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Note 5 - Loans Receivable, Net

12 Months Ended

Dec. 31, 2021

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 5 Loans Receivable, Net

A summary of loans receivable at December 31, 2021 and 2020, is as follows:

(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 dollars in both years are included in "Other".

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 and 2020, respectively. The interest rates on these loan commitments ranged from 2.50% to 4.75% at December 31, 2021 and from 2.25% to 4.75% at 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 and 2020, respectively. During 2021, there were no new loans to executive officers and directors. Loans paid off or closed totaled $0.1 million in 2021. The remaining balance of $0.1 million for both years represents a Home Equity Line of Credit for one executive officer and there has been no activity on the line of credit during 2021 or 2020. All loans to executive officers and directors are made in the ordinary course of business on normal credit terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties.

At December 31, 2021 and 2020, the Company was servicing loans for others with aggregate unpaid principal balances of $586.4 million and $580.0 million, respectively.

The Company originates residential, commercial real estate and other loans primarily in Minnesota and Wisconsin. At December 31, 2021 and 2020, the Company had in its portfolio single family residential loans located in the following states:

	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 dollars in both years are included in “Other states”.

At December 31, 2021 and 2020, the Company had in its portfolio commercial real estate loans located in the following states:

	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 dollars in both years are included in “Other states”.