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Note 5 - Loans Receivable, Net

12 Months Ended

Dec. 31, 2023

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

NOTE 5 Loans Receivable, Net

A summary of loans receivable at December 31, 2023 and 2022, is as follows:

(Dollars in thousands)	2023			2022
Single family real estate	$	264,303			205,890
Commercial real estate:
Construction:
Single family		23,305			28,425
Multi-family		23,484			1,699
Commercial real estate		19,712			16,421
Churches/community service		14,650			11,933
Commercial buildings/storage facilities		10,243			12,705
Land developments		25,362			30,230
Lodging		65,432			59,762
Manufacturing		21,043			23,478
Movie theaters		8,360			8,861
Multi-family		60,613			53,885
Nursing home/healthcare		24,391			24,528
Office		60,099			59,262
Restaurant/bar/cafe		7,941			8,622
Retail		45,859			47,959
Warehouse		48,833			51,002
Other ⁽¹⁾		30,626			32,573
		489,953			471,345
Consumer:
Home equity line		13,962			17,551
Home equity		12,090			10,865
Land/lot		5,077			4,146
Recreational vehicles		5,965			7,870
Other ⁽¹⁾		5,640			4,385
		42,734			44,817
Commercial business		61,118			65,835
Total loans		858,108			787,887

Less:
Unamortized discounts		15			13
Net deferred loan fees		577			519
Allowance for credit losses ⁽²⁾		11,824			10,277
Total loans receivable, net	$	845,692			777,078
Commitments to originate or purchase loans	$	7,268			24,493
Commitments to deliver loans to secondary market	$	3,078			6,575
Weighted average contractual rate of loans in portfolio		4.88	%		4.51	%

⁽¹⁾	Amounts under four million dollars in both years are included in “Other”.
⁽²⁾	The Company adopted Accounting Standards Update 2016-13 as of January 1, 2023. The 2022 amounts presented are calculated under the prior accounting standard.

Included in total commitments to originate or purchase loans are fixed rate loans aggregating $7.3 million and $5.3 million as of December 31, 2023 and 2022, respectively. The interest rates on these loan commitments ranged from 5.88% to 7.79% at December 31, 2023 and from 5.75% to 6.50% at December 31, 2022.

There were no loans to executive officers and directors of the Company as of December 31, 2023 or 2022. During 2023, there were no new loans to executive officers and directors and no loans were paid off or closed. Any 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, 2023 and 2022, the Company was servicing loans for others with aggregate unpaid principal balances of $588.0 million and $587.6 million, respectively.

The Company originates residential, commercial real estate and other loans primarily in Minnesota, Wisconsin and Iowa. At December 31, 2023 and 2022, the Company had in its portfolio single family residential loans located in the following states:

	2023					2022
(Dollars in thousands)	Amount		Percent of Total			Amount		Percent of Total
Minnesota	$	233,026		88.2	%	$	177,139		86.0	%
Wisconsin		23,880		9.0			23,030		11.2
Other states ⁽¹⁾		7,397		2.8			5,721		2.8
Total	$	264,303		100.0	%	$	205,890		100.0	%

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

At December 31, 2023 and 2022, the Company had in its portfolio commercial real estate loans located in the following states:

	2023					2022
(Dollars in thousands)	Amount		Percent of Total			Amount		Percent of Total
Colorado	$	5,865		1.2	%	$	6,031		1.3	%
Florida		6,797		1.4			7,049		1.5
Idaho		4,718		1.0			4,712		1.0
Iowa		10,011		2.0			10,440		2.2
Minnesota		285,886		58.3			284,841		60.4
North Carolina		3,973		0.8			4,211		0.9
Wisconsin		162,456		33.2			143,076		30.4
Other states ⁽¹⁾		10,247		2.1			10,985		2.3
Total	$	489,953		100.0	%	$	471,345		100.0	%

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