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Note 11 - Employee Benefits | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Compensation and Employee Benefit Plans [Text Block] | Note 11 - Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12-month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46%. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Principal and interest payments of $837,000 and $835,000, respectively, were made by the ESOP during the nine months ended September 30, 2024 and 2023. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended September 30, 2024 and 2023, was $136,000 and $167,000, respectively. Compensation expense related to the ESOP for the nine months ended September 30, 2024 and 2023, was $481,000 and $507,000, respectively. Shares issued to the ESOP as of the dates indicated are as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (Dollars in thousands) |
Allocated shares |  |  | 492,208 |  |  |  | 439,174 |
Committed to be released shares |  |  | 13,221 |  |  |  | 26,514 |
Unallocated shares |  |  | 542,600 |  |  |  | 582,341 |
Total ESOP shares issued |  |  | 1,048,029 |  |  |  | 1,048,029 |
Fair value of unallocated shares |  | $ | 5,806 |  |  | $ | 9,283 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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