Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 30, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000919864 | ||
Entity Registrant Name | Finward Bancorp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-26128 | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Tax Identification Number | 35-1927981 | ||
Entity Address, Address Line One | 9204 Columbia Avenue | ||
Entity Address, Postal Zip Code | 46321 | ||
Entity Address, City or Town | Munster | ||
Entity Address, State or Province | IN | ||
City Area Code | 219 | ||
Local Phone Number | 836-4400 | ||
Title of 12(b) Security | Common stock, no par value | ||
Trading Symbol | FNWD | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 128,281,665 | ||
Entity Common Stock, Shares Outstanding | 4,294,136 | ||
Auditor Name | BKD, LLP | ||
Auditor Location | Indianapolis, Indiana | ||
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 12,725 | $ 14,014 |
Interest bearing deposits in other financial institutions | 19,987 | 5,908 |
Federal funds sold | 464 | 0 |
Total cash and cash equivalents | 33,176 | 19,922 |
Certificates of deposit in other financial institutions | 1,709 | 1,897 |
Securities available-for-sale | 526,889 | 410,669 |
Loans held-for-sale | 4,987 | 11,329 |
Loans receivable, net of deferred fees and costs | 966,720 | 965,146 |
Less: allowance for loan losses | (13,343) | (12,458) |
Net loans receivable | 953,377 | 952,688 |
Federal Home Loan Bank stock | 3,247 | 3,918 |
Accrued interest receivable | 5,444 | 4,713 |
Premises and equipment | 31,385 | 30,785 |
Foreclosed real estate | 0 | 538 |
Cash value of bank owned life insurance | 31,440 | 30,725 |
Goodwill | 11,109 | 11,109 |
Other intangible assets | 3,126 | 4,119 |
Other assets | 14,854 | 13,880 |
Total assets | 1,620,743 | 1,496,292 |
Deposits: | ||
Non-interest bearing | 295,294 | 241,620 |
Interest bearing | 1,138,907 | 1,060,719 |
Total | 1,434,201 | 1,302,339 |
Repurchase agreements | 14,581 | 13,711 |
Borrowed funds | 0 | 6,149 |
Accrued expenses and other liabilities | 15,346 | 22,404 |
Total liabilities | 1,464,128 | 1,344,603 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding | 0 | 0 |
Additional paid-in capital | 30,430 | 29,987 |
Accumulated other comprehensive income | 4,276 | 10,441 |
Retained earnings | 121,909 | 111,261 |
Total stockholders' equity | 156,615 | 151,689 |
Total liabilities and stockholders' equity | $ 1,620,743 | $ 1,496,292 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authoirzed (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par or stated value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 3,480,701 | 3,462,916 |
Common stock, outstanding (in shares) | 3,480,701 | 3,462,916 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | ||
Loans receivable | $ 41,573 | $ 44,867 |
Securities | 9,021 | 6,512 |
Other interest earning assets | 61 | 242 |
Total interest income | 50,655 | 51,621 |
Interest expense: | ||
Deposits | 2,002 | 5,321 |
Repurchase agreements | 47 | 87 |
Borrowed funds | 31 | 332 |
Total interest expense | 2,080 | 5,740 |
Net interest income | 48,575 | 45,881 |
Provision for loan losses | 1,509 | 3,687 |
Net interest income after provision for loan losses | 47,066 | 42,194 |
Noninterest income: | ||
Fees and service charges | 5,388 | 5,161 |
Gain on sale of loans held-for-sale, net | 5,296 | 7,588 |
Wealth management operations | 2,375 | 2,138 |
Gain on sale of securities, net | 1,987 | 2,348 |
Increase in cash value of bank owned life insurance | 715 | 708 |
Gain on sale of foreclosed real estate | 47 | 78 |
Other | 139 | 127 |
Total noninterest income | 15,947 | 18,148 |
Noninterest expense: | ||
Compensation and benefits | 24,241 | 22,855 |
Occupancy and equipment | 5,537 | 4,933 |
Data processing | 3,648 | 2,267 |
Federal deposit insurance premiums | 861 | 788 |
Professional services | 1,205 | 640 |
Marketing | 1,085 | 732 |
Other | 10,059 | 9,421 |
Total noninterest expense | 46,636 | 41,636 |
Income before income tax expenses | 16,377 | 18,706 |
Income tax expenses | 1,414 | 2,774 |
Net income | $ 14,963 | $ 15,932 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 4.30 | $ 4.60 |
Diluted (in dollars per share) | 4.30 | 4.60 |
Dividends declared per common share (in dollars per share) | $ 1.24 | $ 1.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 14,963 | $ 15,932 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized (loss) gain arising during the period | (5,816) | 10,169 |
Less: reclassification adjustment for gains included in net income | (1,987) | (2,348) |
Net securities gain during the period | (7,803) | 7,821 |
Tax effect | 1,638 | (1,641) |
Other comprehensive income (loss), net of tax | (6,165) | 6,180 |
Comprehensive income, net of tax | $ 8,798 | $ 22,112 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2019 | $ 0 | $ 29,657 | $ 4,261 | $ 99,624 | $ 133,542 |
Net income | 0 | 0 | 0 | 15,932 | 15,932 |
Other comprehensive income, net of tax | 0 | 0 | 6,180 | 0 | 6,180 |
Net surrender value of restricted stock awards | 0 | (85) | 0 | 0 | (85) |
Stock-based compensation expense | 415 | 415 | |||
Cash dividends | 0 | 0 | 0 | (4,295) | (4,295) |
Balance at Dec. 31, 2020 | 0 | 29,987 | 10,441 | 111,261 | 151,689 |
Net income | 0 | 0 | 0 | 14,963 | 14,963 |
Other comprehensive income, net of tax | 0 | 0 | (6,165) | 0 | (6,165) |
Net surrender value of restricted stock awards | (131) | (131) | |||
Stock-based compensation expense | 0 | 574 | 0 | 0 | 574 |
Cash dividends | 0 | 0 | 0 | (4,315) | (4,315) |
Balance at Dec. 31, 2021 | $ 0 | $ 30,430 | $ 4,276 | $ 121,909 | $ 156,615 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares of restricted stock awards surrendered (in shares) | 3,115 | 1,904 |
Cash dividends per share (in dollars per share) | $ 1.24 | $ 1.24 |
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 | $ 14,963 | $ 15,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Origination of loans for sale | (153,082) | (224,945) |
Sale of loans originated for sale | 164,203 | 226,447 |
Depreciation and amortization, net of accretion | 4,559 | 3,201 |
Deferred tax expense | 137 | 572 |
Stock based compensation expense | 574 | 415 |
Gain on sale of securities, net | (1,987) | (2,348) |
Gain on sale of loans held-for-sale, net | (5,529) | (7,400) |
Gain on sale of foreclosed real estate | (47) | (78) |
Gain on cash value of bank owned life insurance | (715) | (708) |
Loss (gain) on derivatives | 233 | (188) |
Provision for loan losses | 1,509 | 3,687 |
Net change in: | ||
Interest receivable | (731) | (684) |
Other assets | 1,784 | (1,817) |
Accrued expenses and other liabilities | (8,828) | 7,650 |
Net cash provided by operating activities | 17,043 | 19,736 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit in other financial institutions | 923 | 795 |
Purchase of certificates of deposit in other financial institutions | (735) | (522) |
Proceeds from maturities and pay downs of securities available-for-sale | 55,431 | 67,014 |
Proceeds from sales of securities available-for-sale | 43,756 | 51,350 |
Purchase of securities available-for-sale | (221,236) | (243,351) |
Loan participations purchased | 0 | (9,054) |
Net change in loans receivable | 12,345 | (48,406) |
Proceeds of Federal Home Loan Bank Stock | 671 | 0 |
Purchase of Federal Home Loan Bank Stock | 0 | (6) |
Purchase of loans receivable | (14,543) | 0 |
Purchase of premises and equipment, net | (3,128) | (3,735) |
Proceeds from sale of foreclosed real estate | 585 | 809 |
Write down of foreclosed real estate | 0 | 46 |
Net cash used in investing activities | (125,931) | (185,060) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in deposits | 131,862 | 148,003 |
Repayment of FHLB advances | (6,000) | (8,000) |
Net surrender value of restricted stock awards | (131) | (85) |
Change in other borrowed funds | 721 | 2,361 |
Dividends paid | (4,310) | (4,291) |
Net cash provided by financing activities | 122,142 | 137,988 |
Net change in cash and cash equivalents | 13,254 | (27,336) |
Cash and cash equivalents at beginning of period | 19,922 | 47,258 |
Cash and cash equivalents at end of period | 33,176 | 19,922 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 2,112 | 5,865 |
Income taxes | 2,185 | 1,025 |
Noncash activities: | ||
Transfers from loans to foreclosed real estate | 0 | 233 |
Dividends declared not paid | 1,079 | 1,074 |
Securities purchased not settled | $ 1,765 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Summary of Significant Accounting Policies Principles of Consolidation may Use of Estimates Concentrations of Credit Risk Cash Flow Reporting 90 90 Certificates of deposits in other financial institutions 5 Securities may December 31, 2021, 2020, not The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has ( 1 2 not Loans Held-for-Sale Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans and Loan Interest Income The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 no 120 Generally, interest accrued but not Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Troubled Debt Restructures not not On March 27, 2020, 4013 19 March 1, 2020 December 31, 2021 60 19 4013 December 27, 2020 January 1, 2022. not 30 December 31, 2020 December 31, 2021, 19 Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: ( 1 2 3 Federal Home Loan Bank Stock may Transfers of Financial Assets 1 2 3 not Premises and Equipment Foreclosed Real Estate Long-term Assets may not Bank Owned Life Insurance Goodwill and Intangibles third may 350, Repurchase Agreements not Income Taxes At December 31, 2021 2020, not not December 31, 2021 2020. Loan Commitments and Related Financial Instruments As part of mortgage banking operations, the Company enters into commitments to originate loans whereby the interest rate on these loans is determined prior to funding (“interest rate lock commitments”). Similar to loans held for sale, the fair value of rate lock commitments is subject to change primarily due to changes in interest rates. The interest rate lock commitments on mortgage loans intended to be sold are recorded at fair value with changes in fair value recorded in current earnings as part of gain on sale of loans held-for-sale, net. Earnings Per Common Share Comprehensive Income Loss Contingencies not Restrictions on Cash March 26, 2020, no December 31, 2021. December 31, 2021 2020. December 31, 2021, not Fair Value of Financial Instruments Operating Segments not one Reclassification December 31, 2020, may December 31, 2021 Trust Assets not not Adoption of New Accounting Pronouncements In January 2017, 2017 04, 350 2 2 2, No. 2017 04, 1 2 not No. 2017 04 zero 2 December 31, 2020, January 1, 2020. not not On January 1, 2020, 2018–13, 820 1 2 3 3 3 may 3 not In December 2019, 2019 12 740 not December 15, 2020. 2019 12 January 1, 2021 not Upcoming Accounting Pronouncements - In June 2016, No. 2016 13, October 2019, December 15, 2022, January 1, 2023. first December 15, 2018, In March 2020, No. 2020 04 848 January 2021, 2021 01 848 March 12, 2020, December 31, 2022. December 31, 2020, December 31, 2022, not Revision of Previously Issued Financial Statements . We have revised amounts reported in previously issued financial statements for the periods presented in this Annual Report on Form 10 second 2021. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 No. 108 not 10 December 31, 2020. The following tables present the revisions to the line items of our previously issued financial statements as of and for the year ended December 31, 2020, Consolidated Balance Sheet (Dollar amounts in thousands except for per share amounts) As of December 31, 2020 As Reported Adjustment As Revised Loans receivable $ 966,578 $ (1,432 ) $ 965,146 Net loans receivable 954,120 (1,432 ) 952,688 Other assets 13,681 199 13,880 Total assets 1,497,525 (1,233 ) 1,496,292 Retained earnings 112,494 (1,233 ) 111,261 Total shareholders' equity 152,922 (1,233 ) 151,689 Total liabilities and stockholders' equity 1,497,525 (1,233 ) 1,496,292 Consolidated Statement of Income For the year ending December 31, 2020 As Reported Adjustment As Revised Compensation and benefits $ 22,065 $ 790 $ 22,855 Total noninterest expense 40,846 790 41,636 Income before income tax expense 19,496 (790 ) 18,706 Income tax expenses 2,892 (118 ) 2,774 Net income 16,604 (672 ) 15,932 Earnings per common share: Basic 4.80 (0.20 ) 4.60 Diluted 4.80 (0.20 ) 4.60 Consolidated Statements of Comprehensive Income For the year ending December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Comprehensive income, net of tax 22,784 (672 ) 22,112 Consolidated Statements of Changes in Stockholders' Equity Balance at January 1, 2020 As Reported Adjustment As Revised Retained earnings $ 100,185 $ (561 ) $ 99,624 Total equity 134,103 (561 ) 133,542 For the year ending December 31, 2020 Net income 16,604 (672 ) 15,932 Retained earnings 112,494 (1,233 ) 111,261 Total equity 152,922 (1,233 ) 151,689 Consolidated Statements of Cash Flows Year ended December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Deferred tax expense 690 (118 ) 572 Net cash - operating activities 20,526 (790 ) 19,736 Net change in loan (49,196 ) 790 (48,406 ) Net cash - investing activities (185,850 ) 790 (185,060 ) |
Note 2 - Acquisition Activity
Note 2 - Acquisition Activity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 Acquisition Activity On January 31, 2022, July 28, 2021 ( December 13, 2021. Under the terms of the merger agreement, RYFL stockholders who owned 101 no January 28, 2022 In connection with the acquisition, Robert W. Youman, was appointed to the boards of directors of Finward and Peoples Bank effective as of the closing of the Merger. RYFL had a home office and eight December 31, 2021, |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2021 U.S. government sponsored entities $ 8,883 $ - $ (214 ) $ 8,669 U.S. treasury securities 400 - - 400 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 961 (3,539 ) 184,701 Municipal securities 322,750 9,904 (527 ) 332,127 Collateralized debt obligations 2,173 - (1,181 ) 992 Total securities available-for-sale $ 521,485 $ 10,865 $ (5,461 ) $ 526,889 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2020 Money market fund $ 52,941 $ - $ - $ 52,941 U.S. government sponsored entities 7,881 3 (24 ) 7,860 Collateralized mortgage obligations and residential mortgage-backed securities 151,355 3,417 (36 ) 154,736 Municipal securities 183,103 11,102 (2 ) 194,203 Collateralized debt obligations 2,182 - (1,253 ) 929 Total securities available-for-sale $ 397,462 $ 14,522 $ (1,315 ) $ 410,669 The cost basis, estimated fair value of available-for-sale securities, and carrying amount, if different, at December 31, 2021, not (Dollars in thousands) Available-for-sale Estimated Cost Fair December 31, 2021 Basis Value Due in one year or less $ 590 $ 592 Due from one to five years 1,759 1,765 Due from five to ten years 28,950 29,846 Due over ten years 302,907 309,985 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 184,701 Total $ 521,485 $ 526,889 Sales of available-for-sale securities were as follows: (Dollars in thousands) December 31, December 31, 2021 2020 Proceeds $ 43,756 $ 51,350 Gross gains 2,010 2,407 Gross losses (23 ) (59 ) The tax provisions related to these net realized gains were approximately $417 thousand for 2021 2020. Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized Ending balance, December 31, 2020 $ 10,441 Current period change (6,165 ) Ending balance, December 31, 2021 $ 4,276 Securities with carrying values of approximately $39.5 million and $52.4 million were pledged as of December 31, 2021 2020, Securities with unrealized losses at December 31, 2021, 2020, not (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2021 U.S. government sponsored entities $ 8,669 $ (214 ) $ - $ - $ 8,669 $ (214 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 126,373 (3,175 ) 8,109 (364 ) 134,482 (3,539 ) 72.8 % Municipal securities 70,309 (527 ) - - 70,309 (527 ) 21.2 % Collateralized debt obligations - - 992 (1,181 ) 992 (1,181 ) 100.0 % Total temporarily impaired $ 205,351 $ (3,916 ) $ 9,101 $ (1,545 ) $ 214,452 $ (5,461 ) 40.7 % Number of securities 133 5 138 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2020 U.S. government sponsored entities $ 4,975 $ (24 ) $ - $ - $ 4,975 $ (24 ) 63.3 % Collateralized mortgage obligations and residential mortgage-backed securities 11,953 (36 ) - - 11,953 (36 ) 7.7 % Municipal securities 1,864 (2 ) - - 1,864 (2 ) 1.0 % Collateralized debt obligations - - 929 (1,253 ) 929 (1,253 ) 100.0 % Total temporarily impaired $ 18,792 $ (62 ) $ 929 $ (1,253 ) $ 19,721 $ (1,315 ) 4.8 % Number of securities 8 2 10 Unrealized losses on securities have not |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 Loans Receivable Year end loans are summarized below: Loans receivable are summarized below: (Dollars in thousands) December 31, 2021 December 31, 2020 Loans secured by real estate: Residential real estate $ 260,134 $ 286,048 Home equity 34,612 39,233 Commercial real estate 317,145 298,257 Construction and land development 123,822 93,562 Multifamily 61,194 50,571 Farmland - 215 Total loans secured by real estate 796,907 767,886 Commercial business 115,772 158,140 Consumer 582 1,025 Manufactured homes 37,887 24,232 Government 8,991 10,142 Loans receivable 960,139 961,425 Less: Net deferred loan origination costs 6,810 3,871 Undisbursed loan funds (229 ) (150 ) Loans receivable, net of deferred fees and costs $ 966,720 $ 965,146 As of December 31, 2021, (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2021: Allowance for loan losses: Residential real estate $ 2,211 $ (32 ) $ 81 $ 220 $ 2,480 Home equity 276 (1 ) 1 81 357 Commercial real estate 5,406 (530 ) - 639 5,515 Construction and land development 1,405 - - 714 2,119 Multifamily 626 - - 222 848 Farmland - - - - - Commercial business 2,508 (158 ) 36 (377 ) 2,009 Consumer 26 (29 ) 8 10 15 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (750 ) $ 126 $ 1,509 $ 13,343 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2020: Allowance for loan losses: Residential real estate $ 1,812 $ (2 ) $ 27 $ 374 $ 2,211 Home equity 223 - - 53 276 Commercial real estate 3,773 (80 ) - 1,713 5,406 Construction and land development 1,098 (17 ) - 324 1,405 Multifamily 529 - - 97 626 Farmland - - - - - Commercial business 1,504 (158 ) 17 1,145 2,508 Consumer 43 (29 ) 14 (2 ) 26 Manufactured homes - - - - - Government 17 - - (17 ) - Total $ 8,999 $ (286 ) $ 58 $ 3,687 $ 12,458 A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectation, the deferred cost reserve is paid as an origination cost to the third December 31, 2021 December 31, 2020, The Bancorp's impairment analysis is summarized below: Ending Balances (Dollars in thousands) Allowance for individually evaluated for impairment reserves Allowance for collectively evaluated for impairment reserves Loan receivables Loans individually evaluated for impairment Purchased credit impaired loans individually evaluated for impairment Loans collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2021: Residential real estate $ 17 $ 2,463 $ 260,134 $ 755 $ 1,016 $ 258,363 Home equity 4 353 34,612 147 137 34,328 Commercial real estate 386 5,129 317,145 1,600 - 315,545 Construction and land development - 2,119 123,822 - - 123,822 Multifamily - 848 61,194 - 556 60,638 Farmland - - - - - - Commercial business 277 1,732 115,772 524 1,073 114,175 Consumer - 15 582 - - 582 Manufactured homes - - 37,887 - - 37,887 Government - - 8,991 - - 8,991 Total $ 684 $ 12,659 $ 960,139 $ 3,026 $ 2,782 $ 954,331 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2020: Residential real estate $ 173 $ 2,038 $ 286,048 $ 868 $ 1,297 $ 283,883 Home equity 1 275 39,233 216 137 38,880 Commercial real estate 1,089 4,317 298,257 6,190 151 291,916 Construction and land development - 1,405 93,562 - - 93,562 Multifamily - 626 50,571 95 621 49,855 Farmland - - 215 - - 215 Commercial business 512 1,996 158,140 1,086 1,160 155,894 Consumer - 26 1,025 - - 1,025 Manufactured homes - - 24,232 - - 24,232 Government - - 10,142 - - 10,142 Total $ 1,775 $ 10,683 $ 961,425 $ 8,455 $ 3,366 $ 949,604 The Bancorp's credit quality indicators are summarized below at December 31, 2021 December 31, 2020: Credit Exposure - Credit Risk Portfolio By Creditworthiness Category December 31, 2021 (Dollars in thousands) 1 5 6 7 8 Loan Segment Pass Pass/monitor Special mention Substandard Total Residential real estate $ 222,057 $ 31,415 $ 2,940 $ 3,722 $ 260,134 Home equity 32,873 692 415 632 34,612 Commercial real estate 253,424 48,148 12,011 3,562 317,145 Construction and land development 103,365 16,827 3,630 - 123,822 Multifamily 54,719 5,938 153 384 61,194 Farmland - - - - - Commercial business 95,412 18,058 1,915 387 115,772 Consumer 582 - - - 582 Manufactured homes 37,103 725 59 - 37,887 Government 8,991 - - - 8,991 Total $ 808,526 $ 121,803 $ 21,123 $ 8,687 $ 960,139 December 31, 2020 (Dollars in thousands) 1 5 6 7 8 Loan Segment Pass Pass/monitor Special mention Substandard Total Residential real estate $ 234,317 $ 41,805 $ 3,539 $ 6,387 $ 286,048 Home equity 37,044 933 761 495 39,233 Commercial real estate 222,892 55,202 11,983 8,180 298,257 Construction and land development 77,855 12,055 3,652 - 93,562 Multifamily 43,594 5,065 1,408 504 50,571 Farmland - 215 - - 215 Commercial business 135,671 20,067 1,341 1,061 158,140 Consumer 1,025 - - - 1,025 Manufactured homes 23,501 731 - - 24,232 Government 10,142 - - - 10,142 Total $ 786,041 $ 136,073 $ 22,684 $ 16,627 $ 961,425 The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of these grades by the Bancorp is uniform and conforms to regulatory definitions. During the year, the Bancorp updated its risk rating naming structure, however the underlying grading system has not 1 Loans in this category are substantially risk free. Loans fully collateralized by a Bank certificate of deposit or Bank deposits with a hold are substantially risk free. 2 The borrower generates excellent and consistent cash flow for debt coverage, excellent average credit scores, excellent liquidity and net worth and are reputable operators with over 15 3 The borrower generates more than sufficient cash flow to fund debt service and cash flow is improving. Average credit scores are very strong. Operators are reputable with significant years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are very strong. Loan to value is significantly below policy and collateral condition is significantly above average. 4 The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may 5 Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may 6 Borrowers are considered credit worthy but financial condition may may may 7 A special mention asset has identified weaknesses that deserve Management’s close attention. If left uncorrected, these weaknesses may not not Loans in this category may may may may 1:1. may may may may may may 8 This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not 9 Such loans have been placed on nonaccrual status and may 10 Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not Performing loans are loans that are paying as agreed and are approximately less than ninety During the twelve December 31, 2021, three One twelve December 31, 2021. twelve December 31, 2020, 2020, one one not The Bancorp's individually evaluated impaired loans are summarized below: For the twelve months ended As of December 31, 2021 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,689 $ 113 Home equity 262 275 - 298 12 Commercial real estate 765 765 - 1,167 43 Construction and land development. - - - - - Multifamily 556 647 - 629 31 Farmland - - - - - Commercial business 1,205 1,324 - 1,369 52 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 145 $ 2 Home equity 22 22 4 18 1 Commercial real estate 835 835 386 4,727 225 Construction and land development. - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 392 392 277 637 24 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,834 $ 115 Home equity $ 284 $ 297 $ 4 $ 316 $ 13 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 5,894 $ 268 Construction & land development $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 629 $ 31 Farmland $ - $ - $ - $ - $ - Commercial business $ 1,597 $ 1,716 $ 277 $ 2,006 $ 76 Consumer $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - The Bancorp's individually evaluated impaired loans are summarized below: For the twelve months ended As of December 31, 2020 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,895 $ 3,228 $ - $ 2,028 $ 115 Home equity 352 363 - 373 16 Commercial real estate 1,177 1,761 - 1,305 80 Construction & land development. - - - - - Multifamily 716 798 - 763 42 Farmland - - - - - Commercial business 1,497 1,514 - 1,591 80 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 270 $ 314 $ 173 $ 174 $ 6 Home equity 1 9 1 5 - Commercial real estate 5,164 5,164 1,089 2,109 16 Construction & land development - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 749 749 512 739 30 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,165 $ 3,542 $ 173 $ 2,202 $ 121 Home equity $ 353 $ 372 $ 1 $ 378 $ 16 Commercial real estate $ 6,341 $ 6,925 $ 1,089 $ 3,414 $ 96 Construction & land development.... $ - $ - $ - $ - $ - Multifamily $ 716 $ 798 $ - $ 763 $ 42 Farmland $ - $ - $ - $ - $ - Commercial business $ 2,246 $ 2,263 $ 512 $ 2,330 $ 110 Consumer $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - The Bancorp's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing December 31, 2021 Residential real estate $ 2,507 $ 824 $ 2,142 $ 5,473 $ 254,661 $ 260,134 $ 31 Home equity 169 67 565 801 33,811 34,612 34 Commercial real estate 231 1,960 944 3,135 314,010 317,145 91 Construction and land development 5,148 283 - 5,431 118,391 123,822 - Multifamily - - 109 109 61,085 61,194 - Farmland - - - - - - - Commercial business 573 1,594 242 2,409 113,363 115,772 49 Consumer - 3 - 3 579 582 - Manufactured homes 633 171 - 804 37,083 37,887 - Government - - - - 8,991 8,991 - Total $ 9,261 $ 4,902 $ 4,002 $ 18,165 $ 941,974 $ 960,139 $ 205 December 31, 2020 Residential real estate $ 2,797 $ 1,119 $ 4,875 $ 8,791 $ 277,257 $ 286,048 $ 80 Home equity 616 323 416 1,355 37,878 39,233 29 Commercial real estate 1,172 237 680 2,089 296,168 298,257 437 Construction and land development 471 - 20 491 93,071 93,562 20 Multifamily 94 266 150 510 50,061 50,571 - Farmland - - - - 215 215 - Commercial business 845 96 269 1,210 156,930 158,140 - Consumer 2 - - 2 1,023 1,025 - Manufactured homes 303 173 - 476 23,756 24,232 - Government 380 - - 380 9,762 10,142 - Total $ 6,680 $ 2,214 $ 6,410 $ 15,304 $ 946,121 $ 961,425 $ 566 The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) December 31, 2021 December 31, 2020 Residential real estate $ 4,651 $ 6,390 Home equity 623 476 Commercial real estate 940 5,390 Construction and land development. - - Multifamily 455 504 Farmland - - Commercial business 387 1,039 Consumer - - Manufactured homes - - Government - - Total $ 7,056 $ 13,799 As a result of acquisition activity, the Bancorp acquired loans for which there was evidence of credit quality deterioration since origination and it was determined that it was probable that the Bancorp would be unable to collect all contractually required principal and interest payments. At December 31, 2021, December 31, 2020, Accretable interest taken from the purchase credit impaired portfolio, or income recorded for the twelve December 31, (dollars in thousands) Total 2020 $ 99 2021 21 The accretable interest portion of the purchase credit impaired portfolio has fully amortized at December 31, 2021. As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $1.1 million at December 31, 2021, December 31, 2020. December 31, 2021, December 31, 2020, Accretable yield, or income recorded for the nine December 31, (dollars in thousands) Total 2020 $ 1,820 2021 960 Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) Total 2022 $ 758 2023 300 Total $ 1,058 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Premises and Equipment, Net At year end, premises and equipment are summarized as follows: (Dollars in thousands) 2021 2020 Cost: Land $ 8,933 $ 8,933 Buildings and improvements 35,837 33,394 Furniture and equipment 18,724 18,066 Total cost 63,494 60,393 Less accumulated depreciation (32,109 ) (29,608 ) Premises and equipment, net $ 31,385 $ 30,785 Depreciation expense was approximately $2.5 million and $2.3 million for 2021 2020, |
Note 6 - Foreclosed Real Estate
Note 6 - Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | Note 6 Foreclosed Real Estate At year end, foreclosed real estate is summarized below: (Dollars in thousands) 2021 2020 Residential real estate $ - $ 328 Commercial business - 210 Total $ - $ 538 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 Goodwill and Other Intangible Assets The Bancorp established a goodwill balance totaling $11.1 million from past acquisitions. Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has not December 31, 2021 December 31, 2020, In addition to goodwill, core deposit intangibles were established from past acquisitions and are subject to amortization. As of December 31, 2021, The annual amortization for the twelve December 31, (dollars in thousands) Total 2020 $ 994 2021 $ 994 Amortization to be recorded in future periods, is as follows: (dollars in thousands) Total 2022 983 2023 962 2024 919 2025 262 Total $ 3,126 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 Income Taxes At year-end, components of income tax expense consist of the following: (Dollars in thousands) 2021 2020 Federal: Current $ 1,021 $ 2,202 Deferred 154 (197 ) State: Current 256 - Deferred, net of valuation allowance (17 ) 769 Income tax expense $ 1,414 $ 2,774 Effective tax rates differ from the federal statutory rate of 21% for 2021 2020 (Dollars in thousands) 2021 2020 Federal statutory rate 21 % 21 % Tax expense at statutory rate $ 3,439 $ 3,928 State tax, net of federal effect 189 607 Tax exempt income (1,297 ) (887 ) Bank owned life insurance (150 ) (149 ) Captive insurance (212 ) (188 ) Tax credit investments (415 ) (415 ) Other (140 ) (122 ) Total income tax expense $ 1,414 $ 2,774 At December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Bad debts $ 3,385 $ 3,090 Deferred compensation 352 343 Net operating loss 2,238 2,553 Tax credits 73 70 Nonaccrual loan interest income 244 206 Share based compensation 255 256 REO writedowns - 23 Unqualified deferred compensation plan 61 60 Other-than-temporary impairment 39 39 Accrued vacation 56 75 Nondeductible transaction costs 74 - Deferred loan costs, net of fees 288 75 Other 92 84 Total deferred tax assets 7,157 6,874 Deferred tax liabilities: Depreciation (1,134 ) (1,147 ) Prepaids (510 ) (443 ) Mortgage servicing rights (289 ) (163 ) Deferred stock dividends (100 ) (100 ) Unrealized appreciation on securities available-for-sale, net (1,129 ) (2,767 ) Purchase accounting (708 ) (492 ) Partnership (311 ) (280 ) Other (119 ) (116 ) Total deferred tax liabilities (4,300 ) (5,508 ) Valuation allowance (12 ) (22 ) Net deferred tax asset $ 2,845 $ 1,344 At December 31, 2021, not 2017 not no not December 31, 2021, 2020, The Bancorp acquired $3.3 million of federal net operating loss carryforwards and $7.2 million of Illinois net operating loss carryforwards with the acquisition of First Personal Financial Corp during 2018 2028 2035, not 2019 2031. 382 no not The Bancorp acquired $7.2 million of federal net operating loss carryforwards and $11.4 million of Illinois net operating loss carryforwards with the acquisition of AJS Bancorp Inc. during 2019 2030 2037, not 2020 2031. 382 no not At December 31, 2021 The Bancorp qualified under provisions of the Internal Revenue Code, to deduct from taxable income a provision for bad debts in excess of the provision for such losses charged to income in the financial statements, if any. Accordingly, retained earnings at December 31, 2021, 2020, no December 31, 2021, 2020. The Bancorp had no 2021 2020 not 2021. 2021 2020. The Bancorp and its subsidiaries are subject to US Federal income tax as well as income tax of the states of Indiana and Illinois. The Bancorp is no 2018. |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 Deposits The aggregate amount of certificates of deposit with a balance of $250 December 31, 2021 December 31, 2020. At December 31, 2021, (Dollars in thousands) 2022 $ 198,727 2023 31,573 2024 7,772 2025 1,135 2026 10 Total $ 239,217 The Bancorp’s end-of-period deposit portfolio balances were as follows: December 31, December 31, (Dollars in thousands) 2021 2020 Balance Balance Checking $ 629,038 $ 516,487 Savings 293,976 254,108 Money market 271,970 246,916 Certificates of deposit 239,217 284,828 Total deposits $ 1,434,201 $ 1,302,339 |
Note 10 - Borrowed Funds
Note 10 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 Borrowed Funds At December 31, 2021, December 31, 2020, (Dollars in thousands) 2021 2020 Fixed rate advances from the FHLB $ - $ 6,000 Other - 149 Total $ - $ 6,149 Repurchase agreements generally mature within one December 31, (Dollars in thousands) 2020 2019 Ending balance $ 14,581 $ 13,711 Average balance during the year 17,789 16,975 Maximum month-end balance during the year 24,514 21,100 Securities underlying the agreements at year end: Carrying value 14,885 23,860 Fair value 14,885 23,860 Average interest rate during the year 0.26 % 0.58 % Average interest rate at year end 0.26 % 0.32 % At December 31, (Dollars in thousands) 2020 2019 Fixed rate advances, none oustanding as of year ended 2021; average rate: 2021 – N/A; 2020 – 2.66% $ - $ 6,000 Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $506.4 million at December 31, 2021. not December 31, 2021 December 31, 2020. not December 31, 2021, December 31, 2020, |
Note 11 - Employees' Benefit Pl
Note 11 - Employees' Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 11 Employees Benefit Plans The Bancorp maintains an Employees’ Savings and Profit Sharing Plan and Trust for all employees who meet the plan qualifications. Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 July 1 one 18, 1,000 401 first 90 December 31, 2021 2020 two three four five 100% 65 2021 2020. The Bancorp maintains an Unqualified Deferred Compensation Plan (the “UDC Plan”). The purpose of the UDC Plan is to provide deferred compensation to key senior management employees of the Bancorp in order to recognize their substantial contributions to the Bank and provide them with additional financial security as inducement to remain with the Bank. The Compensation Committee selects which persons shall be participants in the UDC Plan. Participants’ accounts are credited each year with an amount based on a formula involving the participant’s employer funded contributions under all qualified plans and the limitations imposed by Internal Revenue Code subsection 401 17 415. December 31, 2021 2020 2021 2020. Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $74 thousand and $68 thousand for 2021 2020, December 31, 2021 2020 |
Note 12 - Regulatory Capital
Note 12 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 12 Regulatory Capital The Bancorp and Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet various capital requirements can initiate regulatory action. Prompt corrective action regulations provide five not December 31, 2021 2020, no In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions by the institution and certain discretionary bonus payments to management if an institution does not 2.5% 1 In addition, the following table shows that, at December 31, 2021, 2020, (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 47.8 4.5 % $ 69.0 6.5 % Tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 63.7 6.0 % $ 85.0 8.0 % Total capital to risk-weighted assets $ 147.0 13.9 % $ 85.0 8.0 % $ 106.2 10.0 % Tier 1 capital to adjusted average assets $ 133.7 8.4 % $ 64.1 4.0 % $ 80.1 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 122.0 12.6 % $ 43.8 4.5 % $ 63.2 6.5 % Tier 1 capital to risk-weighted assets $ 122.0 12.6 % $ 58.4 6.0 % $ 77.8 8.0 % Total capital to risk-weighted assets $ 134.2 13.8 % $ 77.8 8.0 % $ 97.3 10.0 % Tier 1 capital to adjusted average assets $ 122.0 8.3 % $ 59.1 4.0 % $ 73.9 5.0 % The Bancorp’s ability to pay dividends to its shareholders is entirely dependent upon the Bank’s ability to pay dividends to the Bancorp. Under Indiana law, the Bank may two 1 2 not 1 7.5%; not may 2021, 2021 may November 19, 2021 fourth fourth January 7, 2022. |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 13 Stock Based Compensation The Bancorp’s 2015 February 17, 2015 April 24, 2015, may The fair value of each incentive stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the Company’s common stock. No incentive stock options were granted during 2021 2020. not At December 31, 2021 2020, no Restricted stock awards are generally granted with an award price equal to the market price of the Bancorp’s common stock on the award date. Restricted stock awards have been issued with a three five 2021 2020, When awarded restricted shares vest, employees of the Bank can elect to surrender a portion of their vested shares back to the Bancorp to cover the tax liability of their awards. Shares were surrendered with a total value of $131 thousand and $85 thousand in 2021 2020, A summary of changes in the Bancorp’s non-vested restricted stock for 2021 2020 Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2020 30,205 $ 35.63 Granted 13,243 44.30 Vested (6,400 ) 27.50 Forfeited (220 ) 43.65 Non-vested at December 31, 2020 36,828 $ 40.11 Non-vested at January 1, 2021 36,828 $ 40.11 Granted 21,255 41.42 Vested (13,493 ) 34.84 Forfeited (355 ) 41.50 Non-vested at December 31, 2021 44,235 $ 42.33 As of December 31, 2021, |
Note 14 - Earnings Per Common S
Note 14 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14 Earnings per Common Share Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic earnings per common share and diluted earnings per common share computations for 2021 2020 (dollars in thousands except per share data) 2021 2020 Basic earnings per common share: Net income as reported $ 14,963 $ 15,932 Weighted average common shares outstanding 3,477,309 3,461,948 Basic earnings per common share $ 4.30 $ 4.60 Diluted earnings per common share: Net income as reported $ 14,963 $ 15,932 Weighted average common shares outstanding 3,477,309 3,461,948 Weighted average common and dilutive potential common shares outstanding 3,477,309 3,461,948 Diluted earnings per common share $ 4.30 $ 4.60 |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 15 Related Party Transactions The Bancorp had aggregate loans outstanding to directors and executive officers (with individual balances exceeding $120 thousand) of approximately $3.9 million at December 31, 2021, December 31, 2020. December 31, 2021, (Dollars in thousands) Aggregate balance at the beginning of the year $ 4,350 New loans - Repayments (467 ) Aggregate balance at the end of the year $ 3,883 Deposits from directors and executive officers totaled approximately $3.9 million and $5.3 million at December 31, 2021 2020, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 16 Commitments and Contingencies The Bancorp is a party to financial instruments in the normal course of business to meet the financing needs of its customers. These financial instruments, which include commitments to make loans and standby letters of credit, are not The Bancorp’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to originate loans and standby letters of credit is represented by the contractual amount of those instruments. Commitments generally have fixed expiration dates or other termination clauses and may may not The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2021: Residential real estate $ 34 $ 19,261 $ 19,295 Home equity 41,944 7,066 49,010 Commercial real estate 2,033 8,745 10,778 Construction and land development 34,817 24,491 59,308 Multifamily 229 958 1,187 Consumer 23,422 - 23,422 Commercial business 545 61,440 61,985 Lot - 9,399 9,399 Total $ 103,024 $ 131,360 $ 234,384 December 31, 2020: Residential real estate $ 749 $ 21,961 $ 22,710 Home equity 44,972 7,951 52,923 Commercial real estate 2,955 13,138 16,093 Construction and land development 20,667 30,959 51,626 Multifamily 158 579 737 Consumer 23,020 - 23,020 Commercial business 946 56,744 57,690 Lot - 87 87 Total $ 93,467 $ 131,419 $ 224,886 The approximately $103.0 million in fixed rate commitments outstanding at December 31, 2021, not forty-five December 31, 2020, not forty-five Standby letters of credit are conditional commitments issued by the Bancorp to guarantee the performance of a customer to a third December 31, 2021, 2020, not may |
Note 17 - Derivative Financial
Note 17 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 17 Derivative Financial Instruments The Bancorp uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may not not not not The Bancorp enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (i.e., interest rate lock commitment). The interest rate lock commitments are considered derivatives and are recorded on the accompanying consolidated balance sheets at fair value in accordance with FASB ASC 815, The following table shows the amounts of non-hedging derivative financial instruments: December 31, 2021 Notational or contractual Asset derivatives Liability derivatives (Dollars in thousands) amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 94,154 Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments 7,837 Other assets 141 N/A - Total $ 101,991 $ 2,827 $ 2,686 December 31, 2020 Notational or contractual Asset derivatives Liability derivatives (Dollars in thousands) amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 72,707 Other assets $ 3,638 Other liabilties $ 3,638 Interest rate lock commitments 26,443 Other assets 374 N/A - Total $ 99,150 $ 4,012 $ 3,638 The following table shows the amounts included in the Statements of Income for non-hedging derivative financial instruments: Year-ended (Dollars in thousands) Statement of Income Classification 2021 2020 Interest rate swap contracts Fees and service charges $ 379 $ 800 Interest rate lock commitments Gain on sale of loans held-for-sale, net (233 ) 187 Total $ 146 $ 987 The following table shows the offsetting of financial assets and derivative assets: Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented Cash Collateral (Dollars in thousands) Recognized Assets Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ - $ 2,686 Interest rate lock commitments 141 - 141 - - 141 Total $ 2,827 $ - $ 2,827 $ - $ - $ 2,827 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2020 Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - $ - $ 3,638 Interest rate lock commitments 374 - 374 - - 374 Total $ 4,012 $ - $ 4,012 $ - $ - $ 4,012 The following table shows the offsetting of financial liabilities and derivative liabilities: Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Total $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2020 Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - $ 3,930 $ (292 ) Total $ 3,638 $ - $ 3,638 $ - $ 3,930 $ (292 ) |
Note 18 - Fair Values of Financ
Note 18 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 18 Fair Values of Financial Instruments The Fair Value Measurements Topic (the “Topic”) establishes a hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Topic describes three may Level 1: Level 2: 1 not Level 3: The fair values of securities available for sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges or pricing models utilizing significant observable inputs such as matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. Different judgments and assumptions used in pricing could result in different estimates of value. In certain cases where market data is not may 3 At the end of each reporting period, securities held in the investment portfolio are evaluated on an individual security level for other-than-temporary impairment in accordance with the Investments – Debt and Equity Securities Topic. Impairment is other-than-temporary if the decline in the fair value of the security is below its amortized cost and it is probable that all amounts due according to the contractual terms of a debt security will not 1 2 not The Bancorp’s management utilizes a specialist to perform an other-than-temporary impairment analysis for each of its two December 31 10 10 9C 9SP six 1, two December 31, 2021 2020. The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment: (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2020 $ 173 Additions not previously recognized - Ending balance, December 31, 2021 $ 173 The Bancorp’s subordination for each trust preferred security is calculated by taking the total performing collateral and subtracting the sum of the total collateral within the Bancorp’s class and the total collateral within all senior classes, and then stating this result as a percentage of the total performing collateral. This measure is an indicator of the level of collateral that can default before potential cash flow disruptions may December 31, 2021 2020, Management calculated the other-than-temporary impairment model assumptions based on the specific collateral underlying each individual security. The following assumption methodology was applied consistently to each of the two no no 3 At December 31, 2021 2020, not not Assets and Liabilities Measured at Fair Values on a Recurring Basis There were no 1 2 December 31, 2021 2020. 3 3 2021 2020. (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - Interest rate lock commitments 141 - 141 - Available-for-sale debt securities: U.S. government sponsored entities 8,669 - 8,669 - U.S. treasury securities 400 - 400 - Collateralized mortgage obligations and residential mortgage-backed securities 184,701 - 184,701 - Municipal securities 332,127 - 332,127 - Collateralized debt obligations 992 - - 992 Total securities available-for-sale $ 526,889 $ - $ 525,897 $ 992 Liabilities: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - (Dollars in thousands) Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - Interest rate lock commitments 374 - 374 - Available-for-sale debt securities: Money market fund 52,941 52,941 - - U.S. government sponsored entities 7,860 - 7,860 - Collateralized mortgage obligations and residential mortgage-backed securities 154,736 - 154,736 - Municipal securities 194,203 - 194,203 - Collateralized debt obligations 929 - - 929 Total securities available-for-sale $ 410,669 $ 52,941 $ 356,799 $ 929 Liabilities: Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below: (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- Beginning balance, January 1, 2020 $ 1,076 Principal payments (20 ) Total unrealized losses, included in other comprehensive income.. (127 ) Ending balance, December 31, 2020 $ 929 Beginning balance, January 1, 2021 $ 929 Principal payments (9 ) Total unrealized gains, included in other comprehensive income 72 Ending balance, December 31, 2021 $ 992 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 896 $ - $ - $ 896 Foreclosed real estate - - - - (Dollars in thousands) Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 10,046 $ - $ - $ 10,046 Foreclosed real estate 538 - - 1,083 Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2 3 not The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not not December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 33,176 $ 33,176 $ 33,176 $ - $ - Certificates of deposit in other financial institutions 1,709 1,737 - 1,737 - Loans held-for-sale 4,987 5,065 - 5,065 - Loans receivable, net 953,377 951,744 - - 951,744 Federal Home Loan Bank stock 3,247 3,247 - 3,247 - Accrued interest receivable 5,444 5,444 - 5,444 - Financial liabilities: Non-interest bearing deposits 295,294 295,294 295,294 - - Interest bearing deposits 1,138,907 1,139,126 899,690 239,436 - Repurchase agreements 14,581 14,579 12,842 1,737 - Borrowed funds - - - - - Accrued interest payable 22 22 - 22 - December 31, 2020 Estimated Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 19,922 $ 19,922 $ 19,922 $ - $ - Certificates of deposit in other financial institutions 1,897 1,868 - 1,868 - Loans held-for-sale 11,329 11,660 11,660 - - Loans receivable, net 952,688 982,793 - - 982,793 Federal Home Loan Bank stock 3,918 3,918 - 3,918 - Accrued interest receivable 4,713 4,713 - 4,713 - Financial liabilities: Non-interest bearing deposits 241,620 241,620 241,620 - - Interest bearing deposits 1,060,719 1,061,294 775,891 285,403 - Repurchase agreements 13,711 13,713 11,976 1,737 - Borrowed funds 6,149 6,018 - 6,018 - Accrued interest payable 54 54 - 54 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended December 31, 2021 2020: Cash and cash equivalent carrying amounts approximate fair value. Certificates of deposits in other financial institutions carrying amounts approximate fair value (Level 2 2 third 3 1 3 third 2 Non-interest and interest bearing deposits, which include checking, savings, and money market deposits, are estimated to have fair values based on the amount payable as of the reporting date (Level 1 2 1 three 2 1 2 not |
Note 19 - Parent Company Only S
Note 19 - Parent Company Only Statements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 19 Parent Company Only Statements (Dollars in thousands) Finward Bancorp Condensed Balance Sheets December 31, December 31, 2021 2020 Assets Cash on deposit with Peoples Bank $ 1,183 $ 805 Investment in Peoples Bank 153,772 149,695 Investment in NWIN Risk Management, Inc 1,970 1,775 Dividends receivable from Peoples Bank 1,070 1,070 Other assets 581 420 Total assets $ 158,576 $ 153,765 Liabilities and stockholders’ equity Dividends payable $ 1,079 $ 1,074 Other liabilities 882 1,002 Total liabilities 1,961 2,076 Additional paid in capital 30,430 29,987 Accumulated other comprehensive (loss) income 4,276 10,441 Retained earnings 121,909 111,261 Total stockholders’ equity 156,615 151,689 Total liabilities and stockholders’ equity $ 158,576 $ 153,765 (Dollars in thousands) Finward Bancorp Condensed Statements of Income Year Ended December 31, 2021 2020 Dividends from Peoples Bank $ 4,880 $ 3,395 Operating expenses 448 413 Income before income taxes and equity in undistributed income of Peoples Bank 4,432 2,982 Income tax benefit (94 ) (86 ) Income before equity in undistributed income of Peoples Bank 4,526 3,068 Equity in undistributed (distributions in excess of income) income of Peoples Bank 9,413 11,941 income of NWIN Risk Management, Inc 1,024 923 Net income $ 14,963 $ 15,932 (Dollars in thousands) Finward Bancorp Condensed Statements of Comprehensive Income Year Ended December 31, 2021 2020 Net Income $ 14,963 $ 15,932 Net change in net unrealized gains and losses on securities available-for-sale: Unrealized (loss) gain arising during the period (5,816 ) 10,169 Less: reclassification adjustment for gains included in net income (1,987 ) (2,348 ) Net securities gain during the period (7,803 ) 7,821 Tax effect 1,638 (1,641 ) Net of tax amount (6,165 ) 6,180 Comprehensive income, net of tax $ 8,798 $ 22,112 (Dollars in thousands) Finward Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 14,963 $ 15,932 Adjustments to reconcile net income to net cash provided by operating activities Distributions in excess of income (equity in undistributed income): Peoples Bank (9,413 ) (11,941 ) NWIN Risk Management, Inc (1,024 ) (923 ) Distribution from NWIN Risk Management, Inc 830 884 Stock based compensation expense 574 415 Change in other assets (161 ) 190 Change in other liabilities (120 ) 433 Net cash - operating activities 5,649 4,990 Cash flows from investing activities: Investment in Peoples Bank (830 ) - Net cash - investing activities (830 ) - Cash flows from financing activities: Dividends paid (4,310 ) (4,291 ) Net surrender value of restricted stock awards (131 ) (85 ) Net cash - financing activities (4,441 ) (4,376 ) Net change in cash 378 614 Cash at beginning of year 805 191 Cash at end of year $ 1,183 $ 805 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Income taxes 2,185 1,025 Noncash activities: Dividends declared not paid 1,079 1,074 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Description of Cash Flow Hedge Risk Management Policy | <i>Cash Flow Reporting</i> – For purposes of the statements of cash flows, the Bancorp considers cash on hand, noninterest bearing deposits in other financial institutions, all interest bearing deposits in other financial institutions with original maturities of <em style="font: inherit;">90</em> days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of <em style="font: inherit;">90</em> days or less.</p>
<p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>" id="sjs-B7"><p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;"><i>Cash Flow Reporting</i> – For purposes of the statements of cash flows, the Bancorp considers cash on hand, noninterest bearing deposits in other financial institutions, all interest bearing deposits in other financial institutions with original maturities of <em style="font: inherit;">90</em> days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of <em style="font: inherit;">90</em> days or less.</p> <p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> |
Certificates of Deposits in Other Financial Institutions [Policy Text Block] | Certificates of deposits in other financial institutions 5 |
Marketable Securities, Policy [Policy Text Block] | Securities may December 31, 2021, 2020, not The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has ( 1 2 not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held-for-Sale Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans and Loan Income [Policy Text Block] | Loans and Loan Interest Income The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 no 120 Generally, interest accrued but not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructures not not On March 27, 2020, 4013 19 March 1, 2020 December 31, 2021 60 19 4013 December 27, 2020 January 1, 2022. not 30 December 31, 2020 December 31, 2021, 19 Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: ( 1 2 3 |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock may |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets 1 2 3 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Real Estate, Policy [Policy Text Block] | Foreclosed Real Estate |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets may not |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangibles third may 350, |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements not |
Income Tax, Policy [Policy Text Block] | Income Taxes At December 31, 2021 2020, not not December 31, 2021 2020. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments As part of mortgage banking operations, the Company enters into commitments to originate loans whereby the interest rate on these loans is determined prior to funding (“interest rate lock commitments”). Similar to loans held for sale, the fair value of rate lock commitments is subject to change primarily due to changes in interest rates. The interest rate lock commitments on mortgage loans intended to be sold are recorded at fair value with changes in fair value recorded in current earnings as part of gain on sale of loans held-for-sale, net. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
Malpractice Loss Contingency, Policy [Policy Text Block] | Loss Contingencies not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash March 26, 2020, no December 31, 2021. December 31, 2021 2020. December 31, 2021, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Operating Segments [Policy Text Block] | Operating Segments not one |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification December 31, 2020, may December 31, 2021 |
Trust Assets [Policy Text Block] | Trust Assets not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements In January 2017, 2017 04, 350 2 2 2, No. 2017 04, 1 2 not No. 2017 04 zero 2 December 31, 2020, January 1, 2020. not not On January 1, 2020, 2018–13, 820 1 2 3 3 3 may 3 not In December 2019, 2019 12 740 not December 15, 2020. 2019 12 January 1, 2021 not Upcoming Accounting Pronouncements - In June 2016, No. 2016 13, October 2019, December 15, 2022, January 1, 2023. first December 15, 2018, In March 2020, No. 2020 04 848 January 2021, 2021 01 848 March 12, 2020, December 31, 2022. December 31, 2020, December 31, 2022, not |
Revision of Previously Issued Financial Statements [Policy Text Block] | Revision of Previously Issued Financial Statements . We have revised amounts reported in previously issued financial statements for the periods presented in this Annual Report on Form 10 second 2021. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 No. 108 not 10 December 31, 2020. The following tables present the revisions to the line items of our previously issued financial statements as of and for the year ended December 31, 2020, Consolidated Balance Sheet (Dollar amounts in thousands except for per share amounts) As of December 31, 2020 As Reported Adjustment As Revised Loans receivable $ 966,578 $ (1,432 ) $ 965,146 Net loans receivable 954,120 (1,432 ) 952,688 Other assets 13,681 199 13,880 Total assets 1,497,525 (1,233 ) 1,496,292 Retained earnings 112,494 (1,233 ) 111,261 Total shareholders' equity 152,922 (1,233 ) 151,689 Total liabilities and stockholders' equity 1,497,525 (1,233 ) 1,496,292 Consolidated Statement of Income For the year ending December 31, 2020 As Reported Adjustment As Revised Compensation and benefits $ 22,065 $ 790 $ 22,855 Total noninterest expense 40,846 790 41,636 Income before income tax expense 19,496 (790 ) 18,706 Income tax expenses 2,892 (118 ) 2,774 Net income 16,604 (672 ) 15,932 Earnings per common share: Basic 4.80 (0.20 ) 4.60 Diluted 4.80 (0.20 ) 4.60 Consolidated Statements of Comprehensive Income For the year ending December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Comprehensive income, net of tax 22,784 (672 ) 22,112 Consolidated Statements of Changes in Stockholders' Equity Balance at January 1, 2020 As Reported Adjustment As Revised Retained earnings $ 100,185 $ (561 ) $ 99,624 Total equity 134,103 (561 ) 133,542 For the year ending December 31, 2020 Net income 16,604 (672 ) 15,932 Retained earnings 112,494 (1,233 ) 111,261 Total equity 152,922 (1,233 ) 151,689 Consolidated Statements of Cash Flows Year ended December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Deferred tax expense 690 (118 ) 572 Net cash - operating activities 20,526 (790 ) 19,736 Net change in loan (49,196 ) 790 (48,406 ) Net cash - investing activities (185,850 ) 790 (185,060 ) |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Consolidated Balance Sheet (Dollar amounts in thousands except for per share amounts) As of December 31, 2020 As Reported Adjustment As Revised Loans receivable $ 966,578 $ (1,432 ) $ 965,146 Net loans receivable 954,120 (1,432 ) 952,688 Other assets 13,681 199 13,880 Total assets 1,497,525 (1,233 ) 1,496,292 Retained earnings 112,494 (1,233 ) 111,261 Total shareholders' equity 152,922 (1,233 ) 151,689 Total liabilities and stockholders' equity 1,497,525 (1,233 ) 1,496,292 Consolidated Statement of Income For the year ending December 31, 2020 As Reported Adjustment As Revised Compensation and benefits $ 22,065 $ 790 $ 22,855 Total noninterest expense 40,846 790 41,636 Income before income tax expense 19,496 (790 ) 18,706 Income tax expenses 2,892 (118 ) 2,774 Net income 16,604 (672 ) 15,932 Earnings per common share: Basic 4.80 (0.20 ) 4.60 Diluted 4.80 (0.20 ) 4.60 Consolidated Statements of Comprehensive Income For the year ending December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Comprehensive income, net of tax 22,784 (672 ) 22,112 Consolidated Statements of Changes in Stockholders' Equity Balance at January 1, 2020 As Reported Adjustment As Revised Retained earnings $ 100,185 $ (561 ) $ 99,624 Total equity 134,103 (561 ) 133,542 For the year ending December 31, 2020 Net income 16,604 (672 ) 15,932 Retained earnings 112,494 (1,233 ) 111,261 Total equity 152,922 (1,233 ) 151,689 Consolidated Statements of Cash Flows Year ended December 31, 2020 As Reported Adjustment As Revised Net income $ 16,604 $ (672 ) $ 15,932 Deferred tax expense 690 (118 ) 572 Net cash - operating activities 20,526 (790 ) 19,736 Net change in loan (49,196 ) 790 (48,406 ) Net cash - investing activities (185,850 ) 790 (185,060 ) |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2021 U.S. government sponsored entities $ 8,883 $ - $ (214 ) $ 8,669 U.S. treasury securities 400 - - 400 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 961 (3,539 ) 184,701 Municipal securities 322,750 9,904 (527 ) 332,127 Collateralized debt obligations 2,173 - (1,181 ) 992 Total securities available-for-sale $ 521,485 $ 10,865 $ (5,461 ) $ 526,889 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2020 Money market fund $ 52,941 $ - $ - $ 52,941 U.S. government sponsored entities 7,881 3 (24 ) 7,860 Collateralized mortgage obligations and residential mortgage-backed securities 151,355 3,417 (36 ) 154,736 Municipal securities 183,103 11,102 (2 ) 194,203 Collateralized debt obligations 2,182 - (1,253 ) 929 Total securities available-for-sale $ 397,462 $ 14,522 $ (1,315 ) $ 410,669 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) Available-for-sale Estimated Cost Fair December 31, 2021 Basis Value Due in one year or less $ 590 $ 592 Due from one to five years 1,759 1,765 Due from five to ten years 28,950 29,846 Due over ten years 302,907 309,985 Collateralized mortgage obligations and residential mortgage-backed securities 187,279 184,701 Total $ 521,485 $ 526,889 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) December 31, December 31, 2021 2020 Proceeds $ 43,756 $ 51,350 Gross gains 2,010 2,407 Gross losses (23 ) (59 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Unrealized Ending balance, December 31, 2020 $ 10,441 Current period change (6,165 ) Ending balance, December 31, 2021 $ 4,276 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2021 U.S. government sponsored entities $ 8,669 $ (214 ) $ - $ - $ 8,669 $ (214 ) 100.0 % Collateralized mortgage obligations and residential mortgage-backed securities 126,373 (3,175 ) 8,109 (364 ) 134,482 (3,539 ) 72.8 % Municipal securities 70,309 (527 ) - - 70,309 (527 ) 21.2 % Collateralized debt obligations - - 992 (1,181 ) 992 (1,181 ) 100.0 % Total temporarily impaired $ 205,351 $ (3,916 ) $ 9,101 $ (1,545 ) $ 214,452 $ (5,461 ) 40.7 % Number of securities 133 5 138 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Percentage of Fair Unrealized Fair Unrealized Fair Unrealized Total Portfolio Value Losses Value Losses Value Losses in Loss Position December 31, 2020 U.S. government sponsored entities $ 4,975 $ (24 ) $ - $ - $ 4,975 $ (24 ) 63.3 % Collateralized mortgage obligations and residential mortgage-backed securities 11,953 (36 ) - - 11,953 (36 ) 7.7 % Municipal securities 1,864 (2 ) - - 1,864 (2 ) 1.0 % Collateralized debt obligations - - 929 (1,253 ) 929 (1,253 ) 100.0 % Total temporarily impaired $ 18,792 $ (62 ) $ 929 $ (1,253 ) $ 19,721 $ (1,315 ) 4.8 % Number of securities 8 2 10 |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) December 31, 2021 December 31, 2020 Loans secured by real estate: Residential real estate $ 260,134 $ 286,048 Home equity 34,612 39,233 Commercial real estate 317,145 298,257 Construction and land development 123,822 93,562 Multifamily 61,194 50,571 Farmland - 215 Total loans secured by real estate 796,907 767,886 Commercial business 115,772 158,140 Consumer 582 1,025 Manufactured homes 37,887 24,232 Government 8,991 10,142 Loans receivable 960,139 961,425 Less: Net deferred loan origination costs 6,810 3,871 Undisbursed loan funds (229 ) (150 ) Loans receivable, net of deferred fees and costs $ 966,720 $ 965,146 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2021: Allowance for loan losses: Residential real estate $ 2,211 $ (32 ) $ 81 $ 220 $ 2,480 Home equity 276 (1 ) 1 81 357 Commercial real estate 5,406 (530 ) - 639 5,515 Construction and land development 1,405 - - 714 2,119 Multifamily 626 - - 222 848 Farmland - - - - - Commercial business 2,508 (158 ) 36 (377 ) 2,009 Consumer 26 (29 ) 8 10 15 Manufactured homes - - - - - Government - - - - - Total $ 12,458 $ (750 ) $ 126 $ 1,509 $ 13,343 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2020: Allowance for loan losses: Residential real estate $ 1,812 $ (2 ) $ 27 $ 374 $ 2,211 Home equity 223 - - 53 276 Commercial real estate 3,773 (80 ) - 1,713 5,406 Construction and land development 1,098 (17 ) - 324 1,405 Multifamily 529 - - 97 626 Farmland - - - - - Commercial business 1,504 (158 ) 17 1,145 2,508 Consumer 43 (29 ) 14 (2 ) 26 Manufactured homes - - - - - Government 17 - - (17 ) - Total $ 8,999 $ (286 ) $ 58 $ 3,687 $ 12,458 |
Financing Receivable, Impairment Evaluation [Table Text Block] | Ending Balances (Dollars in thousands) Allowance for individually evaluated for impairment reserves Allowance for collectively evaluated for impairment reserves Loan receivables Loans individually evaluated for impairment Purchased credit impaired loans individually evaluated for impairment Loans collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2021: Residential real estate $ 17 $ 2,463 $ 260,134 $ 755 $ 1,016 $ 258,363 Home equity 4 353 34,612 147 137 34,328 Commercial real estate 386 5,129 317,145 1,600 - 315,545 Construction and land development - 2,119 123,822 - - 123,822 Multifamily - 848 61,194 - 556 60,638 Farmland - - - - - - Commercial business 277 1,732 115,772 524 1,073 114,175 Consumer - 15 582 - - 582 Manufactured homes - - 37,887 - - 37,887 Government - - 8,991 - - 8,991 Total $ 684 $ 12,659 $ 960,139 $ 3,026 $ 2,782 $ 954,331 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2020: Residential real estate $ 173 $ 2,038 $ 286,048 $ 868 $ 1,297 $ 283,883 Home equity 1 275 39,233 216 137 38,880 Commercial real estate 1,089 4,317 298,257 6,190 151 291,916 Construction and land development - 1,405 93,562 - - 93,562 Multifamily - 626 50,571 95 621 49,855 Farmland - - 215 - - 215 Commercial business 512 1,996 158,140 1,086 1,160 155,894 Consumer - 26 1,025 - - 1,025 Manufactured homes - - 24,232 - - 24,232 Government - - 10,142 - - 10,142 Total $ 1,775 $ 10,683 $ 961,425 $ 8,455 $ 3,366 $ 949,604 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Exposure - Credit Risk Portfolio By Creditworthiness Category December 31, 2021 (Dollars in thousands) 1 5 6 7 8 Loan Segment Pass Pass/monitor Special mention Substandard Total Residential real estate $ 222,057 $ 31,415 $ 2,940 $ 3,722 $ 260,134 Home equity 32,873 692 415 632 34,612 Commercial real estate 253,424 48,148 12,011 3,562 317,145 Construction and land development 103,365 16,827 3,630 - 123,822 Multifamily 54,719 5,938 153 384 61,194 Farmland - - - - - Commercial business 95,412 18,058 1,915 387 115,772 Consumer 582 - - - 582 Manufactured homes 37,103 725 59 - 37,887 Government 8,991 - - - 8,991 Total $ 808,526 $ 121,803 $ 21,123 $ 8,687 $ 960,139 December 31, 2020 (Dollars in thousands) 1 5 6 7 8 Loan Segment Pass Pass/monitor Special mention Substandard Total Residential real estate $ 234,317 $ 41,805 $ 3,539 $ 6,387 $ 286,048 Home equity 37,044 933 761 495 39,233 Commercial real estate 222,892 55,202 11,983 8,180 298,257 Construction and land development 77,855 12,055 3,652 - 93,562 Multifamily 43,594 5,065 1,408 504 50,571 Farmland - 215 - - 215 Commercial business 135,671 20,067 1,341 1,061 158,140 Consumer 1,025 - - - 1,025 Manufactured homes 23,501 731 - - 24,232 Government 10,142 - - - 10,142 Total $ 786,041 $ 136,073 $ 22,684 $ 16,627 $ 961,425 |
Impaired Financing Receivables [Table Text Block] | For the twelve months ended As of December 31, 2021 December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,683 $ 3,017 $ - $ 1,689 $ 113 Home equity 262 275 - 298 12 Commercial real estate 765 765 - 1,167 43 Construction and land development. - - - - - Multifamily 556 647 - 629 31 Farmland - - - - - Commercial business 1,205 1,324 - 1,369 52 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 88 $ 88 $ 17 $ 145 $ 2 Home equity 22 22 4 18 1 Commercial real estate 835 835 386 4,727 225 Construction and land development. - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 392 392 277 637 24 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 1,771 $ 3,105 $ 17 $ 1,834 $ 115 Home equity $ 284 $ 297 $ 4 $ 316 $ 13 Commercial real estate $ 1,600 $ 1,600 $ 386 $ 5,894 $ 268 Construction & land development $ - $ - $ - $ - $ - Multifamily $ 556 $ 647 $ - $ 629 $ 31 Farmland $ - $ - $ - $ - $ - Commercial business $ 1,597 $ 1,716 $ 277 $ 2,006 $ 76 Consumer $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - For the twelve months ended As of December 31, 2020 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,895 $ 3,228 $ - $ 2,028 $ 115 Home equity 352 363 - 373 16 Commercial real estate 1,177 1,761 - 1,305 80 Construction & land development. - - - - - Multifamily 716 798 - 763 42 Farmland - - - - - Commercial business 1,497 1,514 - 1,591 80 Consumer - - - - - Manufactured homes - - - - - Government - - - - - With an allowance recorded: Residential real estate $ 270 $ 314 $ 173 $ 174 $ 6 Home equity 1 9 1 5 - Commercial real estate 5,164 5,164 1,089 2,109 16 Construction & land development - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 749 749 512 739 30 Consumer - - - - - Manufactured homes - - - - - Government - - - - - Total: Residential real estate $ 2,165 $ 3,542 $ 173 $ 2,202 $ 121 Home equity $ 353 $ 372 $ 1 $ 378 $ 16 Commercial real estate $ 6,341 $ 6,925 $ 1,089 $ 3,414 $ 96 Construction & land development.... $ - $ - $ - $ - $ - Multifamily $ 716 $ 798 $ - $ 763 $ 42 Farmland $ - $ - $ - $ - $ - Commercial business $ 2,246 $ 2,263 $ 512 $ 2,330 $ 110 Consumer $ - $ - $ - $ - $ - Manufactured homes $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing December 31, 2021 Residential real estate $ 2,507 $ 824 $ 2,142 $ 5,473 $ 254,661 $ 260,134 $ 31 Home equity 169 67 565 801 33,811 34,612 34 Commercial real estate 231 1,960 944 3,135 314,010 317,145 91 Construction and land development 5,148 283 - 5,431 118,391 123,822 - Multifamily - - 109 109 61,085 61,194 - Farmland - - - - - - - Commercial business 573 1,594 242 2,409 113,363 115,772 49 Consumer - 3 - 3 579 582 - Manufactured homes 633 171 - 804 37,083 37,887 - Government - - - - 8,991 8,991 - Total $ 9,261 $ 4,902 $ 4,002 $ 18,165 $ 941,974 $ 960,139 $ 205 December 31, 2020 Residential real estate $ 2,797 $ 1,119 $ 4,875 $ 8,791 $ 277,257 $ 286,048 $ 80 Home equity 616 323 416 1,355 37,878 39,233 29 Commercial real estate 1,172 237 680 2,089 296,168 298,257 437 Construction and land development 471 - 20 491 93,071 93,562 20 Multifamily 94 266 150 510 50,061 50,571 - Farmland - - - - 215 215 - Commercial business 845 96 269 1,210 156,930 158,140 - Consumer 2 - - 2 1,023 1,025 - Manufactured homes 303 173 - 476 23,756 24,232 - Government 380 - - 380 9,762 10,142 - Total $ 6,680 $ 2,214 $ 6,410 $ 15,304 $ 946,121 $ 961,425 $ 566 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) December 31, 2021 December 31, 2020 Residential real estate $ 4,651 $ 6,390 Home equity 623 476 Commercial real estate 940 5,390 Construction and land development. - - Multifamily 455 504 Farmland - - Commercial business 387 1,039 Consumer - - Manufactured homes - - Government - - Total $ 7,056 $ 13,799 |
Schedule of Accretable Yield from Financing Receivables [Table Text Block] | (dollars in thousands) Total 2020 $ 99 2021 21 (dollars in thousands) Total 2020 $ 1,820 2021 960 (dollars in thousands) Total 2022 $ 758 2023 300 Total $ 1,058 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2021 2020 Cost: Land $ 8,933 $ 8,933 Buildings and improvements 35,837 33,394 Furniture and equipment 18,724 18,066 Total cost 63,494 60,393 Less accumulated depreciation (32,109 ) (29,608 ) Premises and equipment, net $ 31,385 $ 30,785 |
Note 6 - Foreclosed Real Esta_2
Note 6 - Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | (Dollars in thousands) 2021 2020 Residential real estate $ - $ 328 Commercial business - 210 Total $ - $ 538 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | (dollars in thousands) Total 2020 $ 994 2021 $ 994 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) Total 2022 983 2023 962 2024 919 2025 262 Total $ 3,126 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2021 2020 Federal: Current $ 1,021 $ 2,202 Deferred 154 (197 ) State: Current 256 - Deferred, net of valuation allowance (17 ) 769 Income tax expense $ 1,414 $ 2,774 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2021 2020 Federal statutory rate 21 % 21 % Tax expense at statutory rate $ 3,439 $ 3,928 State tax, net of federal effect 189 607 Tax exempt income (1,297 ) (887 ) Bank owned life insurance (150 ) (149 ) Captive insurance (212 ) (188 ) Tax credit investments (415 ) (415 ) Other (140 ) (122 ) Total income tax expense $ 1,414 $ 2,774 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) 2021 2020 Deferred tax assets: Bad debts $ 3,385 $ 3,090 Deferred compensation 352 343 Net operating loss 2,238 2,553 Tax credits 73 70 Nonaccrual loan interest income 244 206 Share based compensation 255 256 REO writedowns - 23 Unqualified deferred compensation plan 61 60 Other-than-temporary impairment 39 39 Accrued vacation 56 75 Nondeductible transaction costs 74 - Deferred loan costs, net of fees 288 75 Other 92 84 Total deferred tax assets 7,157 6,874 Deferred tax liabilities: Depreciation (1,134 ) (1,147 ) Prepaids (510 ) (443 ) Mortgage servicing rights (289 ) (163 ) Deferred stock dividends (100 ) (100 ) Unrealized appreciation on securities available-for-sale, net (1,129 ) (2,767 ) Purchase accounting (708 ) (492 ) Partnership (311 ) (280 ) Other (119 ) (116 ) Total deferred tax liabilities (4,300 ) (5,508 ) Valuation allowance (12 ) (22 ) Net deferred tax asset $ 2,845 $ 1,344 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollars in thousands) 2022 $ 198,727 2023 31,573 2024 7,772 2025 1,135 2026 10 Total $ 239,217 |
Deposit Liabilities, Type [Table Text Block] | December 31, December 31, (Dollars in thousands) 2021 2020 Balance Balance Checking $ 629,038 $ 516,487 Savings 293,976 254,108 Money market 271,970 246,916 Certificates of deposit 239,217 284,828 Total deposits $ 1,434,201 $ 1,302,339 |
Note 10 - Borrowed Funds (Table
Note 10 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Federal Home Loan Bank Advances Borrowed Funds [Table Text Block] | (Dollars in thousands) 2021 2020 Fixed rate advances from the FHLB $ - $ 6,000 Other - 149 Total $ - $ 6,149 |
Schedule of Federal Home Loan Bank Advances Activity for Year [Table Text Block] | (Dollars in thousands) 2020 2019 Ending balance $ 14,581 $ 13,711 Average balance during the year 17,789 16,975 Maximum month-end balance during the year 24,514 21,100 Securities underlying the agreements at year end: Carrying value 14,885 23,860 Fair value 14,885 23,860 Average interest rate during the year 0.26 % 0.58 % Average interest rate at year end 0.26 % 0.32 % |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | (Dollars in thousands) 2020 2019 Fixed rate advances, none oustanding as of year ended 2021; average rate: 2021 – N/A; 2020 – 2.66% $ - $ 6,000 |
Note 12 - Regulatory Capital (T
Note 12 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 47.8 4.5 % $ 69.0 6.5 % Tier 1 capital to risk-weighted assets $ 133.7 12.6 % $ 63.7 6.0 % $ 85.0 8.0 % Total capital to risk-weighted assets $ 147.0 13.9 % $ 85.0 8.0 % $ 106.2 10.0 % Tier 1 capital to adjusted average assets $ 133.7 8.4 % $ 64.1 4.0 % $ 80.1 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 122.0 12.6 % $ 43.8 4.5 % $ 63.2 6.5 % Tier 1 capital to risk-weighted assets $ 122.0 12.6 % $ 58.4 6.0 % $ 77.8 8.0 % Total capital to risk-weighted assets $ 134.2 13.8 % $ 77.8 8.0 % $ 97.3 10.0 % Tier 1 capital to adjusted average assets $ 122.0 8.3 % $ 59.1 4.0 % $ 73.9 5.0 % |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2020 30,205 $ 35.63 Granted 13,243 44.30 Vested (6,400 ) 27.50 Forfeited (220 ) 43.65 Non-vested at December 31, 2020 36,828 $ 40.11 Non-vested at January 1, 2021 36,828 $ 40.11 Granted 21,255 41.42 Vested (13,493 ) 34.84 Forfeited (355 ) 41.50 Non-vested at December 31, 2021 44,235 $ 42.33 |
Note 14 - Earnings Per Common_2
Note 14 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands except per share data) 2021 2020 Basic earnings per common share: Net income as reported $ 14,963 $ 15,932 Weighted average common shares outstanding 3,477,309 3,461,948 Basic earnings per common share $ 4.30 $ 4.60 Diluted earnings per common share: Net income as reported $ 14,963 $ 15,932 Weighted average common shares outstanding 3,477,309 3,461,948 Weighted average common and dilutive potential common shares outstanding 3,477,309 3,461,948 Diluted earnings per common share $ 4.30 $ 4.60 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (Dollars in thousands) Aggregate balance at the beginning of the year $ 4,350 New loans - Repayments (467 ) Aggregate balance at the end of the year $ 3,883 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Outstanding Commitments to Originate Loans [Table Text Block] | (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2021: Residential real estate $ 34 $ 19,261 $ 19,295 Home equity 41,944 7,066 49,010 Commercial real estate 2,033 8,745 10,778 Construction and land development 34,817 24,491 59,308 Multifamily 229 958 1,187 Consumer 23,422 - 23,422 Commercial business 545 61,440 61,985 Lot - 9,399 9,399 Total $ 103,024 $ 131,360 $ 234,384 December 31, 2020: Residential real estate $ 749 $ 21,961 $ 22,710 Home equity 44,972 7,951 52,923 Commercial real estate 2,955 13,138 16,093 Construction and land development 20,667 30,959 51,626 Multifamily 158 579 737 Consumer 23,020 - 23,020 Commercial business 946 56,744 57,690 Lot - 87 87 Total $ 93,467 $ 131,419 $ 224,886 |
Note 17 - Derivative Financia_2
Note 17 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | December 31, 2021 Notational or contractual Asset derivatives Liability derivatives (Dollars in thousands) amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 94,154 Other assets $ 2,686 Other liabilties $ 2,686 Interest rate lock commitments 7,837 Other assets 141 N/A - Total $ 101,991 $ 2,827 $ 2,686 December 31, 2020 Notational or contractual Asset derivatives Liability derivatives (Dollars in thousands) amount Statement of Financial Condition classification Fair value Statement of Financial Condition classification Fair value Interest rate swap contracts $ 72,707 Other assets $ 3,638 Other liabilties $ 3,638 Interest rate lock commitments 26,443 Other assets 374 N/A - Total $ 99,150 $ 4,012 $ 3,638 Year-ended (Dollars in thousands) Statement of Income Classification 2021 2020 Interest rate swap contracts Fees and service charges $ 379 $ 800 Interest rate lock commitments Gain on sale of loans held-for-sale, net (233 ) 187 Total $ 146 $ 987 |
Offsetting Assets [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented Cash Collateral (Dollars in thousands) Recognized Assets Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ - $ 2,686 Interest rate lock commitments 141 - 141 - - 141 Total $ 2,827 $ - $ 2,827 $ - $ - $ 2,827 Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Received Net Amount December 31, 2020 Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - $ - $ 3,638 Interest rate lock commitments 374 - 374 - - 374 Total $ 4,012 $ - $ 4,012 $ - $ - $ 4,012 |
Offsetting Liabilities [Table Text Block] | Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2021 Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Total $ 2,686 $ - $ 2,686 $ - $ 3,930 $ (1,244 ) Gross Amounts not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Cash Collateral (Dollars in thousands) Recognized Liabilities Statement of Financial Condition in the Statement of Financial Condition Financial Instruments Pledged Net Amount December 31, 2020 Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - $ 3,930 $ (292 ) Total $ 3,638 $ - $ 3,638 $ - $ 3,930 $ (292 ) |
Note 18 - Fair Values of Fina_2
Note 18 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2020 $ 173 Additions not previously recognized - Ending balance, December 31, 2021 $ 173 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - Interest rate lock commitments 141 - 141 - Available-for-sale debt securities: U.S. government sponsored entities 8,669 - 8,669 - U.S. treasury securities 400 - 400 - Collateralized mortgage obligations and residential mortgage-backed securities 184,701 - 184,701 - Municipal securities 332,127 - 332,127 - Collateralized debt obligations 992 - - 992 Total securities available-for-sale $ 526,889 $ - $ 525,897 $ 992 Liabilities: Interest rate swap contracts $ 2,686 $ - $ 2,686 $ - (Dollars in thousands) Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - Interest rate lock commitments 374 - 374 - Available-for-sale debt securities: Money market fund 52,941 52,941 - - U.S. government sponsored entities 7,860 - 7,860 - Collateralized mortgage obligations and residential mortgage-backed securities 154,736 - 154,736 - Municipal securities 194,203 - 194,203 - Collateralized debt obligations 929 - - 929 Total securities available-for-sale $ 410,669 $ 52,941 $ 356,799 $ 929 Liabilities: Interest rate swap contracts $ 3,638 $ - $ 3,638 $ - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- Beginning balance, January 1, 2020 $ 1,076 Principal payments (20 ) Total unrealized losses, included in other comprehensive income.. (127 ) Ending balance, December 31, 2020 $ 929 Beginning balance, January 1, 2021 $ 929 Principal payments (9 ) Total unrealized gains, included in other comprehensive income 72 Ending balance, December 31, 2021 $ 992 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Dollars in thousands) Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 896 $ - $ - $ 896 Foreclosed real estate - - - - (Dollars in thousands) Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ 10,046 $ - $ - $ 10,046 Foreclosed real estate 538 - - 1,083 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 Estimated Fair Value Measurements at December 31, 2021 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 33,176 $ 33,176 $ 33,176 $ - $ - Certificates of deposit in other financial institutions 1,709 1,737 - 1,737 - Loans held-for-sale 4,987 5,065 - 5,065 - Loans receivable, net 953,377 951,744 - - 951,744 Federal Home Loan Bank stock 3,247 3,247 - 3,247 - Accrued interest receivable 5,444 5,444 - 5,444 - Financial liabilities: Non-interest bearing deposits 295,294 295,294 295,294 - - Interest bearing deposits 1,138,907 1,139,126 899,690 239,436 - Repurchase agreements 14,581 14,579 12,842 1,737 - Borrowed funds - - - - - Accrued interest payable 22 22 - 22 - December 31, 2020 Estimated Fair Value Measurements at December 31, 2020 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 19,922 $ 19,922 $ 19,922 $ - $ - Certificates of deposit in other financial institutions 1,897 1,868 - 1,868 - Loans held-for-sale 11,329 11,660 11,660 - - Loans receivable, net 952,688 982,793 - - 982,793 Federal Home Loan Bank stock 3,918 3,918 - 3,918 - Accrued interest receivable 4,713 4,713 - 4,713 - Financial liabilities: Non-interest bearing deposits 241,620 241,620 241,620 - - Interest bearing deposits 1,060,719 1,061,294 775,891 285,403 - Repurchase agreements 13,711 13,713 11,976 1,737 - Borrowed funds 6,149 6,018 - 6,018 - Accrued interest payable 54 54 - 54 - |
Note 19 - Parent Company Only_2
Note 19 - Parent Company Only Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Balance Sheets December 31, December 31, 2021 2020 Assets Cash on deposit with Peoples Bank $ 1,183 $ 805 Investment in Peoples Bank 153,772 149,695 Investment in NWIN Risk Management, Inc 1,970 1,775 Dividends receivable from Peoples Bank 1,070 1,070 Other assets 581 420 Total assets $ 158,576 $ 153,765 Liabilities and stockholders’ equity Dividends payable $ 1,079 $ 1,074 Other liabilities 882 1,002 Total liabilities 1,961 2,076 Additional paid in capital 30,430 29,987 Accumulated other comprehensive (loss) income 4,276 10,441 Retained earnings 121,909 111,261 Total stockholders’ equity 156,615 151,689 Total liabilities and stockholders’ equity $ 158,576 $ 153,765 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Income Year Ended December 31, 2021 2020 Dividends from Peoples Bank $ 4,880 $ 3,395 Operating expenses 448 413 Income before income taxes and equity in undistributed income of Peoples Bank 4,432 2,982 Income tax benefit (94 ) (86 ) Income before equity in undistributed income of Peoples Bank 4,526 3,068 Equity in undistributed (distributions in excess of income) income of Peoples Bank 9,413 11,941 income of NWIN Risk Management, Inc 1,024 923 Net income $ 14,963 $ 15,932 |
Condensed Statement of Comprehensive Income [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Comprehensive Income Year Ended December 31, 2021 2020 Net Income $ 14,963 $ 15,932 Net change in net unrealized gains and losses on securities available-for-sale: Unrealized (loss) gain arising during the period (5,816 ) 10,169 Less: reclassification adjustment for gains included in net income (1,987 ) (2,348 ) Net securities gain during the period (7,803 ) 7,821 Tax effect 1,638 (1,641 ) Net of tax amount (6,165 ) 6,180 Comprehensive income, net of tax $ 8,798 $ 22,112 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) Finward Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 14,963 $ 15,932 Adjustments to reconcile net income to net cash provided by operating activities Distributions in excess of income (equity in undistributed income): Peoples Bank (9,413 ) (11,941 ) NWIN Risk Management, Inc (1,024 ) (923 ) Distribution from NWIN Risk Management, Inc 830 884 Stock based compensation expense 574 415 Change in other assets (161 ) 190 Change in other liabilities (120 ) 433 Net cash - operating activities 5,649 4,990 Cash flows from investing activities: Investment in Peoples Bank (830 ) - Net cash - investing activities (830 ) - Cash flows from financing activities: Dividends paid (4,310 ) (4,291 ) Net surrender value of restricted stock awards (131 ) (85 ) Net cash - financing activities (4,441 ) (4,376 ) Net change in cash 378 614 Cash at beginning of year 805 191 Cash at end of year $ 1,183 $ 805 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Income taxes 2,185 1,025 Noncash activities: Dividends declared not paid 1,079 1,074 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Accounts [Member] | ||
Cash, Uninsured Amount | $ 7,100 | |
Cash Held by FRB and FHLB [Member] | ||
Cash, Uninsured Amount | 13,000 | |
Derivative [Member] | ||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 3,900 | $ 3,900 |
Premises and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |
Premises and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
SBA CARES Act Paycheck Protection Program [Member] | ||
Financing Receivable, Principal and Interest Deferred Payments | $ 927 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Loans receivable, net of deferred fees and costs | $ 966,720 | $ 965,146 | ||
Net loans receivable | 953,377 | 952,688 | ||
Other assets | 14,854 | 13,880 | ||
Total assets | 1,620,743 | 1,496,292 | ||
Retained earnings | 121,909 | 111,261 | ||
Total shareholders' equity | 156,615 | 151,689 | $ 133,542 | $ 133,542 |
Total liabilities and stockholders' equity | 1,620,743 | 1,496,292 | ||
Compensation and benefits | 24,241 | 22,855 | ||
Total noninterest expense | 46,636 | 41,636 | ||
Income before income tax expense | 16,377 | 18,706 | ||
Income tax expenses | 1,414 | 2,774 | ||
Net income | $ 14,963 | $ 15,932 | ||
Basic (in dollars per share) | $ 4.30 | $ 4.60 | ||
Diluted (in dollars per share) | $ 4.30 | $ 4.60 | ||
Comprehensive income, net of tax | $ 8,798 | $ 22,112 | ||
Deferred tax expense | 137 | 572 | ||
Net cash - operating activities | 17,043 | 19,736 | ||
Net change in loan | (12,345) | 48,406 | ||
Net cash - investing activities | (125,931) | (185,060) | ||
Retained Earnings [Member] | ||||
Total shareholders' equity | 121,909 | 111,261 | 99,624 | $ 99,624 |
Net income | $ 14,963 | 15,932 | ||
Previously Reported [Member] | ||||
Loans receivable, net of deferred fees and costs | 966,578 | |||
Net loans receivable | 954,120 | |||
Other assets | 13,681 | |||
Total assets | 1,497,525 | |||
Retained earnings | 112,494 | |||
Total shareholders' equity | 152,922 | 134,103 | ||
Total liabilities and stockholders' equity | 1,497,525 | |||
Compensation and benefits | 22,065 | |||
Total noninterest expense | 40,846 | |||
Income before income tax expense | 19,496 | |||
Income tax expenses | 2,892 | |||
Net income | $ 16,604 | |||
Basic (in dollars per share) | $ 4.80 | |||
Diluted (in dollars per share) | $ 4.80 | |||
Comprehensive income, net of tax | $ 22,784 | |||
Deferred tax expense | 690 | |||
Net cash - operating activities | 20,526 | |||
Net change in loan | 49,196 | |||
Net cash - investing activities | (185,850) | |||
Previously Reported [Member] | Retained Earnings [Member] | ||||
Total shareholders' equity | 112,494 | 100,185 | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Loans receivable, net of deferred fees and costs | (1,432) | |||
Net loans receivable | (1,432) | |||
Other assets | 199 | |||
Total assets | (1,233) | |||
Retained earnings | (1,233) | |||
Total shareholders' equity | (1,233) | (561) | ||
Total liabilities and stockholders' equity | (1,233) | |||
Compensation and benefits | 790 | |||
Total noninterest expense | 790 | |||
Income before income tax expense | (790) | |||
Income tax expenses | (118) | |||
Net income | $ (672) | |||
Basic (in dollars per share) | $ (0.20) | |||
Diluted (in dollars per share) | $ (0.20) | |||
Comprehensive income, net of tax | $ (672) | |||
Deferred tax expense | (118) | |||
Net cash - operating activities | (790) | |||
Net change in loan | (790) | |||
Net cash - investing activities | 790 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Retained Earnings [Member] | ||||
Total shareholders' equity | $ (1,233) | $ (561) |
Note 2 - Acquisition Activity (
Note 2 - Acquisition Activity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2022 | Jan. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Total | $ 1,620,743 | $ 1,496,292 | ||
Loans and Leases Receivable, Net Amount, Total | 953,377 | 952,688 | ||
Deposits, Total | 1,434,201 | $ 1,302,339 | ||
Royal Financial, Inc. [Member] | ||||
Assets, Total | 547,100 | |||
Loans and Leases Receivable, Net Amount, Total | 464,800 | |||
Deposits, Total | $ 480,900 | |||
Subsequent Event [Member] | ||||
Share Price (in dollars per share) | $ 47.75 | |||
Assets, Total | $ 2,200,000 | |||
Loans and Leases Receivable, Net Amount, Total | 1,400,000 | |||
Deposits, Total | $ 1,900,000 | |||
Royal Financial, Inc. [Member] | Subsequent Event [Member] | ||||
Business Combination, Shares Issued Per Share (in dollars per share) | $ 0.4609 | |||
Business Acquisition, Right to Receive, Share Price (in dollars per share) | $ 20.14 | |||
Business Acquisition, Percentage of Share Outstanding Can Be Converted to Right to Receive Shares | 65.00% | |||
Business Acquisition, Percentage of Share Outstanding Can Be Converted to Right to Receive Cash | 35.00% | |||
Business Combination, Maximum Number of Shares to Receive Cash (in shares) | 101 | |||
Business Acquisition, Maximum Right to Receive, Share Price (in dollars per share) | $ 20.14 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 795,423 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 18,700 | |||
Business Combination, Consideration Transferred, Total | $ 56,700 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, after Tax | $ 417 | $ 493 |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 39,500 | $ 52,400 |
Note 3 - Securities - Available
Note 3 - Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 521,485 | $ 397,462 |
Available for sale securities, gross unrealized gains | 10,865 | 14,522 |
Available for sale securities, gross unrealized losses | (5,461) | (1,315) |
Total securities available-for-sale | 526,889 | 410,669 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 8,883 | |
Available for sale securities, gross unrealized gains | 0 | |
Available for sale securities, gross unrealized losses | (214) | |
Total securities available-for-sale | 8,669 | |
Money Market Funds [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 52,941 | |
Available for sale securities, gross unrealized gains | 0 | |
Available for sale securities, gross unrealized losses | 0 | |
Total securities available-for-sale | 52,941 | |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 400 | 7,881 |
Available for sale securities, gross unrealized gains | 0 | 3 |
Available for sale securities, gross unrealized losses | 0 | (24) |
Total securities available-for-sale | 400 | 7,860 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 187,279 | 151,355 |
Available for sale securities, gross unrealized gains | 961 | 3,417 |
Available for sale securities, gross unrealized losses | (3,539) | (36) |
Total securities available-for-sale | 184,701 | 154,736 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 322,750 | 183,103 |
Available for sale securities, gross unrealized gains | 9,904 | 11,102 |
Available for sale securities, gross unrealized losses | (527) | (2) |
Total securities available-for-sale | 332,127 | 194,203 |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 2,173 | 2,182 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1,181) | (1,253) |
Total securities available-for-sale | $ 992 | $ 929 |
Note 3 - Securities - Estimated
Note 3 - Securities - Estimated Fair Value of Available for Sale Securities, by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, cost basis | $ 590 | |
Available for sale securities, due in one year or less, estimated fair value | 592 | |
Due from one to five years, cost basis | 1,759 | |
Available for sale securities, due from one to five years, estimated fair value | 1,765 | |
Due from five to ten years, cost basis | 28,950 | |
Available for sale securities, due from five to ten years, estimated fair value | 29,846 | |
Due over ten years, cost basis | 302,907 | |
Available for sale securities, due over ten years, estimated fair value | 309,985 | |
Collateralized mortgage obligations and residential mortgage-backed securities, cost basis | 187,279 | |
Collateralized mortgage obligations and residential mortgage-backed securities, estimated fair value | 184,701 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 521,485 | $ 397,462 |
Total securities available-for-sale | $ 526,889 | $ 410,669 |
Note 3 - Securities - Sales of
Note 3 - Securities - Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds | $ 43,756 | $ 51,350 |
Gross gains | 2,010 | 2,407 |
Gross losses | $ (23) | $ (59) |
Note 3 - Securities - Availab_2
Note 3 - Securities - Available for Sale Securities, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ending balance | $ 10,441 | |
Current period change | (6,165) | $ 6,180 |
Ending balance | $ 4,276 | $ 10,441 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities with Gross Unrealized Losses Not Recognized in Income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimated fair value, less than 12 months | $ 205,351 | $ 18,792 |
Unrealized losses, less than 12 months | (3,916) | (62) |
Estimated fair value, 12 months or longer | 9,101 | 929 |
Unrealized losses, 12 months or longer | (1,545) | (1,253) |
Estimated fair value, total | 214,452 | 19,721 |
Unrealized losses, total | $ (5,461) | $ (1,315) |
percentage | 40.70% | 4.80% |
Number of securities, unrealized losses, less than 12 months | 133 | 8 |
Number of securities, unrealized losses, 12 months or longer | 5 | 2 |
Number of securitiesunrealized losses, total | 138 | 10 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 8,669 | $ 4,975 |
Unrealized losses, less than 12 months | (214) | (24) |
Estimated fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Estimated fair value, total | 8,669 | 4,975 |
Unrealized losses, total | $ (214) | $ (24) |
percentage | 100.00% | 63.30% |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Estimated fair value, less than 12 months | $ 126,373 | $ 11,953 |
Unrealized losses, less than 12 months | (3,175) | (36) |
Estimated fair value, 12 months or longer | 8,109 | 0 |
Unrealized losses, 12 months or longer | (364) | 0 |
Estimated fair value, total | 134,482 | 11,953 |
Unrealized losses, total | $ (3,539) | $ (36) |
percentage | 72.80% | 7.70% |
US States and Political Subdivisions Debt Securities [Member] | ||
Estimated fair value, less than 12 months | $ 70,309 | $ 1,864 |
Unrealized losses, less than 12 months | (527) | (2) |
Estimated fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Estimated fair value, total | 70,309 | 1,864 |
Unrealized losses, total | $ (527) | $ (2) |
percentage | 21.20% | 1.00% |
Collateralized Debt Obligations [Member] | ||
Estimated fair value, less than 12 months | $ 0 | $ 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Estimated fair value, 12 months or longer | 992 | 929 |
Unrealized losses, 12 months or longer | (1,181) | (1,253) |
Estimated fair value, total | 992 | 929 |
Unrealized losses, total | $ (1,181) | $ (1,253) |
percentage | 100.00% | 100.00% |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 6,810 | $ 3,871 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 4,200 | 5,400 |
Impaired Financing Receivable, Recorded Investment, Total | 2,800 | 3,400 |
Financial Asset Acquired [Member] | ||
Financing Receivable, Unamortized Purchase Premium (Discount) | (1,100) | (2,000) |
Financial Asset Acquired and No Credit Deterioration [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 72,500 | $ 106,600 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Troubled Debt Restructuring | $ 22 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 275 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 1,716 | 2,263 |
Impaired Financing Receivable, Recorded Investment, Total | 1,597 | 2,246 |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Loans and Leases Receivable, Gross, Total | 22,100 | |
Manufactured Homes Portfolio Segment [Member] | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 5,800 | 3,800 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 0 | $ 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Troubled Debt Restructuring | 37 | $ 50 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 108 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 3,105 | 3,542 |
Impaired Financing Receivable, Recorded Investment, Total | $ 1,771 | $ 2,165 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 |
Financing Receivable, Troubled Debt Restructuring | $ 203 | $ 108 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Troubled Debt Restructuring | 601 | $ 142 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 1,600 | 6,925 |
Impaired Financing Receivable, Recorded Investment, Total | $ 1,600 | $ 6,341 |
Commercial Real Estate Portfolio Segment [Member] | Reduced Interest Rate and Extended Amortization [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Home Equity Loan [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 |
Note 4 - Loans Receivable - Loa
Note 4 - Loans Receivable - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total loans secured by real estate | $ 796,907 | $ 767,886 |
Total loans | 960,139 | 961,425 |
Net deferred loan origination costs | 6,810 | 3,871 |
Undisbursed loan funds | (229) | (150) |
Loans receivable, net of deferred fees and costs | 966,720 | 965,146 |
Residential Portfolio Segment [Member] | ||
Total loans secured by real estate | 260,134 | 286,048 |
Total loans | 260,134 | 286,048 |
Home Equity Portfolio Segment [Member] | ||
Total loans secured by real estate | 34,612 | 39,233 |
Total loans | 34,612 | 39,233 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total loans secured by real estate | 317,145 | 298,257 |
Total loans | 317,145 | 298,257 |
Construction and Land Development Portfolio Segment [Member] | ||
Total loans secured by real estate | 123,822 | 93,562 |
Total loans | 123,822 | 93,562 |
Multifamily Portfolio Segment [Member] | ||
Total loans secured by real estate | 61,194 | 50,571 |
Total loans | 61,194 | 50,571 |
Farmland Portfolio Segment [Member] | ||
Total loans secured by real estate | 0 | 215 |
Total loans | 0 | 215 |
Commercial Portfolio Segment [Member] | ||
Total loans | 115,772 | 158,140 |
Consumer Portfolio Segment [Member] | ||
Total loans | 582 | 1,025 |
Manufactured Homes Portfolio Segment [Member] | ||
Total loans | 37,887 | 24,232 |
Net deferred loan origination costs | 5,800 | 3,800 |
Government Portfolio Segment [Member] | ||
Total loans | $ 8,991 | $ 10,142 |
Note 4 - Loans Receivable - All
Note 4 - Loans Receivable - Allowance for Loan Losses, by Loan Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning Balance | $ 12,458 | $ 8,999 |
Charge-offs | (750) | (286) |
Recoveries | 126 | 58 |
Provisions | 1,509 | 3,687 |
Ending Balance | 13,343 | 12,458 |
Residential Portfolio Segment [Member] | ||
Beginning Balance | 2,211 | 1,812 |
Charge-offs | (32) | (2) |
Recoveries | 81 | 27 |
Provisions | 220 | 374 |
Ending Balance | 2,480 | 2,211 |
Home Equity Portfolio Segment [Member] | ||
Beginning Balance | 276 | 223 |
Charge-offs | (1) | 0 |
Recoveries | 1 | 0 |
Provisions | 81 | 53 |
Ending Balance | 357 | 276 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning Balance | 5,406 | 3,773 |
Charge-offs | (530) | (80) |
Recoveries | 0 | 0 |
Provisions | 639 | 1,713 |
Ending Balance | 5,515 | 5,406 |
Construction and Land Development Portfolio Segment [Member] | ||
Beginning Balance | 1,405 | 1,098 |
Charge-offs | 0 | (17) |
Recoveries | 0 | 0 |
Provisions | 714 | 324 |
Ending Balance | 2,119 | 1,405 |
Multifamily Portfolio Segment [Member] | ||
Beginning Balance | 626 | 529 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 222 | 97 |
Ending Balance | 848 | 626 |
Farmland Portfolio Segment [Member] | ||
Beginning Balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 0 | 0 |
Ending Balance | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Beginning Balance | 2,508 | 1,504 |
Charge-offs | (158) | (158) |
Recoveries | 36 | 17 |
Provisions | (377) | 1,145 |
Ending Balance | 2,009 | 2,508 |
Consumer Portfolio Segment [Member] | ||
Beginning Balance | 26 | 43 |
Charge-offs | (29) | (29) |
Recoveries | 8 | 14 |
Provisions | 10 | (2) |
Ending Balance | 15 | 26 |
Manufactured Homes Portfolio Segment [Member] | ||
Beginning Balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 0 | 0 |
Ending Balance | 0 | 0 |
Government Portfolio Segment [Member] | ||
Beginning Balance | 0 | 17 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 0 | (17) |
Ending Balance | $ 0 | $ 0 |
Note 4 - Loans Receivable - Imp
Note 4 - Loans Receivable - Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance individually evaluated for impairment reserves | $ 684 | $ 1,775 |
Allowance collectively evaluated for impairment reserves | 12,659 | 10,683 |
Total loans | 960,139 | 961,425 |
Loans receivable individually evaluated for impairment | 3,026 | 8,455 |
Loans receivable purchased credit impaired individually evaluated for impairment | 2,782 | 3,366 |
Loans receivable collectively evaluated for impairment | 954,331 | 949,604 |
Residential Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 17 | 173 |
Allowance collectively evaluated for impairment reserves | 2,463 | 2,038 |
Total loans | 260,134 | 286,048 |
Loans receivable individually evaluated for impairment | 755 | 868 |
Loans receivable purchased credit impaired individually evaluated for impairment | 1,016 | 1,297 |
Loans receivable collectively evaluated for impairment | 258,363 | 283,883 |
Home Equity Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 4 | 1 |
Allowance collectively evaluated for impairment reserves | 353 | 275 |
Total loans | 34,612 | 39,233 |
Loans receivable individually evaluated for impairment | 147 | 216 |
Loans receivable purchased credit impaired individually evaluated for impairment | 137 | 137 |
Loans receivable collectively evaluated for impairment | 34,328 | 38,880 |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 386 | 1,089 |
Allowance collectively evaluated for impairment reserves | 5,129 | 4,317 |
Total loans | 317,145 | 298,257 |
Loans receivable individually evaluated for impairment | 1,600 | 6,190 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 151 |
Loans receivable collectively evaluated for impairment | 315,545 | 291,916 |
Construction and Land Development Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 2,119 | 1,405 |
Total loans | 123,822 | 93,562 |
Loans receivable individually evaluated for impairment | 0 | 0 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 0 |
Loans receivable collectively evaluated for impairment | 123,822 | 93,562 |
Multifamily Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 848 | 626 |
Total loans | 61,194 | 50,571 |
Loans receivable individually evaluated for impairment | 0 | 95 |
Loans receivable purchased credit impaired individually evaluated for impairment | 556 | 621 |
Loans receivable collectively evaluated for impairment | 60,638 | 49,855 |
Farmland Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 0 | 0 |
Total loans | 0 | 215 |
Loans receivable individually evaluated for impairment | 0 | 0 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 0 |
Loans receivable collectively evaluated for impairment | 0 | 215 |
Commercial Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 277 | 512 |
Allowance collectively evaluated for impairment reserves | 1,732 | 1,996 |
Total loans | 115,772 | 158,140 |
Loans receivable individually evaluated for impairment | 524 | 1,086 |
Loans receivable purchased credit impaired individually evaluated for impairment | 1,073 | 1,160 |
Loans receivable collectively evaluated for impairment | 114,175 | 155,894 |
Consumer Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 15 | 26 |
Total loans | 582 | 1,025 |
Loans receivable individually evaluated for impairment | 0 | 0 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 0 |
Loans receivable collectively evaluated for impairment | 582 | 1,025 |
Manufactured Homes Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 0 | 0 |
Total loans | 37,887 | 24,232 |
Loans receivable individually evaluated for impairment | 0 | 0 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 0 |
Loans receivable collectively evaluated for impairment | 37,887 | 24,232 |
Government Portfolio Segment [Member] | ||
Allowance individually evaluated for impairment reserves | 0 | 0 |
Allowance collectively evaluated for impairment reserves | 0 | 0 |
Total loans | 8,991 | 10,142 |
Loans receivable individually evaluated for impairment | 0 | 0 |
Loans receivable purchased credit impaired individually evaluated for impairment | 0 | 0 |
Loans receivable collectively evaluated for impairment | $ 8,991 | $ 10,142 |
Note 4 - Loans Receivable - Cre
Note 4 - Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Receivable | $ 960,139 | $ 961,425 |
Pass [Member] | ||
Loan Receivable | 808,526 | 786,041 |
Pass/monitor [Member] | ||
Loan Receivable | 121,803 | 136,073 |
Special Mention [Member] | ||
Loan Receivable | 21,123 | 22,684 |
Substandard [Member] | ||
Loan Receivable | 8,687 | 16,627 |
Residential Portfolio Segment [Member] | ||
Loan Receivable | 260,134 | 286,048 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 222,057 | 234,317 |
Residential Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 31,415 | 41,805 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 2,940 | 3,539 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 3,722 | 6,387 |
Home Equity Portfolio Segment [Member] | ||
Loan Receivable | 34,612 | 39,233 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 32,873 | 37,044 |
Home Equity Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 692 | 933 |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 415 | 761 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 632 | 495 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loan Receivable | 317,145 | 298,257 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 253,424 | 222,892 |
Commercial Real Estate Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 48,148 | 55,202 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 12,011 | 11,983 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 3,562 | 8,180 |
Construction and Land Development Portfolio Segment [Member] | ||
Loan Receivable | 123,822 | 93,562 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 103,365 | 77,855 |
Construction and Land Development Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 16,827 | 12,055 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 3,630 | 3,652 |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
Loan Receivable | 61,194 | 50,571 |
Multifamily Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 54,719 | 43,594 |
Multifamily Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 5,938 | 5,065 |
Multifamily Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 153 | 1,408 |
Multifamily Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 384 | 504 |
Farmland Portfolio Segment [Member] | ||
Loan Receivable | 0 | 215 |
Farmland Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 0 | 0 |
Farmland Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 215 |
Farmland Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Farmland Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loan Receivable | 115,772 | 158,140 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 95,412 | 135,671 |
Commercial Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 18,058 | 20,067 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 1,915 | 1,341 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 387 | 1,061 |
Consumer Portfolio Segment [Member] | ||
Loan Receivable | 582 | 1,025 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 582 | 1,025 |
Consumer Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||
Loan Receivable | 37,887 | 24,232 |
Manufactured Homes Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 37,103 | 23,501 |
Manufactured Homes Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 725 | 731 |
Manufactured Homes Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 59 | 0 |
Manufactured Homes Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | 0 | 0 |
Government Portfolio Segment [Member] | ||
Loan Receivable | 8,991 | 10,142 |
Government Portfolio Segment [Member] | Pass [Member] | ||
Loan Receivable | 8,991 | 10,142 |
Government Portfolio Segment [Member] | Pass/monitor [Member] | ||
Loan Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Special Mention [Member] | ||
Loan Receivable | 0 | 0 |
Government Portfolio Segment [Member] | Substandard [Member] | ||
Loan Receivable | $ 0 | $ 0 |
Note 4 - Loans Receivable - Ind
Note 4 - Loans Receivable - Individually Evaluated Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | $ 1,683 | $ 1,895 |
With no related allowance recorded, unpaid principal balance | 3,017 | 3,228 |
With no related allowance recorded, average recorded investment | 1,689 | 2,028 |
With no related allowance recorded, interest income recognized | 113 | 115 |
With an allowance recorded, recorded investment | 88 | 270 |
With an allowance recorded, unpaid principal balance | 88 | 314 |
With an allowance recorded, related allowance | 17 | 173 |
With an allowance recorded, average recorded investment | 145 | 174 |
With an allowance recorded, interest income recognized | 2 | 6 |
Total, recorded investment | 1,771 | 2,165 |
Total, unpaid principal balance | 3,105 | 3,542 |
Total, average recorded investment | 1,834 | 2,202 |
Total, interest income recognized | 115 | 121 |
Total, related allowance | 17 | 173 |
Home Equity Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 262 | 352 |
With no related allowance recorded, unpaid principal balance | 275 | 363 |
With no related allowance recorded, average recorded investment | 298 | 373 |
With no related allowance recorded, interest income recognized | 12 | 16 |
With an allowance recorded, recorded investment | 22 | 1 |
With an allowance recorded, unpaid principal balance | 22 | 9 |
With an allowance recorded, related allowance | 4 | 1 |
With an allowance recorded, average recorded investment | 18 | 5 |
With an allowance recorded, interest income recognized | 1 | 0 |
Total, recorded investment | 284 | 353 |
Total, unpaid principal balance | 297 | 372 |
Total, average recorded investment | 316 | 378 |
Total, interest income recognized | 13 | 16 |
Total, related allowance | 4 | 1 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 765 | 1,177 |
With no related allowance recorded, unpaid principal balance | 765 | 1,761 |
With no related allowance recorded, average recorded investment | 1,167 | 1,305 |
With no related allowance recorded, interest income recognized | 43 | 80 |
With an allowance recorded, recorded investment | 835 | 5,164 |
With an allowance recorded, unpaid principal balance | 835 | 5,164 |
With an allowance recorded, related allowance | 386 | 1,089 |
With an allowance recorded, average recorded investment | 4,727 | 2,109 |
With an allowance recorded, interest income recognized | 225 | 16 |
Total, recorded investment | 1,600 | 6,341 |
Total, unpaid principal balance | 1,600 | 6,925 |
Total, average recorded investment | 5,894 | 3,414 |
Total, interest income recognized | 268 | 96 |
Total, related allowance | 386 | 1,089 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income recognized | 0 | 0 |
Total, related allowance | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 556 | 716 |
With no related allowance recorded, unpaid principal balance | 647 | 798 |
With no related allowance recorded, average recorded investment | 629 | 763 |
With no related allowance recorded, interest income recognized | 31 | 42 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 556 | 716 |
Total, unpaid principal balance | 647 | 798 |
Total, average recorded investment | 629 | 763 |
Total, interest income recognized | 31 | 42 |
Total, related allowance | 0 | 0 |
Farmland Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income recognized | 0 | 0 |
Total, related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 1,205 | 1,497 |
With no related allowance recorded, unpaid principal balance | 1,324 | 1,514 |
With no related allowance recorded, average recorded investment | 1,369 | 1,591 |
With no related allowance recorded, interest income recognized | 52 | 80 |
With an allowance recorded, recorded investment | 392 | 749 |
With an allowance recorded, unpaid principal balance | 392 | 749 |
With an allowance recorded, related allowance | 277 | 512 |
With an allowance recorded, average recorded investment | 637 | 739 |
With an allowance recorded, interest income recognized | 24 | 30 |
Total, recorded investment | 1,597 | 2,246 |
Total, unpaid principal balance | 1,716 | 2,263 |
Total, average recorded investment | 2,006 | 2,330 |
Total, interest income recognized | 76 | 110 |
Total, related allowance | 277 | 512 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income recognized | 0 | 0 |
Total, related allowance | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income recognized | 0 | 0 |
Total, related allowance | 0 | 0 |
Government Portfolio Segment [Member] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With no related allowance recorded, average recorded investment | 0 | 0 |
With no related allowance recorded, interest income recognized | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, related allowance | 0 | 0 |
With an allowance recorded, average recorded investment | 0 | 0 |
With an allowance recorded, interest income recognized | 0 | 0 |
Total, recorded investment | 0 | 0 |
Total, unpaid principal balance | 0 | 0 |
Total, average recorded investment | 0 | 0 |
Total, interest income recognized | 0 | 0 |
Total, related allowance | $ 0 | $ 0 |
Note 4 - Loans Receivable - Age
Note 4 - Loans Receivable - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 960,139 | $ 961,425 |
Recorded investments greater than 90 past due and still accruing | 205 | 566 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 9,261 | 6,680 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 4,902 | 2,214 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 4,002 | 6,410 |
Financial Asset, Past Due [Member] | ||
Loans | 18,165 | 15,304 |
Financial Asset, Not Past Due [Member] | ||
Loans | 941,974 | 946,121 |
Residential Portfolio Segment [Member] | ||
Loans | 260,134 | 286,048 |
Recorded investments greater than 90 past due and still accruing | 31 | 80 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 2,507 | 2,797 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 824 | 1,119 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 2,142 | 4,875 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 5,473 | 8,791 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 254,661 | 277,257 |
Home Equity Portfolio Segment [Member] | ||
Loans | 34,612 | 39,233 |
Recorded investments greater than 90 past due and still accruing | 34 | 29 |
Home Equity Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 169 | 616 |
Home Equity Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 67 | 323 |
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 565 | 416 |
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 801 | 1,355 |
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 33,811 | 37,878 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 317,145 | 298,257 |
Recorded investments greater than 90 past due and still accruing | 91 | 437 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 231 | 1,172 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1,960 | 237 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 944 | 680 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 3,135 | 2,089 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 314,010 | 296,168 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans | 123,822 | 93,562 |
Recorded investments greater than 90 past due and still accruing | 0 | 20 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 5,148 | 471 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 283 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 20 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 5,431 | 491 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 118,391 | 93,071 |
Multifamily Portfolio Segment [Member] | ||
Loans | 61,194 | 50,571 |
Recorded investments greater than 90 past due and still accruing | 0 | 0 |
Multifamily Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 94 |
Multifamily Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 266 |
Multifamily Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 109 | 150 |
Multifamily Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 109 | 510 |
Multifamily Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 61,085 | 50,061 |
Farmland Portfolio Segment [Member] | ||
Loans | 0 | 215 |
Recorded investments greater than 90 past due and still accruing | 0 | 0 |
Farmland Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Farmland Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Farmland Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Farmland Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Farmland Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 0 | 215 |
Commercial Portfolio Segment [Member] | ||
Loans | 115,772 | 158,140 |
Recorded investments greater than 90 past due and still accruing | 49 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 573 | 845 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1,594 | 96 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 242 | 269 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 2,409 | 1,210 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 113,363 | 156,930 |
Consumer Portfolio Segment [Member] | ||
Loans | 582 | 1,025 |
Recorded investments greater than 90 past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 2 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 3 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 3 | 2 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 579 | 1,023 |
Manufactured Homes Portfolio Segment [Member] | ||
Loans | 37,887 | 24,232 |
Recorded investments greater than 90 past due and still accruing | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 633 | 303 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 171 | 173 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 804 | 476 |
Manufactured Homes Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 37,083 | 23,756 |
Government Portfolio Segment [Member] | ||
Loans | 8,991 | 10,142 |
Recorded investments greater than 90 past due and still accruing | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 380 |
Government Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Government Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 380 |
Government Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 8,991 | $ 9,762 |
Note 4 - Loans Receivable - L_2
Note 4 - Loans Receivable - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing receivables on nonaccrual status | $ 7,056 | $ 13,799 |
Residential Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 4,651 | 6,390 |
Home Equity Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 623 | 476 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 940 | 5,390 |
Construction and Land Development Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Multifamily Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 455 | 504 |
Farmland Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 387 | 1,039 |
Consumer Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Manufactured Homes Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Government Portfolio Segment [Member] | ||
Financing receivables on nonaccrual status | $ 0 | $ 0 |
Note 4 - Loans Receivable - Acc
Note 4 - Loans Receivable - Accretable Yield (Details) - First Personal Financial Corporation [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
2022, to be collected | $ 758 | |
2023, to be collected | 300 | |
Total, to be collected | 1,058 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
2020, accretable yield collected | $ 1,820 | 99 |
2021, accretable yield collected | $ 960 | $ 21 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 2.5 | $ 2.3 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment, Net - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cost: | ||
Land | $ 8,933 | $ 8,933 |
Buildings and improvements | 35,837 | 33,394 |
Furniture and equipment | 18,724 | 18,066 |
Total cost | 63,494 | 60,393 |
Less accumulated depreciation | (32,109) | (29,608) |
Premises and equipment, net | $ 31,385 | $ 30,785 |
Note 6 - Foreclosed Real Esta_3
Note 6 - Foreclosed Real Estate - Foreclosed Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Foreclosed real estate | $ 0 | $ 538 |
Residential Portfolio Segment [Member] | ||
Foreclosed real estate | 0 | 328 |
Commercial Business [Member] | ||
Foreclosed real estate | $ 0 | $ 210 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 11,109 | $ 11,109 |
Goodwill, Impairment Loss | 0 | |
Core Deposits [Member] | ||
Finite-Lived Core Deposits, Gross | $ 3,100 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Annual Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
First Federal Savings and Loan [Member] | ||
Amortization of intangible assets | $ 994 | $ 994 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Future Annual Amortization (Details) - First Federal Savings and Loan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 983 |
2023 | 962 |
2024 | 919 |
2025 | 262 |
Total | $ 3,126 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Deferred Tax Liabilities, Retained Earnings | $ 8,400 | $ 8,400 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 2,200 | 2,200 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | ||
State and Local Jurisdiction [Member] | Indiana Department of Revenue [Member] | ||||
Operating Loss Carryforwards, Total | $ 186 | |||
Operating Loss Carryforwards, Date of Expiration | 2026 | |||
Tax Credit Carryforward, Amount | $ 86 | |||
Tax Credit Carryforward, Valuation Allowance | 12 | $ 22 | ||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | ||||
Operating Loss Carryforwards, Total | 10,400 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | First Personal Financial Corporation [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 7,200 | |||
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | AJS Bancorp, Inc [Member] | ||||
Operating Loss Carryforwards, Total | $ 11,400 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Total | $ 6,900 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | First Personal Financial Corporation [Member] | ||||
Operating Loss Carryforwards, Total | 7,200 | 3,300 | ||
Operating Loss Carry Forwards Expires | 2,200 | |||
Operating Loss Carryforward, Not Subject To Expiration | 1,100 | |||
Limitaion on Use of Operating Losses | 834 | $ 362 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | AJS Bancorp, Inc [Member] | ||||
Operating Loss Carry Forwards Expires | 3,600 | |||
Operating Loss Carryforward, Not Subject To Expiration | $ 3,600 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 1,021 | $ 2,202 |
Deferred | 154 | (197) |
Current | 256 | 0 |
Deferred, net of valuation allowance | (17) | 769 |
Total income tax expense | $ 1,414 | $ 2,774 |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory rate | 21.00% | 21.00% |
Tax expense at statutory rate | $ 3,439 | $ 3,928 |
State tax, net of federal effect | 189 | 607 |
Tax exempt income | (1,297) | (887) |
Bank owned life insurance | (150) | (149) |
Captive insurance | (212) | (188) |
Tax credit investments | (415) | (415) |
Other | (140) | (122) |
Total income tax expense | $ 1,414 | $ 2,774 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Bad debts | $ 3,385 | $ 3,090 |
Deferred compensation | 352 | 343 |
Net operating loss | 2,238 | 2,553 |
Tax credits | 73 | 70 |
Nonaccrual loan interest income | 244 | 206 |
Share based compensation | 255 | 256 |
REO writedowns | 0 | 23 |
Unqualified deferred compensation plan | 61 | 60 |
Other-than-temporary impairment | 39 | 39 |
Accrued vacation | 56 | 75 |
Nondeductible transaction costs | 74 | 0 |
Deferred loan costs, net of fees | 288 | 75 |
Other | 92 | 84 |
Total deferred tax assets | 7,157 | 6,874 |
Deferred tax liabilities: | ||
Depreciation | (1,134) | (1,147) |
Prepaids | (510) | (443) |
Mortgage servicing rights | (289) | (163) |
Deferred stock dividends | (100) | (100) |
Unrealized appreciation on securities available-for-sale, net | (1,129) | (2,767) |
Purchase accounting | (708) | (492) |
Partnership | (311) | (280) |
Other | (119) | (116) |
Total deferred tax liabilities | (4,300) | (5,508) |
Valuation allowance | (12) | (22) |
Net deferred tax asset | $ 2,845 | $ 1,344 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 36.9 | $ 46.7 |
Note 9 - Deposits - Maturities
Note 9 - Deposits - Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 198,727 | |
2023 | 31,573 | |
2024 | 7,772 | |
2025 | 1,135 | |
2026 | 10 | |
Total | $ 239,217 | $ 284,828 |
Note 9 - Deposits - Deposit Por
Note 9 - Deposits - Deposit Portfolio Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Checking | $ 629,038 | $ 516,487 |
Savings | 293,976 | 254,108 |
Money market | 271,970 | 246,916 |
Certificates of deposit | 239,217 | 284,828 |
Total | $ 1,434,201 | $ 1,302,339 |
Note 10 - Borrowed Funds (Detai
Note 10 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 506,400 | |
Other Borrowings | $ 0 | 0 |
Federal Funds Purchased | 149 | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 10 - Borrowed Funds- Borro
Note 10 - Borrowed Funds- Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed rate advances from the FHLB | $ 0 | $ 6,000 |
Other | 0 | 149 |
Total | $ 0 | $ 6,149 |
Note 10 - Borrowed Funds - Reta
Note 10 - Borrowed Funds - Retail Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ending balance | $ 14,581 | $ 13,711 |
Average balance during the year | 17,789 | 16,975 |
Maximum month-end balance during the year | 24,514 | 21,100 |
Carrying value | 14,885 | 23,860 |
Fair value | $ 14,885 | $ 23,860 |
Average interest rate during the year | 0.26% | 0.58% |
Average interest rate at year end | 0.26% | 0.32% |
Note 10 - Borrowed Funds - Fede
Note 10 - Borrowed Funds - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed rate advances from the FHLB | $ 0 | $ 6,000 | |
Fixed Rate Federal Home Loan Bank Advances [Member] | |||
Fixed rate advances from the FHLB | $ 6,000 |
Note 10 - Borrowed Funds - Fe_2
Note 10 - Borrowed Funds - Federal Home Loan Bank Advances (Details) (Parentheticals) | Dec. 31, 2019 |
Fixed Rate Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | |
Advances rate | 2.66% |
Note 11 - Employees' Benefit _2
Note 11 - Employees' Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 6.50% |
Defined Contribution Plan, Cost | $ 439 | $ 948 |
Deferred Compensation Liability, Current and Noncurrent, Total | 242 | 235 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 3 | 8 |
Deferred Costs, Total | 74 | 68 |
Deferred Fee Liability | $ 1,400 | $ 1,400 |
Two Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 40.00% | |
Three Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 60.00% | |
Four Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 80.00% | |
Five Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan, Funded Percentage | 100.00% | |
Minimum [Member] | ||
Defined Benefit Plan Employees Pre-tax Contributions | 1.00% | |
Maximum [Member] | ||
Defined Benefit Plan Employees Pre-tax Contributions | 50.00% |
Note 12 - Regulatory Capital (D
Note 12 - Regulatory Capital (Details Textual) $ / shares in Units, $ in Thousands | Jan. 07, 2022USD ($) | Nov. 19, 2020$ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.075 | |||
Dividends To Be Declared, Restrictions Amount Added To Net Profit | $ 21,400 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.31 | $ 1.24 | $ 1.24 | |
Payments of Ordinary Dividends, Common Stock | $ 4,310 | $ 4,291 | ||
Subsequent Event [Member] | ||||
Payments of Ordinary Dividends, Common Stock | $ 1,100 |
Note 12 - Regulatory Capital -
Note 12 - Regulatory Capital - Regulatory Capital Requirements (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, ratio | 0.075 | |
People's Bank SB [Member] | ||
Common equity tier 1 capital to risk-weighted assets, amount | $ 133.7 | $ 122 |
Common equity tier 1 capital to risk-weighted assets, ratio | 0.126 | 0.126 |
Common equity tier 1 capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 47.8 | $ 43.8 |
Common equity tier 1 capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 69 | $ 63.2 |
Common equity tier 1 capital to risk-weighted assets, minimum required to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to risk-weighted assets, amount | $ 133.7 | $ 122 |
Tier 1 capital to risk-weighted assets, ratio | 0.126 | 0.126 |
Tier 1 capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 63.7 | $ 58.4 |
Tier 1 capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 0.060 | 0.060 |
Tier 1 capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 85 | $ 77.8 |
Tier 1 capital to risk-weighted assets, minimum required to be well capitalized, ratio | 0.080 | 0.080 |
Total capital to risk-weighted assets, amount | $ 147 | $ 134.2 |
Total capital to risk-weighted assets, ratio | 0.139 | 0.138 |
Total capital to risk-weighted assets, required for capital adequacy purposes, amount | $ 85 | $ 77.8 |
Total capital to risk-weighted assets, minimum required for capital adequacy purposes, ratio | 0.080 | 0.080 |
Total capital to risk-weighted assets, minimum required to be well capitalized, amount | $ 106.2 | $ 97.3 |
Total capital to risk-weighted assets, minimum required to be well capitalized, ratio | 0.100 | 0.100 |
Tier 1 capital to adjusted average assets, amount | $ 133.7 | $ 122 |
Tier 1 capital to adjusted average assets, ratio | 0.084 | 0.083 |
Tier 1 capital to adjusted average assets, required for capital adequacy purposes, amount | $ 64.1 | $ 59.1 |
Tier 1 capital to adjusted average assets, minimum required for capital adequacy purposes, ratio | 0.040 | 0.040 |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, amount | $ 80.1 | $ 73.9 |
Tier 1 capital to adjusted average assets, minimum required to be well capitalized, ratio | 0.050 | 0.050 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Feb. 17, 2015 | |
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $ 574 | $ 415 | |
Net Surrender Value of Restricted Stock Awards | 131 | $ 85 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 877 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||
2015 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||
Share-based Payment Arrangement, Expense | $ 0 | ||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
2015 Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Non-vested, shares (in shares) | 36,828 | 30,205 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 40.11 | $ 35.63 |
Granted, shares (in shares) | 21,255 | 13,243 |
Granted, weighted average grant date fair value (in dollars per share) | $ 41.42 | $ 44.30 |
Vested, shares (in shares) | (13,493) | (6,400) |
Vested, weighted average grant date fair value (in dollars per share) | $ 34.84 | $ 27.50 |
Forfeited, shares (in shares) | (355) | (220) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 41.50 | $ 43.65 |
Non-vested, shares (in shares) | 44,235 | 36,828 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 42.33 | $ 40.11 |
Note 14 - Earnings Per Common_3
Note 14 - Earnings Per Common Share - Reconciliation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income as reported | $ 14,963 | $ 15,932 |
Weighted average common shares outstanding (in shares) | 3,477,309 | 3,461,948 |
Basic earnings per common share (in dollars per share) | $ 4.30 | $ 4.60 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 3,477,309 | 3,461,948 |
Diluted earnings per common share (in dollars per share) | $ 4.30 | $ 4.60 |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 3,883 | $ 4,350 |
Deposits, Total | 1,434,201 | 1,302,339 |
Directors And Executive Officers [Member] | ||
Deposits, Total | 3,900 | $ 5,300 |
Minimum [Member] | Directors And Executive Officers [Member] | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 120 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Related Party Loan Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Aggregate balance at the beginning of the year | $ 4,350 |
New loans | 0 |
Repayments | (467) |
Aggregate balance at the end of the year | $ 3,883 |
Note 16 - Commitments and Con_3
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 103,024 | $ 93,467 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 12,300 | $ 11,500 |
Minimum [Member] | ||
Loans Receivable Fixed Rates of Interest | 2.25% | 2.25% |
Maximum [Member] | ||
Loans Receivable Fixed Rates of Interest | 10.00% | 10.00% |
Note 16 - Commitments and Con_4
Note 16 - Commitments and Contingencies - Outstanding Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and leases receivable, commitments, fixed rate | $ 103,024 | $ 93,467 |
Loans and leases receivable, commitments, variable rate | 131,360 | 131,419 |
Loans and leases receivable, commitments | 234,384 | 224,886 |
Residential Real Estate [Member] | ||
Loans and leases receivable, commitments, fixed rate | 34 | 749 |
Loans and leases receivable, commitments, variable rate | 19,261 | 21,961 |
Loans and leases receivable, commitments | 19,295 | 22,710 |
Home Equity Loan [Member] | ||
Loans and leases receivable, commitments, fixed rate | 41,944 | 44,972 |
Loans and leases receivable, commitments, variable rate | 7,066 | 7,951 |
Loans and leases receivable, commitments | 49,010 | 52,923 |
Commercial Real Estate [Member] | ||
Loans and leases receivable, commitments, fixed rate | 2,033 | 2,955 |
Loans and leases receivable, commitments, variable rate | 8,745 | 13,138 |
Loans and leases receivable, commitments | 10,778 | 16,093 |
Construction and Land Development [Member] | ||
Loans and leases receivable, commitments, fixed rate | 34,817 | 20,667 |
Loans and leases receivable, commitments, variable rate | 24,491 | 30,959 |
Loans and leases receivable, commitments | 59,308 | 51,626 |
Multifamily [Member] | ||
Loans and leases receivable, commitments, fixed rate | 229 | 158 |
Loans and leases receivable, commitments, variable rate | 958 | 579 |
Loans and leases receivable, commitments | 1,187 | 737 |
Consumer [Member] | ||
Loans and leases receivable, commitments, fixed rate | 23,422 | 23,020 |
Loans and leases receivable, commitments, variable rate | 0 | 0 |
Loans and leases receivable, commitments | 23,422 | 23,020 |
Commercial Business [Member] | ||
Loans and leases receivable, commitments, fixed rate | 545 | 946 |
Loans and leases receivable, commitments, variable rate | 61,440 | 56,744 |
Loans and leases receivable, commitments | 61,985 | 57,690 |
Lot [Member] | ||
Loans and leases receivable, commitments, fixed rate | 0 | 0 |
Loans and leases receivable, commitments, variable rate | 9,399 | 87 |
Loans and leases receivable, commitments | $ 9,399 | $ 87 |
Note 17 - Derivative Financia_3
Note 17 - Derivative Financial Instruments - Non-hedging Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative assets, fair vale | $ 2,827 | $ 4,012 |
Derivative liabilities, fair vale | 2,686 | 3,638 |
Derivative instrument, gain (loss) | 146 | 987 |
Not Designated as Hedging Instrument [Member] | ||
Derivative, notational amount | 101,991 | 99,150 |
Interest Rate Swap [Member] | Fees and Service Charges [Member] | ||
Derivative instrument, gain (loss) | 379 | 800 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative assets, fair vale | 2,686 | 3,638 |
Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative liabilities, fair vale | 2,686 | 3,638 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, notational amount | 94,154 | 72,707 |
Interest Rate Lock Commitments [Member] | Gain (Loss) on Sale of Loans Held-for-Sale, Net [Member] | ||
Derivative instrument, gain (loss) | (233) | 187 |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ||
Derivative assets, fair vale | 141 | 374 |
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ||
Derivative liabilities, fair vale | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, notational amount | $ 7,837 | $ 26,443 |
Note 17 - Derivative Financia_4
Note 17 - Derivative Financial Instruments - Offset Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross amount of recognized assets | $ 2,827 | $ 4,012 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 2,827 | 4,012 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | 2,827 | 4,012 |
Interest Rate Swap [Member] | ||
Gross amount of recognized assets | 2,686 | 3,638 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 2,686 | 3,638 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | 2,686 | 3,638 |
Interest Rate Lock Commitments [Member] | ||
Gross amount of recognized assets | 141 | 374 |
Gross amounts offset in the statements of financial condition | 0 | 0 |
Net amount of assets presented in the statement of financial condition | 141 | 374 |
Financial instruments | 0 | 0 |
Cash collateral received | 0 | 0 |
Net amount | $ 141 | $ 374 |
Note 17 - Derivative Financia_5
Note 17 - Derivative Financial Instruments - Offset Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross amount of recognized liabilities | $ 2,686 | $ 3,638 |
Gross amounts offset in the statement of financial condition | 0 | 0 |
Interest rate swap contracts | 2,686 | 3,638 |
Financial instruments | 0 | 0 |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | (1,244) | |
Net amount | (292) | |
Interest Rate Swap [Member] | ||
Gross amount of recognized liabilities | 2,686 | 3,638 |
Gross amounts offset in the statement of financial condition | 0 | 0 |
Interest rate swap contracts | 2,686 | 3,638 |
Financial instruments | 0 | 0 |
Cash collateral pledged | 3,930 | 3,930 |
Net amount | $ (1,244) | |
Net amount | $ (292) |
Note 18 - Fair Values of Fina_3
Note 18 - Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 521,485 | 397,462 |
Trust Preferred Securities Debt [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 2,200 | $ 2,200 |
Note 18 - Fair Values of Fina_4
Note 18 - Fair Values of Financial Instruments - Credit Loss Roll Forward for Trust Preferred Securities Classified with Other Than Temporary Impairment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Ending balance, December 31, 2020 | $ 173 |
Additions not previously recognized | 0 |
Ending balance, December 31, 2021 | $ 173 |
Note 18 - Fair Values of Fina_5
Note 18 - Fair Values of Financial Instruments - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Assets | $ 2,827 | $ 4,012 |
Total securities available-for-sale | 526,889 | 410,669 |
Interest rate swap contracts | 2,686 | 3,638 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Total securities available-for-sale | 8,669 | |
Money Market Funds [Member] | ||
Total securities available-for-sale | 52,941 | |
US Treasury Securities [Member] | ||
Total securities available-for-sale | 400 | 7,860 |
Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Total securities available-for-sale | 184,701 | 154,736 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total securities available-for-sale | 332,127 | 194,203 |
Collateralized Debt Obligations [Member] | ||
Total securities available-for-sale | 992 | 929 |
Interest Rate Swap [Member] | ||
Derivative Assets | 2,686 | 3,638 |
Interest rate swap contracts | 2,686 | 3,638 |
Fair Value, Recurring [Member] | ||
Total securities available-for-sale | 526,889 | 410,669 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Total securities available-for-sale | 8,669 | 7,860 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Total securities available-for-sale | 52,941 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Total securities available-for-sale | 400 | |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Total securities available-for-sale | 184,701 | 154,736 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total securities available-for-sale | 332,127 | 194,203 |
Fair Value, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
Total securities available-for-sale | 992 | 929 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 141 | 374 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total securities available-for-sale | 0 | 52,941 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Total securities available-for-sale | 52,941 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Total securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total securities available-for-sale | 525,897 | 356,799 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Total securities available-for-sale | 8,669 | 7,860 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Total securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Total securities available-for-sale | 400 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Total securities available-for-sale | 184,701 | 154,736 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total securities available-for-sale | 332,127 | 194,203 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 141 | 374 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total securities available-for-sale | 992 | 929 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Total securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Total securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations and Residential Mortgage Backed Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Total securities available-for-sale | 992 | 929 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Assets | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Assets | 2,686 | 3,638 |
Interest rate swap contracts | 2,686 | 3,638 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Assets | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets | 2,686 | 3,638 |
Interest rate swap contracts | 2,686 | 3,638 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Assets | 0 | 0 |
Interest rate swap contracts | $ 0 | $ 0 |
Note 18 - Fair Values of Fina_6
Note 18 - Fair Values of Financial Instruments - Available for Sale Securities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 929 | $ 1,076 |
Principal payments | (9) | (20) |
Total unrealized gains (losses), included in other comprehensive income | 72 | (127) |
Ending balance | $ 992 | $ 929 |
Note 18 - Fair Values of Fina_7
Note 18 - Fair Values of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired Loans [Member] | ||
Assets, fair value | $ 896 | $ 10,046 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 896 | 10,046 |
Foreclosed Real Estate [Member] | ||
Assets, fair value | 0 | 538 |
Foreclosed Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Foreclosed Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | 0 |
Foreclosed Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 0 | $ 1,083 |
Note 18 - Fair Values of Fina_8
Note 18 - Fair Values of Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 33,176 | $ 19,922 |
Certificates of deposit in other financial institutions | 1,709 | 1,897 |
Loans held-for-sale | 4,987 | 11,329 |
Loans receivable, net | 953,377 | 952,688 |
Federal Home Loan Bank stock | 3,247 | 3,918 |
Accrued interest receivable | 5,444 | 4,713 |
Non-interest bearing deposits | 295,294 | 241,620 |
Interest bearing deposits | 1,138,907 | 1,060,719 |
Repurchase agreements | 14,581 | 13,711 |
Borrowed funds | 0 | 6,149 |
Accrued interest payable | 22 | 54 |
Borrowed funds | 0 | 6,149 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 33,176 | 19,922 |
Certificates of deposit in other financial institutions | 1,737 | 1,868 |
Loans held-for-sale | 5,065 | 11,660 |
Loans receivable, net | 951,744 | 982,793 |
Federal Home Loan Bank stock | 3,247 | 3,918 |
Accrued interest receivable | 5,444 | 4,713 |
Non-interest bearing deposits | 295,294 | 241,620 |
Interest bearing deposits | 1,139,126 | 1,061,294 |
Repurchase agreements | 14,579 | 13,713 |
Borrowed funds | 0 | 6,018 |
Accrued interest payable | 22 | 54 |
Borrowed funds | 0 | 6,018 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 33,176 | 19,922 |
Certificates of deposit in other financial institutions | 0 | 0 |
Loans held-for-sale | 0 | 11,660 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 295,294 | 241,620 |
Interest bearing deposits | 899,690 | 775,891 |
Repurchase agreements | 12,842 | 11,976 |
Borrowed funds | 0 | 0 |
Accrued interest payable | 0 | 0 |
Borrowed funds | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other financial institutions | 1,737 | 1,868 |
Loans held-for-sale | 5,065 | 0 |
Loans receivable, net | 0 | 0 |
Federal Home Loan Bank stock | 3,247 | 3,918 |
Accrued interest receivable | 5,444 | 4,713 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 239,436 | 285,403 |
Repurchase agreements | 1,737 | 1,737 |
Borrowed funds | 0 | 6,018 |
Accrued interest payable | 22 | 54 |
Borrowed funds | 0 | 6,018 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other financial institutions | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans receivable, net | 951,744 | 982,793 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Borrowed funds | 0 | 0 |
Accrued interest payable | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Note 19 - Parent Company Only_3
Note 19 - Parent Company Only Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Interest bearing deposits in other financial institutions | $ 19,987 | $ 5,908 | ||
Other assets | 14,854 | 13,880 | ||
Total assets | 1,620,743 | 1,496,292 | ||
Dividends declared not paid | 1,079 | 1,074 | ||
Total liabilities | 1,464,128 | 1,344,603 | ||
Additional paid-in capital | 30,430 | 29,987 | ||
Accumulated other comprehensive income | 4,276 | 10,441 | ||
Retained earnings | 121,909 | 111,261 | ||
Total shareholders' equity | 156,615 | 151,689 | $ 133,542 | $ 133,542 |
Total liabilities and stockholders' equity | 1,620,743 | 1,496,292 | ||
Parent Company [Member] | ||||
Cash on deposit with Peoples Bank | 1,183 | 805 | ||
Interest bearing deposits in other financial institutions | 153,772 | 149,695 | ||
Investment in NWIN Risk Management, Inc | 1,970 | 1,775 | ||
Dividends receivable from Peoples Bank | 1,070 | 1,070 | ||
Other assets | 581 | 420 | ||
Total assets | 158,576 | 153,765 | ||
Dividends declared not paid | 1,079 | 1,074 | ||
Other liabilities | 882 | 1,002 | ||
Total liabilities | 1,961 | 2,076 | ||
Additional paid-in capital | 30,430 | 29,987 | ||
Accumulated other comprehensive income | 4,276 | 10,441 | ||
Retained earnings | 121,909 | 111,261 | ||
Total shareholders' equity | 156,615 | 151,689 | ||
Total liabilities and stockholders' equity | $ 158,576 | $ 153,765 |
Note 19 - Parent Company Only_4
Note 19 - Parent Company Only Statements - Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends from Peoples Bank | $ 4,315 | $ 4,295 |
Income tax expenses | 1,414 | 2,774 |
Net income | 14,963 | 15,932 |
Parent Company [Member] | ||
Dividends from Peoples Bank | 4,880 | 3,395 |
Operating expenses | 448 | 413 |
Income before income taxes and equity in undistributed income of Peoples Bank | 4,432 | 2,982 |
Income tax expenses | (94) | (86) |
Income before equity in undistributed income of Peoples Bank | 4,526 | 3,068 |
income of NWIN Risk Management, Inc | 1,024 | 923 |
Net income | $ 14,963 | $ 15,932 |
Note 19 - Parent Company Only_5
Note 19 - Parent Company Only Statements - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 14,963 | $ 15,932 |
Unrealized (loss) gain arising during the period | (5,816) | 10,169 |
Less: reclassification adjustment for gains included in net income | (1,987) | (2,348) |
Net securities gain during the period | (7,803) | 7,821 |
Tax effect | 1,638 | (1,641) |
Comprehensive income, net of tax | 8,798 | 22,112 |
Parent Company [Member] | ||
Net income | 14,963 | 15,932 |
Unrealized (loss) gain arising during the period | (5,816) | 10,169 |
Less: reclassification adjustment for gains included in net income | (1,987) | (2,348) |
Net securities gain during the period | (7,803) | 7,821 |
Tax effect | 1,638 | (1,641) |
Net of tax amount | (6,165) | 6,180 |
Comprehensive income, net of tax | $ 8,798 | $ 22,112 |
Note 19 - Parent Company Only_6
Note 19 - Parent Company Only Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 14,963 | $ 15,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock based compensation expense | 574 | 415 |
Other assets | 1,784 | (1,817) |
Net cash - operating activities | 17,043 | 19,736 |
Cash flows from investing activities: | ||
Net cash - investing activities | (125,931) | (185,060) |
Cash flows from financing activities: | ||
Dividends paid | (4,310) | (4,291) |
Net surrender value of restricted stock awards | (131) | (85) |
Net cash - financing activities | 122,142 | 137,988 |
Income taxes | 2,185 | 1,025 |
Dividends declared not paid | 1,079 | 1,074 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 14,963 | 15,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Distributions in excess of income (equity in undistributed income): Peoples Bank | (9,413) | (11,941) |
NWIN Risk Management, Inc | (1,024) | (923) |
Distribution from NWIN Risk Management, Inc | 830 | 884 |
Stock based compensation expense | 574 | 415 |
Other assets | (161) | 190 |
Change in other liabilities | (120) | 433 |
Net cash - operating activities | 5,649 | 4,990 |
Cash flows from investing activities: | ||
Investment in Peoples Bank | (830) | 0 |
Net cash - investing activities | (830) | 0 |
Cash flows from financing activities: | ||
Dividends paid | (4,310) | (4,291) |
Net surrender value of restricted stock awards | (131) | (85) |
Net cash - financing activities | (4,441) | (4,376) |
Net change in cash | 378 | 614 |
Cash at beginning of year | 805 | 191 |
Cash at end of year | 1,183 | 805 |
Income taxes | 2,185 | 1,025 |
Dividends declared not paid | $ 1,079 | $ 1,074 |