Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 |
Document Information [Line Items] | |||
Entity Registrant Name | HMN FINANCIAL, INC | ||
Document, Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document, Annual Report | true | ||
Document, Period End Date | Dec. 31, 2021 | ||
Document, Transition Report | false | ||
Entity, File Number | 0-24100 | ||
Entity, Incorporation, State or Country Code | DE | ||
Entity, Tax Identification Number | 41-1777397 | ||
Entity, Address, Address Line One | 1016 Civic Center Drive Northwest | ||
Entity, Address, Postal Zip Code | 55901 | ||
Entity, Address, City or Town | Rochester | ||
Entity, Address, State or Province | MN | ||
City Area Code | 507 | ||
Local Phone Number | 535-1200 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | HMNF | ||
Security Exchange Name | NASDAQ | ||
Entity, Well-known Seasoned Issuer | No | ||
Entity, Voluntary Filers | No | ||
Entity, Current Reporting Status | Yes | ||
Entity, Interactive Data, Current | Yes | ||
Entity, Filer Category | Non-accelerated Filer | ||
Entity, Small Business | true | ||
Entity, Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity, Shell Company | false | ||
Entity, Public Float | $ 78.6 | ||
Entity, Common Stock Shares, Outstanding | 4,569,950 | ||
Auditor Firm ID | 655 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000921183 | ||
Auditor Name | CliftonLarsonAllen LLP | ||
Auditor Location | Minneapolis, Minnesota |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 94,143 | $ 86,269 |
Securities available for sale | 285,765 | 148,090 |
Loans held for sale | 5,575 | 6,186 |
Loans receivable, net | 652,502 | 642,630 |
Accrued interest receivable | 2,132 | 3,102 |
Mortgage servicing rights, net | 3,280 | 3,043 |
Premises and equipment, net | 17,373 | 10,133 |
Goodwill | 802 | 802 |
Core deposit intangible | 10 | 57 |
Prepaid expenses and other assets | 5,427 | 7,241 |
Deferred tax asset, net | 2,529 | 2,027 |
Total assets | 1,069,538 | 909,580 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Deposits | 950,666 | 795,204 |
Accrued interest payable | 63 | 140 |
Customer escrows | 2,143 | 1,998 |
Accrued expenses and other liabilities | 6,635 | 8,986 |
Total liabilities | 959,507 | 806,328 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Serial-preferred stock ($.01 par value):authorized 500,000 shares; issued 0 | 0 | 0 |
Common stock ($.01 per value):authorized 16,000,000 shares; issued 9,128,662 | 91 | 91 |
Additional paid-in capital | 40,740 | 40,480 |
Retained earnings, subject to certain restrictions | 131,413 | 117,849 |
Accumulated other comprehensive (loss) income | (1,583) | 1,282 |
Unearned employee stock ownership plan shares | (1,256) | (1,450) |
Treasury stock, at cost 4,564,087 and 4,359,552 shares | (59,374) | (55,000) |
Total stockholders’ equity | 110,031 | 103,252 |
Total liabilities and stockholders’ equity | 1,069,538 | 909,580 |
Collateralized Mortgage Backed Securities [Member] | ||
ASSETS | ||
Securities available for sale | 245,397 | 101,464 |
Other Debt Obligations [Member] | ||
ASSETS | ||
Securities available for sale | $ 40,368 | $ 46,626 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 287,966 | $ 146,312 |
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) | 4,564,087 | 4,359,552 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | $ 247,275 | $ 99,821 |
Other Debt Obligations [Member] | ||
Securities available for sale, amortized cost | $ 40,691 | $ 46,491 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest income: | |||
Loans receivable | $ 29,449 | $ 29,924 | |
Securities available for sale: | |||
Mortgage-backed and related | 1,864 | 1,155 | |
Other marketable | 282 | 702 | |
Other | 166 | 178 | |
Total interest income | 31,761 | 31,959 | |
Interest expense: | |||
Deposits | 1,553 | 2,851 | |
Total interest expense | 1,553 | 2,851 | |
Net interest income | 30,208 | 29,108 | |
Provision for loan losses | (2,119) | 2,699 | |
Net interest income after provision for loan losses | 32,327 | 26,409 | |
Non-interest income: | |||
Gain on sales of loans | [1] | 6,566 | 9,531 |
Other | 3,017 | 1,319 | |
Total non-interest income | 14,263 | 15,083 | |
Non-interest expense: | |||
Compensation and benefits | 16,114 | 15,646 | |
Occupancy and equipment | 4,372 | 4,429 | |
Data processing | 1,445 | 1,314 | |
Professional services | 1,438 | 1,405 | |
Other | 4,292 | 4,328 | |
Total non-interest expense | 27,661 | 27,122 | |
Income before income tax expense | 18,929 | 14,370 | |
Income tax expense | 5,365 | 4,068 | |
Net income | 13,564 | 10,302 | |
Other comprehensive (loss) income, net of tax | (2,865) | 1,236 | |
Comprehensive income available to common shareholders | $ 10,699 | $ 11,538 | |
Basic earnings per common share (in dollars per share) | $ 3.03 | $ 2.23 | |
Diluted earnings per common share (in dollars per share) | $ 3.01 | $ 2.22 | |
Financial Service [Member] | |||
Non-interest income: | |||
Revenue from Contract with Customer | $ 3,125 | $ 2,877 | |
Bank Servicing [Member] | |||
Non-interest income: | |||
Revenue from Contract with Customer | [1] | $ 1,555 | $ 1,356 |
[1] | Not within the scope of ASC 606. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2019 | $ 91 | $ 40,365 | $ 107,547 | $ 46 | $ (1,643) | $ (53,758) | $ 92,648 |
Net income | 10,302 | 10,302 | |||||
Other comprehensive income (loss), net of tax | 1,236 | 1,236 | |||||
Stock repurchases | (1,450) | (1,450) | |||||
Restricted stock awards | (268) | 268 | 0 | ||||
Stock awards withheld for tax withholding | (60) | (60) | |||||
Amortization of restricted stock awards | 238 | 238 | |||||
Earned employee stock ownership plan shares | 145 | 193 | 338 | ||||
Balance at Dec. 31, 2020 | 91 | 40,480 | 117,849 | 1,282 | (1,450) | (55,000) | 103,252 |
Net income | 13,564 | 13,564 | |||||
Other comprehensive income (loss), net of tax | (2,865) | (2,865) | |||||
Stock repurchases | (4,589) | (4,589) | |||||
Restricted stock awards | (222) | 222 | 0 | ||||
Stock awards withheld for tax withholding | (7) | (7) | |||||
Amortization of restricted stock awards | 243 | 243 | |||||
Earned employee stock ownership plan shares | 239 | 194 | 433 | ||||
Balance at Dec. 31, 2021 | $ 91 | $ 40,740 | $ 131,413 | $ (1,583) | $ (1,256) | $ (59,374) | $ 110,031 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 13,564 | $ 10,302 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Provision for loan losses | (2,119) | 2,699 | |
Depreciation | 1,068 | 1,108 | |
Amortization of premiums, net | 1,035 | 221 | |
Amortization of deferred loan fees | (2,564) | (977) | |
Amortization of core deposit intangible | 1,200 | 1,400 | |
Amortization of purchased asset fair value adjustments | (23) | (29) | |
Amortization of mortgage servicing rights | 1,168 | 1,318 | |
Capitalized mortgage servicing rights | (1,405) | (2,189) | |
Deferred income tax expense (credit) | 612 | (802) | |
(Gains) losses recognized on equity securities, net | (99) | 19 | |
Gains on sale of premises | (15) | (5) | |
Gains on sale of real estate owned, net | (1,492) | (129) | |
Gain on sales of loans | [1] | (6,566) | (9,531) |
Proceeds from sales of loans held for sale | 193,078 | 268,019 | |
Disbursements on loans held for sale | (172,779) | (254,484) | |
Amortization of restricted stock awards | 243 | 238 | |
Amortization of unearned ESOP shares | 194 | 193 | |
Earned ESOP shares priced above original cost | 239 | 145 | |
Decrease (increase) in accrued interest receivable | 970 | (851) | |
Decrease in accrued interest payable | (77) | (280) | |
Decrease in other assets | 1,503 | 1,175 | |
(Decrease) increase in other liabilities | (2,307) | 670 | |
Other, net | 28 | 13 | |
Net cash provided by operating activities | 24,303 | 16,942 | |
Cash flows from investing activities: | |||
Principal collected on securities available for sale | 40,353 | 17,046 | |
Proceeds collected on maturity of securities available for sale | 30,762 | 41,240 | |
Purchases of securities available for sale | (213,803) | (97,294) | |
Purchase of Federal Home Loan Bank stock | (159) | (79) | |
Proceeds from sales of real estate | 2,128 | 434 | |
Net increase in loans receivable | (18,429) | (55,106) | |
Proceeds from sale of premises | 17 | 12 | |
Purchases of premises and equipment | (8,309) | (734) | |
Net cash used by investing activities | (167,440) | (94,481) | |
Cash flows from financing activities: | |||
Increase in deposits | 155,462 | 121,334 | |
Treasury stock purchased | (4,589) | (1,450) | |
Stock awards withheld for tax withholding | (7) | (60) | |
Proceeds from borrowings | 1 | 2 | |
Repayment of borrowings | (1) | (2) | |
Increase (decrease) in customer escrows | 145 | (415) | |
Net cash provided by financing activities | 151,011 | 119,409 | |
Increase in cash and cash equivalents | 7,874 | 41,870 | |
Cash and cash equivalents, beginning of year | 86,269 | 44,399 | |
Cash and cash equivalents, end of year | 94,143 | 86,269 | |
Supplemental cash flow disclosures: | |||
Cash paid for interest | 1,630 | 3,131 | |
Cash paid for income taxes | 6,628 | 3,617 | |
Supplemental noncash flow disclosures: | |||
Loans transferred to loans held for sale | 12,971 | 6,815 | |
Transfer of loans to real estate owned, net | 290 | 362 | |
Right to use assets obtained in exchange for lease obligations | 99 | 0 | |
Termination of lease right of use assets and lease obligations | 2,273 | 0 | |
Core Deposits [Member] | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||
Amortization of core deposit intangible | $ 47 | $ 99 | |
[1] | Not within the scope of ASC 606. |
Note 1 - Description of the Bus
Note 1 - Description of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 HMN Financial, Inc. (HMN or the Company) is a stock savings bank holding company that owns 100 percent of Home Federal Savings Bank (the Bank). The Bank has a community banking philosophy and operates retail banking and loan production facilities in Minnesota, Iowa and Wisconsin. The Bank has two wholly owned subsidiaries, Osterud Insurance Agency, Inc. (OIA), which does business as Home Federal Investment Services and offers financial planning products and services, and HFSB Property Holdings, LLC (HPH), which is currently inactive, but has acted in the past as an intermediary for the Bank in holding and operating certain foreclosed properties. 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. The Company evaluated subsequent events through the filing date of our annual 10 March 4, 2022. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. An estimate that is particularly susceptible to change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is appropriate to cover probable losses inherent in the portfolio at the date of the balance sheet. While management uses available information to recognize losses on loans, future additions to the allowance may may Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal and state income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. Estimates related to litigation are inherently subjective and the ultimate resolution of any litigation may Note 18 Cash and Cash Equivalents The Company considers highly liquid investments with original maturities of three Securities Securities are accounted for according to their purpose and holding period. The Company classifies its debt securities in one three Trading Securities Securities held principally for resale in the near term are classified as trading securities and are recorded at their fair values. Unrealized gains and losses on trading securities are included in other income. Securities Held to Maturity Securities that the Company has the positive intent and ability to hold to maturity are reported at cost and adjusted for premiums and discounts that are recognized in interest income using the interest method with discounts amortized over the period to maturity and premiums amortized to the earliest call date. Unrealized losses on securities held to maturity reflecting a decline in value judged to be other than temporary are charged to income and a new cost basis is established. Securities Available for Sale Securities available for sale consist of securities not may Management monitors the investment security portfolio for impairment on an individual security basis and has a process in place to identify securities that could potentially have a credit impairment that is other than temporary. This process involves analyzing the length of time and extent to which the fair value has been less than the amortized cost basis, the market liquidity for the security, the financial condition and near-term prospects of the issuer, expected cash flows, and the Company's intent and ability to hold the investment for a period of time sufficient to recover the temporary loss, including determining whether it is more-likely-than- not Equity Securities Equity securities are carried at their fair market value with any changes during the period recognized in other income on the consolidated statements of comprehensive income. Loans Held for Sale Mortgage loans originated which are intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net fees and costs associated with originating loans held for sale are deferred and included in the basis of the loan in determining the gain or loss on the sale of the loans. Gains on the sale of loans are recognized on the settlement date. Net unrealized losses are recognized through a valuation allowance by charges to income. Loans Receivable, net Loans receivable, net, are carried at amortized cost. Loan origination fees received, net of certain loan origination costs, are deferred as an adjustment to the carrying value of the related loan and are amortized into income using the interest method over the estimated life of the loans. Premiums and discounts on purchased loans are amortized into interest income using the interest method over the period to contractual maturity, adjusted for estimated prepayments. The allowance for loan losses is based on a periodic analysis of the loan portfolio and is maintained at an amount considered to be appropriate by management to provide for probable losses inherent in the loan portfolio as of the balance sheet dates. In this analysis, management considers factors including, but not third two third not third may third 120 may not Interest income is recognized on an accrual basis except when collectability is in doubt. When loans are placed on a non-accrual basis, generally when the loan is 90 first six no All impaired loans are valued at the present value of expected future cash flows discounted at the loan's initial effective interest rate. The fair value of the collateral of an impaired collateral-dependent loan or an observable market price, if one may 90 Included in loans receivable, net, are certain loans that have been modified in order to maximize collection of the loan balances. The Company evaluates all loan modifications and if the Company, for legal or economic reasons related to the borrower's financial difficulties, grants a concession compared to the original terms and conditions of the loan that the Company would not six six two no not first one second The Interagency Statement on Loan Modification and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus 4013 Note 6 Allowance for Loan Losses and Credit Quality Information 2021 2020. Transfers of Financial Assets and Participating Interests Transfers of an entire financial asset or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not The transfer of a participating interest in an entire financial asset must also meet the definition of a participating interest. A participating interest in a financial asset has all of the following characteristics: ( 1 2 3 4 no Real Estate, net Real estate acquired through loan foreclosure or deed in lieu of foreclosure is initially recorded at its fair value less estimated selling costs. Third party appraisals are obtained as soon as practical after obtaining possession of the property. Valuations are reviewed quarterly by management and an allowance for losses is established if the carrying value of a property exceeds its fair value less estimated selling costs. Mortgage Servicing Rights, net Mortgage servicing rights are capitalized at their fair value and amortized in proportion to, and over the period of, estimated net servicing income. The Company evaluates its capitalized mortgage servicing rights for impairment each quarter. Loan type and note rate are the predominant risk characteristics of the underlying loans used to stratify capitalized mortgage servicing rights for purposes of measuring impairment. Any impairment is recognized through a valuation allowance. Premises and Equipment, net Land is carried at cost. Office buildings, improvements, and furniture and equipment are carried at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over their estimated useful lives of 5 to 40 years for office buildings and improvements and 3 to 10 years for furniture and equipment. Goodwill The Company records goodwill for acquisition amounts paid in excess of the net assets purchased. Goodwill is not Core Deposit Intangible, net The Company records the estimated fair value of the deposit base acquired in an acquisition as a core deposit intangible asset. The recorded amount is amortized on a straight line basis over the estimated life of the deposits acquired. Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Stock Based Compensation The Company recognizes the grant-date fair value of stock options and restricted stock awards issued as compensation expense, amortized over the vesting period. Employee Stock Ownership Plan (ESOP) The Company has an ESOP that borrowed funds from the Company and purchased shares of HMN common stock. The Company makes quarterly principal and interest payments on the ESOP loan. As the debt is repaid, ESOP shares that were pledged as collateral for the debt are released from collateral based on the proportion of debt service paid in the year and then allocated to eligible employees. The Company accounts for its ESOP in accordance with ASC 718, Employers' Accounting for Employee Stock Ownership Plans Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is required to be recognized if it is more-likely-than- not not no 2018. Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing the income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the entity. Comprehensive Income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive income is the total of net income and other comprehensive (loss) income, which for the Company is comprised of unrealized losses and gains on securities available for sale. Segment Information The amount of each segment item reported is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing an enterprise’s general-purpose financial statements and allocations of revenues, expenses, and gains or losses are included in determining reported segment profit or loss if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. Similarly, only those assets that are included in the measure of the segment’s assets that are used by the chief operating decision maker are reported for that segment. New Accounting Pronouncements 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, Credit Losses 2016 13 first 2020 first 2023. may December 15, 2018, not 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. third 326 first 2023. Derivative Financial Instruments The Company uses derivative financial instruments in order to manage the interest rate risk on residential loans held for sale and its commitments to extend credit for residential loans. The Company may Reclassifications Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 The Company recognizes revenue in accordance with ASU 2014 09 Topic 606 606” 606 606 The following table presents the Company’s sources of non-interest income for the years ended December 31, 2021 2020. 606 Year Ended December 31, (Dollars in thousands) 2021 2020 Non-interest income: Fees and service charges on deposit accounts $ 979 986 Other fees and service charges 392 369 Debit card interchange fees 1,754 1,522 Gain on sale of loans (1) 6,566 9,531 Loan servicing fees (1) 1,555 1,356 Uninsured investment product sales 1,208 991 Other 1,809 328 Total non-interest income $ 14,263 15,083 ( 1 Not 606. A description of the Company’s revenue categories that are accounted for under ASC 606 Fees and Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, wire transfer fees, check cashing fees, stop payment charges, statement rendering charges, ACH fees, and other deposit related fees, are recognized at the time the transaction is executed or when the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposit accounts are recognized when they are withdrawn from the customer’s account balance. Other Fees and Service Charges Other fees and service charges consist of revenues that are both within the scope of and outside the scope of ASC 606. 606 606 Debit Card Interchange Fees Uninsured Investment Product Sales may Other 606. 606 606 |
Note 3 - Other Comprehensive I(
Note 3 - Other Comprehensive I(Loss) ncome | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 3 The components of other comprehensive (loss) income and the related tax effects were as follows: For the Years Ended December 31, 2021 2020 (Dollars in thousands Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Securities available for sale: Unrealized (losses) gains arising during the period $ (3,979 ) (1,114 ) (2,865 ) 1,714 478 1,236 Other comprehensive (loss) income $ (3,979 ) (1,114 ) (2,865 ) 1,714 478 1,236 |
Note 4 - Securities Available f
Note 4 - Securities Available for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 A summary of securities available for sale at December 31, 2021 2020 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Mortgage-backed securities: Federal National Mortgage Association (FNMA) $ 138,628 550 (1,367 ) 137,811 Federal Home Loan Mortgage Corporation (FHLMC) 108,599 126 (1,189 ) 107,536 Collateralized mortgage obligations: FNMA 48 2 0 50 247,275 678 (2,556 ) 245,397 Other marketable securities: U.S. Government agency obligations 39,991 56 (337 ) 39,710 Corporate preferred stock 700 0 (42 ) 658 40,691 56 (379 ) 40,368 $ 287,966 734 (2,935 ) 285,765 December 31, 2020 Mortgage-backed securities: FNMA $ 68,699 1,313 (3 ) 70,009 FHLMC 31,025 327 0 31,352 Collateralized mortgage obligations: FNMA 97 6 0 103 99,821 1,646 (3 ) 101,464 Other marketable securities: U.S. Government agency obligations 45,029 204 0 45,233 Municipal obligations 725 1 0 726 Corporate obligations 37 0 0 37 Corporate preferred stock 700 0 (70 ) 630 46,491 205 (70 ) 46,626 $ 146,312 1,851 (73 ) 148,090 The Company did not not 2021 2020. The following table presents the amortized cost and estimated fair value of securities available for sale at December 31, 2021, may may (Dollars in thousands) Amortized Cost Fair Due one year or less $ 71,861 71,318 Due after one year through five years 170,404 169,129 Due after five years through fifteen years 45,700 45,317 Due after fifteen years 1 1 Total $ 287,966 285,765 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 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 December 31, 2021 2020: 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, 2021 Mortgage backed securities: FNMA 19 $ 98,423 (1,234 ) 2 $ 6,810 (133 ) $ 105,233 (1,367 ) FHLMC 17 85,624 (1,038 ) 2 7,664 (151 ) 93,288 (1,189 ) Other marketable securities: U.S. government agency obligations 7 34,659 (337 ) 0 0 0 34,659 (337 ) Corporate preferred stock 0 0 0 1 658 (42 ) 658 (42 ) Total temporarily impaired securities 43 $ 218,706 (2,609 ) 5 $ 15,132 (326 ) $ 233,838 (2,935 ) December 31, 2020 Mortgage backed securities: FNMA 1 $ 4,956 (3 ) 0 $ 0 0 $ 4,956 (3 ) Other marketable securities: Corporate preferred stock 0 0 0 1 630 (70 ) 630 (70 ) Total temporarily impaired securities 1 $ 4,956 (3 ) 1 $ 630 (70 ) $ 5,586 (73 ) We review our 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 December 31, 2021 December 31, 2021 not December 31, 2021. not may |
Note 5 - Loans Receivable, Net
Note 5 - Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 A summary of loans receivable at December 31, 2021 2020, (Dollars in thousands) 2021 2020 Single family real estate $ 163,322 135,023 Commercial real estate: Construction: Single family 23,293 19,832 Multi-family 9,986 2,316 Commercial real estate 13,959 9,345 Childcare services 2,796 3,933 Churches/community service 11,332 8,427 Land developments 12,041 13,237 Lodging 57,220 61,823 Manufacturing 23,913 20,833 Movie theaters 9,334 9,619 Multi-family 43,140 41,456 Nursing home/healthcare 19,870 14,488 Restaurant/bar/cafe 8,473 6,383 Retail/office 87,244 93,472 Warehouse 31,501 32,568 Other (1) 42,766 42,972 396,868 380,704 Consumer: Home equity line 17,467 21,308 Home equity 7,557 11,549 Land/lots 2,154 3,357 Recreational vehicles 10,985 15,645 Other (1) 3,482 3,532 41,645 55,391 Commercial business 60,165 82,673 Total loans 662,000 653,791 Less: Unamortized discounts 10 12 Net deferred loan fees 209 450 Allowance for loan losses 9,279 10,699 Total loans receivable, net $ 652,502 642,630 Commitments to originate or purchase loans $ 14,501 23,596 Commitments to deliver loans to secondary market $ 12,340 24,746 Weighted average contractual rate of loans in portfolio 4.01 % 4.21 % ( 1 Amounts under two million Included in total commitments to originate or purchase loans are fixed rate loans aggregating $13.5 million and $19.5 million as of December 31, 2021 2020, December 31, 2021 December 31, 2020. The aggregate amount of loans to executive officers and directors of the Company was $0.1 million and $0.2 million at December 31, 2021 2020, 2021, 2021. one 2021 2020. At December 31, 2021 2020, The Company originates residential, commercial real estate and other loans primarily in Minnesota and Wisconsin. At December 31, 2021 2020, 2021 2020 (Dollars in thousands) Amount Percent of Total Amount Percent of Total Minnesota $ 142,252 87.1 % $ 114,575 84.9 % Wisconsin 15,048 9.2 15,910 11.8 Other states (1) 6,022 3.7 4,538 3.3 Total $ 163,322 100.0 % $ 135,023 100.0 % ( 1 Amounts under two million Other states . At December 31, 2021 2020, 2021 2020 (Dollars in thousands) Amount Percent of Total Amount Percent of Total Colorado $ 6,150 1.6 % $ 0 0.0 % Florida 4,293 1.1 4,350 1.1 Iowa 7,955 2.0 6,281 1.7 Minnesota 264,376 66.6 261,598 68.7 North Carolina 4,436 1.1 4,571 1.2 Wisconsin 93,999 23.7 90,112 23.7 Other states (1) 15,659 3.9 13,792 3.6 Total $ 396,868 100.0 % $ 380,704 100.0 % ( 1 Amounts under four million Other states . |
Note 6 - Allowance for Loan Los
Note 6 - Allowance for Loan Losses and Credit Quality Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Allowance For Loan Losses And Credit Quality Information [Text Block] | NOTE 6 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 $ 173 2,938 (63 ) (349 ) 2,699 Charge-offs 0 (730 ) (84 ) (8 ) (822 ) Recoveries 0 27 29 202 258 Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Provision for losses $ (56 ) (1,524 ) (424 ) (115 ) (2,119 ) Charge-offs 0 (36 ) (42 ) 0 (78 ) Recoveries 0 653 58 66 777 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Allocated to: Specific reserves $ 29 95 100 14 238 General reserves 1,001 7,200 1,289 971 10,461 Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Allocated to: Specific reserves $ 36 280 83 7 406 General reserves 938 6,108 898 929 8,873 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Loans receivable at December 31, 2020: Individually reviewed for impairment $ 857 1,484 750 35 3,126 Collectively reviewed for impairment 134,166 379,220 54,641 82,638 650,665 Ending balance $ 135,023 380,704 55,391 82,673 653,791 Loans receivable at December 31, 2021: Individually reviewed for impairment $ 340 3,757 546 7 4,650 Collectively reviewed for impairment 162,982 393,111 41,099 60,158 657,350 Ending balance $ 163,322 396,868 41,645 60,165 662,000 The following table summarizes the amount of classified and unclassified loans at December 31, 2021 2020: December 31, 2021 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 410 791 56 0 1,257 162,065 163,322 Commercial real estate: Real estate rental and leasing 16,012 4,753 0 0 20,765 188,901 209,666 Other 6,824 9,571 0 0 16,395 170,807 187,202 Consumer 0 475 21 50 546 41,099 41,645 Commercial business 1,933 1,813 0 0 3,746 56,419 60,165 $ 25,179 17,403 77 50 42,709 619,291 662,000 December 31, 2020 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,219 2,845 29 0 4,093 130,930 135,023 Commercial real estate: Real estate rental and leasing 8,065 3,483 0 0 11,548 190,852 202,400 Other 8,774 9,750 0 0 18,524 159,780 178,304 Consumer 0 600 132 18 750 54,641 55,391 Commercial business 1,968 2,482 0 0 4,450 78,223 82,673 $ 20,026 19,160 161 18 39,365 614,426 653,791 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 December 31, 2021 2020 (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 December 31, 2021 Single family $ 864 65 153 1,082 162,240 163,322 0 Commercial real estate: Real estate rental and leasing 198 0 0 198 209,468 209,666 0 Other 226 3,402 0 3,628 183,574 187,202 0 Consumer 174 89 122 385 41,260 41,645 0 Commercial business 0 0 0 0 60,165 60,165 0 $ 1,462 3,556 275 5,293 656,707 662,000 0 December 31, 2020 Single family $ 626 38 298 962 134,061 135,023 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 202,400 202,400 0 Other 0 0 0 0 178,304 178,304 0 Consumer 458 66 279 803 54,588 55,391 0 Commercial business 0 0 0 0 82,673 82,673 0 $ 1,084 104 577 1,765 652,026 653,791 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 for the years ended December 31, 2021 2020: December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 253 272 0 502 2 Commercial real estate: Real estate rental and leasing 0 0 0 432 0 Other 189 189 0 197 0 Consumer 419 419 0 545 9 Loans with an allowance recorded: Single family 87 87 36 113 0 Commercial real estate: Real estate rental and leasing 0 0 0 98 0 Other 3,568 3,568 280 844 142 Consumer 127 127 83 136 2 Commercial business 7 7 7 25 0 Total: Single family 340 359 36 615 2 Commercial real estate: Real estate rental and leasing 0 0 0 530 0 Other 3,757 3,757 280 1,041 142 Consumer 546 546 83 681 11 Commercial business 7 7 7 25 0 $ 4,650 4,669 406 2,892 155 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 740 759 0 616 34 Commercial real estate: Real estate rental and leasing 932 1,582 0 580 33 Other 211 211 0 314 2 Consumer 574 574 0 626 10 Commercial business 0 0 0 2 0 Loans with an allowance recorded: Single family 117 117 29 242 0 Commercial real estate: Real estate rental and leasing 166 166 5 175 0 Other 175 175 90 425 10 Consumer 176 176 100 170 6 Commercial business 35 586 14 200 2 Total: Single family 857 876 29 858 34 Commercial real estate: Real estate rental and leasing 1,098 1,748 5 755 33 Other 386 386 90 739 12 Consumer 750 750 100 796 16 Commercial business 35 586 14 202 2 $ 3,126 4,346 238 3,350 97 At December 31, 2021 2020, no December 31, 2021 2020, 2021 2020, December 31, 2021 2020, The following table summarizes non-accrual loans at December 31, 2021 2020: (Dollars in thousands) 2021 2020 Single family $ 340 502 Commercial real estate: Real estate rental and leasing 0 1,098 Other 3,757 386 Consumer 517 689 Commercial business 7 9 $ 4,621 2,684 Included in loans receivable, net, are certain loans that have been modified in order to maximize collection of loan balances. If the Company, for legal or economic reasons related to the borrower’s financial difficulties, grants a concession compared to the original terms and conditions of the loan, the modified loan is considered a TDR. At December 31, 2021 2020, 2021 2020, 2021 2020 not 2021, none December 31, 2021. The following table summarizes TDRs at December 31, 2021 2020: (Dollars in thousands) 2021 2020 Single family $ 254 612 Commercial real estate: Other 355 211 Consumer 442 630 Commercial business 0 25 $ 1,051 1,478 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 12 When a loan is modified as a TDR, there may may December 31, 2021 2020: Year ended December 31, 2021 Year ended December 31, 2020 (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 $ 38 40 1 $ 94 101 Commercial real estate: Other 1 139 139 2 293 293 Consumer 1 93 94 0 0 0 Commercial business 1 14 14 0 0 0 Total 4 $ 284 287 3 $ 387 394 There were no loans that were restructured during the years ended December 31, 2021 2020 2021 2020, The Company considers a loan to have defaulted when it becomes 90 Loans that were non-accrual prior to modification remain non-accrual for at least six six may 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 December 31, 2021, December 31, 2020. Section 4013 December 31, 2021. December 31, 2021, 4013 December 31, 2020 . |
Note 7 - Accrued Interest Recei
Note 7 - Accrued Interest Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accrued Interest Receviable [Text Block] | NOTE 7 Accrued Interest Receivable Accrued interest receivable at December 31, 2021 2020 (Dollars in thousands) 2021 2020 Securities available for sale $ 395 392 Loans receivable 1,737 2,710 $ 2,132 3,102 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8 The Company’s intangible assets consist of core deposit intangibles, goodwill and mortgage servicing rights. A summary of mortgage servicing rights activity for 2021 2020 (Dollars in thousands) 2021 2020 Mortgage servicing rights, net: Balance, beginning of year $ 3,043 2,172 Originations 1,405 2,189 Amortization (1,168 ) (1,318 ) Balance, end of year $ 3,280 3,043 Fair value of mortgage servicing rights $ 4,813 3,378 All of the single family 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 December 31, 2021: (Dollars in thousands) Loan Principal Balance Weighted Average Interest Rate Weighted Average Remaining Term (months) Number of Loans Original term: 15 year fixed rate $ 117,439 2.85 % 142 1,066 30 year fixed rate 424,109 3.42 313 2,663 The gross carrying amount of intangible assets and the associated accumulated amortization at December 31, 2021 2020 December 31, 2021 2020, Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets December 31, 2021 Mortgage servicing rights $ 5,854 (2,574 ) 3,280 Core deposit intangible 574 (564 ) 10 Goodwill 802 0 802 Total $ 7,230 (3,138 ) 4,092 December 31, 2020 Mortgage servicing rights $ 5,691 (2,648 ) 3,043 Core deposit intangible 574 (517 ) 57 Goodwill 802 0 802 Total $ 7,067 (3,165 ) 3,902 The following table indicates the estimated future amortization expense for amortizing intangible assets: (Dollars in thousands) Mortgage Servicing Rights Core Deposit Intangible Total Amortizing Intangible Assets Year ended December 31, 2022 $ 695 10 705 2023 648 0 648 2024 613 0 613 2025 543 0 543 2026 441 0 441 Thereafter 340 0 340 $ 3,280 10 3,290 No not may December 31, 2021 not no Projections of amortization are based on asset balances and the interest rate environment that existed at December 31, 2021. may |
Note 9 - Premises and Equipment
Note 9 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 A summary of premises and equipment at December 31, 2021 2020 (Dollars in thousands) 2021 2020 Land $ 5,156 2,615 Office buildings and improvements 17,445 12,074 Furniture and equipment 12,841 12,497 35,442 27,186 Accumulated depreciation (18,069 ) (17,053 ) $ 17,373 10,133 The increase in land and office buildings and improvements is related to the purchase of the combined corporate office and branch facility in Rochester during 2021. |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10 The Company accounts for its leases in accordance with ASU 2016 02, 842 December 31, 2021 Operating lease right-of-use assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our 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 8 and 40 months. Certain leases contain extension options which typically range from 3 to 10 years. Because these extension options are not not The table below summarizes our net lease cost for the years ended December 31, 2021 2020. (Dollars in thousands) 2021 2020 Operating lease cost $ 739 892 The table below summarizes other information related to our operating leases for the years ended December 31, 2021 2020. (Dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 739 892 Weighted-average remaining lease term – operating leases, in years 2.3 3.8 Weighted-average discount rate – operating leases 1.85 % 2.19 % The table below summarizes the maturity of remaining lease liabilities: (Dollars in thousands) December 31, 2021 2022 $ 217 2023 92 2024 77 2025 14 2026 and thereafter 0 Total lease payments 400 Less: Interest (8 ) Present value of lease liabilities $ 392 |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 11 Deposits and their weighted average interest rates at December 31, 2021 2020 2021 2020 (Dollars in thousands) Weighted Average Rate Amount Percent of Total Weighted Average Rate Amount Percent of Total Noninterest checking 0.00 % $ 344,404 36.2 % 0.00 % $ 239,587 30.1 % Interest checking 0.12 151,476 15.9 0.12 138,709 17.4 Savings accounts 0.06 119,517 12.6 0.06 100,209 12.6 Money market accounts 0.21 249,089 26.2 0.25 214,300 27.0 864,486 90.9 692,805 87.1 Certificates by rate: 0-0.99% 74,481 7.8 56,001 7.0 1-1.99% 4,357 0.5 20,613 2.6 2-2.99% 6,316 0.7 21,973 2.8 3-3.99% 1,026 0.1 3,812 0.5 Total certificates 0.53 86,180 9.1 1.14 102,399 12.9 Total deposits 0.13 $ 950,666 100.0 % 0.25 $ 795,204 100.0 % At December 31, 2021 2020, $250,000 no Certificates had the following maturities at December 31, 2021 2020: 2021 2020 (Dollars in thousands) Amount Weighted Average Rate Amount Weighted Average Rate Remaining term to maturity 1-6 months $ 35,007 0.68 % $ 37,165 1.24 % 7-12 months 27,280 0.40 39,063 0.97 13-36 months 21,769 0.46 23,604 1.25 Over 36 months 2,124 0.66 2,567 1.21 $ 86,180 0.53 $ 102,399 1.14 At December 31, 2021 2020, Interest expense on deposits is summarized as follows for the years ended December 31, 2021 2020: (Dollars in thousands) 2021 2020 Checking accounts $ 182 151 Savings accounts 69 65 Money market accounts 557 840 Certificate accounts 745 1,795 $ 1,553 2,851 |
Note 12 - Federal Home Loan Ban
Note 12 - Federal Home Loan Bank (FHLB) Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12 The Bank had no outstanding advances from the FHLB or other borrowings as of December 31, 2021 2020. December 31, 2021 December 31, 2021, At December 31, 2020 December 31, 2020, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13 Income tax expense for the years ended December 31, 2021 2020 (Dollars in thousands) 2021 2020 Current: Federal $ 3,234 3,418 State 1,519 1,452 Total current 4,753 4,870 Deferred: Federal 410 (589 ) State 202 (213 ) Total deferred 612 (802 ) Income tax expense $ 5,365 4,068 The reasons for the difference between the expected income tax expense utilizing the federal corporate tax rate of 21% (Dollars in thousands) 2021 2020 Expected federal income tax expense $ 3,975 3,019 Items affecting federal income tax: State income taxes, net of federal income tax deduction 1,350 1,025 Other, net 40 24 Income tax expense $ 5,365 4,068 The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31: (Dollars in thousands) 2021 2020 Deferred tax assets: Allowances for loan losses $ 2,610 3,010 Deferred compensation costs 143 141 Deferred ESOP loan asset 399 430 Non-accruing loan interest 96 134 Net unrealized loss on securities available for sale 618 0 Other 679 499 Total gross deferred tax assets 4,545 4,214 Deferred tax liabilities: Deferred loan costs 272 119 Premises and equipment basis difference 669 549 Originated mortgage servicing rights 923 856 Net unrealized gain on securities available for sale 0 496 Other 152 167 Total gross deferred tax liabilities 2,016 2,187 Net deferred tax assets $ 2,529 2,027 The Company has no federal and $0.4 million of state net operating loss carryforwards at December 31, 2021. Retained earnings at December 31, 2021 no The Company considers the determination of the deferred tax asset amount and the need for any valuation reserve to be a critical accounting policy that requires significant judgment. The Company has, in its judgment, made reasonable assumptions and considered both positive and negative evidence relating to the ultimate realization of deferred tax assets. Positive evidence includes the cumulative net income generated over the prior three not December 31, 2021 2020. |
Note 14 - Employee Benefits
Note 14 - Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 14 The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra DB Plan), a noncontributory multi-employer defined benefit pension plan covering Bank employees who were hired prior to 2002 September 1, 2002, 13 5645888 333. no no December 31, 2021 2020 not July 1 2021 2020 The Company has a qualified, tax-exempt savings plan with a deferred feature qualifying under Section 401 401 401 401 2021 2020, 50 three 2021 2020. The Company has adopted an Employee Stock Ownership Plan (the ESOP) that meets the requirements of Section 4975 7 407 6 1994. 1998 2021 2020. As the debt is repaid, ESOP shares that were pledged as collateral for the debt are released from collateral based on the proportion of debt service paid in the year and then allocated to eligible employees. The Company accounts for its ESOP in accordance with ASU 718, Employers' Accounting for Employee Stock Ownership Plans 2021 2020. All employees of the Bank are eligible to participate in the ESOP after they attain age 18 and complete one 1,000 December 31: 2021 2020 Shares held by participants beginning of the year 359,843 346,097 Shares allocated to participants 24,318 24,377 Shares distributed to participants (30,484 ) (10,631 ) Shares held by participants end of year 353,677 359,843 Unreleased shares beginning of the year 182,418 206,795 Shares released during year (24,318 ) (24,377 ) Unreleased shares end of year 158,100 182,418 Total ESOP shares end of year 511,777 542,261 Fair value of unreleased shares at December 31 $ 3,900,327 3,137,590 The Company maintains two 2009 2009 2017 2017 The 2009 April 2017 2017 no 2009 December 31, 2021 2009 Initially there were 375,000 shares of HMN common stock available for issuance pursuant to awards under the 2017 2017 December 31, 2021, 2017 2017 December 31, 2021. A summary of activities under all plans for the past two Shares Available For Grant Unvested Restricted Shares Outstanding Options Outstanding Award Value/ Weighted Average Exercise Price Vesting Period (in years) 2009 Plan December 31, 2019 0 3,102 34,229 $ 11.21 Vested 0 (3,102 ) 0 December 31, 2020 0 0 34,229 $ 11.21 December 31, 2021 0 0 34,229 $ 11.21 2017 Plan December 31, 2019 388,971 14,787 0 N/A Granted January 28, 2020 (10,650 ) 7,100 0 3 Granted April 23, 2020 (9,000 ) 6,000 0 2 Granted April 28, 2020 (3,579 ) 2,386 0 1 Vested 0 (8,789 ) 0 December 31, 2020 365,742 21,484 0 N/A Granted January 26, 2021 (16,685 ) 11,123 0 3 Granted April 27, 2021 (3,150 ) 2,100 0 1 Vested 0 (11,866 ) 0 December 31, 2021 345,907 22,841 0 N/A Total all plans 345,907 22,841 34,229 $ 11.21 The following table summarizes information about stock options outstanding at December 31, 2021: Date of Grant Exercise Price Number Outstanding Weighted Average Remaining Contractual Life in Years Number Exercisable Number Unexercisable January 26, 2016 $ 11.21 34,229 4.1 34,229 0 34,229 34,229 0 The Company will issue shares from treasury stock upon the exercise of the outstanding options. In accordance with ASC 718, 2021 2020. |
Note 15 - Earnings Per Common S
Note 15 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 15 The following table reconciles the weighted average shares outstanding and net income for basic and diluted earnings per common share: Year ended December 31, (Dollars in thousands, except per share data) 2021 2020 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,471,363 4,623,237 Net dilutive effect of: Options 16,361 10,148 Restricted stock awards 16,214 14,263 Weighted average number of common shares outstanding adjusted for effect of dilutive securities 4,503,938 4,647,648 Net income available to common shareholders $ 13,564 10,302 Basic earnings per common share 3.03 2.23 Diluted earnings per common share 3.01 2.22 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 16 On July 27, 2021 not no 2021 2020. December 31, 2021 not 2021 2020. In order to grant a priority to eligible accountholders in the event of future liquidation, the Bank, at the time of conversion to a stock savings bank, established a liquidation account equal to its regulatory capital as of September 30, 1993. |
Note 17 - Regulatory Capital
Note 17 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 17 The Bank is 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, 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 The FRB amended its Small Bank Holding Company Policy Statement (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 At December 31, 2021 2020, Actual Required to be Adequately Capitalized Capital in Excess of Minimum Requirements 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) December 31, 2021 Common equity Tier 1 capital $ 97,710 13.18 % $ 33,368 4.50 % $ 64,342 8.68 % $ 48,199 6.50 % Tier 1 leverage 97,710 9.47 41,283 4.00 56,427 5.47 51,603 5.00 Tier 1 risk-based capital 97,710 13.18 44,491 6.00 53,219 7.18 59,322 8.00 Total risk-based capital 106,979 14.43 59,322 8.00 47,657 6.43 74,152 10.00 December 31, 2020 Common equity Tier 1 capital $ 89,473 13.62 % $ 29,571 4.50 % $ 59,902 9.12 % $ 42,714 6.50 % Tier 1 leverage 89,473 9.85 36,330 4.00 53,143 5.85 45,412 5.00 Tier 1 risk-based capital 89,473 13.62 39,428 6.00 50,045 7.62 52,571 8.00 Total risk-based capital 97,717 14.87 52,571 8.00 45,146 6.87 65,714 10.00 ( 1 1 The Bank must maintain a capital conservation buffer of 2.50% composed of common equity Tier 1 December 31, 2021, no December 31, 2021, |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 18 The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include all commitments to extend credit. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement by the Company. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contract amount of these commitments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Contract Amount (Dollars in thousands) 2021 2020 Financial instruments whose contract amount represents credit risk: Commitments to originate, fund or purchase loans: Single family $ 7,770 20,283 Multi-family 3,791 1,150 Commercial real estate 2,939 821 Commercial business 0 1,342 Undisbursed balance of loans closed 66,504 38,990 Unused lines of credit 106,125 113,435 Letters of credit 8,012 4,309 Total commitments to extend credit $ 195,141 180,330 Forward commitments $ 12,340 24,746 Commitments to extend credit are agreements to lend to a customer, at the customer’s request, as long as there is no may not third The Bank issued standby letters of credit which guarantee the performance of customers to third 22 December 31, 2021 December 31, 2020. may not The Company has certain obligations and commitments to make future payments under existing contracts. At December 31, 2021, Payments Due by Period (Dollars in thousands) Total Less Than 1 Year 1-3 Years 4-5 Years More Than 5 Years Contractual Obligations: Annual rental commitments under non-cancellable operating leases $ 400 217 169 14 0 Total contractual obligations $ 400 217 169 14 0 Amount of Commitments Expiring by Period Other Commercial Commitments: Commercial lines of credit $ 68,501 20,494 25,427 22,580 0 Commitments to lend 57,078 9,645 18,803 8,936 19,694 Standby letters of credit 8,012 3,694 4,318 0 0 Total other commercial commitments $ 133,591 33,833 48,548 31,516 19,694 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 $2.5 million related to the principal and interest payments made to the Bank prior to the bankruptcy filing of a former customer of the Bank. 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 not may may Based on the Company’s current understanding of all of the outstanding legal matters, management does not |
Note 19 - Derivative Instrument
Note 19 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 19 The Company originates single family residential loans for sale into the secondary market and enters into commitments to sell those loans in order to mitigate the interest rate risk associated with holding the loans until they are sold. The Company accounts for its commitments in accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities The Company had commitments outstanding to extend credit to future borrowers that had not December 31, 2021 2020 not As of December 31, 2021 2020, not not December 31, 2021 2020 not |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 20 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 December 31, 2021 2020. Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 285,765 0 285,765 0 Equity securities 248 0 248 0 Mortgage loan commitments 26 0 26 0 Total $ 286,039 0 286,039 0 Carrying Value at December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 148,090 0 148,090 0 Equity securities 149 0 149 0 Mortgage loan commitments 261 0 261 0 Total $ 148,500 0 148,500 0 The Company may 2021 2020 December 31, December 31, 2021 2020. Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2021 Total Losses Loans held for sale $ 5,575 0 5,575 0 (56 ) Mortgage servicing rights, net 3,280 0 3,280 0 0 Impaired loans 4,244 0 4,244 0 (218 ) Real estate, net 290 0 290 0 0 Total $ 13,389 0 13,389 0 (274 ) Carrying Value at December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2020 Total Gains (Losses) Loans held for sale $ 6,186 0 6,186 0 28 Mortgage servicing rights, net 3,043 0 3,043 0 0 Impaired loans 2,888 0 2,888 0 (76 ) Real estate, net 636 0 636 0 0 Total $ 12,753 0 12,753 0 (48 ) |
Note 21 - Fair Value of Financi
Note 21 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE 21 ASC 825, Disclosures about Fair Values of Financial Instruments December 31, 2021 2020 no Fair value estimates are based only on existing financial instruments without attempting to estimate the value of anticipated future business or the value of assets and liabilities that are not not The estimated fair value of the Company's financial instruments is shown below. Following the table, there is an explanation of the methods and assumptions used to estimate the fair value of each class of financial instruments. December 31, 2021 December 31, 2020 Fair Value Hierarchy (Dollars in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Carrying Amount Estimated Fair Value Contract Amount Financial assets: Cash and cash equivalents $ 94,143 94,143 94,143 86,269 86,269 Securities available for sale 285,765 285,765 285,765 148,090 148,090 Equity securities 248 248 248 149 149 Loans held for sale 5,575 5,575 5,575 6,186 6,186 Loans receivable, net 652,502 661,298 661,298 642,630 648,275 FHLB stock 1,092 1,092 1,092 932 932 Accrued interest receivable 2,132 2,132 2,132 3,102 3,102 Financial liabilities: Deposits 950,666 950,558 950,558 795,204 795,927 Accrued interest payable 63 63 63 140 140 Off-balance sheet financial instruments: Commitments to extend credit 26 26 195,141 261 261 180,330 Commitments to sell loans 12 12 12,340 (44 ) (44 ) 24,746 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 similar securities. Equity Securities The fair values of equity securities were based upon quoted market prices for similar securities. 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 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 were adjusted to reflect the exit price amount anticipated to be received from the sale of the portfolio in an open market transaction. FHLB Stock The carrying amount of 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 were adjusted to 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 22 - HMN Financial, Inc. F
Note 22 - HMN Financial, Inc. Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22 The following are the condensed financial statements for the parent company only as of and for the years ended December 31, 2021 2020. (Dollars in thousands) 2021 2020 Condensed Balance Sheets Assets: Cash and cash equivalents $ 12,538 10,970 Investment in subsidiaries 96,867 91,558 Prepaid expenses and other assets 785 891 Deferred tax asset, net 4 14 Total assets $ 110,194 103,433 Liabilities and Stockholders' Equity: Accrued expenses and other liabilities $ 163 181 Total liabilities 163 181 Common stock 91 91 Additional paid-in capital 40,740 40,480 Retained earnings 131,413 117,849 Net unrealized (loss) gains on securities available for sale (1,583 ) 1,282 Unearned employee stock ownership plan shares (1,256 ) (1,450 ) Treasury stock, at cost, 4,564,087 and 4,359,552 shares (59,374 ) (55,000 ) Total stockholders' equity 110,031 103,252 Total liabilities and stockholders' equity $ 110,194 103,433 Condensed Statements of Income Interest income $ 31 43 Equity income of subsidiaries 14,174 10,815 Compensation and benefits (282 ) (243 ) Occupancy and equipment (30 ) (30 ) Data processing (6 ) (6 ) Professional services (111 ) (93 ) Other (405 ) (383 ) Income before income tax benefit 13,371 10,103 Income tax benefit 193 199 Net income $ 13,564 10,302 Condensed Statements of Cash Flows Cash flows from operating activities: Net income $ 13,564 10,302 Adjustments to reconcile net income to cash used by operating activities: Equity income of subsidiaries (14,174 ) (10,815 ) Deferred income tax benefit 10 10 Earned employee stock ownership shares priced above original cost 239 145 Amortization of restricted stock awards 243 238 Decrease in unearned ESOP shares 194 193 Decrease (increase) in other assets 106 (281 ) Decrease in other liabilities (18 ) (34 ) Net cash provided (used) by operating activities 164 (242 ) Cash flows from financing activities: Treasury stock purchased (4,589 ) (1,450 ) Stock awards withheld for tax withholding (7 ) (60 ) Dividends received from Bank 6,000 5,000 Net cash provided by financing activities 1,404 3,490 Increase in cash and cash equivalents 1,568 3,248 Cash and cash equivalents, beginning of year 10,970 7,722 Cash and cash equivalents, end of year $ 12,538 10,970 |
Note 23 - Business Segments
Note 23 - Business Segments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 23 The Bank has been identified as a reportable operating segment in accordance with the provisions of ASC 280. not The following table sets forth certain information about the reconciliations of reported net income 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 year ended December 31, 2021: Interest income external customers $ 31,761 0 0 31,761 Non-interest income external customers 14,262 1 0 14,263 Intersegment interest income 0 31 (31 ) 0 Intersegment non-interest income 234 14,174 (14,408 ) 0 Interest expense 1,584 0 (31 ) 1,553 Provision for loan losses (2,119 ) 0 0 (2,119 ) Non-interest expense 27,060 835 (234 ) 27,661 Income tax expense (benefit) 5,558 (193 ) 0 5,365 Net income 14,174 13,564 (14,174 ) 13,564 Total assets 1,068,834 110,194 (109,490 ) 1,069,538 At or for the year ended December 31, 2020: Interest income – external customers $ 31,959 0 0 31,959 Non-interest income – external customers 15,083 0 0 15,083 Intersegment interest income 0 43 (43 ) 0 Intersegment non-interest income 234 10,815 (11,049 ) 0 Interest expense 2,894 0 (43 ) 2,851 Provision for loan losses 2,699 0 0 2,699 Non-interest expense 26,601 755 (234 ) 27,122 Income tax expense (benefit) 4,267 (199 ) 0 4,068 Net income 10,815 10,302 (10,815 ) 10,302 Total assets 909,605 103,433 (103,458 ) 909,580 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. An estimate that is particularly susceptible to change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is appropriate to cover probable losses inherent in the portfolio at the date of the balance sheet. While management uses available information to recognize losses on loans, future additions to the allowance may may Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal and state income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. Estimates related to litigation are inherently subjective and the ultimate resolution of any litigation may Note 18 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid investments with original maturities of three |
Marketable Securities, Policy [Policy Text Block] | Securities Securities are accounted for according to their purpose and holding period. The Company classifies its debt securities in one three Trading Securities Securities held principally for resale in the near term are classified as trading securities and are recorded at their fair values. Unrealized gains and losses on trading securities are included in other income. Securities Held to Maturity Securities that the Company has the positive intent and ability to hold to maturity are reported at cost and adjusted for premiums and discounts that are recognized in interest income using the interest method with discounts amortized over the period to maturity and premiums amortized to the earliest call date. Unrealized losses on securities held to maturity reflecting a decline in value judged to be other than temporary are charged to income and a new cost basis is established. Securities Available for Sale Securities available for sale consist of securities not may Management monitors the investment security portfolio for impairment on an individual security basis and has a process in place to identify securities that could potentially have a credit impairment that is other than temporary. This process involves analyzing the length of time and extent to which the fair value has been less than the amortized cost basis, the market liquidity for the security, the financial condition and near-term prospects of the issuer, expected cash flows, and the Company's intent and ability to hold the investment for a period of time sufficient to recover the temporary loss, including determining whether it is more-likely-than- not Equity Securities Equity securities are carried at their fair market value with any changes during the period recognized in other income on the consolidated statements of comprehensive income. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Mortgage loans originated which are intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net fees and costs associated with originating loans held for sale are deferred and included in the basis of the loan in determining the gain or loss on the sale of the loans. Gains on the sale of loans are recognized on the settlement date. Net unrealized losses are recognized through a valuation allowance by charges to income. |
Financing Receivable [Policy Text Block] | Loans Receivable, net Loans receivable, net, are carried at amortized cost. Loan origination fees received, net of certain loan origination costs, are deferred as an adjustment to the carrying value of the related loan and are amortized into income using the interest method over the estimated life of the loans. Premiums and discounts on purchased loans are amortized into interest income using the interest method over the period to contractual maturity, adjusted for estimated prepayments. The allowance for loan losses is based on a periodic analysis of the loan portfolio and is maintained at an amount considered to be appropriate by management to provide for probable losses inherent in the loan portfolio as of the balance sheet dates. In this analysis, management considers factors including, but not third two third not third may third 120 may not Interest income is recognized on an accrual basis except when collectability is in doubt. When loans are placed on a non-accrual basis, generally when the loan is 90 first six no All impaired loans are valued at the present value of expected future cash flows discounted at the loan's initial effective interest rate. The fair value of the collateral of an impaired collateral-dependent loan or an observable market price, if one may 90 Included in loans receivable, net, are certain loans that have been modified in order to maximize collection of the loan balances. The Company evaluates all loan modifications and if the Company, for legal or economic reasons related to the borrower's financial difficulties, grants a concession compared to the original terms and conditions of the loan that the Company would not six six two no not first one second The Interagency Statement on Loan Modification and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus 4013 Note 6 Allowance for Loan Losses and Credit Quality Information 2021 2020. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Transfers of Financial Assets and Participating Interests Transfers of an entire financial asset or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not The transfer of a participating interest in an entire financial asset must also meet the definition of a participating interest. A participating interest in a financial asset has all of the following characteristics: ( 1 2 3 4 no |
Real Estate, Policy [Policy Text Block] | Real Estate, net Real estate acquired through loan foreclosure or deed in lieu of foreclosure is initially recorded at its fair value less estimated selling costs. Third party appraisals are obtained as soon as practical after obtaining possession of the property. Valuations are reviewed quarterly by management and an allowance for losses is established if the carrying value of a property exceeds its fair value less estimated selling costs. |
Mortgage Servicing Rights Policy [Policy Text Block] | Mortgage Servicing Rights, net Mortgage servicing rights are capitalized at their fair value and amortized in proportion to, and over the period of, estimated net servicing income. The Company evaluates its capitalized mortgage servicing rights for impairment each quarter. Loan type and note rate are the predominant risk characteristics of the underlying loans used to stratify capitalized mortgage servicing rights for purposes of measuring impairment. Any impairment is recognized through a valuation allowance. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment, net Land is carried at cost. Office buildings, improvements, and furniture and equipment are carried at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over their estimated useful lives of 5 to 40 years for office buildings and improvements and 3 to 10 years for furniture and equipment. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company records goodwill for acquisition amounts paid in excess of the net assets purchased. Goodwill is not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core Deposit Intangible, net The Company records the estimated fair value of the deposit base acquired in an acquisition as a core deposit intangible asset. The recorded amount is amortized on a straight line basis over the estimated life of the deposits acquired. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Share-based Payment Arrangement [Policy Text Block] | Stock Based Compensation The Company recognizes the grant-date fair value of stock options and restricted stock awards issued as compensation expense, amortized over the vesting period. |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan (ESOP) The Company has an ESOP that borrowed funds from the Company and purchased shares of HMN common stock. The Company makes quarterly principal and interest payments on the ESOP loan. As the debt is repaid, ESOP shares that were pledged as collateral for the debt are released from collateral based on the proportion of debt service paid in the year and then allocated to eligible employees. The Company accounts for its ESOP in accordance with ASC 718, Employers' Accounting for Employee Stock Ownership Plans |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is required to be recognized if it is more-likely-than- not not no 2018. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing the income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the entity. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive income is the total of net income and other comprehensive (loss) income, which for the Company is comprised of unrealized losses and gains on securities available for sale. |
Segment Reporting, Policy [Policy Text Block] | Segment Information The amount of each segment item reported is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing an enterprise’s general-purpose financial statements and allocations of revenues, expenses, and gains or losses are included in determining reported segment profit or loss if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. Similarly, only those assets that are included in the measure of the segment’s assets that are used by the chief operating decision maker are reported for that segment. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements 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, Credit Losses 2016 13 first 2020 first 2023. may December 15, 2018, not 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. third 326 first 2023. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company uses derivative financial instruments in order to manage the interest rate risk on residential loans held for sale and its commitments to extend credit for residential loans. The Company may |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, (Dollars in thousands) 2021 2020 Non-interest income: Fees and service charges on deposit accounts $ 979 986 Other fees and service charges 392 369 Debit card interchange fees 1,754 1,522 Gain on sale of loans (1) 6,566 9,531 Loan servicing fees (1) 1,555 1,356 Uninsured investment product sales 1,208 991 Other 1,809 328 Total non-interest income $ 14,263 15,083 |
Note 3 - Other Comprehensive _2
Note 3 - Other Comprehensive I(Loss) ncome (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | For the Years Ended December 31, 2021 2020 (Dollars in thousands Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Securities available for sale: Unrealized (losses) gains arising during the period $ (3,979 ) (1,114 ) (2,865 ) 1,714 478 1,236 Other comprehensive (loss) income $ (3,979 ) (1,114 ) (2,865 ) 1,714 478 1,236 |
Note 4 - Securities Available_2
Note 4 - Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Mortgage-backed securities: Federal National Mortgage Association (FNMA) $ 138,628 550 (1,367 ) 137,811 Federal Home Loan Mortgage Corporation (FHLMC) 108,599 126 (1,189 ) 107,536 Collateralized mortgage obligations: FNMA 48 2 0 50 247,275 678 (2,556 ) 245,397 Other marketable securities: U.S. Government agency obligations 39,991 56 (337 ) 39,710 Corporate preferred stock 700 0 (42 ) 658 40,691 56 (379 ) 40,368 $ 287,966 734 (2,935 ) 285,765 December 31, 2020 Mortgage-backed securities: FNMA $ 68,699 1,313 (3 ) 70,009 FHLMC 31,025 327 0 31,352 Collateralized mortgage obligations: FNMA 97 6 0 103 99,821 1,646 (3 ) 101,464 Other marketable securities: U.S. Government agency obligations 45,029 204 0 45,233 Municipal obligations 725 1 0 726 Corporate obligations 37 0 0 37 Corporate preferred stock 700 0 (70 ) 630 46,491 205 (70 ) 46,626 $ 146,312 1,851 (73 ) 148,090 |
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 December 31, 2021 Mortgage backed securities: FNMA 19 $ 98,423 (1,234 ) 2 $ 6,810 (133 ) $ 105,233 (1,367 ) FHLMC 17 85,624 (1,038 ) 2 7,664 (151 ) 93,288 (1,189 ) Other marketable securities: U.S. government agency obligations 7 34,659 (337 ) 0 0 0 34,659 (337 ) Corporate preferred stock 0 0 0 1 658 (42 ) 658 (42 ) Total temporarily impaired securities 43 $ 218,706 (2,609 ) 5 $ 15,132 (326 ) $ 233,838 (2,935 ) December 31, 2020 Mortgage backed securities: FNMA 1 $ 4,956 (3 ) 0 $ 0 0 $ 4,956 (3 ) Other marketable securities: Corporate preferred stock 0 0 0 1 630 (70 ) 630 (70 ) Total temporarily impaired securities 1 $ 4,956 (3 ) 1 $ 630 (70 ) $ 5,586 (73 ) |
Available-for-sale Securities [Member] | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | (Dollars in thousands) Amortized Cost Fair Due one year or less $ 71,861 71,318 Due after one year through five years 170,404 169,129 Due after five years through fifteen years 45,700 45,317 Due after fifteen years 1 1 Total $ 287,966 285,765 |
Note 5 - Loans Receivable, Net
Note 5 - Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Summary of Loans Receivable [Table Text Block] | (Dollars in thousands) 2021 2020 Single family real estate $ 163,322 135,023 Commercial real estate: Construction: Single family 23,293 19,832 Multi-family 9,986 2,316 Commercial real estate 13,959 9,345 Childcare services 2,796 3,933 Churches/community service 11,332 8,427 Land developments 12,041 13,237 Lodging 57,220 61,823 Manufacturing 23,913 20,833 Movie theaters 9,334 9,619 Multi-family 43,140 41,456 Nursing home/healthcare 19,870 14,488 Restaurant/bar/cafe 8,473 6,383 Retail/office 87,244 93,472 Warehouse 31,501 32,568 Other (1) 42,766 42,972 396,868 380,704 Consumer: Home equity line 17,467 21,308 Home equity 7,557 11,549 Land/lots 2,154 3,357 Recreational vehicles 10,985 15,645 Other (1) 3,482 3,532 41,645 55,391 Commercial business 60,165 82,673 Total loans 662,000 653,791 Less: Unamortized discounts 10 12 Net deferred loan fees 209 450 Allowance for loan losses 9,279 10,699 Total loans receivable, net $ 652,502 642,630 Commitments to originate or purchase loans $ 14,501 23,596 Commitments to deliver loans to secondary market $ 12,340 24,746 Weighted average contractual rate of loans in portfolio 4.01 % 4.21 % |
Schedule of Loans and Leases Receivable, Single Family and Multi Family Residential Loans by Location [Table Text Block] | 2021 2020 (Dollars in thousands) Amount Percent of Total Amount Percent of Total Minnesota $ 142,252 87.1 % $ 114,575 84.9 % Wisconsin 15,048 9.2 15,910 11.8 Other states (1) 6,022 3.7 4,538 3.3 Total $ 163,322 100.0 % $ 135,023 100.0 % |
Schedule of Loans and Leases Receivables Gross Carrying Amount, Commercial Real Estate by Location [Table Text Block] | 2021 2020 (Dollars in thousands) Amount Percent of Total Amount Percent of Total Colorado $ 6,150 1.6 % $ 0 0.0 % Florida 4,293 1.1 4,350 1.1 Iowa 7,955 2.0 6,281 1.7 Minnesota 264,376 66.6 261,598 68.7 North Carolina 4,436 1.1 4,571 1.2 Wisconsin 93,999 23.7 90,112 23.7 Other states (1) 15,659 3.9 13,792 3.6 Total $ 396,868 100.0 % $ 380,704 100.0 % |
Note 6 - Allowance for Loan L_2
Note 6 - Allowance for Loan Losses and Credit Quality Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 $ 173 2,938 (63 ) (349 ) 2,699 Charge-offs 0 (730 ) (84 ) (8 ) (822 ) Recoveries 0 27 29 202 258 Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Provision for losses $ (56 ) (1,524 ) (424 ) (115 ) (2,119 ) Charge-offs 0 (36 ) (42 ) 0 (78 ) Recoveries 0 653 58 66 777 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Allocated to: Specific reserves $ 29 95 100 14 238 General reserves 1,001 7,200 1,289 971 10,461 Balance, December 31, 2020 $ 1,030 7,295 1,389 985 10,699 Allocated to: Specific reserves $ 36 280 83 7 406 General reserves 938 6,108 898 929 8,873 Balance, December 31, 2021 $ 974 6,388 981 936 9,279 Loans receivable at December 31, 2020: Individually reviewed for impairment $ 857 1,484 750 35 3,126 Collectively reviewed for impairment 134,166 379,220 54,641 82,638 650,665 Ending balance $ 135,023 380,704 55,391 82,673 653,791 Loans receivable at December 31, 2021: Individually reviewed for impairment $ 340 3,757 546 7 4,650 Collectively reviewed for impairment 162,982 393,111 41,099 60,158 657,350 Ending balance $ 163,322 396,868 41,645 60,165 662,000 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2021 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 410 791 56 0 1,257 162,065 163,322 Commercial real estate: Real estate rental and leasing 16,012 4,753 0 0 20,765 188,901 209,666 Other 6,824 9,571 0 0 16,395 170,807 187,202 Consumer 0 475 21 50 546 41,099 41,645 Commercial business 1,933 1,813 0 0 3,746 56,419 60,165 $ 25,179 17,403 77 50 42,709 619,291 662,000 December 31, 2020 Classified Unclassified (Dollars in thousands) Special Mention Substandard Doubtful Loss Total Total Total Loans Single family $ 1,219 2,845 29 0 4,093 130,930 135,023 Commercial real estate: Real estate rental and leasing 8,065 3,483 0 0 11,548 190,852 202,400 Other 8,774 9,750 0 0 18,524 159,780 178,304 Consumer 0 600 132 18 750 54,641 55,391 Commercial business 1,968 2,482 0 0 4,450 78,223 82,673 $ 20,026 19,160 161 18 39,365 614,426 653,791 |
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 December 31, 2021 Single family $ 864 65 153 1,082 162,240 163,322 0 Commercial real estate: Real estate rental and leasing 198 0 0 198 209,468 209,666 0 Other 226 3,402 0 3,628 183,574 187,202 0 Consumer 174 89 122 385 41,260 41,645 0 Commercial business 0 0 0 0 60,165 60,165 0 $ 1,462 3,556 275 5,293 656,707 662,000 0 December 31, 2020 Single family $ 626 38 298 962 134,061 135,023 0 Commercial real estate: Real estate rental and leasing 0 0 0 0 202,400 202,400 0 Other 0 0 0 0 178,304 178,304 0 Consumer 458 66 279 803 54,588 55,391 0 Commercial business 0 0 0 0 82,673 82,673 0 $ 1,084 104 577 1,765 652,026 653,791 0 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 253 272 0 502 2 Commercial real estate: Real estate rental and leasing 0 0 0 432 0 Other 189 189 0 197 0 Consumer 419 419 0 545 9 Loans with an allowance recorded: Single family 87 87 36 113 0 Commercial real estate: Real estate rental and leasing 0 0 0 98 0 Other 3,568 3,568 280 844 142 Consumer 127 127 83 136 2 Commercial business 7 7 7 25 0 Total: Single family 340 359 36 615 2 Commercial real estate: Real estate rental and leasing 0 0 0 530 0 Other 3,757 3,757 280 1,041 142 Consumer 546 546 83 681 11 Commercial business 7 7 7 25 0 $ 4,650 4,669 406 2,892 155 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance recorded: Single family $ 740 759 0 616 34 Commercial real estate: Real estate rental and leasing 932 1,582 0 580 33 Other 211 211 0 314 2 Consumer 574 574 0 626 10 Commercial business 0 0 0 2 0 Loans with an allowance recorded: Single family 117 117 29 242 0 Commercial real estate: Real estate rental and leasing 166 166 5 175 0 Other 175 175 90 425 10 Consumer 176 176 100 170 6 Commercial business 35 586 14 200 2 Total: Single family 857 876 29 858 34 Commercial real estate: Real estate rental and leasing 1,098 1,748 5 755 33 Other 386 386 90 739 12 Consumer 750 750 100 796 16 Commercial business 35 586 14 202 2 $ 3,126 4,346 238 3,350 97 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) 2021 2020 Single family $ 340 502 Commercial real estate: Real estate rental and leasing 0 1,098 Other 3,757 386 Consumer 517 689 Commercial business 7 9 $ 4,621 2,684 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | (Dollars in thousands) 2021 2020 Single family $ 254 612 Commercial real estate: Other 355 211 Consumer 442 630 Commercial business 0 25 $ 1,051 1,478 |
Financial Effects of Troubled Debt Restructurings and Difference Between Outstanding Recorded Balance Pre Modification and Post Modification [Table Text Block] | Year ended December 31, 2021 Year ended December 31, 2020 (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 $ 38 40 1 $ 94 101 Commercial real estate: Other 1 139 139 2 293 293 Consumer 1 93 94 0 0 0 Commercial business 1 14 14 0 0 0 Total 4 $ 284 287 3 $ 387 394 |
Note 7 - Accrued Interest Rec_2
Note 7 - Accrued Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Accrued Interest Receivable [Table Text Block] | (Dollars in thousands) 2021 2020 Securities available for sale $ 395 392 Loans receivable 1,737 2,710 $ 2,132 3,102 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Servicing Liability at Amortized Cost [Table Text Block] | (Dollars in thousands) 2021 2020 Mortgage servicing rights, net: Balance, beginning of year $ 3,043 2,172 Originations 1,405 2,189 Amortization (1,168 ) (1,318 ) Balance, end of year $ 3,280 3,043 Fair value of mortgage servicing rights $ 4,813 3,378 |
Summary of Risk Characteristics of Loans Being Serviced [Table Text Block] | (Dollars in thousands) Loan Principal Balance Weighted Average Interest Rate Weighted Average Remaining Term (months) Number of Loans Original term: 15 year fixed rate $ 117,439 2.85 % 142 1,066 30 year fixed rate 424,109 3.42 313 2,663 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Unamortized Carrying Accumulated Intangible (Dollars in thousands) Amount Amortization Assets December 31, 2021 Mortgage servicing rights $ 5,854 (2,574 ) 3,280 Core deposit intangible 574 (564 ) 10 Goodwill 802 0 802 Total $ 7,230 (3,138 ) 4,092 December 31, 2020 Mortgage servicing rights $ 5,691 (2,648 ) 3,043 Core deposit intangible 574 (517 ) 57 Goodwill 802 0 802 Total $ 7,067 (3,165 ) 3,902 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Mortgage Servicing Rights Core Deposit Intangible Total Amortizing Intangible Assets Year ended December 31, 2022 $ 695 10 705 2023 648 0 648 2024 613 0 613 2025 543 0 543 2026 441 0 441 Thereafter 340 0 340 $ 3,280 10 3,290 |
Note 9 - Premises and Equipme_2
Note 9 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2021 2020 Land $ 5,156 2,615 Office buildings and improvements 17,445 12,074 Furniture and equipment 12,841 12,497 35,442 27,186 Accumulated depreciation (18,069 ) (17,053 ) $ 17,373 10,133 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (Dollars in thousands) 2021 2020 Operating lease cost $ 739 892 |
Other Information Related to Operating Leases [Table Text Block] | (Dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 739 892 Weighted-average remaining lease term – operating leases, in years 2.3 3.8 Weighted-average discount rate – operating leases 1.85 % 2.19 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Dollars in thousands) December 31, 2021 2022 $ 217 2023 92 2024 77 2025 14 2026 and thereafter 0 Total lease payments 400 Less: Interest (8 ) Present value of lease liabilities $ 392 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deposits and Weighted Average Interest Rates [Table Text Block] | 2021 2020 (Dollars in thousands) Weighted Average Rate Amount Percent of Total Weighted Average Rate Amount Percent of Total Noninterest checking 0.00 % $ 344,404 36.2 % 0.00 % $ 239,587 30.1 % Interest checking 0.12 151,476 15.9 0.12 138,709 17.4 Savings accounts 0.06 119,517 12.6 0.06 100,209 12.6 Money market accounts 0.21 249,089 26.2 0.25 214,300 27.0 864,486 90.9 692,805 87.1 Certificates by rate: 0-0.99% 74,481 7.8 56,001 7.0 1-1.99% 4,357 0.5 20,613 2.6 2-2.99% 6,316 0.7 21,973 2.8 3-3.99% 1,026 0.1 3,812 0.5 Total certificates 0.53 86,180 9.1 1.14 102,399 12.9 Total deposits 0.13 $ 950,666 100.0 % 0.25 $ 795,204 100.0 % |
Scheduled Maturities of Certificates of Deposit [Table Text Block] | 2021 2020 (Dollars in thousands) Amount Weighted Average Rate Amount Weighted Average Rate Remaining term to maturity 1-6 months $ 35,007 0.68 % $ 37,165 1.24 % 7-12 months 27,280 0.40 39,063 0.97 13-36 months 21,769 0.46 23,604 1.25 Over 36 months 2,124 0.66 2,567 1.21 $ 86,180 0.53 $ 102,399 1.14 |
Schedule of Interest Expense Domestic Deposit Liabilities [Table Text Block] | (Dollars in thousands) 2021 2020 Checking accounts $ 182 151 Savings accounts 69 65 Money market accounts 557 840 Certificate accounts 745 1,795 $ 1,553 2,851 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2021 2020 Current: Federal $ 3,234 3,418 State 1,519 1,452 Total current 4,753 4,870 Deferred: Federal 410 (589 ) State 202 (213 ) Total deferred 612 (802 ) Income tax expense $ 5,365 4,068 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2021 2020 Expected federal income tax expense $ 3,975 3,019 Items affecting federal income tax: State income taxes, net of federal income tax deduction 1,350 1,025 Other, net 40 24 Income tax expense $ 5,365 4,068 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) 2021 2020 Deferred tax assets: Allowances for loan losses $ 2,610 3,010 Deferred compensation costs 143 141 Deferred ESOP loan asset 399 430 Non-accruing loan interest 96 134 Net unrealized loss on securities available for sale 618 0 Other 679 499 Total gross deferred tax assets 4,545 4,214 Deferred tax liabilities: Deferred loan costs 272 119 Premises and equipment basis difference 669 549 Originated mortgage servicing rights 923 856 Net unrealized gain on securities available for sale 0 496 Other 152 167 Total gross deferred tax liabilities 2,016 2,187 Net deferred tax assets $ 2,529 2,027 |
Note 14 - Employee Benefits (Ta
Note 14 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 2021 2020 Shares held by participants beginning of the year 359,843 346,097 Shares allocated to participants 24,318 24,377 Shares distributed to participants (30,484 ) (10,631 ) Shares held by participants end of year 353,677 359,843 Unreleased shares beginning of the year 182,418 206,795 Shares released during year (24,318 ) (24,377 ) Unreleased shares end of year 158,100 182,418 Total ESOP shares end of year 511,777 542,261 Fair value of unreleased shares at December 31 $ 3,900,327 3,137,590 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Available For Grant Unvested Restricted Shares Outstanding Options Outstanding Award Value/ Weighted Average Exercise Price Vesting Period (in years) 2009 Plan December 31, 2019 0 3,102 34,229 $ 11.21 Vested 0 (3,102 ) 0 December 31, 2020 0 0 34,229 $ 11.21 December 31, 2021 0 0 34,229 $ 11.21 2017 Plan December 31, 2019 388,971 14,787 0 N/A Granted January 28, 2020 (10,650 ) 7,100 0 3 Granted April 23, 2020 (9,000 ) 6,000 0 2 Granted April 28, 2020 (3,579 ) 2,386 0 1 Vested 0 (8,789 ) 0 December 31, 2020 365,742 21,484 0 N/A Granted January 26, 2021 (16,685 ) 11,123 0 3 Granted April 27, 2021 (3,150 ) 2,100 0 1 Vested 0 (11,866 ) 0 December 31, 2021 345,907 22,841 0 N/A Total all plans 345,907 22,841 34,229 $ 11.21 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Date of Grant Exercise Price Number Outstanding Weighted Average Remaining Contractual Life in Years Number Exercisable Number Unexercisable January 26, 2016 $ 11.21 34,229 4.1 34,229 0 34,229 34,229 0 |
Note 15 - Earnings Per Common_2
Note 15 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, (Dollars in thousands, except per share data) 2021 2020 Weighted average number of common shares outstanding used in basic earnings per common share calculation 4,471,363 4,623,237 Net dilutive effect of: Options 16,361 10,148 Restricted stock awards 16,214 14,263 Weighted average number of common shares outstanding adjusted for effect of dilutive securities 4,503,938 4,647,648 Net income available to common shareholders $ 13,564 10,302 Basic earnings per common share 3.03 2.23 Diluted earnings per common share 3.01 2.22 |
Note 17 - Regulatory Capital (T
Note 17 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Required to be Adequately Capitalized Capital in Excess of Minimum Requirements 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) December 31, 2021 Common equity Tier 1 capital $ 97,710 13.18 % $ 33,368 4.50 % $ 64,342 8.68 % $ 48,199 6.50 % Tier 1 leverage 97,710 9.47 41,283 4.00 56,427 5.47 51,603 5.00 Tier 1 risk-based capital 97,710 13.18 44,491 6.00 53,219 7.18 59,322 8.00 Total risk-based capital 106,979 14.43 59,322 8.00 47,657 6.43 74,152 10.00 December 31, 2020 Common equity Tier 1 capital $ 89,473 13.62 % $ 29,571 4.50 % $ 59,902 9.12 % $ 42,714 6.50 % Tier 1 leverage 89,473 9.85 36,330 4.00 53,143 5.85 45,412 5.00 Tier 1 risk-based capital 89,473 13.62 39,428 6.00 50,045 7.62 52,571 8.00 Total risk-based capital 97,717 14.87 52,571 8.00 45,146 6.87 65,714 10.00 |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Contract Amount (Dollars in thousands) 2021 2020 Financial instruments whose contract amount represents credit risk: Commitments to originate, fund or purchase loans: Single family $ 7,770 20,283 Multi-family 3,791 1,150 Commercial real estate 2,939 821 Commercial business 0 1,342 Undisbursed balance of loans closed 66,504 38,990 Unused lines of credit 106,125 113,435 Letters of credit 8,012 4,309 Total commitments to extend credit $ 195,141 180,330 Forward commitments $ 12,340 24,746 |
Other Commitments [Table Text Block] | Payments Due by Period (Dollars in thousands) Total Less Than 1 Year 1-3 Years 4-5 Years More Than 5 Years Contractual Obligations: Annual rental commitments under non-cancellable operating leases $ 400 217 169 14 0 Total contractual obligations $ 400 217 169 14 0 Amount of Commitments Expiring by Period Other Commercial Commitments: Commercial lines of credit $ 68,501 20,494 25,427 22,580 0 Commitments to lend 57,078 9,645 18,803 8,936 19,694 Standby letters of credit 8,012 3,694 4,318 0 0 Total other commercial commitments $ 133,591 33,833 48,548 31,516 19,694 |
Note 20 - Fair Value Measurem_2
Note 20 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 285,765 0 285,765 0 Equity securities 248 0 248 0 Mortgage loan commitments 26 0 26 0 Total $ 286,039 0 286,039 0 Carrying Value at December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale $ 148,090 0 148,090 0 Equity securities 149 0 149 0 Mortgage loan commitments 261 0 261 0 Total $ 148,500 0 148,500 0 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Carrying Value at December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2021 Total Losses Loans held for sale $ 5,575 0 5,575 0 (56 ) Mortgage servicing rights, net 3,280 0 3,280 0 0 Impaired loans 4,244 0 4,244 0 (218 ) Real estate, net 290 0 290 0 0 Total $ 13,389 0 13,389 0 (274 ) Carrying Value at December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Year Ended December 31, 2020 Total Gains (Losses) Loans held for sale $ 6,186 0 6,186 0 28 Mortgage servicing rights, net 3,043 0 3,043 0 0 Impaired loans 2,888 0 2,888 0 (76 ) Real estate, net 636 0 636 0 0 Total $ 12,753 0 12,753 0 (48 ) |
Note 21 - Fair Value of Finan_2
Note 21 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 December 31, 2020 Fair Value Hierarchy (Dollars in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Contract Amount Carrying Amount Estimated Fair Value Contract Amount Financial assets: Cash and cash equivalents $ 94,143 94,143 94,143 86,269 86,269 Securities available for sale 285,765 285,765 285,765 148,090 148,090 Equity securities 248 248 248 149 149 Loans held for sale 5,575 5,575 5,575 6,186 6,186 Loans receivable, net 652,502 661,298 661,298 642,630 648,275 FHLB stock 1,092 1,092 1,092 932 932 Accrued interest receivable 2,132 2,132 2,132 3,102 3,102 Financial liabilities: Deposits 950,666 950,558 950,558 795,204 795,927 Accrued interest payable 63 63 63 140 140 Off-balance sheet financial instruments: Commitments to extend credit 26 26 195,141 261 261 180,330 Commitments to sell loans 12 12 12,340 (44 ) (44 ) 24,746 |
Note 22 - HMN Financial, Inc._2
Note 22 - HMN Financial, Inc. Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | (Dollars in thousands) 2021 2020 Condensed Balance Sheets Assets: Cash and cash equivalents $ 12,538 10,970 Investment in subsidiaries 96,867 91,558 Prepaid expenses and other assets 785 891 Deferred tax asset, net 4 14 Total assets $ 110,194 103,433 Liabilities and Stockholders' Equity: Accrued expenses and other liabilities $ 163 181 Total liabilities 163 181 Common stock 91 91 Additional paid-in capital 40,740 40,480 Retained earnings 131,413 117,849 Net unrealized (loss) gains on securities available for sale (1,583 ) 1,282 Unearned employee stock ownership plan shares (1,256 ) (1,450 ) Treasury stock, at cost, 4,564,087 and 4,359,552 shares (59,374 ) (55,000 ) Total stockholders' equity 110,031 103,252 Total liabilities and stockholders' equity $ 110,194 103,433 Condensed Statements of Income Interest income $ 31 43 Equity income of subsidiaries 14,174 10,815 Compensation and benefits (282 ) (243 ) Occupancy and equipment (30 ) (30 ) Data processing (6 ) (6 ) Professional services (111 ) (93 ) Other (405 ) (383 ) Income before income tax benefit 13,371 10,103 Income tax benefit 193 199 Net income $ 13,564 10,302 Condensed Statements of Cash Flows Cash flows from operating activities: Net income $ 13,564 10,302 Adjustments to reconcile net income to cash used by operating activities: Equity income of subsidiaries (14,174 ) (10,815 ) Deferred income tax benefit 10 10 Earned employee stock ownership shares priced above original cost 239 145 Amortization of restricted stock awards 243 238 Decrease in unearned ESOP shares 194 193 Decrease (increase) in other assets 106 (281 ) Decrease in other liabilities (18 ) (34 ) Net cash provided (used) by operating activities 164 (242 ) Cash flows from financing activities: Treasury stock purchased (4,589 ) (1,450 ) Stock awards withheld for tax withholding (7 ) (60 ) Dividends received from Bank 6,000 5,000 Net cash provided by financing activities 1,404 3,490 Increase in cash and cash equivalents 1,568 3,248 Cash and cash equivalents, beginning of year 10,970 7,722 Cash and cash equivalents, end of year $ 12,538 10,970 |
Note 23 - Business Segments (Ta
Note 23 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 year ended December 31, 2021: Interest income external customers $ 31,761 0 0 31,761 Non-interest income external customers 14,262 1 0 14,263 Intersegment interest income 0 31 (31 ) 0 Intersegment non-interest income 234 14,174 (14,408 ) 0 Interest expense 1,584 0 (31 ) 1,553 Provision for loan losses (2,119 ) 0 0 (2,119 ) Non-interest expense 27,060 835 (234 ) 27,661 Income tax expense (benefit) 5,558 (193 ) 0 5,365 Net income 14,174 13,564 (14,174 ) 13,564 Total assets 1,068,834 110,194 (109,490 ) 1,069,538 At or for the year ended December 31, 2020: Interest income – external customers $ 31,959 0 0 31,959 Non-interest income – external customers 15,083 0 0 15,083 Intersegment interest income 0 43 (43 ) 0 Intersegment non-interest income 234 10,815 (11,049 ) 0 Interest expense 2,894 0 (43 ) 2,851 Provision for loan losses 2,699 0 0 2,699 Non-interest expense 26,601 755 (234 ) 27,122 Income tax expense (benefit) 4,267 (199 ) 0 4,068 Net income 10,815 10,302 (10,815 ) 10,302 Total assets 909,605 103,433 (103,458 ) 909,580 |
Note 1 - Description of the B_2
Note 1 - Description of the Business and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Percentage Of Ownership In Subsidiaries | 100.00% |
Number of Wholly Owned Subsidiaries | 2 |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Non-interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Gain on sales of loans | [1] | $ 6,566 | $ 9,531 |
Total non-interest income | 14,263 | 15,083 | |
Deposit Account [Member] | |||
Revenue from Contract with Customer | 979 | 986 | |
Other Fees and Service Charges [Member] | |||
Revenue from Contract with Customer | 392 | 369 | |
Debit Card [Member] | |||
Revenue from Contract with Customer | 1,754 | 1,522 | |
Bank Servicing [Member] | |||
Revenue from Contract with Customer | [1] | 1,555 | 1,356 |
Uninsured Investment Product Sales [Member] | |||
Revenue from Contract with Customer | 1,208 | 991 | |
Product and Service, Other [Member] | |||
Revenue from Contract with Customer | $ 1,809 | $ 328 | |
[1] | Not within the scope of ASC 606. |
Note 3 - Other Comprehensive (L
Note 3 - Other Comprehensive (Loss) Income - Components of Other Comprehensive (Loss) Income and Related Tax Effects (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross unrealized (losses) gains arising during the period, before tax | $ (3,979) | $ 1,714 |
Gross unrealized (losses) gains arising during the period, tax | (1,114) | 478 |
Gross unrealized (losses) gains arising during the period, net of tax | (2,865) | 1,236 |
Other comprehensive income (loss), before tax | (3,979) | 1,714 |
Other comprehensive income (loss), tax | (1,114) | 478 |
Other comprehensive income (loss), net of tax | $ (2,865) | $ 1,236 |
Note 4 - Securities Available_3
Note 4 - Securities Available for Sale (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 4 - Securities Available_4
Note 4 - Securities Available for Sale - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, amortized cost | $ 287,966 | $ 146,312 |
Investment securities available for sale, gross unrealized gains | 734 | 1,851 |
Investment securities available for sale, gross unrealized losses | (2,935) | (73) |
Securities available for sale | 285,765 | 148,090 |
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 | 138,628 | 68,699 |
Investment securities available for sale, gross unrealized gains | 550 | 1,313 |
Investment securities available for sale, gross unrealized losses | (1,367) | (3) |
Securities available for sale | 137,811 | 70,009 |
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 | 108,599 | 31,025 |
Investment securities available for sale, gross unrealized gains | 126 | 327 |
Investment securities available for sale, gross unrealized losses | (1,189) | 0 |
Securities available for sale | 107,536 | 31,352 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 247,275 | 99,821 |
Investment securities available for sale, gross unrealized gains | 678 | 1,646 |
Investment securities available for sale, gross unrealized losses | (2,556) | (3) |
Securities available for sale | 245,397 | 101,464 |
Collateralized Mortgage Backed Securities [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available for sale, amortized cost | 48 | |
Investment securities available for sale, gross unrealized gains | 2 | |
Investment securities available for sale, gross unrealized losses | 0 | |
Securities available for sale | 50 | |
Other Marketable Securities [Member] | ||
Securities available for sale, amortized cost | 40,691 | 46,491 |
Investment securities available for sale, gross unrealized gains | 56 | 205 |
Investment securities available for sale, gross unrealized losses | (379) | (70) |
Securities available for sale | 40,368 | 46,626 |
Other Marketable Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 39,991 | 45,029 |
Investment securities available for sale, gross unrealized gains | 56 | 204 |
Investment securities available for sale, gross unrealized losses | (337) | 0 |
Securities available for sale | 39,710 | 45,233 |
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 | (42) | (70) |
Securities available for sale | $ 658 | 630 |
Other Marketable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 725 | |
Investment securities available for sale, gross unrealized gains | 1 | |
Investment securities available for sale, gross unrealized losses | 0 | |
Securities available for sale | 726 | |
Other Marketable Securities [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 37 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 0 | |
Securities available for sale | 37 | |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Securities available for sale, amortized cost | 97 | |
Investment securities available for sale, gross unrealized gains | 6 | |
Investment securities available for sale, gross unrealized losses | 0 | |
Securities available for sale | $ 103 |
Note 4 - Securities Available_5
Note 4 - Securities Available for Sale - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due one year or less, amortized cost | $ 71,861 | |
Due one year or less, fair value | 71,318 | |
Due after one year through five years, amortized cost | 170,404 | |
Due after one year through five years, fair value | 169,129 | |
Due after five years through fifteen years, amortized cost | 45,700 | |
Due after five years through fifteen years, fair value | 45,317 | |
Due after fifteen years, amortized cost | 1 | |
Due after fifteen years | 1 | |
Total, amortized cost | 287,966 | $ 146,312 |
Total, fair value | $ 285,765 | $ 148,090 |
Note 4 - Securities Available_6
Note 4 - Securities Available for Sale - Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Less Than Twelve Months # of Investments | 43 | 1 |
Less Than Twelve Months Fair Value | $ 218,706 | $ 4,956 |
Less Than Twelve Months Unrealized Losses | $ (2,609) | $ (3) |
Twelve Months or More # of Investments | 5 | 1 |
Twelve Months or More Fair Value | $ 15,132 | $ 630 |
Twelve Months or More Unrealized Losses | (326) | (70) |
Total fair value | 233,838 | 5,586 |
Total temporarily impaired securities | $ (2,935) | $ (73) |
Collateralized Mortgage Backed Securities [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less Than Twelve Months # of Investments | 19 | 1 |
Less Than Twelve Months Fair Value | $ 98,423 | $ 4,956 |
Less Than Twelve Months Unrealized Losses | $ (1,234) | $ (3) |
Twelve Months or More # of Investments | 2 | 0 |
Twelve Months or More Fair Value | $ 6,810 | $ 0 |
Twelve Months or More Unrealized Losses | (133) | 0 |
Total fair value | 105,233 | 4,956 |
Total temporarily impaired securities | $ (1,367) | $ (3) |
Collateralized Mortgage Backed Securities [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Less Than Twelve Months # of Investments | 17 | |
Less Than Twelve Months Fair Value | $ 85,624 | |
Less Than Twelve Months Unrealized Losses | $ (1,038) | |
Twelve Months or More # of Investments | 2 | |
Twelve Months or More Fair Value | $ 7,664 | |
Twelve Months or More Unrealized Losses | (151) | |
Total fair value | 93,288 | |
Total temporarily impaired securities | $ (1,189) | |
Other Marketable Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Less Than Twelve Months # of Investments | 7 | |
Less Than Twelve Months Fair Value | $ 34,659 | |
Less Than Twelve Months Unrealized Losses | $ (337) | |
Twelve Months or More # of Investments | 0 | |
Twelve Months or More Fair Value | $ 0 | |
Twelve Months or More Unrealized Losses | 0 | |
Total fair value | 34,659 | |
Total temporarily impaired securities | $ (337) | |
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 | $ 658 | $ 630 |
Twelve Months or More Unrealized Losses | (42) | (70) |
Total fair value | 658 | 630 |
Total temporarily impaired securities | $ (42) | $ (70) |
Note 5 - Loans Receivable, Ne_2
Note 5 - Loans Receivable, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivable Loans and Leases, Commitments to Originate or Purchase Loans | $ 14,501 | $ 23,596 |
Loans and Leases Receivable, Related Parties, Ending Balance | 100 | 200 |
Servicing Liability for Others, Unpaid Principal Balance | 586,400 | 580,000 |
Fixed Rate Loans [Member] | ||
Receivable Loans and Leases, Commitments to Originate or Purchase Loans | $ 13,500 | $ 19,500 |
Fixed Rate Loans [Member] | Minimum [Member] | ||
Receivable Loans and Leases, Commitments Interest Percentage | 2.50% | 2.25% |
Fixed Rate Loans [Member] | Maximum [Member] | ||
Receivable Loans and Leases, Commitments Interest Percentage | 4.75% | 4.75% |
Loans to Executive Officers [Member] | ||
Loans and Leases Receivable, Related Parties, Proceeds | $ 0 | |
Loans to Executive Officers [Member] | Consumer Portfolio Segment [Member] | Home Equity Line [Member] | ||
Loans and Leases Receivable, Related Parties, Ending Balance | 100 | $ 100 |
Loans and Leases Receivable, Related Parties, Proceeds | $ 0 |
Note 5 - Loans Receivable, Ne_3
Note 5 - Loans Receivable, Net - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans receivable | $ 662,000 | $ 653,791 | ||
Unamortized discounts | 10 | 12 | ||
Net deferred loan fees | 209 | 450 | ||
Allowance for loan losses | 9,279 | 10,699 | $ 8,564 | |
Total loans receivable, net | 652,502 | 642,630 | ||
Commitments to originate or purchase loans | 14,501 | 23,596 | ||
Commitments to deliver loans to secondary market | $ 12,340 | $ 24,746 | ||
Weighted average contractual rate of loans in portfolio | 4.01% | 4.21% | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | $ 396,868 | $ 380,704 | ||
Allowance for loan losses | 6,388 | 7,295 | 5,060 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Builder Construction [Member] | ||||
Loans receivable | 23,293 | 19,832 | ||
Commercial Real Estate Portfolio Segment [Member] | Multi Family Construction [Member] | ||||
Loans receivable | 9,986 | 2,316 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Construction [Member] | ||||
Loans receivable | 13,959 | 9,345 | ||
Commercial Real Estate Portfolio Segment [Member] | Childcare Services [Member] | ||||
Loans receivable | 2,796 | 3,933 | ||
Commercial Real Estate Portfolio Segment [Member] | Churches/Community Service [Member] | ||||
Loans receivable | 11,332 | 8,427 | ||
Commercial Real Estate Portfolio Segment [Member] | Land Developments [Member] | ||||
Loans receivable | 12,041 | 13,237 | ||
Commercial Real Estate Portfolio Segment [Member] | Lodging [Member] | ||||
Loans receivable | 57,220 | 61,823 | ||
Commercial Real Estate Portfolio Segment [Member] | Manufacturing [Member] | ||||
Loans receivable | 23,913 | 20,833 | ||
Commercial Real Estate Portfolio Segment [Member] | Movie Theaters [Member] | ||||
Loans receivable | 9,334 | 9,619 | ||
Commercial Real Estate Portfolio Segment [Member] | Multi Family [Member] | ||||
Loans receivable | 43,140 | 41,456 | ||
Commercial Real Estate Portfolio Segment [Member] | Nursing Home/Health Care [Member] | ||||
Loans receivable | 19,870 | 14,488 | ||
Commercial Real Estate Portfolio Segment [Member] | Restaurant/Bar/Cafe [Member] | ||||
Loans receivable | 8,473 | 6,383 | ||
Commercial Real Estate Portfolio Segment [Member] | Retail/Office [Member] | ||||
Loans receivable | 87,244 | 93,472 | ||
Commercial Real Estate Portfolio Segment [Member] | Warehouse Loan [Member] | ||||
Loans receivable | 31,501 | 32,568 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Nonconstruction [Member] | ||||
Loans receivable | 42,766 | 42,972 | ||
Consumer Portfolio Segment [Member] | ||||
Loans receivable | 41,645 | 55,391 | ||
Allowance for loan losses | 981 | 1,389 | 1,507 | |
Consumer Portfolio Segment [Member] | Home Equity Line [Member] | ||||
Loans receivable | 17,467 | 21,308 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Loans receivable | 7,557 | 11,549 | ||
Consumer Portfolio Segment [Member] | Land/Lots [Member] | ||||
Loans receivable | 2,154 | 3,357 | ||
Consumer Portfolio Segment [Member] | Recreational Vehicle [Member] | ||||
Loans receivable | 10,985 | 15,645 | ||
Consumer Portfolio Segment [Member] | Other Borrowings [Member] | ||||
Loans receivable | [1] | 3,482 | 3,532 | |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 60,165 | 82,673 | ||
Allowance for loan losses | $ 936 | $ 985 | $ 1,140 | |
[1] | Amounts under two million dollars in both years are included in "Other". |
Note 5 - Loans Receivable, Ne_4
Note 5 - Loans Receivable, Net - Loans Originated by State (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans receivable | $ 662,000 | $ 653,791 | |
Residential Portfolio Segment [Member] | |||
Loans receivable | $ 163,322 | $ 135,023 | |
Percent of Total | 100.00% | 100.00% | |
Residential Portfolio Segment [Member] | Minnesota [Member] | |||
Loans receivable | $ 142,252 | $ 114,575 | |
Percent of Total | 87.10% | 84.90% | |
Residential Portfolio Segment [Member] | WISCONSIN | |||
Loans receivable | $ 15,048 | $ 15,910 | |
Percent of Total | 9.20% | 11.80% | |
Residential Portfolio Segment [Member] | Other States [Member] | |||
Loans receivable | [1] | $ 6,022 | $ 4,538 |
Percent of Total | [1] | 3.70% | 3.30% |
[1] | Amounts under two million dollars in both years are included in “Other states”. |
Note 5 - Loans Receivable, Ne_5
Note 5 - Loans Receivable, Net - Commercial Real Estate Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans receivable | $ 662,000 | $ 653,791 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | $ 396,868 | $ 380,704 | |
Percent of Total | 100.00% | 100.00% | |
Commercial Real Estate Portfolio Segment [Member] | COLORADO | |||
Loans receivable | $ 6,150 | $ 0 | |
Percent of Total | 1.60% | 0.00% | |
Commercial Real Estate Portfolio Segment [Member] | FLORIDA | |||
Loans receivable | $ 4,293 | $ 4,350 | |
Percent of Total | 1.10% | 1.10% | |
Commercial Real Estate Portfolio Segment [Member] | IOWA | |||
Loans receivable | $ 7,955 | $ 6,281 | |
Percent of Total | 2.00% | 1.70% | |
Commercial Real Estate Portfolio Segment [Member] | MINNESOTA | |||
Loans receivable | $ 264,376 | $ 261,598 | |
Percent of Total | 66.60% | 68.70% | |
Commercial Real Estate Portfolio Segment [Member] | NORTH CAROLINA | |||
Loans receivable | $ 4,436 | $ 4,571 | |
Percent of Total | 1.10% | 1.20% | |
Commercial Real Estate Portfolio Segment [Member] | WISCONSIN | |||
Loans receivable | $ 93,999 | $ 90,112 | |
Percent of Total | 23.70% | 23.70% | |
Commercial Real Estate Portfolio Segment [Member] | Other States [Member] | |||
Loans receivable | [1] | $ 15,659 | $ 13,792 |
Percent of Total | [1] | 3.90% | 3.60% |
[1] | Amounts under four million dollars in both years are included in "Other states". |
Note 6 - Allowance for Loan L_3
Note 6 - Allowance for Loan Losses and Credit Quality Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 4,621 | $ 2,684 | |
Impaired Financing Receivable, Related Allowance | 406 | 238 | |
Loan Receivable for Which Value of Collateral Sufficient to Repay | 900 | 2,100 | |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 155 | 97 | |
Financing Receivable, Troubled Debt Restructuring | 1,051 | 1,478 | |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 100 | 100 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Reserves | $ 200 | $ 100 | |
Percentage Reserves For Loan Losses On Troubled Debt Restructurings | 2.60% | 0.90% | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 9,279 | $ 10,699 | $ 8,564 |
Financing Receivable, Deferred Loans with Granted Loan Modifications | 0 | 34,600 | |
Impaired Loans with Sufficient Collateral to Repay Loan [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 300 | 200 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 200 | 100 | |
Nonperforming Financial Instruments [Member] | |||
Impaired Financing Receivable, Related Allowance | 400 | $ 200 | |
Financing Receivable, Troubled Debt Restructuring | 300 | ||
Performing Financial Instruments [Member] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 |
Note 6 - Allowance for Loan L_4
Note 6 - Allowance for Loan Losses and Credit Quality Information - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 10,699 | $ 8,564 |
Provision for losses | (2,119) | 2,699 |
Charge-offs | (78) | (822) |
Recoveries | 777 | 258 |
Balance | 9,279 | 10,699 |
Specific reserves | 406 | 238 |
General reserves | 8,873 | 10,461 |
Balance | 9,279 | 10,699 |
Individually reviewed for impairment | 4,650 | 3,126 |
Collectively reviewed for impairment | 657,350 | 650,665 |
Ending balance | 662,000 | 653,791 |
Residential Portfolio Segment [Member] | ||
Balance | 1,030 | 857 |
Provision for losses | (56) | 173 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance | 974 | 1,030 |
Specific reserves | 36 | 29 |
General reserves | 938 | 1,001 |
Balance | 974 | 1,030 |
Individually reviewed for impairment | 340 | 857 |
Collectively reviewed for impairment | 162,982 | 134,166 |
Ending balance | 163,322 | 135,023 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 7,295 | 5,060 |
Provision for losses | (1,524) | 2,938 |
Charge-offs | (36) | (730) |
Recoveries | 653 | 27 |
Balance | 6,388 | 7,295 |
Specific reserves | 280 | 95 |
General reserves | 6,108 | 7,200 |
Balance | 6,388 | 7,295 |
Individually reviewed for impairment | 3,757 | 1,484 |
Collectively reviewed for impairment | 393,111 | 379,220 |
Ending balance | 396,868 | 380,704 |
Consumer Portfolio Segment [Member] | ||
Balance | 1,389 | 1,507 |
Provision for losses | (424) | (63) |
Charge-offs | (42) | (84) |
Recoveries | 58 | 29 |
Balance | 981 | 1,389 |
Specific reserves | 83 | 100 |
General reserves | 898 | 1,289 |
Balance | 981 | 1,389 |
Individually reviewed for impairment | 546 | 750 |
Collectively reviewed for impairment | 41,099 | 54,641 |
Ending balance | 41,645 | 55,391 |
Commercial Portfolio Segment [Member] | ||
Balance | 985 | 1,140 |
Provision for losses | (115) | (349) |
Charge-offs | 0 | (8) |
Recoveries | 66 | 202 |
Balance | 936 | 985 |
Specific reserves | 7 | 14 |
General reserves | 929 | 971 |
Balance | 936 | 985 |
Individually reviewed for impairment | 7 | 35 |
Collectively reviewed for impairment | 60,158 | 82,638 |
Ending balance | $ 60,165 | $ 82,673 |
Note 6 - Allowance for Loan L_5
Note 6 - Allowance for Loan Losses and Credit Quality Information - Classified and Unclassified Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 662,000 | $ 653,791 |
Classified [Member] | ||
Loans receivable | 42,709 | 39,365 |
Classified [Member] | Special Mention [Member] | ||
Loans receivable | 25,179 | 20,026 |
Classified [Member] | Substandard [Member] | ||
Loans receivable | 17,403 | 19,160 |
Classified [Member] | Doubtful [Member] | ||
Loans receivable | 77 | 161 |
Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 50 | 18 |
Unclassified [Member] | ||
Loans receivable | 619,291 | 614,426 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 163,322 | 135,023 |
Residential Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 1,257 | 4,093 |
Residential Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 410 | 1,219 |
Residential Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 791 | 2,845 |
Residential Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 56 | 29 |
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 | 162,065 | 130,930 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 396,868 | 380,704 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 209,666 | 202,400 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 187,202 | 178,304 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Real Estate Loan [Member] | ||
Loans receivable | 20,765 | 11,548 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 16,395 | 18,524 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Real Estate Loan [Member] | ||
Loans receivable | 16,012 | 8,065 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 6,824 | 8,774 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Real Estate Loan [Member] | ||
Loans receivable | 4,753 | 3,483 |
Commercial Real Estate Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 9,571 | 9,750 |
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 | 188,901 | 190,852 |
Commercial Real Estate Portfolio Segment [Member] | Unclassified [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 170,807 | 159,780 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 41,645 | 55,391 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 546 | 750 |
Consumer Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 475 | 600 |
Consumer Portfolio Segment [Member] | Classified [Member] | Doubtful [Member] | ||
Loans receivable | 21 | 132 |
Consumer Portfolio Segment [Member] | Classified [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans receivable | 50 | 18 |
Consumer Portfolio Segment [Member] | Unclassified [Member] | ||
Loans receivable | 41,099 | 54,641 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 60,165 | 82,673 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Loans receivable | 3,746 | 4,450 |
Commercial Portfolio Segment [Member] | Classified [Member] | Special Mention [Member] | ||
Loans receivable | 1,933 | 1,968 |
Commercial Portfolio Segment [Member] | Classified [Member] | Substandard [Member] | ||
Loans receivable | 1,813 | 2,482 |
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 | $ 56,419 | $ 78,223 |
Note 6 - Allowance for Loan L_6
Note 6 - Allowance for Loan Losses and Credit Quality Information - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 662,000 | $ 653,791 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 163,322 | 135,023 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 396,868 | 380,704 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 209,666 | 202,400 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 187,202 | 178,304 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 41,645 | 55,391 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 60,165 | 82,673 |
Loans 90 days or more past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 1,462 | 1,084 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 864 | 626 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 198 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 226 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 174 | 458 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 3,556 | 104 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 65 | 38 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 3,402 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 89 | 66 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 275 | 577 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 153 | 298 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 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 receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 122 | 279 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 5,293 | 1,765 |
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 1,082 | 962 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 198 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 3,628 | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 385 | 803 |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 656,707 | 652,026 |
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 162,240 | 134,061 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 209,468 | 202,400 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Loans receivable | 183,574 | 178,304 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 41,260 | 54,588 |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 60,165 | $ 82,673 |
Note 6 - Allowance for Loan L_7
Note 6 - Allowance for Loan Losses and Credit Quality Information - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related allowance | $ 406 | $ 238 |
Recorded investment | 4,650 | 3,126 |
Unpaid principal balance | 4,669 | 4,346 |
Average recorded investment | 2,892 | 3,350 |
Interest income recognized | 155 | 97 |
Specific reserves | 406 | 238 |
Residential Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 253 | 740 |
Unpaid principal balance, with no related allowance | 272 | 759 |
Average recorded investment, with no related allowance | 502 | 616 |
Interest income recognized, with no related allowance | 2 | 34 |
Recorded investment, with related allowance | 87 | 117 |
Unpaid principal balance, with related allowance | 87 | 117 |
Related allowance | 36 | 29 |
Average recorded investment, with related allowance | 113 | 242 |
Interest income recognized, with related allowance | 0 | 0 |
Recorded investment | 340 | 857 |
Unpaid principal balance | 359 | 876 |
Average recorded investment | 615 | 858 |
Interest income recognized | 2 | 34 |
Specific reserves | 36 | 29 |
Commercial Real Estate Portfolio Segment [Member] | ||
Related allowance | 280 | 95 |
Specific reserves | 280 | 95 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Recorded investment, with no related allowance | 0 | 932 |
Unpaid principal balance, with no related allowance | 0 | 1,582 |
Average recorded investment, with no related allowance | 432 | 580 |
Interest income recognized, with no related allowance | 0 | 33 |
Recorded investment, with related allowance | 0 | 166 |
Unpaid principal balance, with related allowance | 0 | 166 |
Related allowance | 0 | 5 |
Average recorded investment, with related allowance | 98 | 175 |
Interest income recognized, with related allowance | 0 | 0 |
Recorded investment | 0 | 1,098 |
Unpaid principal balance | 0 | 1,748 |
Average recorded investment | 530 | 755 |
Interest income recognized | 0 | 33 |
Specific reserves | 0 | 5 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Recorded investment, with no related allowance | 189 | 211 |
Unpaid principal balance, with no related allowance | 189 | 211 |
Average recorded investment, with no related allowance | 197 | 314 |
Interest income recognized, with no related allowance | 0 | 2 |
Recorded investment, with related allowance | 3,568 | 175 |
Unpaid principal balance, with related allowance | 3,568 | 175 |
Related allowance | 280 | 90 |
Average recorded investment, with related allowance | 844 | 425 |
Interest income recognized, with related allowance | 142 | 10 |
Recorded investment | 3,757 | 386 |
Unpaid principal balance | 3,757 | 386 |
Average recorded investment | 1,041 | 739 |
Interest income recognized | 142 | 12 |
Specific reserves | 280 | 90 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 419 | 574 |
Unpaid principal balance, with no related allowance | 419 | 574 |
Average recorded investment, with no related allowance | 545 | 626 |
Interest income recognized, with no related allowance | 9 | 10 |
Recorded investment, with related allowance | 127 | 176 |
Unpaid principal balance, with related allowance | 127 | 176 |
Related allowance | 83 | 100 |
Average recorded investment, with related allowance | 136 | 170 |
Interest income recognized, with related allowance | 2 | 6 |
Recorded investment | 546 | 750 |
Unpaid principal balance | 546 | 750 |
Average recorded investment | 681 | 796 |
Interest income recognized | 11 | 16 |
Specific reserves | 83 | 100 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 0 | |
Unpaid principal balance, with no related allowance | 0 | |
Average recorded investment, with no related allowance | 2 | |
Interest income recognized, with no related allowance | 0 | |
Recorded investment, with related allowance | 7 | 35 |
Unpaid principal balance, with related allowance | 7 | 586 |
Related allowance | 7 | 14 |
Average recorded investment, with related allowance | 25 | 200 |
Interest income recognized, with related allowance | 0 | 2 |
Recorded investment | 7 | 35 |
Unpaid principal balance | 7 | 586 |
Average recorded investment | 25 | 202 |
Interest income recognized | 0 | 2 |
Specific reserves | $ 7 | $ 14 |
Note 6 - Allowance for Loan L_8
Note 6 - Allowance for Loan Losses and Credit Quality Information - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-accrual loans | $ 4,621 | $ 2,684 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 340 | 502 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Non-accrual loans | 0 | 1,098 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Non-accrual loans | 3,757 | 386 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 517 | 689 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | $ 7 | $ 9 |
Note 6 - Allowance for Loan L_9
Note 6 - Allowance for Loan Losses and Credit Quality Information - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Troubled debt restructurings | $ 1,051 | $ 1,478 |
Residential Portfolio Segment [Member] | ||
Troubled debt restructurings | 254 | 612 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Troubled debt restructurings | 355 | 211 |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings | 442 | 630 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings | $ 0 | $ 25 |
Note 6 - Allowance for Loan _10
Note 6 - Allowance for Loan Losses and Credit Quality Information - Financial Effects of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Contracts | 4 | 3 |
Pre- modification Outstanding Recorded Investment | $ 284 | $ 387 |
Post- modification Outstanding Recorded Investment | $ 287 | $ 394 |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre- modification Outstanding Recorded Investment | $ 38 | $ 94 |
Post- modification Outstanding Recorded Investment | $ 40 | $ 101 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Number of Contracts | 1 | 2 |
Pre- modification Outstanding Recorded Investment | $ 139 | $ 293 |
Post- modification Outstanding Recorded Investment | $ 139 | $ 293 |
Consumer Portfolio Segment [Member] | ||
Number of Contracts | 1 | 0 |
Pre- modification Outstanding Recorded Investment | $ 93 | $ 0 |
Post- modification Outstanding Recorded Investment | $ 94 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 1 | 0 |
Pre- modification Outstanding Recorded Investment | $ 14 | $ 0 |
Post- modification Outstanding Recorded Investment | $ 14 | $ 0 |
Note 7 - Accrued Interest Rec_3
Note 7 - Accrued Interest Receivable - Summary of Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued interest receivable | $ 2,132 | $ 3,102 |
Securities Available for Sale [Member] | ||
Accrued interest receivable | 395 | 392 |
Loans Receivable [Member] | ||
Accrued interest receivable | $ 1,737 | $ 2,710 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 1.2 | $ 1.4 |
Note 8 - Intangible Assets - Mo
Note 8 - Intangible Assets - Mortgage Servicing Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of year | $ 3,043 | $ 2,172 |
Originations | 1,405 | 2,189 |
Amortization | (1,168) | (1,318) |
Balance, end of year | 3,280 | 3,043 |
Fair value of mortgage servicing rights | $ 4,813 | $ 3,378 |
Note 8 - Intangible Assets - Ri
Note 8 - Intangible Assets - Risk Characteristics of Loans Being Serviced (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Original Term Thirty Year Fixed Rate [Member] | |
Loan Principal Balance | $ 117,439 |
Weighted Average Interest Rate | 2.85% |
Weighted Average Remaining Term (Month) | 142 months |
Number of Loans | 1,066 |
Original Term Fifteen Year Fixed Rate [Member] | |
Loan Principal Balance | $ 424,109 |
Weighted Average Interest Rate | 3.42% |
Weighted Average Remaining Term (Month) | 313 months |
Number of Loans | 2,663 |
Note 8 - Intangible Assets - Gr
Note 8 - Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-lived intangible assets, accumulated amortization | $ (3,138) | $ (3,165) |
Finite-lived intangible assets, unamortized intangible assets | 3,290 | |
Goodwill, gross carrying amount | 802 | 802 |
Goodwill, accumulated impairment | 0 | 0 |
Goodwill | 802 | 802 |
Intangible assets (including goodwill), gross carrying amount | 7,230 | 7,067 |
Intangible assets, unamortized intangible assets | 4,092 | 3,902 |
Mortgage Servicing Rights [Member] | ||
Finite-lived intangible assets, gross carrying amount | 5,854 | 5,691 |
Finite-lived intangible assets, accumulated amortization | (2,574) | (2,648) |
Finite-lived intangible assets, unamortized intangible assets | 3,280 | 3,043 |
Core Deposits [Member] | ||
Finite-lived intangible assets, gross carrying amount | 574 | 574 |
Finite-lived intangible assets, accumulated amortization | (564) | (517) |
Finite-lived intangible assets, unamortized intangible assets | $ 10 | $ 57 |
Note 8 - Intangible Assets - Es
Note 8 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 705 | |
2023 | 648 | |
2024 | 613 | |
2025 | 543 | |
2026 | 441 | |
Thereafter | 340 | |
Finite-Lived Intangible Assets, Net, Ending Balance | 3,290 | |
Mortgage Servicing Rights [Member] | ||
2022 | 695 | |
2023 | 648 | |
2024 | 613 | |
2025 | 543 | |
2026 | 441 | |
Thereafter | 340 | |
Finite-Lived Intangible Assets, Net, Ending Balance | 3,280 | $ 3,043 |
Core Deposits [Member] | ||
2022 | 10 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 10 | $ 57 |
Note 9 - Premises and Equipme_3
Note 9 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and equipment, gross | $ 35,442 | $ 27,186 |
Accumulated depreciation | (18,069) | (17,053) |
Property, Plant and Equipment, Net, Ending Balance | 17,373 | 10,133 |
Land [Member] | ||
Premises and equipment, gross | 5,156 | 2,615 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 17,445 | 12,074 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | $ 12,841 | $ 12,497 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 8 months |
Lessee, Operating Lease, Renewal Term (Year) | 3 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 40 months |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Other Assets [Member] | |
Operating Lease, Right-of-Use Asset | $ 400 |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 392 |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 739 | $ 892 |
Note 10 - Leases - Summary of O
Note 10 - Leases - Summary of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 739 | $ 892 |
Weighted-average remaining lease term – operating leases (Year) | 2 years 3 months 18 days | 3 years 9 months 18 days |
Weighted-average discount rate – operating leases | 1.85% | 2.19% |
Note 10 - Leases - Maturity of
Note 10 - Leases - Maturity of Remaining Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 217 |
2023 | 92 |
2024 | 77 |
2025 | 14 |
2026 and thereafter | 0 |
Total lease payments | 400 |
Less: Interest | (8) |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 392 |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 393.7 | $ 269.3 |
Mortgage Loans and Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Restricted | $ 33.2 | $ 29.8 |
Note 11 - Deposits - Deposits a
Note 11 - Deposits - Deposits and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noninterest checking, weighted average rate | 0.00% | 0.00% |
Noninterest checking, amount | $ 344,404 | $ 239,587 |
Noninterest checking, percent of total | 36.20% | 30.10% |
Interest checking, weighted average rate | 0.12% | 0.12% |
Interest checking, amount | $ 151,476 | $ 138,709 |
Interest checking, percent of total | 15.90% | 17.40% |
Savings accounts, weighted average rate | 0.06% | 0.06% |
Savings accounts, amount | $ 119,517 | $ 100,209 |
Savings accounts, percent of total | 12.60% | 12.60% |
Money market accounts, weighted average rate | 0.21% | 0.25% |
Money market accounts, amount | $ 249,089 | $ 214,300 |
Money market accounts, percent of total | 26.20% | 27.00% |
Amount | $ 864,486 | $ 692,805 |
Percent of total | 90.90% | 87.10% |
Certificates, amount | $ 86,180 | $ 102,399 |
Certificates, percent of total | 9.10% | 12.90% |
Total certificates, weighted average rate | 0.53% | 1.14% |
Total deposits, weighted average rate | 0.13% | 0.25% |
Total deposits | $ 950,666 | $ 795,204 |
Total deposits, percent of total | 100.00% | 100.00% |
Range 1 [Member] | ||
Certificates, amount | $ 74,481 | $ 56,001 |
Certificates, percent of total | 7.80% | 7.00% |
Range 1 [Member] | Minimum [Member] | ||
Certificate interest rate | 0.00% | |
Range 1 [Member] | Maximum [Member] | ||
Certificate interest rate | 0.99% | |
Range 2 [Member] | ||
Certificates, amount | $ 4,357 | $ 20,613 |
Certificates, percent of total | 0.50% | 2.60% |
Range 2 [Member] | Minimum [Member] | ||
Certificate interest rate | 1.00% | |
Range 2 [Member] | Maximum [Member] | ||
Certificate interest rate | 1.99% | |
Range 3 [Member] | ||
Certificates, amount | $ 6,316 | $ 21,973 |
Certificates, percent of total | 0.70% | 2.80% |
Range 3 [Member] | Minimum [Member] | ||
Certificate interest rate | 2.00% | |
Range 3 [Member] | Maximum [Member] | ||
Certificate interest rate | 2.99% | |
Range 4 [Member] | ||
Certificates, amount | $ 1,026 | $ 3,812 |
Certificates, percent of total | 0.10% | 0.50% |
Range 4 [Member] | Minimum [Member] | ||
Certificate interest rate | 3.00% | |
Range 4 [Member] | Maximum [Member] | ||
Certificate interest rate | 3.99% |
Note 11 - Deposits - Certificat
Note 11 - Deposits - Certificate Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Remaining term to maturity | $ 86,180 | $ 102,399 |
Total certificates, weighted average rate | 0.53% | 1.14% |
One to Six Months [Member] | ||
Remaining term to maturity | $ 35,007 | $ 37,165 |
Total certificates, weighted average rate | 0.68% | 1.24% |
Seven to Twelve Months [Member] | ||
Remaining term to maturity | $ 27,280 | $ 39,063 |
Total certificates, weighted average rate | 0.40% | 0.97% |
Thirteen to Thirty Six Months [Member] | ||
Remaining term to maturity | $ 21,769 | $ 23,604 |
Total certificates, weighted average rate | 0.46% | 1.25% |
Over Thirty Six Months [Member] | ||
Remaining term to maturity | $ 2,124 | $ 2,567 |
Total certificates, weighted average rate | 0.66% | 1.21% |
Note 11 - Deposits - Interest E
Note 11 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Checking accounts | $ 182 | $ 151 |
Savings accounts | 69 | 65 |
Money market accounts | 557 | 840 |
Certificate accounts | 745 | 1,795 |
Interest Expense, Deposits, Total | $ 1,553 | $ 2,851 |
Note 12 - Federal Home Loan B_2
Note 12 - Federal Home Loan Bank (FHLB) Advances and Other Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Advances from Federal Home Loan Banks, Total | $ 0 | $ 0 |
Pledged Assets, Not Separately Reported, Other | 178,000 | 168,300 |
Additional Advances from Federal Home Loan Banks | $ 50,300 | $ 60,400 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Amount in Retained Earnings, Represent Without Income Tax Provision | $ 8,800 | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 0 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 400 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 3,234 | $ 3,418 |
State | 1,519 | 1,452 |
Total current | 4,753 | 4,870 |
Deferred: | ||
Federal | 410 | (589) |
State | 202 | (213) |
Total deferred | 612 | (802) |
Income tax expense | $ 5,365 | $ 4,068 |
Note 13 - Income Taxes - Inco_2
Note 13 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expected federal income tax expense | $ 3,975 | $ 3,019 |
Items affecting federal income tax: | ||
State income taxes, net of federal income tax deduction | 1,350 | 1,025 |
Other, net | 40 | 24 |
Income tax expense | $ 5,365 | $ 4,068 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowances for loan losses | $ 2,610 | $ 3,010 |
Deferred compensation costs | 143 | 141 |
Deferred ESOP loan asset | 399 | 430 |
Non-accruing loan interest | 96 | 134 |
Net unrealized loss on securities available for sale | 618 | 0 |
Other | 679 | 499 |
Total gross deferred tax assets | 4,545 | 4,214 |
Deferred tax liabilities: | ||
Deferred loan costs | 272 | 119 |
Premises and equipment basis difference | 669 | 549 |
Originated mortgage servicing rights | 923 | 856 |
Net unrealized gain on securities available for sale | 0 | 496 |
Other | 152 | 167 |
Total gross deferred tax liabilities | 2,016 | 2,187 |
Net deferred tax assets | $ 2,529 | $ 2,027 |
Note 14 - Employee Benefits (De
Note 14 - Employee Benefits (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | |
Minimum Age Required for Defined Contribution Plan Eligibility (Year) | 18 years | ||
Defined Contribution Plan, Employer Contribution, Percent of Annual Salary of Employee | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ | $ 19,500 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 25.00% | ||
Maximum Contribution Percent by Participant | 8.00% | ||
Defined Contribution Plan, Cost | $ | $ 200,000 | $ 200,000 | |
Employee Stock Ownership Plan (ESOP), Debt Structure Direct Original Loan Amount | $ | $ 6,100,000 | ||
Employee Stock Ownership Plan (ESOP), Shares Purchased (in shares) | 912,866 | ||
Employee Stock Ownership Plan (ESOP), Debt Structure Indirect Original Loan Amount | $ | $ 1,500,000 | ||
Employee Stock Ownership Plan (ESOP), Additional Shares Purchased (in shares) | 76,933 | ||
Employee Stock Ownership Plan (ESOP), Interest Rate on Loan | 7.52% | ||
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ | $ 500,000 | 500,000 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ | $ 500,000 | $ 400,000 | |
Minimum Age Required to be Eligible to Participate in Employee Stock Option Option Plan (Year) | 18 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||
Minimum Duration of Working Hours Required to be Eligible to Participate in Employee Stock Option Option Plan | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 22,841 | ||
The 2009 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 34,229 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 11.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.04 | ||
The 2009 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 0 | 0 | 3,102 |
The 2017 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 375,000 | ||
Shares Available for Issuance, Number of Shares for Each Share of Restricted Stock (in shares) | 1.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | ||
The 2017 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 22,841 | 21,484 | 14,787 |
Pentegra DB Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ | $ 300,000 | $ 300,000 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Defined Benefit Plan, Funded Percentage | 90.90% | 85.30% |
Note 14 - Employee Benefits - E
Note 14 - Employee Benefits - ESOP Share Allocation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares held by participants beginning of the year (in shares) | 359,843 | 346,097 |
Shares allocated to participants (in shares) | 24,318 | 24,377 |
Shares distributed to participants (in shares) | (30,484) | (10,631) |
Shares held by participants end of year (in shares) | 353,677 | 359,843 |
Unreleased shares beginning of the year (in shares) | 182,418 | 206,795 |
Shares released during year (in shares) | (24,318) | (24,377) |
Unreleased shares end of year (in shares) | 158,100 | 182,418 |
Total ESOP shares end of year (in shares) | 511,777 | 542,261 |
Fair value of unreleased shares at December 31 | $ 3,900,327 | $ 3,137,590 |
Note 14 - Employee Benefits - A
Note 14 - Employee Benefits - Activities Under All Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average exercise price (in dollars per share) | $ 11.21 | ||
Granted (in shares) | 0 | 0 | |
Shares available for grant (in shares) | 345,907 | ||
Restricted Stock [Member] | |||
Unvested restricted shares outstanding (in shares) | 22,841 | ||
Share-based Payment Arrangement, Option [Member] | |||
Options outstanding (in shares) | 34,229 | ||
The 2009 Plan [Member] | |||
Shares available for grant (in shares) | 0 | 0 | |
Weighted average exercise price (in dollars per share) | $ 11.21 | $ 11.21 | $ 11.21 |
Vested (in shares) | 0 | ||
Shares available for grant (in shares) | 0 | 0 | |
The 2009 Plan [Member] | Restricted Stock [Member] | |||
Unvested restricted shares outstanding (in shares) | 0 | 3,102 | |
Vested (in shares) | (3,102) | ||
Unvested restricted shares outstanding (in shares) | 0 | 0 | |
The 2009 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Options outstanding (in shares) | 34,229 | 34,229 | |
Vested (in shares) | 0 | ||
Options outstanding (in shares) | 34,229 | 34,229 | |
The 2017 Plan [Member] | |||
Shares available for grant (in shares) | 365,742 | 388,971 | |
Vested (in shares) | 0 | 0 | |
Shares available for grant (in shares) | 345,907 | 365,742 | |
Options outstanding (in shares) | 0 | ||
The 2017 Plan [Member] | Granted January 28, 2020 [Member] | |||
Granted (in shares) | (10,650) | ||
Granted, vesting period (Year) | 3 years | ||
The 2017 Plan [Member] | Granted April 23, 2020 [Member] | |||
Granted (in shares) | (9,000) | ||
Granted, vesting period (Year) | 2 years | ||
The 2017 Plan [Member] | Granted April 28, 2020 [Member] | |||
Granted (in shares) | (3,579) | ||
Granted, vesting period (Year) | 1 year | ||
The 2017 Plan [Member] | Granted January 26, 2021 [Member] | |||
Granted (in shares) | (16,685) | ||
Granted, vesting period (Year) | 3 years | ||
The 2017 Plan [Member] | Granted April 27, 2021 [Member] | |||
Granted (in shares) | (3,150) | ||
Granted, vesting period (Year) | 1 year | ||
The 2017 Plan [Member] | Restricted Stock [Member] | |||
Unvested restricted shares outstanding (in shares) | 21,484 | 14,787 | |
Vested (in shares) | (11,866) | (8,789) | |
Unvested restricted shares outstanding (in shares) | 22,841 | 21,484 | |
The 2017 Plan [Member] | Restricted Stock [Member] | Granted January 28, 2020 [Member] | |||
Granted (in shares) | 7,100 | ||
The 2017 Plan [Member] | Restricted Stock [Member] | Granted April 23, 2020 [Member] | |||
Granted (in shares) | 6,000 | ||
The 2017 Plan [Member] | Restricted Stock [Member] | Granted April 28, 2020 [Member] | |||
Granted (in shares) | 2,386 | ||
The 2017 Plan [Member] | Restricted Stock [Member] | Granted January 26, 2021 [Member] | |||
Granted (in shares) | 11,123 | ||
The 2017 Plan [Member] | Restricted Stock [Member] | Granted April 27, 2021 [Member] | |||
Granted (in shares) | 2,100 | ||
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Options outstanding (in shares) | 0 | 0 | |
Vested (in shares) | 0 | 0 | |
Options outstanding (in shares) | 0 | 0 | |
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Granted January 28, 2020 [Member] | |||
Granted (in shares) | 0 | ||
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Granted April 23, 2020 [Member] | |||
Granted (in shares) | 0 | ||
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Granted April 28, 2020 [Member] | |||
Granted (in shares) | 0 | ||
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Granted January 26, 2021 [Member] | |||
Granted (in shares) | 0 | ||
The 2017 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Granted April 27, 2021 [Member] | |||
Granted (in shares) | 0 |
Note 14 - Employee Benefits - S
Note 14 - Employee Benefits - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number Outstanding (in shares) | 34,229 |
Number Exercisable (in shares) | 34,229 |
Number Unexercisable (in shares) | 0 |
Exercise Price Range 1 [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 11.21 |
Number Outstanding (in shares) | 34,229 |
Weighted Average Remaining Contractual Life in Years (Year) | 4 years 1 month 6 days |
Number Exercisable (in shares) | 34,229 |
Number Unexercisable (in shares) | 0 |
Note 15 - Earnings Per Common_3
Note 15 - Earnings Per Common Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average number of common shares outstanding used in basic earnings per common share calculation (in shares) | 4,471,363 | 4,623,237 |
Options (in shares) | 16,361 | 10,148 |
Restricted stock awards (in shares) | 16,214 | 14,263 |
Weighted average number of common shares outstanding adjusted for effect of dilutive securities (in shares) | 4,503,938 | 4,647,648 |
Net income | $ 13,564 | $ 10,302 |
Basic earnings per common share (in dollars per share) | $ 3.03 | $ 2.23 |
Diluted earnings per common share (in dollars per share) | $ 3.01 | $ 2.22 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 27, 2021 | |
Dividends, Common Stock, Cash | $ 0 | $ 0 | |
New Share Repurchase Program [Member] | |||
Stock Repurchase Program, Authorized Amount, Increase | $ 4,200 | ||
Stock Repurchase Program, Authorized Amount | $ 6,000 | ||
Stock Repurchased During Period, Shares (in shares) | 217,400 | 87,249 | |
Stock Repurchased During Period, Value | $ 4,600 | $ 1,500 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 4,100 |
Note 17 - Regulatory Capital (D
Note 17 - Regulatory Capital (Details Textual) | Jan. 01, 2019 |
Capital Conservation Buffer | 2.50% |
Note 17 - Regulatory Capital -
Note 17 - Regulatory Capital - Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Common equity tier 1 capital, actual amount | $ 97,710 | $ 89,473 | |
Common equity tier 1 capital, actual percent of asset | [1] | 0.1318 | 0.1362 |
Common equity tier 1 capital, amount required to be adequately capitalized | $ 33,368 | $ 29,571 | |
Common equity tier 1 capital, percent of assets required to be adequately capitalized | [1] | 0.0450 | 0.0450 |
Common equity tier 1 capital, excess capital amount | $ 64,342 | $ 59,902 | |
Common equity tier 1 capital, excess capital percent of assets | [1] | 0.0868 | 0.0912 |
Common equity tier 1 capital, amount to be well capitalized under prompt corrective action provisions | $ 48,199 | $ 42,714 | |
Common equity tier 1 capital, percent of assets to be well capitalized under prompt corrective action provisions | [1] | 0.0650 | 0.0650 |
Tier 1 leverage, actual amount | $ 97,710 | $ 89,473 | |
Tier 1 leverage, actual percent of asset | [1] | 0.0947 | 0.0985 |
Tier 1 leverage, amount required to be adequately capitalized | $ 41,283 | $ 36,330 | |
Tier 1 leverage, percent of assets required to be adequately capitalized | [1] | 0.0400 | 0.0400 |
Tier 1 leverage, excess capital amount | $ 56,427 | $ 53,143 | |
Tier 1 leverage, excess capital percent of assets | [1] | 0.0547 | 0.0585 |
Tier 1 leverage, amount to be well capitalized under prompt corrective action provisions | $ 51,603 | $ 45,412 | |
Tier 1 leverage, percent of assets to be well capitalized under prompt corrective action provisions | [1] | 0.0500 | 0.0500 |
Tier 1 risk-based capital, actual amount | $ 97,710 | $ 89,473 | |
Tier 1 risk-based capital, actual percent of asset | [1] | 0.1318 | 0.1362 |
Tier 1 risk-based capital, amount required to be adequately capitalized | $ 44,491 | $ 39,428 | |
Tier 1 risk-based capital, percent of assets required to be adequately capitalized | [1] | 0.0600 | 0.0600 |
Tier 1 risk-based capital, excess capital amount | $ 53,219 | $ 50,045 | |
Tier 1 risk-based capital, excess capital percent of assets | [1] | 0.0718 | 0.0762 |
Tier 1 risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 59,322 | $ 52,571 | |
Tier 1 risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | [1] | 0.0800 | 0.0800 |
Total risk-based capital, actual amount | $ 106,979 | $ 97,717 | |
Total risk-based capital, actual percent of asset | [1] | 0.1443 | 0.1487 |
Total risk-based capital, amount required to be adequately capitalized | $ 59,322 | $ 52,571 | |
Total risk-based capital, percent of assets required to be adequately capitalized | [1] | 0.0800 | 0.0800 |
Total risk-based capital, excess capital amount | $ 47,657 | $ 45,146 | |
Total risk-based capital, excess capital percent of assets | [1] | 0.0643 | 0.0687 |
Total risk-based capital, amount to be well capitalized under prompt corrective action provisions | $ 74,152 | $ 65,714 | |
Total risk-based capital, percent of assets to be well capitalized under prompt corrective action provisions | [1] | 0.1000 | 0.1000 |
[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 18 - Commitments and Con_3
Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Letters of Credit Issued and Available Amount | $ 7,600 | $ 4,100 |
Loss Contingency, Damages Sought, Value | 2,500 | |
Minimum [Member] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Maximum [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 600 |
Note 18 - Commitments and Con_4
Note 18 - Commitments and Contingencies - Financial Instruments With Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to originate, fund or purchase loans | $ 195,141 | $ 180,330 |
Single Family Mortgages [Member] | ||
Commitments to originate, fund or purchase loans | 7,770 | 20,283 |
Multi Family [Member] | ||
Commitments to originate, fund or purchase loans | 3,791 | 1,150 |
Commercial Real Estate [Member] | ||
Commitments to originate, fund or purchase loans | 2,939 | 821 |
Non-real Estate Commercial Loans [Member] | ||
Commitments to originate, fund or purchase loans | 0 | 1,342 |
Undisbursed Balance of Loans Closed [Member] | ||
Commitments to originate, fund or purchase loans | 66,504 | 38,990 |
Unused Line of Credit [Member] | ||
Commitments to originate, fund or purchase loans | 106,125 | 113,435 |
Letters of Credit [Member] | ||
Commitments to originate, fund or purchase loans | 8,012 | 4,309 |
Forward Commitments [Member] | ||
Forward commitments | $ 12,340 | $ 24,746 |
Note 18 - Commitments and Con_5
Note 18 - Commitments and Contingencies - Obligations From Other Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Total contractual obligations | $ 400 |
Less than 1 Year | 217 |
1-3 Years | 169 |
4-5 Years | 14 |
More than 5 Years | 0 |
Total Other Commercial Commitments | 133,591 |
Other Commitments, Less than 1 Year | 33,833 |
Other Commitments, 1-3 Years | 48,548 |
Other Commitments, 4-5 Years | 31,516 |
Other Commitments, More than 5 Years | 19,694 |
Annual Rental Commitments under Non-cancellable Operating Leases [Member] | |
Total contractual obligations | 400 |
Less than 1 Year | 217 |
1-3 Years | 169 |
4-5 Years | 14 |
More than 5 Years | 0 |
Commercial Lines of Credit [Member] | |
Total Other Commercial Commitments | 68,501 |
Other Commitments, Less than 1 Year | 20,494 |
Other Commitments, 1-3 Years | 25,427 |
Other Commitments, 4-5 Years | 22,580 |
Other Commitments, More than 5 Years | 0 |
Commitments to Lend [Member] | |
Total Other Commercial Commitments | 57,078 |
Other Commitments, Less than 1 Year | 9,645 |
Other Commitments, 1-3 Years | 18,803 |
Other Commitments, 4-5 Years | 8,936 |
Other Commitments, More than 5 Years | 19,694 |
Standby Letters of Credit [Member] | |
Total Other Commercial Commitments | 8,012 |
Other Commitments, Less than 1 Year | 3,694 |
Other Commitments, 1-3 Years | 4,318 |
Other Commitments, 4-5 Years | 0 |
Other Commitments, More than 5 Years | $ 0 |
Note 20 - Fair Value Measurem_3
Note 20 - Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale | $ 285,765 | $ 148,090 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 285,765 | 148,090 |
Equity securities | 248 | 149 |
Mortgage loan commitments | 26 | 261 |
Total | 286,039 | 148,500 |
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 | 285,765 | 148,090 |
Equity securities | 248 | 149 |
Mortgage loan commitments | 26 | 261 |
Total | 286,039 | 148,500 |
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 20 - Fair Value Measurem_4
Note 20 - Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans held for sale, Total gains (losses) | $ (56) | $ 28 |
Mortgage servicing rights, Total gains (losses) | 0 | 0 |
Impaired loanss, Total gains (losses) | (218) | (76) |
Real estate, net, Total gains (losses) | 0 | 0 |
Total, Total gains (losses) | (274) | (48) |
Fair Value, Nonrecurring [Member] | ||
Loans held for sale | 5,575 | 6,186 |
Mortgage servicing rights, net | 3,280 | 3,043 |
Impaired loans | 4,244 | 2,888 |
Real estate, net | 290 | 636 |
Total | 13,389 | 12,753 |
Real estate, net | 290 | 636 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Impaired loans | 0 | 0 |
Real estate, net | 0 | 0 |
Total | 0 | 0 |
Real estate, net | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale | 5,575 | 6,186 |
Mortgage servicing rights, net | 3,280 | 3,043 |
Impaired loans | 4,244 | 2,888 |
Real estate, net | 290 | 636 |
Total | 13,389 | 12,753 |
Real estate, net | 290 | 636 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Impaired loans | 0 | 0 |
Real estate, net | 0 | 0 |
Total | 0 | 0 |
Real estate, net | $ 0 | $ 0 |
Note 21 - Fair Value of Finan_3
Note 21 - Fair Value of Financial Instruments - Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale | $ 285,765 | $ 148,090 |
Loans receivable, net | 652,502 | 642,630 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 94,143 | 86,269 |
Securities available for sale | 285,765 | 148,090 |
Equity securities | 248 | 149 |
Loans held for sale | 5,575 | 6,186 |
Loans receivable, net | 652,502 | 648,275 |
FHLB stock | 1,092 | 932 |
Accrued interest receivable | 2,132 | 3,102 |
Deposits | 950,666 | 795,927 |
Accrued interest payable | 63 | 140 |
Commitments to extend credit | 26 | 261 |
Commitments to sell loans | 12 | (44) |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 94,143 | |
Securities available for sale | 285,765 | |
Equity securities | 248 | |
Loans held for sale | 5,575 | |
Loans receivable, net | 661,298 | |
FHLB stock | 1,092 | |
Accrued interest receivable | 2,132 | |
Deposits | 950,558 | |
Accrued interest payable | 63 | |
Commitments to extend credit | 26 | 180,330 |
Commitments to sell loans | 12 | 24,746 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 94,143 | |
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
FHLB stock | ||
Accrued interest receivable | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | 285,765 | |
Equity securities | 248 | |
Loans held for sale | 5,575 | |
Loans receivable, net | 661,298 | |
FHLB stock | 1,092 | |
Accrued interest receivable | 2,132 | |
Deposits | 950,558 | |
Accrued interest payable | 63 | |
Commitments to extend credit | ||
Commitments to sell loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | ||
Equity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
FHLB stock | ||
Accrued interest receivable | ||
Deposits | ||
Accrued interest payable | ||
Commitments to extend credit | 195,141 | |
Commitments to sell loans | $ 12,340 | |
Portion at Other than Fair Value Measurement [Member] | ||
Cash and cash equivalents | 86,269 | |
Securities available for sale | 148,090 | |
Equity securities | 149 | |
Loans held for sale | 6,186 | |
Loans receivable, net | 642,630 | |
FHLB stock | 932 | |
Accrued interest receivable | 3,102 | |
Deposits | 795,204 | |
Accrued interest payable | 140 | |
Commitments to extend credit | 261 | |
Commitments to sell loans | $ (44) |
Note 22 - HMN Financial, Inc._3
Note 22 - HMN Financial, Inc. Financial Information (Parent Company Only) - Condensed Financial Statements for the Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 94,143 | $ 86,269 | |
Prepaid expenses and other assets | 5,427 | 7,241 | |
Total assets | 1,069,538 | 909,580 | |
Accrued expenses and other liabilities | 6,635 | 8,986 | |
Total liabilities | 959,507 | 806,328 | |
Common stock | 91 | 91 | |
Additional paid-in capital | 40,740 | 40,480 | |
Retained earnings | 131,413 | 117,849 | |
Unearned employee stock ownership plan shares | (1,256) | (1,450) | |
Treasury stock, at cost, 4,564,087 and 4,359,552 shares | (59,374) | (55,000) | |
Total stockholders' equity | 110,031 | 103,252 | $ 92,648 |
Total liabilities and stockholders' equity | 1,069,538 | 909,580 | |
Interest income | 30,208 | 29,108 | |
Occupancy and equipment | 4,372 | 4,429 | |
Data processing | (1,445) | (1,314) | |
Professional services | (1,438) | (1,405) | |
Income tax expense | 5,365 | 4,068 | |
Net income | 13,564 | 10,302 | |
Deferred income tax benefit | 612 | (802) | |
Earned ESOP shares priced above original cost | 239 | 145 | |
Amortization of restricted stock awards | 243 | 238 | |
Amortization of unearned ESOP shares | 194 | 193 | |
Decrease in other assets | 1,503 | 1,175 | |
(Decrease) increase in other liabilities | (2,307) | 670 | |
Net cash provided (used) by operating activities | 24,303 | 16,942 | |
Treasury stock purchased | (4,589) | (1,450) | |
Stock awards withheld for tax withholding | (7) | (60) | |
Net cash provided by financing activities | 151,011 | 119,409 | |
Cash and cash equivalents, beginning of year | 86,269 | ||
Cash and cash equivalents, end of year | 94,143 | 86,269 | |
Parent Company [Member] | |||
Cash and cash equivalents | 12,538 | 10,970 | $ 7,722 |
Investment in subsidiaries | 96,867 | 91,558 | |
Prepaid expenses and other assets | 785 | 891 | |
Deferred tax asset, net | 4 | 14 | |
Total assets | 110,194 | 103,433 | |
Accrued expenses and other liabilities | 163 | 181 | |
Total liabilities | 163 | 181 | |
Common stock | 91 | 91 | |
Additional paid-in capital | 40,740 | 40,480 | |
Retained earnings | 131,413 | 117,849 | |
Net unrealized (loss) gains on securities available for sale | (1,583) | 1,282 | |
Unearned employee stock ownership plan shares | (1,256) | (1,450) | |
Treasury stock, at cost, 4,564,087 and 4,359,552 shares | (59,374) | (55,000) | |
Total stockholders' equity | 110,031 | 103,252 | |
Total liabilities and stockholders' equity | 110,194 | 103,433 | |
Interest income | 31 | 43 | |
Equity income of subsidiaries | 14,174 | 10,815 | |
Compensation and benefits | (282) | (243) | |
Occupancy and equipment | (30) | (30) | |
Data processing | (6) | (6) | |
Professional services | (111) | (93) | |
Other | (405) | (383) | |
Income before income tax benefit | 13,371 | 10,103 | |
Income tax expense | 193 | 199 | |
Net income | 13,564 | 10,302 | |
Equity income of subsidiaries | (14,174) | (10,815) | |
Deferred income tax benefit | 10 | 10 | |
Earned ESOP shares priced above original cost | 239 | 145 | |
Amortization of restricted stock awards | 243 | 238 | |
Amortization of unearned ESOP shares | 194 | 193 | |
Decrease in other assets | 106 | (281) | |
(Decrease) increase in other liabilities | (18) | (34) | |
Net cash provided (used) by operating activities | 164 | (242) | |
Treasury stock purchased | (4,589) | (1,450) | |
Stock awards withheld for tax withholding | (7) | (60) | |
Dividends received from Bank | 6,000 | 5,000 | |
Net cash provided by financing activities | 1,404 | 3,490 | |
Increase in cash and cash equivalents | 1,568 | 3,248 | |
Cash and cash equivalents, beginning of year | 10,970 | 7,722 | |
Cash and cash equivalents, end of year | $ 12,538 | $ 10,970 |
Note 23 - Business Segments - P
Note 23 - Business Segments - Profit and Assets for the Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income – external customers | $ 31,761 | $ 31,959 |
Non-interest income – external customers | 14,263 | 15,083 |
Intersegment interest income | 0 | 0 |
Intersegment non-interest income | 0 | 0 |
Interest expense | 1,553 | 2,851 |
Provision for loan losses | (2,119) | 2,699 |
Non-interest expense | 27,661 | 27,122 |
Income tax expense | 5,365 | 4,068 |
Net income | 13,564 | 10,302 |
Total assets | 1,069,538 | 909,580 |
Consolidation, Eliminations [Member] | ||
Interest income – external customers | 0 | 0 |
Non-interest income – external customers | 0 | 0 |
Intersegment interest income | (31) | (11,049) |
Intersegment non-interest income | (14,408) | (43) |
Interest expense | (31) | (43) |
Provision for loan losses | 0 | 0 |
Non-interest expense | (234) | (234) |
Income tax expense | 0 | 0 |
Net income | (14,174) | (10,815) |
Total assets | (109,490) | (103,458) |
Home Federal Savings Bank [Member] | Operating Segments [Member] | ||
Interest income – external customers | 31,761 | 31,959 |
Non-interest income – external customers | 14,262 | 15,083 |
Intersegment interest income | 0 | 234 |
Intersegment non-interest income | 234 | 0 |
Interest expense | 1,584 | 2,894 |
Provision for loan losses | (2,119) | 2,699 |
Non-interest expense | 27,060 | 26,601 |
Income tax expense | 5,558 | 4,267 |
Net income | 14,174 | 10,815 |
Total assets | 1,068,834 | 909,605 |
Other Segments [Member] | Operating Segments [Member] | ||
Interest income – external customers | 0 | 0 |
Non-interest income – external customers | 1 | 0 |
Intersegment interest income | 31 | 10,815 |
Intersegment non-interest income | 14,174 | 43 |
Interest expense | 0 | 0 |
Provision for loan losses | 0 | 0 |
Non-interest expense | 835 | 755 |
Income tax expense | (193) | (199) |
Net income | 13,564 | 10,302 |
Total assets | $ 110,194 | $ 103,433 |