Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 22, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-25023 | |
Entity Registrant Name | First Capital, Inc. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-2056949 | |
Entity Address, Address Line One | 220 Federal Drive NW | |
Entity Address, City or Town | Corydon | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47112 | |
City Area Code | 812 | |
Local Phone Number | 738-2198 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | FCAP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 3,352,003 | |
Entity Central Index Key | 0001070296 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 22,967 | $ 20,008 |
Interest bearing deposits with banks | 1,665 | 3,171 |
Federal funds sold | 25,939 | 15,491 |
Total cash and cash equivalents | 50,571 | 38,670 |
Interest-bearing time deposits | 2,940 | 3,920 |
Securities available for sale, at fair value (amortized cost $461,495 and $468,549, respectively) | 414,301 | 437,271 |
Securities held to maturity, at amortized cost (fair value $4,405 and $4,446, respectively) | 7,000 | 7,000 |
Loans held for sale | 2,174 | 800 |
Loans, net of allowance for credit losses of $8,230 ($8,005 in 2023) | 630,024 | 614,409 |
Federal Home Loan Bank and other stock, at cost | 1,836 | 1,836 |
Premises and equipment | 14,262 | 14,413 |
Accrued interest receivable | 4,575 | 4,788 |
Cash value of life insurance | 9,219 | 9,105 |
Goodwill | 6,472 | 6,472 |
Core deposit intangible | 159 | 232 |
Other assets | 20,063 | 18,964 |
Total Assets | 1,163,596 | 1,157,880 |
LIABILITIES | ||
Deposits: | 203,910 | 205,535 |
Interest-bearing | 810,336 | 819,676 |
Total deposits | 1,014,246 | 1,025,211 |
Borrowed funds - Bank Term Funding Program ("BTFP") | 33,625 | 21,500 |
Accrued interest payable | 2,352 | 1,209 |
Accrued expenses and other liabilities | 5,511 | 4,615 |
Total liabilities | 1,055,734 | 1,052,535 |
EQUITY | ||
Preferred stock of $.01 par value per share Authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock of $.01 par value per share Authorized 7,500,000 shares; issued 3,806,983 shares (3,803,833 in 2023); outstanding 3,353,810 (3,350,660 in 2023) | 38 | 38 |
Additional paid-in capital | 41,676 | 41,588 |
Retained earnings-substantially restricted | 101,075 | 97,105 |
Unearned stock compensation | (204) | (249) |
Accumulated other comprehensive loss | (25,599) | (24,033) |
Less treasury stock, at cost - 453,173 shares | (9,229) | (9,216) |
Total First Capital, Inc. stockholders' equity | 107,757 | 105,233 |
Noncontrolling interest in subsidiary | 105 | 112 |
Total equity | 107,862 | 105,345 |
Total Liabilities and Equity | $ 1,163,596 | $ 1,157,880 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Amortized Cost | $ 447,489 | $ 468,549 |
Debt Securities, Held-to-Maturity, Fair Value | 4,494 | 4,446 |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 8,560 | $ 8,005 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 7,500,000 | 7,500,000 |
Common Stock, Shares, Issued (in shares) | 3,806,983 | 3,803,833 |
Common Stock, Shares, Outstanding (in shares) | 3,353,332 | 3,350,660 |
Treasury Stock, Common, Shares (in shares) | 453,651 | 453,173 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Loans, including fees | $ 9,472 | $ 8,071 | $ 18,710 | $ 15,709 |
Securities: | ||||
Taxable | 1,757 | 1,347 | 3,386 | 2,648 |
Tax-exempt | 636 | 869 | 1,340 | 1,734 |
Dividends | 24 | 11 | 36 | 22 |
Federal funds sold and other income | 329 | 302 | 583 | 674 |
Total interest income | 12,218 | 10,600 | 24,055 | 20,787 |
us-gaap_InterestExpenseAbstract | ||||
Deposits | 3,103 | 2,153 | 5,909 | 3,149 |
Advances - Federal Home Loan Bank ("FHLB") | 51 | 58 | 99 | 58 |
Borrowed funds - BTFP | 407 | 77 | 790 | 77 |
Total interest expense | 3,561 | 2,288 | 6,798 | 3,284 |
Net interest income | 8,657 | 8,312 | 17,257 | 17,503 |
Provision for credit losses | 360 | 350 | 640 | 543 |
Net interest income after provision for credit losses | 8,297 | 7,962 | 16,617 | 16,960 |
us-gaap_NoninterestIncomeAbstract | ||||
Noninterest income, financial services | 1,759 | 1,769 | 3,460 | 3,463 |
Gain on sale of securities | 0 | (14) | 32 | (14) |
Unrealized (loss) gain on equity securities | (6) | (92) | (74) | 45 |
Gain on sale of loans | 169 | 104 | 270 | 190 |
Increase in cash surrender value of life insurance | 66 | 66 | 114 | 111 |
Other income | 68 | 61 | 188 | 123 |
Total noninterest income | 2,023 | 1,863 | 3,922 | 3,854 |
us-gaap_NoninterestExpenseAbstract | ||||
Compensation and benefits | 3,962 | 3,802 | 7,805 | 7,591 |
Occupancy and equipment | 480 | 446 | 943 | 893 |
Data processing | 1,115 | 1,081 | 2,191 | 2,112 |
Professional fees | 303 | 165 | 562 | 351 |
Advertising | 79 | 94 | 167 | 177 |
Other expenses | 1,061 | 1,078 | 2,089 | 1,943 |
Total noninterest expense | 7,000 | 6,666 | 13,757 | 13,067 |
Income before income taxes | 3,320 | 3,159 | 6,782 | 7,747 |
Income tax expense | 488 | 429 | 995 | 1,198 |
Net Income | 2,832 | 2,730 | 5,787 | 6,549 |
Less: net income attributable to noncontrolling interest in subsidiary | 4 | 4 | 7 | 7 |
Net Income Attributable to First Capital, Inc. | $ 2,828 | $ 2,726 | $ 5,780 | $ 6,542 |
Earnings per common share attributable to First Capital, Inc.: | ||||
Basic (in dollars per share) | $ 0.85 | $ 0.82 | $ 1.73 | $ 1.95 |
Diluted (in dollars per share) | 0.85 | 0.82 | 1.73 | 1.95 |
Dividends per share (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.54 | $ 0.54 |
Deposit Account [Member] | ||||
us-gaap_NoninterestIncomeAbstract | ||||
Noninterest income, financial services | $ 564 | $ 578 | $ 1,157 | $ 1,140 |
ATM and Debit Card Fees [Member] | ||||
us-gaap_NoninterestIncomeAbstract | ||||
Noninterest income, financial services | 1,150 | 1,141 | 2,210 | 2,228 |
Investment Advisory, Management and Administrative Service [Member] | ||||
us-gaap_NoninterestIncomeAbstract | ||||
Noninterest income, financial services | $ 12 | $ 19 | $ 25 | $ 31 |
ComprehensiveIncome
ComprehensiveIncome - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income | $ 2,832 | $ 2,730 | $ 5,787 | $ 6,549 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Unrealized holding (losses) gains arising during the period | 163 | (4,597) | (1,878) | 4,216 |
Income tax benefit (expense) | (96) | 1,085 | 337 | (983) |
Net of tax amount | 67 | (3,512) | (1,541) | 3,233 |
Less: reclassification adjustment for realized gains included in net income | 0 | 14 | (32) | 14 |
Income tax expense | 0 | (3) | 7 | (3) |
Net of tax amount | 0 | 11 | (25) | 11 |
Other Comprehensive (Loss) Income, net of tax | 67 | (3,501) | (1,566) | 3,244 |
Comprehensive Income | 2,899 | (771) | 4,221 | 9,793 |
Less: comprehensive income attributable to the noncontrolling interest in subsidiary | 4 | 4 | 7 | 7 |
Comprehensive Income Attributable to First Capital, Inc. | $ 2,895 | $ (775) | $ 4,214 | $ 9,786 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | AOCI Attributable to Parent [Member] | Deferred Compensation, Share-Based Payments [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Deferred Compensation, Share-Based Payments [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Deferred Compensation, Share-Based Payments [Member] | Treasury Stock, Common [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock, Common [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock, Common [Member] | Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Cumulative Effect of Change in Accounting Principles | $ 38 | $ 41,636 | $ 88,465 | $ (35,741) | $ (549) | $ (8,691) | $ 112 | $ 85,270 | ||||||||||||||||
Balances at April 1, 2024 at Dec. 31, 2022 | 38 | 41,636 | 88,465 | (35,741) | (549) | (8,691) | 112 | 85,270 | ||||||||||||||||
Net Income | 0 | 0 | 6,542 | 0 | 0 | 0 | 7 | 6,549 | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 3,244 | 0 | 0 | 0 | 3,244 | ||||||||||||||||
Cash dividends | 0 | 0 | 1,812 | 0 | 0 | 0 | 14 | 1,826 | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 145 | 0 | 0 | 145 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | 502 | 0 | 502 | ||||||||||||||||
Restricted stock grant forfeitures | 0 | (48) | 0 | 0 | 48 | 0 | 0 | 0 | ||||||||||||||||
Cash dividends | 0 | 0 | (1,812) | 0 | 0 | 0 | (14) | (1,826) | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 145 | 0 | 0 | 145 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (502) | 0 | (502) | ||||||||||||||||
Balances at June 30, 2024 at Jun. 30, 2023 | 38 | 41,588 | 92,666 | (32,497) | (356) | (9,193) | 105 | 92,351 | ||||||||||||||||
Cumulative Effect of Change in Accounting Principles | 38 | 41,636 | 90,845 | (28,996) | (465) | (9,018) | 115 | 94,155 | ||||||||||||||||
Balances at April 1, 2024 at Mar. 31, 2023 | 38 | 41,636 | 90,845 | (28,996) | (465) | (9,018) | 115 | 94,155 | ||||||||||||||||
Net Income | 0 | 0 | 2,726 | 0 | 0 | 0 | 4 | 2,730 | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | (3,501) | 0 | 0 | 0 | (3,501) | ||||||||||||||||
Cash dividends | 0 | 0 | (905) | 0 | 0 | 0 | (14) | (919) | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 61 | 0 | 0 | 61 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | 175 | 0 | 175 | ||||||||||||||||
Restricted stock grant forfeitures | 0 | (48) | 0 | 0 | 48 | 0 | 0 | 0 | ||||||||||||||||
Cash dividends | 0 | 0 | 905 | 0 | 0 | 0 | 14 | 919 | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 61 | 0 | 0 | 61 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (175) | 0 | (175) | ||||||||||||||||
Balances at June 30, 2024 at Jun. 30, 2023 | 38 | 41,588 | 92,666 | (32,497) | (356) | (9,193) | 105 | 92,351 | ||||||||||||||||
Cumulative Effect of Change in Accounting Principles | 38 | 41,588 | 92,666 | (32,497) | (356) | (9,193) | 105 | 92,351 | ||||||||||||||||
Cumulative Effect of Change in Accounting Principles | Accounting Standards Update 2016-13 [Member] | $ 0 | $ 38 | $ 0 | $ 41,636 | $ (529) | $ 87,936 | $ 0 | $ (35,741) | $ 0 | $ (549) | $ 0 | $ (8,691) | $ 0 | $ 112 | $ (529) | $ 84,741 | ||||||||
Cumulative Effect of Change in Accounting Principles | 38 | 41,588 | 97,105 | (24,033) | (249) | (9,216) | 112 | 105,345 | ||||||||||||||||
Balances at April 1, 2024 (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2023 | $ 0 | $ 38 | $ 0 | $ 41,636 | $ (529) | $ 87,936 | $ 0 | $ (35,741) | $ 0 | $ (549) | $ 0 | $ (8,691) | $ 0 | $ 112 | $ (529) | $ 84,741 | ||||||||
Balances at April 1, 2024 at Dec. 31, 2023 | 38 | 41,588 | 97,105 | (24,033) | (249) | (9,216) | 112 | 105,345 | ||||||||||||||||
Net Income | 0 | 0 | 5,780 | 0 | 0 | 0 | 7 | 5,787 | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | (1,566) | 0 | 0 | 0 | (1,566) | ||||||||||||||||
Cash dividends | 0 | 0 | 1,810 | 0 | 0 | 0 | 14 | 1,824 | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 133 | 0 | 0 | 133 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 13 | ||||||||||||||||
Restricted stock grant forfeitures | 0 | 88 | 0 | 0 | (88) | 0 | 0 | 0 | ||||||||||||||||
Cash dividends | 0 | 0 | (1,810) | 0 | 0 | 0 | (14) | (1,824) | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 133 | 0 | 0 | 133 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (13) | 0 | (13) | ||||||||||||||||
Balances at June 30, 2024 at Jun. 30, 2024 | 38 | 41,676 | 101,075 | (25,599) | (204) | (9,229) | 105 | 107,862 | ||||||||||||||||
Cumulative Effect of Change in Accounting Principles | 38 | 41,676 | 99,152 | (25,666) | (259) | (9,216) | 115 | 105,840 | ||||||||||||||||
Balances at April 1, 2024 at Mar. 31, 2024 | 38 | 41,676 | 99,152 | (25,666) | (259) | (9,216) | 115 | 105,840 | ||||||||||||||||
Net Income | 0 | 0 | 2,828 | 0 | 0 | 0 | 4 | 2,832 | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 67 | 0 | 0 | 0 | 67 | ||||||||||||||||
Cash dividends | 0 | 0 | (905) | 0 | 0 | 0 | (14) | (919) | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 55 | 0 | 0 | 55 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 13 | ||||||||||||||||
Cash dividends | 0 | 0 | 905 | 0 | 0 | 0 | 14 | 919 | ||||||||||||||||
Stock compensation expense | 0 | 0 | 0 | 0 | 55 | 0 | 0 | 55 | ||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (13) | 0 | (13) | ||||||||||||||||
Balances at June 30, 2024 at Jun. 30, 2024 | 38 | 41,676 | 101,075 | (25,599) | (204) | (9,229) | 105 | 107,862 | ||||||||||||||||
Cumulative Effect of Change in Accounting Principles | $ 38 | $ 41,676 | $ 101,075 | $ (25,599) | $ (204) | $ (9,229) | $ 105 | $ 107,862 |
CashFlows
CashFlows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income | $ 5,787,000 | $ 6,549,000 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Amortization of premiums and accretion of discounts on securities, net | 580,000 | 830,000 |
Depreciation and amortization expense | 535,000 | 509,000 |
Deferred income taxes | (293,000) | (168,000) |
Stock compensation expense | 133,000 | 145,000 |
Increase in cash value of life insurance | (114,000) | (111,000) |
Gain on sale of securities | (32,000) | 14,000 |
Provision for credit losses | 640,000 | 543,000 |
Proceeds from sales of loans | 15,088,000 | 12,871,000 |
Loans originated for sale | (16,192,000) | (12,884,000) |
Gain on sale of loans | (270,000) | (190,000) |
Amortization of tax credit investment | 986,000 | 170,000 |
Unrealized loss (gain) on equity securities | 74,000 | (45,000) |
Decrease in accrued interest receivable | 213,000 | (51,000) |
Increase in accrued interest payable | 1,143,000 | 582,000 |
Net change in other assets/liabilities | 2,423,000 | (1,101,000) |
Net Cash Provided By Operating Activities | 10,701,000 | 7,663,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease in interest-bearing time deposits | 980,000 | (977,000) |
Purchase of securities available for sale | (35,358,000) | (20,144,000) |
Proceeds from maturities of securities available for sale | 22,480,000 | 9,885,000 |
Proceeds from sales of securities available for sale | 19,189,000 | 10,816,000 |
Principal collected on mortgage-backed obligations | 11,202,000 | 7,908,000 |
Net increase in loans receivable | (16,255,000) | (26,153,000) |
Investment in tax credit entities | 0 | (100,000) |
Investment in technology fund | (50,000) | (150,000) |
Purchase of premises and equipment | (311,000) | (292,000) |
Net Cash Provided By (Used In) Investing Activities | 1,877,000 | (19,207,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (10,965,000) | (17,955,000) |
Advances from FHLB and BTFP | 167,750,000 | 85,000,000 |
Repayment of advances from the FHLB and BTFP | (155,625,000) | (72,000,000) |
Purchase of treasury stock | (13,000) | (502,000) |
Dividends paid | (1,824,000) | (1,826,000) |
Net Cash Used In Financing Activities | (677,000) | (7,283,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | 11,901,000 | (18,827,000) |
Cash and cash equivalents at beginning of period | 38,670,000 | 66,298,000 |
Cash and Cash Equivalents at End of Period | $ 50,571,000 | $ 47,471,000 |
Note 1 - Presentation of Interi
Note 1 - Presentation of Interim Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Presentation of Interim Information First Capital, Inc. (“Company”) is the financial holding company of First Harrison Bank (“Bank”), an Indiana chartered commercial bank and wholly owned subsidiary. First Harrison Investments, Inc. and First Harrison Holdings, Inc. are wholly-owned Nevada corporate subsidiaries of the Bank that jointly own First Harrison, LLC, a Nevada limited liability corporation that holds and manages an investment portfolio. First Harrison REIT, Inc. (“REIT”) is a wholly-owned subsidiary of First Harrison Holdings, Inc. that holds a portion of the Bank’s real estate mortgage loan portfolio. FHB Risk Mitigation Services, Inc. (the “Captive”) was a wholly-owned insurance subsidiary of the Company that provided property and casualty insurance coverage to the Company, the Bank and the Bank’s subsidiaries, and reinsurance to nine other third party insurance captives, for which insurance was not available or economically feasible in the insurance marketplace. Refer to Note 13 – Captive Subsidiary In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of June 30, 2024, and the results of operations for the three and six months ended June 30, 2024 and 2023 and the cash flows for the six months ended June 30, 2024 and 2023. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period. The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s annual audited consolidated financial statements and related footnotes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recent Accounting Pronouncements Recently Adopted Accounting Guidance In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurements (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (2 – continued) In March 2023, the FASB issued ASU No. 2023-02, Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method Renewable Energy Tax Credit Investment Recently Issued but Not Adopted Accounting Guidance In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or do not apply to its operations. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Note 3 - Investment Securities
Note 3 - Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block] | 3. Investment Securities Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at June 30, 2024 and December 31, 2023 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value June 30, 2024 Securities available for sale: Agency mortgage-backed securities $ 74,648 $ - $ 9,035 $ 65,613 Agency CMO 48,313 56 561 47,808 Other debt securities: Agency notes and bonds 135,335 8 7,821 127,522 Treasury notes and bonds 45,769 - 978 44,791 Municipal obligations 143,424 200 15,057 128,567 Total securities available for sale $ 447,489 $ 264 $ 33,452 $ 414,301 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,506 $ 4,494 Total securities held to maturity $ 7,000 $ - $ 2,506 $ 4,494 December 31, 2023 Securities available for sale: Agency mortgage-backed securities $ 81,166 $ - $ 9,122 $ 72,044 Agency CMO 25,402 94 323 25,173 Other debt securities: Agency notes and bonds 138,174 38 8,707 129,505 Treasury notes and bonds 64,758 - 1,674 63,084 Municipal obligations 159,049 655 12,239 147,465 Total securities available for sale $ 468,549 $ 787 $ 32,065 $ 437,271 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,554 $ 4,446 Total securities held to maturity $ 7,000 $ - $ 2,554 $ 4,446 Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal Farm Credit Bank (“FFCB”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises. Corporate notes classified as held to maturity include subordinated debt obligations issued by other bank holding companies. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (3 – continued) The amortized cost and fair value of debt securities as of June 30, 2024, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty. Securities Available for Sale Securities Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in one year or less $ 61,814 $ 60,386 $ - $ - Due after one year through five years 142,008 133,181 - - Due after five years through ten years 47,965 44,223 2,000 1,299 Due after ten years 72,741 63,090 5,000 3,195 324,528 300,880 7,000 4,494 Mortgage-backed securities and CMO 122,961 113,421 - - $ 447,489 $ 414,301 $ 7,000 $ 4,494 Information pertaining to investment securities with gross unrealized losses at June 30, 2024, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows. Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) June 30, 2024: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 12 $ 25,124 $ 180 Agency notes and bonds 4 2,732 18 Muncipal obligations 88 37,119 2,929 Total less than twelve months 104 64,975 3,127 Continuous loss position more than twelve months: Agency mortgage-backed securities 95 65,612 9,035 Agency CMO 25 11,104 381 Agency notes and bonds 53 122,709 7,803 Treasury notes and bonds 16 44,791 978 Muncipal obligations 129 76,205 12,128 Total more than twelve months 318 320,421 30,325 Total securities available for sale 422 $ 385,396 $ 33,452 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,494 $ 2,506 Total more than twelve months 4 4,494 2,506 Total securities held to maturity 4 $ 4,494 $ 2,506 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (3 – continued) Information pertaining to investment securities with gross unrealized losses at December 31, 2023, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) December 31, 2023: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 3 $ 8,019 $ 30 Agency notes and bonds 3 2,754 12 Muncipal obligations 74 32,124 2,405 Total less than twelve months 80 42,897 2,447 Continuous loss position more than twelve months: Agency mortgage-backed securities 96 72,044 9,122 Agency CMO 22 4,998 293 Agency notes and bonds 52 123,416 8,695 Treasury notes and bonds 21 63,084 1,674 Muncipal obligations 130 79,643 9,834 Total more than twelve months 321 343,185 29,618 Total securities available for sale 401 $ 386,082 $ 32,065 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,446 $ 2,554 Total more than twelve months 4 4,446 2,554 Total securities held to maturity 4 $ 4,446 $ 2,554 The Company has not identified any specific available for sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Company reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. At June 30, 2024, management concluded that in all instances, securities with fair values less than carrying value were due to fluctuations in interest rates and other factors; thus, no credit loss provision was required. In addition, management assesses held to maturity securities for credit losses on a quarterly basis. The assessment includes review of performance metrics, identification of delinquency and evaluation of market factors. Based on this analysis, management concludes the decline in fair value is due to changes in interest rates and other market factors. Accordingly, no FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (3 – continued) At June 30, 2024, the municipal obligations and U.S. government agency debt securities, including Treasury notes and bonds, agency notes and bonds, mortgage-backed securities and CMOs classified as available for sale and in a loss position had depreciated approximately 8.0% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. At June 30, 2024, the corporate notes classified as held to maturity in a loss position had depreciated approximately 35.8% from the amortized cost basis. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no credit loss is deemed to exist. As of June 30, 2024 and December 31, 2023, the Company estimated expected credit losses to be immaterial based on the composition of the held to maturity securities portfolio. While management does not anticipate any credit losses at June 30, 2024, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future. There were no At June 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, with an aggregate book value greater that 10% of stockholders’ equity. Accrued interest receivable on available for sale debt securities totaled $2.2 million and $2.4 million at June 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable Accrued interest receivable on held to maturity debt securities totaled $18,000 at both June 30, 2024 and December 31, 2023, and was reported in accrued interest receivable Equity Securities In September 2018, the Company acquired 90,000 shares of common stock in another bank holding company, representing approximately 5% of the outstanding common stock of the entity, for a total investment of $1.9 million. During the three months ended June 30, 2024 and 2023, the Company recognized unrealized losses of $6,000 and $92,000, respectively, on this equity investment. During the six months ended June 30, 2024, the Company recognized an unrealized loss of $74,000 on this equity investment. During the six months ended June 30, 2023, the Company recognized an unrealized gain of $45,000 on this equity investment. At June 30, 2024 and December 31, 2023, the equity investment had a fair value of $1.2 million and $1.3 million, respectively, and is included in other assets on the consolidated balance sheets. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (3 – continued) In October 2021, the Company entered into an agreement to invest in a bank technology fund through a limited partnership. At June 30, 2024 and December 31, 2023, the Company’s investment in the limited partnership was $1.0 million and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the limited partnership investment at June 30, 2024 and December 31, 2023 was $480,000 and $530,000, respectively, and is reflected in other liabilities on the consolidated balance sheets. The Company expects to fulfill the commitment as capital calls are made through 2026. The investment is accounted for as an equity security without a readily determinable fair value, and has been recorded at cost, less any impairment, and adjustments resulting from observable price changes. There were no |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans and Allowance for Credit Losses Loans at June 30, 2024 and December 31, 2023 consisted of the following: June 30, December 31, (In thousands) 2024 2023 1-4 Family Residential Mortgage $ 137,219 $ 133,480 Home Equity and Second Mortgage 63,449 62,070 Multifamily Residential 37,224 39,963 1-4 Family Residential Construction 14,400 15,667 Other Construction, Development and Land 83,298 76,713 Commercial Real Estate 177,492 168,757 Commercial Business 64,695 68,223 Consumer and Other 59,694 56,373 Principal loan balance 637,471 621,246 Deferred loan origination fees and costs, net 1,113 1,168 Allowance for credit losses (8,560 ) (8,005 ) Loans, net $ 630,024 $ 614,409 The Allowance for Credit Losses (“ACL”) on loans is measured on a collective (pooled) basis when similar risk characteristics exist. The Company’s pools/segments are largely determined based on loan types as defined by Call Report instructions. The Company has identified and utilizes the following portfolio segments: 1–4 Family Residential Mortgage – 1–4 Family Residential Mortgage loans are primarily secured by 1-4 family residences that are owner-occupied and serve as the primary residence of the borrower. In addition, the Company typically has a senior (1st lien) position securing the collateral of loans in this portfolio. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Home Equity and Second Mortgage – Home Equity and Second Mortgage loans and lines of credit are primarily secured by 1-4 family residences that are owner-occupied and serve as the primary residence of the borrower. However, the Company typically has a junior lien position securing the collateral of loans in this portfolio. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. While secured by collateral similar to that of the 1–4 Family Residential Mortgage loans, loans within this segment are considered to carry elevated risk due to the Company’s junior lien position on the underlying collateral property. Multi-family Residential – Multi-family Residential loans are primarily secured by properties such as apartment complexes and other multi-tenant properties within the Company’s market area. In some situations, the collateral may reside outside of the Company’s typical market area. Repayment of these loans is often dependent on the successful operation and management of the properties and collection of associated rents. Repayment of such loans may be affected by adverse conditions in the real estate market or the economy. 1–4 Family Residential Construction – 1–4 Family Residential Construction loans are generally secured by 1-4 family residences that will be owner-occupied upon completion. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. Other Construction, Development and Land – Other Construction, Development and Land loans include loans secured by multi-family properties, commercial projects, and vacant land. This portfolio includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Commercial Real Estate – Commercial Real Estate loans are comprised of loans secured by various types of collateral including warehouses, retail space, and mixed-use buildings, among others, located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows, and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates. The Company generally obtains loan guarantees from financially capable parties for Commercial Real Estate loans. To a lesser degree, this segment also includes loans secured by farmland. The risks associated with loans secured by farmland are related to the market value of the property taken as collateral and the underlying cash flows from farming operations and general economic conditions. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Commercial Business – Commercial Business loans include lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate. Loans in this portfolio may also be unsecured and are generally made to finance capital expenditures or fund operations. Commercial Business loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with Commercial Real Estate loans, the Company generally obtains loan guarantees from financially capable parties for Commercial Business loans. Consumer and Other Loans – Consumer and Other Loans consist mainly of loans secured by new and used automobiles and trucks, recreational vehicles such as boats and RVs, mobile homes and secured and unsecured loans to individuals. The risks associated with these loans are related to local economic conditions including the unemployment level. To a lesser degree, this segment also includes loans secured by lawn and farm equipment, well as farm output and loans secured by marketable securities. The risks associated with these loans are related to local economic conditions including the unemployment level, general economic conditions impacting crop prices, the supply chain and the fair value of the security collateral. Loans that do not share risk characteristics are evaluated on an individual basis. In addition, loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) The following table provides the components of the Company’s amortized cost basis in loans at June 30, 2024: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) Amortized Cost Basis in Loans: Principal loan balance $ 137,219 $ 63,449 $ 37,224 $ 14,400 $ 83,298 $ 177,492 $ 64,695 $ 59,694 $ 637,471 Net deferred loan origination fees and costs 110 1,212 (17 ) - (37 ) (145 ) (10 ) - 1,113 Amortized cost basis in loans $ 137,329 $ 64,661 $ 37,207 $ 14,400 $ 83,261 $ 177,347 $ 64,685 $ 59,694 $ 638,584 The following table provides the components of the Company’s amortized cost basis in loans at December 31, 2023: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) Amortized Cost Basis in Loans: Principal loan balance $ 133,480 $ 62,070 $ 39,963 $ 15,667 $ 76,713 $ 168,757 $ 68,223 $ 56,373 $ 621,246 Net deferred loan origination fees and costs 121 1,231 (17 ) - (44 ) (112 ) (11 ) - 1,168 Amortized cost basis in loans $ 133,601 $ 63,301 $ 39,946 $ 15,667 $ 76,669 $ 168,645 $ 68,212 $ 56,373 $ 622,414 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) An analysis of the changes in the ACL on loans for the three months ended June 30, 2024 is as follows: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance $ 1,338 $ 444 $ 423 $ 192 $ 811 $ 2,754 $ 1,302 $ 966 $ 8,230 Provision for credit losses (46 ) 114 (81 ) (13 ) (8 ) (407 ) 617 184 360 Charge-offs (3 ) - - - - - - (82 ) (85 ) Recoveries 13 1 - - - - 1 40 55 Ending balance $ 1,302 $ 559 $ 342 $ 179 $ 803 $ 2,347 $ 1,920 $ 1,108 $ 8,560 An analysis of the changes in the ACL on loans for the three months ended June 30, 2023 is as follows: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance $ 1,414 $ 366 $ 381 $ 187 $ 489 $ 2,190 $ 1,084 $ 1,212 $ 7,323 Provision for credit losses 69 6 233 (16 ) (29 ) (174 ) 510 (249 ) 350 Charge-offs (29 ) (9 ) - - - - (33 ) (164 ) (235 ) Recoveries 15 - - - - - 3 59 77 Ending balance $ 1,469 $ 363 $ 614 $ 171 $ 460 $ 2,016 $ 1,564 $ 858 $ 7,515 Accrued interest on loans of $2.3 million at both June 30, 2024 and December 31, 2023, is included in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) An analysis of the changes in the ACL on loans for the six months ended June 30, 2024 is as follows: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance, $ 1,490 $ 406 $ 332 $ 208 $ 804 $ 2,119 $ 1,431 $ 1,215 $ 8,005 Provision for credit losses (198 ) 149 10 (29 ) (1 ) 227 488 (6 ) 640 Charge-offs (4 ) - - - - - - (181 ) (185 ) Recoveries 14 4 - - - 1 1 80 100 Ending balance $ 1,302 $ 559 $ 342 $ 179 $ 803 $ 2,347 $ 1,920 $ 1,108 $ 8,560 An analysis of the changes in the ACL on loans for the six months ended June 30, 2023 is as follows: Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance, prior to adoption of ASC 326 $ 1,036 $ 531 $ 346 $ 206 $ 587 $ 2,029 $ 1,156 $ 881 $ 6,772 Impact of adopting ASC 326 423 (26 ) (3 ) (9 ) 13 (130 ) (142 ) 435 561 Provision for credit losses 26 (133 ) 271 (26 ) (140 ) 117 730 (302 ) 543 Charge-offs (31 ) (9 ) - - - - (188 ) (282 ) (510 ) Recoveries 15 - - - - - 8 126 149 Ending balance $ 1,469 $ 363 $ 614 $ 171 $ 460 $ 2,016 $ 1,564 $ 858 $ 7,515 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) The Company utilizes a combination of the Open Pool/Snapshot and Weighted Average Remaining Maturity (“WARM”) methods in determining expected future credit losses. The Open Pool/Snapshot method takes a snapshot of a loan portfolio at a point in time in history and tracks that loan portfolio’s performance in the subsequent periods until its ultimate disposition. The WARM method uses average annual charge-off rates and the remaining life of the loan to estimate the ACL. For the Company’s loan portfolios, the remaining contractual life for each loan is adjusted by the expected scheduled payments and estimated prepayments. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate. The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back periods for the loan portfolio range from one to 10 years depending on the WARM of the given portfolio segment and are updated on a quarterly basis. The Company estimates the ACL on loans using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Reasonable and supportable forecasts typically utilize a 12-month period with immediate reversion to historical losses. Historical loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for losses reflected by peers, changes in underwriting standards, changes in economic conditions, changes in delinquency levels, collateral values and other factors. Qualitative adjustments reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration industry and collateral concentrations, acquired loan portfolio characteristics and other credit-related analytics as deemed appropriate. Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans. The following table presents the amortized cost basis of, and ACL allocation to, individually evaluated collateral-dependent loans by class of loans as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Real ACL Real ACL Estate Equipment Other Total Allocation Estate Other Total Allocation (In thousands) (In thousands) 1-4 Family Residential Mortgage $ 1,539 $ - $ - $ 1,539 $ - $ 1,651 $ - $ 1,651 $ 9 Home Equity and Second Mortgage 647 - - 647 - 548 - 548 - Multifamily Residential - - - - - - - - - 1-4 Family Residential Construction 87 - - 87 50 87 - 87 60 Other Construction, Development and Land 54 - - 54 - 54 - 54 - Commercial Real Estate 2,614 - - 2,614 - 1,055 - 1,055 - Commercial Business - 2,029 142 2,171 851 - 38 38 - Consumer and Other - - - - - - - - - $ 4,941 $ 2,029 $ 142 $ 7,112 $ 901 $ 3,395 $ 38 $ 3,433 $ 69 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Nonperforming loans consists of nonaccrual loans and loans past due and still accruing interest. The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due still accruing as of June 30, 2024: Loans 90+ Days Total Nonaccrual Loans Nonaccrual Loans Total Past Due Nonperforming with No ACL with An ACL Nonaccrual Still Accruing Loans (In thousands) 1-4 Family Residential Mortgage $ 1,066 $ - $ 1,066 $ 384 $ 1,450 Home Equity and Second Mortgage 502 - 502 - 502 Multifamily Residential - - - - - 1-4 Family Residential Construction - 87 87 - 87 Other Construction, Development and Land 54 - 54 - 54 Commercial Real Estate - - - - - Commercial Business - 2,029 2,029 - 2,029 Consumer and Other - - - - - Total $ 1,622 $ 2,116 $ 3,738 $ 384 $ 4,122 The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due still accruing as of December 31, 2023: Loans 90+ Days Total Nonaccrual Loans Nonaccrual Loans Total Past Due Nonperforming with No ACL with An ACL Nonaccrual Still Accruing Loans (In thousands) 1-4 Family Residential Mortgage $ 1,120 $ 36 $ 1,156 $ - $ 1,156 Home Equity and Second Mortgage 454 - 454 - 454 Multifamily Residential - - - - - 1-4 Family Residential Construction - 87 87 - 87 Other Construction, Development and Land 54 - 54 - 54 Commercial Real Estate - - - - - Commercial Business - - - - - Consumer and Other - - - - - Total $ 1,628 $ 123 $ 1,751 $ - $ 1,751 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) No The following table presents the aging of the amortized cost basis in loans at June 30, 2024: 30-59 Days 60-89 Days 90 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) 1-4 Family Residential Mortgage $ 1,293 $ 111 $ 1,082 $ 2,486 $ 134,843 $ 137,329 Home Equity and Second Mortgage 586 78 61 725 63,936 64,661 Multifamily Residential - - - - 37,207 37,207 1-4 Family Residential Construction - - 87 87 14,313 14,400 Other Construction, Development and Land 165 59 54 278 82,983 83,261 Commercial Real Estate - 718 - 718 176,629 177,347 Commercial Business 286 142 - 428 64,257 64,685 Consumer and Other 296 57 - 353 59,341 59,694 Total $ 2,626 $ 1,165 $ 1,284 $ 5,075 $ 633,509 $ 638,584 The following table presents the aging of the amortized cost basis in loans at December 31, 2023: 30-59 Days 60-89 Days 90 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) 1-4 Family Residential Mortgage $ 2,104 $ 335 $ 482 $ 2,921 $ 130,680 $ 133,601 Home Equity and Second Mortgage 396 70 - 466 62,835 63,301 Multifamily Residential - - - - 39,946 39,946 1-4 Family Residential Construction - - - - 15,667 15,667 Other Construction, Development and Land 162 - 54 216 76,453 76,669 Commercial Real Estate 834 - - 834 167,811 168,645 Commercial Business - - - - 68,212 68,212 Consumer and Other 302 51 - 353 56,020 56,373 Total $ 3,798 $ 456 $ 536 $ 4,790 $ 617,624 $ 622,414 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL on loans. In some cases, the Company may provide multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. During the three months ended June 30, 2024, the Company modified Commercial Business loans with an amortized cost basis of $2.0 million, or approximately 3% of the amortized cost of all Commercial Business loans, for which the borrowers were experiencing financial distress. The modification for each loan was the granting of a three No no no no no no Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loss: Loans classified as loss are considered uncollectible and of such little value that their continuance on the institution’s books as an asset is not warranted. Loans not meeting the criteria above that are analyzed individually as part of the described process are considered to be pass rated loans. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Based on the analysis performed at June 30, 2024 and December 31, 2023, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) 1-4 Family Residential Mortgage Pass $ 12,116 $ 32,993 $ 29,208 $ 24,254 $ 6,484 $ 30,358 $ - $ 135,413 Special Mention - 32 - - - 345 - 377 Substandard - - - - 74 399 - 473 Doubtful - - 44 156 - 866 - 1,066 $ 12,116 $ 33,025 $ 29,252 $ 24,410 $ 6,558 $ 31,968 $ - $ 137,329 Current period gross write-offs $ - $ - $ - $ - $ - $ 4 $ - $ 4 Home Equity and Second Mortgage Pass $ 1,214 $ 4,853 $ 3,950 $ 465 $ 200 $ 379 $ 52,752 $ 63,813 Special Mention - - - - - - 200 200 Substandard - - - - - - 146 146 Doubtful - - - - - 502 - 502 $ 1,214 $ 4,853 $ 3,950 $ 465 $ 200 $ 881 $ 53,098 $ 64,661 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Multifamily Residential Pass $ 639 $ 3,567 $ 10,484 $ 8,616 $ 7,814 $ 6,087 $ - $ 37,207 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - $ 639 $ 3,567 $ 10,484 $ 8,616 $ 7,814 $ 6,087 $ - $ 37,207 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) 1-4 Family Residential Construction Pass $ 5,494 $ 5,945 $ 1,370 $ 630 $ 617 $ 257 $ - $ 14,313 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - 87 - - - 87 $ 5,494 $ 5,945 $ 1,370 $ 717 $ 617 $ 257 $ - $ 14,400 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Other Construction, Development and Land Pass $ 4,686 $ 32,970 $ 36,745 $ 3,577 $ 1,571 $ 3,610 $ - $ 83,159 Special Mention - - - - - 48 - 48 Substandard - - - - - - - - Doubtful - - - - - 54 - 54 $ 4,686 $ 32,970 $ 36,745 $ 3,577 $ 1,571 $ 3,712 $ - $ 83,261 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Real Estate Pass $ 12,380 $ 19,083 $ 39,260 $ 27,358 $ 18,894 $ 50,970 $ 1,118 $ 169,063 Special Mention - 95 1,100 - 1,600 2,626 250 5,671 Substandard 311 718 - 566 216 802 - 2,613 Doubtful - - - - - - - - $ 12,691 $ 19,896 $ 40,360 $ 27,924 $ 20,710 $ 54,398 $ 1,368 $ 177,347 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Business Pass $ 4,364 $ 12,878 $ 11,281 $ 9,704 $ 5,202 $ 5,074 $ 13,347 $ 61,850 Special Mention 40 65 82 89 43 155 190 664 Substandard - 107 - - - 35 - 142 Doubtful - - 2,029 - - - - 2,029 $ 4,404 $ 13,050 $ 13,392 $ 9,793 $ 5,245 $ 5,264 $ 13,537 $ 64,685 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) Consumer and Other Pass $ 10,914 $ 20,041 $ 10,976 $ 5,472 $ 1,555 $ 8,238 $ 2,405 $ 59,601 Special Mention - - - - - - - - Substandard - - - - - - 93 93 Doubtful - - - - - - - - $ 10,914 $ 20,041 $ 10,976 $ 5,472 $ 1,555 $ 8,238 $ 2,498 $ 59,694 Current period gross write-offs $ - $ 25 $ 92 $ 20 $ 5 $ 2 $ 37 $ 181 Total Loans Pass $ 51,807 $ 132,330 $ 143,274 $ 80,076 $ 42,337 $ 104,973 $ 69,622 $ 624,419 Special Mention 40 192 1,182 89 1,643 3,174 640 6,960 Substandard 311 825 - 566 290 1,236 239 3,467 Doubtful - - 2,073 243 - 1,422 - 3,738 $ 52,158 $ 133,347 $ 146,529 $ 80,974 $ 44,270 $ 110,805 $ 70,501 $ 638,584 Current period gross write-offs $ - $ 25 $ 92 $ 20 $ 5 $ 6 $ 37 $ 185 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023: (In thousands) 1-4 Family Residential Mortgage Pass $ 34,344 $ 31,551 $ 25,846 $ 6,913 $ 9,525 $ 23,628 $ - $ 131,807 Special Mention - - - - - 144 - 144 Substandard - - - 75 265 155 - 495 Doubtful - 48 192 78 - 837 - 1,155 $ 34,344 $ 31,599 $ 26,038 $ 7,066 $ 9,790 $ 24,764 $ - $ 133,601 Home Equity and Second Mortgage Pass $ 5,267 $ 4,380 $ 529 $ 232 $ 163 $ 327 $ 51,794 $ 62,692 Special Mention - - - - - - 61 61 Substandard - - - - - - 94 94 Doubtful - - - - 264 190 - 454 $ 5,267 $ 4,380 $ 529 $ 232 $ 427 $ 517 $ 51,949 $ 63,301 Multifamily Residential Pass $ 3,374 $ 10,495 $ 9,534 $ 7,943 $ 4,137 $ 4,463 $ - $ 39,946 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - $ 3,374 $ 10,495 $ 9,534 $ 7,943 $ 4,137 $ 4,463 $ - $ 39,946 1-4 Family Residential Construction Pass $ 9,193 $ 4,180 $ 831 $ 1,119 $ - $ 257 $ - $ 15,580 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - 87 - - - - 87 $ 9,193 $ 4,180 $ 918 $ 1,119 $ - $ 257 $ - $ 15,667 Other Construction, Development and Land Pass $ 26,717 $ 35,673 $ 7,495 $ 2,655 $ 1,231 $ 2,795 $ - $ 76,566 Special Mention - - - - - 49 - 49 Substandard - - - - - - - - Doubtful - - - - - 54 - 54 $ 26,717 $ 35,673 $ 7,495 $ 2,655 $ 1,231 $ 2,898 $ - $ 76,669 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023: (In thousands) Commercial Real Estate Pass $ 14,818 $ 40,675 $ 29,656 $ 19,589 $ 18,231 $ 38,818 $ 1,755 $ 163,542 Special Mention 823 - 573 1,622 417 62 550 4,047 Substandard - - - 231 - 825 - 1,056 Doubtful - - - - - - - - $ 15,641 $ 40,675 $ 30,229 $ 21,442 $ 18,648 $ 39,705 $ 2,305 $ 168,645 Commercial Business Pass $ 14,717 $ 12,603 $ 11,049 $ 5,706 $ 5,312 $ 3,646 $ 12,384 $ 65,417 Special Mention 208 2,097 106 48 160 - 138 2,757 Substandard - - - - 38 - - 38 Doubtful - - - - - - - - $ 14,925 $ 14,700 $ 11,155 $ 5,754 $ 5,510 $ 3,646 $ 12,522 $ 68,212 Consumer and Other Pass $ 23,335 $ 13,906 $ 7,662 $ 2,604 $ 846 $ 5,446 $ 2,484 $ 56,283 Special Mention - - - - - - - - Substandard - - - - - - 90 90 Doubtful - - - - - - - - $ 23,335 $ 13,906 $ 7,662 $ 2,604 $ 846 $ 5,446 $ 2,574 $ 56,373 Total Loans Pass $ 131,765 $ 153,463 $ 92,602 $ 46,761 $ 39,445 $ 79,380 $ 68,417 $ 611,833 Special Mention 1,031 2,097 679 1,670 577 255 749 7,058 Substandard - - - 306 303 980 184 1,773 Doubtful - 48 279 78 264 1,081 - 1,750 $ 132,796 $ 155,608 $ 93,560 $ 48,815 $ 40,589 $ 81,696 $ 69,350 $ 622,414 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (4 – continued) The Company held no no ACL on Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL for off-balance-sheet credit exposures was $131,000 at both June 30, 2024 and December 31, 2023. The ACL for off-balance-sheet credit exposures is presented in accrued expenses and other liabilities on the consolidated balance sheets. Changes in the ACL for off-balance-sheet credit exposures are reflected in the provision for credit losses on the consolidated statements of income. There were no |
Note 5 - Qualified Affordable H
Note 5 - Qualified Affordable Housing Project Investment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Investment [Text Block] | 5. Qualified Affordable Housing Project Investment On January 19, 2018, the Bank entered into an agreement to invest in qualified affordable housing projects through a limited liability company. At June 30, 2024 and December 31, 2023, the balance of the Bank’s investment was $1.7 million and $1.9 million, respectively, and is reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the qualified affordable housing project investment was $168,000 at both June 30, 2024 and December 31, 2023, and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made through 2029. The investment is accounted for using the proportional amortization method. During the three month periods ended June 30, 2024 and 2023, the Bank recognized amortization expense of $72,000 and $82,000, respectively, as a component of income tax expense on the consolidated statements of income. Additionally, during the three month periods ended June 30, 2024 and 2023, the Bank recognized income tax credits and other income tax benefits from its qualified affordable housing project investment of $101,000 and $104,000, respectively, which was included in income tax expense on the consolidated statements of income. During the six month periods ended June 30, 2024 and 2023, the Bank recognized amortization expense of $144,000 and $170,000, respectively, as a component of income tax expense on the consolidated statements of income. Additionally, during the six month periods ended June 30, 2024 and 2023, the Bank recognized income tax credits and other income tax benefits from its qualified affordable housing project investment of $203,000 and $208,000, respectively, which was included in income tax expense on the consolidated statements of income. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Note 6 - Renewable Energy Tax C
Note 6 - Renewable Energy Tax Credit Investment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Renewable Energy Tax Credit Investment [Text Block] | 6. Renewable Energy Tax Credit Investment On April 17, 2024 and April 21, 2023, the Bank entered into agreements to invest in investment tax credits generated by a solar energy producing facilities through limited liability companies. At June 30, 2024 and December 31, 2023, the balance of the Bank’s investments in the limited liability companies was $1.5 million and $306,000, respectively, and was reflected in other assets on the consolidated balance sheets. The unfunded commitment related to the solar energy tax credit investments was $2.0 million at June 30, 2024 and is reflected in other liabilities on the consolidated balance sheets. The Bank expects to fulfill the commitment as capital calls are made by December 31, 2024. The Bank had fully funded its commitment in the solar energy tax credit investment at December 31, 2023. The investment is accounted for using the proportional amortization method. During the three month period ended June 30, 2024, the Bank recognized amortization expense of $337,000 as a component of income tax expense on the consolidated statements of income. Additionally, during the three month period ended June 30, 2024, the Bank recognized income tax credits and other income tax benefits from its solar energy tax credit investment of $425,000, which was included in income tax expense on the consolidated statements of income. During the six month period ended June 30, 2024, the Bank recognized amortization expense of $842,000 as a component of income tax expense on the consolidated statements of income. Additionally, during the six month period ended June 30, 2024, the Bank recognized income tax credits and other income tax benefits from its solar energy tax credit investment of $1.0 million, which was included in income tax expense on the consolidated statements of income. The Bank did not |
Note 7 - Borrowed Funds
Note 7 - Borrowed Funds | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | 7. Borrowed Funds At June 30, 2024, the Company had $33.6 million in borrowings outstanding under the Federal Reserve Bank’s (“FRB”) Bank Term Funding Program (“BTFP”) and no no On March 12, 2023, the FRB created the BTFP to make additional funding available to eligible depository institutions. The BTFP offered loans of up to one year in length to banks, savings associations, credit unions and other depository institutions which pledge collateral, such as U.S. Treasuries, U.S. agency notes and bonds and U.S. agency mortgage-backed securities. The collateral is valued at par, and advances under this program did not include any fees or prepayment penalties. In January 2024, the Company repaid all outstanding borrowings under the BTFP and advances from the FHLB and then borrowed $33.6 million under the BTFP at a fixed rate of 4.85% for a one FHLB advances are secured under a blanket collateral agreement. At June 30, 2024, the carrying value of U.S. Treasury notes and mortgage loans pledged as security for future FHLB advances was $22.5 million and $47.6 million, respectively. At June 30, 2024, the Company had a $42.5 million borrowing capacity limit with the FHLB based on pledged collateral. On February 28, 2024, the Bank entered into an Overdraft Line of Credit Agreement with the FHLB which established a line of credit not to exceed $10.0 million secured under the blanket collateral agreement. This agreement expires on February 28, 2025. At June 30, 2024, there were no FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (7 – continued) During the three and six month periods ended June 30, 2024 and 2023, the Company utilized a series of short-term fixed-rate bullet and variable rate advances from the FHLB in order to meet daily liquidity requirements and to fund growth in earning assets. The fixed-rate bullet advances had an average term of seven days. The following table sets forth information on the short-term FHLB advances and BTFP borrowings during the three and six month periods ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 FHLB variable-rate advances Maximum balance at any month end $ 5,000 $ - $ 5,000 $ - Average balance 879 357 1,036 179 Period end balance - - - - Weighted average interest rate (annualized): At end of period 0.00 % 0.00 % 0.00 % 0.00 % During the period 5.76 % 5.37 % 5.77 % 5.37 % FHLB fixed-rate bullet advances Maximum balance at any month end $ 12,500 $ 15,000 $ 13,000 $ 15,000 Average balance 2,692 4,192 2,456 2,096 Period end balance - - - - Weighted average interest rate (annualized): At end of period 0.00 % 0.00 % 0.00 % 0.00 % During the period 5.67 % 5.11 % 5.65 % 5.11 % BTFP borrowings: Maximum balance at any month end $ 33,625 $ 13,000 $ 33,625 $ 13,000 Average balance 33,625 6,067 32,766 3,033 Period end balance 33,625 13,000 33,625 13,000 Weighted average interest rate (annualized): At end of period 4.85 % 4.99 % 4.85 % 4.99 % During the period 4.84 % 5.04 % 4.82 % 5.04 % FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Note 8 - Supplemental Disclosur
Note 8 - Supplemental Disclosure for Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Supplemental Disclosure for Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2024 2023 2024 2023 Basic Earnings: Net income attributable to First Capital, Inc. $ 2,828 $ 2,726 $ 5,780 $ 6,542 Shares: Weighted average common shares outstanding 3,345,278 3,344,063 3,345,169 3,348,817 Net income attributable to First Capital, Inc. per common share, basic $ 0.85 $ 0.82 $ 1.73 $ 1.95 Diluted Earnings: Net income attributable to First Capital, Inc. $ 2,828 $ 2,726 $ 5,780 $ 6,542 Shares: Weighted average common shares outstanding 3,345,278 3,344,063 3,345,169 3,348,817 Add: Dilutive effect of restricted stock 123 - - - Weighted average common shares outstanding, as adjusted 3,345,401 3,344,063 3,345,169 3,348,817 Net income attributable to First Capital, Inc. per common share, diluted $ 0.85 $ 0.82 $ 1.73 $ 1.95 Nonvested restricted stock shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. No FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation Plan | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. Stock-Based Compensation Plan On May 20, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) which terminated as of May 20, 2019. The 2009 Plan provided for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan could not exceed 223,000 shares and 176,150 shares were still available for issuance under the 2009 Plan at its termination. On May 22, 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the award of stock options, restricted stock, performance shares and stock appreciation rights. The aggregate number of shares of the Company’s common stock available for issuance under the 2019 Plan may not exceed 176,150 shares. If an award under the 2009 Plan is canceled, terminates, expires, is forfeited or lapses for any reason, any issued shares subject to the award shall not be available for issuance pursuant to awards subsequently granted under the 2019 Plan. Further, no additional participants, as that term is defined in the 2009 Plan, are eligible for grants of awards under the 2009 Plan. The Company generally issues new shares under the 2019 Plan from its authorized but unissued shares. At June 30, 2024, 159,650 shares of the Company’s common stock were available for issuance under the 2019 Plan. The Company may grant both non-statutory and statutory stock options which may not have a term exceeding ten As of June 30, 2024, no Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The Company accounts for any forfeitures when they occur, and any previously recognized compensation for an award is reversed in the period the award is forfeited. Compensation expense related to restricted stock recognized for the three and six month periods ended June 30, 2024 amounted to $56,000 and $134,000, respectively. Compensation expense related to restricted stock recognized for the three and six month periods ended June 30, 2023 amounted to $61,000 and $145,000, respectively. The total income tax benefit related to stock-based compensation was $9,000 and $27,000, for the three and six month periods ended June 30, 2024, respectively. The total income tax benefit related to stock-based compensation was $14,000 and $34,000, for the three and six month periods ended June 30, 2023, respectively. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (9 – continued) A summary of the Company’s nonvested restricted shares under the Plan as of June 30, 2024 and changes during the six month period then ended is presented below. Weighted Number Average of Grant-Date Shares Fair Value Nonvested at beginning of year 5,600 $ 63.60 Granted 3,150 28.00 Vested 825 53.89 Forfeited - - Nonvested at end of period 7,925 $ 50.48 There were 825 restricted shares that vested during the six month period ended June 30, 2024 due to the retirement of a director and an employee. The fair value of restricted shares that vested during the six month period ended June 30, 2024 was $25,000. No |
Note 10 - Supplemental Disclosu
Note 10 - Supplemental Disclosures of Cash Flow Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 10. Supplemental Disclosures of Cash Flow Information Six Months Ended June 30, (In thousands) 2024 2023 Cash payments for: Interest $ 5,655 $ 2,701 Income taxes (net of refunds received) 77 1,794 Noncash investing activities: Transfers from loans to real estate acquired through foreclosure $ - $ 72 Security matured but proceeds not yet received (3,000 ) - Agreement to invest in renewable energy tax credit facility 2,000 - |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value Measurements FASB ASC Topic 820 , Fair Value Measurements, Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (11 – continued) Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. The table below presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of June 30, 2024 and December 31, 2023. The Company had no Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2024 Assets Measured on a Recurring Basis Securities available for sale: Agency mortgage-backed securities $ - $ 65,613 $ - $ 65,613 Agency CMO - 47,808 - 47,808 Agency notes and bonds - 127,522 - 127,522 Treasury notes and bonds 44,791 - - 44,791 Municipal obligations - 128,567 - 128,567 Total securities available for sale $ 44,791 $ 369,510 $ - $ 414,301 Equity securities $ 1,186 $ - $ - 1,186 Assets Measured on a Nonrecurring Basis Collateral dependent loans: 1-4 Family Residential Construction $ - $ - $ 37 $ 37 Commercial Business - - 1,178 1,178 Total collateral dependent loans $ - $ - $ 1,215 $ 1,215 December 31, 2023 Assets Measured on a Recurring Basis Securities available for sale: Agency mortgage-backed securities $ - $ 72,044 $ - $ 72,044 Agency CMO - 25,173 - 25,173 Agency notes and bonds - 129,505 - 129,505 Treasury notes and bonds 63,084 - - 63,084 Municipal obligations - 147,465 - 147,465 Total securities available for sale $ 63,084 $ 374,187 $ - $ 437,271 Equity securities $ 1,260 $ - $ - 1,260 Assets Measured on a Nonrecurring Basis Collateral dependent loans: 1-4 Family Residential Mortgage $ - $ - $ 27 $ 27 1-4 Family Residential Construction - - 27 27 Total collateral dependent loans $ - $ - $ 54 $ 54 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (11 – continued) Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, or the lower of cost or fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities Available for Sale and Equity Securities . Loans Held for Sale. Collateral Dependent Loans Collateral dependent loans with specific allocations of ACL are measured at the fair value of the collateral less estimated costs to sell. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable. The fair value of the collateral is generally determined based on real estate appraisals or other independent evaluations by qualified professionals, which are then discounted to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral. FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (11 – continued) At June 30, 2024, the significant unobservable inputs used in the fair value measurement of collateral dependent loans included a discount from appraised value for estimates of changes in market conditions, the condition of the collateral and estimated costs to sell the collateral of 20%. The Company recognized provisions for credit losses on collateral dependent loans of $852,000 for the three months ended June 30, 2024. The Company recognized provisions for credit losses on collateral dependent loans of $841,000 and $40,000 for the six months ended June 30, 2024 and 2023, respectively. The Company did not There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the three month periods ended June 30, 2024 and 2023. There were no transfers into or out of the Company’s Level 3 financial assets for the three month periods ended June 30, 2024 and 2023. GAAP requires disclosure of the fair value of financial assets and financial liabilities, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair values of the Company's financial instruments are as follows: FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (11 – continued) Carrying Fair Fair Value Measurements Using (In thousands) Value Value Level 1 Level 2 Level 3 June 30, 2024 Financial assets: Cash and cash equivalents $ 50,571 $ 50,571 $ 50,571 $ - $ - Interest-bearing time deposits 2,940 2,932 - 2,932 - Securities available for sale 414,301 414,301 44,791 369,510 - Securities held to maturity 7,000 4,494 - 4,494 - Loans held for sale 2,174 2,212 - 2,212 - Loans, net 630,024 624,644 - - 624,644 FHLB and other restricted stock 1,836 N/A N/A N/A N/A Accrued interest receivable 4,575 4,575 - 4,575 - Equity securities (included in other assets) 1,186 1,186 1,186 - - Financial liabilities: Deposits 1,014,246 1,012,811 - - 1,012,811 Borrowed funds 33,625 33,519 - 33,519 - Accrued interest payable 2,352 2,352 - 2,352 - December 31, 2023 Financial assets: Cash and cash equivalents $ 38,670 $ 38,670 $ 38,670 $ - $ - Interest-bearing time deposits 3,920 3,925 - 3,925 - Securities available for sale 437,271 437,271 63,084 374,187 - Securities held to maturity 7,000 4,446 - 4,446 - Loans held for sale 800 811 - 811 - Loans, net 614,409 609,243 - - 609,243 FHLB and other restricted stock 1,836 N/A N/A N/A N/A Accrued interest receivable 4,788 4,788 - 4,788 - Equity securities (included in other assets) 1,260 1,260 1,260 - - Financial liabilities: Deposits 1,025,211 1,023,813 - - 1,023,813 Borrowed funds 21,500 21,470 - 21,470 - Accrued interest payable 1,209 1,209 - 1,209 - FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (11 – continued) The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, demand deposits and other transactions accounts. The fair value of securities and interest-bearing time deposits in other financial institutions is based on quoted market prices (where available) or values obtained from an independent pricing service. The fair value of loans, excluding loans held for sale, fixed-maturity certificates of deposit and borrowed funds is based on discounted cash flows using current market rates applied to the estimated life and credit risk of the instrument. The fair value of loans held for sale is based on specific prices of underlying contracts for sales to investors. It is not practicable to determine the fair value of FHLB and other restricted stock due to restrictions placed on its transferability. The methods utilized to measure the fair value of financial instruments at June 30, 2024 and December 31, 2023 represent an approximation of exit price, but an actual exit price may differ. |
Note 12 - Revenue From Contract
Note 12 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Revenue from Contracts with Customers Substantially all of the Company’s revenue from contracts with customers in the scope of FASB ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 In Scope for ASC 606 Service charges on deposit accounts $ 564 $ 578 $ 1,157 $ 1,140 ATM and debit card fees 1,150 1,141 2,210 2,228 Investment advisory income 12 19 25 31 Other 33 31 68 64 Revenue from contracts with customers 1,759 1,769 3,460 3,463 Out of Scope for ASC 606 Net gains (losses) on loans and investments 163 (2 ) 228 221 Increase in cash value of life insurance 66 66 114 111 Other 35 30 120 59 Other noninterest income 264 94 462 391 Total noninterest income $ 2,023 $ 1,863 $ 3,922 $ 3,854 FIRST CAPITAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (12 – continued) A description of the Company’s revenue streams accounted for under FASB ASC 606 follows: Service Charges on Deposit Accounts ATM and Debit Card Fees Investment Advisory Income Other Income: |
Note 13 - Captive Subsidiary
Note 13 - Captive Subsidiary | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 13. Captive Subsidiary As described in Note 1, the Company had a wholly-owned insurance subsidiary providing property and casualty insurance coverage to the Company, the Bank and the Bank’s subsidiaries, and reinsurance to nine other third party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. On April 10, 2023, the IRS issued IR-2023-74 and proposed regulations that may result in the Captive being considered a listed transaction. The proposed regulations include the possibility of material tax expense to the consolidated group if finalized in their current form. However, the final regulations have not been published and as such management cannot reasonably estimate or determine the potential tax liability as of June 30, 2024. The Captive was formally dissolved with all remaining assets transferred to the Company on December 31, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information None |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value June 30, 2024 Securities available for sale: Agency mortgage-backed securities $ 74,648 $ - $ 9,035 $ 65,613 Agency CMO 48,313 56 561 47,808 Other debt securities: Agency notes and bonds 135,335 8 7,821 127,522 Treasury notes and bonds 45,769 - 978 44,791 Municipal obligations 143,424 200 15,057 128,567 Total securities available for sale $ 447,489 $ 264 $ 33,452 $ 414,301 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,506 $ 4,494 Total securities held to maturity $ 7,000 $ - $ 2,506 $ 4,494 December 31, 2023 Securities available for sale: Agency mortgage-backed securities $ 81,166 $ - $ 9,122 $ 72,044 Agency CMO 25,402 94 323 25,173 Other debt securities: Agency notes and bonds 138,174 38 8,707 129,505 Treasury notes and bonds 64,758 - 1,674 63,084 Municipal obligations 159,049 655 12,239 147,465 Total securities available for sale $ 468,549 $ 787 $ 32,065 $ 437,271 Securities held to maturity: Other debt securities: Corporate notes $ 7,000 $ - $ 2,554 $ 4,446 Total securities held to maturity $ 7,000 $ - $ 2,554 $ 4,446 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available for Sale Securities Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in one year or less $ 61,814 $ 60,386 $ - $ - Due after one year through five years 142,008 133,181 - - Due after five years through ten years 47,965 44,223 2,000 1,299 Due after ten years 72,741 63,090 5,000 3,195 324,528 300,880 7,000 4,494 Mortgage-backed securities and CMO 122,961 113,421 - - $ 447,489 $ 414,301 $ 7,000 $ 4,494 |
Unrealized Gain (Loss) on Investments [Table Text Block] | Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) June 30, 2024: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 12 $ 25,124 $ 180 Agency notes and bonds 4 2,732 18 Muncipal obligations 88 37,119 2,929 Total less than twelve months 104 64,975 3,127 Continuous loss position more than twelve months: Agency mortgage-backed securities 95 65,612 9,035 Agency CMO 25 11,104 381 Agency notes and bonds 53 122,709 7,803 Treasury notes and bonds 16 44,791 978 Muncipal obligations 129 76,205 12,128 Total more than twelve months 318 320,421 30,325 Total securities available for sale 422 $ 385,396 $ 33,452 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,494 $ 2,506 Total more than twelve months 4 4,494 2,506 Total securities held to maturity 4 $ 4,494 $ 2,506 Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) December 31, 2023: Securities available for sale: Continuous loss position less than twelve months: Agency CMO 3 $ 8,019 $ 30 Agency notes and bonds 3 2,754 12 Muncipal obligations 74 32,124 2,405 Total less than twelve months 80 42,897 2,447 Continuous loss position more than twelve months: Agency mortgage-backed securities 96 72,044 9,122 Agency CMO 22 4,998 293 Agency notes and bonds 52 123,416 8,695 Treasury notes and bonds 21 63,084 1,674 Muncipal obligations 130 79,643 9,834 Total more than twelve months 321 343,185 29,618 Total securities available for sale 401 $ 386,082 $ 32,065 Securities held to maturity: Continuous loss position more than twelve months: Corporate notes 4 $ 4,446 $ 2,554 Total more than twelve months 4 4,446 2,554 Total securities held to maturity 4 $ 4,446 $ 2,554 |
Note 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, (In thousands) 2024 2023 1-4 Family Residential Mortgage $ 137,219 $ 133,480 Home Equity and Second Mortgage 63,449 62,070 Multifamily Residential 37,224 39,963 1-4 Family Residential Construction 14,400 15,667 Other Construction, Development and Land 83,298 76,713 Commercial Real Estate 177,492 168,757 Commercial Business 64,695 68,223 Consumer and Other 59,694 56,373 Principal loan balance 637,471 621,246 Deferred loan origination fees and costs, net 1,113 1,168 Allowance for credit losses (8,560 ) (8,005 ) Loans, net $ 630,024 $ 614,409 Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) Amortized Cost Basis in Loans: Principal loan balance $ 137,219 $ 63,449 $ 37,224 $ 14,400 $ 83,298 $ 177,492 $ 64,695 $ 59,694 $ 637,471 Net deferred loan origination fees and costs 110 1,212 (17 ) - (37 ) (145 ) (10 ) - 1,113 Amortized cost basis in loans $ 137,329 $ 64,661 $ 37,207 $ 14,400 $ 83,261 $ 177,347 $ 64,685 $ 59,694 $ 638,584 Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) Amortized Cost Basis in Loans: Principal loan balance $ 133,480 $ 62,070 $ 39,963 $ 15,667 $ 76,713 $ 168,757 $ 68,223 $ 56,373 $ 621,246 Net deferred loan origination fees and costs 121 1,231 (17 ) - (44 ) (112 ) (11 ) - 1,168 Amortized cost basis in loans $ 133,601 $ 63,301 $ 39,946 $ 15,667 $ 76,669 $ 168,645 $ 68,212 $ 56,373 $ 622,414 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance $ 1,338 $ 444 $ 423 $ 192 $ 811 $ 2,754 $ 1,302 $ 966 $ 8,230 Provision for credit losses (46 ) 114 (81 ) (13 ) (8 ) (407 ) 617 184 360 Charge-offs (3 ) - - - - - - (82 ) (85 ) Recoveries 13 1 - - - - 1 40 55 Ending balance $ 1,302 $ 559 $ 342 $ 179 $ 803 $ 2,347 $ 1,920 $ 1,108 $ 8,560 Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance $ 1,414 $ 366 $ 381 $ 187 $ 489 $ 2,190 $ 1,084 $ 1,212 $ 7,323 Provision for credit losses 69 6 233 (16 ) (29 ) (174 ) 510 (249 ) 350 Charge-offs (29 ) (9 ) - - - - (33 ) (164 ) (235 ) Recoveries 15 - - - - - 3 59 77 Ending balance $ 1,469 $ 363 $ 614 $ 171 $ 460 $ 2,016 $ 1,564 $ 858 $ 7,515 Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance, $ 1,490 $ 406 $ 332 $ 208 $ 804 $ 2,119 $ 1,431 $ 1,215 $ 8,005 Provision for credit losses (198 ) 149 10 (29 ) (1 ) 227 488 (6 ) 640 Charge-offs (4 ) - - - - - - (181 ) (185 ) Recoveries 14 4 - - - 1 1 80 100 Ending balance $ 1,302 $ 559 $ 342 $ 179 $ 803 $ 2,347 $ 1,920 $ 1,108 $ 8,560 Other 1-4 Family Home Equity 1-4 Family Construction, Residential and Second Multifamily Residential Development Commercial Commercial Consumer Mortgage Mortgage Residential Construction and Land Real Estate Business and Other Total (In thousands) ACL on Loans: Beginning balance, prior to adoption of ASC 326 $ 1,036 $ 531 $ 346 $ 206 $ 587 $ 2,029 $ 1,156 $ 881 $ 6,772 Impact of adopting ASC 326 423 (26 ) (3 ) (9 ) 13 (130 ) (142 ) 435 561 Provision for credit losses 26 (133 ) 271 (26 ) (140 ) 117 730 (302 ) 543 Charge-offs (31 ) (9 ) - - - - (188 ) (282 ) (510 ) Recoveries 15 - - - - - 8 126 149 Ending balance $ 1,469 $ 363 $ 614 $ 171 $ 460 $ 2,016 $ 1,564 $ 858 $ 7,515 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | June 30, 2024 December 31, 2023 Real ACL Real ACL Estate Equipment Other Total Allocation Estate Other Total Allocation (In thousands) (In thousands) 1-4 Family Residential Mortgage $ 1,539 $ - $ - $ 1,539 $ - $ 1,651 $ - $ 1,651 $ 9 Home Equity and Second Mortgage 647 - - 647 - 548 - 548 - Multifamily Residential - - - - - - - - - 1-4 Family Residential Construction 87 - - 87 50 87 - 87 60 Other Construction, Development and Land 54 - - 54 - 54 - 54 - Commercial Real Estate 2,614 - - 2,614 - 1,055 - 1,055 - Commercial Business - 2,029 142 2,171 851 - 38 38 - Consumer and Other - - - - - - - - - $ 4,941 $ 2,029 $ 142 $ 7,112 $ 901 $ 3,395 $ 38 $ 3,433 $ 69 |
Financing Receivable, Nonaccrual [Table Text Block] | Loans 90+ Days Total Nonaccrual Loans Nonaccrual Loans Total Past Due Nonperforming with No ACL with An ACL Nonaccrual Still Accruing Loans (In thousands) 1-4 Family Residential Mortgage $ 1,066 $ - $ 1,066 $ 384 $ 1,450 Home Equity and Second Mortgage 502 - 502 - 502 Multifamily Residential - - - - - 1-4 Family Residential Construction - 87 87 - 87 Other Construction, Development and Land 54 - 54 - 54 Commercial Real Estate - - - - - Commercial Business - 2,029 2,029 - 2,029 Consumer and Other - - - - - Total $ 1,622 $ 2,116 $ 3,738 $ 384 $ 4,122 Loans 90+ Days Total Nonaccrual Loans Nonaccrual Loans Total Past Due Nonperforming with No ACL with An ACL Nonaccrual Still Accruing Loans (In thousands) 1-4 Family Residential Mortgage $ 1,120 $ 36 $ 1,156 $ - $ 1,156 Home Equity and Second Mortgage 454 - 454 - 454 Multifamily Residential - - - - - 1-4 Family Residential Construction - 87 87 - 87 Other Construction, Development and Land 54 - 54 - 54 Commercial Real Estate - - - - - Commercial Business - - - - - Consumer and Other - - - - - Total $ 1,628 $ 123 $ 1,751 $ - $ 1,751 |
Financing Receivable, Past Due [Table Text Block] | 30-59 Days 60-89 Days 90 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) 1-4 Family Residential Mortgage $ 1,293 $ 111 $ 1,082 $ 2,486 $ 134,843 $ 137,329 Home Equity and Second Mortgage 586 78 61 725 63,936 64,661 Multifamily Residential - - - - 37,207 37,207 1-4 Family Residential Construction - - 87 87 14,313 14,400 Other Construction, Development and Land 165 59 54 278 82,983 83,261 Commercial Real Estate - 718 - 718 176,629 177,347 Commercial Business 286 142 - 428 64,257 64,685 Consumer and Other 296 57 - 353 59,341 59,694 Total $ 2,626 $ 1,165 $ 1,284 $ 5,075 $ 633,509 $ 638,584 30-59 Days 60-89 Days 90 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) 1-4 Family Residential Mortgage $ 2,104 $ 335 $ 482 $ 2,921 $ 130,680 $ 133,601 Home Equity and Second Mortgage 396 70 - 466 62,835 63,301 Multifamily Residential - - - - 39,946 39,946 1-4 Family Residential Construction - - - - 15,667 15,667 Other Construction, Development and Land 162 - 54 216 76,453 76,669 Commercial Real Estate 834 - - 834 167,811 168,645 Commercial Business - - - - 68,212 68,212 Consumer and Other 302 51 - 353 56,020 56,373 Total $ 3,798 $ 456 $ 536 $ 4,790 $ 617,624 $ 622,414 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) 1-4 Family Residential Mortgage Pass $ 12,116 $ 32,993 $ 29,208 $ 24,254 $ 6,484 $ 30,358 $ - $ 135,413 Special Mention - 32 - - - 345 - 377 Substandard - - - - 74 399 - 473 Doubtful - - 44 156 - 866 - 1,066 $ 12,116 $ 33,025 $ 29,252 $ 24,410 $ 6,558 $ 31,968 $ - $ 137,329 Current period gross write-offs $ - $ - $ - $ - $ - $ 4 $ - $ 4 Home Equity and Second Mortgage Pass $ 1,214 $ 4,853 $ 3,950 $ 465 $ 200 $ 379 $ 52,752 $ 63,813 Special Mention - - - - - - 200 200 Substandard - - - - - - 146 146 Doubtful - - - - - 502 - 502 $ 1,214 $ 4,853 $ 3,950 $ 465 $ 200 $ 881 $ 53,098 $ 64,661 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Multifamily Residential Pass $ 639 $ 3,567 $ 10,484 $ 8,616 $ 7,814 $ 6,087 $ - $ 37,207 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - $ 639 $ 3,567 $ 10,484 $ 8,616 $ 7,814 $ 6,087 $ - $ 37,207 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) 1-4 Family Residential Construction Pass $ 5,494 $ 5,945 $ 1,370 $ 630 $ 617 $ 257 $ - $ 14,313 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - 87 - - - 87 $ 5,494 $ 5,945 $ 1,370 $ 717 $ 617 $ 257 $ - $ 14,400 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Other Construction, Development and Land Pass $ 4,686 $ 32,970 $ 36,745 $ 3,577 $ 1,571 $ 3,610 $ - $ 83,159 Special Mention - - - - - 48 - 48 Substandard - - - - - - - - Doubtful - - - - - 54 - 54 $ 4,686 $ 32,970 $ 36,745 $ 3,577 $ 1,571 $ 3,712 $ - $ 83,261 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Real Estate Pass $ 12,380 $ 19,083 $ 39,260 $ 27,358 $ 18,894 $ 50,970 $ 1,118 $ 169,063 Special Mention - 95 1,100 - 1,600 2,626 250 5,671 Substandard 311 718 - 566 216 802 - 2,613 Doubtful - - - - - - - - $ 12,691 $ 19,896 $ 40,360 $ 27,924 $ 20,710 $ 54,398 $ 1,368 $ 177,347 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Business Pass $ 4,364 $ 12,878 $ 11,281 $ 9,704 $ 5,202 $ 5,074 $ 13,347 $ 61,850 Special Mention 40 65 82 89 43 155 190 664 Substandard - 107 - - - 35 - 142 Doubtful - - 2,029 - - - - 2,029 $ 4,404 $ 13,050 $ 13,392 $ 9,793 $ 5,245 $ 5,264 $ 13,537 $ 64,685 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024: (In thousands) Consumer and Other Pass $ 10,914 $ 20,041 $ 10,976 $ 5,472 $ 1,555 $ 8,238 $ 2,405 $ 59,601 Special Mention - - - - - - - - Substandard - - - - - - 93 93 Doubtful - - - - - - - - $ 10,914 $ 20,041 $ 10,976 $ 5,472 $ 1,555 $ 8,238 $ 2,498 $ 59,694 Current period gross write-offs $ - $ 25 $ 92 $ 20 $ 5 $ 2 $ 37 $ 181 Total Loans Pass $ 51,807 $ 132,330 $ 143,274 $ 80,076 $ 42,337 $ 104,973 $ 69,622 $ 624,419 Special Mention 40 192 1,182 89 1,643 3,174 640 6,960 Substandard 311 825 - 566 290 1,236 239 3,467 Doubtful - - 2,073 243 - 1,422 - 3,738 $ 52,158 $ 133,347 $ 146,529 $ 80,974 $ 44,270 $ 110,805 $ 70,501 $ 638,584 Current period gross write-offs $ - $ 25 $ 92 $ 20 $ 5 $ 6 $ 37 $ 185 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023: (In thousands) 1-4 Family Residential Mortgage Pass $ 34,344 $ 31,551 $ 25,846 $ 6,913 $ 9,525 $ 23,628 $ - $ 131,807 Special Mention - - - - - 144 - 144 Substandard - - - 75 265 155 - 495 Doubtful - 48 192 78 - 837 - 1,155 $ 34,344 $ 31,599 $ 26,038 $ 7,066 $ 9,790 $ 24,764 $ - $ 133,601 Home Equity and Second Mortgage Pass $ 5,267 $ 4,380 $ 529 $ 232 $ 163 $ 327 $ 51,794 $ 62,692 Special Mention - - - - - - 61 61 Substandard - - - - - - 94 94 Doubtful - - - - 264 190 - 454 $ 5,267 $ 4,380 $ 529 $ 232 $ 427 $ 517 $ 51,949 $ 63,301 Multifamily Residential Pass $ 3,374 $ 10,495 $ 9,534 $ 7,943 $ 4,137 $ 4,463 $ - $ 39,946 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - $ 3,374 $ 10,495 $ 9,534 $ 7,943 $ 4,137 $ 4,463 $ - $ 39,946 1-4 Family Residential Construction Pass $ 9,193 $ 4,180 $ 831 $ 1,119 $ - $ 257 $ - $ 15,580 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - 87 - - - - 87 $ 9,193 $ 4,180 $ 918 $ 1,119 $ - $ 257 $ - $ 15,667 Other Construction, Development and Land Pass $ 26,717 $ 35,673 $ 7,495 $ 2,655 $ 1,231 $ 2,795 $ - $ 76,566 Special Mention - - - - - 49 - 49 Substandard - - - - - - - - Doubtful - - - - - 54 - 54 $ 26,717 $ 35,673 $ 7,495 $ 2,655 $ 1,231 $ 2,898 $ - $ 76,669 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023: (In thousands) Commercial Real Estate Pass $ 14,818 $ 40,675 $ 29,656 $ 19,589 $ 18,231 $ 38,818 $ 1,755 $ 163,542 Special Mention 823 - 573 1,622 417 62 550 4,047 Substandard - - - 231 - 825 - 1,056 Doubtful - - - - - - - - $ 15,641 $ 40,675 $ 30,229 $ 21,442 $ 18,648 $ 39,705 $ 2,305 $ 168,645 Commercial Business Pass $ 14,717 $ 12,603 $ 11,049 $ 5,706 $ 5,312 $ 3,646 $ 12,384 $ 65,417 Special Mention 208 2,097 106 48 160 - 138 2,757 Substandard - - - - 38 - - 38 Doubtful - - - - - - - - $ 14,925 $ 14,700 $ 11,155 $ 5,754 $ 5,510 $ 3,646 $ 12,522 $ 68,212 Consumer and Other Pass $ 23,335 $ 13,906 $ 7,662 $ 2,604 $ 846 $ 5,446 $ 2,484 $ 56,283 Special Mention - - - - - - - - Substandard - - - - - - 90 90 Doubtful - - - - - - - - $ 23,335 $ 13,906 $ 7,662 $ 2,604 $ 846 $ 5,446 $ 2,574 $ 56,373 Total Loans Pass $ 131,765 $ 153,463 $ 92,602 $ 46,761 $ 39,445 $ 79,380 $ 68,417 $ 611,833 Special Mention 1,031 2,097 679 1,670 577 255 749 7,058 Substandard - - - 306 303 980 184 1,773 Doubtful - 48 279 78 264 1,081 - 1,750 $ 132,796 $ 155,608 $ 93,560 $ 48,815 $ 40,589 $ 81,696 $ 69,350 $ 622,414 |
Note 7 - Borrowed Funds (Tables
Note 7 - Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 FHLB variable-rate advances Maximum balance at any month end $ 5,000 $ - $ 5,000 $ - Average balance 879 357 1,036 179 Period end balance - - - - Weighted average interest rate (annualized): At end of period 0.00 % 0.00 % 0.00 % 0.00 % During the period 5.76 % 5.37 % 5.77 % 5.37 % FHLB fixed-rate bullet advances Maximum balance at any month end $ 12,500 $ 15,000 $ 13,000 $ 15,000 Average balance 2,692 4,192 2,456 2,096 Period end balance - - - - Weighted average interest rate (annualized): At end of period 0.00 % 0.00 % 0.00 % 0.00 % During the period 5.67 % 5.11 % 5.65 % 5.11 % BTFP borrowings: Maximum balance at any month end $ 33,625 $ 13,000 $ 33,625 $ 13,000 Average balance 33,625 6,067 32,766 3,033 Period end balance 33,625 13,000 33,625 13,000 Weighted average interest rate (annualized): At end of period 4.85 % 4.99 % 4.85 % 4.99 % During the period 4.84 % 5.04 % 4.82 % 5.04 % |
Note 8 - Supplemental Disclos_2
Note 8 - Supplemental Disclosure for Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2024 2023 2024 2023 Basic Earnings: Net income attributable to First Capital, Inc. $ 2,828 $ 2,726 $ 5,780 $ 6,542 Shares: Weighted average common shares outstanding 3,345,278 3,344,063 3,345,169 3,348,817 Net income attributable to First Capital, Inc. per common share, basic $ 0.85 $ 0.82 $ 1.73 $ 1.95 Diluted Earnings: Net income attributable to First Capital, Inc. $ 2,828 $ 2,726 $ 5,780 $ 6,542 Shares: Weighted average common shares outstanding 3,345,278 3,344,063 3,345,169 3,348,817 Add: Dilutive effect of restricted stock 123 - - - Weighted average common shares outstanding, as adjusted 3,345,401 3,344,063 3,345,169 3,348,817 Net income attributable to First Capital, Inc. per common share, diluted $ 0.85 $ 0.82 $ 1.73 $ 1.95 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Number Average of Grant-Date Shares Fair Value Nonvested at beginning of year 5,600 $ 63.60 Granted 3,150 28.00 Vested 825 53.89 Forfeited - - Nonvested at end of period 7,925 $ 50.48 |
Note 10 - Supplemental Disclo_2
Note 10 - Supplemental Disclosures of Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, (In thousands) 2024 2023 Cash payments for: Interest $ 5,655 $ 2,701 Income taxes (net of refunds received) 77 1,794 Noncash investing activities: Transfers from loans to real estate acquired through foreclosure $ - $ 72 Security matured but proceeds not yet received (3,000 ) - Agreement to invest in renewable energy tax credit facility 2,000 - |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2024 Assets Measured on a Recurring Basis Securities available for sale: Agency mortgage-backed securities $ - $ 65,613 $ - $ 65,613 Agency CMO - 47,808 - 47,808 Agency notes and bonds - 127,522 - 127,522 Treasury notes and bonds 44,791 - - 44,791 Municipal obligations - 128,567 - 128,567 Total securities available for sale $ 44,791 $ 369,510 $ - $ 414,301 Equity securities $ 1,186 $ - $ - 1,186 Assets Measured on a Nonrecurring Basis Collateral dependent loans: 1-4 Family Residential Construction $ - $ - $ 37 $ 37 Commercial Business - - 1,178 1,178 Total collateral dependent loans $ - $ - $ 1,215 $ 1,215 December 31, 2023 Assets Measured on a Recurring Basis Securities available for sale: Agency mortgage-backed securities $ - $ 72,044 $ - $ 72,044 Agency CMO - 25,173 - 25,173 Agency notes and bonds - 129,505 - 129,505 Treasury notes and bonds 63,084 - - 63,084 Municipal obligations - 147,465 - 147,465 Total securities available for sale $ 63,084 $ 374,187 $ - $ 437,271 Equity securities $ 1,260 $ - $ - 1,260 Assets Measured on a Nonrecurring Basis Collateral dependent loans: 1-4 Family Residential Mortgage $ - $ - $ 27 $ 27 1-4 Family Residential Construction - - 27 27 Total collateral dependent loans $ - $ - $ 54 $ 54 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Fair Value Measurements Using (In thousands) Value Value Level 1 Level 2 Level 3 June 30, 2024 Financial assets: Cash and cash equivalents $ 50,571 $ 50,571 $ 50,571 $ - $ - Interest-bearing time deposits 2,940 2,932 - 2,932 - Securities available for sale 414,301 414,301 44,791 369,510 - Securities held to maturity 7,000 4,494 - 4,494 - Loans held for sale 2,174 2,212 - 2,212 - Loans, net 630,024 624,644 - - 624,644 FHLB and other restricted stock 1,836 N/A N/A N/A N/A Accrued interest receivable 4,575 4,575 - 4,575 - Equity securities (included in other assets) 1,186 1,186 1,186 - - Financial liabilities: Deposits 1,014,246 1,012,811 - - 1,012,811 Borrowed funds 33,625 33,519 - 33,519 - Accrued interest payable 2,352 2,352 - 2,352 - December 31, 2023 Financial assets: Cash and cash equivalents $ 38,670 $ 38,670 $ 38,670 $ - $ - Interest-bearing time deposits 3,920 3,925 - 3,925 - Securities available for sale 437,271 437,271 63,084 374,187 - Securities held to maturity 7,000 4,446 - 4,446 - Loans held for sale 800 811 - 811 - Loans, net 614,409 609,243 - - 609,243 FHLB and other restricted stock 1,836 N/A N/A N/A N/A Accrued interest receivable 4,788 4,788 - 4,788 - Equity securities (included in other assets) 1,260 1,260 1,260 - - Financial liabilities: Deposits 1,025,211 1,023,813 - - 1,023,813 Borrowed funds 21,500 21,470 - 21,470 - Accrued interest payable 1,209 1,209 - 1,209 - |
Note 12 - Revenue From Contra_2
Note 12 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 In Scope for ASC 606 Service charges on deposit accounts $ 564 $ 578 $ 1,157 $ 1,140 ATM and debit card fees 1,150 1,141 2,210 2,228 Investment advisory income 12 19 25 31 Other 33 31 68 64 Revenue from contracts with customers 1,759 1,769 3,460 3,463 Out of Scope for ASC 606 Net gains (losses) on loans and investments 163 (2 ) 228 221 Increase in cash value of life insurance 66 66 114 111 Other 35 30 120 59 Other noninterest income 264 94 462 391 Total noninterest income $ 2,023 $ 1,863 $ 3,922 $ 3,854 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 | $ 0 | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Depreciation from Amortized Cost Percentage | 8% | 8% | ||||
Held-to-maturity, Securities in Unrealized Loss Positions, Depreciation from Amortized Cost Percentage | 35.80% | 35.80% | ||||
Debt Securities, Available-for-Sale, Realized Gain | $ 0 | 78,000 | $ 133,000 | 78,000 | ||
Debt Securities, Available-for-Sale, Realized Loss | 92,000 | 101,000 | 92,000 | |||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,200,000 | $ 2,200,000 | $ 2,400,000 | |||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | Interest Receivable | |||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 18,000 | $ 18,000 | $ 18,000 | |||
Investment, Number of Shares Acquired | 90,000 | |||||
Investment Ownership Percentage | 5% | |||||
Payments to Acquire Other Investments | $ 1,900,000 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (6,000) | (92,000) | (74,000) | 45,000 | ||
Equity Securities, FV-NI, Current | 1,200,000 | 1,200,000 | 1,300,000 | |||
Investment Company, Financial Support to Investee Contractually Required, Not Provided, Amount | 480,000 | 480,000 | 530,000 | |||
Limited Partnership Interest, Technology Fund [Member] | ||||||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | $ 0 | 0 | $ 0 | ||
Limited Partnership Interest, Technology Fund [Member] | Other Assets [Member] | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-Sale, Amortized Cost | $ 447,489 | $ 468,549 |
Securities available for sale, gross unrealized gains | 264 | 787 |
Securities available for sale, gross unrealized losses | 33,452 | 32,065 |
Securities available for sale, at fair value | 414,301 | 437,271 |
Securities held to maturity, amortized cost | 7,000 | 7,000 |
Securities held to maturity, gross unrealized gains | 0 | 0 |
Securities held to maturity, gross unrealized losses | 2,506 | 2,554 |
Held-to-Maturity, Fair Value | 4,494 | 4,446 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-Sale, Amortized Cost | 74,648 | 81,166 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 9,035 | 9,122 |
Securities available for sale, at fair value | 65,613 | 72,044 |
Agency Collateralized Mortgage Obligations [Member] | ||
Available-for-Sale, Amortized Cost | 48,313 | 25,402 |
Securities available for sale, gross unrealized gains | 56 | 94 |
Securities available for sale, gross unrealized losses | 561 | 323 |
Securities available for sale, at fair value | 47,808 | 25,173 |
US Government Agencies Debt Securities [Member] | ||
Available-for-Sale, Amortized Cost | 135,335 | 138,174 |
Securities available for sale, gross unrealized gains | 8 | 38 |
Securities available for sale, gross unrealized losses | 7,821 | 8,707 |
Securities available for sale, at fair value | 127,522 | 129,505 |
US Treasury and Government [Member] | ||
Available-for-Sale, Amortized Cost | 45,769 | 64,758 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 978 | 1,674 |
Securities available for sale, at fair value | 44,791 | 63,084 |
Municipal Notes [Member] | ||
Available-for-Sale, Amortized Cost | 143,424 | 159,049 |
Securities available for sale, gross unrealized gains | 200 | 655 |
Securities available for sale, gross unrealized losses | 15,057 | 12,239 |
Securities available for sale, at fair value | 128,567 | 147,465 |
Corporate Note Securities [Member] | ||
Securities held to maturity, amortized cost | 7,000 | 7,000 |
Securities held to maturity, gross unrealized gains | 0 | 0 |
Securities held to maturity, gross unrealized losses | 2,506 | 2,554 |
Held-to-Maturity, Fair Value | $ 4,494 | $ 4,446 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Securities available for sale, amortized cost, due in one year or less | $ 61,814 | |
Securities available for sale, fair value, due in one year or less | 60,386 | |
Securities held to maturity, amortized cost, due in one year or less | 0 | |
Securities held to maturity, fair value, due in one year or less | 0 | |
Due after one year through five years | 142,008 | |
Due after one year through five years | 133,181 | |
Due after one year through five years | 0 | |
Due after one year through five years | 0 | |
Securities available for sale, amortized cost, due after one year through five years | 47,965 | |
Securities available for sale, fair value, due after one year through five years | 44,223 | |
Securities held to maturity, amortized cost, due after one year through five years | 2,000 | |
Securities held to maturity, fair value, due after one year through five years | 1,299 | |
Due after ten years | 72,741 | |
Due after ten years | 63,090 | |
Due after ten years | 5,000 | |
Due after ten years | 3,195 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 324,528 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value | 300,880 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | 7,000 | |
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 4,494 | |
Mortgage-backed securities and CMO | 122,961 | |
Mortgage-backed securities and CMO | 113,421 | |
Mortgage-backed securities and CMO | 0 | |
Mortgage-backed securities and CMO | 0 | |
Debt Securities, Available-for-Sale, Amortized Cost | 447,489 | $ 468,549 |
Debt Securities, Available-for-Sale | 414,301 | 437,271 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 7,000 | 7,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 4,494 | $ 4,446 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Investment Securities Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Number of investment positions - less than twelve months, available for sale | 104 | 80 |
Fair value - less than twelve months, available for sale | $ 64,975 | $ 42,897 |
Gross unrealized losses - less than twelve months, available for sale | $ 3,127 | $ 2,447 |
Number of investment positions - more than twelve months, available for sale | 318 | 321 |
Fair value - more than twelve months, available for sale | $ 320,421 | $ 343,185 |
Gross unrealized losses - more than twelve months, available for sale | $ 30,325 | $ 29,618 |
Number of investment positions - available for sale | 422 | 401 |
Fair value - available for sale | $ 385,396 | $ 386,082 |
Gross unrealized losses - available for sale | $ 33,452 | $ 32,065 |
Number of investment positions - more than twelve months, held to maturity | 4 | 4 |
Fair value - more than twelve months, held to maturity | $ 4,494 | $ 4,446 |
Gross unrealized losses - more than twelve months, held to maturity | $ 2,506 | $ 2,554 |
Number of investment positions - held to maturity | 4 | 4 |
Fair value - held to maturity | $ 4,494 | $ 4,446 |
Gross unrealized losses - held to maturity | $ 2,506 | $ 2,554 |
Agency Collateralized Mortgage Obligations [Member] | ||
Number of investment positions - less than twelve months, available for sale | 12 | 3 |
Fair value - less than twelve months, available for sale | $ 25,124 | $ 8,019 |
Gross unrealized losses - less than twelve months, available for sale | $ 180 | $ 30 |
Number of investment positions - more than twelve months, available for sale | 25 | 22 |
Fair value - more than twelve months, available for sale | $ 11,104 | $ 4,998 |
Gross unrealized losses - more than twelve months, available for sale | $ 381 | $ 293 |
US Government Agencies Debt Securities [Member] | ||
Number of investment positions - less than twelve months, available for sale | 4 | 3 |
Fair value - less than twelve months, available for sale | $ 2,732 | $ 2,754 |
Gross unrealized losses - less than twelve months, available for sale | $ 18 | $ 12 |
Number of investment positions - more than twelve months, available for sale | 53 | 52 |
Fair value - more than twelve months, available for sale | $ 122,709 | $ 123,416 |
Gross unrealized losses - more than twelve months, available for sale | $ 7,803 | $ 8,695 |
US States and Political Subdivisions Debt Securities [Member] | ||
Number of investment positions - less than twelve months, available for sale | 88 | 74 |
Fair value - less than twelve months, available for sale | $ 37,119 | $ 32,124 |
Gross unrealized losses - less than twelve months, available for sale | $ 2,929 | $ 2,405 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Number of investment positions - more than twelve months, available for sale | 95 | 96 |
Fair value - more than twelve months, available for sale | $ 65,612 | $ 72,044 |
Gross unrealized losses - more than twelve months, available for sale | $ 9,035 | $ 9,122 |
US Treasury and Government [Member] | ||
Number of investment positions - more than twelve months, available for sale | 16 | 21 |
Fair value - more than twelve months, available for sale | $ 44,791 | $ 63,084 |
Gross unrealized losses - more than twelve months, available for sale | $ 978 | $ 1,674 |
Municipal Notes [Member] | ||
Number of investment positions - more than twelve months, available for sale | 129 | 130 |
Fair value - more than twelve months, available for sale | $ 76,205 | $ 79,643 |
Gross unrealized losses - more than twelve months, available for sale | $ 12,128 | $ 9,834 |
Corporate Note Securities [Member] | ||
Number of investment positions - more than twelve months, held to maturity | 4 | 4 |
Fair value - more than twelve months, held to maturity | $ 4,494 | $ 4,446 |
Gross unrealized losses - more than twelve months, held to maturity | $ 2,506 | $ 2,554 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Interest Receivable | $ 4,575,000 | $ 4,575,000 | $ 4,788,000 | ||
Financing Receivable, Nonaccrual, Interest Income | 0 | $ 0 | 0 | $ 0 | |
Financing Receivable, Modified in Period, Amount | 0 | 0 | |||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | |||
Financing Receivable, Modified, Commitment to Lend | 0 | 0 | 0 | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | 0 | ||
Unfunded Loan Commitment [Member] | |||||
Off-Balance-Sheet, Credit Loss, Liability | 131,000 | 131,000 | 131,000 | ||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 0 | $ 0 | $ 0 | $ 0 | |
Residential Real Estate [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 1,000 | ||||
Commercial Business [Member] | |||||
Financing Receivable, Modified in Period, Amount | $ 2,000,000 | ||||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 3% | ||||
Financing Receivable, Modified, Payment Extension, Period (Month) | 3 months | 3 months | |||
Financing Receivable Modification, Increase (Decrease) from Modification | $ 0 | ||||
Financing Receivable, Modified, Payment Deferral, Period (Year) | 0 years | 0 years | |||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0% | ||||
Accrued Interest Receivable [Member] | |||||
Interest Receivable | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Loan Losses - Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 |
Principal loan balance | $ 637,471 | $ 621,246 | |||
Principal loan balance | 637,471 | 621,246 | |||
Deferred loan origination fees and costs, net | 1,113 | 1,168 | |||
Amortized cost basis in loans | 638,584 | 622,414 | |||
Allowance for credit losses | (8,560) | $ (8,230) | (8,005) | $ (7,515) | $ (7,323) |
Loans, net | 630,024 | 614,409 | |||
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | |||||
Principal loan balance | 137,219 | 133,480 | |||
Principal loan balance | 137,219 | 133,480 | |||
Deferred loan origination fees and costs, net | 110 | 121 | |||
Amortized cost basis in loans | 137,329 | 133,601 | |||
Allowance for credit losses | (1,302) | (1,338) | (1,490) | (1,469) | (1,414) |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | |||||
Principal loan balance | 63,449 | 62,070 | |||
Principal loan balance | 63,449 | 62,070 | |||
Allowance for credit losses | (559) | (444) | (406) | (363) | (366) |
Residential Portfolio Segment [Member] | Multifamily [Member] | |||||
Principal loan balance | 37,224 | 39,963 | |||
Principal loan balance | 37,224 | 39,963 | |||
Deferred loan origination fees and costs, net | (17) | (17) | |||
Amortized cost basis in loans | 37,207 | 39,946 | |||
Allowance for credit losses | (342) | (423) | (332) | (614) | (381) |
Construction [Member] | One-to-four Family Residential Construction [Member] | |||||
Principal loan balance | 14,400 | 15,667 | |||
Principal loan balance | 14,400 | 15,667 | |||
Deferred loan origination fees and costs, net | 0 | 0 | |||
Amortized cost basis in loans | 14,400 | 15,667 | |||
Allowance for credit losses | (179) | (192) | (208) | (171) | (187) |
Construction [Member] | Other Construction, Development and Land [Member] | |||||
Principal loan balance | 83,298 | 76,713 | |||
Principal loan balance | 83,298 | 76,713 | |||
Deferred loan origination fees and costs, net | (37) | (44) | |||
Amortized cost basis in loans | 83,261 | 76,669 | |||
Allowance for credit losses | (803) | (811) | (804) | (460) | (489) |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||||
Principal loan balance | 177,492 | 168,757 | |||
Allowance for credit losses | (2,347) | (2,754) | (2,119) | (2,016) | (2,190) |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | |||||
Principal loan balance | 64,695 | 68,223 | |||
Deferred loan origination fees and costs, net | (10) | (11) | |||
Amortized cost basis in loans | 64,685 | 68,212 | |||
Allowance for credit losses | (1,302) | (1,431) | (1,564) | (1,084) | |
Consumer Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | |||||
Deferred loan origination fees and costs, net | 1,212 | 1,231 | |||
Amortized cost basis in loans | 64,661 | 63,301 | |||
Consumer Portfolio Segment [Member] | Commercial Business [Member] | |||||
Principal loan balance | 64,695 | 68,223 | |||
Allowance for credit losses | (1,920) | (1,564) | |||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||||
Principal loan balance | 59,694 | 56,373 | |||
Principal loan balance | 59,694 | 56,373 | |||
Deferred loan origination fees and costs, net | 0 | 0 | |||
Amortized cost basis in loans | 59,694 | 56,373 | |||
Allowance for credit losses | (1,108) | $ (966) | (1,215) | $ (858) | $ (1,212) |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||||
Principal loan balance | 177,492 | 168,757 | |||
Deferred loan origination fees and costs, net | (145) | (112) | |||
Amortized cost basis in loans | $ 177,347 | $ 168,645 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Beginning balance, | $ 8,230 | $ 7,323 | $ 8,005 | |
Provision for credit losses | 360 | 350 | 640 | $ 543 |
Charge-offs | (85) | (235) | (185) | (510) |
Recoveries | 55 | 77 | 100 | 149 |
Ending balance | 8,560 | 7,515 | 8,560 | 7,515 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | 561 | |||
Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 6,772 | |||
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||||
Beginning balance, | 1,338 | 1,414 | 1,490 | |
Provision for credit losses | (46) | 69 | (198) | 26 |
Charge-offs | (3) | (29) | (4) | (31) |
Recoveries | 13 | 15 | 14 | 15 |
Ending balance | 1,302 | 1,469 | 1,302 | 1,469 |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | 423 | |||
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 1,036 | |||
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||||
Beginning balance, | 444 | 366 | 406 | |
Provision for credit losses | 114 | 6 | 149 | (133) |
Charge-offs | 0 | (9) | 0 | (9) |
Recoveries | 1 | 0 | 4 | 0 |
Ending balance | 559 | 363 | 559 | 363 |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | (26) | |||
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 531 | |||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||
Beginning balance, | 423 | 381 | 332 | |
Provision for credit losses | (81) | 233 | 10 | 271 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 342 | 614 | 342 | 614 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | (3) | |||
Residential Portfolio Segment [Member] | Multifamily [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 346 | |||
Construction [Member] | One-to-four Family Residential Construction [Member] | ||||
Beginning balance, | 192 | 187 | 208 | |
Provision for credit losses | (13) | (16) | (29) | (26) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 179 | 171 | 179 | 171 |
Construction [Member] | One-to-four Family Residential Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | (9) | |||
Construction [Member] | One-to-four Family Residential Construction [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 206 | |||
Construction [Member] | Other Construction, Development and Land [Member] | ||||
Beginning balance, | 811 | 489 | 804 | |
Provision for credit losses | (8) | (29) | (1) | (140) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 803 | 460 | 803 | 460 |
Construction [Member] | Other Construction, Development and Land [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | 13 | |||
Construction [Member] | Other Construction, Development and Land [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 587 | |||
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||||
Beginning balance, | 2,754 | 2,190 | 2,119 | |
Provision for credit losses | (407) | (174) | 227 | 117 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 1 | 0 |
Ending balance | 2,347 | 2,016 | 2,347 | 2,016 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | (130) | |||
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 2,029 | |||
Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||||
Beginning balance, | 1,302 | 1,084 | 1,431 | |
Provision for credit losses | 617 | 510 | 488 | 730 |
Charge-offs | 0 | (33) | 0 | (188) |
Recoveries | 1 | 3 | 1 | 8 |
Ending balance | 1,564 | 1,564 | ||
Commercial Portfolio Segment [Member] | Commercial Business [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | (142) | |||
Commercial Portfolio Segment [Member] | Commercial Business [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | 1,156 | |||
Consumer Portfolio Segment [Member] | Commercial Business [Member] | ||||
Ending balance | 1,920 | 1,564 | 1,920 | 1,564 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Beginning balance, | 966 | 1,212 | 1,215 | |
Provision for credit losses | 184 | (249) | (6) | (302) |
Charge-offs | (181) | (282) | ||
Recoveries | 40 | 59 | 80 | 126 |
Ending balance | 1,108 | 858 | 1,108 | 858 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance, | 435 | |||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Prior to Adoption of Asc 326 [Member] | ||||
Beginning balance, | $ 881 | |||
Commercial Real Estate Loan [Member] | Other Consumer Loan [Member] | ||||
Charge-offs | $ (82) | $ (164) | $ (181) |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Collateral Dependent Loans | $ 7,112 | $ 3,433 |
Allowance for Credit Loss | 901 | 69 |
Real Estate [Member] | ||
Collateral Dependent Loans | 4,941 | 3,395 |
Equipment [Member] | ||
Collateral Dependent Loans | 2,029 | |
Real Estate, Other [Member] | ||
Collateral Dependent Loans | 142 | 38 |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Collateral Dependent Loans | 1,539 | 1,651 |
Allowance for Credit Loss | 0 | 9 |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 1,539 | 1,651 |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Collateral Dependent Loans | 647 | 548 |
Allowance for Credit Loss | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 647 | 548 |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Allowance for Credit Loss | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Collateral Dependent Loans | 87 | 87 |
Allowance for Credit Loss | 50 | 60 |
Construction [Member] | One-to-four Family Residential Construction [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 87 | 87 |
Construction [Member] | One-to-four Family Residential Construction [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Construction [Member] | One-to-four Family Residential Construction [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Construction [Member] | Other Construction, Development and Land [Member] | ||
Collateral Dependent Loans | 54 | 54 |
Allowance for Credit Loss | 0 | 0 |
Construction [Member] | Other Construction, Development and Land [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 54 | 54 |
Construction [Member] | Other Construction, Development and Land [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Construction [Member] | Other Construction, Development and Land [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Collateral Dependent Loans | 2,614 | 1,055 |
Allowance for Credit Loss | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 2,614 | 1,055 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Collateral Dependent Loans | 2,171 | 38 |
Allowance for Credit Loss | 851 | 0 |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 2,029 | |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | 142 | 38 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Allowance for Credit Loss | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Real Estate [Member] | ||
Collateral Dependent Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Equipment [Member] | ||
Collateral Dependent Loans | 0 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | Real Estate, Other [Member] | ||
Collateral Dependent Loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Credit Losses - Recorded Investment in Nonperforming Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loans | $ 630,024 | $ 614,409 |
Nonperforming Financial Instruments [Member] | ||
Nonaccrual loans with no ACL | 1,622 | 1,628 |
Nonaccrual loans with ACL | 2,116 | 123 |
Nonaccrual loans | 3,738 | 1,751 |
Loans 90+ days past due and still accruing | 384 | 0 |
Loans | 4,122 | 1,751 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Nonaccrual loans with no ACL | 1,066 | 1,120 |
Nonaccrual loans with ACL | 0 | 36 |
Nonaccrual loans | 1,066 | 1,156 |
Loans 90+ days past due and still accruing | 384 | 0 |
Loans | 1,450 | 1,156 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Nonaccrual loans with no ACL | 502 | 454 |
Nonaccrual loans with ACL | 0 | 0 |
Nonaccrual loans | 502 | 454 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 502 | 454 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 87 | 87 |
Nonaccrual loans | 87 | 87 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 87 | 87 |
Nonperforming Financial Instruments [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Nonaccrual loans with no ACL | 54 | 54 |
Nonaccrual loans with ACL | 0 | 0 |
Nonaccrual loans | 54 | 54 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 54 | 54 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 2,029 | 0 |
Nonaccrual loans | 2,029 | 0 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | 2,029 | 0 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Nonaccrual loans with ACL | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Loans 90+ days past due and still accruing | 0 | 0 |
Loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Credit Losses - Aging of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loans | $ 638,584 | $ 622,414 |
Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 137,329 | 133,601 |
Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 64,661 | 63,301 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 37,207 | 39,946 |
Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 14,400 | 15,667 |
Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 83,261 | 76,669 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 177,347 | 168,645 |
Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 64,685 | 68,212 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | 59,694 | 56,373 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 2,626 | 3,798 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 1,293 | 2,104 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 586 | 396 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 165 | 162 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 0 | 834 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 286 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | 296 | 302 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1,165 | 456 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 111 | 335 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 78 | 70 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 59 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 718 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 142 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | 57 | 51 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,284 | 536 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 1,082 | 482 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 61 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 87 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 54 | 54 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans | 5,075 | 4,790 |
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 2,486 | 2,921 |
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 725 | 466 |
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 87 | 0 |
Financial Asset, Past Due [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 278 | 216 |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 718 | 834 |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 428 | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | 353 | 353 |
Financial Asset, Not Past Due [Member] | ||
Loans | 633,509 | 617,624 |
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | One-to-four Family Loan [Member] | ||
Loans | 134,843 | 130,680 |
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity and Second Mortgage [Member] | ||
Loans | 63,936 | 62,835 |
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 37,207 | 39,946 |
Financial Asset, Not Past Due [Member] | Construction [Member] | One-to-four Family Residential Construction [Member] | ||
Loans | 14,313 | 15,667 |
Financial Asset, Not Past Due [Member] | Construction [Member] | Other Construction, Development and Land [Member] | ||
Loans | 82,983 | 76,453 |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 176,629 | 167,811 |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial Business [Member] | ||
Loans | 64,257 | 68,212 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Loans | $ 59,341 | $ 56,020 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Credit Losses - Class of Loans Risk Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Originated current year | $ 52,158 | $ 52,158 | $ 132,796 | ||
Originated year one | 133,347 | 133,347 | 155,608 | ||
Originated year two | 146,529 | 146,529 | 93,560 | ||
Originated year three | 80,974 | 80,974 | 48,815 | ||
Originated year four | 44,270 | 44,270 | 40,589 | ||
Originated prior | 110,805 | 110,805 | 81,696 | ||
Revolving | 70,501 | 70,501 | 69,350 | ||
Loans | 638,584 | 638,584 | 622,414 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 25 | ||||
Year two gross write-offs | 92 | ||||
Year three gross write-offs | 20 | ||||
Year four gross write-offs | 5 | ||||
Prior year gross write-offs | 6 | ||||
Revolving gross write-offs | 37 | ||||
Gross write-offs | 85 | $ 235 | 185 | $ 510 | |
Pass [Member] | |||||
Originated current year | 131,765 | ||||
Originated year one | 132,330 | 132,330 | 153,463 | ||
Originated year two | 143,274 | 143,274 | 92,602 | ||
Originated year three | 80,076 | 80,076 | 46,761 | ||
Originated year four | 42,337 | 42,337 | 39,445 | ||
Originated prior | 104,973 | 104,973 | 79,380 | ||
Revolving | 69,622 | 69,622 | 68,417 | ||
Loans | 624,419 | 624,419 | 611,833 | ||
Current period gross write-offs | 51,807 | ||||
Special Mention [Member] | |||||
Originated current year | 1,031 | ||||
Originated year one | 192 | 192 | 2,097 | ||
Originated year two | 1,182 | 1,182 | 679 | ||
Originated year three | 89 | 89 | 1,670 | ||
Originated year four | 1,643 | 1,643 | 577 | ||
Originated prior | 3,174 | 3,174 | 255 | ||
Revolving | 640 | 640 | 749 | ||
Loans | 6,960 | 6,960 | 7,058 | ||
Current period gross write-offs | 40 | ||||
Substandard [Member] | |||||
Originated current year | 0 | ||||
Originated year one | 825 | 825 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 566 | 566 | 306 | ||
Originated year four | 290 | 290 | 303 | ||
Originated prior | 1,236 | 1,236 | 980 | ||
Revolving | 239 | 239 | 184 | ||
Loans | 3,467 | 3,467 | 1,773 | ||
Current period gross write-offs | 311 | ||||
Doubtful [Member] | |||||
Originated current year | 0 | ||||
Originated year one | 0 | 0 | 48 | ||
Originated year two | 2,073 | 2,073 | 279 | ||
Originated year three | 243 | 243 | 78 | ||
Originated year four | 0 | 0 | 264 | ||
Originated prior | 1,422 | 1,422 | 1,081 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 3,738 | 3,738 | 1,750 | ||
Current period gross write-offs | 0 | ||||
One-to-four Family Residential Construction [Member] | Construction [Member] | |||||
Originated current year | 5,494 | 5,494 | 9,193 | ||
Originated year one | 5,945 | 5,945 | 4,180 | ||
Originated year two | 1,370 | 1,370 | 918 | ||
Originated year three | 717 | 717 | 1,119 | ||
Originated year four | 617 | 617 | 0 | ||
Originated prior | 257 | 257 | 257 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 14,400 | 14,400 | 15,667 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | 0 | 0 | 0 | |
One-to-four Family Residential Construction [Member] | Construction [Member] | Pass [Member] | |||||
Originated current year | 5,494 | 5,494 | 9,193 | ||
Originated year one | 5,945 | 5,945 | 4,180 | ||
Originated year two | 1,370 | 1,370 | 831 | ||
Originated year three | 630 | 630 | 1,119 | ||
Originated year four | 617 | 617 | 0 | ||
Originated prior | 257 | 257 | 257 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 14,313 | 14,313 | 15,580 | ||
One-to-four Family Residential Construction [Member] | Construction [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
One-to-four Family Residential Construction [Member] | Construction [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
One-to-four Family Residential Construction [Member] | Construction [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 87 | ||
Originated year three | 87 | 87 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 87 | 87 | 87 | ||
Other Consumer Loan [Member] | Consumer Portfolio Segment [Member] | |||||
Originated current year | 10,914 | 10,914 | 23,335 | ||
Originated year one | 20,041 | 20,041 | 13,906 | ||
Originated year two | 10,976 | 10,976 | 7,662 | ||
Originated year three | 5,472 | 5,472 | 2,604 | ||
Originated year four | 1,555 | 1,555 | 846 | ||
Originated prior | 8,238 | 8,238 | 5,446 | ||
Revolving | 2,498 | 2,498 | 2,574 | ||
Loans | 59,694 | 59,694 | 56,373 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 25 | ||||
Year two gross write-offs | 92 | ||||
Year three gross write-offs | 20 | ||||
Year four gross write-offs | 5 | ||||
Prior year gross write-offs | 2 | ||||
Revolving gross write-offs | 37 | ||||
Gross write-offs | 181 | 282 | |||
Other Consumer Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 10,914 | 10,914 | 23,335 | ||
Originated year one | 20,041 | 20,041 | 13,906 | ||
Originated year two | 10,976 | 10,976 | 7,662 | ||
Originated year three | 5,472 | 5,472 | 2,604 | ||
Originated year four | 1,555 | 1,555 | 846 | ||
Originated prior | 8,238 | 8,238 | 5,446 | ||
Revolving | 2,405 | 2,405 | 2,484 | ||
Loans | 59,601 | 59,601 | 56,283 | ||
Other Consumer Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | ||||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Other Consumer Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 93 | 93 | 90 | ||
Loans | 93 | 93 | 90 | ||
Other Consumer Loan [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
One-to-four Family Loan [Member] | Residential Portfolio Segment [Member] | |||||
Originated current year | 12,116 | 12,116 | 34,344 | ||
Originated year one | 33,025 | 33,025 | 31,599 | ||
Originated year two | 29,252 | 29,252 | 26,038 | ||
Originated year three | 24,410 | 24,410 | 7,066 | ||
Originated year four | 6,558 | 6,558 | 9,790 | ||
Originated prior | 31,968 | 31,968 | 24,764 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 137,329 | 137,329 | 133,601 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 4 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 3 | 29 | 4 | 31 | |
One-to-four Family Loan [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 12,116 | 12,116 | 34,344 | ||
Originated year one | 32,993 | 32,993 | 31,551 | ||
Originated year two | 29,208 | 29,208 | 25,846 | ||
Originated year three | 24,254 | 24,254 | 6,913 | ||
Originated year four | 6,484 | 6,484 | 9,525 | ||
Originated prior | 30,358 | 30,358 | 23,628 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 135,413 | 135,413 | 131,807 | ||
One-to-four Family Loan [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 32 | 32 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 345 | 345 | 144 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 377 | 377 | 144 | ||
One-to-four Family Loan [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | ||||
Originated year three | 0 | 0 | 75 | ||
Originated year four | 74 | 74 | 265 | ||
Originated prior | 399 | 399 | 155 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 473 | 473 | 495 | ||
One-to-four Family Loan [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 48 | ||
Originated year two | 44 | 44 | 192 | ||
Originated year three | 156 | 156 | 78 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 866 | 866 | 837 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 1,066 | 1,066 | 1,155 | ||
Commercial Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | |||||
Originated current year | 12,691 | 12,691 | 15,641 | ||
Originated year one | 19,896 | 19,896 | 40,675 | ||
Originated year two | 40,360 | 40,360 | 30,229 | ||
Originated year three | 27,924 | 27,924 | 21,442 | ||
Originated year four | 20,710 | 20,710 | 18,648 | ||
Originated prior | 54,398 | 54,398 | 39,705 | ||
Revolving | 1,368 | 1,368 | 2,305 | ||
Loans | 177,347 | 177,347 | 168,645 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | 0 | 0 | 0 | |
Commercial Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 12,380 | 12,380 | 14,818 | ||
Originated year one | 19,083 | 19,083 | 40,675 | ||
Originated year two | 39,260 | 39,260 | 29,656 | ||
Originated year three | 27,358 | 27,358 | 19,589 | ||
Originated year four | 18,894 | 18,894 | 18,231 | ||
Originated prior | 50,970 | 50,970 | 38,818 | ||
Revolving | 1,118 | 1,118 | 1,755 | ||
Loans | 169,063 | 169,063 | 163,542 | ||
Commercial Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 823 | ||
Originated year one | 95 | 95 | 0 | ||
Originated year two | 1,100 | 1,100 | 573 | ||
Originated year three | 0 | 0 | 1,622 | ||
Originated year four | 1,600 | 1,600 | 417 | ||
Originated prior | 2,626 | 2,626 | 62 | ||
Revolving | 250 | 250 | 550 | ||
Loans | 5,671 | 5,671 | 4,047 | ||
Commercial Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 311 | 311 | 0 | ||
Originated year one | 718 | 718 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 566 | 566 | 231 | ||
Originated year four | 216 | 216 | 0 | ||
Originated prior | 802 | 802 | 825 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 2,613 | 2,613 | 1,056 | ||
Commercial Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Home Equity and Second Mortgage [Member] | Residential Portfolio Segment [Member] | |||||
Originated current year | 1,214 | 1,214 | 5,267 | ||
Originated year one | 4,853 | 4,853 | 4,380 | ||
Originated year two | 3,950 | 3,950 | 529 | ||
Originated year three | 465 | 465 | 232 | ||
Originated year four | 200 | 200 | 427 | ||
Originated prior | 881 | 881 | 517 | ||
Revolving | 53,098 | 53,098 | 51,949 | ||
Loans | 64,661 | 64,661 | 63,301 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | 9 | 0 | 9 | |
Home Equity and Second Mortgage [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 1,214 | 1,214 | 5,267 | ||
Originated year one | 4,853 | 4,853 | 4,380 | ||
Originated year two | 3,950 | 3,950 | 529 | ||
Originated year three | 465 | 465 | 232 | ||
Originated year four | 200 | 200 | 163 | ||
Originated prior | 379 | 379 | 327 | ||
Revolving | 52,752 | 52,752 | 51,794 | ||
Loans | 63,813 | 63,813 | 62,692 | ||
Home Equity and Second Mortgage [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 200 | 200 | 61 | ||
Loans | 200 | 200 | 61 | ||
Home Equity and Second Mortgage [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 146 | 146 | 94 | ||
Loans | 146 | 146 | 94 | ||
Home Equity and Second Mortgage [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 264 | ||
Originated prior | 502 | 502 | 190 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 502 | 502 | 454 | ||
Commercial Business [Member] | Commercial Portfolio Segment [Member] | |||||
Originated current year | 4,404 | 4,404 | 14,925 | ||
Originated year one | 13,050 | 13,050 | 14,700 | ||
Originated year two | 13,392 | 13,392 | 11,155 | ||
Originated year three | 9,793 | 9,793 | 5,754 | ||
Originated year four | 5,245 | 5,245 | 5,510 | ||
Originated prior | 5,264 | 5,264 | 3,646 | ||
Revolving | 13,537 | 13,537 | 12,522 | ||
Loans | 64,685 | 64,685 | 68,212 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | 33 | 0 | 188 | |
Commercial Business [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 4,364 | 4,364 | 14,717 | ||
Originated year one | 12,878 | 12,878 | 12,603 | ||
Originated year two | 11,281 | 11,281 | 11,049 | ||
Originated year three | 9,704 | 9,704 | 5,706 | ||
Originated year four | 5,202 | 5,202 | 5,312 | ||
Originated prior | 5,074 | 5,074 | 3,646 | ||
Revolving | 13,347 | 13,347 | 12,384 | ||
Loans | 61,850 | 61,850 | 65,417 | ||
Commercial Business [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 40 | 40 | 208 | ||
Originated year one | 65 | 65 | 2,097 | ||
Originated year two | 82 | 82 | 106 | ||
Originated year three | 89 | 89 | 48 | ||
Originated year four | 43 | 43 | 160 | ||
Originated prior | 155 | 155 | 0 | ||
Revolving | 190 | 190 | 138 | ||
Loans | 664 | 664 | 2,757 | ||
Commercial Business [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 107 | 107 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 38 | ||
Originated prior | 35 | 35 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 142 | 142 | 38 | ||
Commercial Business [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 2,029 | 2,029 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 2,029 | 2,029 | 0 | ||
Other Construction, Development and Land [Member] | Construction [Member] | |||||
Originated current year | 4,686 | 4,686 | 26,717 | ||
Originated year one | 32,970 | 32,970 | 35,673 | ||
Originated year two | 36,745 | 36,745 | 7,495 | ||
Originated year three | 3,577 | 3,577 | 2,655 | ||
Originated year four | 1,571 | 1,571 | 1,231 | ||
Originated prior | 3,712 | 3,712 | 2,898 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 83,261 | 83,261 | 76,669 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | 0 | 0 | 0 | |
Other Construction, Development and Land [Member] | Construction [Member] | Pass [Member] | |||||
Originated current year | 4,686 | 4,686 | 26,717 | ||
Originated year one | 32,970 | 32,970 | 35,673 | ||
Originated year two | 36,745 | 36,745 | 7,495 | ||
Originated year three | 3,577 | 3,577 | 2,655 | ||
Originated year four | 1,571 | 1,571 | 1,231 | ||
Originated prior | 3,610 | 3,610 | 2,795 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 83,159 | 83,159 | 76,566 | ||
Other Construction, Development and Land [Member] | Construction [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 48 | 48 | 49 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 48 | 48 | 49 | ||
Other Construction, Development and Land [Member] | Construction [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Other Construction, Development and Land [Member] | Construction [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 54 | 54 | 54 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 54 | 54 | 54 | ||
Multifamily [Member] | Residential Portfolio Segment [Member] | |||||
Originated current year | 639 | 639 | 3,374 | ||
Originated year one | 3,567 | 3,567 | 10,495 | ||
Originated year two | 10,484 | 10,484 | 9,534 | ||
Originated year three | 8,616 | 8,616 | 7,943 | ||
Originated year four | 7,814 | 7,814 | 4,137 | ||
Originated prior | 6,087 | 6,087 | 4,463 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 37,207 | 37,207 | 39,946 | ||
Current period gross write-offs | 0 | ||||
Year one gross write-offs | 0 | ||||
Year two gross write-offs | 0 | ||||
Year three gross write-offs | 0 | ||||
Year four gross write-offs | 0 | ||||
Prior year gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Gross write-offs | 0 | $ 0 | 0 | $ 0 | |
Multifamily [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||||
Originated current year | 639 | 639 | 3,374 | ||
Originated year one | 3,567 | 3,567 | 10,495 | ||
Originated year two | 10,484 | 10,484 | 9,534 | ||
Originated year three | 8,616 | 8,616 | 7,943 | ||
Originated year four | 7,814 | 7,814 | 4,137 | ||
Originated prior | 6,087 | 6,087 | 4,463 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 37,207 | 37,207 | 39,946 | ||
Multifamily [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Multifamily [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Multifamily [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | |||||
Originated current year | 0 | 0 | 0 | ||
Originated year one | 0 | 0 | 0 | ||
Originated year two | 0 | 0 | 0 | ||
Originated year three | 0 | 0 | 0 | ||
Originated year four | 0 | 0 | 0 | ||
Originated prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Loans | $ 0 | $ 0 | $ 0 |
Note 5 - Qualified Affordable_2
Note 5 - Qualified Affordable Housing Project Investment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investment Program, Proportional Amortization Method, Applied, Amortization Expense | $ 72,000 | $ 82,000 | $ 144,000 | $ 170,000 | |
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization Expense | 101,000 | 104,000 | 203,000 | 208,000 | |
Other Assets [Member] | |||||
Investments | $ 1,700,000 | $ 1,700,000 | $ 1,900,000 | ||
Other Liabilities [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 168,000 | $ 168,000 | $ 168,000 |
Note 6 - Renewable Energy Tax_2
Note 6 - Renewable Energy Tax Credit Investment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Amortization of Solar Energy Tax Credit Investment | $ 337,000 | $ 842,000 | |||
Income Tax Credits and Adjustments | $ 425,000 | $ 0 | 1,000,000 | ||
Financial Standby Letter of Credit [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,000,000 | 2,000,000 | |||
Investment Tax Credit Carryforward [Member] | |||||
Tax Credit, Committed Investment in the Tax Credit Producing Entity | $ 1,500,000 | $ 1,500,000 | $ 306,000 |
Note 7 - Borrowed Funds (Detail
Note 7 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Jan. 31, 2024 | Jun. 30, 2024 | Feb. 28, 2024 | Dec. 31, 2023 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 42,500 | |||
Residential Mortgage Segment [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 47,600 | |||
US Treasury Securities [Member] | ||||
Investment Owned, Face Amount | 22,500 | |||
Overdraft Line Of Credit Expiring February 28, 2025 [Member] | ||||
Federal Home Loan Bank Overdraft, Line of Credit | $ 10,000 | |||
Federal Home Loan Bank, Overdraft, Line Of Credit, Borrowings Outstanding | 0 | |||
Federal Reserve Bank Advances [Member] | ||||
Short-Term Debt | 33,600 | $ 21,500 | ||
Federal Home Loan Bank, Advance, Maturity, Year One | 0 | $ 0 | ||
Proceeds from Short-Term Debt | $ 33,600 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |||
Debt Instrument, Term | 1 year | |||
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral [Member] | ||||
Investment Owned, Balance, Principal Amount | 48,900 | |||
Investment Owned, Fair Value | $ 46,200 |
Note 7 - Borrowed Funds - Short
Note 7 - Borrowed Funds - Short Term FHLB Advances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Variable Rate Advances [Member] | ||||
Maximum balance at any month end | $ 5,000 | $ 0 | $ 5,000 | $ 0 |
Average balance | 879 | 357 | 1,036 | 179 |
Period end balance | $ 0 | $ 0 | $ 0 | $ 0 |
At end of period | 0% | 0% | 0% | 0% |
During the period | 5.76% | 5.37% | 5.77% | 5.37% |
Fixed Rate Advances [Member] | ||||
Maximum balance at any month end | $ 12,500 | $ 15,000 | $ 13,000 | $ 15,000 |
Average balance | 2,692 | 4,192 | 2,456 | 2,096 |
Period end balance | $ 0 | $ 0 | $ 0 | $ 0 |
At end of period | 0% | 0% | 0% | 0% |
During the period | 5.67% | 5.11% | 5.65% | 5.11% |
Bank Term Funding Program [Member] | ||||
Maximum balance at any month end | $ 33,625 | $ 13,000 | $ 33,625 | $ 13,000 |
Average balance | 33,625 | 6,067 | 32,766 | 3,033 |
Period end balance | $ 33,625 | $ 13,000 | $ 33,625 | $ 13,000 |
At end of period | 4.85% | 4.99% | 4.85% | 4.99% |
During the period | 4.84% | 5.04% | 4.82% | 5.04% |
Note 8 - Supplemental Disclos_3
Note 8 - Supplemental Disclosure for Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 11,700 | 7,925 | 11,700 |
Note 8 - Supplemental Disclos_4
Note 8 - Supplemental Disclosure for Earnings Per Share - Supplemental Disclosure for Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income attributable to First Capital, Inc. | $ 2,828 | $ 2,726 | $ 5,780 | $ 6,542 |
Weighted average common shares outstanding (in shares) | 3,345,278 | 3,344,063 | 3,345,169 | 3,348,817 |
Basic (in dollars per share) | $ 0.85 | $ 0.82 | $ 1.73 | $ 1.95 |
Net income attributable to First Capital, Inc. | $ 2,828 | $ 2,726 | $ 5,780 | $ 6,542 |
Add: Dilutive effect of restricted stock (in shares) | 123 | 0 | 0 | 0 |
Weighted average common shares outstanding, as adjusted (in shares) | 3,345,401 | 3,344,063 | 3,345,169 | 3,348,817 |
Diluted (in dollars per share) | $ 0.85 | $ 0.82 | $ 1.73 | $ 1.95 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation Plan (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
May 22, 2019 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | May 20, 2019 | May 20, 2009 | |
Restricted Stock [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 56,000 | $ 61,000 | $ 134,000 | $ 145,000 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 9,000 | $ 14,000 | $ 27,000 | $ 34,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 825 | 0 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 25,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 204,000 | $ 204,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||||||
Equity Incentive Plan 2009 [Member] | Common Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 223,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 176,150 | |||||||
Equity Incentive Plan 2019 [Member] | ||||||||
Maximum Fair Value of First Exercisable Stock Incentive Options | $ 100,000 | |||||||
Equity Incentive Plan 2019 [Member] | Common Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 176,150 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 159,650 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | |||||||
Equity Incentive Plans [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation Plan - Summary of Nonvested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Nonvested at beginning of year, number of shares (in shares) | 5,600 | |
Nonvested at beginning of year, weighted average grant date fair value (in dollars per share) | $ 63.6 | |
Granted, number of shares (in shares) | 3,150 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 28 | |
Vested, number of shares (in shares) | 825 | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ 53.89 | |
Forfeited, number of shares (in shares) | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | |
Nonvested at end of year, number of shares (in shares) | 7,925 | |
Nonvested at end of year, weighted average grant date fair value (in dollars per share) | $ 50.48 |
Note 10 - Supplemental Disclo_3
Note 10 - Supplemental Disclosures of Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Interest | $ 5,655 | $ 2,701 |
Income taxes (net of refunds received) | 77 | 1,794 |
Transfers from loans to real estate acquired through foreclosure | 0 | 72 |
Security matured but proceeds not yet received | 3,000 | 0 |
Financial Standby Letter of Credit [Member] | ||
Agreement to invest in renewable energy tax credit facility | $ 2,000 | $ 0 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||
Impaired Loan [Member] | |||||
Provision for Loan, Lease, and Other Losses | $ 852,000 | $ 0 | $ 841,000 | $ 40,000 | |
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Estimated Selling Costs | 20% |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Assets Measured at Fair Value on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Securities available for sale, at fair value | $ 414,301 | $ 437,271 |
Equity Securities, FV-NI, Current | 1,200 | 1,300 |
Equity securities | 1,200 | 1,300 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, at fair value | 65,613 | 72,044 |
Agency Collateralized Mortgage Obligations [Member] | ||
Securities available for sale, at fair value | 47,808 | 25,173 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, at fair value | 127,522 | 129,505 |
US Treasury and Government [Member] | ||
Securities available for sale, at fair value | 44,791 | 63,084 |
Municipal Notes [Member] | ||
Securities available for sale, at fair value | 128,567 | 147,465 |
Fair Value, Recurring [Member] | ||
Securities available for sale, at fair value | 414,301 | 437,271 |
Equity Securities, FV-NI, Current | 1,186 | 1,260 |
Equity securities | 1,186 | 1,260 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 44,791 | 63,084 |
Equity Securities, FV-NI, Current | 1,186 | 1,260 |
Equity securities | 1,186 | 1,260 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 369,510 | 374,187 |
Equity Securities, FV-NI, Current | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Equity Securities, FV-NI, Current | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Securities available for sale, at fair value | 65,613 | 72,044 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 65,613 | 72,044 |
Fair Value, Recurring [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | ||
Securities available for sale, at fair value | 47,808 | 25,173 |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 47,808 | 25,173 |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale, at fair value | 127,522 | 129,505 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 127,522 | 129,505 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale, at fair value | 44,791 | 63,084 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 44,791 | 63,084 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Notes [Member] | ||
Securities available for sale, at fair value | 128,567 | 147,465 |
Fair Value, Recurring [Member] | Municipal Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 128,567 | 147,465 |
Fair Value, Recurring [Member] | Municipal Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Nonrecurring [Member] | ||
Collateral dependent loans | 1,215 | 54 |
Commercial Business | 1,215 | 54 |
Fair Value, Nonrecurring [Member] | Residential Construction Segment [Member] | ||
Collateral dependent loans | 37 | 27 |
Commercial Business | 37 | 27 |
Fair Value, Nonrecurring [Member] | Commercial Business [Member] | ||
Collateral dependent loans | 1,178 | |
Commercial Business | 1,178 | |
Fair Value, Nonrecurring [Member] | Residential Mortgage Segment [Member] | ||
Collateral dependent loans | 27 | |
Commercial Business | 27 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Business | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Construction Segment [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Business | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Business [Member] | ||
Collateral dependent loans | 0 | |
Commercial Business | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Segment [Member] | ||
Collateral dependent loans | 0 | |
Commercial Business | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Business | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Construction Segment [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Business | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Business [Member] | ||
Collateral dependent loans | 0 | |
Commercial Business | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Segment [Member] | ||
Collateral dependent loans | 0 | |
Commercial Business | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 1,215 | 54 |
Commercial Business | 1,215 | 54 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Construction Segment [Member] | ||
Collateral dependent loans | 37 | 27 |
Commercial Business | 37 | 27 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Business [Member] | ||
Collateral dependent loans | 1,178 | |
Commercial Business | $ 1,178 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Segment [Member] | ||
Collateral dependent loans | 27 | |
Commercial Business | $ 27 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Securities available for sale | $ 414,301 | $ 437,271 | |
Equity Securities, FV-NI, Current | $ 1,200 | 1,300 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 38,670 | $ 50,571 | |
Interest-bearing time deposits | 3,920 | 2,940 | |
Securities available for sale | 437,271 | 414,301 | |
Securities held to maturity | 7,000 | 7,000 | |
Loans held for sale | 800 | 2,174 | |
Loans, net | 614,409 | 630,024 | |
FHLB and other restricted stock | 1,836 | 1,836 | |
Accrued interest receivable | 4,788 | 4,575 | |
Equity Securities, FV-NI, Current | 1,260 | 1,186 | |
Deposits | 1,025,211 | 1,014,246 | |
Borrowed funds | 21,500 | 33,625 | |
Accrued interest payable | 1,209 | 2,352 | |
Cash and cash equivalents | 38,670 | 50,571 | |
Loans, net | 614,409 | 630,024 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 38,670 | 50,571 | |
Interest-bearing time deposits | 3,925 | 2,932 | |
Securities available for sale | 437,271 | 414,301 | |
Securities held to maturity | 4,446 | 4,494 | |
Loans held for sale | 811 | 2,212 | |
Loans, net | 609,243 | 624,644 | |
Accrued interest receivable | 4,788 | 4,575 | |
Equity Securities, FV-NI, Current | 1,260 | 1,186 | |
Deposits | 1,023,813 | 1,012,811 | |
Borrowed funds | 21,470 | 33,519 | |
Accrued interest payable | 1,209 | 2,352 | |
Cash and cash equivalents | 38,670 | 50,571 | |
Loans, net | 609,243 | 624,644 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 38,670 | 50,571 | |
Interest-bearing time deposits | 0 | 0 | |
Securities available for sale | 63,084 | 44,791 | |
Securities held to maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Equity Securities, FV-NI, Current | 1,260 | 1,186 | |
Deposits | 0 | 0 | |
Borrowed funds | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Cash and cash equivalents | 38,670 | 50,571 | |
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Interest-bearing time deposits | 3,925 | 2,932 | |
Securities available for sale | 374,187 | 369,510 | |
Securities held to maturity | 4,446 | 4,494 | |
Loans held for sale | 811 | 2,212 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 4,788 | 4,575 | |
Equity Securities, FV-NI, Current | 0 | 0 | |
Deposits | 0 | 0 | |
Borrowed funds | 21,470 | 33,519 | |
Accrued interest payable | 1,209 | 2,352 | |
Cash and cash equivalents | 0 | 0 | |
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Interest-bearing time deposits | 0 | 0 | |
Securities available for sale | 0 | 0 | |
Securities held to maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net | 609,243 | 624,644 | |
Accrued interest receivable | 0 | 0 | |
Equity Securities, FV-NI, Current | 0 | 0 | |
Deposits | 1,023,813 | 1,012,811 | |
Borrowed funds | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Loans, net | $ 609,243 | $ 624,644 |
Note 12 - Revenue From Contra_3
Note 12 - Revenue From Contracts With Customers - Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noninterest income, financial services | $ 1,759 | $ 1,769 | $ 3,460 | $ 3,463 |
Net gains on loans and investments | 163 | (2) | 228 | 221 |
Increase in cash value of life insurance | 66 | 66 | 114 | 111 |
Other | 35 | 30 | 120 | 59 |
Other noninterest income | 264 | 94 | 462 | 391 |
Total noninterest income | 2,023 | 1,863 | 3,922 | 3,854 |
Deposit Account [Member] | ||||
Noninterest income, financial services | 564 | 578 | 1,157 | 1,140 |
ATM and Debit Card Fees [Member] | ||||
Noninterest income, financial services | 1,150 | 1,141 | 2,210 | 2,228 |
Investment Advisory, Management and Administrative Service [Member] | ||||
Noninterest income, financial services | 12 | 19 | 25 | 31 |
Product and Service, Other [Member] | ||||
Noninterest income, financial services | $ 33 | $ 31 | $ 68 | $ 64 |