XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Loans Receivable, Net

12 Months Ended

Dec. 31, 2022

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

NOTE 5 Loans Receivable, Net

A summary of loans receivable at December 31, 2022 and 2021, is as follows:

(Dollars in thousands)	2022			2021
Single family real estate	$	205,890			163,322
Commercial real estate:
Construction:
Single family		28,425			23,293
Multi-family		1,699			9,986
Commercial real estate		16,421			13,959
Churches/community service		11,933			11,332
Commercial buildings/storage facilities		12,705			11,881
Land developments		30,230			12,041
Lodging		59,762			57,220
Manufacturing		23,478			23,913
Movie theaters		8,861			9,334
Multi-family		53,885			43,140
Nursing home/healthcare		24,528			19,870
Restaurant/bar		8,622			8,473
Retail/office		107,221			87,244
Warehouse		51,002			31,501
Other ⁽¹⁾		32,573			33,681
		471,345			396,868
Consumer:
Home equity line		17,551			17,467
Home equity		10,865			7,557
Land/lots		4,146			2,154
Recreational vehicles		7,870			10,985
Other ⁽¹⁾		4,385			3,482
		44,817			41,645
Commercial business		65,835			60,165
Total loans		787,887			662,000
Less:
Unamortized discounts		13			10
Net deferred loan fees		519			209
Allowance for loan losses		10,277			9,279
Total loans receivable, net	$	777,078			652,502
Commitments to originate or purchase loans	$	24,493			14,501
Commitments to deliver loans to secondary market	$	6,575			12,340
Weighted average contractual rate of loans in portfolio		4.51	%		4.01	%

⁽¹⁾ Amounts under four million dollars in both years are included in “Other”.

Included in total commitments to originate or purchase loans are fixed rate loans aggregating $5.3 million and $13.5 million as of December 31, 2022 and 2021, respectively. The interest rates on these loan commitments ranged from 5.75% to 6.50% at December 31, 2022 and from 2.50% to 4.75% at December 31, 2021.

There were no loans to executive officers and directors of the Company as of December 31, 2022 and there were aggregate loans of $0.1 million at December 31, 2021. During 2022, there were no new loans to executive officers and directors and $0.1 million of loans were paid off or closed. 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, 2022 and 2021, the Company was servicing loans for others with aggregate unpaid principal balances of $587.6 million and $586.4 million, respectively.

The Company originates residential, commercial real estate and other loans primarily in Minnesota, Wisconsin and Iowa. At December 31, 2022 and 2021, the Company had in its portfolio single family residential loans located in the following states:

	2022					2021
(Dollars in thousands)	Amount		Percent of Total			Amount		Percent of Total
Minnesota	$	177,139		86.0	%	$	142,252		87.1	%
Wisconsin		23,030		11.2			15,048		9.2
Other states ⁽¹⁾		5,721		2.8			6,022		3.7
Total	$	205,890		100.0	%	$	163,322		100.0	%

⁽¹⁾	Amounts under four million dollars in both years are included in “Other states”.

At December 31, 2022 and 2021, the Company had in its portfolio commercial real estate loans located in the following states:

	2022					2021
(Dollars in thousands)	Amount		Percent of Total			Amount		Percent of Total
Colorado	$	6,031		1.3	%	$	6,150		1.6	%
Florida		7,049		1.5			4,293		1.1
Idaho		4,712		1.0			2,802		0.7
Iowa		10,440		2.2			7,955		2.0
Minnesota		284,841		60.4			264,376		66.6
North Carolina		4,211		0.9			4,436		1.1
Wisconsin		143,076		30.4			93,999		23.7
Other states ⁽¹⁾		10,985		2.3			12,857		3.2
Total	$	471,345		100.0	%	$	396,868		100.0	%

⁽¹⁾	Amounts under four million dollars in both years are included in “Other states”.