Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001035976 | |
Entity Registrant Name | FNCB BANCORP, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38408 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2900790 | |
Entity Address, Address Line One | 102 E. Drinker St. | |
Entity Address, City or Town | Dunmore | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18512 | |
City Area Code | 570 | |
Local Phone Number | 346-7667 | |
Title of 12(b) Security | Common stock, $1.25 par value | |
Trading Symbol | FNCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,783,031 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 42,081 | $ 26,588 |
Interest-bearing deposits in other banks | 34,990 | 15,328 |
Total cash and cash equivalents | 77,071 | 41,916 |
Available-for-sale debt securities, at fair value | 437,142 | 476,091 |
Equity securities, at fair value | 6,104 | 7,717 |
Total restricted securities, at cost | 8,842 | 8,545 |
Loans held for sale | 0 | 60 |
Loans and leases, net of allowance for credit losses of $12,149 and $14,193 | 1,193,603 | 1,110,124 |
Bank premises and equipment, net | 14,790 | 15,616 |
Accrued interest receivable | 6,599 | 5,957 |
Bank-owned life insurance | 37,111 | 36,499 |
Other assets | 45,511 | 43,005 |
Total assets | 1,826,773 | 1,745,530 |
Liabilities | ||
Demand (non-interest bearing) | 297,740 | 305,850 |
Interest-bearing | 1,204,635 | 1,114,797 |
Total deposits | 1,502,375 | 1,420,647 |
Borrowed funds: | ||
Federal Home Loan Bank of Pittsburgh advances | 176,423 | 172,050 |
Junior subordinated debentures | 10,310 | 10,310 |
Total borrowed funds | 186,733 | 182,360 |
Accrued interest payable | 1,001 | 171 |
Other liabilities | 18,862 | 23,403 |
Total liabilities | 1,708,971 | 1,626,581 |
Shareholders' equity | ||
Preferred shares ($1.25 par) Authorized: 20,000,000 shares at September 30, 2023 and December 31, 2022 Issued and outstanding: 0 shares at September 30, 2023 and December 31, 2022 | 0 | 0 |
Common shares ($1.25 par) Authorized: 50,000,000 shares at September 30, 2023 and December 31, 2022 Issued and outstanding: 19,780,317 shares at September 30, 2023 and 19,681,644 shares at December 31, 2022 | 24,725 | 24,602 |
Additional paid-in capital | 78,050 | 77,502 |
Retained earnings | 70,221 | 64,873 |
Accumulated other comprehensive loss | (55,194) | (48,028) |
Total shareholders' equity | 117,802 | 118,949 |
Total liabilities and shareholders’ equity | $ 1,826,773 | $ 1,745,530 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans, allowance for credit losses | $ 12,149 | $ 14,193 |
Preferred shares, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Preferred shares, authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Preferred shares, outstanding (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common shares, authorized (in shares) | 50,000,000 | 50,000,000 |
Common shares, issued (in shares) | 19,780,317 | 19,681,644 |
Common shares, outstanding (in shares) | 19,780,317 | 19,681,644 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and fees on loans and leases | $ 17,224 | $ 12,270 | $ 47,642 | $ 33,472 |
Interest and dividends on securities: | ||||
Taxable | 3,063 | 2,633 | 9,204 | 7,425 |
Tax-exempt | 539 | 691 | 1,670 | 1,961 |
Dividends | 248 | 163 | 744 | 353 |
Total interest and dividends on securities | 3,850 | 3,487 | 11,618 | 9,739 |
Interest on interest-bearing deposits in other banks | 243 | 19 | 672 | 34 |
Total interest income | 21,317 | 15,776 | 59,932 | 43,245 |
Interest expense | ||||
Interest on deposits | 6,446 | 1,001 | 16,968 | 1,671 |
Interest on borrowed funds: | ||||
Federal Reserve Discount Window advances | 205 | 0 | 297 | 0 |
Federal Home Loan Bank of Pittsburgh advances | 2,268 | 736 | 6,715 | 1,009 |
Junior subordinated debentures | 191 | 99 | 531 | 220 |
Total interest on borrowed funds | 2,664 | 835 | 7,543 | 1,229 |
Total interest expense | 9,110 | 1,836 | 24,511 | 2,900 |
Net interest income before (credit to) provision for credit losses - loans and leases | 12,207 | 13,940 | 35,421 | 40,345 |
Provision for credit losses - loans and leases | (270) | 513 | 1,504 | 1,334 |
Net interest income after (credit to) provision for credit losses - loans and leases | 12,477 | 13,427 | 33,917 | 39,011 |
Non-interest income | ||||
Deposit service charges | 1,132 | 1,133 | 3,319 | 3,248 |
Net gain (loss) on the sale of available-for-sale debt securities | 0 | 0 | 252 | (35) |
Net (loss) gain on equity securities | (233) | 86 | (1,773) | (121) |
Net gain on the sale of mortgage loans held for sale | 1 | 91 | 2 | 123 |
Loan-related fees | 64 | 54 | 235 | 161 |
Income from cash surrender value of bank-owned life insurance | 210 | 200 | 612 | 542 |
Merchant services revenue | 146 | 173 | 464 | 544 |
Wealth management services revenue | 237 | 109 | 720 | 345 |
Other | 137 | 295 | 482 | 781 |
Total non-interest income | 1,694 | 2,141 | 4,313 | 5,588 |
Non-interest expense | ||||
Salaries and employee benefits | 4,935 | 4,581 | 14,859 | 13,758 |
Occupancy expense | 516 | 517 | 1,587 | 1,512 |
Equipment expense | 229 | 314 | 733 | 954 |
Advertising expense | 198 | 202 | 595 | 561 |
Data processing expense | 1,034 | 974 | 2,984 | 3,046 |
Regulatory assessments | 283 | 230 | 808 | 651 |
Insurance expense | 175 | 167 | 518 | 477 |
Bank shares tax | 264 | 375 | 676 | 1,091 |
Professional fees | 265 | 297 | 781 | 837 |
Director Fees | 248 | 229 | 416 | 388 |
(Credit) provision for unfunded commitments | (235) | 338 | (729) | 461 |
Merger and acquisition expenses | 537 | 0 | 537 | 0 |
Other operating expenses | 851 | 808 | 2,558 | 2,072 |
Total non-interest expense | 9,300 | 9,032 | 26,323 | 25,808 |
Income before income tax expense | 4,871 | 6,536 | 11,907 | 18,791 |
Income tax expense | 709 | 1,101 | 2,277 | 3,265 |
Net income | $ 4,162 | $ 5,435 | $ 9,630 | $ 15,526 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.49 | $ 0.79 |
Diluted (in dollars per share) | 0.21 | 0.28 | 0.49 | 0.79 |
Cash dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.24 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||
Basic (in shares) | 19,776,342 | 19,687,766 | 19,724,956 | 19,765,814 |
Diluted (in shares) | 19,776,360 | 19,697,047 | 19,727,790 | 19,786,855 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 4,162 | $ 5,435 | $ 9,630 | $ 15,526 |
Other comprehensive loss: | ||||
Unrealized losses on available-for-sale debt securities | (12,457) | (22,652) | (9,526) | (74,938) |
Taxes | 2,616 | 4,757 | 2,000 | 15,737 |
Net of tax amount | (9,841) | (17,895) | (7,526) | (59,201) |
Reclassification adjustment (gains) losses included in net income | 0 | 0 | (252) | 35 |
Taxes | 0 | 0 | 53 | (7) |
Net of tax amount | 0 | 0 | (199) | 28 |
Derivative adjustments | 1,118 | 214 | 708 | 880 |
Taxes | (235) | (45) | (149) | (185) |
Net of tax amount | 883 | 169 | 559 | 695 |
Total other comprehensive loss | (8,958) | (17,726) | (7,166) | (58,478) |
Comprehensive (loss) income | $ (4,796) | $ (12,291) | $ 2,464 | $ (42,952) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 19,989,875 | |||||||||
Balances at Dec. 31, 2021 | $ 24,987 | $ 80,128 | $ 50,990 | $ 6,352 | $ 162,457 | |||||
Net income | 0 | 0 | 15,526 | 0 | 15,526 | |||||
Cash dividends | 0 | 0 | (4,748) | 0 | (4,748) | |||||
Restricted stock awards | $ 0 | 334 | 0 | 0 | 334 | |||||
Repurchase of common shares (in shares) | (384,830) | |||||||||
Repurchase of common shares | $ (481) | (3,155) | 0 | 0 | (3,636) | |||||
Common shares issued under long-term incentive compensation plan (in shares) | 71,510 | |||||||||
Common shares issued under long-term incentive compensation plan | $ 89 | 46 | 0 | 0 | $ 135 | |||||
Common shares issued through dividend reinvestment/optional cash purchase plan (in shares) | 3,919 | 3,919 | ||||||||
Common shares issued through dividend reinvestment/optional cash purchase plan | $ 5 | 28 | (31) | 0 | $ 2 | |||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (58,478) | (58,478) | |||||
Balances (in shares) at Sep. 30, 2022 | 19,680,474 | |||||||||
Balances at Sep. 30, 2022 | $ 24,600 | 77,381 | 61,737 | (52,126) | 111,592 | |||||
Balances (in shares) at Jun. 30, 2022 | 19,675,557 | |||||||||
Balances at Jun. 30, 2022 | $ 24,594 | 77,233 | 58,085 | (34,400) | 125,512 | |||||
Net income | 0 | 0 | 5,435 | 0 | 5,435 | |||||
Cash dividends | 0 | 0 | (1,772) | 0 | (1,772) | |||||
Restricted stock awards | $ 0 | 112 | 0 | 0 | 112 | |||||
Repurchase of common shares (in shares) | (13,454) | |||||||||
Repurchase of common shares | $ (17) | (89) | 0 | 0 | (106) | |||||
Common shares issued under long-term incentive compensation plan (in shares) | 16,821 | |||||||||
Common shares issued under long-term incentive compensation plan | $ 21 | 114 | 0 | 0 | $ 135 | |||||
Common shares issued through dividend reinvestment/optional cash purchase plan (in shares) | 1,550 | 1,550 | ||||||||
Common shares issued through dividend reinvestment/optional cash purchase plan | $ 2 | 11 | (11) | 0 | $ 2 | |||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (17,726) | (17,726) | |||||
Balances (in shares) at Sep. 30, 2022 | 19,680,474 | |||||||||
Balances at Sep. 30, 2022 | $ 24,600 | 77,381 | 61,737 | (52,126) | 111,592 | |||||
Balances (in shares) (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | ||||||||||
Balances (in shares) at Dec. 31, 2022 | 19,681,644 | |||||||||
Balances (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 1,080 | $ 1,080 | ||||||||
Balances at Dec. 31, 2022 | $ 24,602 | 77,502 | 64,873 | (48,028) | 118,949 | |||||
Net income | 0 | 0 | 9,630 | 0 | 9,630 | |||||
Cash dividends | 0 | 0 | (5,329) | 0 | (5,329) | |||||
Restricted stock awards | $ 0 | 416 | 0 | 0 | $ 416 | |||||
Repurchase of common shares (in shares) | 0 | |||||||||
Common shares issued under long-term incentive compensation plan (in shares) | 85,165 | |||||||||
Common shares issued under long-term incentive compensation plan | $ 106 | 57 | 0 | 0 | $ 163 | |||||
Common shares issued through dividend reinvestment/optional cash purchase plan (in shares) | 8,814 | 8,814 | ||||||||
Common shares issued through dividend reinvestment/optional cash purchase plan | $ 11 | 43 | (33) | 0 | $ 21 | |||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (7,166) | (7,166) | |||||
Common shares issued in consideration of an asset purchase (in shares) | 4,694 | |||||||||
Common shares issued in consideration of an asset purchase | $ 6 | 32 | 0 | 0 | 38 | |||||
Balances (in shares) at Sep. 30, 2023 | 19,780,317 | |||||||||
Balances at Sep. 30, 2023 | $ 24,725 | 78,050 | 70,221 | (55,194) | 117,802 | |||||
Balances (in shares) at Jun. 30, 2023 | 19,750,092 | |||||||||
Balances at Jun. 30, 2023 | $ 24,687 | 77,757 | 67,851 | (46,236) | 124,059 | |||||
Net income | 0 | 0 | 4,162 | 0 | 4,162 | |||||
Cash dividends | 0 | 0 | (1,781) | 0 | (1,781) | |||||
Restricted stock awards | $ 0 | 142 | 0 | 0 | 142 | |||||
Common shares issued under long-term incentive compensation plan (in shares) | 26,740 | |||||||||
Common shares issued under long-term incentive compensation plan | $ 33 | 130 | 0 | 0 | $ 163 | |||||
Common shares issued through dividend reinvestment/optional cash purchase plan (in shares) | 1,439 | 1,439 | ||||||||
Common shares issued through dividend reinvestment/optional cash purchase plan | $ 2 | 7 | (11) | 0 | $ (2) | |||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (8,958) | (8,958) | |||||
Common shares issued in consideration of an asset purchase (in shares) | 2,046 | |||||||||
Common shares issued in consideration of an asset purchase | $ 3 | 14 | 0 | 0 | 17 | |||||
Balances (in shares) at Sep. 30, 2023 | 19,780,317 | |||||||||
Balances at Sep. 30, 2023 | $ 24,725 | $ 78,050 | $ 70,221 | $ (55,194) | $ 117,802 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.24 |
Other comprehensive income (loss) , tax | $ 2,381 | $ 4,712 | $ 1,904 | $ 15,545 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 9,630 | $ 15,526 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Investment securities amortization, net | 1,474 | 2,260 |
Equity in trust | (16) | (7) |
Depreciation of bank premises and equipment | 988 | 1,163 |
Amortization of loan origination costs (fees) | 640 | (637) |
Valuation adjustment for loan servicing rights | 0 | (3) |
Stock-based compensation expense | 579 | 469 |
Provision for credit losses - loans and leases | 1,504 | 1,334 |
(Credit) provision for unfunded commitments | (729) | 461 |
Net (gain) loss on the sale of available-for-sale debt securities | (252) | 35 |
Net loss on equity securities | 1,773 | 121 |
Net gain on the sale of mortgage loans held for sale | (2) | (123) |
Net gain on the sale of other real estate owned | 0 | (3) |
Income from cash surrender value of bank-owned life insurance | (612) | (542) |
Proceeds from the sale of mortgage loans held for sale | 252 | 6,888 |
Funds used to originate mortgage loans held for sale | (190) | (7,013) |
Loss on disposition of assets | 25 | 0 |
Increase in accrued interest receivable | (642) | (986) |
Decrease (increase) in other assets | 508 | (520) |
Increase in accrued interest payable | 830 | 52 |
Decrease in other liabilities | (5,778) | (3,652) |
Total adjustments | 352 | (703) |
Net cash provided by operating activities | 9,982 | 14,823 |
Cash flows from investing activities: | ||
Maturities, calls and principal payments of available-for-sale debt securities | 32,521 | 31,942 |
Proceeds from the sale of available-for-sale debt securities | 10,394 | 2,372 |
Purchases of available-for-sale debt securities | (14,966) | (61,397) |
Purchases of equity securities | (160) | (695) |
Purchase of restricted stock | (297) | (2,927) |
Net increase in loans and leases to customers | (82,925) | (131,015) |
Proceeds from the sale of other real estate owned | 0 | 695 |
Purchase of bank-owned life insurance | 0 | (3,000) |
Purchases of bank premises and equipment | (187) | (607) |
Net cash used in investing activities | (55,620) | (164,632) |
Cash flows from financing activities: | ||
Net increase in deposits | 81,728 | 47,598 |
Net (decrease) increase in Federal Home Loan Bank of Pittsburgh advances - overnight | (104,400) | 65,700 |
Proceeds from Federal Home Loan Bank of Pittsburgh advances - term | 303,873 | 10,000 |
Repayment of Federal Home loan Bank of Pittsburgh advances - term | (195,100) | (30,000) |
Repayment of Federal Reserve Discount Window advances | (25,000) | 0 |
Repurchase of common shares | 0 | (3,636) |
Proceeds from issuance of common shares, net of discount | 21 | 2 |
Cash dividends paid | (5,329) | (4,748) |
Net cash provided by financing activities | 80,793 | 84,916 |
Net increase (decrease) in cash and cash equivalents | 35,155 | (64,893) |
Cash and cash equivalents at beginning of period | 41,916 | 99,020 |
Cash and cash equivalents at end of period | 77,071 | 34,127 |
Supplemental cash flow information | ||
Interest | 23,681 | 2,848 |
Taxes | 2,500 | 3,350 |
Other transactions: | ||
Lease liabilities from obtaining right-of use assets | 19 | 0 |
Common shares issued in consideration of an asset purchase | 38 | 0 |
Federal Reserve Bank Advances [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Federal Reserve Discount Window advances | $ 25,000 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. The consolidated financial statements of FNCB Bancorp, Inc. are comprised of the accounts of FNCB Bancorp, Inc., a registered bank holding company under the Bank Holding Company Act of 1956, 10 10 01 X. not not three nine September 30, 2023 may not In addition, the preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term are the allowance for credit losses (“ACL”), securities’ valuation and evaluation for credit impairment and income taxes. Since 2021, 1st June 5, 2023, 1 st July 5, 2023, not 203 1965, January 2, 2024. October 1, 2023, 1st Agreement and Plan of Merger: On September 27, 2023, October 27, 2023, The Merger Agreement provides certain termination rights for both PFIS and FNCB and further provides that a termination fee of $4.8 million will be payable by either PFIS or FNCB, as applicable, upon termination of the Merger Agreement under certain circumstances. The foregoing summary is not 2.1 8 September 27, 2023. April 1, 2024, no Subsequent Events: In addition to the establishment of 1st September 30, 2023 12, These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in FNCB’s audited consolidated financial statements, included in the Annual Report filed on Form 10 December 31, 2022 2022 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies / New Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. Summary of Significant Accounting Policies/ New Authoritative Accounting Guidance The disclosures below update and supplement the accounting policies previously disclosed in Note 2, 2022 2016 13, 326 January 1, 2023. 2016 13 326 ACL on Debt Securities: September 30, 2023 no Upon adoption of ASU 2016 13, no 326 30, third method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance on available-for-sale debt securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not FNCB’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, FNCB does not not zero third zero one The allowance on available-for-sale debt securities may September 30, 2023 January 1, 2023 ( 2016 13 no Loans and Leases: third Generally, for originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual term of the loan using the level-yield method over the estimated lives of the related loans. When a loan is paid off, the unamortized portion of deferred fees or costs are recognized in interest income. Interest income on originated loans is accrued based upon the daily principal amount outstanding except for loans on non-accrual status. For purchased loans, interest income is accrued based upon the daily principal amount outstanding and is then further adjusted by the accretion of any discount or amortization of any premium associated with the loan that was recognized based on the acquisition date fair value. When a loan is paid off, the unamortized portion of any premiums or discounts on loans are recognized in interest income. ACL on Loans and Leases: 2016 13, not not may FNCB estimates expected credit losses using the DCF method for all loan portfolio segments measured on a collective or pool basis. For each loan segment, a cash flow projection is generated at the instrument level. A default rate and loss given default assumption are applied to the pool’s projective model of cash flows taking into consideration the effects of prepayments and principal curtailment effects. The analysis produces expected cash flows for each instrument in the pool by pairing loan-level term information (maturity date, payment amount, interest rate, etc.) with top-down pool assumptions (default rates and prepayment speeds). Management has determined that peer loss experience provides the best basis for its assessment of expected credit losses to determine the ACL. FNCB utilizes peer call report data to measure historical credit loss experience with similar risk characteristics within the segments over an economic cycle. Management reviews the historical loss information to appropriately adjust for differences in current asset specific risk characteristics. Management also considered further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that existed for the period over which historical information was evaluated. For all segment models for collectively evaluated loans, FNCB incorporates one four eight may Management also considers certain qualitative factors in its evaluation of expected credit losses, these factors include: (i) changes in the credit quality trends of a respective segment which may third may Individually Evaluated Loans: 2016 13 January 1, 2023, not With the adoption of ASU 2016 13, not may zero Accrued Interest: 2016 13 January 1, 2023, not ACL for Unfunded Commitments: New Authoritative Accounting Guidance On January 1, 2023, 2016 13. 2016 13 2016 13, 2013 16 not The following table below presents the impact of ASU 2016 13 January 1, 2023 (in thousands) As reported Under ASU 2016-13 Pre-ASU 2016-13 Impact of ASU 2016-13 Assets: ACL on loans and leases: Residential real estate $ (1,187 ) $ (2,215 ) $ 1,028 Commercial real estate (2,579 ) (4,193 ) 1,614 Construction, land acquisition and development (1,814 ) (747 ) (1,067 ) Commercial and industrial (3,887 ) (4,099 ) 212 Consumer (1,677 ) (1,307 ) (370 ) State and political subdivisions (413 ) (503 ) 90 Unallocated - (1,129 ) 1,129 Total ACL on loans $ (11,557 ) (14,193 ) $ 2,636 Deferred income taxes $ 15,759 $ 16,046 $ (287 ) Liabilities: Liability for credit losses for unfunded commitments $ (2,217 ) $ (948 ) $ (1,269 ) Shareholders' equity: Retained earnings $ (65,953 ) $ (64,873 ) $ (1,080 ) On January 1, 2023, 2022 02, 326 2022 02 326 20. 326 20 50 6, Refer to Note 2 2022 |
Note 3 - Securities
Note 3 - Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Available-for-Sale Debt Securities The following tables present the amortized cost, gross unrealized gains and losses, and the fair value of FNCB’s available-for-sale debt securities at September 30, 2023 December 31, 2022 September 30, 2023 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (in thousands) Cost Gains Losses Value Available-for-sale debt securities: U.S. treasuries $ 36,839 $ - $ 4,896 $ 31,943 Obligations of state and political subdivisions 224,001 - 33,662 190,339 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 89,010 - 15,719 73,291 Collateralized mortgage obligations - commercial 3,622 - 317 3,305 Mortgage-backed securities 19,616 - 3,485 16,131 Private collateralized mortgage obligations 78,894 57 9,018 69,933 Corporate debt securities 35,070 - 4,392 30,678 Asset-backed securities 20,945 89 170 20,864 Negotiable certificates of deposit 744 - 86 658 Total available-for-sale debt securities $ 508,741 $ 146 $ 71,745 $ 437,142 December 31, 2022 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (in thousands) Cost Gains Losses Value Available-for-sale debt securities: U.S. treasuries $ 36,801 $ - $ 4,667 $ 32,134 Obligations of state and political subdivisions 250,244 90 29,552 220,782 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 93,577 - 13,170 80,407 Collateralized mortgage obligations - commercial 3,649 - 320 3,329 Mortgage-backed securities 23,332 1 2,670 20,663 Private collateralized mortgage obligations 80,648 - 8,141 72,507 Corporate debt securities 33,630 - 2,958 30,672 Asset-backed securities 15,287 5 351 14,941 Negotiable certificates of deposit 744 - 88 656 Total available-for-sale debt securities $ 537,912 $ 96 $ 61,917 $ 476,091 Except for securities of U.S. government and government-sponsored agencies, there were no securities of any individual issuer that exceeded 10.0% September 30, 2023 December 31, 2022 The following table presents the maturity information of FNCB’s available-for-sale debt securities at September 30, 2023 may not not September 30, 2023 Amortized Fair (in thousands) Cost Value Amounts maturing in: One year or less $ 13,428 $ 13,257 After one year through five years 82,337 75,279 After five years through ten years 92,153 76,522 After ten years 108,736 88,560 Mortgage-backed securities 19,616 16,131 Collateralized mortgage obligations 171,526 146,529 Asset-backed securities 20,945 20,864 Total available-for-sale debt securities $ 508,741 $ 437,142 The following table presents the gross proceeds received, and gross realized gains and losses, on sales of available-for-sale debt securities for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Available-for-sale debt securities: Gross proceeds received on sales $ - $ - $ 10,394 $ 2,372 Gross realized gains - - 252 - Gross realized losses - - - (35 ) The following tables present the number, fair value and gross unrealized losses of available-for-sale debt securities in an unrealized loss position at September 30, 2023 December 31, 2022 September 30, 2023 Less than 12 Months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized (dollars in thousands) Securities Value Losses Securities Value Losses Securities Value Losses U.S. treasuries - $ - $ - 17 $ 31,943 $ 4,896 17 $ 31,943 $ 4,896 Obligations of state and political subdivisions 3 3,425 175 198 186,134 33,487 201 189,559 33,662 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential - - - 42 73,291 15,719 42 73,291 15,719 Collateralized mortgage obligations - commercial - - - 3 3,305 317 3 3,305 317 Mortgage-backed securities 3 3,705 310 12 12,426 3,175 15 16,131 3,485 Private collateralized mortgage obligations 7 8,970 336 50 56,857 8,682 57 65,827 9,018 Corporate debt securities 1 1,448 52 29 29,230 4,340 30 30,678 4,392 Asset-backed securities 2 3,933 22 10 10,107 148 12 14,040 170 Negotiable certificates of deposit - - - 3 658 86 3 658 86 Total available-for-sale debt securities 16 $ 21,481 $ 895 364 $ 403,951 $ 70,850 380 $ 425,432 $ 71,745 December 31, 2022 Less than 12 Months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized (dollars in thousands) Securities Value Losses Securities Value Losses Securities Value Losses U.S. treasuries - $ - $ - 17 $ 32,134 $ 4,667 17 $ 32,134 $ 4,667 Obligations of state and political subdivisions 128 146,932 12,751 94 69,872 16,801 222 216,804 29,552 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 16 26,826 3,407 26 53,581 9,763 42 80,407 13,170 Collateralized mortgage obligations - commercial 2 1,911 94 1 1,418 226 3 3,329 320 Mortgage-backed securities 7 8,569 219 7 11,998 2,451 14 20,567 2,670 Private collateralized mortgage obligations 29 27,705 1,213 28 42,819 6,928 57 70,524 8,141 Corporate debt securities 18 21,325 1,805 11 9,347 1,153 29 30,672 2,958 Asset-backed securities 5 7,295 179 5 3,988 172 10 11,283 351 Negotiable certificates of deposit - - - 3 656 88 3 656 88 Total available-for-sale debt securities 205 $ 240,563 $ 19,668 192 $ 225,813 $ 42,249 397 $ 466,376 $ 61,917 Evaluation for Credit Impairment Quarterly, or more frequently if market conditions warrant, management evaluates securities for impairment where there has been a decline in fair value of a security below its amortized cost basis to determine whether the decline in fair value has resulted from a credit loss, or if it is entirely the result of noncredit related factors. At September 30, 2023 September 30, 2023. not not not not Management performed a review of all securities in an unrealized loss position as of September 30, 2023 no may September 30, 2023 not not September 30, 2023 Equity Securities Included in equity securities with readily determinable fair values at September 30, 2023 December 31, 2022 1 4 The following table presents unrealized and realized gains and losses recognized in net income on equity securities for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Net (losses) gains recognized on equity securities $ (233 ) $ 86 $ (1,773 ) $ (121 ) Less: net (losses) gains realized on equity securities sold - - - - Unrealized (losses) gains on equity securities $ (233 ) $ 86 $ (1,773 ) $ (121 ) Equity Securities without Readily Determinable Fair Values At September 30, 2023 December 31, 2022 not third September 30, 2023 December 31, 2022 not no September 30, 2023 December 31, 2022 Restricted Stock The following table presents FNCB's investment in restricted stock at September 30, 2023 December 31, 2022 no September 30, 2023 December 31, 2022 September 30, December 31, (in thousands) 2023 2022 Stock in Federal Home Loan Bank of Pittsburgh $ 8,832 $ 8,535 Stock in Atlantic Community Bankers Bank 10 10 Total restricted securities, at cost $ 8,842 $ 8,545 |
Note 4 - Loans and Leases
Note 4 - Loans and Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4. The following table summarizes loans and leases by portfolio segment at September 30, 2023 December 31, 2022 2016 13, September 30, 2023 not September 30, 2023 December 31, 2022 September 30, December 31, (in thousands) 2023 2022 Residential real estate $ 244,762 $ 250,221 Commercial real estate 379,663 376,976 Construction, land acquisition and development 73,265 66,555 Commercial and industrial 348,749 272,024 Consumer 88,084 92,612 State and political subdivisions 71,229 64,955 Total loans and leases 1,205,752 1,123,343 Unearned income - (810 ) Net deferred origination fees - 1,784 Allowance for credit losses (12,149 ) (14,193 ) Net loans and leases $ 1,193,603 $ 1,110,124 FNCB's commercial credit product offerings include simple interest loans, direct finance leases and municipal leases originated under the brand 1st September 30, 2023 December 31, 2022 FNCB has granted loans, letters of credit and lines of credit to certain of its executive officers and directors as well as to certain of their related parties. For more information about related party transactions, refer to Note 9, FNCB originates 1 4 2023, third 1 4 1 4 three nine September 30, 2023 2023, 1 4 1 4 three nine September 30, 2022 three nine September 30, 2023 2022 no 1 4 September 30, 2023 December 31, 2022, 1 4 The unpaid principal balance of loans serviced for others, which includes residential mortgages sold on the secondary market and SBA-guaranteed loans, was $73.0 million at September 30, 2023 December 31, 2022 Credit Risk Profiles– Commercial Loans Management continuously monitors and evaluates the credit quality of FNCB’s commercial loans by regularly reviewing certain credit risk profiles. Management utilizes credit risk ratings as the key credit quality indicator for evaluating the credit quality of FNCB’s commercial loan receivables. FNCB’s loan rating system assigns a degree of risk to commercial loans based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. Management analyzes these non-homogeneous loans individually by grading the loans as to credit risk and probability of collection for each type of loan. Commercial and industrial loans include commercial indirect auto loans which are not not 1. Minimal Risk 2. Above Average Credit Quality 3. Average Risk 4. Acceptable Risk 5. Pass - Watch 6. Special Mention 7. Substandard - Accruing 8. Substandard - Non-Accrual 9. Doubtful 10. Loss This analysis is performed on a quarterly basis using the following definitions for risk ratings: Pass – Assets rated 1 5 Special Mention – Assets classified as special mention do not not Substandard – Assets classified as substandard have well defined weaknesses based on objective evidence and are characterized by the distinct possibility that FNCB will sustain some loss if the deficiencies are not Doubtful – Assets classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that such weaknesses make collection or liquidation in full highly questionable and improbable based on current circumstances. Loss – Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not Credit Risk Profiles – Other Loans Certain residential real estate loans, consumer loans, commercial and municipal indirect auto loans are monitored on a pool basis due to their homogeneous nature. Loans that are delinquent 90 days or more are placed on non-accrual status unless collection of the loan is in process and reasonably assured. FNCB utilizes performing (accruing) versus non-performing (non-accrual) status as the credit quality indicator for these loan pools. Collateral Dependent Loans Loans that do not The following table presents the credit risk profile of loans and leases summarized by portfolio segment and year of origination at September 30, 2023 Credit Risk Profiles Term Loans By Origination Fiscal Year Total (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans September 30, 2023 Credit Risk Profiles - Commercial Loans and Leases Commercial real estate Risk rating Pass $ 17,937 $ 91,321 $ 72,296 $ 36,623 $ 66,822 $ 77,014 $ 7,129 $ 369,142 Special mention - - 2,271 - - 4,775 295 7,341 Substandard - - 497 - - 2,683 - 3,180 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial real state 17,937 91,321 75,064 36,623 66,822 84,472 7,424 379,663 Construction, land acquisition and development Risk rating Pass 6,236 32,987 28,646 2,842 330 929 1,110 73,080 Special mention - - 185 - - - - 185 Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total construction, land acquisition and development 6,236 32,987 28,831 2,842 330 929 1,110 73,265 Commercial and industrial Risk rating Pass 111,839 91,200 28,527 10,460 11,384 10,638 68,350 332,398 Special mention - 281 362 669 34 136 7,120 8,602 Substandard - 3,000 - 1,196 - 214 3,339 7,749 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial 111,839 94,481 28,889 12,325 11,418 10,988 78,809 348,749 State and political subdivisions Risk rating Pass 12,257 12,080 21,768 2,428 15,981 4,377 2,338 71,229 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total state and political subdivisions 12,257 12,080 21,768 2,428 15,981 4,377 2,338 71,229 Credit Risk Profiles - Other Loans Residential real estate Performing 8,080 40,896 78,428 38,040 12,212 44,207 21,566 243,429 Non-performing - 130 144 - 236 711 112 1,333 Total residential real estate 8,080 41,026 78,572 38,040 12,448 44,918 21,678 244,762 Consumer Performing 22,540 32,803 20,904 3,503 2,085 5,790 36 87,661 Non-performing - 129 135 16 67 76 - 423 Total consumer 22,540 32,932 21,039 3,519 2,152 5,866 36 88,084 Total loans and leases $ 178,889 $ 304,827 $ 254,163 $ 95,777 $ 109,151 $ 151,550 $ 111,395 $ 1,205,752 Gross charge-offs $ 316 $ 951 $ 656 $ 15 $ 20 $ 61 $ 128 $ 2,147 The following table presents the recorded investment in loans and leases receivable by major category and credit quality indicators at December 31, 2022 2016 13: Credit Quality Indicators December 31, 2022 Commercial Loans and Leases Other Loans Special Subtotal Accruing Non-accrual Subtotal Total (in thousands) Pass Mention Substandard Doubtful Loss Commercial Loans Loans Other Loans Residential real estate $ 43,188 $ 434 $ 99 $ - $ - $ 43,721 $ 205,887 $ 613 $ 206,500 $ 250,221 Commercial real estate 367,866 7,082 2,028 - - 376,976 - - - 376,976 Construction, land acquisition and development 62,965 797 - - - 63,762 2,793 - 2,793 66,555 Commercial and industrial 260,358 829 8,875 - - 270,062 1,962 - 1,962 272,024 Consumer - - - - - - 92,251 361 92,612 92,612 State and political subdivisions 64,955 - - - - 64,955 - - - 64,955 Total $ 799,332 $ 9,142 $ 11,002 $ - $ - $ 819,476 $ 302,893 $ 974 $ 303,867 $ 1,123,343 The following table summarizes activity in the ACL by major category for the three nine September 30, 2023 2022 Construction, Land State and Residential Commercial Acquisition and Commercial Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total Three months ended September 30, 2023 Allowance for credit losses: Beginning balance, July 1, 2023 $ 1,121 $ 2,610 $ 1,845 $ 5,249 $ 1,642 $ 406 $ - $ 12,873 Charge-offs - - - (344 ) (474 ) - - (818 ) Recoveries - 67 - 7 290 - - 364 Provisions (credits) 96 26 (504 ) 252 (127 ) (13 ) - (270 ) Ending balance, September 30, 2023 $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Three months ended September 30, 2022 Allowance for credit losses: Beginning balance, July 1, 2022 $ 2,208 $ 1,082 $ 746 $ 3,304 $ 1,307 $ 605 $ 1,129 $ 13,381 Charge-offs - - - (17 ) (394 ) - - (411 ) Recoveries 3 18 11 12 292 - - 336 Provisions (credits) 8 90 (88 ) 454 90 (41 ) - 513 Ending balance, September 30, 2022 $ 2,219 $ 4,190 $ 669 $ 3,753 $ 1,295 $ 564 $ 1,129 $ 13,819 Nine months ended September 30, 2023 Allowance for credit losses: Beginning balance, January 1, 2023 $ 2,215 $ 4,193 $ 747 $ 4,099 $ 1,307 $ 503 $ 1,129 $ 14,193 Impact of ASU-2016-13 (1,028 ) (1,614 ) 1,067 (212 ) 370 (90 ) (1,129 ) (2,636 ) Charge-offs (5 ) - - (436 ) (1,706 ) - - (2,147 ) Recoveries - 172 - 30 1,033 - - 1,235 Provisions (credits) 35 (48 ) (473 ) 1,683 327 (20 ) - 1,504 Balance at end of period $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Nine months ended September 30, 2022 Allowance for credit losses: Beginning balance, January 1, 2022 $ 2,081 $ 4,530 $ 392 $ 2,670 $ 1,159 $ 455 $ 1,129 $ 12,416 Charge-offs (3 ) - - (49 ) (757 ) - - (809 ) Recoveries 3 242 11 23 599 - - 878 Provisions (credits) 138 (582 ) 266 1,109 294 109 - 1,334 Balance at end of period $ 2,219 $ 4,190 $ 669 $ 3,753 $ 1,295 $ 564 $ 1,129 $ 13,819 The following table presents ending loan and lease balances and related ACL by portfolio segment and impairment methodology at September 30, 2023 Residential Commercial Construction, Land Acquisition and Commercial State and Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total September 30, 2023 Allowance for credit losses: Individually evaluated for impairment $ 68 $ 113 $ - $ 14 $ - $ - $ - $ 195 Collectively evaluated for impairment 1,149 2,590 1,341 5,150 1,331 393 - 11,954 Total $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Loans and leases receivable: Individually evaluated for impairment $ 1,076 $ 2,696 $ - $ 414 $ 468 $ - $ - $ 4,654 Collectively evaluated for impairment 243,686 376,967 73,265 348,335 87,616 71,229 - 1,201,098 Total $ 244,762 $ 379,663 $ 73,265 $ 348,749 $ 88,084 $ 71,229 $ - $ 1,205,752 The table presents ending loan balances and related ALLL by segment and impairment methodology at December 31, 2022 2016 13: Residential Commercial Construction, Land Acquisition and Commercial State and Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total December 31, 2022 Allowance for loan and lease losses: Individually evaluated for impairment $ 17 $ 15 $ - $ 2 $ - $ - $ - $ 34 Collectively evaluated for impairment 2,198 4,178 747 4,097 1,307 503 1,129 14,159 Total $ 2,215 $ 4,193 $ 747 $ 4,099 $ 1,307 $ 503 $ 1,129 $ 14,193 Loans and leases receivable: Individually evaluated for impairment $ 1,472 $ 5,766 $ - $ 362 $ - $ - $ - $ 7,600 Collectively evaluated for impairment 248,749 371,210 66,555 271,662 92,612 64,955 - 1,115,743 Total $ 250,221 $ 376,976 $ 66,555 $ 272,024 $ 92,612 $ 64,955 $ - $ 1,123,343 The following table presents the amortized cost of collateral-dependent loans and leases by portfolio segment and type of collateral as of September 30, 2023 September 30, 2023 Type of Collateral (in thousands) Residential Property Commercial Property Business Assets Total Loans and leases: Residential real estate $ 1,076 $ - $ - $ 1,076 Commercial real estate - 2,696 - 2,696 Construction, land acquisition and development - - - - Commercial and industrial - 300 - 300 Consumer - - - - State and political subdivisions - - - - Total collateral dependent loans and leases $ 1,076 $ 2,996 $ - $ 4,072 A reserve for unfunded commitments is recognized and included in other liabilities on the consolidated statements of financial condition. Periodic adjustments to either increase or decrease the reserve are recognized in non-interest expense in the consolidated statements of income. The balance for unfunded commitments was $1.5 million at September 30, 2023 December 31, 2022 2016 13 January 1, 2023, three nine September 30, 2023 three nine September 30, 2022 The following table presents the delinquency status of past due and non-accrual loans and leases at September 30, 2023 December 31, 2022 September 30, 2023 Delinquency Status 30-89 Days >/= 90 Days Nonaccrual Total (in thousands) Past Due Past Due Loans Past Due Current Total Loans and leases: Residential real estate $ 379 $ - $ 1,333 $ 1,712 $ 243,050 $ 244,762 Commercial real estate 573 - 2,867 3,440 376,223 379,663 Construction, land acquisition and development - - - - 73,265 73,265 Commercial and industrial 1,234 - 461 1,695 347,054 348,749 Consumer 1,328 59 423 1,810 86,274 88,084 State and political subdivisions - - - - 71,229 71,229 Total loans and leases $ 3,514 $ 59 $ 5,084 $ 8,657 $ 1,197,095 $ 1,205,752 December 31, 2022 Delinquency Status 30-89 Days >/= 90 Days Nonaccrual Total (in thousands) Past Due Past Due loans Past Due Current Total Loans and leases: Residential real estate $ 555 $ - $ 713 $ 1,268 $ 248,953 $ 250,221 Commercial real estate - - 1,545 1,545 375,431 376,976 Construction, land acquisition and development - - - - 66,555 66,555 Commercial and industrial 113 - 144 257 271,767 272,024 Consumer 1,378 79 361 1,818 90,794 92,612 State and political subdivisions - - - - 64,955 64,955 Total loans and leases $ 2,046 $ 79 $ 2,763 $ 4,888 $ 1,118,455 $ 1,123,343 Included in loans and leases receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment in these non-accrual loans was $5.1 million at September 30, 2023 December 31, 2022 nine no may may 90 90 September 30, 2023 December 31, 2022, third The following tables present a distribution of the recorded investment and unpaid principal balance of impaired loans and the related allowance at December 31, 2022 2016 13. not not $100 December 31, 2022 December 31, 2022 Unpaid Recorded Principal Related (in thousands) Investment Balance Allowance With no allowance recorded: Residential real estate $ 431 $ 509 $ - Commercial real estate 1,071 1,339 - Construction, land acquisition and development - - - Commercial and industrial 218 218 - Consumer - - - State and political subdivisions - - - Total impaired loans with no related allowance recorded 1,720 2,066 - With a related allowance recorded: Residential real estate 1,041 1,041 17 Commercial real estate 4,695 4,695 15 Construction, land acquisition and development - - - Commercial and industrial 144 362 2 Consumer - - - State and political subdivisions - - - Total impaired loans with a related allowance recorded 5,880 6,098 34 Total impaired loans: Residential real estate 1,472 1,550 17 Commercial real estate 5,766 6,034 15 Construction, land acquisition and development - - - Commercial and industrial 362 580 2 Consumer - - - State and political subdivisions - - - Total impaired loans $ 7,600 $ 8,164 $ 34 The following table presents the average balance and interest income by loan segment recognized on impaired loans for the three nine September 30, 2022, 2016 13: For the Three Months Ended For the Nine Months Ended September 30, 2022 September 30, 2022 Average Interest Average Interest (in thousands) Balance Income (1) Balance Income (1) Residential real estate $ 1,552 $ 16 $ 1,677 $ 46 Commercial real estate 6,391 56 6,771 168 Construction, land acquisition and development - - - - Commercial and industrial 402 5 518 15 Consumer - - - - State and political subdivisions - - - - Total impaired loans $ 8,345 $ 77 $ 8,966 $ 229 ( 1 The additional interest income that would have been earned on non-accrual and restructured loans had these loans performed in accordance with their original terms approximated $42 thousand and $128 thousand for the three nine September 30, 2022 Loan Modifications to Borrowers Experiencing Financial Difficulty ASU 2022 02 no There was one nine September 30, 2023 12 not three nine September 30, 2022 Residential Real Estate Loan Foreclosures There were three September 30, 2023 September 30, 2022 September 30, 2023 2022 |
Note 5 - Deposits
Note 5 - Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5. The following table presents deposits by major category at September 30, 2023 December 31, 2022 September 30, December 31, (in thousands) 2023 2022 Demand (non-interest bearing) $ 297,740 $ 305,850 Interest-bearing: Interest-bearing demand 734,395 808,497 Savings 133,001 148,426 Time ($250,000 and over) 53,348 24,902 Other time 283,891 132,972 Total interest-bearing 1,204,635 1,114,797 Total deposits $ 1,502,375 $ 1,420,647 Included in other time deposits were brokered deposits of $123.1 million at September 30, 2023 December 31, 2022 |
Note 6 - Borrowinged Funds
Note 6 - Borrowinged Funds | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6. FNCB has an agreement with the FHLB of Pittsburgh which allows for borrowings, either overnight or term, up to a maximum borrowing capacity based on a percentage of qualifying loans pledged under a blanket pledge agreement. In addition to pledging loans, FNCB is required to purchase FHLB of Pittsburgh stock based upon the amount of credit extended. Loans that were pledged to collateralize borrowings under this agreement were $503.5 million at September 30, 2023 December 31, 2022 September 30, 2023 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022. September 30, 2023 Advances through the Federal Reserve Bank Discount Window generally include short-term advances which are fully collateralized by certain pledged loans under the Federal Reserve Bank's Borrower-in-Custody ("BIC") program. On March 12, 2023, September 30, 2023, September 30, 2023 December 31, 2022 The following table presents borrowings, by type, outstanding, at September 30, 2023 December 31, 2022 September 30, December 31, (in thousands) 2023 2022 FHLB of Pittsburgh advances: FHLB of Pittsburgh - overnight $ 35,000 $ 139,400 FHLB of Pittsburgh - term 141,423 32,650 Subtotal FHLB of Pittsburgh advances 176,423 172,050 Junior subordinated debentures 10,310 10,310 Total borrowed funds $ 186,733 $ 182,360 |
Note 7 - Derivative and Hedging
Note 7 - Derivative and Hedging Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 7. Risk Management Objective of Using Derivatives FNCB is exposed to certain risks arising from both its business operations and economic conditions. It principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. FNCB manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, FNCB enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future unknown and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash payments primarily related to FNCB's borrowings. FNCB's existing credit derivatives result from loan participations arrangements, and therefore, are not Cash Flow Hedges of Interest Rate Risk FNCB's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, FNCB primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for FNCB making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with forecasted issuances of debt in 2023 2022. For derivatives that are designated and qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on FNCB's variable-rate debt. During the next twelve $765 Fair Value Hedges of Interest Rate Risk FNCB is exposed to changes in the fair value of pools of fixed-rate assets due to changes in benchmark interest rates. FNCB uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for FNCB receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. As of September 30, 2023 December 31, 2022, Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Fixed Rate Loans (1) $ 24,821 - $ 179 - Total $ 24,821 - $ 179 - (1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $92.5 million; the cumulative basis adjustments associated with these hedging relationships was ($0.7) million; and the amounts of the designated hedged items were $25 million. There were no such hedging relationships at September 30, 2022. Non-designated Hedges Derivatives not not third not not not not Fair Values of Derivative Instruments on the Consolidated Statements of Financial Condition The following table presents the fair value of FNCB's derivative financial instruments and the classification on the consolidated statements of financial condition at September 30, 2023 December 31, 2022 Derivative Assets Derivative Liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate products $ 85,000 Other assets $ 1,929 Other assets $ 1,173 $ - Other liabilities $ - Other liabilities $ - Total derivatives designated as hedging instruments 1,929 1,173 - - Derivatives not designated as hedging instruments Interest rate swaps $ 25,125 Other assets $ 1,670 Other assets $ 931 $ 25,125 Other liabilities $ 1,670 Other liabilities $ 931 Risk participation transaction 10,631 - - - - Total derivatives not designated as hedging instruments 1,670 931 1,670 931 Net Derivatives on the statements of financial condition 3,599 2,104 1,670 931 Gross amounts not offset in the statements of financial condition Financial instruments - - - - Cash collateral (1) 3,599 1,946 - - Net derivative amounts $ - $ 158 $ 1,670 $ 931 ( 1 not Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("AOCL") The following table presents the effect of fair value and cash flow hedge accounting on AOCL for the three nine September 30, 2023 2022 not For the Three Months Ended September 30, 2023 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ (369 ) $ (369 ) $ - Interest expense $ (3 ) $ (3 ) $ - Total $ (369 ) $ (369 ) $ - $ (3 ) $ (3 ) $ - For the Three Months Ended September 30, 2022 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 144 $ 144 $ - Interest expense $ 68 $ 68 $ - Total $ 144 $ 144 $ - $ 68 $ 68 $ - For the Nine Months Ended September 30, 2023 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 1,228 $ 1,228 $ - Interest expense $ 288 $ 288 $ - Total $ 1,228 $ 1,228 $ - $ 288 $ 288 $ - For the Nine Months Ended September 30, 2022 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 312 $ 312 $ - Interest expense $ 98 $ 98 $ - Total $ 312 $ 312 $ - $ 98 $ 98 $ - Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income The following table presents the effect of the FNCB's derivative financial instruments on the consolidated statements of income for the three nine September 30, 2023 2022 Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 (in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded $ 58 $ (3 ) $ - $ 68 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ (179 ) $ - $ - $ - Derivatives designated as hedging instruments $ 236 $ - $ - $ - Interest contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ (3 ) $ - $ 68 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ - $ - $ - $ - Amount of gain or (loss) reclassified from accumulated OCI into income - included component $ - $ (3 ) $ - $ 68 Amount of gain or (loss) reclassified from accumulated OCI into income - excluded component $ - $ - $ - $ - Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 (in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded $ 58 $ 288 $ - $ 98 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ (179 ) $ - $ - $ - Derivatives designated as hedging instruments $ 236 $ - $ - $ - Interest contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ 288 $ - $ 98 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ - $ - $ - $ - Amount of gain or (loss) reclassified from accumulated OCI into income - included component $ - $ 288 $ - $ 98 Amount of gain or (loss) reclassified from accumulated OCI into income - excluded component $ - $ - $ - $ - Effect of Derivatives Not Derivative financial instruments that are not no nine September 30, 2023 2022 Credit-risk-related Contingent Features FNCB has agreements with each of its derivative counterparties that contain a provision where if FNCB defaults or is capable of being declared in default on any of its indebtedness, then it could also be declared in its derivative obligations. FNCB has agreements with certain of its derivatives counterparties that contain a provision where if it fails to maintain its status as a well-capitalized institution, then it could be required to post additional collateral. FNCB has minimum collateral posting thresholds with certain of its derivative counterparties for derivatives in a net liability position. As of September 30, 2023 December 31, 2022 no not |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8. The following table presents a reconciliation between the effective income tax expense and the income tax expense that would have been provided at the federal statutory tax rate of 21.0% for the three nine September 30, 2023 2022 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Amount % Amount % Amount % Amount % Provision at statutory tax rates $ 1,023 21.00 % $ 1,372 21.00 % $ 2,501 21.00 % $ 3,946 21.00 % Add (deduct) tax effects of: Tax-free interest income (209 ) (4.29 )% (230 ) (3.52 )% (627 ) (5.27 )% (644 ) (3.43 )% Non-deductible interest expense 21 0.43 % 11 0.17 % 64 0.54 % 34 0.18 % Bank-owned life insurance (45 ) (0.92 )% (42 ) (0.64 )% (129 ) (1.08 )% (114 ) (0.61 )% Unrealized losses on equity securities 41 0.84 % (18 ) (0.28 )% 372 3.12 % 25 0.13 % Other items, net (122 ) (2.50 )% 8 0.12 % 96 0.81 % 18 0.10 % Income tax provision $ 709 14.56 % $ 1,101 16.85 % $ 2,277 19.12 % $ 3,265 17.38 % Management evaluates the carrying amount of its deferred tax assets on a quarterly basis, or more frequently, if necessary, in accordance with guidance set forth in ASC Topic 740 not not September 30, 2023 September 30, 2023 December 31, 2022 |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9. In conducting its business, FNCB has engaged in, and intends to continue to engage in, banking and financial transactions with directors, executive officers and their related parties. FNCB has granted loans, letters of credit and lines of credit to directors, executive officers and their related parties. The following table summarizes the changes in the total amounts of such outstanding loans, advances under lines of credit, net of any participations sold, as well as repayments during the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ 97,471 $ 82,744 $ 79,144 $ 71,437 Additions, new loans and advances 63,665 28,560 177,899 57,966 Repayments (65,331 ) (22,901 ) (161,238 ) (41,000 ) Balance, end of period $ 95,805 $ 88,403 $ 95,805 $ 88,403 At September 30, 2023 December 31, 2022 not Deposits from directors, executive officers and their related parties held by the Bank at September 30, 2023 December 31, 2022 nine September 30, 2023 2022 In the course of its operations, FNCB acquires goods and services from, and transacts business with, various companies of related parties, which include, but are not three nine September 30, 2023 2022 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 . Commitments and Contingencies Leases FNCB is obligated under operating leases for certain bank branches, office space, automobiles and equipment. Operating lease right of use ("ROU") assets represent FNCB's right to use an underlying asset during the lease term and operating liabilities represent FNCB's obligation to make lease payments under the lease agreement. ROU 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 FNCB's incremental borrowing rate at the commencement date. ROU assets are included in other assets and operating lease liabilities are included in other liabilities in the consolidated statements of financial condition. As of September 30, 2023 Operating lease expense associated with bank branches and office space is included in occupancy expense, while operating lease expenses associated with automobiles and office equipment are included in equipment expense in the consolidated statements of income. Rental expense incurred for the three nine September 30, 2023 three nine September 30, 2022 The following table summarizes the maturity of remaining operating lease liabilities as of September 30, 2023 (in thousands) September 30, 2023 2023 $ 97 2024 417 2025 388 2026 387 2027 388 2028 and thereafter 2,271 Total lease payments 3,948 Less: imputed interest 671 Present value of operating lease liabilities $ 3,277 The following table presents other information related to our operating leases: (dollars in thousands) September 30, 2023 September 30, 2022 Weighted-average remaining lease term (in years) 10.9 11.8 Weighted-average discount rate 3.27 % 3.26 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 320 $ 309 Litigation FNCB has been subject to tax audits, and is also a party to routine litigation involving various aspects of its business, such as employment practice claims, workers compensation claims, claims to enforce liens, condemnation proceedings on properties in which FNCB holds security interests, claims involving the making and servicing of real property loans and other issues incident to its business, none |
Note 11 - Stock Compensation Pl
Note 11 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 11 . Stock Compensation Plans FNCB had a Long-Term Incentive Compensation Plan (“LTIP”) for directors, executives and key employees that authorized up to 1,200,000 shares of common stock for issuance and provides the Board of Directors with the authority to offer several different types of long-term incentives, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. During the nine September 30, 2023 2022 no nine September 30, 2023 2022 September 30, 2023 2022 On March 22, 2023, 2023 May 17, 2023. On July 3, 2023, ten July 3, 2023. In addition, on July 3, 2023, twenty-two July 3, 2023. At September 30, 2023, The following table summarizes the activity related to FNCB’s unvested restricted stock awards during the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Restricted Grant Date (dollars in thousands) Shares Fair Value Shares Fair Value Shares Fair Value Shares Fair Value Unvested restricted stock awards: Total outstanding, beginning of period 267,985 $ 7.89 188,359 $ 8.22 185,965 $ 8.22 174,297 $ 7.37 Awards granted - - - - 140,445 7.51 71,860 9.64 Forfeitures (6,232 ) 7.87 (2,394 ) 8.33 (6,232 ) 7.87 (5,503 ) 8.17 Shares vested - - - - (58,425 ) 8.01 (54,689 ) 7.38 Total outstanding, end of period 261,753 $ 7.89 185,965 $ 8.21 261,753 $ 7.89 185,965 $ 8.21 |
Note 12 - Regulatory Matters
Note 12 - Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 12 . Regulatory Matters FNCB’s ability to pay dividends to its shareholders is largely dependent on the Bank’s ability to pay dividends to FNCB. Regulations with respect to the banking industry limit the amount of dividends that may three nine September 30, 2023 three nine September 30, 2022 three nine September 30, 2023 2022 three nine September 30, 2023 2022 September 30, 2023 October 25, 2023 fourth 2023 December 15, 2023 December 1, 2023 On January 25, 2023, may March 3, 2023, December 31, 2023, 10b5 1 not may no September 30, 2023 not The holding company is considered a small bank holding company and is exempt from risk-based capital and leverage rules, including Basel III. FNCB and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on FNCB’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, FNCB and the Bank must meet specific capital guidelines that involve quantitative measures of FNCB's and the Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. FNCB's and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Management believes, as of September 30, 2023 December 31, 2022 Current quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below) of Total capital, Tier I capital, and Tier I common equity (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). The following tables present summary information regarding the Bank’s risk-based capital and related ratios at September 30, 2023 December 31, 2022 FNCB Bank Minimum Required For Capital Adequacy Purposes Minimum Required For Capital Adequacy Purposes with Conservation Buffer Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (dollars in thousands) Amount Ratio Ratio Ratio Ratio September 30, 2023 Total capital (to risk-weighted assets) $ 181,794 13.21 % 8.00 % 10.50 % 10.00 % Tier I capital (to risk-weighted assets) 168,156 12.21 % 6.00 % 8.50 % 8.00 % Tier I common equity (to risk-weighted assets) 168,156 12.21 % 4.50 % 7.00 % 6.50 % Tier I capital (to average assets) 168,156 9.11 % 4.00 % 4.00 % 5.00 % Total risk-weighted assets 1,376,706 Total average assets 1,846,243 FNCB Bank Minimum Required For Capital Adequacy Purposes Minimum Required For Capital Adequacy Purposes with Conservation Buffer Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (dollars in thousands) Amount Ratio Ratio Ratio Ratio December 31, 2022 Total capital (to risk-weighted assets) $ 169,984 13.11 % 8.00 % 10.50 % 10.00 % Tier I capital (to risk-weighted assets) 154,842 11.94 % 6.00 % 8.50 % 8.00 % Tier I common equity (to risk-weighted assets) 154,842 11.94 % 4.50 % 7.00 % 6.50 % Tier I capital (to average assets) 154,842 8.77 % 4.00 % 4.00 % 5.00 % Total risk-weighted assets 1,296,618 Total average assets 1,765,251 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13 . Fair Value Measurements In determining fair value, FNCB uses various valuation approaches, including market, income and cost approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, which are developed based on market data obtained from sources independent of FNCB. Unobservable inputs reflect FNCB’s knowledge about the assumptions the market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 3 three ● Level 1 ● Level 2 not ● Level 3 not A description of the valuation methodologies used for assets recorded at fair value is set forth below. Available-for-Sale Debt Securities The estimated fair values for FNCB’s investments in obligations of U.S Treasury securities, U.S. government agencies, obligations of state and political subdivisions, government-sponsored agency CMOs and mortgage-backed securities, private collateralized mortgage obligations, asset-backed securities and negotiable certificates of deposit are obtained by FNCB from a nationally recognized pricing service. This pricing service develops estimated fair values by analyzing like securities and applying available market information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing (Level 2 may 2 2 not not 2 For those securities for which the inputs used by an independent pricing service were derived from unobservable market information, FNCB evaluated the appropriateness and quality of each price. Management reviewed the volume and level of activity for all classes of securities and attempted to identify transactions which may not may 3 third At September 30, 2023 September 30, 2023 not third September 30, 2023 3 third Equity Securities The estimated fair values of equity securities are determined by obtaining quoted prices on nationally recognized exchanges (Level 1 Derivative Contracts FNCB's derivative liabilities are reported at fair value utilizing Level 2 may Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2023 December 31, 2022 Fair Value Measurements at September 30, 2023 Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable for Identical Assets Inputs Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Available-for-sale debt securities: U.S. treasuries $ 31,943 $ - $ 31,943 $ - Obligations of state and political subdivisions 190,339 - 190,339 - U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 73,291 - 73,291 - Collateralized mortgage obligations - commercial 3,305 - 3,305 - Mortgage-backed securities 16,131 - 16,131 - Private collateralized mortgage obligations 69,933 - 69,933 - Corporate debt securities 30,678 - 23,962 6,716 Asset-backed securities 20,864 - 20,864 - Negotiable certificates of deposit 658 - 658 - Subtotal available-for-sale debt securities 437,142 - 430,426 6,716 Equity securities, at fair value 6,104 6,104 - - Derivative assets 3,599 - 3,599 - Total financial assets $ 446,845 $ 6,104 $ 434,025 $ 6,716 Financial liabilities: Derivative liabilities $ 1,670 $ - $ 1,670 $ - Total financial liabilities $ 1,670 $ - $ 1,670 $ - Fair Value Measurements at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Available-for-sale debt securities: U.S. treasuries $ 32,134 $ - $ 32,134 $ - Obligations of state and political subdivisions 220,782 - 220,782 - U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 80,407 - 80,407 - Collateralized mortgage obligations - commercial 3,329 - 3,329 - Mortgage-backed securities 20,663 - 20,663 - Private collateralized mortgage obligations 72,507 - 72,507 - Corporate debt securities 30,672 - 22,736 7,936 Asset-backed securities 14,941 - 14,941 - Negotiable certificates of deposit 656 - 656 - Subtotal available-for-sale debt securities 476,091 - 468,155 7,936 Equity securities, at fair value 7,717 7,717 - - Derivative assets 2,104 - 2,104 Total financial assets $ 485,912 $ 7,717 $ 470,259 $ 7,936 Financial liabilities: Derivative liabilities $ 931 $ - $ 931 $ - Total financial liabilities $ 931 $ - $ 931 $ - There were two corporate debt securities transferred between hierarchy levels during the nine September 30, 2023, one 3 2 nine September 30, 2022 3 2, not third The following table presents a reconciliation and consolidated statement of operations classifications of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 three nine September 30, 2023 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Corporate Debt Securities Corporate Debt Securities For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ 6,599 $ 8,030 $ 7,936 $ 12,345 Additions - - - - Redemptions - - - (2,066 ) Transfer to Level 2 - - (853 ) (756 ) Sales - - - - Total gains (losses) (realized/unrealized): Included in earnings - - - - Included in other comprehensive loss 117 (370 ) (367 ) (1,863 ) Balance at September 30, $ 6,716 $ 7,660 $ 6,716 $ 7,660 Assets Measured at Fair Value on a Non-Recurring Basis The following tables present assets and liabilities measured at fair value on a non-recurring basis at September 30, 2023 3 September 30, 2023 Fair Value Measurement Quantitative Information Recorded Valuation Fair Valuation Unobservable Value/ (in thousands) Investment Allowance Value Technique Inputs Range Individually evaluated loans - collateral dependent $ 4,072 $ 195 $ 3,877 Appraisal of collateral Selling costs 10.0 % Individually evaluated loans - other 582 - 582 Discounted cash flows Discount rate 4.50% - 10.00% The following tables present assets and liabilities measured at fair value on a non-recurring basis at December 31, 2022 2016 13, 3 December 31, 2022 Fair Value Measurement Quantitative Information Recorded Valuation Fair Valuation Unobservable Value/ (in thousands) Investment Allowance Value Technique Inputs Range Individually evaluated loans - collateral dependent $ 1,902 $ 8 $ 1,894 Appraisal of collateral Selling costs 10.0 % Individually evaluated loans - other 5,698 26 5,672 Discounted cash flows Discount rate 3.00% - 10.25% The fair value of collateral-dependent impaired loans is determined through independent appraisals or other reasonable offers, which generally include various Level 3 not may not The following table summarizes the estimated fair values of FNCB’s financial instruments using an exit price notion at September 30, 2023 December 31, 2022 not not not may Fair Value September 30, 2023 December 31, 2022 (in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 77,071 $ 77,071 $ 41,916 $ 41,916 Available-for-sale debt securities See previous table 437,142 437,142 476,091 476,091 Equity securities Level 1 6,104 6,104 7,717 7,717 Restricted stock Level 2 8,842 8,842 8,545 8,545 Loans held for sale Level 2 - - 60 60 Loans and leases, net Level 3 1,193,603 1,138,396 1,110,124 1,079,266 Accrued interest receivable Level 2 6,599 6,599 5,957 5,957 Servicing rights Level 3 192 595 254 621 Derivative assets Level 2 3,370 3,599 1,946 2,104 Financial liabilities: Deposits Level 2 1,502,375 1,497,861 1,420,647 1,416,272 Borrowed funds Level 2 186,733 185,782 182,360 182,108 Accrued interest payable Level 2 1,001 1,001 171 171 Derivative liabilities Level 2 1,637 1,670 921 931 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14. For FNCB, the numerator of both the basic and diluted earnings per share of common stock is net income available to common shareholders. The weighted-average number of common shares outstanding used in the denominator for basic earnings per common share is increased to determine the denominator used for diluted earnings per common share by the effect of potentially dilutive common share equivalents utilizing the treasury stock method. For the three nine September 30, 2023 2022 The following table presents the calculation of both basic and diluted earnings per share of common stock for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2023 2022 2023 2022 Net income $ 4,162 $ 5,435 $ 9,630 $ 15,526 Basic weighted-average number of common shares outstanding 19,776,342 19,687,766 19,724,956 19,765,814 Plus: Common share equivalents 18 9,281 2,834 21,041 Diluted weighted-average number of common shares outstanding 19,776,360 19,697,047 19,727,790 19,786,855 Income per common share: Basic $ 0.21 $ 0.28 $ 0.49 $ 0.79 Diluted $ 0.21 $ 0.28 $ 0.49 $ 0.79 |
Note 15 - Other Comprehensive (
Note 15 - Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 15 . The following tables summarize the reclassifications out of accumulated other comprehensive (loss) income for the three nine September 30, 2023 2022 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Available-for-sale debt securities: Reclassification adjustment for net gains reclassified into net income $ - Net gain (loss) on the sale of available-for-sale debt securities $ (252 ) Net gain (loss) on the sale of available-for-sale debt securities Taxes - Income taxes 53 Income taxes Net of tax amount $ - $ (199 ) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in thousands) Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Available-for-sale debt securities: Reclassification adjustment for net losses reclassified into net income $ - Net gain (loss) on the sale of available-for-sale debt securities $ 35 Net gain (loss) on the sale of available-for-sale debt securities Taxes - Income taxes (7 ) Income taxes Net of tax amount $ - $ 28 The following table summarizes the changes in accumulated other comprehensive (loss) income, net of tax for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ (46,236 ) $ (34,400 ) $ (48,028 ) $ 6,352 Other comprehensive loss before reclassifications (8,958 ) (17,726 ) (6,967 ) (58,506 ) Amount reclassified from accumulated other comprehensive (loss) income - - (199 ) 28 Net other comprehensive loss during the period (8,958 ) (17,726 ) (7,166 ) (58,478 ) Balance, end of period $ (55,194 ) $ (52,126 ) $ (55,194 ) $ (52,126 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Marketable Securities, Policy [Policy Text Block] | ACL on Debt Securities: September 30, 2023 no Upon adoption of ASU 2016 13, no 326 30, third method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance on available-for-sale debt securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not FNCB’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, FNCB does not not zero third zero one The allowance on available-for-sale debt securities may September 30, 2023 January 1, 2023 ( 2016 13 no |
Financing Receivable [Policy Text Block] | Loans and Leases: third Generally, for originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual term of the loan using the level-yield method over the estimated lives of the related loans. When a loan is paid off, the unamortized portion of deferred fees or costs are recognized in interest income. Interest income on originated loans is accrued based upon the daily principal amount outstanding except for loans on non-accrual status. For purchased loans, interest income is accrued based upon the daily principal amount outstanding and is then further adjusted by the accretion of any discount or amortization of any premium associated with the loan that was recognized based on the acquisition date fair value. When a loan is paid off, the unamortized portion of any premiums or discounts on loans are recognized in interest income. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ACL on Loans and Leases: 2016 13, not not may FNCB estimates expected credit losses using the DCF method for all loan portfolio segments measured on a collective or pool basis. For each loan segment, a cash flow projection is generated at the instrument level. A default rate and loss given default assumption are applied to the pool’s projective model of cash flows taking into consideration the effects of prepayments and principal curtailment effects. The analysis produces expected cash flows for each instrument in the pool by pairing loan-level term information (maturity date, payment amount, interest rate, etc.) with top-down pool assumptions (default rates and prepayment speeds). Management has determined that peer loss experience provides the best basis for its assessment of expected credit losses to determine the ACL. FNCB utilizes peer call report data to measure historical credit loss experience with similar risk characteristics within the segments over an economic cycle. Management reviews the historical loss information to appropriately adjust for differences in current asset specific risk characteristics. Management also considered further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that existed for the period over which historical information was evaluated. For all segment models for collectively evaluated loans, FNCB incorporates one four eight may Management also considers certain qualitative factors in its evaluation of expected credit losses, these factors include: (i) changes in the credit quality trends of a respective segment which may third may |
Impaired Financing Receivable, Policy [Policy Text Block] | Individually Evaluated Loans: 2016 13 January 1, 2023, not With the adoption of ASU 2016 13, not may zero |
Financing Receivable, Fee and Interest Income [Policy Text Block] | Accrued Interest: 2016 13 January 1, 2023, not |
Liability for Off-balance-sheet Credit Related Financial Instruments, Policy [Policy Text Block] | ACL for Unfunded Commitments: |
New Accounting Pronouncements, Policy [Policy Text Block] | New Authoritative Accounting Guidance On January 1, 2023, 2016 13. 2016 13 2016 13, 2013 16 not The following table below presents the impact of ASU 2016 13 January 1, 2023 (in thousands) As reported Under ASU 2016-13 Pre-ASU 2016-13 Impact of ASU 2016-13 Assets: ACL on loans and leases: Residential real estate $ (1,187 ) $ (2,215 ) $ 1,028 Commercial real estate (2,579 ) (4,193 ) 1,614 Construction, land acquisition and development (1,814 ) (747 ) (1,067 ) Commercial and industrial (3,887 ) (4,099 ) 212 Consumer (1,677 ) (1,307 ) (370 ) State and political subdivisions (413 ) (503 ) 90 Unallocated - (1,129 ) 1,129 Total ACL on loans $ (11,557 ) (14,193 ) $ 2,636 Deferred income taxes $ 15,759 $ 16,046 $ (287 ) Liabilities: Liability for credit losses for unfunded commitments $ (2,217 ) $ (948 ) $ (1,269 ) Shareholders' equity: Retained earnings $ (65,953 ) $ (64,873 ) $ (1,080 ) On January 1, 2023, 2022 02, 326 2022 02 326 20. 326 20 50 6, Refer to Note 2 2022 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies / New Authoritative Accounting Guidance (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 (in thousands) As reported Under ASU 2016-13 Pre-ASU 2016-13 Impact of ASU 2016-13 Assets: ACL on loans and leases: Residential real estate $ (1,187 ) $ (2,215 ) $ 1,028 Commercial real estate (2,579 ) (4,193 ) 1,614 Construction, land acquisition and development (1,814 ) (747 ) (1,067 ) Commercial and industrial (3,887 ) (4,099 ) 212 Consumer (1,677 ) (1,307 ) (370 ) State and political subdivisions (413 ) (503 ) 90 Unallocated - (1,129 ) 1,129 Total ACL on loans $ (11,557 ) (14,193 ) $ 2,636 Deferred income taxes $ 15,759 $ 16,046 $ (287 ) Liabilities: Liability for credit losses for unfunded commitments $ (2,217 ) $ (948 ) $ (1,269 ) Shareholders' equity: Retained earnings $ (65,953 ) $ (64,873 ) $ (1,080 ) |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | September 30, 2023 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (in thousands) Cost Gains Losses Value Available-for-sale debt securities: U.S. treasuries $ 36,839 $ - $ 4,896 $ 31,943 Obligations of state and political subdivisions 224,001 - 33,662 190,339 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 89,010 - 15,719 73,291 Collateralized mortgage obligations - commercial 3,622 - 317 3,305 Mortgage-backed securities 19,616 - 3,485 16,131 Private collateralized mortgage obligations 78,894 57 9,018 69,933 Corporate debt securities 35,070 - 4,392 30,678 Asset-backed securities 20,945 89 170 20,864 Negotiable certificates of deposit 744 - 86 658 Total available-for-sale debt securities $ 508,741 $ 146 $ 71,745 $ 437,142 December 31, 2022 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (in thousands) Cost Gains Losses Value Available-for-sale debt securities: U.S. treasuries $ 36,801 $ - $ 4,667 $ 32,134 Obligations of state and political subdivisions 250,244 90 29,552 220,782 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 93,577 - 13,170 80,407 Collateralized mortgage obligations - commercial 3,649 - 320 3,329 Mortgage-backed securities 23,332 1 2,670 20,663 Private collateralized mortgage obligations 80,648 - 8,141 72,507 Corporate debt securities 33,630 - 2,958 30,672 Asset-backed securities 15,287 5 351 14,941 Negotiable certificates of deposit 744 - 88 656 Total available-for-sale debt securities $ 537,912 $ 96 $ 61,917 $ 476,091 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Amortized Fair (in thousands) Cost Value Amounts maturing in: One year or less $ 13,428 $ 13,257 After one year through five years 82,337 75,279 After five years through ten years 92,153 76,522 After ten years 108,736 88,560 Mortgage-backed securities 19,616 16,131 Collateralized mortgage obligations 171,526 146,529 Asset-backed securities 20,945 20,864 Total available-for-sale debt securities $ 508,741 $ 437,142 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Available-for-sale debt securities: Gross proceeds received on sales $ - $ - $ 10,394 $ 2,372 Gross realized gains - - 252 - Gross realized losses - - - (35 ) Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Net (losses) gains recognized on equity securities $ (233 ) $ 86 $ (1,773 ) $ (121 ) Less: net (losses) gains realized on equity securities sold - - - - Unrealized (losses) gains on equity securities $ (233 ) $ 86 $ (1,773 ) $ (121 ) |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2023 Less than 12 Months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized (dollars in thousands) Securities Value Losses Securities Value Losses Securities Value Losses U.S. treasuries - $ - $ - 17 $ 31,943 $ 4,896 17 $ 31,943 $ 4,896 Obligations of state and political subdivisions 3 3,425 175 198 186,134 33,487 201 189,559 33,662 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential - - - 42 73,291 15,719 42 73,291 15,719 Collateralized mortgage obligations - commercial - - - 3 3,305 317 3 3,305 317 Mortgage-backed securities 3 3,705 310 12 12,426 3,175 15 16,131 3,485 Private collateralized mortgage obligations 7 8,970 336 50 56,857 8,682 57 65,827 9,018 Corporate debt securities 1 1,448 52 29 29,230 4,340 30 30,678 4,392 Asset-backed securities 2 3,933 22 10 10,107 148 12 14,040 170 Negotiable certificates of deposit - - - 3 658 86 3 658 86 Total available-for-sale debt securities 16 $ 21,481 $ 895 364 $ 403,951 $ 70,850 380 $ 425,432 $ 71,745 December 31, 2022 Less than 12 Months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized (dollars in thousands) Securities Value Losses Securities Value Losses Securities Value Losses U.S. treasuries - $ - $ - 17 $ 32,134 $ 4,667 17 $ 32,134 $ 4,667 Obligations of state and political subdivisions 128 146,932 12,751 94 69,872 16,801 222 216,804 29,552 U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 16 26,826 3,407 26 53,581 9,763 42 80,407 13,170 Collateralized mortgage obligations - commercial 2 1,911 94 1 1,418 226 3 3,329 320 Mortgage-backed securities 7 8,569 219 7 11,998 2,451 14 20,567 2,670 Private collateralized mortgage obligations 29 27,705 1,213 28 42,819 6,928 57 70,524 8,141 Corporate debt securities 18 21,325 1,805 11 9,347 1,153 29 30,672 2,958 Asset-backed securities 5 7,295 179 5 3,988 172 10 11,283 351 Negotiable certificates of deposit - - - 3 656 88 3 656 88 Total available-for-sale debt securities 205 $ 240,563 $ 19,668 192 $ 225,813 $ 42,249 397 $ 466,376 $ 61,917 |
Investment [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Stock in Federal Home Loan Bank of Pittsburgh $ 8,832 $ 8,535 Stock in Atlantic Community Bankers Bank 10 10 Total restricted securities, at cost $ 8,842 $ 8,545 |
Note 4 - Loans and Leases (Tabl
Note 4 - Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Residential real estate $ 244,762 $ 250,221 Commercial real estate 379,663 376,976 Construction, land acquisition and development 73,265 66,555 Commercial and industrial 348,749 272,024 Consumer 88,084 92,612 State and political subdivisions 71,229 64,955 Total loans and leases 1,205,752 1,123,343 Unearned income - (810 ) Net deferred origination fees - 1,784 Allowance for credit losses (12,149 ) (14,193 ) Net loans and leases $ 1,193,603 $ 1,110,124 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profiles Term Loans By Origination Fiscal Year Total (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans September 30, 2023 Credit Risk Profiles - Commercial Loans and Leases Commercial real estate Risk rating Pass $ 17,937 $ 91,321 $ 72,296 $ 36,623 $ 66,822 $ 77,014 $ 7,129 $ 369,142 Special mention - - 2,271 - - 4,775 295 7,341 Substandard - - 497 - - 2,683 - 3,180 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial real state 17,937 91,321 75,064 36,623 66,822 84,472 7,424 379,663 Construction, land acquisition and development Risk rating Pass 6,236 32,987 28,646 2,842 330 929 1,110 73,080 Special mention - - 185 - - - - 185 Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total construction, land acquisition and development 6,236 32,987 28,831 2,842 330 929 1,110 73,265 Commercial and industrial Risk rating Pass 111,839 91,200 28,527 10,460 11,384 10,638 68,350 332,398 Special mention - 281 362 669 34 136 7,120 8,602 Substandard - 3,000 - 1,196 - 214 3,339 7,749 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial 111,839 94,481 28,889 12,325 11,418 10,988 78,809 348,749 State and political subdivisions Risk rating Pass 12,257 12,080 21,768 2,428 15,981 4,377 2,338 71,229 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total state and political subdivisions 12,257 12,080 21,768 2,428 15,981 4,377 2,338 71,229 Credit Risk Profiles - Other Loans Residential real estate Performing 8,080 40,896 78,428 38,040 12,212 44,207 21,566 243,429 Non-performing - 130 144 - 236 711 112 1,333 Total residential real estate 8,080 41,026 78,572 38,040 12,448 44,918 21,678 244,762 Consumer Performing 22,540 32,803 20,904 3,503 2,085 5,790 36 87,661 Non-performing - 129 135 16 67 76 - 423 Total consumer 22,540 32,932 21,039 3,519 2,152 5,866 36 88,084 Total loans and leases $ 178,889 $ 304,827 $ 254,163 $ 95,777 $ 109,151 $ 151,550 $ 111,395 $ 1,205,752 Gross charge-offs $ 316 $ 951 $ 656 $ 15 $ 20 $ 61 $ 128 $ 2,147 Credit Quality Indicators December 31, 2022 Commercial Loans and Leases Other Loans Special Subtotal Accruing Non-accrual Subtotal Total (in thousands) Pass Mention Substandard Doubtful Loss Commercial Loans Loans Other Loans Residential real estate $ 43,188 $ 434 $ 99 $ - $ - $ 43,721 $ 205,887 $ 613 $ 206,500 $ 250,221 Commercial real estate 367,866 7,082 2,028 - - 376,976 - - - 376,976 Construction, land acquisition and development 62,965 797 - - - 63,762 2,793 - 2,793 66,555 Commercial and industrial 260,358 829 8,875 - - 270,062 1,962 - 1,962 272,024 Consumer - - - - - - 92,251 361 92,612 92,612 State and political subdivisions 64,955 - - - - 64,955 - - - 64,955 Total $ 799,332 $ 9,142 $ 11,002 $ - $ - $ 819,476 $ 302,893 $ 974 $ 303,867 $ 1,123,343 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Construction, Land State and Residential Commercial Acquisition and Commercial Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total Three months ended September 30, 2023 Allowance for credit losses: Beginning balance, July 1, 2023 $ 1,121 $ 2,610 $ 1,845 $ 5,249 $ 1,642 $ 406 $ - $ 12,873 Charge-offs - - - (344 ) (474 ) - - (818 ) Recoveries - 67 - 7 290 - - 364 Provisions (credits) 96 26 (504 ) 252 (127 ) (13 ) - (270 ) Ending balance, September 30, 2023 $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Three months ended September 30, 2022 Allowance for credit losses: Beginning balance, July 1, 2022 $ 2,208 $ 1,082 $ 746 $ 3,304 $ 1,307 $ 605 $ 1,129 $ 13,381 Charge-offs - - - (17 ) (394 ) - - (411 ) Recoveries 3 18 11 12 292 - - 336 Provisions (credits) 8 90 (88 ) 454 90 (41 ) - 513 Ending balance, September 30, 2022 $ 2,219 $ 4,190 $ 669 $ 3,753 $ 1,295 $ 564 $ 1,129 $ 13,819 Nine months ended September 30, 2023 Allowance for credit losses: Beginning balance, January 1, 2023 $ 2,215 $ 4,193 $ 747 $ 4,099 $ 1,307 $ 503 $ 1,129 $ 14,193 Impact of ASU-2016-13 (1,028 ) (1,614 ) 1,067 (212 ) 370 (90 ) (1,129 ) (2,636 ) Charge-offs (5 ) - - (436 ) (1,706 ) - - (2,147 ) Recoveries - 172 - 30 1,033 - - 1,235 Provisions (credits) 35 (48 ) (473 ) 1,683 327 (20 ) - 1,504 Balance at end of period $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Nine months ended September 30, 2022 Allowance for credit losses: Beginning balance, January 1, 2022 $ 2,081 $ 4,530 $ 392 $ 2,670 $ 1,159 $ 455 $ 1,129 $ 12,416 Charge-offs (3 ) - - (49 ) (757 ) - - (809 ) Recoveries 3 242 11 23 599 - - 878 Provisions (credits) 138 (582 ) 266 1,109 294 109 - 1,334 Balance at end of period $ 2,219 $ 4,190 $ 669 $ 3,753 $ 1,295 $ 564 $ 1,129 $ 13,819 Residential Commercial Construction, Land Acquisition and Commercial State and Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total September 30, 2023 Allowance for credit losses: Individually evaluated for impairment $ 68 $ 113 $ - $ 14 $ - $ - $ - $ 195 Collectively evaluated for impairment 1,149 2,590 1,341 5,150 1,331 393 - 11,954 Total $ 1,217 $ 2,703 $ 1,341 $ 5,164 $ 1,331 $ 393 $ - $ 12,149 Loans and leases receivable: Individually evaluated for impairment $ 1,076 $ 2,696 $ - $ 414 $ 468 $ - $ - $ 4,654 Collectively evaluated for impairment 243,686 376,967 73,265 348,335 87,616 71,229 - 1,201,098 Total $ 244,762 $ 379,663 $ 73,265 $ 348,749 $ 88,084 $ 71,229 $ - $ 1,205,752 Residential Commercial Construction, Land Acquisition and Commercial State and Political (in thousands) Real Estate Real Estate Development and Industrial Consumer Subdivisions Unallocated Total December 31, 2022 Allowance for loan and lease losses: Individually evaluated for impairment $ 17 $ 15 $ - $ 2 $ - $ - $ - $ 34 Collectively evaluated for impairment 2,198 4,178 747 4,097 1,307 503 1,129 14,159 Total $ 2,215 $ 4,193 $ 747 $ 4,099 $ 1,307 $ 503 $ 1,129 $ 14,193 Loans and leases receivable: Individually evaluated for impairment $ 1,472 $ 5,766 $ - $ 362 $ - $ - $ - $ 7,600 Collectively evaluated for impairment 248,749 371,210 66,555 271,662 92,612 64,955 - 1,115,743 Total $ 250,221 $ 376,976 $ 66,555 $ 272,024 $ 92,612 $ 64,955 $ - $ 1,123,343 |
Schedule of Collateralized Financing Receivables [Table Text Block] | September 30, 2023 Type of Collateral (in thousands) Residential Property Commercial Property Business Assets Total Loans and leases: Residential real estate $ 1,076 $ - $ - $ 1,076 Commercial real estate - 2,696 - 2,696 Construction, land acquisition and development - - - - Commercial and industrial - 300 - 300 Consumer - - - - State and political subdivisions - - - - Total collateral dependent loans and leases $ 1,076 $ 2,996 $ - $ 4,072 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 Delinquency Status 30-89 Days >/= 90 Days Nonaccrual Total (in thousands) Past Due Past Due Loans Past Due Current Total Loans and leases: Residential real estate $ 379 $ - $ 1,333 $ 1,712 $ 243,050 $ 244,762 Commercial real estate 573 - 2,867 3,440 376,223 379,663 Construction, land acquisition and development - - - - 73,265 73,265 Commercial and industrial 1,234 - 461 1,695 347,054 348,749 Consumer 1,328 59 423 1,810 86,274 88,084 State and political subdivisions - - - - 71,229 71,229 Total loans and leases $ 3,514 $ 59 $ 5,084 $ 8,657 $ 1,197,095 $ 1,205,752 December 31, 2022 Delinquency Status 30-89 Days >/= 90 Days Nonaccrual Total (in thousands) Past Due Past Due loans Past Due Current Total Loans and leases: Residential real estate $ 555 $ - $ 713 $ 1,268 $ 248,953 $ 250,221 Commercial real estate - - 1,545 1,545 375,431 376,976 Construction, land acquisition and development - - - - 66,555 66,555 Commercial and industrial 113 - 144 257 271,767 272,024 Consumer 1,378 79 361 1,818 90,794 92,612 State and political subdivisions - - - - 64,955 64,955 Total loans and leases $ 2,046 $ 79 $ 2,763 $ 4,888 $ 1,118,455 $ 1,123,343 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 Unpaid Recorded Principal Related (in thousands) Investment Balance Allowance With no allowance recorded: Residential real estate $ 431 $ 509 $ - Commercial real estate 1,071 1,339 - Construction, land acquisition and development - - - Commercial and industrial 218 218 - Consumer - - - State and political subdivisions - - - Total impaired loans with no related allowance recorded 1,720 2,066 - With a related allowance recorded: Residential real estate 1,041 1,041 17 Commercial real estate 4,695 4,695 15 Construction, land acquisition and development - - - Commercial and industrial 144 362 2 Consumer - - - State and political subdivisions - - - Total impaired loans with a related allowance recorded 5,880 6,098 34 Total impaired loans: Residential real estate 1,472 1,550 17 Commercial real estate 5,766 6,034 15 Construction, land acquisition and development - - - Commercial and industrial 362 580 2 Consumer - - - State and political subdivisions - - - Total impaired loans $ 7,600 $ 8,164 $ 34 |
Schedule of Average Balance and Interest Income on Impaired Loans [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, 2022 September 30, 2022 Average Interest Average Interest (in thousands) Balance Income (1) Balance Income (1) Residential real estate $ 1,552 $ 16 $ 1,677 $ 46 Commercial real estate 6,391 56 6,771 168 Construction, land acquisition and development - - - - Commercial and industrial 402 5 518 15 Consumer - - - - State and political subdivisions - - - - Total impaired loans $ 8,345 $ 77 $ 8,966 $ 229 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Demand (non-interest bearing) $ 297,740 $ 305,850 Interest-bearing: Interest-bearing demand 734,395 808,497 Savings 133,001 148,426 Time ($250,000 and over) 53,348 24,902 Other time 283,891 132,972 Total interest-bearing 1,204,635 1,114,797 Total deposits $ 1,502,375 $ 1,420,647 |
Note 6 - Borrowinged Funds (Tab
Note 6 - Borrowinged Funds (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 FHLB of Pittsburgh advances: FHLB of Pittsburgh - overnight $ 35,000 $ 139,400 FHLB of Pittsburgh - term 141,423 32,650 Subtotal FHLB of Pittsburgh advances 176,423 172,050 Junior subordinated debentures 10,310 10,310 Total borrowed funds $ 186,733 $ 182,360 |
Note 7 - Derivative and Hedgi_2
Note 7 - Derivative and Hedging Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Fixed Rate Loans (1) $ 24,821 - $ 179 - Total $ 24,821 - $ 179 - (1) These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $92.5 million; the cumulative basis adjustments associated with these hedging relationships was ($0.7) million; and the amounts of the designated hedged items were $25 million. There were no such hedging relationships at September 30, 2022. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivative Assets Derivative Liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate products $ 85,000 Other assets $ 1,929 Other assets $ 1,173 $ - Other liabilities $ - Other liabilities $ - Total derivatives designated as hedging instruments 1,929 1,173 - - Derivatives not designated as hedging instruments Interest rate swaps $ 25,125 Other assets $ 1,670 Other assets $ 931 $ 25,125 Other liabilities $ 1,670 Other liabilities $ 931 Risk participation transaction 10,631 - - - - Total derivatives not designated as hedging instruments 1,670 931 1,670 931 Net Derivatives on the statements of financial condition 3,599 2,104 1,670 931 Gross amounts not offset in the statements of financial condition Financial instruments - - - - Cash collateral (1) 3,599 1,946 - - Net derivative amounts $ - $ 158 $ 1,670 $ 931 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the Three Months Ended September 30, 2023 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ (369 ) $ (369 ) $ - Interest expense $ (3 ) $ (3 ) $ - Total $ (369 ) $ (369 ) $ - $ (3 ) $ (3 ) $ - For the Three Months Ended September 30, 2022 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 144 $ 144 $ - Interest expense $ 68 $ 68 $ - Total $ 144 $ 144 $ - $ 68 $ 68 $ - For the Nine Months Ended September 30, 2023 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 1,228 $ 1,228 $ - Interest expense $ 288 $ 288 $ - Total $ 1,228 $ 1,228 $ - $ 288 $ 288 $ - For the Nine Months Ended September 30, 2022 (in thousands) Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Derivative Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Included Component Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Excluded Component Location of Gain or (Loss) Recognized from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Amount of Gain or (Loss) Reclassified from AOCL into Income Included Component Amount of Gain or (Loss) Reclassified from AOCL into Income Excluded Component Derivatives in cash flow hedging relationships Interest rate products $ 312 $ 312 $ - Interest expense $ 98 $ 98 $ - Total $ 312 $ 312 $ - $ 98 $ 98 $ - |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 (in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded $ 58 $ (3 ) $ - $ 68 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ (179 ) $ - $ - $ - Derivatives designated as hedging instruments $ 236 $ - $ - $ - Interest contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ (3 ) $ - $ 68 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ - $ - $ - $ - Amount of gain or (loss) reclassified from accumulated OCI into income - included component $ - $ (3 ) $ - $ 68 Amount of gain or (loss) reclassified from accumulated OCI into income - excluded component $ - $ - $ - $ - Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 (in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded $ 58 $ 288 $ - $ 98 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Hedged items $ (179 ) $ - $ - $ - Derivatives designated as hedging instruments $ 236 $ - $ - $ - Interest contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ 288 $ - $ 98 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ - $ - $ - $ - Amount of gain or (loss) reclassified from accumulated OCI into income - included component $ - $ 288 $ - $ 98 Amount of gain or (loss) reclassified from accumulated OCI into income - excluded component $ - $ - $ - $ - |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (dollars in thousands) Amount % Amount % Amount % Amount % Provision at statutory tax rates $ 1,023 21.00 % $ 1,372 21.00 % $ 2,501 21.00 % $ 3,946 21.00 % Add (deduct) tax effects of: Tax-free interest income (209 ) (4.29 )% (230 ) (3.52 )% (627 ) (5.27 )% (644 ) (3.43 )% Non-deductible interest expense 21 0.43 % 11 0.17 % 64 0.54 % 34 0.18 % Bank-owned life insurance (45 ) (0.92 )% (42 ) (0.64 )% (129 ) (1.08 )% (114 ) (0.61 )% Unrealized losses on equity securities 41 0.84 % (18 ) (0.28 )% 372 3.12 % 25 0.13 % Other items, net (122 ) (2.50 )% 8 0.12 % 96 0.81 % 18 0.10 % Income tax provision $ 709 14.56 % $ 1,101 16.85 % $ 2,277 19.12 % $ 3,265 17.38 % |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ 97,471 $ 82,744 $ 79,144 $ 71,437 Additions, new loans and advances 63,665 28,560 177,899 57,966 Repayments (65,331 ) (22,901 ) (161,238 ) (41,000 ) Balance, end of period $ 95,805 $ 88,403 $ 95,805 $ 88,403 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (in thousands) September 30, 2023 2023 $ 97 2024 417 2025 388 2026 387 2027 388 2028 and thereafter 2,271 Total lease payments 3,948 Less: imputed interest 671 Present value of operating lease liabilities $ 3,277 |
Lease, Other Information Related to Operating Leases [Table Text Block] | (dollars in thousands) September 30, 2023 September 30, 2022 Weighted-average remaining lease term (in years) 10.9 11.8 Weighted-average discount rate 3.27 % 3.26 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 320 $ 309 |
Note 11 - Stock Compensation _2
Note 11 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Restricted Grant Date (dollars in thousands) Shares Fair Value Shares Fair Value Shares Fair Value Shares Fair Value Unvested restricted stock awards: Total outstanding, beginning of period 267,985 $ 7.89 188,359 $ 8.22 185,965 $ 8.22 174,297 $ 7.37 Awards granted - - - - 140,445 7.51 71,860 9.64 Forfeitures (6,232 ) 7.87 (2,394 ) 8.33 (6,232 ) 7.87 (5,503 ) 8.17 Shares vested - - - - (58,425 ) 8.01 (54,689 ) 7.38 Total outstanding, end of period 261,753 $ 7.89 185,965 $ 8.21 261,753 $ 7.89 185,965 $ 8.21 |
Note 12 - Regulatory Matters (T
Note 12 - Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | FNCB Bank Minimum Required For Capital Adequacy Purposes Minimum Required For Capital Adequacy Purposes with Conservation Buffer Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (dollars in thousands) Amount Ratio Ratio Ratio Ratio September 30, 2023 Total capital (to risk-weighted assets) $ 181,794 13.21 % 8.00 % 10.50 % 10.00 % Tier I capital (to risk-weighted assets) 168,156 12.21 % 6.00 % 8.50 % 8.00 % Tier I common equity (to risk-weighted assets) 168,156 12.21 % 4.50 % 7.00 % 6.50 % Tier I capital (to average assets) 168,156 9.11 % 4.00 % 4.00 % 5.00 % Total risk-weighted assets 1,376,706 Total average assets 1,846,243 FNCB Bank Minimum Required For Capital Adequacy Purposes Minimum Required For Capital Adequacy Purposes with Conservation Buffer Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (dollars in thousands) Amount Ratio Ratio Ratio Ratio December 31, 2022 Total capital (to risk-weighted assets) $ 169,984 13.11 % 8.00 % 10.50 % 10.00 % Tier I capital (to risk-weighted assets) 154,842 11.94 % 6.00 % 8.50 % 8.00 % Tier I common equity (to risk-weighted assets) 154,842 11.94 % 4.50 % 7.00 % 6.50 % Tier I capital (to average assets) 154,842 8.77 % 4.00 % 4.00 % 5.00 % Total risk-weighted assets 1,296,618 Total average assets 1,765,251 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2023 Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable for Identical Assets Inputs Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Available-for-sale debt securities: U.S. treasuries $ 31,943 $ - $ 31,943 $ - Obligations of state and political subdivisions 190,339 - 190,339 - U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 73,291 - 73,291 - Collateralized mortgage obligations - commercial 3,305 - 3,305 - Mortgage-backed securities 16,131 - 16,131 - Private collateralized mortgage obligations 69,933 - 69,933 - Corporate debt securities 30,678 - 23,962 6,716 Asset-backed securities 20,864 - 20,864 - Negotiable certificates of deposit 658 - 658 - Subtotal available-for-sale debt securities 437,142 - 430,426 6,716 Equity securities, at fair value 6,104 6,104 - - Derivative assets 3,599 - 3,599 - Total financial assets $ 446,845 $ 6,104 $ 434,025 $ 6,716 Financial liabilities: Derivative liabilities $ 1,670 $ - $ 1,670 $ - Total financial liabilities $ 1,670 $ - $ 1,670 $ - Fair Value Measurements at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Available-for-sale debt securities: U.S. treasuries $ 32,134 $ - $ 32,134 $ - Obligations of state and political subdivisions 220,782 - 220,782 - U.S. government/government-sponsored agencies: Collateralized mortgage obligations - residential 80,407 - 80,407 - Collateralized mortgage obligations - commercial 3,329 - 3,329 - Mortgage-backed securities 20,663 - 20,663 - Private collateralized mortgage obligations 72,507 - 72,507 - Corporate debt securities 30,672 - 22,736 7,936 Asset-backed securities 14,941 - 14,941 - Negotiable certificates of deposit 656 - 656 - Subtotal available-for-sale debt securities 476,091 - 468,155 7,936 Equity securities, at fair value 7,717 7,717 - - Derivative assets 2,104 - 2,104 Total financial assets $ 485,912 $ 7,717 $ 470,259 $ 7,936 Financial liabilities: Derivative liabilities $ 931 $ - $ 931 $ - Total financial liabilities $ 931 $ - $ 931 $ - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Corporate Debt Securities Corporate Debt Securities For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ 6,599 $ 8,030 $ 7,936 $ 12,345 Additions - - - - Redemptions - - - (2,066 ) Transfer to Level 2 - - (853 ) (756 ) Sales - - - - Total gains (losses) (realized/unrealized): Included in earnings - - - - Included in other comprehensive loss 117 (370 ) (367 ) (1,863 ) Balance at September 30, $ 6,716 $ 7,660 $ 6,716 $ 7,660 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2023 Fair Value Measurement Quantitative Information Recorded Valuation Fair Valuation Unobservable Value/ (in thousands) Investment Allowance Value Technique Inputs Range Individually evaluated loans - collateral dependent $ 4,072 $ 195 $ 3,877 Appraisal of collateral Selling costs 10.0 % Individually evaluated loans - other 582 - 582 Discounted cash flows Discount rate 4.50% - 10.00% December 31, 2022 Fair Value Measurement Quantitative Information Recorded Valuation Fair Valuation Unobservable Value/ (in thousands) Investment Allowance Value Technique Inputs Range Individually evaluated loans - collateral dependent $ 1,902 $ 8 $ 1,894 Appraisal of collateral Selling costs 10.0 % Individually evaluated loans - other 5,698 26 5,672 Discounted cash flows Discount rate 3.00% - 10.25% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value September 30, 2023 December 31, 2022 (in thousands) Measurement Carrying Value Fair Value Carrying Value Fair Value Financial assets: Cash and cash equivalents Level 1 $ 77,071 $ 77,071 $ 41,916 $ 41,916 Available-for-sale debt securities See previous table 437,142 437,142 476,091 476,091 Equity securities Level 1 6,104 6,104 7,717 7,717 Restricted stock Level 2 8,842 8,842 8,545 8,545 Loans held for sale Level 2 - - 60 60 Loans and leases, net Level 3 1,193,603 1,138,396 1,110,124 1,079,266 Accrued interest receivable Level 2 6,599 6,599 5,957 5,957 Servicing rights Level 3 192 595 254 621 Derivative assets Level 2 3,370 3,599 1,946 2,104 Financial liabilities: Deposits Level 2 1,502,375 1,497,861 1,420,647 1,416,272 Borrowed funds Level 2 186,733 185,782 182,360 182,108 Accrued interest payable Level 2 1,001 1,001 171 171 Derivative liabilities Level 2 1,637 1,670 921 931 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2023 2022 2023 2022 Net income $ 4,162 $ 5,435 $ 9,630 $ 15,526 Basic weighted-average number of common shares outstanding 19,776,342 19,687,766 19,724,956 19,765,814 Plus: Common share equivalents 18 9,281 2,834 21,041 Diluted weighted-average number of common shares outstanding 19,776,360 19,697,047 19,727,790 19,786,855 Income per common share: Basic $ 0.21 $ 0.28 $ 0.49 $ 0.79 Diluted $ 0.21 $ 0.28 $ 0.49 $ 0.79 |
Note 15 - Other Comprehensive_2
Note 15 - Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Available-for-sale debt securities: Reclassification adjustment for net gains reclassified into net income $ - Net gain (loss) on the sale of available-for-sale debt securities $ (252 ) Net gain (loss) on the sale of available-for-sale debt securities Taxes - Income taxes 53 Income taxes Net of tax amount $ - $ (199 ) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in thousands) Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Amount Reclassified from Accumulated Other Comprehensive (Loss) Income Affected Line Item in the Consolidated Statements of Income Available-for-sale debt securities: Reclassification adjustment for net losses reclassified into net income $ - Net gain (loss) on the sale of available-for-sale debt securities $ 35 Net gain (loss) on the sale of available-for-sale debt securities Taxes - Income taxes (7 ) Income taxes Net of tax amount $ - $ 28 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance, beginning of period $ (46,236 ) $ (34,400 ) $ (48,028 ) $ 6,352 Other comprehensive loss before reclassifications (8,958 ) (17,726 ) (6,967 ) (58,506 ) Amount reclassified from accumulated other comprehensive (loss) income - - (199 ) 28 Net other comprehensive loss during the period (8,958 ) (17,726 ) (7,166 ) (58,478 ) Balance, end of period $ (55,194 ) $ (52,126 ) $ (55,194 ) $ (52,126 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Millions | Oct. 01, 2023 | Sep. 27, 2023 |
Peoples Financial Services Corp. [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Fixed Exchange Ratio | 0.146% | |
Business Acquisition, Termination Fee | $ 4.8 | |
The 1st Equipment Finance [Member] | Subsequent Event [Member] | ||
Capital Contributed to Subsidiaries for Outstanding Loans, Leases and Fixes Assets | $ 160.5 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies / New Authoritative Accounting Guidance (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 12,149 | $ 12,873 | $ (11,557) | $ 14,193 | $ 13,819 | $ 13,381 | $ 12,416 |
Off-Balance-Sheet, Credit Loss, Liability | 2,217 | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 15,759 | ||||||
Retained Earnings (Accumulated Deficit) | $ 70,221 | (65,953) | 64,873 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | (2,600) | $ (2,636) | |||||
Off-Balance-Sheet, Credit Loss, Liability | 1,300 | ||||||
Deferred Tax Assets, Net of Valuation Allowance | (287) | ||||||
Retained Earnings (Accumulated Deficit) | $ 1,100 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies / New Authoritative Guidance - Impact of ASU 2016-13 (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Loans, allowance for credit losses | $ 12,149 | $ 12,873 | $ (11,557) | $ 14,193 | $ 13,819 | $ 13,381 | $ 12,416 |
Deferred income taxes | 15,759 | ||||||
Liability for credit losses for unfunded commitments | (2,217) | ||||||
Retained earnings | 70,221 | (65,953) | 64,873 | ||||
Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (14,193) | ||||||
Deferred income taxes | 16,046 | ||||||
Liability for credit losses for unfunded commitments | (948) | ||||||
Retained earnings | (64,873) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | 2,636 | ||||||
Deferred income taxes | (287) | ||||||
Liability for credit losses for unfunded commitments | (1,269) | ||||||
Retained earnings | (1,080) | ||||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||||||
Loans, allowance for credit losses | 1,217 | 1,121 | (1,187) | 2,215 | 2,219 | 2,208 | 2,081 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (2,215) | ||||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | 1,028 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||||
Loans, allowance for credit losses | 2,703 | 2,610 | (2,579) | 4,193 | 4,190 | 1,082 | 4,530 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (4,193) | ||||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | 1,614 | ||||||
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | |||||||
Loans, allowance for credit losses | 1,341 | 1,845 | (1,814) | 747 | 669 | 746 | 392 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (747) | ||||||
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | (1,067) | ||||||
Commercial and Industrial [Member] | |||||||
Loans, allowance for credit losses | 5,164 | 5,249 | 4,099 | 3,753 | 3,304 | 2,670 | |
Commercial and Industrial [Member] | Real Estate Loan [Member] | |||||||
Loans, allowance for credit losses | (3,887) | ||||||
Commercial and Industrial [Member] | Real Estate Loan [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (4,099) | ||||||
Commercial and Industrial [Member] | Real Estate Loan [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | 212 | ||||||
Consumer Portfolio Segment [Member] | |||||||
Loans, allowance for credit losses | 1,331 | 1,642 | (1,677) | 1,307 | 1,295 | 1,307 | 1,159 |
Consumer Portfolio Segment [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (1,307) | ||||||
Consumer Portfolio Segment [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | (370) | ||||||
State and Political Subdivisions [Member] | |||||||
Loans, allowance for credit losses | 393 | 406 | (413) | 503 | 564 | 605 | 455 |
State and Political Subdivisions [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (503) | ||||||
State and Political Subdivisions [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | 90 | ||||||
Unallocated Financing Receivables [Member] | |||||||
Loans, allowance for credit losses | $ 0 | $ 0 | 0 | $ 1,129 | $ 1,129 | $ 1,129 | $ 1,129 |
Unallocated Financing Receivables [Member] | Previously Reported [Member] | |||||||
Loans, allowance for credit losses | (1,129) | ||||||
Unallocated Financing Receivables [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Loans, allowance for credit losses | $ 1,129 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number of Non-government Securities of Any Individual Issuer Exceeding 10 Percent of Shareholders' Equity | 0 | 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 380 | 397 |
Preferred Stock of Privately-held Bank Holding Company [Member] | ||
Equity Securities without Readily Determinable Fair Value, Dividend Rate | 8.25% | |
Preferred Stock of Privately-held Bank Holding Company [Member] | Other Assets [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0.5 | $ 0.5 |
Note 3 - Securities - Available
Note 3 - Securities - Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale debt securities, amortized cost | $ 508,741 | $ 537,912 |
Available-for-sale debt securities, gross unrealized holding gains | 146 | 96 |
Available-for-sale debt securities, gross unrealized holding losses | 71,745 | 61,917 |
Available-for-sale debt securities, at fair value | 437,142 | 476,091 |
US Treasury Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 36,839 | 36,801 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 4,896 | 4,667 |
Available-for-sale debt securities, at fair value | 31,943 | 32,134 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 224,001 | 250,244 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 90 |
Available-for-sale debt securities, gross unrealized holding losses | 33,662 | 29,552 |
Available-for-sale debt securities, at fair value | 190,339 | 220,782 |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 89,010 | 93,577 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 15,719 | 13,170 |
Available-for-sale debt securities, at fair value | 73,291 | 80,407 |
Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 3,622 | 3,649 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 317 | 320 |
Available-for-sale debt securities, at fair value | 3,305 | 3,329 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 19,616 | 23,332 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 1 |
Available-for-sale debt securities, gross unrealized holding losses | 3,485 | 2,670 |
Available-for-sale debt securities, at fair value | 16,131 | 20,663 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale debt securities, amortized cost | 78,894 | 80,648 |
Available-for-sale debt securities, gross unrealized holding gains | 57 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 9,018 | 8,141 |
Available-for-sale debt securities, at fair value | 69,933 | 72,507 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 35,070 | 33,630 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 4,392 | 2,958 |
Available-for-sale debt securities, at fair value | 30,678 | 30,672 |
Asset-Backed Securities [Member] | ||
Available-for-sale debt securities, amortized cost | 20,945 | 15,287 |
Available-for-sale debt securities, gross unrealized holding gains | 89 | 5 |
Available-for-sale debt securities, gross unrealized holding losses | 170 | 351 |
Available-for-sale debt securities, at fair value | 20,864 | 14,941 |
Negotiable Certificates of Deposit [Member] | ||
Available-for-sale debt securities, amortized cost | 744 | 744 |
Available-for-sale debt securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale debt securities, gross unrealized holding losses | 86 | 88 |
Available-for-sale debt securities, at fair value | $ 658 | $ 656 |
Note 3 - Securities - Availab_2
Note 3 - Securities - Available-for-sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
One year or less, amortized cost | $ 13,428 | |
One year or less, fair value | 13,257 | |
After one year through five years, amortized cost | 82,337 | |
After one year through five years, fair value | 75,279 | |
After five years through ten years, amortized cost | 92,153 | |
After five years through ten years, fair value | 76,522 | |
After ten years, amortized cost | 108,736 | |
After ten years, fair value | 88,560 | |
Available-for-sale debt securities, amortized cost | 508,741 | $ 537,912 |
Available-for-sale debt securities, at fair value | 437,142 | 476,091 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities without a single maturity, amortized cost | 19,616 | |
Securities without a single maturity, fair value | 16,131 | |
Available-for-sale debt securities, amortized cost | 19,616 | 23,332 |
Available-for-sale debt securities, at fair value | 16,131 | 20,663 |
Collateralized Mortgage Obligations [Member] | ||
Securities without a single maturity, amortized cost | 171,526 | |
Securities without a single maturity, fair value | 146,529 | |
Asset-Backed Securities [Member] | ||
Securities without a single maturity, amortized cost | 20,945 | |
Securities without a single maturity, fair value | 20,864 | |
Available-for-sale debt securities, amortized cost | 20,945 | 15,287 |
Available-for-sale debt securities, at fair value | $ 20,864 | $ 14,941 |
Note 3 - Securities - Gross Pro
Note 3 - Securities - Gross Proceeds Received and Realized Gain (Loss) on Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proceeds from the sale of available-for-sale debt securities | $ 0 | $ 0 | $ 10,394 | $ 2,372 |
Gross realized gains | 0 | 0 | 252 | 0 |
Gross realized losses | 0 | 0 | 0 | (35) |
Net (losses) gains recognized on equity securities | (233) | 86 | (1,773) | (121) |
Less: net (losses) gains realized on equity securities sold | 0 | 0 | 0 | 0 |
Unrealized (losses) gains on equity securities | $ (233) | $ 86 | $ (1,773) | $ (121) |
Note 3 - Securities - Availab_3
Note 3 - Securities - Available-for-sale Debt Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Less than 12 months, number of securities | 16 | 205 |
Less than 12 months, fair value | $ 21,481 | $ 240,563 |
Less than 12 months, gross unrealized losses | $ 895 | $ 19,668 |
12 months or longer, number of securities | 364 | 192 |
12 months or longer, fair value | $ 403,951 | $ 225,813 |
12 months or longer, gross unrealized losses | $ 70,850 | $ 42,249 |
Total, number of securities | 380 | 397 |
Total, fair value | $ 425,432 | $ 466,376 |
Total, gross unrealized losses | $ 71,745 | $ 61,917 |
US Treasury Securities [Member] | ||
Less than 12 months, number of securities | 0 | 0 |
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, gross unrealized losses | $ 0 | $ 0 |
12 months or longer, number of securities | 17 | 17 |
12 months or longer, fair value | $ 31,943 | $ 32,134 |
12 months or longer, gross unrealized losses | $ 4,896 | $ 4,667 |
Total, number of securities | 17 | 17 |
Total, fair value | $ 31,943 | $ 32,134 |
Total, gross unrealized losses | $ 4,896 | $ 4,667 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, number of securities | 3 | 128 |
Less than 12 months, fair value | $ 3,425 | $ 146,932 |
Less than 12 months, gross unrealized losses | $ 175 | $ 12,751 |
12 months or longer, number of securities | 198 | 94 |
12 months or longer, fair value | $ 186,134 | $ 69,872 |
12 months or longer, gross unrealized losses | $ 33,487 | $ 16,801 |
Total, number of securities | 201 | 222 |
Total, fair value | $ 189,559 | $ 216,804 |
Total, gross unrealized losses | $ 33,662 | $ 29,552 |
Residential Mortgage-Backed Securities [Member] | ||
Less than 12 months, number of securities | 0 | 16 |
Less than 12 months, fair value | $ 0 | $ 26,826 |
Less than 12 months, gross unrealized losses | $ 0 | $ 3,407 |
12 months or longer, number of securities | 42 | 26 |
12 months or longer, fair value | $ 73,291 | $ 53,581 |
12 months or longer, gross unrealized losses | $ 15,719 | $ 9,763 |
Total, number of securities | 42 | 42 |
Total, fair value | $ 73,291 | $ 80,407 |
Total, gross unrealized losses | $ 15,719 | $ 13,170 |
Commercial Mortgage-Backed Securities [Member] | ||
Less than 12 months, number of securities | 0 | 2 |
Less than 12 months, fair value | $ 0 | $ 1,911 |
Less than 12 months, gross unrealized losses | $ 0 | $ 94 |
12 months or longer, number of securities | 3 | 1 |
12 months or longer, fair value | $ 3,305 | $ 1,418 |
12 months or longer, gross unrealized losses | $ 317 | $ 226 |
Total, number of securities | 3 | 3 |
Total, fair value | $ 3,305 | $ 3,329 |
Total, gross unrealized losses | $ 317 | $ 320 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months, number of securities | 3 | 7 |
Less than 12 months, fair value | $ 3,705 | $ 8,569 |
Less than 12 months, gross unrealized losses | $ 310 | $ 219 |
12 months or longer, number of securities | 12 | 7 |
12 months or longer, fair value | $ 12,426 | $ 11,998 |
12 months or longer, gross unrealized losses | $ 3,175 | $ 2,451 |
Total, number of securities | 15 | 14 |
Total, fair value | $ 16,131 | $ 20,567 |
Total, gross unrealized losses | $ 3,485 | $ 2,670 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Less than 12 months, number of securities | 7 | 29 |
Less than 12 months, fair value | $ 8,970 | $ 27,705 |
Less than 12 months, gross unrealized losses | $ 336 | $ 1,213 |
12 months or longer, number of securities | 50 | 28 |
12 months or longer, fair value | $ 56,857 | $ 42,819 |
12 months or longer, gross unrealized losses | $ 8,682 | $ 6,928 |
Total, number of securities | 57 | 57 |
Total, fair value | $ 65,827 | $ 70,524 |
Total, gross unrealized losses | $ 9,018 | $ 8,141 |
Corporate Debt Securities [Member] | ||
Less than 12 months, number of securities | 1 | 18 |
Less than 12 months, fair value | $ 1,448 | $ 21,325 |
Less than 12 months, gross unrealized losses | $ 52 | $ 1,805 |
12 months or longer, number of securities | 29 | 11 |
12 months or longer, fair value | $ 29,230 | $ 9,347 |
12 months or longer, gross unrealized losses | $ 4,340 | $ 1,153 |
Total, number of securities | 30 | 29 |
Total, fair value | $ 30,678 | $ 30,672 |
Total, gross unrealized losses | $ 4,392 | $ 2,958 |
Asset-Backed Securities [Member] | ||
Less than 12 months, number of securities | 2 | 5 |
Less than 12 months, fair value | $ 3,933 | $ 7,295 |
Less than 12 months, gross unrealized losses | $ 22 | $ 179 |
12 months or longer, number of securities | 10 | 5 |
12 months or longer, fair value | $ 10,107 | $ 3,988 |
12 months or longer, gross unrealized losses | $ 148 | $ 172 |
Total, number of securities | 12 | 10 |
Total, fair value | $ 14,040 | $ 11,283 |
Total, gross unrealized losses | $ 170 | $ 351 |
Negotiable Certificates of Deposit [Member] | ||
Less than 12 months, number of securities | 0 | 0 |
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, gross unrealized losses | $ 0 | $ 0 |
12 months or longer, number of securities | 3 | 3 |
12 months or longer, fair value | $ 658 | $ 656 |
12 months or longer, gross unrealized losses | $ 86 | $ 88 |
Total, number of securities | 3 | 3 |
Total, fair value | $ 658 | $ 656 |
Total, gross unrealized losses | $ 86 | $ 88 |
Note 3 - Securities - Restricte
Note 3 - Securities - Restricted Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Stock in Atlantic Community Bankers Bank | $ 10 | $ 10 |
Total restricted securities, at cost | 8,842 | 8,545 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Stock in Federal Home Loan Bank of Pittsburgh | $ 8,832 | $ 8,535 |
Note 4 - Loans and Leases (Deta
Note 4 - Loans and Leases (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) | $ 2,400 | $ 2,400 | ||||
Loans and Leases Receivable, Deferred Income | 952 | 952 | ||||
Financing Receivable, Unamortized Purchase Premium (Discount) | 199 | 199 | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 3,200 | 3,200 | $ 2,100 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 178,889 | 178,889 | ||||
Gain (Loss) on Sales of Loans, Net | 1 | $ 91 | 2 | $ 123 | ||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 0 | $ 0 | 60 | |||
Loans Still Classified as Non-accrual Status, Period of Past Due (Day) | 90 days | |||||
Reserves for Unfunded Commitments | 1,500 | $ 1,500 | $ 1,300 | 2,200 | ||
Financing Receivable, Nonaccrual, Credit | 234 | 338 | 729 | 461 | ||
Financing Receivable, Nonaccrual | 5,084 | 5,084 | 2,763 | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 59 | 59 | 79 | |||
Evaluated Individually for Impairment, Non-accrued Loans Other Than TDRs, Threshold | 100 | |||||
Financing Receivable, Collectively Evaluated for Impairment | 1,201,098 | $ 1,201,098 | 1,115,743 | |||
Financing Receivable, Nonaccrual, Interest Income | $ 42 | $ 128 | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||||
Number of Real Estate Properties, Foreclosed | 0 | 0 | ||||
Nonaccrual Loans [Member] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 700 | |||||
Small Business Administration [Member] | ||||||
Loans Serviced for Others, Unpaid Principal Balance | 73,000 | $ 73,000 | 78,700 | |||
One- to Four-family Mortgages [Member] | ||||||
Recorded Investment of Mortgage Loans Sold | 200 | $ 4,100 | 300 | $ 6,800 | ||
Gain (Loss) on Sales of Loans, Net | 1 | $ 91 | 2 | $ 123 | ||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | $ 60 | $ 60 | ||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||||
Financing Receivable, Modifications | $ 79 | |||||
Number of Real Estate Properties in OREO | 3 | 3 | 3 | 3 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 205 | $ 228 | $ 205 | $ 228 | ||
Commercial Equipment Financing [Member] | Simple Loans [Member] | ||||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 155,300 | 155,300 | 79,300 | |||
Commercial Equipment Financing [Member] | Municipal Leases [Member] | ||||||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 4,600 | $ 4,600 | $ 4,400 |
Note 4 - Loans and Leases - Loa
Note 4 - Loans and Leases - Loans Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Loans, gross | $ 1,205,752 | $ 1,123,343 | |||||
Unearned income | 0 | (810) | |||||
Net deferred origination fees | 0 | 1,784 | |||||
Allowance for credit losses | (12,149) | $ (12,873) | $ 11,557 | (14,193) | $ (13,819) | $ (13,381) | $ (12,416) |
Net loans and leases | 1,193,603 | 1,110,124 | |||||
Residential Portfolio Segment [Member] | |||||||
Loans, gross | 244,762 | 250,221 | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans, gross | 379,663 | 376,976 | |||||
Construction, Land Acquisition and Development [Member] | |||||||
Loans, gross | 73,265 | 66,555 | |||||
Commercial and Industrial [Member] | |||||||
Loans, gross | 348,749 | 272,024 | |||||
Allowance for credit losses | (5,164) | (5,249) | (4,099) | (3,753) | (3,304) | (2,670) | |
Consumer Portfolio Segment [Member] | |||||||
Loans, gross | 88,084 | 92,612 | |||||
Allowance for credit losses | (1,331) | (1,642) | 1,677 | (1,307) | (1,295) | (1,307) | (1,159) |
State and Political Subdivisions [Member] | |||||||
Loans, gross | 71,229 | 64,955 | |||||
Allowance for credit losses | $ (393) | $ (406) | $ 413 | $ (503) | $ (564) | $ (605) | $ (455) |
Note 4 - Loans and Leases - L_2
Note 4 - Loans and Leases - Loans By Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Originated current year | $ 178,889 | $ 178,889 | |||
Originated prior year | 304,827 | 304,827 | |||
Originated two years prior | 254,163 | 254,163 | |||
Originated three years prior | 95,777 | 95,777 | |||
Originated four years prior | 109,151 | 109,151 | |||
Originated years prior | 151,550 | 151,550 | |||
Revolving | 111,395 | 111,395 | |||
Loans, gross | 1,205,752 | 1,205,752 | $ 1,123,343 | ||
Gross charge-offs, current year | 316 | ||||
Gross charge-offs, prior year | 951 | ||||
Gross charge-offs, two years prior | 656 | ||||
Gross charge-offs, three years prior | 15 | ||||
Gross charge-offs, four years prior | 20 | ||||
Gross charge-offs, years prior | 61 | ||||
Gross charge-offs, revolving | 128 | ||||
Gross charge-offs | 818 | $ 411 | 2,147 | $ 809 | |
Commercial Loans [Member] | |||||
Loans, gross | 819,476 | ||||
Accruing Loans [Member] | |||||
Loans, gross | 302,893 | ||||
Nonaccrual Loans [Member] | |||||
Loans, gross | 974 | ||||
Subtotal, Other Loans [Member] | |||||
Loans, gross | 303,867 | ||||
Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 799,332 | ||||
Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 9,142 | ||||
Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 11,002 | ||||
Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Residential Portfolio Segment [Member] | |||||
Loans, gross | 244,762 | 244,762 | 250,221 | ||
Residential Portfolio Segment [Member] | Commercial Loans [Member] | |||||
Loans, gross | 43,721 | ||||
Residential Portfolio Segment [Member] | Accruing Loans [Member] | |||||
Loans, gross | 205,887 | ||||
Residential Portfolio Segment [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 613 | ||||
Residential Portfolio Segment [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 206,500 | ||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Originated current year | 8,080 | 8,080 | |||
Originated prior year | 41,026 | 41,026 | |||
Originated two years prior | 78,572 | 78,572 | |||
Originated three years prior | 38,040 | 38,040 | |||
Originated four years prior | 12,448 | 12,448 | |||
Originated years prior | 44,918 | 44,918 | |||
Revolving | 21,678 | 21,678 | |||
Loans, gross | 244,762 | 244,762 | 250,221 | ||
Gross charge-offs | 0 | 0 | 5 | 3 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Performing Financial Instruments [Member] | |||||
Originated current year | 8,080 | 8,080 | |||
Originated prior year | 40,896 | 40,896 | |||
Originated two years prior | 78,428 | 78,428 | |||
Originated three years prior | 38,040 | 38,040 | |||
Originated four years prior | 12,212 | 12,212 | |||
Originated years prior | 44,207 | 44,207 | |||
Revolving | 21,566 | 21,566 | |||
Loans, gross | 243,429 | 243,429 | |||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Nonperforming Financial Instruments [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 130 | 130 | |||
Originated two years prior | 144 | 144 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 236 | 236 | |||
Originated years prior | 711 | 711 | |||
Revolving | 112 | 112 | |||
Loans, gross | 1,333 | 1,333 | |||
Residential Portfolio Segment [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 43,188 | ||||
Residential Portfolio Segment [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 434 | ||||
Residential Portfolio Segment [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 99 | ||||
Residential Portfolio Segment [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Originated current year | 17,937 | 17,937 | |||
Originated prior year | 91,321 | 91,321 | |||
Originated two years prior | 75,064 | 75,064 | |||
Originated three years prior | 36,623 | 36,623 | |||
Originated four years prior | 66,822 | 66,822 | |||
Originated years prior | 84,472 | 84,472 | |||
Revolving | 7,424 | 7,424 | |||
Loans, gross | 379,663 | 379,663 | 376,976 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Loans [Member] | |||||
Loans, gross | 376,976 | ||||
Commercial Real Estate Portfolio Segment [Member] | Accruing Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 379,663 | 379,663 | 376,976 | ||
Gross charge-offs | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 17,937 | 17,937 | |||
Originated prior year | 91,321 | 91,321 | |||
Originated two years prior | 72,296 | 72,296 | |||
Originated three years prior | 36,623 | 36,623 | |||
Originated four years prior | 66,822 | 66,822 | |||
Originated years prior | 77,014 | 77,014 | |||
Revolving | 7,129 | 7,129 | |||
Loans, gross | 369,142 | 369,142 | |||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 367,866 | ||||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 2,271 | 2,271 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 4,775 | 4,775 | |||
Revolving | 295 | 295 | |||
Loans, gross | 7,341 | 7,341 | |||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 7,082 | ||||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 497 | 497 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 2,683 | 2,683 | |||
Revolving | 0 | 0 | |||
Loans, gross | 3,180 | 3,180 | |||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 2,028 | ||||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Construction, Land Acquisition and Development [Member] | |||||
Originated current year | 6,236 | 6,236 | |||
Originated prior year | 32,987 | 32,987 | |||
Originated two years prior | 28,831 | 28,831 | |||
Originated three years prior | 2,842 | 2,842 | |||
Originated four years prior | 330 | 330 | |||
Originated years prior | 929 | 929 | |||
Revolving | 1,110 | 1,110 | |||
Loans, gross | 73,265 | 73,265 | 66,555 | ||
Construction, Land Acquisition and Development [Member] | Commercial Loans [Member] | |||||
Loans, gross | 63,762 | ||||
Construction, Land Acquisition and Development [Member] | Accruing Loans [Member] | |||||
Loans, gross | 2,793 | ||||
Construction, Land Acquisition and Development [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 0 | ||||
Construction, Land Acquisition and Development [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 2,793 | ||||
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 73,265 | 73,265 | 66,555 | ||
Gross charge-offs | 0 | 0 | 0 | 0 | |
Construction, Land Acquisition and Development [Member] | Pass [Member] | |||||
Originated current year | 6,236 | 6,236 | |||
Originated prior year | 32,987 | 32,987 | |||
Originated two years prior | 28,646 | 28,646 | |||
Originated three years prior | 2,842 | 2,842 | |||
Originated four years prior | 330 | 330 | |||
Originated years prior | 929 | 929 | |||
Revolving | 1,110 | 1,110 | |||
Loans, gross | 73,080 | 73,080 | |||
Construction, Land Acquisition and Development [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 62,965 | ||||
Construction, Land Acquisition and Development [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 185 | 185 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 185 | 185 | |||
Construction, Land Acquisition and Development [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 797 | ||||
Construction, Land Acquisition and Development [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Construction, Land Acquisition and Development [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Construction, Land Acquisition and Development [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Construction, Land Acquisition and Development [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Construction, Land Acquisition and Development [Member] | Unlikely to be Collected Financing Receivable [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Construction, Land Acquisition and Development [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial and Industrial [Member] | |||||
Originated current year | 111,839 | 111,839 | |||
Originated prior year | 94,481 | 94,481 | |||
Originated two years prior | 28,889 | 28,889 | |||
Originated three years prior | 12,325 | 12,325 | |||
Originated four years prior | 11,418 | 11,418 | |||
Originated years prior | 10,988 | 10,988 | |||
Revolving | 78,809 | 78,809 | |||
Loans, gross | 348,749 | 348,749 | 272,024 | ||
Gross charge-offs | 344 | 17 | 436 | 49 | |
Commercial and Industrial [Member] | Commercial Loans [Member] | |||||
Loans, gross | 270,062 | ||||
Commercial and Industrial [Member] | Accruing Loans [Member] | |||||
Loans, gross | 1,962 | ||||
Commercial and Industrial [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial and Industrial [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 1,962 | ||||
Commercial and Industrial [Member] | Pass [Member] | |||||
Originated current year | 111,839 | 111,839 | |||
Originated prior year | 91,200 | 91,200 | |||
Originated two years prior | 28,527 | 28,527 | |||
Originated three years prior | 10,460 | 10,460 | |||
Originated four years prior | 11,384 | 11,384 | |||
Originated years prior | 10,638 | 10,638 | |||
Revolving | 68,350 | 68,350 | |||
Loans, gross | 332,398 | 332,398 | |||
Commercial and Industrial [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 260,358 | ||||
Commercial and Industrial [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 281 | 281 | |||
Originated two years prior | 362 | 362 | |||
Originated three years prior | 669 | 669 | |||
Originated four years prior | 34 | 34 | |||
Originated years prior | 136 | 136 | |||
Revolving | 7,120 | 7,120 | |||
Loans, gross | 8,602 | 8,602 | |||
Commercial and Industrial [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 829 | ||||
Commercial and Industrial [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 3,000 | 3,000 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 1,196 | 1,196 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 214 | 214 | |||
Revolving | 3,339 | 3,339 | |||
Loans, gross | 7,749 | 7,749 | |||
Commercial and Industrial [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 8,875 | ||||
Commercial and Industrial [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Commercial and Industrial [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Commercial and Industrial [Member] | Unlikely to be Collected Financing Receivable [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
Commercial and Industrial [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | |||||
Loans, gross | 88,084 | 88,084 | 92,612 | ||
Gross charge-offs | 474 | 394 | 1,706 | 757 | |
Consumer Portfolio Segment [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | Accruing Loans [Member] | |||||
Loans, gross | 92,251 | ||||
Consumer Portfolio Segment [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 361 | ||||
Consumer Portfolio Segment [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 92,612 | ||||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Originated current year | 22,540 | 22,540 | |||
Originated prior year | 32,932 | 32,932 | |||
Originated two years prior | 21,039 | 21,039 | |||
Originated three years prior | 3,519 | 3,519 | |||
Originated four years prior | 2,152 | 2,152 | |||
Originated years prior | 5,866 | 5,866 | |||
Revolving | 36 | 36 | |||
Loans, gross | 88,084 | 88,084 | |||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Performing Financial Instruments [Member] | |||||
Originated current year | 22,540 | 22,540 | |||
Originated prior year | 32,803 | 32,803 | |||
Originated two years prior | 20,904 | 20,904 | |||
Originated three years prior | 3,503 | 3,503 | |||
Originated four years prior | 2,085 | 2,085 | |||
Originated years prior | 5,790 | 5,790 | |||
Revolving | 36 | 36 | |||
Loans, gross | 87,661 | 87,661 | |||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Nonperforming Financial Instruments [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 129 | 129 | |||
Originated two years prior | 135 | 135 | |||
Originated three years prior | 16 | 16 | |||
Originated four years prior | 67 | 67 | |||
Originated years prior | 76 | 76 | |||
Revolving | 0 | 0 | |||
Loans, gross | 423 | 423 | |||
Consumer Portfolio Segment [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | |||||
Originated current year | 12,257 | 12,257 | |||
Originated prior year | 12,080 | 12,080 | |||
Originated two years prior | 21,768 | 21,768 | |||
Originated three years prior | 2,428 | 2,428 | |||
Originated four years prior | 15,981 | 15,981 | |||
Originated years prior | 4,377 | 4,377 | |||
Revolving | 2,338 | 2,338 | |||
Loans, gross | 71,229 | 71,229 | 64,955 | ||
Gross charge-offs | 0 | $ 0 | 0 | $ 0 | |
State and Political Subdivisions [Member] | Commercial Loans [Member] | |||||
Loans, gross | 64,955 | ||||
State and Political Subdivisions [Member] | Accruing Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Nonaccrual Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Subtotal, Other Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Pass [Member] | |||||
Originated current year | 12,257 | 12,257 | |||
Originated prior year | 12,080 | 12,080 | |||
Originated two years prior | 21,768 | 21,768 | |||
Originated three years prior | 2,428 | 2,428 | |||
Originated four years prior | 15,981 | 15,981 | |||
Originated years prior | 4,377 | 4,377 | |||
Revolving | 2,338 | 2,338 | |||
Loans, gross | 71,229 | 71,229 | |||
State and Political Subdivisions [Member] | Pass [Member] | Commercial Loans [Member] | |||||
Loans, gross | 64,955 | ||||
State and Political Subdivisions [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
State and Political Subdivisions [Member] | Special Mention [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
State and Political Subdivisions [Member] | Substandard [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | 0 | 0 | |||
State and Political Subdivisions [Member] | Doubtful [Member] | Commercial Loans [Member] | |||||
Loans, gross | 0 | ||||
State and Political Subdivisions [Member] | Unlikely to be Collected Financing Receivable [Member] | |||||
Originated current year | 0 | 0 | |||
Originated prior year | 0 | 0 | |||
Originated two years prior | 0 | 0 | |||
Originated three years prior | 0 | 0 | |||
Originated four years prior | 0 | 0 | |||
Originated years prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Loans, gross | $ 0 | $ 0 | |||
State and Political Subdivisions [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Loans [Member] | |||||
Loans, gross | $ 0 |
Note 4 - Loans - Activity in th
Note 4 - Loans - Activity in the Allowance for Loan Losses, by Loan Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Balance | $ 12,873 | $ 13,381 | $ 14,193 | $ 12,416 | ||
Charge-offs | (818) | (411) | (2,147) | (809) | ||
Recoveries | 364 | 336 | 1,235 | 878 | ||
Provisions (credits) | (270) | 513 | 1,504 | 1,334 | ||
Balance | 12,149 | 13,819 | 12,149 | 13,819 | ||
Individually evaluated for impairment, allowance | 195 | 195 | $ 34 | |||
Collectively evaluated for impairment, allowance | 11,954 | 11,954 | 14,159 | |||
Total, allowance | 12,149 | 13,819 | 12,149 | 13,819 | $ (11,557) | 14,193 |
Individually evaluated for impairment | 4,654 | 4,654 | 7,600 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,201,098 | 1,201,098 | 1,115,743 | |||
Total | 1,205,752 | 1,205,752 | 1,123,343 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | (2,636) | |||||
Total, allowance | (2,600) | (2,636) | ||||
Residential Portfolio Segment [Member] | ||||||
Total | 244,762 | 244,762 | 250,221 | |||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Balance | 1,121 | 2,208 | 2,215 | 2,081 | ||
Charge-offs | 0 | 0 | (5) | (3) | ||
Recoveries | 0 | 3 | 0 | 3 | ||
Provisions (credits) | 96 | 8 | 35 | 138 | ||
Balance | 1,217 | 2,219 | 1,217 | 2,219 | ||
Individually evaluated for impairment, allowance | 68 | 68 | 17 | |||
Collectively evaluated for impairment, allowance | 1,149 | 1,149 | 2,198 | |||
Total, allowance | 1,217 | 2,219 | 1,217 | 2,219 | (1,187) | 2,215 |
Individually evaluated for impairment | 1,076 | 1,076 | 1,472 | |||
Financing Receivable, Collectively Evaluated for Impairment | 243,686 | 243,686 | 248,749 | |||
Total | 244,762 | 244,762 | 250,221 | |||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | (1,028) | |||||
Total, allowance | (1,028) | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Total | 379,663 | 379,663 | 376,976 | |||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Balance | 2,610 | 1,082 | 4,193 | 4,530 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 67 | 18 | 172 | 242 | ||
Provisions (credits) | 26 | 90 | (48) | (582) | ||
Balance | 2,703 | 4,190 | 2,703 | 4,190 | ||
Individually evaluated for impairment, allowance | 113 | 113 | 15 | |||
Collectively evaluated for impairment, allowance | 2,590 | 2,590 | 4,178 | |||
Total, allowance | 2,703 | 4,190 | 2,703 | 4,190 | (2,579) | 4,193 |
Individually evaluated for impairment | 2,696 | 2,696 | 5,766 | |||
Financing Receivable, Collectively Evaluated for Impairment | 376,967 | 376,967 | 371,210 | |||
Total | 379,663 | 379,663 | 376,976 | |||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | (1,614) | |||||
Total, allowance | (1,614) | |||||
Construction, Land Acquisition and Development [Member] | ||||||
Total | 73,265 | 73,265 | 66,555 | |||
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | ||||||
Balance | 1,845 | 746 | 747 | 392 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 11 | 0 | 11 | ||
Provisions (credits) | (504) | (88) | (473) | 266 | ||
Balance | 1,341 | 669 | 1,341 | 669 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | |||
Collectively evaluated for impairment, allowance | 1,341 | 1,341 | 747 | |||
Total, allowance | 1,341 | 669 | 1,341 | 669 | (1,814) | 747 |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 73,265 | 73,265 | 66,555 | |||
Total | 73,265 | 73,265 | 66,555 | |||
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | 1,067 | |||||
Total, allowance | 1,067 | |||||
Commercial and Industrial [Member] | ||||||
Balance | 5,249 | 3,304 | 4,099 | 2,670 | ||
Charge-offs | (344) | (17) | (436) | (49) | ||
Recoveries | 7 | 12 | 30 | 23 | ||
Provisions (credits) | 252 | 454 | 1,683 | 1,109 | ||
Balance | 5,164 | 3,753 | 5,164 | 3,753 | ||
Individually evaluated for impairment, allowance | 14 | 14 | 2 | |||
Collectively evaluated for impairment, allowance | 5,150 | 5,150 | 4,097 | |||
Total, allowance | 5,164 | 3,753 | 5,164 | 3,753 | 4,099 | |
Individually evaluated for impairment | 414 | 414 | 362 | |||
Financing Receivable, Collectively Evaluated for Impairment | 348,335 | 348,335 | 271,662 | |||
Total | 348,749 | 348,749 | 272,024 | |||
Commercial and Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | (212) | |||||
Total, allowance | (212) | |||||
Commercial and Industrial [Member] | Real Estate Loan [Member] | ||||||
Total, allowance | (3,887) | |||||
Consumer Portfolio Segment [Member] | ||||||
Balance | 1,642 | 1,307 | 1,307 | 1,159 | ||
Charge-offs | (474) | (394) | (1,706) | (757) | ||
Recoveries | 290 | 292 | 1,033 | 599 | ||
Provisions (credits) | (127) | 90 | 327 | 294 | ||
Balance | 1,331 | 1,295 | 1,331 | 1,295 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | |||
Collectively evaluated for impairment, allowance | 1,331 | 1,331 | 1,307 | |||
Total, allowance | 1,331 | 1,295 | 1,331 | 1,295 | (1,677) | 1,307 |
Individually evaluated for impairment | 468 | 468 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 87,616 | 87,616 | 92,612 | |||
Total | 88,084 | 88,084 | 92,612 | |||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | 370 | |||||
Total, allowance | 370 | |||||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Total | 88,084 | 88,084 | ||||
State and Political Subdivisions [Member] | ||||||
Balance | 406 | 605 | 503 | 455 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provisions (credits) | (13) | (41) | (20) | 109 | ||
Balance | 393 | 564 | 393 | 564 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | |||
Collectively evaluated for impairment, allowance | 393 | 393 | 503 | |||
Total, allowance | 393 | 564 | 393 | 564 | (413) | 503 |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 71,229 | 71,229 | 64,955 | |||
Total | 71,229 | 71,229 | 64,955 | |||
State and Political Subdivisions [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | (90) | |||||
Total, allowance | (90) | |||||
Unallocated Financing Receivables [Member] | ||||||
Balance | 0 | 1,129 | 1,129 | 1,129 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provisions (credits) | 0 | 0 | 0 | 0 | ||
Balance | 0 | 1,129 | 0 | 1,129 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | |||
Collectively evaluated for impairment, allowance | 0 | 0 | 1,129 | |||
Total, allowance | 0 | $ 1,129 | 0 | $ 1,129 | $ 0 | 1,129 |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 0 | 0 | 0 | |||
Total | $ 0 | 0 | 0 | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Balance | $ (1,129) | |||||
Total, allowance | $ (1,129) |
Note 4 - Loans and Leases - Sch
Note 4 - Loans and Leases - Schedule of Collateral Dependent Loans (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Residential Real Estate [Member] | |
Loans, gross | $ 1,076 |
Commercial Real Estate [Member] | |
Loans, gross | 2,996 |
Business Assets [Member] | |
Loans, gross | 0 |
Collateral Pledged [Member] | |
Loans, gross | 4,072 |
Commercial and Industrial [Member] | Residential Real Estate [Member] | |
Loans, gross | 0 |
Commercial and Industrial [Member] | Commercial Real Estate [Member] | |
Loans, gross | 300 |
Commercial and Industrial [Member] | Business Assets [Member] | |
Loans, gross | 0 |
Commercial and Industrial [Member] | Collateral Pledged [Member] | |
Loans, gross | 300 |
Consumer Portfolio Segment [Member] | Residential Real Estate [Member] | |
Loans, gross | 0 |
Consumer Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Loans, gross | 0 |
Consumer Portfolio Segment [Member] | Business Assets [Member] | |
Loans, gross | 0 |
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | |
Loans, gross | 0 |
State and Political Subdivisions [Member] | Residential Real Estate [Member] | |
Loans, gross | 0 |
State and Political Subdivisions [Member] | Commercial Real Estate [Member] | |
Loans, gross | 0 |
State and Political Subdivisions [Member] | Business Assets [Member] | |
Loans, gross | 0 |
State and Political Subdivisions [Member] | Collateral Pledged [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Residential Real Estate [Member] | |
Loans, gross | 1,076 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Business Assets [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Collateral Pledged [Member] | |
Loans, gross | 1,076 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Residential Real Estate [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Loans, gross | 2,696 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Assets [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | |
Loans, gross | 2,696 |
Real Estate Loan [Member] | Construction, Land Acquisition and Development [Member] | Residential Real Estate [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Construction, Land Acquisition and Development [Member] | Commercial Real Estate [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Construction, Land Acquisition and Development [Member] | Business Assets [Member] | |
Loans, gross | 0 |
Real Estate Loan [Member] | Construction, Land Acquisition and Development [Member] | Collateral Pledged [Member] | |
Loans, gross | $ 0 |
Note 4 - Loans and Leases - Pas
Note 4 - Loans and Leases - Past Due and Non-accrual Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans, gross | $ 1,205,752 | $ 1,123,343 |
90 days past due | 59 | 79 |
Nonaccrual loans | 5,084 | 2,763 |
Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 3,514 | 2,046 |
Financial Asset, Past Due [Member] | ||
Loans, gross | 8,657 | 4,888 |
Financial Asset, Not Past Due [Member] | ||
Loans, gross | 1,197,095 | 1,118,455 |
Residential Portfolio Segment [Member] | ||
Loans, gross | 244,762 | 250,221 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans, gross | 244,762 | 250,221 |
90 days past due | 0 | 0 |
Nonaccrual loans | 1,333 | 713 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 379 | 555 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 1,712 | 1,268 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 243,050 | 248,953 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, gross | 379,663 | 376,976 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans, gross | 379,663 | 376,976 |
90 days past due | 0 | 0 |
Nonaccrual loans | 2,867 | 1,545 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 573 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 3,440 | 1,545 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 376,223 | 375,431 |
Construction, Land Acquisition and Development [Member] | ||
Loans, gross | 73,265 | 66,555 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | ||
Loans, gross | 73,265 | 66,555 |
90 days past due | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 0 | 0 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 0 | 0 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 73,265 | 66,555 |
Commercial and Industrial [Member] | ||
Loans, gross | 348,749 | 272,024 |
90 days past due | 0 | 0 |
Nonaccrual loans | 461 | 144 |
Commercial and Industrial [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 1,234 | 113 |
Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 1,695 | 257 |
Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 347,054 | 271,767 |
Consumer Portfolio Segment [Member] | ||
Loans, gross | 88,084 | 92,612 |
90 days past due | 59 | 79 |
Nonaccrual loans | 423 | 361 |
Consumer Portfolio Segment [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 1,328 | 1,378 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 1,810 | 1,818 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 86,274 | 90,794 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans, gross | 88,084 | |
State and Political Subdivisions [Member] | ||
Loans, gross | 71,229 | 64,955 |
90 days past due | 0 | 0 |
Nonaccrual loans | 0 | 0 |
State and Political Subdivisions [Member] | Between 30 and 89 Days Past Due [Member] | ||
Loans, gross | 0 | 0 |
State and Political Subdivisions [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 0 | 0 |
State and Political Subdivisions [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | $ 71,229 | $ 64,955 |
Note 4 - Loans and Leases - Imp
Note 4 - Loans and Leases - Impaired Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Recorded investment, with no allowance recorded | $ 1,720 |
Unpaid principal balance, with no allowance recorded | 2,066 |
Recorded investment, with a related allowance recorded | 5,880 |
Unpaid principal balance, with a related allowance recorded | 6,098 |
Related Allowance | 34 |
Recorded Investment | 7,600 |
Unpaid principal balance | 8,164 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |
Recorded investment, with no allowance recorded | 431 |
Unpaid principal balance, with no allowance recorded | 509 |
Recorded investment, with a related allowance recorded | 1,041 |
Unpaid principal balance, with a related allowance recorded | 1,041 |
Related Allowance | 17 |
Recorded Investment | 1,472 |
Unpaid principal balance | 1,550 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |
Recorded investment, with no allowance recorded | 1,071 |
Unpaid principal balance, with no allowance recorded | 1,339 |
Recorded investment, with a related allowance recorded | 4,695 |
Unpaid principal balance, with a related allowance recorded | 4,695 |
Related Allowance | 15 |
Recorded Investment | 5,766 |
Unpaid principal balance | 6,034 |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | |
Recorded investment, with no allowance recorded | 0 |
Unpaid principal balance, with no allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Related Allowance | 0 |
Recorded Investment | 0 |
Unpaid principal balance | 0 |
Commercial and Industrial [Member] | |
Recorded investment, with no allowance recorded | 218 |
Unpaid principal balance, with no allowance recorded | 218 |
Recorded investment, with a related allowance recorded | 144 |
Unpaid principal balance, with a related allowance recorded | 362 |
Related Allowance | 2 |
Recorded Investment | 362 |
Unpaid principal balance | 580 |
Consumer Portfolio Segment [Member] | |
Recorded investment, with no allowance recorded | 0 |
Unpaid principal balance, with no allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Related Allowance | 0 |
Recorded Investment | 0 |
Unpaid principal balance | 0 |
State and Political Subdivisions [Member] | |
Recorded investment, with no allowance recorded | 0 |
Unpaid principal balance, with no allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Related Allowance | 0 |
Recorded Investment | 0 |
Unpaid principal balance | $ 0 |
Note 4 - Loans and Leases - Ave
Note 4 - Loans and Leases - Average Balance and Interest Income by Loan Category Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | |||
Average balance | $ 8,345 | $ 8,966 | [1] | |
Interest income | [1] | 77 | 229 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Average balance | 1,552 | 1,677 | [1] | |
Interest income | [1] | 16 | 46 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Average balance | 6,391 | 6,771 | [1] | |
Interest income | [1] | 56 | 168 | |
Construction, Land Acquisition and Development [Member] | Real Estate Loan [Member] | ||||
Average balance | 0 | 0 | [1] | |
Interest income | [1] | 0 | 0 | |
Commercial and Industrial [Member] | ||||
Average balance | 402 | 518 | [1] | |
Interest income | [1] | 5 | 15 | |
Consumer Portfolio Segment [Member] | ||||
Average balance | 0 | 0 | [1] | |
Interest income | [1] | 0 | 0 | |
State and Political Subdivisions [Member] | ||||
Average balance | 0 | 0 | [1] | |
Interest income | [1] | $ 0 | $ 0 | |
[1]Interest income represents income recognized on performing TDRs. |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Interest-Bearing Domestic Deposit, Brokered | $ 123.1 | $ 23.9 |
Note 5 - Deposits - Summary of
Note 5 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Demand (non-interest bearing) | $ 297,740 | $ 305,850 |
Interest-bearing demand | 734,395 | 808,497 |
Savings | 133,001 | 148,426 |
Time ($250,000 and over) | 53,348 | 24,902 |
Other time | 283,891 | 132,972 |
Total interest-bearing | 1,204,635 | 1,114,797 |
Total deposits | $ 1,502,375 | $ 1,420,647 |
Note 6 - Borrowinged Funds (Det
Note 6 - Borrowinged Funds (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Advance from Federal Home Loan Bank | $ 176,423 | $ 172,050 |
Federal Reserve Bank Advances [Member] | Borrower-in-custody Program [Member] | ||
Short-Term Debt | 0 | 0 |
Federal Reserve Bank Advances [Member] | Borrower-in-custody Program [Member] | Asset Pledged as Collateral [Member] | ||
Short-Term Debt | 154,300 | |
Federal Reserve Bank Advances [Member] | Bank Term Funding Program [Member] | ||
Short-Term Debt | 0 | |
Federal Reserve Bank Advances [Member] | Bank Term Funding Program [Member] | Asset Pledged as Collateral [Member] | ||
Short-Term Debt | 28,300 | |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 503,500 | 521,300 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 375,700 | |
Advance from Federal Home Loan Bank | 176,400 | 172,100 |
Letters of Credit Outstanding, Amount | 66,000 | $ 47,500 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 132,100 |
Note 6 - Borrowinged Funds - Co
Note 6 - Borrowinged Funds - Components of Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term borrowed funds, ending balance | $ 186,733 | $ 182,360 |
Total borrowed funds | 186,733 | 182,360 |
Junior Subordinated Debt [Member] | ||
Long-term borrowed funds, ending balance | 10,310 | 10,310 |
Federal Home Loan Bank Advances [Member] | ||
Short-term borrowed funds, ending balance | 176,423 | 172,050 |
Federal Home Loan Bank Advances [Member] | FHLB of Pittsburgh Advances - Overnight [Member] | ||
Short-term borrowed funds, ending balance | 35,000 | 139,400 |
Federal Home Loan Bank Advances [Member] | FHLB of Pittsburgh Advances - Term [Member] | ||
Short-term borrowed funds, ending balance | $ 141,423 | $ 32,650 |
Note 7 - Derivative and Hedgi_3
Note 7 - Derivative and Hedging Transactions (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Interest Rate Swap [Member] | Interest Expense [Member] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ 765 |
Note 7 - Derivative and Hedgi_4
Note 7 - Derivative and Hedging Transactions - Summary of Fair Value Hedges (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Hedges, carry amount | $ 24,821 | $ 0 | |
Fair Value Hedges, cumulative amount | 179 | 0 | |
Fixed Rate Loans [Member] | |||
Fair Value Hedges, carry amount | [1] | 24,821 | 0 |
Fair Value Hedges, cumulative amount | [1] | $ 179 | $ 0 |
[1]These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was 95.8 million; the cumulative basis adjustments associated with these hedging relationships was (0.7) million; and the amounts of the designated hedged items were 25 million. There were no such hedging relationships at September 30, 2022.) |
Note 7 - Derivative and Hedgi_5
Note 7 - Derivative and Hedging Transactions - Fair Values of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative assets | $ 3,599 | $ 2,104 | |
Derivative Liabilities | 1,670 | 931 | |
Financial instruments | 0 | 0 | |
Financial instruments | 0 | 0 | |
Cash collateral (1) | [1] | 3,599 | 1,946 |
Cash collateral (1) | 0 | 0 | |
Net derivative amounts | 0 | 158 | |
Net derivative amounts | 1,670 | 931 | |
Designated as Hedging Instrument [Member] | |||
Derivative assets | 1,929 | 1,173 | |
Derivative Liabilities | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative Asset, Notional Amount | 85,000 | ||
Derivative Liability, Notional Amount | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative assets | 1,929 | 1,173 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivative Liabilities | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative assets | 1,670 | 931 | |
Derivative Liabilities | 1,670 | 931 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative Asset, Notional Amount | 25,125 | ||
Derivative Liability, Notional Amount | 25,125 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative assets | 1,670 | 931 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivative Liabilities | 1,670 | 931 | |
Not Designated as Hedging Instrument [Member] | Risk Participation Transaction [Member] | |||
Derivative Asset, Notional Amount | 10,631 | ||
Derivative assets | 0 | 0 | |
Derivative Liabilities | $ 0 | $ 0 | |
[1]Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consist of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. |
Note 7 - Derivative and Hedgi_6
Note 7 - Derivative and Hedging Transactions - Effect of Hedge Accounting on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ (369) | $ 144 | $ 1,228 | $ 312 |
Amount of Gain or (Loss) Recognized in OCI Included Component | (369) | 144 | 1,228 | 312 |
Amount of Gain or (Loss) Recognized in OCI Excluded Component | 0 | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | (3) | 68 | 288 | 98 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component | (3) | 68 | 288 | 98 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | (369) | 144 | 1,228 | 312 |
Amount of Gain or (Loss) Recognized in OCI Included Component | (369) | 144 | 1,228 | 312 |
Amount of Gain or (Loss) Recognized in OCI Excluded Component | 0 | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | (3) | 68 | 288 | 98 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component | (3) | 68 | 288 | 98 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Derivative and Hedgi_7
Note 7 - Derivative and Hedging Transactions - Effect of Hedge Accounting on the Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | $ 3 | $ (68) | $ (288) | $ (98) |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | 0 | 0 | 0 | 0 |
Interest Income [Member] | Interest Rate Contract [Member] | ||||
Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded | 58 | 0 | 58 | 0 |
Hedged items | (179) | 0 | (179) | 0 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 | 0 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring | 0 | 0 | ||
Amount of gain or (loss) reclassified from accumulated OCI into income - included component | 0 | 0 | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | 0 | 0 | 0 | 0 |
Interest Income [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives designated as hedging instruments | 236 | 0 | 236 | 0 |
Interest Expense [Member] | Interest Rate Contract [Member] | ||||
Total amounts of income and expense line items presented in the consolidated statements of financial performance in which the effects of fair value or cash flow hedges are recorded | (3) | 68 | 288 | 98 |
Hedged items | 0 | 0 | 0 | 0 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | (3) | 68 | 288 | 98 |
Amount of gain or (loss) reclassified from accumulated OCI into income - included component | (3) | 68 | 288 | 98 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives designated as hedging instruments | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% | |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | $ 0 |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Provision at statutory tax rates | $ 1,023 | $ 1,372 | $ 2,501 | $ 3,946 |
Provision at statutory tax rates, percentage | 21% | 21% | 21% | 21% |
Tax-free interest income | $ (209) | $ (230) | $ (627) | $ (644) |
Tax-free interest income, percent | (4.29%) | (3.52%) | (5.27%) | (3.43%) |
Non-deductible interest expense | $ 21 | $ 11 | $ 64 | $ 34 |
Non-deductible interest expense, percentage | 0.43% | 0.17% | 0.54% | 0.18% |
Bank-owned life insurance | $ (45) | $ (42) | $ (129) | $ (114) |
Bank-owned life insurance, percentage | (0.92%) | (0.64%) | (1.08%) | (0.61%) |
Unrealized losses on equity securities | $ 41 | $ (18) | $ 372 | $ 25 |
Unrealized losses on equity securities, percent | 0.84% | (0.28%) | 3.12% | 0.13% |
Other items, net | $ (122) | $ 8 | $ 96 | $ 18 |
Other items, net, percentage | (2.50%) | 0.12% | 0.81% | 0.10% |
Income tax provision | $ 709 | $ 1,101 | $ 2,277 | $ 3,265 |
Income tax provision, percentage | 14.56% | 16.85% | 19.12% | 17.38% |
Note 9 - Related Party Transa_3
Note 9 - Related Party Transactions (Details Textual) - Directors, Executive Officers and Their Related Parties [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Deposit Liabilities | $ 135,800 | $ 135,800 | $ 133,000 | ||
Related Party Transactions, Interest Paid on Deposits | 1,500 | $ 229 | |||
Costs and Expenses, Related Party | 23 | $ 57 | 107 | $ 137 | |
Nonperforming Financial Instruments [Member] | |||||
Notes Payable | $ 0 | $ 0 | $ 0 |
Note 9 - Related Party Transa_4
Note 9 - Related Party Transactions - Related Party Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, beginning of period | $ 97,471 | $ 82,744 | $ 79,144 | $ 71,437 |
Additions, new loans and advances | 63,665 | 28,560 | 177,899 | 57,966 |
Repayments | (65,331) | (22,901) | (161,238) | (41,000) |
Balance, end of period | $ 95,805 | $ 88,403 | $ 95,805 | $ 88,403 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Lease, Expense | $ 100 | $ 123 | $ 301 | $ 292 |
Other Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | 3,000 | 3,000 | ||
Other Liabilities [Member] | ||||
Operating Lease, Liability | $ 3,277 | $ 3,277 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Maturity of Remaining Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 97 |
2024 | 417 |
2025 | 388 |
2026 | 387 |
2027 | 388 |
2028 and thereafter | 2,271 |
Total lease payments | 3,948 |
Less: imputed interest | 671 |
Other Liabilities [Member] | |
Present value of operating lease liabilities | $ 3,277 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted-average remaining lease term (in years) (Year) | 10 years 10 months 24 days | 11 years 9 months 18 days |
Weighted-average discount rate | 3.27% | 3.26% |
Operating cash flows from operating leases | $ 320 | $ 309 |
Note 11 - Stock Compensation _3
Note 11 - Stock Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 9 Months Ended | |||
Jul. 03, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 22, 2023 | |
Long-Term Incentive Compensation Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 71,860 | 140,445 | |||
Share-Based Payment Arrangement, Expense | $ 416 | $ 334 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,800 | $ 1,300 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 10 months 24 days | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 455,584 | ||||
The 2023 Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,435,076 | ||||
The 2023 Equity Incentive Plan [Member] | Each of Bank's Twenty-two Advisory Board Members [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.11 | ||||
The 2023 Equity Incentive Plan [Member] | Twenty-two Advisory Board Members [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,200 | ||||
Share-Based Payment Arrangement, Expense | $ 13 | ||||
The 2023 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Each of Bank's Ten Non-employee Directors [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,454 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.11 | ||||
The 2023 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Bank's Ten Non-employee Directors [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 24,540 | ||||
Share-Based Payment Arrangement, Expense | $ 150 |
Note 11 - Stock Compensation _4
Note 11 - Stock Compensation Plans - Stock Compensation Plans (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total outstanding, beginning of period (in shares) | 267,985 | 188,359 | 174,297 | 185,965 | 174,297 |
Unvested restricted stock awards, weighted average grant date fair value (in dollars per share) | $ 7.89 | $ 8.22 | $ 7.37 | $ 8.22 | $ 7.37 |
Awards granted (in shares) | 0 | 0 | 140,445 | 71,860 | |
Awards granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 7.51 | $ 9.64 | |
Forfeitures (in shares) | (6,232) | (2,394) | (6,232) | (5,503) | |
Forfeitures, weighted average grant date fair value (in dollars per share) | $ 7.87 | $ 8.33 | $ 7.87 | $ 8.17 | |
Shares vested (in shares) | 0 | 0 | (58,425) | (54,689) | |
Shares vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 8.01 | $ 7.38 | |
Total outstanding, end of period (in shares) | 261,753 | 185,965 | 188,359 | 261,753 | 185,965 |
Unvested restricted stock awards, weighted average grant date fair value (in dollars per share) | $ 7.89 | $ 8.21 | $ 8.22 | $ 7.89 | $ 8.21 |
Note 12 - Regulatory Matters (D
Note 12 - Regulatory Matters (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Oct. 25, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 25, 2023 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.24 | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 1,439 | 1,550 | 8,814 | 3,919 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 750,000 | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | |||||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.09 | |||||
Dividends Payable, Date to be Paid | Dec. 15, 2023 | |||||
Dividends Payable, Date of Record | Dec. 01, 2023 |
Note 12 - Regulatory Matters -
Note 12 - Regulatory Matters - Risk-based Capital and Related Ratios (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Total capital (to risk-weighted assets), Amount | $ 181,794 | $ 169,984 |
Total capital (to risk-weighted assets), Ratio | 0.1321 | 0.1311 |
Total capital (to risk-weighted assets), Minimum required for capital adequacy purposes | 0.08 | 0.08 |
Total capital (to risk-weighted assets), Minimum required for capital adequacy purposes with conservation buffer | 0.105 | 0.105 |
Total capital (to risk-weighted assets), To be well capitalized under prompt corrective action | 0.10 | 0.10 |
Tier I capital (to risk-weighted assets), Amount | $ 168,156 | $ 154,842 |
Tier I capital (to risk-weighted assets), Ratio | 0.1221 | 0.1194 |
Tier I capital (to risk-weighted assets), Minimum required for capital adequacy purposes | 0.06 | 0.06 |
Tier I capital (to risk-weighted assets), Minimum required for capital adequacy purposes with conservation buffer | 0.085 | 0.085 |
Tier I capital (to risk-weighted assets), To be well capitalized under prompt corrective action | 0.08 | 0.08 |
Tier I common equity (to risk-weighted assets), Amount | $ 168,156 | $ 154,842 |
Tier I common equity (to risk-weighted assets), Ratio | 0.1221 | 0.1194 |
Tier I common equity (to risk-weighted assets), Minimum required for capital adequacy purposes | 0.045 | 0.045 |
Tier I common equity (to risk-weighted assets), Minimum required for capital adequacy purposes with conservation buffer | 0.07 | 0.07 |
Tier I common equity (to risk-weighted assets), To be well capitalized under prompt corrective action | 0.065 | 0.065 |
Tier I capital (to average assets), Amount | $ 168,156 | $ 154,842 |
Tier I capital (to average assets), Ratio | 0.0911 | 0.0877 |
Tier I capital (to average assets), Minimum required for capital adequacy purposes | 0.04 | 0.04 |
Tier I capital (to average assets), Minimum required for capital adequacy purposes with conservation buffer | 0.04 | 0.04 |
Tier I capital (to average assets), To be well capitalized under prompt corrective action | 0.05 | 0.05 |
Total risk-weighted assets, Amount | $ 1,376,706 | $ 1,296,618 |
Total average assets, Amount | $ 1,846,243 | $ 1,765,251 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) $ in Thousands | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Amortized Cost | $ 508,741 | $ 537,912 | |
Debt Securities, Available-for-Sale | $ 437,142 | 476,091 | |
Debt Securities, Available-for-sale, Level 3 to Level 2 Transfers | 2 | ||
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Number of Securities | 30 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 35,070 | 33,630 | |
Debt Securities, Available-for-Sale | $ 30,678 | $ 30,672 | |
Debt Securities, Available-for-sale, Level 3 to Level 2 Transfers | 1 | ||
Inactive Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Number of Securities | 4 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 8,000 | ||
Debt Securities, Available-for-Sale | $ 6,700 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale debt securities, at fair value | $ 437,142 | $ 476,091 |
Equity securities, at fair value | 6,104 | 7,717 |
US Treasury Securities [Member] | ||
Available-for-sale debt securities, at fair value | 31,943 | 32,134 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale debt securities, at fair value | 190,339 | 220,782 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities, at fair value | 16,131 | 20,663 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale debt securities, at fair value | 69,933 | 72,507 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities, at fair value | 30,678 | 30,672 |
Asset-Backed Securities [Member] | ||
Available-for-sale debt securities, at fair value | 20,864 | 14,941 |
Negotiable Certificates of Deposit [Member] | ||
Available-for-sale debt securities, at fair value | 658 | 656 |
Fair Value, Recurring [Member] | ||
Available-for-sale debt securities, at fair value | 437,142 | 476,091 |
Equity securities, at fair value | 6,104 | 7,717 |
Derivative assets | 3,599 | 2,104 |
Total financial assets | 446,845 | 485,912 |
Derivative liabilities | 1,670 | 931 |
Total financial liabilities | 1,670 | 931 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Equity securities, at fair value | 6,104 | 7,717 |
Derivative assets | 0 | 0 |
Total financial assets | 6,104 | 7,717 |
Derivative liabilities | 0 | 0 |
Total financial liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 430,426 | 468,155 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 3,599 | 2,104 |
Total financial assets | 434,025 | 470,259 |
Derivative liabilities | 1,670 | 931 |
Total financial liabilities | 1,670 | 931 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 6,716 | 7,936 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | |
Total financial assets | 6,716 | 7,936 |
Derivative liabilities | 0 | 0 |
Total financial liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale debt securities, at fair value | 31,943 | 32,134 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 31,943 | 32,134 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale debt securities, at fair value | 190,339 | 220,782 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 190,339 | 220,782 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Residential Mortgage [Member] | ||
Available-for-sale debt securities, at fair value | 73,291 | 80,407 |
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 73,291 | 80,407 |
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial Loan [Member] | ||
Available-for-sale debt securities, at fair value | 3,305 | 3,329 |
Fair Value, Recurring [Member] | Commercial Loan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 3,305 | 3,329 |
Fair Value, Recurring [Member] | Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities, at fair value | 16,131 | 20,663 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 16,131 | 20,663 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale debt securities, at fair value | 69,933 | 72,507 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 69,933 | 72,507 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale debt securities, at fair value | 30,678 | 30,672 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 23,962 | 22,736 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 6,716 | 7,936 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Available-for-sale debt securities, at fair value | 20,864 | 14,941 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 20,864 | 14,941 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Negotiable Certificates of Deposit [Member] | ||
Available-for-sale debt securities, at fair value | 658 | 656 |
Fair Value, Recurring [Member] | Negotiable Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Negotiable Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities, at fair value | 658 | 656 |
Fair Value, Recurring [Member] | Negotiable Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities, at fair value | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Changes in Fair Value Assets (Details) - Corporate Debt Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 6,599 | $ 8,030 | $ 7,936 | $ 12,345 |
Additions | 0 | 0 | 0 | 0 |
Redemptions | 0 | 0 | 0 | (2,066) |
Transfer to Level 2 | 0 | 0 | (853) | (756) |
Sales | 0 | 0 | 0 | 0 |
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive loss | 117 | (370) | (367) | (1,863) |
Balance | $ 6,716 | $ 7,660 | $ 6,716 | $ 7,660 |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements - Assets Measured At Fair Value on a Non-recurring Basis and Quantitative Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Recorded Investment | $ 7,600 | |
Related Allowance | 34 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Impaired Loans, Collateral Dependent [Member] | ||
Recorded Investment | $ 4,072 | 1,902 |
Related Allowance | 195 | 8 |
Fair Value | $ 3,877 | $ 1,894 |
Selling Cost | 10% | 10% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Impaired Loans, Other [Member] | ||
Recorded Investment | $ 582 | $ 5,698 |
Related Allowance | 0 | 26 |
Fair Value | $ 582 | $ 5,672 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Impaired Loans, Other [Member] | Minimum [Member] | ||
Discount Rate | 4.50% | 3% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Impaired Loans, Other [Member] | Maximum [Member] | ||
Discount Rate | 10% | 10.25% |
Note 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale debt securities | $ 437,142 | $ 476,091 |
Equity securities, at fair value | 6,104 | 7,717 |
Reported Value Measurement [Member] | ||
Available-for-sale debt securities | 437,142 | 476,091 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 77,071 | 41,916 |
Equity securities, at fair value | 6,104 | 7,717 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Restricted stock | 8,842 | 8,545 |
Loans held for sale | 0 | 60 |
Loans and leases, net | 1,193,603 | 1,110,124 |
Accrued interest receivable | 6,599 | 5,957 |
Derivative assets | 3,370 | 1,946 |
Deposits | 1,502,375 | 1,420,647 |
Borrowed funds | 186,733 | 182,360 |
Accrued interest payable | 1,001 | 171 |
Derivative liabilities | 1,637 | 921 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Servicing rights | 192 | 254 |
Estimate of Fair Value Measurement [Member] | ||
Available-for-sale debt securities | 437,142 | 476,091 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 77,071 | 41,916 |
Equity securities, at fair value | 6,104 | 7,717 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Restricted stock | 8,842 | 8,545 |
Loans held for sale | 0 | 60 |
Loans and leases, net | 1,138,396 | 1,079,266 |
Accrued interest receivable | 6,599 | 5,957 |
Derivative assets | 3,599 | 2,104 |
Deposits | 1,497,861 | 1,416,272 |
Borrowed funds | 185,782 | 182,108 |
Accrued interest payable | 1,001 | 171 |
Derivative liabilities | 1,670 | 931 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Servicing rights | $ 595 | $ 621 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 4,162 | $ 5,435 | $ 9,630 | $ 15,526 |
Basic weighted-average number of common shares outstanding (in shares) | 19,776,342 | 19,687,766 | 19,724,956 | 19,765,814 |
Plus: Common share equivalents (in shares) | 18 | 9,281 | 2,834 | 21,041 |
Diluted weighted-average number of common shares outstanding (in shares) | 19,776,360 | 19,697,047 | 19,727,790 | 19,786,855 |
Basic (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.49 | $ 0.79 |
Diluted (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.49 | $ 0.79 |
Note 15 - Other Comprehensive_3
Note 15 - Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification adjustment (gains) losses included in net income | $ 0 | $ 0 | $ (252) | $ 35 |
Income tax expense | 709 | 1,101 | 2,277 | 3,265 |
Net of tax amount | 0 | 0 | 199 | (28) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification adjustment (gains) losses included in net income | 0 | 0 | (252) | 35 |
Income tax expense | 0 | 0 | 53 | (7) |
Net of tax amount | $ 0 | $ 0 | $ (199) | $ 28 |
Note 15 - Other Comprehensive_4
Note 15 - Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balances | $ 124,059 | $ 125,512 | $ 118,949 | $ 162,457 |
Total other comprehensive loss | (8,958) | (17,726) | (7,166) | (58,478) |
Balances | 117,802 | 111,592 | 117,802 | 111,592 |
AOCI Attributable to Parent [Member] | ||||
Balances | (46,236) | (34,400) | (48,028) | 6,352 |
Other comprehensive loss before reclassifications | (8,958) | (17,726) | (6,967) | (58,506) |
Amount reclassified from accumulated other comprehensive (loss) income | 0 | 0 | (199) | 28 |
Total other comprehensive loss | (8,958) | (17,726) | (7,166) | (58,478) |
Balances | $ (55,194) | $ (52,126) | $ (55,194) | $ (52,126) |