Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | HMN FINANCIAL INC | |
Entity Central Index Key | 0000921183 | |
Trading Symbol | hmnf | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 4,833,973 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 35,744 | $ 44,399 |
Securities available for sale | 100,939 | 107,592 |
Equity securities | 110 | 167 |
Loans held for sale | 4,884 | 3,606 |
Loans receivable, net | 617,645 | 596,392 |
Accrued interest receivable | 2,236 | 2,251 |
Real estate, net | 683 | 580 |
Federal Home Loan Bank stock, at cost | 932 | 854 |
Mortgage servicing rights, net | 2,206 | 2,172 |
Premises and equipment, net | 10,426 | 10,515 |
Goodwill | 802 | 802 |
Core deposit intangible | 131 | 156 |
Prepaid expenses and other assets | 6,254 | 6,451 |
Deferred tax asset, net | 1,208 | 1,702 |
Total assets | 784,200 | 777,639 |
Deposits | 677,519 | 673,870 |
Accrued interest payable | 344 | 420 |
Customer escrows | 3,120 | 2,413 |
Accrued expenses and other liabilities | 8,182 | 8,288 |
Total liabilities | 689,165 | 684,991 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Serial-preferred stock ($.01 par value): authorized 500,000 shares; issued 0 | 0 | 0 |
Common stock ($.01 par value): authorized 16,000,000 shares; issued 9,128,662 | 91 | 91 |
Additional paid-in capital | 40,347 | 40,365 |
Retained earnings, subject to certain restrictions | 108,932 | 107,547 |
Accumulated other comprehensive income | 1,321 | 46 |
Unearned employee stock ownership plan shares | (1,595) | (1,643) |
Treasury stock, at cost 4,300,689 and 4,284,840 shares | (54,061) | (53,758) |
Total stockholders’ equity | 95,035 | 92,648 |
Total liabilities and stockholders’ equity | 784,200 | 777,639 |
Collateralized Mortgage Backed Securities [Member] | ||
Assets | ||
Securities available for sale | 53,687 | 54,851 |
Other Debt Obligations [Member] | ||
Assets | ||
Securities available for sale | $ 47,252 | $ 52,741 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 99,105 | $ 107,528 |
Serial preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Serial preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Serial preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Common stock, shares issued (in shares) | 9,128,662 | 9,128,662 |
Treasury stock, shares (in shares) | 4,300,689 | 4,284,840 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | $ 52,160 | $ 54,777 |
Other Debt Obligations [Member] | ||
Securities available for sale, amortized cost | $ 46,945 | $ 52,751 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income: | ||
Loans receivable | $ 7,240 | $ 7,268 |
Securities available for sale: | ||
Mortgage-backed and related | 289 | 46 |
Other marketable | 212 | 292 |
Other | 103 | 126 |
Total interest income | 7,844 | 7,732 |
Interest expense: | ||
Deposits | 892 | 690 |
Total interest expense | 892 | 690 |
Net interest income | 6,952 | 7,042 |
Provision for loan losses | 460 | 27 |
Net interest income after provision for loan losses | 6,492 | 7,015 |
Non-interest income: | ||
Gain on sales of loans | 1,134 | 379 |
Other | 291 | 297 |
Total non-interest income | 2,471 | 1,691 |
Non-interest expense: | ||
Compensation and benefits | 4,047 | 3,910 |
Occupancy and equipment | 1,123 | 1,060 |
Data processing | 308 | 301 |
Professional services | 487 | 272 |
Other | 1,036 | 903 |
Total non-interest expense | 7,001 | 6,446 |
Income before income tax expense | 1,962 | 2,260 |
Income tax expense | 577 | 640 |
Net income | 1,385 | 1,620 |
Other comprehensive income, net of tax | 1,275 | 484 |
Comprehensive income available to common shareholders | $ 2,660 | $ 2,104 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.35 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 0.35 |
Financial Service [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer | $ 714 | $ 700 |
Bank Servicing [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer | $ 332 | $ 315 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned Employee Stock Ownership Plan Shares [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 91 | $ 40,090 | $ 99,754 | $ (1,096) | $ (1,836) | $ (53,856) | $ 83,147 |
Net income | 1,620 | 1,620 | |||||
Other comprehensive income (loss) | 484 | 484 | |||||
Restricted stock awards | (110) | 110 | 0 | ||||
Stock awards withheld for tax withholding | (45) | (45) | |||||
Amortization of restricted stock awards | 42 | 42 | |||||
Earned employee stock ownership plan shares | 54 | 48 | 102 | ||||
Balance at Mar. 31, 2019 | 91 | 40,076 | 101,374 | (612) | (1,788) | (53,791) | 85,350 |
Balance at Dec. 31, 2019 | 91 | 40,365 | 107,547 | 46 | (1,643) | (53,758) | 92,648 |
Net income | 1,385 | 1,385 | |||||
Other comprehensive income (loss) | 1,275 | 1,275 | |||||
Stock repurchases | (360) | (360) | |||||
Restricted stock awards | (117) | 117 | 0 | ||||
Stock awards withheld for tax withholding | (60) | (60) | |||||
Amortization of restricted stock awards | 46 | 46 | |||||
Earned employee stock ownership plan shares | 53 | 48 | 101 | ||||
Balance at Mar. 31, 2020 | $ 91 | $ 40,347 | $ 108,932 | $ 1,321 | $ (1,595) | $ (54,061) | $ 95,035 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 1,385 | $ 1,620 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for loan losses | 460 | 27 |
Depreciation | 291 | 273 |
Amortization of premiums (discounts), net | 16 | (4) |
Amortization of deferred loan fees | 2 | 13 |
Amortization of core deposit intangible | 300 | |
Amortization of purchased loan fair value adjustments | (4) | (8) |
Amortization of mortgage servicing rights | 228 | 140 |
Capitalized mortgage servicing rights | (262) | (116) |
Securities losses (gains), net | 57 | (24) |
Loss on sales of real estate | (2) | 0 |
Gain on sales of loans | (1,134) | (379) |
Proceeds from sale of loans held for sale | 29,514 | 13,599 |
Disbursements on loans held for sale | (29,133) | (12,370) |
Amortization of restricted stock awards | 46 | 42 |
Amortization of unearned Employee Stock Ownership Plan shares | 48 | 48 |
Earned Employee Stock Ownership Plan shares priced above original cost | 53 | 54 |
Decrease in accrued interest receivable | 15 | 30 |
Decrease in accrued interest payable | (76) | (14) |
Decrease in other assets | 505 | 668 |
Increase (decrease) in other liabilities | 30 | (572) |
Other, net | 0 | 1 |
Net cash provided by operating activities | 2,068 | 3,052 |
Cash flows from investing activities: | ||
Principal collected on securities available for sale | 2,633 | 443 |
Proceeds collected on maturities of securities available for sale | 25,875 | 300 |
Purchases of securities available for sale | (20,102) | 0 |
Purchase of Federal Home Loan Bank stock | (79) | 0 |
Redemption of Federal Home Loan Bank stock | 0 | 14 |
Proceeds from sales of real estate owned | 34 | 0 |
Net increase in loans receivable | (22,818) | (13,592) |
Purchases of premises and equipment | (202) | (189) |
Net cash used by investing activities | (14,659) | (13,024) |
Cash flows from financing activities: | ||
Increase in deposits | 3,649 | 3,240 |
Purchase of treasury stock | (360) | 0 |
Stock awards withheld for tax withholding | (60) | (45) |
Increase in customer escrows | 707 | 1,189 |
Net cash provided by financing activities | 3,936 | 4,384 |
Decrease in cash and cash equivalents | (8,655) | (5,588) |
Cash and cash equivalents, beginning of period | 44,399 | 20,709 |
Cash and cash equivalents, end of period | 35,744 | 15,121 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 968 | 704 |
Supplemental noncash flow disclosures: | ||
Loans transferred to loans held for sale | 969 | 759 |
Transfer of loans to real estate | 139 | 30 |
Right to use assets and lease obligations | 0 | 4,505 |
Core Deposits [Member] | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||
Amortization of core deposit intangible | $ 25 | $ 24 |
Note 1 - HMN Financial, Inc.
Note 1 - HMN Financial, Inc. | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 HMN Financial, Inc. HMN Financial, Inc. (HMN or the Company) is a stock savings bank holding company that owns 100 two The consolidated financial statements included herein are for HMN, the Bank, OIA and HPH. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | ( 2 Basis of Preparation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10 not three March 31, 2020 not may |
Note 3 - New Accounting Standar
Note 3 - New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 3 New Accounting Standards In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 not December 15, 2019, November 26, 2019, 2019 11, Codification Improvements to Topic 326, 2016 13 first 2020 first 2023. may December 15, 2018, not first 2023. On February 6, 2020, 2020 02, Financial Instruments-Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 Leases (Topic 842 not 326 326. 326 first 2023. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 ) Fair Value Measurements ASC 820, Fair Value Measurements , three Level 1 Level 2 not Level 3 not not The following table summarizes the assets of the Company for which fair values are determined on a recurring basis as of March 31, 2020 December 31, 2019. Carrying value at March 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 100,939 0 100,939 0 Equity securities 110 0 110 0 Mortgage loan commitments 522 0 522 0 Total $ 101,571 0 101,571 0 Carrying value at December 31, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 107,592 0 107,592 0 Equity securities 167 0 167 0 Mortgage loan commitments 14 0 14 0 Total $ 107,773 0 107,773 0 There were no 1, 2, 3 three March 31, 2020. The Company may March 31, 2020 December 31, 2019. Carrying value at March 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Three months ended March 31, 2020 Total gains Loans held for sale $ 4,884 0 4,884 0 64 Mortgage servicing rights, net 2,206 0 2,206 0 0 Impaired loans (1) 2,990 0 2,990 0 29 Real estate, net (2) 683 0 683 0 0 Total $ 10,763 0 10,763 0 93 Carrying value at December 31, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year ended December 31, 2019 Total losses Loans held for sale $ 3,606 0 3,606 0 (40 ) Mortgage servicing rights, net 2,172 0 2,172 0 0 Impaired loans (1) 3,126 0 3,126 0 (28 ) Real estate, net (2) 580 0 580 0 0 Total $ 9,484 0 9,484 0 (68 ) ( 1 ( 2 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | ( 5 ) Fair Value of Financial Instruments ASC 825, Disclosures about Fair Values of Financial Instruments March 31, 2020 December 31, 2019 no The estimated fair value of the Company’s financial instruments as of March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Fair value hierarchy Fair value hierarchy (Dollars in thousands) Carrying amount Estimated fair value Level 1 Level 2 Level 3 Contract amount Carrying amount Estimated fair value Level 1 Level 2 Level 3 Contract amount Financial assets: Cash and cash equivalents $ 35,744 35,744 35,744 44,399 44,399 44,399 Securities available for sale 100,939 100,939 100,939 107,592 107,592 107,592 Equity securities 110 110 110 167 167 167 Loans held for sale 4,884 4,884 4,884 3,606 3,606 3,606 Loans receivable, net 617,645 631,431 631,431 596,392 600,863 600,863 Federal Home Loan Bank stock 932 932 932 854 854 854 Accrued interest receivable 2,236 2,236 2,236 2,251 2,251 2,251 Financial liabilities: Deposits 677,519 678,952 678,952 673,870 673,945 673,945 Accrued interest payable 344 344 344 420 420 420 Off-balance sheet finacial Commitments to extend credit 522 522 210,676 14 14 178,804 Commitments to sell loans (81 ) (81 ) 66,668 (16 ) (16 ) 10,098 Cash and Cash Equivalents The carrying amount of cash and cash equivalents approximates their fair value. Securities Available for Sale The fair values of securities were based upon quoted market prices for identical or similar instruments in active markets. Equity Securities The fair values of equity securities were based upon quoted market prices. Loans Held for Sale The fair values of loans held for sale were based upon quoted market prices for loans with similar interest rates and terms to maturity. Loans Receivable , net The fair value of the loan portfolio, with the exception of the adjustable rate portfolio, was calculated by discounting the scheduled cash flows through the estimated maturity using anticipated prepayment speeds and using discount rates that reflect the credit and interest rate risk inherent in each loan portfolio. The fair value of the adjustable loan portfolio was estimated by grouping the loans with similar characteristics and comparing the characteristics of each group to the prices quoted for similar types of loans in the secondary market. The fair value disclosures for both the fixed and adjustable rate portfolios reflect the exit price amount anticipated to be received from the sale of the portfolio in an open market transaction. Federal Home Loan Bank Stock The carrying amount of Federal Home Loan Bank (FHLB) stock approximates its fair value. Accrued Interest Receivable The carrying amount of accrued interest receivable approximates its fair value since it is short-term in nature and does not Deposits The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. The fair value disclosures for all of the deposits reflect the exit price amount anticipated to be received from the sale of the deposits in an open market transaction. Accrued Interest Payable The carrying amount of accrued interest payable approximates its fair value since it is short-term in nature. Commitments to Extend Credit The fair values of commitments to extend credit are estimated using the fees normally charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter parties. Commitments to Sell Loans The fair values of commitments to sell loans are estimated using the quoted market prices for loans with similar interest rates and terms to maturity. |
Note 6 - Other Comprehensive In
Note 6 - Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 6 ) Other Comprehensive Income Other comprehensive income is defined as the change in equity during a period from transactions and other events from nonowner sources. Comprehensive income is the total of net income and other comprehensive income, which for the Company is comprised of unrealized gains on securities available for sale. The components of other comprehensive income and the related tax effects were as follows: For the period ended March 31, (Dollars in thousands) 2020 2019 Securities available for sale: Before tax Tax effect Net of tax Before tax Tax effect Net of tax Net unrealized gains arising during the period $ 1,770 495 1,275 671 187 484 Other comprehensive income $ 1,770 495 1,275 671 187 484 |
Note 7 - Securities Available f
Note 7 - Securities Available for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 7 ) Securities Available For Sale The following table shows the gross unrealized losses and fair values for the securities available for sale portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 December 31, 2019. Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2020 Other marketable securities: Corporate preferred stock 0 $ 0 0 1 $ 525 (175 ) $ 525 (175 ) Total temporarily impaired securities 0 $ 0 0 1 $ 525 (175 ) $ 525 (175 ) Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Mortgage backed securities: FNMA 4 $ 12,143 (65 ) 0 $ 0 0 $ 12,143 (65 ) Other marketable securities: U.S. Government agency obligations 0 0 0 4 19,972 (21 ) 19,972 (21 ) Corporate preferred stock 0 0 0 1 665 (35 ) 665 (35 ) Total temporarily impaired securities 4 $ 12,143 (65 ) 5 $ 20,637 (56 ) $ 32,780 (121 ) The Company reviews its investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the market liquidity for the investment, the financial condition and near-term prospects of the issuer, including any specific events which may March 31, 2020 March 31, 2020 not March 31, 2020 not may A summary of securities available for sale at March 31, 2020 December 31, 2019 (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2020 Mortgage-backed securities: Federal National Mortgage Association (FNMA) $ 44,499 1,269 0 45,768 Federal Home Loan Mortgage Corporation (FHLMC) 7,499 248 0 7,747 Collateralized mortgage obligations: FNMA 162 10 0 172 52,160 1,527 0 53,687 Other marketable securities: U.S. Government agency obligations 45,080 478 0 45,558 Municipal obligations 1,092 4 0 1,096 Corporate obligations 73 0 0 73 Corporate preferred stock 700 0 (175 ) 525 46,945 482 (175 ) 47,252 $ 99,105 2,009 (175 ) 100,939 (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value December 31, 2019 Mortgage-backed securities: FNMA $ 46,604 47 (65 ) 46,586 FHLMC 8,004 88 0 8,092 Collateralized mortgage obligations: FNMA 169 4 0 173 54,777 139 (65 ) 54,851 Other marketable securities: U.S. Government agency obligations 49,974 39 (21 ) 49,992 Municipal obligations 1,969 7 0 1,976 Corporate obligations 108 0 0 108 Corporate preferred stock 700 0 (35 ) 665 52,751 46 (56 ) 52,741 $ 107,528 185 (121 ) 107,592 The following table indicates amortized cost and estimated fair value of securities available for sale at March 31, 2020 (Dollars in thousands) Amortized Cost Fair Value Due less than one year $ 46,906 47,594 Due after one year through five years 37,624 38,539 Due after five years through ten years 13,469 13,863 Due after ten years 1,106 943 Total $ 99,105 100,939 The allocation of mortgage-backed securities in the table above is based upon the anticipated future cash flow of the securities using estimated mortgage prepayment speeds. The allocation of other marketable securities that have call features is based on the anticipated cash flows to the expected call date if it is anticipated that the security will be called, or to the maturity date if it is not |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 8 ) Loans Receivable, Net A summary of loans receivable at March 31, 2020 December 31, 2019 (Dollars in thousands) March 31, 2020 December 31, 2019 Single family $ 125,141 120,064 Commercial real estate: Real estate rental and leasing 201,847 192,502 Other 161,712 157,693 363,559 350,195 Consumer 68,080 69,949 Commercial business 69,485 64,227 Total loans 626,265 604,435 Less: Unamortized discounts 15 15 Net deferred loan costs (431 ) (536 ) Allowance for loan losses 9,036 8,564 Total loans receivable, net $ 617,645 596,392 |
Note 9 - Allowance for Loan Los
Note 9 - Allowance for Loan Losses and Credit Quality Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Allowance For Loan Losses And Credit Quality Information [Text Block] | ( 9 ) Allowance for Loan Losses and Credit Quality Information The allowance for loan losses is summarized as follows: (Dollars in thousands) Single Family Commercial Real Estate Consumer Commercial Business Total Balance, December 31, 2019 $ 857 5,060 1,507 1,140 8,564 Provision for losses 80 479 87 (186 ) 460 Charge-offs 0 0 (12 ) 0 (12 ) Recoveries 0 0 1 23 24 Balance, March 31, 2020 $ 937 5,539 1,583 977 9,036 Balance, December 31, 2018 $ 833 4,869 1,622 1,362 8,686 Provision for losses 100 13 3 (89 ) 27 Charge-offs 0 0 (39 ) (43 ) (82 ) Recoveries 0 10 2 30 42 Balance, March 31, 2019 $ 933 4,892 1,588 1,260 8,673 Allocated to: Specific reserves $ 62 451 119 93 725 General reserves 795 4,609 1,388 1,047 7,839 Balance, December 31, 2019 $ 857 5,060 1,507 1,140 8,564 Allocated to: Specific reserves $ 46 443 120 38 647 General reserves 891 5,096 1,463 939 8,389 Balance, March 31, 2020 $ 937 5,539 1,583 977 9,036 Loans receivable at December 31, 2019: Individually reviewed for impairment $ 974 1,166 976 735 3,851 Collectively reviewed for impairment 119,090 349,029 68,973 63,492 600,584 Ending balance $ 120,064 350,195 69,949 64,227 604,435 Loans receivable at March 31, 2020: Individually reviewed for impairment $ 1,003 1,703 802 131 3,639 Collectively reviewed for impairment 124,138 361,856 67,278 69,354 622,626 Ending balance $ 125,141 363,559 68,080 69,485 626,265 The following table summarizes the amount of classified and unclassified loans at March 31, 2020 December 31, 2019: March 31, 2020 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,371 1,728 34 0 3,133 122,008 125,141 Commercial real estate: Real estate rental and leasing 5,197 9,034 0 0 14,231 187,616 201,847 Other 6,399 5,473 0 0 11,872 149,840 161,712 Consumer 0 667 74 61 802 67,278 68,080 Commercial business 6,553 1,758 0 0 8,311 61,174 69,485 $ 19,520 18,660 108 61 38,349 587,916 626,265 December 31, 2019 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,118 1,765 35 0 2,918 117,146 120,064 Commercial real estate: Real estate rental and leasing 3,489 9,114 0 0 12,603 179,899 192,502 Other 4,451 5,253 0 0 9,704 147,989 157,693 Consumer 0 842 69 65 976 68,973 69,949 Commercial business 5,710 2,516 0 0 8,226 56,001 64,227 $ 14,768 19,490 104 65 34,427 570,008 604,435 Classified loans represent special mention, substandard (performing and non-performing), and non-performing loans categorized as doubtful and loss. Loans classified as special mention are loans that have potential weaknesses that, if left uncorrected, may not may not The aging of past due loans at March 31, 2020 December 31, 2019 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing March 31, 2020 Single family $ 1,124 206 91 1,421 123,720 125,141 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 201,847 201,847 0 Other 0 96 265 361 161,351 161,712 0 Consumer 294 80 107 481 67,599 68,080 0 Commercial business 11 11 0 22 69,463 69,485 0 $ 1,429 393 463 2,285 623,980 626,265 0 December 31, 201 9 Single family $ 786 77 59 922 119,142 120,064 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 192,502 192,502 0 Other 0 0 0 0 157,693 157,693 0 Consumer 527 31 206 764 69,185 69,949 0 Commercial business 147 13 550 710 63,517 64,227 0 $ 1,460 121 815 2,396 602,039 604,435 0 Impaired loans include loans that are non-performing (non-accruing) and loans that have been modified in a troubled debt restructuring (TDR). The following table summarizes impaired loans and related allowances as of March 31, 2020 December 31, 2019: March 31, 2020 December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance Loans with no related allowance recorded: Single family $ 583 602 0 544 563 0 Commercial real estate: Other 557 557 0 0 0 0 Consumer 606 606 0 781 781 0 Loans with an allowance recorded: Single family 420 420 46 430 430 62 Commercial real estate: Real estate rental and leasing 179 179 6 184 184 16 Other 967 967 437 982 982 435 Consumer 196 196 120 195 195 119 Commercial business 131 683 38 735 1,287 93 Total: Single family 1,003 1,022 46 974 993 62 Commercial real estate: Real estate rental and leasing 179 179 6 184 184 16 Other 1,524 1,524 437 982 982 435 Consumer 802 802 120 976 976 119 Commercial business 131 683 38 735 1,287 93 $ 3,639 4,210 647 3,851 4,422 725 The following table summarizes the average recorded investment and interest income recognized on impaired loans during the three March 31, 2020 2019: March 31, 2020 March 31, 2019 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 564 5 448 4 Commercial real estate: Other 279 2 25 30 Consumer 694 5 449 2 Loans with an allowance recorded: Single family 425 6 789 3 Commercial real estate: Real estate rental and leasing 182 0 200 0 Other 975 20 1,069 0 Consumer 196 2 290 3 Commercial business 433 2 325 1 Total: Single family 989 11 1,237 7 Commercial real estate: Real estate rental and leasing 182 0 200 0 Other 1,254 22 1,094 30 Consumer 890 7 739 5 Commercial business 433 2 325 1 $ 3,748 42 3,595 43 At March 31, 2020 December 31, 2019, $1.9 $2.1 $0.1 $0.2, no $1.2 $0.8 March 31, 2020 December 31, 2019, The non-accrual loans at March 31, 2020 December 31, 2019 (Dollars in thousands) March 31, 2020 December 31, 2019 Single family $ 647 $ 617 Commercial real estate: Real estate rental and leasing 179 184 Other 557 0 Consumer 491 659 Commercial business 40 621 $ 1,914 $ 2,081 At March 31, 2020 December 31, 2019, $2.7 $2.5 first 2020, none $0.4 March 31, 2020. first 2019 not The following table summarizes TDRs at March 31, 2020 December 31, 2019: March 31, 2020 December, 31, 2019 (Dollars in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Single family $ 357 271 628 357 266 623 Commercial real estate 966 292 1,258 983 0 983 Consumer 311 420 731 316 429 745 Commercial business 91 0 91 114 0 114 $ 1,725 983 2,708 1,770 695 2,465 As of March 31, 2020, $1.0 75%. December 31, 2019, $0.8 TDR concessions can include reduction of interest rates, extension of maturity dates, forgiveness of principal and/or interest due, or acceptance of real estate or other assets in full or partial satisfaction of the debt. Loan modifications are not twelve twelve When a loan is modified in a TDR, there may may three March 31, 2020 March 31, 2019. Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family 1 $ 94 101 1 $ 21 24 Commercial real estate: Other 2 293 293 0 0 0 Consumer 0 0 0 2 26 26 Total 3 $ 387 394 3 $ 47 50 There were no twelve March 31, 2020 March 31, 2019 three March 31, 2020 March 31, 2019. The Company considers a loan to have defaulted when it becomes 90 six six may TDRs are reviewed for impairment following the same methodology as other impaired loans. For loans that are collateral-dependent, the value of the collateral is reviewed and additional reserves may not may $0.6 6.8%, $9.0 March 31, 2020 $0.6 7.2%, $8.6 December 31, 2019. In the first 2020 six 19. Interagency Statement on Loan Modification and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus April 7, 2020, not not may March 31, 2020, (Dollars in thousands) Balance Commercial loans by industry: Hotels $ 48,410 Theaters 9,619 Restaurant/Bar 3,974 Retail/Office 4,623 Other 9,138 Total commercial loans 75,764 Consumer loans by collateral type: Single family 2,575 Other consumer 300 Total consumer loans 2,875 Total deferred loans $ 78,639 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 1 0 ) Intangible Assets The Company’s intangible assets consist of core deposit intangibles, goodwill, and mortgage servicing rights. A summary of mortgage servicing activity is as follows: (Dollars in thousands) Three Months ended March 31, 2020 Twelve Months ended December 31, 2019 Three Months ended March 31, 2019 Balance, beginning of period $ 2,172 1,855 1,855 Originations 262 1,097 116 Amortization (228 ) (780 ) (140 ) Balance, end of period $ 2,206 2,172 1,831 Fair value of mortgage servicing rights $ 2,745 3,390 3,702 All of the loans sold where the Company continues to service the loans are serviced for FNMA under the individual loan sale program. The following is a summary of the risk characteristics of the loans being serviced for FNMA at March 31, 2020: Weighted Weighted Loan Average Average Principal Interest Remaining Number (Dollars in thousands) Balance Rate Term (months) of Loans Original term 30 year fixed rate $ 335,718 4.06 % 308 2,457 Original term 15 year fixed rate 96,149 3.20 132 955 Adjustable rate 40 4.63 254 2 The gross carrying amount of intangible assets and the associated accumulated amortization at March 31, 2020 December 31, 2019 $0.3 $0.2 three March 31, 2020 December 31, 2019, March 31, 2020 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,032 (2,826 ) 2,206 Core deposit intangible 574 (443 ) 131 Goodwill 802 0 802 Total $ 6,408 (3,269 ) 3,139 December 31, 2019 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 4,968 (2,796 ) 2,172 Core deposit intangible 574 (418 ) 156 Goodwill 802 0 802 Total $ 6,344 (3,214 ) 3,130 The following table indicates the estimated future amortization expense for intangible assets: (Dollars in thousands) Mortgage Servicing Rights Core Deposit Intangible Total Intangible Assets Year ending December 31, 2020 $ 390 74 464 2021 477 47 524 2022 424 10 434 2023 356 0 356 2024 278 0 278 Thereafter 281 0 281 Total $ 2,206 131 2,337 No not may March 31, 2020 not no March 31, 2020. Projections of amortization are based on existing asset balances and the existing interest rate environment as of March 31, 2020. may |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 11 Leases On January 1, 2019, ASU 2016 02, 842 $4.5 Operating lease right-of-use assets represent the Company’s right to use an underlying asset during the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate at the lease commencement date. Because the Company only has operating leases and the right-of-use asset is offset by a lease payment obligation liability, the lease payments are the only amount that is recorded in occupancy expense in the consolidated statements of comprehensive income. The Company’s leases relate to office space and bank branches with remaining lease terms between three seven three ten not not March 31, 2020, $3.8 three March 31, 2020 March 31, 2019 $0.2 The table below summarizes other information related to the Company’s operating leases: (Dollars in thousands) Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 222 225 Weighted-average remaining lease term – operating leases, in years 4.5 5.4 Weighted-average discount rate – operating leases 2.19 % 2.60 % The table below summarizes the maturity of remaining lease liabilities at March 31, 2020: (Dollars in thousands) March 31, 2020 2020 $ 665 2021 897 2022 932 2023 807 2024 729 2025 and thereafter 15 Total lease payments 4,045 Less: Interest (199 ) Present value of lease liabilities $ 3,846 |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 2 ) Earnings per Common Share The following table reconciles the weighted average shares outstanding and the earnings available to common shareholders used for basic and diluted earnings per common share: Three months ended March 31, March 31, (Dollars in thousands, except per share data) 2020 2019 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,625,908 4,598,234 Net dilutive effect of: Restricted stock awards and options 27,718 28,503 Weighted average number of shares outstanding adjusted for effect of dilutive securities 4,653,626 4,626,737 Income available to common shareholders $ 1,385 1,620 Basic earnings per common share $ 0.30 0.35 Diluted earnings per common share $ 0.30 0.35 |
Note 13 - Regulatory Capital an
Note 13 - Regulatory Capital and Oversight | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 1 3 ) Regulatory Capital and Oversight The Company and the Bank are subject to the Basel III regulatory capital requirements. The Basel III requirements, among other things, (i) apply a set of capital requirements to the Bank (the Company is exempt, pursuant to the Small Bank Holding Company Policy Statement (Policy Statement) described below), including requirements relating to common equity as a component of core capital, (ii) implement a “capital conservation buffer” against risk and a higher minimum Tier 1 January 1, 2019. The Board of Governors of the Federal Reserve System amended its Policy Statement, to exempt small bank holding companies with assets less than $3 Quantitative measures established by regulations to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table and defined in the regulation) of Common Equity Tier 1 1 1 The Bank’s average total assets for the first 2020 $776.7 $775.8 $643.7 March 31, 2020 Actual Required to be Adequately Capitalized Excess Capital To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) March 31, 2020 Common equity Tier 1 capital $ 85,074 13.22 % $ 28,967 4.50 % $ 56,107 8.72 % $ 41,841 6.50 % Tier 1 leverage 85,074 10.97 31,033 4.00 54,041 6.97 38,791 5.00 Tier 1 risk-based capital 85,074 13.22 38,623 6.00 46,451 7.22 51,497 8.00 Total risk-based capital 93,132 14.47 51,497 8.00 41,635 6.47 64,371 10.00 ( 1 1 The Bank must maintain a capital conservation buffer composed of common equity Tier 1 January 1, 2019, 2.50% March 31, 2020, no |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 4 ) Stockholders’ Equity The Company may $6 not 20,000 $0.4 first 2020. 19 no second 2020. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 5 ) Commitments and Contingencies The Bank issues standby letters of credit which guarantee the performance of customers to third March 31, 2020 $2.3 29 may not From time to time, the Company is party to legal proceedings arising out of its lending and deposit operations. The Company is, and expects to become, engaged in foreclosure proceedings, collection actions, and other litigation as part of its normal banking activities. Among the various current litigation matters, the Company is involved in a bankruptcy litigation claim where the bankruptcy trustee is attempting to recover $3.8 The Company examines each legal matter, and, in those situations where it determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, establishes an appropriate accrual. In many situations, the Company is not $0 $1.0 not may may Based on the Company’s current understanding of all of the outstanding legal matters, management does not |
Note 16 - Business Segments
Note 16 - Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 6 ) Business Segments The Bank has been identified as a reportable operating segment in accordance with the provisions of ASC 280. not The Company evaluates performance and allocates resources based on the segment’s net income, return on average assets and return on average equity. Each corporation is managed separately with its own officers and board of directors. The following table sets forth certain information about the reconciliations of reported profit and assets for each of the Company’s reportable segments. (Dollars in thousands) Home Federal Savings Bank Other Eliminations Consolidated Total At or for the quarter ended March 31, 20 20 : Interest income - external customers $ 7,844 0 0 7,844 Non-interest income - external customers 2,471 0 0 2,471 Intersegment interest income 0 15 (15 ) 0 Intersegment non-interest income 59 1,524 (1,583 ) 0 Interest expense 907 0 (15 ) 892 Provision for loan losses 460 0 0 460 Non-interest expense 6,874 186 (59 ) 7,001 Income tax expense (benefit) 609 (32 ) 0 577 Net income 1,524 1,385 (1,524 ) 1,385 Total assets 783,615 95,197 (94,612 ) 784,200 At or for the quarter ended March 31, 2019: Interest income - external customers $ 7,732 0 0 7,732 Non-interest income - external customers 1,691 0 0 1,691 Intersegment non-interest income 59 1,762 (1,821 ) 0 Interest expense 690 0 0 690 Provision for loan losses 27 0 0 27 Non-interest expense 6,332 173 (59 ) 6,446 Income tax expense (benefit) 671 (31 ) 0 640 Net income 1,762 1,620 (1,762 ) 1,620 Total assets 721,736 85,546 (84,537 ) 722,745 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at March 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 100,939 0 100,939 0 Equity securities 110 0 110 0 Mortgage loan commitments 522 0 522 0 Total $ 101,571 0 101,571 0 Carrying value at December 31, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 107,592 0 107,592 0 Equity securities 167 0 167 0 Mortgage loan commitments 14 0 14 0 Total $ 107,773 0 107,773 0 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Carrying value at March 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Three months ended March 31, 2020 Total gains Loans held for sale $ 4,884 0 4,884 0 64 Mortgage servicing rights, net 2,206 0 2,206 0 0 Impaired loans (1) 2,990 0 2,990 0 29 Real estate, net (2) 683 0 683 0 0 Total $ 10,763 0 10,763 0 93 Carrying value at December 31, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year ended December 31, 2019 Total losses Loans held for sale $ 3,606 0 3,606 0 (40 ) Mortgage servicing rights, net 2,172 0 2,172 0 0 Impaired loans (1) 3,126 0 3,126 0 (28 ) Real estate, net (2) 580 0 580 0 0 Total $ 9,484 0 9,484 0 (68 ) |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 December 31, 2019 Fair value hierarchy Fair value hierarchy (Dollars in thousands) Carrying amount Estimated fair value Level 1 Level 2 Level 3 Contract amount Carrying amount Estimated fair value Level 1 Level 2 Level 3 Contract amount Financial assets: Cash and cash equivalents $ 35,744 35,744 35,744 44,399 44,399 44,399 Securities available for sale 100,939 100,939 100,939 107,592 107,592 107,592 Equity securities 110 110 110 167 167 167 Loans held for sale 4,884 4,884 4,884 3,606 3,606 3,606 Loans receivable, net 617,645 631,431 631,431 596,392 600,863 600,863 Federal Home Loan Bank stock 932 932 932 854 854 854 Accrued interest receivable 2,236 2,236 2,236 2,251 2,251 2,251 Financial liabilities: Deposits 677,519 678,952 678,952 673,870 673,945 673,945 Accrued interest payable 344 344 344 420 420 420 Off-balance sheet finacial Commitments to extend credit 522 522 210,676 14 14 178,804 Commitments to sell loans (81 ) (81 ) 66,668 (16 ) (16 ) 10,098 |
Note 6 - Other Comprehensive _2
Note 6 - Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | For the period ended March 31, (Dollars in thousands) 2020 2019 Securities available for sale: Before tax Tax effect Net of tax Before tax Tax effect Net of tax Net unrealized gains arising during the period $ 1,770 495 1,275 671 187 484 Other comprehensive income $ 1,770 495 1,275 671 187 484 |
Note 7 - Securities Available_2
Note 7 - Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2020 Other marketable securities: Corporate preferred stock 0 $ 0 0 1 $ 525 (175 ) $ 525 (175 ) Total temporarily impaired securities 0 $ 0 0 1 $ 525 (175 ) $ 525 (175 ) Less Than Twelve Months Twelve Months or More Total (Dollars in thousands) # of Investments Fair Value Unrealized Losses # of Investments Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Mortgage backed securities: FNMA 4 $ 12,143 (65 ) 0 $ 0 0 $ 12,143 (65 ) Other marketable securities: U.S. Government agency obligations 0 0 0 4 19,972 (21 ) 19,972 (21 ) Corporate preferred stock 0 0 0 1 665 (35 ) 665 (35 ) Total temporarily impaired securities 4 $ 12,143 (65 ) 5 $ 20,637 (56 ) $ 32,780 (121 ) |
Available-for-sale Securities [Table Text Block] | (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2020 Mortgage-backed securities: Federal National Mortgage Association (FNMA) $ 44,499 1,269 0 45,768 Federal Home Loan Mortgage Corporation (FHLMC) 7,499 248 0 7,747 Collateralized mortgage obligations: FNMA 162 10 0 172 52,160 1,527 0 53,687 Other marketable securities: U.S. Government agency obligations 45,080 478 0 45,558 Municipal obligations 1,092 4 0 1,096 Corporate obligations 73 0 0 73 Corporate preferred stock 700 0 (175 ) 525 46,945 482 (175 ) 47,252 $ 99,105 2,009 (175 ) 100,939 (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value December 31, 2019 Mortgage-backed securities: FNMA $ 46,604 47 (65 ) 46,586 FHLMC 8,004 88 0 8,092 Collateralized mortgage obligations: FNMA 169 4 0 173 54,777 139 (65 ) 54,851 Other marketable securities: U.S. Government agency obligations 49,974 39 (21 ) 49,992 Municipal obligations 1,969 7 0 1,976 Corporate obligations 108 0 0 108 Corporate preferred stock 700 0 (35 ) 665 52,751 46 (56 ) 52,741 $ 107,528 185 (121 ) 107,592 |
Available-for-sale Securities [Member] | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | (Dollars in thousands) Amortized Cost Fair Value Due less than one year $ 46,906 47,594 Due after one year through five years 37,624 38,539 Due after five years through ten years 13,469 13,863 Due after ten years 1,106 943 Total $ 99,105 100,939 |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Summary of Loans Receivable [Table Text Block] | (Dollars in thousands) March 31, 2020 December 31, 2019 Single family $ 125,141 120,064 Commercial real estate: Real estate rental and leasing 201,847 192,502 Other 161,712 157,693 363,559 350,195 Consumer 68,080 69,949 Commercial business 69,485 64,227 Total loans 626,265 604,435 Less: Unamortized discounts 15 15 Net deferred loan costs (431 ) (536 ) Allowance for loan losses 9,036 8,564 Total loans receivable, net $ 617,645 596,392 |
Note 9 - Allowance for Loan L_2
Note 9 - Allowance for Loan Losses and Credit Quality Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Single Family Commercial Real Estate Consumer Commercial Business Total Balance, December 31, 2019 $ 857 5,060 1,507 1,140 8,564 Provision for losses 80 479 87 (186 ) 460 Charge-offs 0 0 (12 ) 0 (12 ) Recoveries 0 0 1 23 24 Balance, March 31, 2020 $ 937 5,539 1,583 977 9,036 Balance, December 31, 2018 $ 833 4,869 1,622 1,362 8,686 Provision for losses 100 13 3 (89 ) 27 Charge-offs 0 0 (39 ) (43 ) (82 ) Recoveries 0 10 2 30 42 Balance, March 31, 2019 $ 933 4,892 1,588 1,260 8,673 Allocated to: Specific reserves $ 62 451 119 93 725 General reserves 795 4,609 1,388 1,047 7,839 Balance, December 31, 2019 $ 857 5,060 1,507 1,140 8,564 Allocated to: Specific reserves $ 46 443 120 38 647 General reserves 891 5,096 1,463 939 8,389 Balance, March 31, 2020 $ 937 5,539 1,583 977 9,036 Loans receivable at December 31, 2019: Individually reviewed for impairment $ 974 1,166 976 735 3,851 Collectively reviewed for impairment 119,090 349,029 68,973 63,492 600,584 Ending balance $ 120,064 350,195 69,949 64,227 604,435 Loans receivable at March 31, 2020: Individually reviewed for impairment $ 1,003 1,703 802 131 3,639 Collectively reviewed for impairment 124,138 361,856 67,278 69,354 622,626 Ending balance $ 125,141 363,559 68,080 69,485 626,265 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2020 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,371 1,728 34 0 3,133 122,008 125,141 Commercial real estate: Real estate rental and leasing 5,197 9,034 0 0 14,231 187,616 201,847 Other 6,399 5,473 0 0 11,872 149,840 161,712 Consumer 0 667 74 61 802 67,278 68,080 Commercial business 6,553 1,758 0 0 8,311 61,174 69,485 $ 19,520 18,660 108 61 38,349 587,916 626,265 December 31, 2019 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,118 1,765 35 0 2,918 117,146 120,064 Commercial real estate: Real estate rental and leasing 3,489 9,114 0 0 12,603 179,899 192,502 Other 4,451 5,253 0 0 9,704 147,989 157,693 Consumer 0 842 69 65 976 68,973 69,949 Commercial business 5,710 2,516 0 0 8,226 56,001 64,227 $ 14,768 19,490 104 65 34,427 570,008 604,435 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing March 31, 2020 Single family $ 1,124 206 91 1,421 123,720 125,141 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 201,847 201,847 0 Other 0 96 265 361 161,351 161,712 0 Consumer 294 80 107 481 67,599 68,080 0 Commercial business 11 11 0 22 69,463 69,485 0 $ 1,429 393 463 2,285 623,980 626,265 0 December 31, 201 9 Single family $ 786 77 59 922 119,142 120,064 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 192,502 192,502 0 Other 0 0 0 0 157,693 157,693 0 Consumer 527 31 206 764 69,185 69,949 0 Commercial business 147 13 550 710 63,517 64,227 0 $ 1,460 121 815 2,396 602,039 604,435 0 |
Impaired Financing Receivables [Table Text Block] | March 31, 2020 December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance Loans with no related allowance recorded: Single family $ 583 602 0 544 563 0 Commercial real estate: Other 557 557 0 0 0 0 Consumer 606 606 0 781 781 0 Loans with an allowance recorded: Single family 420 420 46 430 430 62 Commercial real estate: Real estate rental and leasing 179 179 6 184 184 16 Other 967 967 437 982 982 435 Consumer 196 196 120 195 195 119 Commercial business 131 683 38 735 1,287 93 Total: Single family 1,003 1,022 46 974 993 62 Commercial real estate: Real estate rental and leasing 179 179 6 184 184 16 Other 1,524 1,524 437 982 982 435 Consumer 802 802 120 976 976 119 Commercial business 131 683 38 735 1,287 93 $ 3,639 4,210 647 3,851 4,422 725 March 31, 2020 March 31, 2019 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 564 5 448 4 Commercial real estate: Other 279 2 25 30 Consumer 694 5 449 2 Loans with an allowance recorded: Single family 425 6 789 3 Commercial real estate: Real estate rental and leasing 182 0 200 0 Other 975 20 1,069 0 Consumer 196 2 290 3 Commercial business 433 2 325 1 Total: Single family 989 11 1,237 7 Commercial real estate: Real estate rental and leasing 182 0 200 0 Other 1,254 22 1,094 30 Consumer 890 7 739 5 Commercial business 433 2 325 1 $ 3,748 42 3,595 43 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) March 31, 2020 December 31, 2019 Single family $ 647 $ 617 Commercial real estate: Real estate rental and leasing 179 184 Other 557 0 Consumer 491 659 Commercial business 40 621 $ 1,914 $ 2,081 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | March 31, 2020 December, 31, 2019 (Dollars in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Single family $ 357 271 628 357 266 623 Commercial real estate 966 292 1,258 983 0 983 Consumer 311 420 731 316 429 745 Commercial business 91 0 91 114 0 114 $ 1,725 983 2,708 1,770 695 2,465 |
Financial Effects of Troubled Debt Restructurings and Difference Between Outstanding Recorded Balance Pre Modification and Post Modification [Table Text Block] | Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family 1 $ 94 101 1 $ 21 24 Commercial real estate: Other 2 293 293 0 0 0 Consumer 0 0 0 2 26 26 Total 3 $ 387 394 3 $ 47 50 |
Schedule of Deferred Loans [Table Text Block] | (Dollars in thousands) Balance Commercial loans by industry: Hotels $ 48,410 Theaters 9,619 Restaurant/Bar 3,974 Retail/Office 4,623 Other 9,138 Total commercial loans 75,764 Consumer loans by collateral type: Single family 2,575 Other consumer 300 Total consumer loans 2,875 Total deferred loans $ 78,639 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Servicing Liability at Amortized Cost [Table Text Block] | (Dollars in thousands) Three Months ended March 31, 2020 Twelve Months ended December 31, 2019 Three Months ended March 31, 2019 Balance, beginning of period $ 2,172 1,855 1,855 Originations 262 1,097 116 Amortization (228 ) (780 ) (140 ) Balance, end of period $ 2,206 2,172 1,831 Fair value of mortgage servicing rights $ 2,745 3,390 3,702 |
Summary of Risk Characteristics of Loans Being Serviced [Table Text Block] | Weighted Weighted Loan Average Average Principal Interest Remaining Number (Dollars in thousands) Balance Rate Term (months) of Loans Original term 30 year fixed rate $ 335,718 4.06 % 308 2,457 Original term 15 year fixed rate 96,149 3.20 132 955 Adjustable rate 40 4.63 254 2 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2020 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 5,032 (2,826 ) 2,206 Core deposit intangible 574 (443 ) 131 Goodwill 802 0 802 Total $ 6,408 (3,269 ) 3,139 December 31, 2019 Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets Mortgage servicing rights $ 4,968 (2,796 ) 2,172 Core deposit intangible 574 (418 ) 156 Goodwill 802 0 802 Total $ 6,344 (3,214 ) 3,130 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Mortgage Servicing Rights Core Deposit Intangible Total Intangible Assets Year ending December 31, 2020 $ 390 74 464 2021 477 47 524 2022 424 10 434 2023 356 0 356 2024 278 0 278 Thereafter 281 0 281 Total $ 2,206 131 2,337 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Other Information Related to Operating Leases [Table Text Block] | (Dollars in thousands) Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 222 225 Weighted-average remaining lease term – operating leases, in years 4.5 5.4 Weighted-average discount rate – operating leases 2.19 % 2.60 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Dollars in thousands) March 31, 2020 2020 $ 665 2021 897 2022 932 2023 807 2024 729 2025 and thereafter 15 Total lease payments 4,045 Less: Interest (199 ) Present value of lease liabilities $ 3,846 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, March 31, (Dollars in thousands, except per share data) 2020 2019 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,625,908 4,598,234 Net dilutive effect of: Restricted stock awards and options 27,718 28,503 Weighted average number of shares outstanding adjusted for effect of dilutive securities 4,653,626 4,626,737 Income available to common shareholders $ 1,385 1,620 Basic earnings per common share $ 0.30 0.35 Diluted earnings per common share $ 0.30 0.35 |
Note 13 - Regulatory Capital _2
Note 13 - Regulatory Capital and Oversight (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Required to be Adequately Capitalized Excess Capital To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) Amount Percent of Assets (1) March 31, 2020 Common equity Tier 1 capital $ 85,074 13.22 % $ 28,967 4.50 % $ 56,107 8.72 % $ 41,841 6.50 % Tier 1 leverage 85,074 10.97 31,033 4.00 54,041 6.97 38,791 5.00 Tier 1 risk-based capital 85,074 13.22 38,623 6.00 46,451 7.22 51,497 8.00 Total risk-based capital 93,132 14.47 51,497 8.00 41,635 6.47 64,371 10.00 |
Note 16 - Business Segments (Ta
Note 16 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in thousands) Home Federal Savings Bank Other Eliminations Consolidated Total At or for the quarter ended March 31, 20 20 : Interest income - external customers $ 7,844 0 0 7,844 Non-interest income - external customers 2,471 0 0 2,471 Intersegment interest income 0 15 (15 ) 0 Intersegment non-interest income 59 1,524 (1,583 ) 0 Interest expense 907 0 (15 ) 892 Provision for loan losses 460 0 0 460 Non-interest expense 6,874 186 (59 ) 7,001 Income tax expense (benefit) 609 (32 ) 0 577 Net income 1,524 1,385 (1,524 ) 1,385 Total assets 783,615 95,197 (94,612 ) 784,200 At or for the quarter ended March 31, 2019: Interest income - external customers $ 7,732 0 0 7,732 Non-interest income - external customers 1,691 0 0 1,691 Intersegment non-interest income 59 1,762 (1,821 ) 0 Interest expense 690 0 0 690 Provision for loan losses 27 0 0 27 Non-interest expense 6,332 173 (59 ) 6,446 Income tax expense (benefit) 671 (31 ) 0 640 Net income 1,762 1,620 (1,762 ) 1,620 Total assets 721,736 85,546 (84,537 ) 722,745 |
Note 1 - HMN Financial, Inc. (D
Note 1 - HMN Financial, Inc. (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Percentage Of Ownership In Subsidiaries | 100.00% |
Number of Wholly Owned Subsidiaries | 2 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Securities available for sale | $ 100,939 | $ 107,592 | |
Equity securities | 110 | $ 167 | |
Fair Value, Recurring [Member] | |||
Securities available for sale | 100,939 | $ 107,592 | |
Equity securities | 110 | 167 | |
Mortgage loan commitments | 522 | 14 | |
Total | 101,571 | 107,773 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Mortgage loan commitments | 0 | 0 | |
Total | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 100,939 | 107,592 | |
Equity securities | 110 | 167 | |
Mortgage loan commitments | 522 | 14 | |
Total | 101,571 | 107,773 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Mortgage loan commitments | 0 | 0 | |
Total | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Loans held for sale, Total gains (losses) | $ 64 | $ (40) | |
Real estate, net(2), Total gains (losses) | [1] | 0 | 0 |
Total, Total gains (losses) | 93 | (68) | |
Fair Value, Nonrecurring [Member] | |||
Loans held for sale | 4,884 | 3,606 | |
Mortgage servicing rights, net | 2,206 | 2,172 | |
Mortgage servicing rights, net, Total gains (losses) | 0 | 0 | |
Impaired loans(1) | [2] | 2,990 | 3,126 |
Impaired loans(1), Total gains (losses) | [2] | 29 | (28) |
Real estate, net(2) | [1] | 683 | 580 |
Total | 10,763 | 9,484 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Loans held for sale | 0 | 0 | |
Mortgage servicing rights, net | 0 | 0 | |
Impaired loans(1) | [2] | 0 | 0 |
Real estate, net(2) | [1] | 0 | 0 |
Total | 0 | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loans held for sale | 4,884 | 3,606 | |
Mortgage servicing rights, net | 2,206 | 2,172 | |
Impaired loans(1) | [2] | 2,990 | 3,126 |
Real estate, net(2) | [1] | 683 | 580 |
Total | 10,763 | 9,484 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans held for sale | 0 | 0 | |
Mortgage servicing rights, net | 0 | 0 | |
Impaired loans(1) | [2] | 0 | 0 |
Real estate, net(2) | [1] | 0 | 0 |
Total | $ 0 | $ 0 | |
[1] | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. | ||
[2] | Represents carrying value and related write-downs of loans for which adjustments are based on the appraised value of the collateral. The carrying value of loans fully charged-off is zero. |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments - Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Securities available for sale | $ 100,939 | $ 107,592 |
Equity securities | 110 | 167 |
Loans receivable, net | 617,645 | 596,392 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 35,744 | 44,399 |
Securities available for sale | 100,939 | 107,592 |
Equity securities | 110 | 167 |
Loans held for sale | 4,884 | 3,606 |
Loans receivable, net | 617,645 | 596,392 |
Federal Home Loan Bank stock | 932 | 854 |
Accrued interest receivable | 2,236 | 2,251 |
Financial liabilities: | ||
Deposits | 677,519 | 673,870 |
Accrued interest payable | 344 | 420 |
Commitments to extend credit | 522 | 14 |
Commitments to sell loans | (81) | (16) |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 35,744 | 44,399 |
Securities available for sale | 100,939 | 107,592 |
Equity securities | 110 | 167 |
Loans held for sale | 4,884 | 3,606 |
Loans receivable, net | 631,431 | 600,863 |
Federal Home Loan Bank stock | 932 | 854 |
Accrued interest receivable | 2,236 | 2,251 |
Financial liabilities: | ||
Deposits | 678,952 | 673,945 |
Accrued interest payable | 344 | 420 |
Commitments to extend credit | 522 | 14 |
Commitments to sell loans | (81) | (16) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 35,744 | 44,399 |
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Securities available for sale | 100,939 | 107,592 |
Equity securities | 110 | 167 |
Loans held for sale | 4,884 | 3,606 |
Loans receivable, net | 631,431 | 600,863 |
Federal Home Loan Bank stock | 932 | 854 |
Accrued interest receivable | 2,236 | 2,251 |
Financial liabilities: | ||
Deposits | 678,952 | 673,945 |
Accrued interest payable | 344 | 420 |
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | ||
Commitments to sell loans | ||
Portion at Other than Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | 210,676 | 178,804 |
Commitments to sell loans | $ 66,668 | $ 10,098 |
Note 6 - Other Comprehensive _3
Note 6 - Other Comprehensive Income (Loss) - Components of Other Comprehensive (Loss) Income and Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other comprehensive income (loss), before tax | $ 1,770 | $ 671 |
Other comprehensive income (loss), tax | 495 | 187 |
Other comprehensive income, net of tax | $ 1,275 | $ 484 |
Note 7 - Securities Available_3
Note 7 - Securities Available for Sale (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 7 - Securities Available_4
Note 7 - Securities Available for Sale - Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Less Than Twelve Months # of Investments | 0 | 4 |
Less Than Twelve Months Fair Value | $ 0 | $ 12,143 |
Less Than Twelve Months Unrealized Losses | $ 0 | $ (65) |
Twelve Months or More # of Investments | 1 | 5 |
Twelve Months or More Fair Value | $ 525 | $ 20,637 |
Twelve Months or More Unrealized Losses | (175) | (56) |
Total Fair Value | 525 | 32,780 |
Total Unrealized Losses | $ (175) | $ (121) |
Other Marketable Securities [Member] | Preferred Stock [Member] | ||
Less Than Twelve Months # of Investments | 0 | 0 |
Less Than Twelve Months Fair Value | $ 0 | $ 0 |
Less Than Twelve Months Unrealized Losses | $ 0 | $ 0 |
Twelve Months or More # of Investments | 1 | 1 |
Twelve Months or More Fair Value | $ 525 | $ 665 |
Twelve Months or More Unrealized Losses | (175) | (35) |
Total Fair Value | 525 | 665 |
Total Unrealized Losses | $ (175) | $ (35) |
Other Marketable Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Less Than Twelve Months # of Investments | 0 | |
Less Than Twelve Months Fair Value | $ 0 | |
Less Than Twelve Months Unrealized Losses | $ 0 | |
Twelve Months or More # of Investments | 4 | |
Twelve Months or More Fair Value | $ 19,972 | |
Twelve Months or More Unrealized Losses | (21) | |
Total Fair Value | 19,972 | |
Total Unrealized Losses | $ (21) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less Than Twelve Months # of Investments | 4 | |
Less Than Twelve Months Fair Value | $ 12,143 | |
Less Than Twelve Months Unrealized Losses | $ (65) | |
Twelve Months or More # of Investments | 0 | |
Twelve Months or More Fair Value | $ 0 | |
Twelve Months or More Unrealized Losses | 0 | |
Total Fair Value | 12,143 | |
Total Unrealized Losses | $ (65) |
Note 7 - Securities Available_5
Note 7 - Securities Available for Sale - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 99,105 | $ 107,528 |
Investment securities available for sale, gross unrealized gains | 2,009 | 185 |
Investment securities available for sale, gross unrealized losses | (175) | (121) |
Securities available for sale | 100,939 | 107,592 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available for sale, amortized cost | 44,499 | 169 |
Investment securities available for sale, gross unrealized gains | 1,269 | 4 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale | 45,768 | 173 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Securities available for sale, amortized cost | 7,499 | 8,004 |
Investment securities available for sale, gross unrealized gains | 248 | 88 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale | 7,747 | 8,092 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available for sale, amortized cost | 162 | 46,604 |
Investment securities available for sale, gross unrealized gains | 10 | 47 |
Investment securities available for sale, gross unrealized losses | 0 | (65) |
Securities available for sale | 172 | 46,586 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 52,160 | 54,777 |
Investment securities available for sale, gross unrealized gains | 1,527 | 139 |
Investment securities available for sale, gross unrealized losses | 0 | (65) |
Securities available for sale | 53,687 | 54,851 |
Other Marketable Securities [Member] | ||
Securities available for sale, amortized cost | 46,945 | 52,751 |
Investment securities available for sale, gross unrealized gains | 482 | 46 |
Investment securities available for sale, gross unrealized losses | (175) | (56) |
Securities available for sale | 47,252 | 52,741 |
Other Marketable Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 45,080 | 49,974 |
Investment securities available for sale, gross unrealized gains | 478 | 39 |
Investment securities available for sale, gross unrealized losses | 0 | (21) |
Securities available for sale | 45,558 | 49,992 |
Other Marketable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 1,092 | 1,969 |
Investment securities available for sale, gross unrealized gains | 4 | 7 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale | 1,096 | 1,976 |
Other Marketable Securities [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 73 | 108 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale | 73 | 108 |
Other Marketable Securities [Member] | Preferred Stock [Member] | ||
Securities available for sale, amortized cost | 700 | 700 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | (175) | (35) |
Securities available for sale | $ 525 | $ 665 |
Note 7 - Securities Available_6
Note 7 - Securities Available for Sale - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Due less than one year, amortized cost | $ 46,906 | |
Due less than one year, fair value | 47,594 | |
Due after one year through five years, amortized cost | 37,624 | |
Due after one year through five years, fair value | 38,539 | |
Due after five years through ten years, amortized cost | 13,469 | |
Due after five years through ten years, fair value | 13,863 | |
Due after ten years, amortized cost | 1,106 | |
Due after ten years, fair value | 943 | |
Total, amortized cost | 99,105 | $ 107,528 |
Total, fair value | $ 100,939 | $ 107,592 |
Note 8 - Loans Receivable, Ne_2
Note 8 - Loans Receivable, Net - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 626,265 | $ 604,435 | ||
Unamortized discounts | 15 | 15 | ||
Net deferred loan costs | (431) | (536) | ||
Allowance for loan losses | 9,036 | 8,564 | $ 8,673 | $ 8,686 |
Total loans receivable, net | 617,645 | 596,392 | ||
Residential Portfolio Segment [Member] | ||||
Loans receivable | 125,141 | 120,064 | ||
Allowance for loan losses | 937 | 857 | 933 | 833 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 363,559 | 350,195 | ||
Allowance for loan losses | 5,539 | 5,060 | 4,892 | 4,869 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Loans receivable | 201,847 | 192,502 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||||
Loans receivable | 161,712 | 157,693 | ||
Consumer Portfolio Segment [Member] | ||||
Loans receivable | 68,080 | 69,949 | ||
Allowance for loan losses | 1,583 | 1,507 | 1,588 | 1,622 |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 69,485 | 64,227 | ||
Allowance for loan losses | $ 977 | $ 1,140 | $ 1,260 | $ 1,362 |
Note 9 - Allowance for Loan L_3
Note 9 - Allowance for Loan Losses and Credit Quality Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 1,914 | $ 2,081 | ||
Impaired Financing Receivable, Related Allowance | 647 | 725 | ||
Loan Receivable for Which Value of Collateral Sufficient to Repay | 1,200 | 800 | ||
Financing Receivable, Troubled Debt Restructuring | 2,708 | 2,465 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 1,000 | 800 | ||
Loan to Value Ratio | 75.00% | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Reserves | $ 600 | $ 600 | ||
Percentage Reserves For Loan Losses On Troubled Debt Restructurings | 6.80% | 7.20% | ||
Loans and Leases Receivable, Allowance, Ending Balance | $ 9,036 | $ 8,673 | $ 8,564 | $ 8,686 |
Nonperforming Financial Instruments [Member] | ||||
Impaired Financing Receivable, Related Allowance | 100 | 200 | ||
Financing Receivable, Troubled Debt Restructuring | 983 | 695 | ||
Nonperforming Financial Instruments [Member] | Classified [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | 400 | |||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | 1,725 | $ 1,770 | ||
Performing Financial Instruments [Member] | Classified [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | $ 0 |
Note 9 - Allowance for Loan L_4
Note 9 - Allowance for Loan Losses and Credit Quality Information - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 8,564 | $ 8,686 | ||
Provision for losses | (460) | (27) | ||
Charge-offs | (12) | (82) | ||
Recoveries | 24 | 42 | ||
Balance | 9,036 | 8,673 | ||
Specific reserves | $ 647 | $ 725 | ||
General reserves | 8,389 | 7,839 | ||
Balance | 8,564 | 8,673 | 9,036 | 8,564 |
Individually reviewed for impairment | 3,639 | 3,851 | ||
Collectively reviewed for impairment | 622,626 | 600,584 | ||
Ending balance | 626,265 | 604,435 | ||
Residential Portfolio Segment [Member] | ||||
Balance | 857 | 833 | ||
Provision for losses | (80) | (100) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Balance | 937 | 933 | ||
Specific reserves | 46 | 62 | ||
General reserves | 891 | 795 | ||
Balance | 937 | 933 | 937 | 857 |
Individually reviewed for impairment | 1,003 | 974 | ||
Collectively reviewed for impairment | 124,138 | 119,090 | ||
Ending balance | 125,141 | 120,064 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 5,060 | 4,869 | ||
Provision for losses | (479) | (13) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 10 | ||
Balance | 5,539 | 4,892 | ||
Specific reserves | 443 | 451 | ||
General reserves | 5,096 | 4,609 | ||
Balance | 5,539 | 4,892 | 5,539 | 5,060 |
Individually reviewed for impairment | 1,703 | 1,166 | ||
Collectively reviewed for impairment | 361,856 | 349,029 | ||
Ending balance | 363,559 | 350,195 | ||
Consumer Portfolio Segment [Member] | ||||
Balance | 1,507 | 1,622 | ||
Provision for losses | (87) | (3) | ||
Charge-offs | (12) | (39) | ||
Recoveries | 1 | 2 | ||
Balance | 1,583 | 1,588 | ||
Specific reserves | 120 | 119 | ||
General reserves | 1,463 | 1,388 | ||
Balance | 1,583 | 1,588 | 1,583 | 1,507 |
Individually reviewed for impairment | 802 | 976 | ||
Collectively reviewed for impairment | 67,278 | 68,973 | ||
Ending balance | 68,080 | 69,949 | ||
Commercial Portfolio Segment [Member] | ||||
Balance | 1,140 | 1,362 | ||
Provision for losses | 186 | 89 | ||
Charge-offs | 0 | (43) | ||
Recoveries | 23 | 30 | ||
Balance | 977 | 1,260 | ||
Specific reserves | 38 | 93 | ||
General reserves | 939 | 1,047 | ||
Balance | $ 977 | $ 1,260 | 977 | 1,140 |
Individually reviewed for impairment | 131 | 735 | ||
Collectively reviewed for impairment | 69,354 | 63,492 | ||
Ending balance | $ 69,485 | $ 64,227 |
Note 9 - Allowance for Loan L_5
Note 9 - Allowance for Loan Losses and Credit Quality Information - Classified and Unclassified Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans receivable | $ 626,265 | $ 604,435 |
Classified [Member] | ||
Loans receivable | 38,349 | 34,427 |
Classified [Member] | Special Mention [Member] | ||
Loans receivable | 19,520 | 14,768 |
Classified [Member] | Substandard [Member] | ||
Loans receivable | 18,660 | 19,490 |
Classified [Member] | Doubtful [Member] | ||
Loans receivable | 108 | 104 |
Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 61 | 65 |
Unclassified [Member] | ||
Loans receivable | 587,916 | 570,008 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 125,141 | 120,064 |
Residential Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 3,133 | 2,918 |
Residential Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 1,371 | 1,118 |
Residential Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 1,728 | 1,765 |
Residential Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 34 | 35 |
Residential Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | 122,008 | 117,146 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 363,559 | 350,195 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 201,847 | 192,502 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 161,712 | 157,693 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Real Estate Loan [Member] | ||
Loans receivable | 14,231 | 12,603 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 11,872 | 9,704 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Real Estate Loan [Member] | ||
Loans receivable | 5,197 | 3,489 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 6,399 | 4,451 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Real Estate Loan [Member] | ||
Loans receivable | 9,034 | 9,114 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 5,473 | 5,253 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Unclassified [Member] | Real Estate Loan [Member] | ||
Loans receivable | 187,616 | 179,899 |
Commercial Real Estate Portfolio Segment [Member] | Unclassified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 149,840 | 147,989 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 68,080 | 69,949 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 802 | 976 |
Consumer Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 667 | 842 |
Consumer Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 74 | 69 |
Consumer Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 61 | 65 |
Consumer Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | 67,278 | 68,973 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 69,485 | 64,227 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 8,311 | 8,226 |
Commercial Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 6,553 | 5,710 |
Commercial Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 1,758 | 2,516 |
Commercial Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | $ 61,174 | $ 56,001 |
Note 9 - Allowance for Loan L_6
Note 9 - Allowance for Loan Losses and Credit Quality Information - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans past due | $ 2,285 | $ 2,396 |
Current loans | 623,980 | 602,039 |
Loans receivable | 626,265 | 604,435 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans past due | 1,421 | 922 |
Current loans | 123,720 | 119,142 |
Loans receivable | 125,141 | 120,064 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 363,559 | 350,195 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due | 0 | 0 |
Current loans | 201,847 | 192,502 |
Loans receivable | 201,847 | 192,502 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans past due | 361 | 0 |
Current loans | 161,351 | 157,693 |
Loans receivable | 161,712 | 157,693 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans past due | 481 | 764 |
Current loans | 67,599 | 69,185 |
Loans receivable | 68,080 | 69,949 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 22 | 710 |
Current loans | 69,463 | 63,517 |
Loans receivable | 69,485 | 64,227 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,429 | 1,460 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 1,124 | 786 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans past due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans past due | 294 | 527 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans past due | 11 | 147 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 393 | 121 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 206 | 77 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans past due | 96 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans past due | 80 | 31 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans past due | 11 | 13 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 463 | 815 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 91 | 59 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans past due | 265 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans past due | 107 | 206 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans past due | $ 0 | $ 550 |
Note 9 - Allowance for Loan L_7
Note 9 - Allowance for Loan Losses and Credit Quality Information - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related allowance | $ 647 | $ 725 | |
Recorded investment | 3,639 | 3,851 | |
Unpaid principal balance | 4,210 | 4,422 | |
Average recorded investment | 3,748 | $ 3,595 | |
Interest income recognized | 42 | 43 | |
Residential Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 583 | 544 | |
Unpaid principal balance, with no related allowance | 602 | 563 | |
Recorded investment, with related allowance | 420 | 430 | |
Unpaid principal balance, with related allowance | 420 | 430 | |
Related allowance | 46 | 62 | |
Recorded investment | 1,003 | 974 | |
Unpaid principal balance | 1,022 | 993 | |
Average recorded investment, with no related allowance | 564 | 448 | |
Interest income recognized, with no related allowance | 5 | 4 | |
Average recorded investment, with related allowance | 425 | 789 | |
Interest income recognized, with related allowance | 6 | 3 | |
Average recorded investment | 989 | 1,237 | |
Interest income recognized | 11 | 7 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Related allowance | 443 | 451 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Recorded investment, with no related allowance | 557 | 0 | |
Unpaid principal balance, with no related allowance | 557 | 0 | |
Recorded investment, with related allowance | 967 | 982 | |
Unpaid principal balance, with related allowance | 967 | 982 | |
Related allowance | 437 | 435 | |
Recorded investment | 1,524 | 982 | |
Unpaid principal balance | 1,524 | 982 | |
Average recorded investment, with no related allowance | 279 | 25 | |
Interest income recognized, with no related allowance | 2 | 30 | |
Average recorded investment, with related allowance | 975 | 1,069 | |
Interest income recognized, with related allowance | 20 | 0 | |
Average recorded investment | 1,254 | 1,094 | |
Interest income recognized | 22 | 30 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Recorded investment, with related allowance | 179 | 184 | |
Unpaid principal balance, with related allowance | 179 | 184 | |
Related allowance | 6 | 16 | |
Recorded investment | 179 | 184 | |
Unpaid principal balance | 179 | 184 | |
Average recorded investment, with related allowance | 182 | 200 | |
Interest income recognized, with related allowance | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 606 | 781 | |
Unpaid principal balance, with no related allowance | 606 | 781 | |
Recorded investment, with related allowance | 196 | 195 | |
Unpaid principal balance, with related allowance | 196 | 195 | |
Related allowance | 120 | 119 | |
Recorded investment | 802 | 976 | |
Unpaid principal balance | 802 | 976 | |
Average recorded investment, with no related allowance | 694 | 449 | |
Interest income recognized, with no related allowance | 5 | 2 | |
Average recorded investment, with related allowance | 196 | 290 | |
Interest income recognized, with related allowance | 2 | 3 | |
Average recorded investment | 890 | 739 | |
Interest income recognized | 7 | 5 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with related allowance | 131 | 735 | |
Unpaid principal balance, with related allowance | 683 | 1,287 | |
Related allowance | 38 | 93 | |
Recorded investment | 131 | 735 | |
Unpaid principal balance | 683 | $ 1,287 | |
Average recorded investment, with related allowance | 433 | 325 | |
Interest income recognized, with related allowance | 2 | 1 | |
Average recorded investment | 433 | 325 | |
Interest income recognized | $ 2 | $ 1 |
Note 9 - Allowance for Loan L_8
Note 9 - Allowance for Loan Losses and Credit Quality Information - Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Non-accrual loans | $ 1,914 | $ 2,081 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 647 | 617 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Non-accrual loans | 179 | 184 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Non-accrual loans | 557 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 491 | 659 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | $ 40 | $ 621 |
Note 9 - Allowance for Loan L_9
Note 9 - Allowance for Loan Losses and Credit Quality Information - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Troubled debt restructurings | $ 2,708 | $ 2,465 |
Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 1,725 | 1,770 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 983 | 695 |
Residential Portfolio Segment [Member] | ||
Troubled debt restructurings | 628 | 623 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 357 | 357 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 271 | 266 |
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled debt restructurings | 1,258 | 983 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 966 | 983 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 292 | 0 |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings | 731 | 745 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 311 | 316 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | 420 | 429 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings | 91 | 114 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructurings | 91 | 114 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructurings | $ 0 | $ 0 |
Note 9 - Allowance for Loan _10
Note 9 - Allowance for Loan Losses and Credit Quality Information - Financial Effects of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Number of Contracts | 3 | 3 |
Pre- modification Outstanding Recorded Investment | $ 387 | $ 47 |
Post- modification Outstanding Recorded Investment | $ 394 | $ 50 |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre- modification Outstanding Recorded Investment | $ 94 | $ 21 |
Post- modification Outstanding Recorded Investment | $ 101 | $ 24 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Number of Contracts | 2 | 0 |
Pre- modification Outstanding Recorded Investment | $ 293 | $ 0 |
Post- modification Outstanding Recorded Investment | $ 293 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Number of Contracts | 0 | 2 |
Pre- modification Outstanding Recorded Investment | $ 0 | $ 26 |
Post- modification Outstanding Recorded Investment | $ 0 | $ 26 |
Note 9 - Allowance for Loan _11
Note 9 - Allowance for Loan Losses and Credit Quality Information - Deferred Loans (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Deferred loans | $ 78,639 |
Commercial Real Estate Portfolio Segment [Member] | |
Deferred loans | 75,764 |
Commercial Real Estate Portfolio Segment [Member] | Hotels [Member] | |
Deferred loans | 48,410 |
Commercial Real Estate Portfolio Segment [Member] | Theaters [Member] | |
Deferred loans | 9,619 |
Commercial Real Estate Portfolio Segment [Member] | Restaurant/Bar [Member] | |
Deferred loans | 3,974 |
Commercial Real Estate Portfolio Segment [Member] | Retail/Office [Member] | |
Deferred loans | 4,623 |
Commercial Real Estate Portfolio Segment [Member] | Other Industry Sectors [Member] | |
Deferred loans | 9,138 |
Consumer Portfolio Segment [Member] | |
Deferred loans | 2,875 |
Consumer Portfolio Segment [Member] | Residential Real Estate [Member] | |
Deferred loans | 2,575 |
Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Deferred loans | $ 300 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 0.3 | $ 0.2 |
Note 10 - Intangible Assets - M
Note 10 - Intangible Assets - Mortgage Servicing Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Balance | $ 2,172 | $ 1,855 | $ 1,855 |
Originations | 262 | 116 | 1,097 |
Amortization | (228) | (140) | (780) |
Balance | 2,206 | 1,831 | 2,172 |
Fair value of mortgage servicing rights | $ 2,745 | $ 3,702 | $ 3,390 |
Note 10 - Intangible Assets - R
Note 10 - Intangible Assets - Risk Characteristics of Loans Being Serviced (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Original Term Thirty Year Fixed Rate [Member] | |
Loan Principal Balance | $ 335,718 |
Weighted Average Interest Rate | 4.06% |
Weighted Average Remaining Term (Month) | 25 years 240 days |
Number of Loans | 2,457 |
Original Term Fifteen Year Fixed Rate [Member] | |
Loan Principal Balance | $ 96,149 |
Weighted Average Interest Rate | 3.20% |
Weighted Average Remaining Term (Month) | 11 years |
Number of Loans | 955 |
Adjustable Rate [Member] | |
Loan Principal Balance | $ 40 |
Weighted Average Interest Rate | 4.63% |
Weighted Average Remaining Term (Month) | 21 years 60 days |
Number of Loans | 2 |
Note 10 - Intangible Assets - G
Note 10 - Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-lived intangible assets, accumulated amortization | $ (3,269) | $ (3,214) |
Finite-lived intangible assets, unamortized intangible assets | 2,337 | |
Goodwill, gross carrying amount | 802 | 802 |
Goodwill, accumulated impairment | 0 | 0 |
Goodwill | 802 | 802 |
Intangible assets (including goodwill), gross carrying amount | 6,408 | 6,344 |
Intangible assets, unamortized intangible assets | 3,139 | 3,130 |
Mortgage Servicing Rights [Member] | ||
Finite-lived intangible assets, gross carrying amount | 5,032 | 4,968 |
Finite-lived intangible assets, accumulated amortization | (2,826) | (2,796) |
Finite-lived intangible assets, unamortized intangible assets | 2,206 | 2,172 |
Core Deposits [Member] | ||
Finite-lived intangible assets, gross carrying amount | 574 | 574 |
Finite-lived intangible assets, accumulated amortization | (443) | (418) |
Finite-lived intangible assets, unamortized intangible assets | $ 131 | $ 156 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 | $ 464 | |
2021 | 524 | |
2022 | 434 | |
2023 | 356 | |
2024 | 278 | |
Thereafter | 281 | |
Total | 2,337 | |
Mortgage Servicing Rights [Member] | ||
2020 | 390 | |
2021 | 477 | |
2022 | 424 | |
2023 | 356 | |
2024 | 278 | |
Thereafter | 281 | |
Total | 2,206 | $ 2,172 |
Core Deposits [Member] | ||
2020 | 74 | |
2021 | 47 | |
2022 | 10 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | $ 131 | $ 156 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 3,800 | ||
Operating Lease, Cost | 200 | $ 200 | |
Operating Lease, Liability, Total | $ 3,800 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 7 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | ||
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 3,846 | ||
Accounting Standards Update 2016-02 [Member] | Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 4,500 | ||
Accounting Standards Update 2016-02 [Member] | Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 4,500 |
Note 11 - Leases - Summary of O
Note 11 - Leases - Summary of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 222 | $ 225 |
Weighted-average remaining lease term – operating leases (Year) | 4 years 182 days | 5 years 146 days |
Weighted-average discount rate – operating leases | 2.19% | 2.60% |
Note 11 - Leases - Maturity of
Note 11 - Leases - Maturity of Remaining Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 665 |
2021 | 897 |
2022 | 932 |
2023 | 807 |
2024 | 729 |
2025 and thereafter | 15 |
Total lease payments | 4,045 |
Less: Interest | (199) |
Operating Lease, Liability, Total | 3,800 |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 3,846 |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted average number of common shares outstanding used in basic earnings per common share calculation (in shares) | 4,625,908 | 4,598,234 |
Restricted stock awards and options (in shares) | 27,718 | 28,503 |
Weighted average number of shares outstanding adjusted for effect of dilutive securities (in shares) | 4,653,626 | 4,626,737 |
Net income | $ 1,385 | $ 1,620 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.35 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 0.35 |
Note 13 - Regulatory Capital _3
Note 13 - Regulatory Capital and Oversight (Details Textual) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2020 |
Banks Tangible Assets | $ 776.7 | |
Adjusted Assets | 775.8 | |
Banking Regulation, Risk-Weighted Assets, Actual | $ 643.7 | |
Capital Conservation Buffer | 2.50% |
Note 13 - Regulatory Capital _4
Note 13 - Regulatory Capital and Oversight - Capital Amounts and Ratios (Details) $ in Thousands | Mar. 31, 2020USD ($) | |
Common equity tier 1 capital, actual amount | $ 85,074 | |
Common equity tier 1 capital, actual percent of asset | 0.1322 | [1] |
Common equity tier 1 capital, amount required to be adequately capitalized | $ 28,967 | |
Common equity tier 1 capital, percent of assets required to be adequately capitalized | 0.045 | [1] |
Common equity tier 1 capital, excess capital amount | $ 56,107 | |
Common equity tier 1 capital, excess capital percent of assets | 0.0872 | [1] |
Common equity tier 1 capital, amount to be well capitalized under prompt corrective action provisions | $ 41,841 | |
Common equity tier 1 capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.065 | [1] |
Tier 1 leverage, actual amount | $ 85,074 | |
Tier 1 leverage, actual percent of asset | 0.1097 | [1] |
Tier 1 leverage, amount required to be adequately capitalized | $ 31,033 | |
Tier 1 leverage, percent of assets required to be adequately capitalized | 0.04 | [1] |
Tier 1 leverage, excess capital amount | $ 54,041 | |
Tier 1 leverage, excess capital percent of assets | 0.0697 | [1] |
Tier 1 leverage, amount to be well capitalized under prompt corrective action provisions | $ 38,791 | |
Tier 1 leverage, percent of assets to be well capitalized under prompt corrective action provisions | 0.05 | [1] |
Tier 1 risk-based capital, actual amount | $ 85,074 | |
Tier 1 risk-based capital, actual percent of asset | 0.1322 | [1] |
Tier 1 risk-based capital, amount required to be adequately capitalized | $ 38,623 | |
Tier 1 risk-based capital, percent of assets required to be adequately capitalized | 0.06 | [1] |
Tier 1 risk-based capital, excess capital amount | $ 46,451 | |
Tier 1 risk-based capital, excess capital percent of assets | 0.0722 | [1] |
Tier 1 risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 51,497 | |
Tier 1 risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.08 | [1] |
Total risk-based capital, actual amount | $ 93,132 | |
Total risk-based capital, actual percent of asset | 0.1447 | [1] |
Total risk-based capital, amount required to be adequately capitalized | $ 51,497 | |
Total risk-based capital, percent of assets required to be adequately capitalized | 0.08 | [1] |
Total risk-based capital, excess capital amount | $ 41,635 | |
Total risk-based capital, excess capital percent of assets | 0.0647 | [1] |
Total risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 64,371 | |
Total risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | 0.1 | [1] |
[1] | Based upon the Bank's adjusted total assets for the purpose of the Tier 1 leverage capital ratio and risk-weighted assets for the purpose of the risk-based capital ratios. |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Nov. 28, 2018 | |
Stock Repurchased During Period, Shares (in shares) | 20,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ 360 | |
Dividends, Common Stock, Cash | $ 0 | |
New Share Repurchase Program [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 6,000 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Letters of Credit Issued and Available Amount | $ 2,300 |
Loss Contingency, Damages Sought, Value | 3,800 |
Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 1,000 |
Note 16 - Business Segments - P
Note 16 - Business Segments - Profit and Assets for the Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Interest income - external customers | $ 7,844 | $ 7,732 | |
Total non-interest income | 2,471 | 1,691 | |
Intersegment interest income | 0 | ||
Intersegment non-interest income | 0 | 0 | |
Interest expense | 892 | 690 | |
Provision for loan losses | 460 | 27 | |
Non-interest expense | 7,001 | 6,446 | |
Income tax expense | 577 | 640 | |
Net income | 1,385 | 1,620 | |
Total assets | 784,200 | 722,745 | $ 777,639 |
Consolidation, Eliminations [Member] | |||
Interest income - external customers | 0 | 0 | |
Total non-interest income | 0 | 0 | |
Intersegment interest income | (15) | ||
Intersegment non-interest income | (1,583) | (1,821) | |
Interest expense | (15) | 0 | |
Provision for loan losses | 0 | 0 | |
Non-interest expense | (59) | (59) | |
Income tax expense | 0 | 0 | |
Net income | (1,524) | (1,762) | |
Total assets | (94,612) | (84,537) | |
Home Federal Savings Bank [Member] | Operating Segments [Member] | |||
Interest income - external customers | 7,844 | 7,732 | |
Total non-interest income | 2,471 | 1,691 | |
Intersegment interest income | 0 | ||
Intersegment non-interest income | 59 | 59 | |
Interest expense | 907 | 690 | |
Provision for loan losses | 460 | 27 | |
Non-interest expense | 6,874 | 6,332 | |
Income tax expense | 609 | 671 | |
Net income | 1,524 | 1,762 | |
Total assets | 783,615 | 721,736 | |
Other Segments [Member] | Operating Segments [Member] | |||
Interest income - external customers | 0 | 0 | |
Total non-interest income | 0 | 0 | |
Intersegment interest income | 15 | ||
Intersegment non-interest income | 1,524 | 1,762 | |
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Non-interest expense | 186 | 173 | |
Income tax expense | (32) | (31) | |
Net income | 1,385 | 1,620 | |
Total assets | $ 95,197 | $ 85,546 |