operating Loss Carryforwards, Subject to Expiration | $ 7,900 | ||
State and Local Jurisdiction [Member] | |||
Federal Loss Carryforwards | $ 19,900 | ||
Expiration Period | 2024 years |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Credit Related Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 78,507 | $ 53,862 |
Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 1,214 | 1,087 |
Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 5,410 | 53,847 |
Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,993 | 4,104 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 175 | 2,173 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 21,586 | 12,084 |
Fixed Rate [Member] | Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 1,214 | 1,087 |
Fixed Rate [Member] | Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 5,410 | 53,847 |
Fixed Rate [Member] | Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,993 | 4,104 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 23 | |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 56,921 | 41,778 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 175 | $ 2,150 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Rent commitments Before Considering Renewal Options (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Lessee Disclosure [Abstract] | |
2022 | $ 85 |
2023 | 87 |
2024 | 15 |
Thereafter | 0 |
Total | $ 187 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Opearating Lease, Rent Expenses | $ 83,000 | $ 93,000 |
Mortgage Partnership Finance Program [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments | 2,200,000 | |
Other commitments | $ 0 | $ 0 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Shares committed to be released | 22,401,000 | 7,021,000 |
Total allocated shares | 15,239 | 7,021 |
Total unallocated shares | 377,077 | 161,486 |
Total ESOP shares | 414,717 | 175,528 |
Fair value of unallocated shares (based on $10.99 and $9.96 share price as of December 31, 2021 and December 31, 2020, respectively) | $ 4,144 | $ 1,608 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Parenthetical) (Detail) | Dec. 31, 2021 | Jul. 14, 2021 |
Share-based Payment Arrangement [Abstract] | ||
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | 1.3163 |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 14, 2021 | Jan. 08, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ESOP Purchased | 175,528,000 | 186,914,000 | ||
Compensation Expense | $ 246 | $ 67 | ||
Fair Value of Unallocated Shares Of ESOP Share Price | $ 10.99 | $ 9.96 | ||
Number of shares to be contributed to the employee stock owership plan | 283,360 | |||
Employee stock ownership plan weighted average price of shares purchased | $ 10.87 | |||
Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested Percentage | 20.00% | |||
Vested Years Of Service | 1 year | |||
Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested Percentage | 40.00% | |||
Vested Years Of Service | 2 years | |||
Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested Percentage | 60.00% | |||
Vested Years Of Service | 3 years | |||
Share-based Compensation Award Tranche Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested Percentage | 80.00% | |||
Vested Years Of Service | 4 years | |||
Share-based Compensation Award Tranche Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested Percentage | 100.00% | |||
Vested Years Of Service | 5 years |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans to Directors, Executive Officers and Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 1,034 | $ 1,172 |
Adjustments due to changes in directors, executive officers, and/or principal stockholders | 202 | 0 |
New loans | 53 | 512 |
Repayments | (357) | (650) |
Ending balance | $ 932 | $ 1,034 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Fees paid to law firms | $ 31 | $ 30 |
Directors, Executive Officers and Affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits from directors, executive officers and affiliates | $ 1,100 | $ 940,000 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 112,440 | |
Marketable equity securities | 3,544 | $ 2,992 |
Total | 115,984 | 61,695 |
U.S. Treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 19,484 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 20,760 | 11,803 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 64,149 | 38,039 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 6,523 | 7,281 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,524 | 1,580 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 64,149 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 3,544 | 2,992 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 112,440 | 58,703 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 19,484 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 20,760 | 11,803 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 38,039 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 6,523 | 7,281 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,524 | 1,580 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 3,544 | 2,992 |
Total | $ 3,544 | $ 2,992 |
Fair Value - Schedule of Quanti
Fair Value - Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($)d | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Rate lock commitments | $ | $ 30,000 |
Mortgage servicing rights | $ | 2,477,000 |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cost of Goods and Services Sold | $ | 83,000 |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cost of Goods and Services Sold | $ | $ 85,000 |
Interest Rate Lock Commitments [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 75 |
Interest Rate Lock Commitments [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 100 |
Measurement Input, Prepayment Rate [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 11.3 |
Measurement Input, Prepayment Rate [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 37 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 10 |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 13.5 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Available for sale securities | $ 112,440 | $ 58,703 |
Loans | 323,789 | 329,073 |
Accrued interest receivable | 948 | 912 |
Cash value of life insurance | 13,892 | 13,485 |
FHLB stock | 3,032 | 3,032 |
Marketable securities | 3,544 | 2,992 |
Financial liabilities: | ||
Deposits | 384,501 | 379,848 |
Advance payments by borrowers for taxes and insurance | 1,860 | 2,737 |
FHLB advances | 55,442 | 68,398 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 66,803 | 92,526 |
Accrued interest receivable | 948 | 912 |
Marketable securities | 3,544 | 2,992 |
Financial liabilities: | ||
Deposits | 303,908 | 292,219 |
Advance payments by borrowers for taxes and insurance | 1,860 | 2,737 |
Accrued interest payable | 109 | 183 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale securities | 112,440 | 58,703 |
Loans held for sale | 1,183 | 2,484 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans | 323,182 | 332,882 |
Rate lock commitments | 30 | 354 |
Cash value of life insurance | 13,892 | 13,485 |
FHLB stock | 3,032 | 3,032 |
Financial liabilities: | ||
Deposits | 80,473 | 87,884 |
FHLB advances | 55,981 | 70,561 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 66,803 | 92,526 |
Available for sale securities | 112,440 | 58,703 |
Loans held for sale | 1,183 | 2,484 |
Loans | 323,789 | 329,073 |
Rate lock commitments | 30 | 354 |
Accrued interest receivable | 948 | 912 |
Cash value of life insurance | 13,892 | 13,485 |
FHLB stock | 3,032 | 3,032 |
Marketable securities | 3,544 | 2,992 |
Financial liabilities: | ||
Deposits | 384,501 | 379,848 |
Advance payments by borrowers for taxes and insurance | 1,860 | 2,737 |
FHLB advances | 55,442 | 68,398 |
Accrued interest payable | $ 109 | $ 183 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | |||
Valuation allowance against impaired loans | $ 0 | $ 369 | |
Servicing assets at amortised cost | 2,036 | 1,806 | $ 2,172 |
Servicing assets at fair value | 2,477 | 1,806 | $ 2,404 |
impairment Loan on mortgage servicing rights | $ 0 | $ 0 |
Equity and Regulatory Matters -
Equity and Regulatory Matters - Schedule of Banks Actual and Required Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Text Block [Abstract] | ||
Leverage tier 1 capital actual amount | $ 65,179 | $ 49,534 |
Common Equity Tier 1 risk based capital actual amount | 65,179 | 49,534 |
Tier 1 risk based capital actual amount | 65,179 | 49,534 |
Total risk based capital actual amount | $ 68,037 | $ 52,237 |
Leverage tier 1 capital actual ratio | 0.119 | 0.098 |
Common Equity Tier 1 risk based capital actual ratio | 0.194 | 0.151 |
Tier 1 risk based capital actual ratio | 0.194 | 0.151 |
Total risk based capital actual ratio | 0.202 | 0.160 |
Leverage tier 1 capital for capital adequacy purposes amount | $ 21,838 | $ 20,195 |
Common Equity Tier 1 risk based capital for capital adequacy purposes amount | 15,124 | 14,725 |
Tier 1 risk based capital for capital adequacy purposes amount | 20,166 | 19,633 |
Total risk based capital for capital adequacy purposes amount | $ 26,888 | $ 26,177 |
Leverage tier 1 capital for capital adequacy purposes ratio | 4.00% | 4.00% |
Common Equity Tier 1 risk based capital for capital adequacy purposes ratio | 0.045 | 0.045 |
Tier 1 risk based capital for capital adequacy purposes ratio | 0.060 | 0.060 |
Total risk based capital for capital adequacy purposes ratio | 0.080 | 0.080 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions amount | $ 27,298 | $ 25,243 |
Common Equity Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 21,846 | 21,269 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 26,888 | 26,177 |
Total risk based capital to be well capitalized under prompt corrective action provisions amount | $ 33,610 | $ 32,722 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% |
Common Equity Tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.065 | 0.065 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.080 | 0.080 |
Total risk based capital to be well capitalized under prompt corrective action provisions ratio | 0.100 | 0.100 |
Deferred Compensation - Additio
Deferred Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Obligations | $ 3,900 | $ 3,200 |
Liability outstanding | 231 | 299 |
Benefits paid | 36 | 56 |
Charges to operations | 16 | 20 |
Deferred Compensation Plan [Member] | ||
Charges to operations | $ 15 | $ 11 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | [1] | Dec. 31, 2020 | |||
Net income | $ 85 | $ 1,317 | [2] | ||
Weighted shares outstanding for basic EPS | |||||
Weighted average shares outstanding | 6,248,678,000 | 4,807,158,000 | [2] | ||
Less: Weighted average unallocated ESOP shares | 261,514,000 | 164,987,000 | [2] | ||
Weighted average shares outstanding for basic EPS | [3] | 5,987,164 | 4,642,171 | [2] | |
Additional dilutive shares | 203,245,000 | 43,037 | [2] | ||
Weighted average shares outstanding for dilutive EPS | 6,190,409 | 4,685,208 | [2] | ||
Basic income per share | $ 0.01 | $ 0.28 | [2] | ||
Diluted income per share | [3] | $ 0.01 | $ 0.28 | [2] | |
Restated [Member] | |||||
Net income | [1] | $ 1,317 | |||
Weighted shares outstanding for basic EPS | |||||
Weighted average shares outstanding | [1] | 6,327,662 | |||
Less: Weighted average unallocated ESOP shares | [1] | 217,172 | |||
Weighted average shares outstanding for basic EPS | [1] | 6,110,490 | |||
Additional dilutive shares | [1] | 56,649 | |||
Weighted average shares outstanding for dilutive EPS | [1] | 6,167,139 | |||
Basic income per share | [1] | $ 0.22 | |||
Diluted income per share | [1] | $ 0.21 | |||
[1] | Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||
[2] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). | ||||
[3] | Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1). Refer to Note 18 Earnings Per Share for retroactive recognition given to the exchange ratio applied in the Conversion for the year ended December 31, 2020. |
Earnings Per Share - Earnings_2
Earnings Per Share - Earnings Per Common Share (Parenthetical) (Detail) | Dec. 31, 2021 | Jul. 14, 2021 |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | 1.3163 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Assumptions Used in Estimating the Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 0.96% | 0.45% |
Expected volatility | 24.64% | 24.00% |
Weighted average expected life | 6 years 6 months | 6 years 6 months |
Weighted average per share value of options | $ 2.10 | $ 1.98 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Schedule of share based compensation stock options activity [Line Items] | ||||
Stock options - Beginning | [1] | 287,097 | ||
Stock options - Shares granted | [1] | 37,316 | [2] | 287,097 |
Stock options - Shares exercised | [1] | (4,738) | ||
Stock options - Shares forfeited | [1] | (18,955) | ||
Stock options - Ending | [1] | 300,720 | 287,097 | |
Stock options - Options exercisable | [1] | 52,677 | ||
Weighted Average Exercise Price - Beginning | $ 5.99 | |||
Weighted Average Exercise Price - Granted | 7.76 | [2] | 5.99 | |
Weighted Average Exercise Price - Exercised | 6.27 | |||
Weighted Average Exercise Price - Forfeited | 6.27 | |||
Weighted Average Exercise Price - Ending | 6.19 | 5.99 | ||
Weighted Average Exercise Price - Options exercisable | $ 5.97 | |||
Weighted Average Remaining Contractual Term (Years) | 8 years 4 months 24 days | 9 years 3 months 18 days | ||
Weighted Average Remaining Contractual Term (Years) - Options exercisable | 8 years 3 months 18 days | |||
Aggregate Intrinsic Value - Granted | $ 120,526 | [2] | $ 1,138,663 | |
Aggregate Intrinsic Value - Exercised | $ 23,274 | |||
Aggregate Intrinsic Value, Forfeited | 91,574 | |||
Aggregate Intrinsic Value - Ending | 1,443,067 | $ 1,138,663 | ||
Aggregate Intrinsic Value - Options exercisable | $ 264,489 | |||
[1] | Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. | |||
[2] | Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021shares | Jul. 14, 2021 | |
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | 1.3163 |
President and Chief Operating Officer [Member] | ||
Shares granted as a nonqualified stock option inducement award | 10,527 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Nonvested Stock option Activity (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Share-based Payment Arrangement [Abstract] | ||||
Nonvested | [1] | 287,097 | 0 | |
Granted | [1] | 37,316 | [2] | 287,097 |
Vested | [1] | (57,415) | 0 | |
Forfeited | [1] | (18,955) | 0 | |
Nonvested | [1] | 248,043 | 287,097 | |
Nonvested | $ 1.98 | $ 0 | ||
Granted | 2.10 | [2] | 1.98 | |
Vested | 1.50 | 0 | ||
Forfeited | 1.61 | 0 | ||
Nonvested | $ 1.58 | $ 1.98 | ||
[1] | Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. | |||
[2] | Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Nonvested Stock option Activity (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021shares | Jul. 14, 2021 | |
Common Stock Shares Conversion Ratio As Part Of Offering Pursuant To Share Based Scheme | 1.3163 | 1.3163 |
President and Chief Operating Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 10,527 |
Stock Based Compensation - Su_6
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Abstract] | ||||
Nonvested | [1] | 111,802 | 0 | |
Granted | [1] | 15,052 | [2] | 111,802 |
Vested | [1] | (22,355) | [3] | 0 |
Forfeited | [1] | (7,371) | 0 | |
Nonvested | [1] | 97,128 | 111,802 | |
Nonvested | $ 5.98 | $ 0 | ||
Granted | 7.76 | [2] | 5.98 | |
Vested | 5.98 | [3] | 0 | |
Forfeited | 6.06 | 0 | ||
Nonvested | $ 6.25 | $ 5.98 | ||
[1] | Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering. | |||
[2] | Includes 1,313 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer. | |||
[3] | Includes 6,305 shares surrendered by employees to cover payroll tax costs related to the vested shares. |
Stock Based Compensation - Su_7
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021shares | Jul. 14, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares conversion ratio as part of offering pursuant to share based scheme | 1.3163 | 1.3163 |
Restrcited shares vested related to shares surrenders to cover payroll taxes | 6,305 | |
President And Chief Operating Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted as a nonqualified stock option inducement award | 10,527 | |
President And Chief Operating Officer [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted as a nonqualified stock option inducement award | 1,313 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 27, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Unrecognized compensation expense related to stock compensation plans | $ 323 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 78 | ||
Restricted stock [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Unrecognized compensation expense related to stock compensation plans | $ 500 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 6 months | ||
Stock option expense recognised | $ 146 | $ 95 | |
Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Stock option expense recognised | $ 95 | $ 61 | |
Twenty twenty equity incentive plan [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Stock based compensation number of shares authorized | 238,467 | ||
Twenty twenty equity incentive plan [Member] | Restricted stock [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Stock based compensation number of shares authorized | 95,387 |