Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001087456 |
Entity Registrant Name | UNITED BANCSHARES INC/OH |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 333-86453 |
Entity Incorporation, State or Country Code | OH |
Entity Address, Address Line One | 105 Progressive Drive |
Entity Address, City or Town | Columbus Grove |
Entity Address, State or Province | OH |
Entity Tax Identification Number | 34-1516518 |
Entity Address, Postal Zip Code | 45830 |
City Area Code | 419 |
Local Phone Number | 659-2141 |
Title of 12(b) Security | Common Stock, No Par Value |
Trading Symbol | UBOH |
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 | 3,239,859 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CASH AND CASH EQUIVALENTS | ||
Cash and due from banks | $ 13,539 | $ 11,654 |
Interest-bearing deposits in other banks | 35,462 | 63,548 |
Total cash and cash equivalents | 49,001 | 75,202 |
SECURITIES, available-for-sale | 275,465 | 307,642 |
FEDERAL HOME LOAN BANK STOCK, at cost | 3,860 | 5,129 |
LOANS HELD FOR SALE | 8,078 | 9,146 |
LOANS | 637,426 | 609,559 |
Less allowance for loan losses | (10,400) | (10,355) |
Net loans | 627,026 | 599,204 |
PREMISES AND EQUIPMENT, net | 24,267 | 21,840 |
GOODWILL | 28,616 | 28,616 |
CORE DEPOSIT INTANGIBLE ASSETS, net | 394 | 499 |
CASH SURRENDER VALUE OF LIFE INSURANCE | 19,188 | 19,383 |
OTHER ASSETS, including accrued interest receivable | 23,394 | 9,895 |
TOTAL ASSETS | 1,059,289 | 1,076,556 |
Deposits: | ||
Non-interest-bearing | 216,732 | 195,374 |
Interest-bearing | 744,037 | 735,039 |
Total deposits | 960,769 | 930,413 |
Other borrowings | 6,250 | 7,012 |
Junior subordinated deferrable interest debentures | 13,001 | 12,976 |
Other liabilities | 5,449 | 7,060 |
Total liabilities | 985,469 | 957,461 |
SHAREHOLDERS’ EQUITY | ||
Common stock, stated value $1.00, authorized 10,000,000 shares; issued 3,760,557 shares | 3,817 | 3,794 |
Surplus | 16,990 | 16,305 |
Retained earnings | 109,612 | 103,903 |
Accumulated other comprehensive (loss) income | (46,324) | 3,993 |
Treasury stock, at cost, 520,698 shares at September 30, 2022 and 487,972 shares at December 31, 2021 | (10,275) | (8,900) |
Total shareholders’ equity | 73,820 | 119,095 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,059,289 | $ 1,076,556 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, stated value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 3,760,557 | 3,760,557 |
Treasury stock, shares (in shares) | 520,698 | 487,972 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
INTEREST INCOME | ||||||
Loans, including fees | $ 8,052 | $ 9,338 | $ 22,575 | $ 25,807 | ||
Securities: | ||||||
Taxable | 794 | 492 | 2,285 | 1,370 | ||
Tax-exempt | 967 | 744 | 2,735 | 2,028 | ||
Other | 313 | 74 | 549 | 181 | ||
Total interest income | 10,126 | 10,648 | 28,144 | 29,386 | ||
INTEREST EXPENSE | ||||||
Deposits | 553 | 548 | 1,307 | 1,795 | ||
Other borrowings | 244 | 197 | 624 | 599 | ||
Total interest expense | 797 | 745 | 1,931 | 2,394 | ||
Net interest income | 9,329 | 9,903 | 26,213 | 26,992 | ||
PROVISION FOR LOAN LOSSES | 0 | 0 | 0 | 300 | ||
Net interest income after provision for loan losses | 9,329 | 9,903 | 26,213 | 26,692 | ||
NON-INTEREST INCOME | ||||||
Gain on sale of loans | 852 | 3,799 | 1,535 | [1] | 11,257 | [1] |
Net securities gains (losses) (1) | (38) | (4) | (116) | (7) | ||
Other non-interest income | 2,009 | 917 | 6,710 | 2,980 | ||
Total non-interest income | 2,823 | 4,712 | 8,129 | 14,230 | ||
NON-INTEREST EXPENSES | 8,865 | 9,680 | 25,827 | 27,859 | ||
INCOME BEFORE INCOME TAXES | 3,287 | 4,935 | 8,515 | 13,063 | ||
PROVISION FOR INCOME TAXES | 201 | 843 | 739 | 2,200 | ||
NET INCOME | $ 3,086 | $ 4,092 | $ 7,776 | $ 10,863 | ||
NET INCOME PER SHARE | ||||||
Basic (in dollars per share) | $ 0.94 | $ 1.25 | $ 2.37 | $ 3.31 | ||
Diluted (in dollars per share) | $ 0.94 | $ 1.23 | $ 2.37 | $ 3.28 | ||
Weighted average common shares outstanding (basic) (in shares) | 3,269,647 | 3,277,070 | 3,275,673 | 3,277,919 | ||
Weighted average common shares outstanding (diluted) (in shares) | 3,277,915 | 3,313,387 | 3,283,941 | 3,314,236 | ||
[1]Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 3,086 | $ 4,092 | $ 7,776 | $ 10,863 |
OTHER COMPREHENSIVE LOSS | ||||
Unrealized holding losses during period | (18,980) | (3,409) | (63,809) | (5,391) |
Reclassification adjustments for losses included in net income | 38 | 4 | 116 | 7 |
Other comprehensive loss, before income taxes | (18,942) | (3,405) | (63,693) | (5,394) |
Income tax benefit related to items of other comprehensive loss | (3,978) | (715) | (13,376) | (1,131) |
Other comprehensive loss | (14,964) | (2,690) | (50,317) | (4,253) |
COMPREHENSIVE (LOSS) INCOME | $ (11,878) | $ 1,402 | $ (42,541) | $ 6,610 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
BALANCE at Dec. 31, 2020 | $ 3,761 | $ 15,438 | $ 92,716 | $ 7,355 | $ (7,671) | $ 111,599 |
Net income | 0 | 0 | 10,863 | 0 | 0 | 10,863 |
Other comprehensive income (loss) | 0 | 0 | 0 | (4,253) | 0 | (4,253) |
Shares issued from treasury in connection with the Corporation's Employee Stock Purchase Plan | 0 | 46 | 0 | 0 | 188 | 234 |
Repurchase of Shares | 0 | 0 | 0 | 0 | (368) | (368) |
Stock option expense | 0 | 127 | 0 | 0 | 0 | 127 |
Stock option exercise, net | 8 | (40) | 0 | 0 | (287) | (319) |
Cash dividends declared | 0 | 0 | (1,739) | 0 | 0 | (1,739) |
BALANCE at Sep. 30, 2021 | 3,769 | 15,571 | 101,840 | 3,102 | (8,138) | 116,144 |
BALANCE at Jun. 30, 2021 | 3,761 | 15,317 | 98,405 | 5,792 | (7,559) | 115,716 |
Net income | 0 | 0 | 4,092 | 0 | 0 | 4,092 |
Other comprehensive income (loss) | 0 | 0 | 0 | (2,690) | 0 | (2,690) |
Shares issued from treasury in connection with the Corporation's Employee Stock Purchase Plan | 0 | 38 | 0 | 0 | 76 | 114 |
Repurchase of Shares | 0 | 0 | 0 | 0 | (368) | (368) |
Stock option expense | 0 | 58 | 0 | 0 | 0 | 58 |
Stock option exercise, net | 8 | 158 | 0 | 0 | (287) | (121) |
Cash dividends declared | 0 | 0 | (657) | 0 | 0 | (657) |
BALANCE at Sep. 30, 2021 | 3,769 | 15,571 | 101,840 | 3,102 | (8,138) | 116,144 |
BALANCE at Dec. 31, 2021 | 3,794 | 16,305 | 103,903 | 3,993 | (8,900) | 119,095 |
Net income | 0 | 0 | 7,776 | 0 | 0 | 7,776 |
Other comprehensive income (loss) | 0 | 0 | 0 | (50,317) | 0 | (50,317) |
Shares issued from treasury in connection with the Corporation's Employee Stock Purchase Plan | 0 | 68 | 0 | 0 | 166 | 234 |
Repurchase of Shares | 0 | 0 | 0 | 0 | (871) | (871) |
Stock option expense | 0 | 167 | 0 | 0 | 0 | 167 |
Stock option exercise, net | 23 | 450 | (670) | (197) | ||
Cash dividends declared | 0 | 0 | (2,067) | 0 | 0 | (2,067) |
BALANCE at Sep. 30, 2022 | 3,817 | 16,990 | 109,612 | (46,324) | (10,275) | 73,820 |
BALANCE at Jun. 30, 2022 | 3,813 | 16,839 | 107,216 | (31,360) | (9,386) | 87,122 |
Net income | 0 | 0 | 3,086 | 0 | 0 | 3,086 |
Other comprehensive income (loss) | 0 | 0 | 0 | (14,964) | 0 | (14,964) |
Shares issued from treasury in connection with the Corporation's Employee Stock Purchase Plan | 0 | 23 | 0 | 0 | 77 | 100 |
Repurchase of Shares | 0 | 0 | 0 | 0 | (871) | (871) |
Stock option expense | 0 | 56 | 0 | 0 | 0 | 56 |
Stock option exercise, net | 4 | 72 | 0 | 0 | (95) | (19) |
Cash dividends declared | 0 | 0 | (690) | 0 | 0 | (690) |
BALANCE at Sep. 30, 2022 | $ 3,817 | $ 16,990 | $ 109,612 | $ (46,324) | $ (10,275) | $ 73,820 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock issued during the period, shares, Employee Stock Purchase Plans (in shares) | 3,946 | 4,851 | 8,823 | 11,943 |
Repurchase of shares (in shares) | 43,600 | 11,651 | 43,600 | 11,651 |
Shares repurchased and retired (in shares) | 594 | 3,749 | 3,379 | 6,347 |
Cash dividends declared per share (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.63 | $ 0.51 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | $ 9,207 | $ 14,728 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales, calls and maturities of available-for-sale securities | 18,375 | 25,789 |
Purchases of available-for-sale securities | (50,695) | (107,385) |
Proceeds from FHLB stock redemption | 1,269 | 469 |
Net (increase) decrease in loans | (27,976) | 44,378 |
Purchases of premises and equipment | (3,071) | (304) |
Net cash used in investing activities | (62,098) | (37,053) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 30,353 | 89,412 |
Repayments of other borrowings | (762) | (750) |
Proceeds from sale of treasury shares | 234 | 233 |
Purchase of Treasury Shares | (1,068) | (686) |
Cash dividends paid | (2,067) | (1,739) |
Net cash provided by financing activities | 26,690 | 86,470 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (26,201) | 64,145 |
At beginning of period | 75,202 | 57,034 |
At end of period | 49,001 | 121,179 |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ||
Interest | 1,932 | 2,473 |
Federal income taxes | 0 | 1,370 |
Non-cash investing activities: | ||
Change in net unrealized gain or loss on available-for-sale securities | $ (63,693) | $ (5,392) |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 The consolidated financial statements of United Bancshares, Inc. and subsidiaries (the “Corporation”) have been prepared without audit and in the opinion of management reflect all adjustments (which include normal recurring adjustments) necessary to present fairly such information for the periods and dates indicated. Since the unaudited financial statements have been prepared in accordance with the instructions to Form 10 not nine September 30, 2022 not may December 31, 2022 December 31, 2021 10 December 31, 2021 On May 5, 2022, The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries, The Union Bank Company (the “Bank”) and UBC Risk. The Bank has formed a wholly-owned subsidiary, UBC Investments, Inc. (“UBC”), to hold and manage its securities portfolio. The operations of UBC are located in Wilmington, Delaware. The Bank has also formed a wholly-owned subsidiary, UBC Property, Inc. (“UBC Property”), to hold and manage certain property. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Corporation conform to generally accepted practices within the banking industry. The Corporation considers all of its principal activities to be banking related. |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 In June 2016, 2016 13, 326 2016 13 September 30, 2022 not 2016 13 December 15, 2019. July 17, 2019, 2016 13. October 16, 2019, December 15, 2022. In March 2020, 2020 04, 848 March 12, 2020 December 31, 2022. not In January 2021, 2021 01, 848 not |
Note 3 - Securities
Note 3 - Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 The amortized cost, unrealized gains and losses, and fair value of available-for-sale securities as of September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale: Obligations of states and political subdivisions $ 161,546 $ 14 $ 33,462 $ 128,098 Mortgage-backed 167,743 - 24,840 142,903 Agency 2,500 - 350 2,150 Other 2,314 - - 2,314 Total $ 334,103 $ 14 $ 58,652 $ 275,465 (in thousands) December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale: Obligations of states and political subdivisions $ 145,775 $ 5,494 $ 485 $ 150,784 Mortgage-backed 152,507 1,248 1,185 152,570 Agency 2,500 - 17 2,483 Other 1,805 - - 1,805 Total $ 302,587 $ 6,742 $ 1,687 $ 307,642 |
Note 4 - Loans
Note 4 - Loans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 The following tables present the activity in the allowance for loan losses by portfolio segment for the nine September 30, 2022 2021 (in thousands) Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Balance at December 31, 2021 $ 1,719 $ 7,121 $ 1,414 $ 101 $ 10,355 Provision charged to expenses 99 170 (258 ) (11 ) - Losses charged off - - - - - Recoveries 39 3 - 3 45 Balance at September 30, 2022 $ 1,857 $ 7,294 $ 1,156 $ 93 $ 10,400 Balance at December 31, 2020 $ 1,683 $ 6,664 $ 1,515 $ 132 $ 9,994 Provision charged to expenses 68 369 (131 ) (6 ) 300 Losses charged off - - - (5 ) (5 ) Recoveries 3 17 1 1 22 Balance at September 30, 2021 $ 1,754 $ 7,050 $ 1,385 $ 122 $ 10,311 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Allowance for loan losses: Attributable to loans individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,857 7,294 1,156 93 10,400 Total allowance for loan losses $ 1,857 $ 7,294 $ 1,156 $ 93 $ 10,400 Loans: Individually evaluated for impairment $ - $ 552 $ 1,090 $ - $ 1,642 Acquired with deteriorated credit quality 74 62 - - 136 Collectively evaluated for impairment 123,413 437,494 69,277 5,464 635,648 Total ending loans balance $ 123,487 $ 438,108 $ 70,367 $ 5,464 $ 637,426 December 31, 2021 Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Allowance for loan losses: Attributable to loans individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,719 7,121 1,414 101 10,355 Total allowance for loan losses $ 1,719 $ 7,121 $ 1,414 $ 101 $ 10,355 Loans: Individually evaluated for impairment $ - $ 676 $ 1,272 $ - $ 1,948 Acquired with deteriorated credit quality 76 96 - - 172 Collectively evaluated for impairment 112,120 404,192 85,562 5,565 607,439 Total ending loans balance $ 112,196 $ 404,964 $ 86,834 $ 5,565 $ 609,559 The average recorded investment in impaired loans (excluding loans acquired with deteriorated credit quality) for the nine September 30, 2022 nine September 30, 2021 September 30, 2022 December 31, 2021. ,00 0 nine September 30, 2022 nine September 30, 2021 The following table presents the recorded investment in nonaccrual loans, loans past due over 90 September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 Nonaccrual Loans past due over 90 days still accruing Accruing Troubled Debt Restructurings Residential 1-4 family real estate $ 190 $ - $ 125 Commercial and multi family real estate 357 - 9 Agricultural real estate - - - Commercial 467 524 622 Agriculture - - - Consumer - - - Total $ 1,014 $ 524 $ 756 December 31, 2021 Residential 1-4 family real estate $ 184 $ - $ 139 Commercial and multi family real estate 136 - 14 Agricultural real estate - - - Commercial - - 767 Agriculture - - - Consumer - - - Total $ 320 $ - $ 920 There were $524,000 in commercial loans over 90 September 30, 2022. The following table presents the aging of the recorded investment in past due loans as of September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 30 – 59 days past due 60 – 89 days past due Greater than 90 days past due Total past due Loans not past due Total Residential 1-4 family real estate $ 556 $ - $ 74 $ 630 $ 122,857 $ 123,487 Commercial and multi family real estate 206 - 234 440 383,035 383,475 Agricultural real estate - - - - 54,633 54,633 Commercial 435 69 992 1,496 60,104 61,600 Agriculture - - - - 8,767 8,767 Consumer 4 - - 4 5,460 5,464 Total $ 1,201 $ 69 $ 1,300 $ 2,570 $ 634,856 $ 637,426 December 31, 2021 Residential 1-4 family real estate $ 425 $ - $ 48 $ 473 $ 111,723 $ 112,196 Commercial and multi family real estate 153 - 2 155 351,824 351,979 Agricultural real estate - - - - 52,985 52,985 Commercial 1,170 1,082 - 2,252 76,071 78,323 Agriculture - - - - 8,511 8,511 Consumer 5 - - 5 5,560 5,565 Total $ 1,753 $ 1,082 $ 50 $ 2,885 $ 606,674 $ 609,559 Credit Quality Indicators: The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to the credit risk. This analysis generally includes non-homogenous loans, such as commercial and commercial real estate loans. The Corporation uses the following definitions for risk ratings: ● Pass: not ● Special Mention: not not 1 2 ● Substandard: may may ● Doubtful: The following table provides a summary of the loan portfolio risk grades, as applicable, based on the most recent analysis performed, as of September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 Pass Special Mention Substandard Doubtful Not rated Residential 1 - 4 family $ 2,328 $ - $ - $ - $ 121,159 Commercial and multi- family real estate 429,118 566 8,424 - - Commercial 66,905 766 1,370 - 1,326 Consumer - - - - 5,464 Total $ 498,351 $ 1,332 $ 9,794 $ - $ 127,949 December 31, 2021 Residential 1 - 4 family $ 2,479 $ - $ - $ - $ 109,717 Commercial and multi- family real estate 380,936 10,080 13,823 - 125 Commercial 77,772 228 2,272 - 6,562 Consumer - - - - 5,565 Total $ 461,187 $ 10,308 $ 16,095 $ - $ 121,969 The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For all loan classes that are not not 90 not September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 Residential 1-4 family Commercial and multi-family real estate Commercial Consumer Total Performing $ 121,085 $ - $ 802 $ 5,464 $ 127,351 Nonperforming 74 - 524 - 598 Total $ 121,159 $ - $ 1,326 $ 5,464 $ 127,949 December 31, 2021 Performing $ 109,669 $ 125 $ 6,562 $ 5,565 $ 121,921 Nonperforming 48 - - - 48 Total $ 109,717 $ 125 $ 6,562 $ 5,565 $ 121,969 Modifications: The Corporation’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (TDR), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Corporation’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. All TDRs are also classified as impaired loans. When the Corporation modifies a loan, management evaluates any possible concession based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan or lease agreement, except when the sole (remaining) source of repayment for the loan or lease is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan or lease is less than the recorded investment in the loan or lease (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), an impairment is recognized through a specific reserve in the allowance or a direct write down of the loan or lease balance if collection is not There were no modifications for TDR loans for which there was a payment default during the nine September 30, 2022 . The Corporation acquired The Ohio State Bank (“OSB”) in November 2014 September 2017. not The following is information related to loans acquired in these transactions, including purchased impaired loans: The Ohio State Bank (in thousands) Contractual Principal Accretable Carrying Receivable Difference Amount Purchased Performing Loans Balance at December 31, 2021 $ 7,024 $ (190 ) $ 6,834 Change due to payments received (1,294 ) 64 (1,230 ) Balance at September 30, 2022 $ 5,730 $ (126 ) $ 5,604 Purchased Impaired Loans Balance at December 31, 2021 $ 59 $ (9 ) $ 50 Change due to payments received 20 4 24 Balance at September 30, 2022 $ 79 $ (5 ) $ 74 Benchmark Bank (in thousands) Contractual Principal Accretable Carrying Receivable Difference Amount Purchased Performing Loans Balance at December 31, 2021 $ 22,233 $ (328 ) $ 21,905 Change due to payments received (3,666 ) 79 (3,587 ) Balance at September 30, 2022 $ 18,567 $ (249 ) $ 18,318 Purchased Impaired Loans Balance at December 31, 2021 $ 260 $ (138 ) $ 122 Change due to payments received (70 ) 10 (60 ) Balance at September 30, 2022 $ 190 $ (128 ) $ 62 |
Note 5 - Other Borrowings
Note 5 - Other Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 Other borrowings consists of the following at September 30, 2022 December 31, 2021 (in thousands) September 30, December 31, 2022 2021 United Bankers Bank Federal Funds purchased $ - $ 12 Note payable, with interest at 4.00 250,000 December 1, 2028 6,250 7,000 Total other borrowings $ 6,250 $ 7,012 Future maturities of other borrowings are as follows: 2022, $250,000; 2023, $1,000,000; 2024, $1,000,000; 2025 $1,000,000; 2026 $1,000,000; 2027 $1,000,000; 2028 $1,000,000. The Corporatio n had $177,292,000, and $151,326,000, of borrow September 30, 2022 December 31, 2021, |
Note 6 - Junior Subordinated De
Note 6 - Junior Subordinated Deferrable Interest Debentures | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 6 The Corporation has formed and invested $300,000 in a business trust, United (OH) Statutory Trust (“United Trust”) which is not March 26, 2033. March 26, 2008, may 3 ng to 6.79% a September 30, 2022 December 31, 2021 not The Corporation assumed $3,093,000 of trust preferred securities through the OSB acquisition with $3,000,000 of the liability guaranteed by the Corporation and the remaining $93,000 secured by an investment in the trust preferred securities. The trust preferred securities carrying value as of September 30, 2022 December 31, 2021 as $2,701,000 and April 23, 2034. 3 nting to 5.63% a September 30, 2022 December 31, 2021 Each issue of the trust preferred securities carries an interest rate identical to that of the related debenture. The securities have been structured to qualify as Tier I capital for regulatory purposes and the dividends paid on such are tax deductible. However, under Federal Reserve Board guidelines, the securities cannot be used to constitute more than 25% The Corporation is aware of the cessation of Libor and the potential impact to the rate on these debentures. The rate shall be replaced by a comparable equivalent or replacement benchmark rate or index giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities, which may Interest expense on the debentures amounted to $422, 00 0 nine September 30, 2022 2021 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7 ASC 820 10 not not ASC 820 10 may 820 10 Level 1 Level 2 1 2 not Level 3 Financial assets (there were no financial liabilities) measured at fair value on a recurring basis at September 30, 2022 December 31, 2021 1 2 September 30, 2022 December 31, 2021 3 There were no financial instruments measured at fair value that moved to a lower level in the fair value hierarchy during the period ended September 30, 2022 September 30, 2022 The tables below present a reconciliation and income statement classification of gains and losses for mortgage servicing rights, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3 nine September 30, 2022 December 31, 2021 (in thousands) September 30, December 31, 2022 2021 Mortgage Servicing Rights Balance at beginning of period $ 1,868 $ 1,132 Gains or losses, including realized and unrealized: Purchases, issuances, and settlements 228 628 Disposals - amortization based on loan payments and payoffs (155 ) (187 ) Changes in fair value 328 295 Balance at end of period $ 2,269 $ 1,868 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, and disclosure of unobservable inputs follows. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not may may may may not Securities Available-for-Sale Where quoted prices are available in an active market, securities are classified within Level 1 1 not 2 3 Impaired Loans The Corporation does not 2 3 3 3. Mortgage Servicing Rights The Corporation records mortgage servicing rights at estimated fair value based on a discounted cash flow model which includes discount rates between 8% and 10%, in addition to prepayment, internal rate of return, servicing costs, inflation rate of servicing costs and earnings rate assumptions that are considered to be unobservable inputs. Due to the significance of the Level 3 3. Certain other financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not not September 30, 2022 December 31, 2021 |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE 8 The carrying amounts and estimated fair values of recognized financial instruments at September 30, 2022 December 31, 2021 (in thousands) September 30, 2022 December 31, 2021 Carrying amount Estimated value Carrying amount Estimated value Input Level FINANCIAL ASSETS Cash and cash equivalents $ 49,001 $ 49,001 $ 75,202 $ 75,202 1 Securities, including FHLB stock 279,325 279,325 312,771 312,771 2,3 Loans held for sale 8,078 8,078 9,146 9,146 3 Net loans 627,026 618,044 599,204 600,512 3 Mortgage servicing rights 2,269 2,269 1,868 1,868 3 Hedging assets 480 480 922 922 3 Total Financial Assets $ 966,179 $ 957,197 $ 999,113 $ 1,000,421 FINANCIAL LIABILITIES Deposits Maturity $ 105,000 $ 101,636 $ 129,447 $ 129,196 3 Non-maturity 855,769 855,769 800,966 800,966 1 Other borrowings 6,250 6,250 7,012 7,012 3 Junior subordinated deferrable interest debentures 13,001 9,236 12,976 10,931 3 Hedging liabilities - - 46 46 3 Total Financial Liabilities $ 980,020 $ 972,891 $ 950,447 $ 948,151 The above summary does not There are also unrecognized financial instruments at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 The following methods and assumptions were used to estimate the fair value of each class of financial instruments shown above: Cash and cash equivalents: Fair value is determined to be the carrying amount for these items (which include cash on hand, due from banks, and federal funds sold) because they represent cash or mature in 90 not Securities: The fair value of securities is determined based on quoted market prices of the individual securities; if not not Loans held for sale: The fair value of loans held for sale is determined based on the sales price of similar loans. Loan held for sale are typically held for 60 Loans: Fair value for loans was estimated for portfolios of loans with similar financial characteristics. For adjustable rate loans, which re-price at least annually and generally possess low risk characteristics, the carrying amount is believed to be a reasonable estimate of fair value. For fixed rate loans, the fair value is estimated based on a discounted cash flow analysis, considering weighted average rates and terms of the portfolio, adjusted for credit and interest rate risk inherent in the loans. Fair value for nonperforming loans is based on recent appraisals or estimated discounted cash flows. The fair value disclosures for both fixed and adjustable rate loans were adjusted to reflect the exit price amount anticipated to be received from the sale of the loans in an open market transaction. Mortgage servicing rights: The fair value for mortgage servicing rights is determined based on an analysis of the portfolio by an independent third Derivative assets and liabilities: The fair value of derivative assets and liabilities are evaluated monthly based on derivative valuation models using quoted prices for similar assets adjusted for specific attributes of the commitments and other observable market data at the valuation date. Deposit liabilities: The fair value of core deposits, including demand deposits, savings accounts, and certain money market deposits, is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated using the rates offered at quarter end for deposits of similar remaining maturities. The estimated fair value does not Other borrowings and junior subordinated deferrable interest debentures: The fair value of other borrowings and junior subordinated deferrable interest debentures are determined using the net present value of discounted cash flows based on current borrowing rates for similar types of borrowing arrangements, and are obtained from an independent third Other financial instruments: The fair value of commitments to extend credit and letters of credit is determined to be the contract amount, since these financial instruments generally represent commitments at existing rates. The fair value of other borrowings is determined based on a discounted cash flow analysis using current interest rates. The fair value of other liabilities is generally considered to be carrying value except for the deferred compensation agreement. The fair value of the contract is determined based on a discounted cash flow analysis using a current interest rate for a similar instrument. The fair value estimates of financial instruments are made at a specific point in time based on relevant market information. These estimates do not one not no |
Note 9 - Stock Options
Note 9 - Stock Options | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 9 The United Bancshares, Inc. 2016 The Corporation issued 35,966 options during 2022 2021 $34.60, 2020 r the Plan. Following is a summary of act nine September 30, 2022 September 30, 2021 September 30, September 30, 2022 2021 Outstanding, beginning of period 133,792 157,817 Granted 35,966 - Exercised (23,356 ) (17,590 ) Forfeited (3,224 ) (12,659 ) Outstanding, end of period 143,178 127,568 Weighted average exercise price at end of quarter $ 22.71 $ 19.93 Options vest over a three September 30, 2022 September 30, 2021 The fair value of options granted is estimated at the date of grant using the Black Scholes option pricing model. Following are assumptions used in calculating the fair value of the options granted that are still vesting: 2022 2021 2020 Weighted-average fair value of options granted $ 6.95 $ 11.19 $ 4.83 Average dividend yield 3.64 % 2.23 % 2.93 % Expected volatility 40.00 % 40.00 % 40.00 % Risk-free interest rate 2.90 % 1.00 % 0.49 % Expected term (years) 7 7 7 Total compensation expense related to the stock options granted in 2022, August 1, 2022. 2021, July 1, 2021. 2020, July 1, 2020. nine September 30, 2022 nine September 30, 2021 |
Note 10 - Non-interest Income
Note 10 - Non-interest Income | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 10 The Corporation’s revenue from contracts with customers within the scope of ASC 606 Service charges on deposit accounts : Service charges on deposit accounts primarily consist of account analysis fees, monthly maintenance fees, overdraft fees, and other deposit account related fees. Overdraft fees and certain service charges are fixed, and the performance obligation is typically satisfied at the time of the related transaction. The consideration for analysis fees and monthly maintenance fees are variable as the fee can be reduced if the customer meets certain qualifying metrics. The Corporation’s performance obligations are satisfied at the time of the transaction or over the course of a month. Interchange fee income: The Corporation earns interchange fees from debit and credit cardholder transactions conducted through the MasterCard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrently with the transaction processing services provided to the cardholder. Wealth management income The Corporation earns wealth management and investment brokerage fees from its services with customers to manage assets for investment, to provide advisory services, and for account transactions. Fees are based on the market value of the assets under management and are recognized monthly as the Corporation’s performance obligations are met. Commissions on transactions are recognized on a trade-date basis as the performance obligation is satisfied at the point in time in which the trade is processed. Other related services are based on a fixed fee schedule and the revenue is recognized when the services are rendered, which is when the Corporation has satisfied its performance obligation. The following table presents the Corporation’s non-interest income for the nine September 30, 2022 2021 606 Nine months ended September 30, 2022 2021 Service charges on deposit accounts $ 942 $ 790 Gain on sale of loans (1) 1,535 11,257 Net securities gains (losses) (1) (116 ) (7 ) Change in fair value of mortgage servicing rights (1) 328 264 Increase in cash surrender value of life insurance (1) 1,067 309 Other Interchange fees 1,337 1,365 Wealth management 357 304 Net servicing fees (1) 401 367 Other non-interest income 2,278 (419 ) Total non-interest income $ 8,129 $ 14,230 ( 1 Not 606 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 Management evaluated subsequent events through the date the consolidated financial statements were issued. Events or transactions occurring after September 30, 2022, September 30, 2022 September 30, 2022 not September 30, 2022 not September 30, 2022 O n October 18, 2022, December 15, 2022 November 30 , 2022. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | (in thousands) September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale: Obligations of states and political subdivisions $ 161,546 $ 14 $ 33,462 $ 128,098 Mortgage-backed 167,743 - 24,840 142,903 Agency 2,500 - 350 2,150 Other 2,314 - - 2,314 Total $ 334,103 $ 14 $ 58,652 $ 275,465 (in thousands) December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale: Obligations of states and political subdivisions $ 145,775 $ 5,494 $ 485 $ 150,784 Mortgage-backed 152,507 1,248 1,185 152,570 Agency 2,500 - 17 2,483 Other 1,805 - - 1,805 Total $ 302,587 $ 6,742 $ 1,687 $ 307,642 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Balance at December 31, 2021 $ 1,719 $ 7,121 $ 1,414 $ 101 $ 10,355 Provision charged to expenses 99 170 (258 ) (11 ) - Losses charged off - - - - - Recoveries 39 3 - 3 45 Balance at September 30, 2022 $ 1,857 $ 7,294 $ 1,156 $ 93 $ 10,400 Balance at December 31, 2020 $ 1,683 $ 6,664 $ 1,515 $ 132 $ 9,994 Provision charged to expenses 68 369 (131 ) (6 ) 300 Losses charged off - - - (5 ) (5 ) Recoveries 3 17 1 1 22 Balance at September 30, 2021 $ 1,754 $ 7,050 $ 1,385 $ 122 $ 10,311 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | (in thousands) September 30, 2022 Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Allowance for loan losses: Attributable to loans individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,857 7,294 1,156 93 10,400 Total allowance for loan losses $ 1,857 $ 7,294 $ 1,156 $ 93 $ 10,400 Loans: Individually evaluated for impairment $ - $ 552 $ 1,090 $ - $ 1,642 Acquired with deteriorated credit quality 74 62 - - 136 Collectively evaluated for impairment 123,413 437,494 69,277 5,464 635,648 Total ending loans balance $ 123,487 $ 438,108 $ 70,367 $ 5,464 $ 637,426 December 31, 2021 Residential 1 – 4 family real estate Commercial and multi-family real estate Commercial Consumer Total Allowance for loan losses: Attributable to loans individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,719 7,121 1,414 101 10,355 Total allowance for loan losses $ 1,719 $ 7,121 $ 1,414 $ 101 $ 10,355 Loans: Individually evaluated for impairment $ - $ 676 $ 1,272 $ - $ 1,948 Acquired with deteriorated credit quality 76 96 - - 172 Collectively evaluated for impairment 112,120 404,192 85,562 5,565 607,439 Total ending loans balance $ 112,196 $ 404,964 $ 86,834 $ 5,565 $ 609,559 |
Financing Receivable, Nonaccrual [Table Text Block] | (in thousands) September 30, 2022 Nonaccrual Loans past due over 90 days still accruing Accruing Troubled Debt Restructurings Residential 1-4 family real estate $ 190 $ - $ 125 Commercial and multi family real estate 357 - 9 Agricultural real estate - - - Commercial 467 524 622 Agriculture - - - Consumer - - - Total $ 1,014 $ 524 $ 756 December 31, 2021 Residential 1-4 family real estate $ 184 $ - $ 139 Commercial and multi family real estate 136 - 14 Agricultural real estate - - - Commercial - - 767 Agriculture - - - Consumer - - - Total $ 320 $ - $ 920 |
Financing Receivable, Past Due [Table Text Block] | (in thousands) September 30, 2022 30 – 59 days past due 60 – 89 days past due Greater than 90 days past due Total past due Loans not past due Total Residential 1-4 family real estate $ 556 $ - $ 74 $ 630 $ 122,857 $ 123,487 Commercial and multi family real estate 206 - 234 440 383,035 383,475 Agricultural real estate - - - - 54,633 54,633 Commercial 435 69 992 1,496 60,104 61,600 Agriculture - - - - 8,767 8,767 Consumer 4 - - 4 5,460 5,464 Total $ 1,201 $ 69 $ 1,300 $ 2,570 $ 634,856 $ 637,426 December 31, 2021 Residential 1-4 family real estate $ 425 $ - $ 48 $ 473 $ 111,723 $ 112,196 Commercial and multi family real estate 153 - 2 155 351,824 351,979 Agricultural real estate - - - - 52,985 52,985 Commercial 1,170 1,082 - 2,252 76,071 78,323 Agriculture - - - - 8,511 8,511 Consumer 5 - - 5 5,560 5,565 Total $ 1,753 $ 1,082 $ 50 $ 2,885 $ 606,674 $ 609,559 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (in thousands) September 30, 2022 Pass Special Mention Substandard Doubtful Not rated Residential 1 - 4 family $ 2,328 $ - $ - $ - $ 121,159 Commercial and multi- family real estate 429,118 566 8,424 - - Commercial 66,905 766 1,370 - 1,326 Consumer - - - - 5,464 Total $ 498,351 $ 1,332 $ 9,794 $ - $ 127,949 December 31, 2021 Residential 1 - 4 family $ 2,479 $ - $ - $ - $ 109,717 Commercial and multi- family real estate 380,936 10,080 13,823 - 125 Commercial 77,772 228 2,272 - 6,562 Consumer - - - - 5,565 Total $ 461,187 $ 10,308 $ 16,095 $ - $ 121,969 |
Schedule of the Performance of the Loan Portfolio [Table Text Block] | (in thousands) September 30, 2022 Residential 1-4 family Commercial and multi-family real estate Commercial Consumer Total Performing $ 121,085 $ - $ 802 $ 5,464 $ 127,351 Nonperforming 74 - 524 - 598 Total $ 121,159 $ - $ 1,326 $ 5,464 $ 127,949 December 31, 2021 Performing $ 109,669 $ 125 $ 6,562 $ 5,565 $ 121,921 Nonperforming 48 - - - 48 Total $ 109,717 $ 125 $ 6,562 $ 5,565 $ 121,969 |
Schedule of Loans Acquired in Acquisition [Table Text Block] | The Ohio State Bank (in thousands) Contractual Principal Accretable Carrying Receivable Difference Amount Purchased Performing Loans Balance at December 31, 2021 $ 7,024 $ (190 ) $ 6,834 Change due to payments received (1,294 ) 64 (1,230 ) Balance at September 30, 2022 $ 5,730 $ (126 ) $ 5,604 Purchased Impaired Loans Balance at December 31, 2021 $ 59 $ (9 ) $ 50 Change due to payments received 20 4 24 Balance at September 30, 2022 $ 79 $ (5 ) $ 74 Benchmark Bank (in thousands) Contractual Principal Accretable Carrying Receivable Difference Amount Purchased Performing Loans Balance at December 31, 2021 $ 22,233 $ (328 ) $ 21,905 Change due to payments received (3,666 ) 79 (3,587 ) Balance at September 30, 2022 $ 18,567 $ (249 ) $ 18,318 Purchased Impaired Loans Balance at December 31, 2021 $ 260 $ (138 ) $ 122 Change due to payments received (70 ) 10 (60 ) Balance at September 30, 2022 $ 190 $ (128 ) $ 62 |
Note 5 - Other Borrowings (Tabl
Note 5 - Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) September 30, December 31, 2022 2021 United Bankers Bank Federal Funds purchased $ - $ 12 Note payable, with interest at 4.00 250,000 December 1, 2028 6,250 7,000 Total other borrowings $ 6,250 $ 7,012 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) September 30, December 31, 2022 2021 Mortgage Servicing Rights Balance at beginning of period $ 1,868 $ 1,132 Gains or losses, including realized and unrealized: Purchases, issuances, and settlements 228 628 Disposals - amortization based on loan payments and payoffs (155 ) (187 ) Changes in fair value 328 295 Balance at end of period $ 2,269 $ 1,868 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 Carrying amount Estimated value Carrying amount Estimated value Input Level FINANCIAL ASSETS Cash and cash equivalents $ 49,001 $ 49,001 $ 75,202 $ 75,202 1 Securities, including FHLB stock 279,325 279,325 312,771 312,771 2,3 Loans held for sale 8,078 8,078 9,146 9,146 3 Net loans 627,026 618,044 599,204 600,512 3 Mortgage servicing rights 2,269 2,269 1,868 1,868 3 Hedging assets 480 480 922 922 3 Total Financial Assets $ 966,179 $ 957,197 $ 999,113 $ 1,000,421 FINANCIAL LIABILITIES Deposits Maturity $ 105,000 $ 101,636 $ 129,447 $ 129,196 3 Non-maturity 855,769 855,769 800,966 800,966 1 Other borrowings 6,250 6,250 7,012 7,012 3 Junior subordinated deferrable interest debentures 13,001 9,236 12,976 10,931 3 Hedging liabilities - - 46 46 3 Total Financial Liabilities $ 980,020 $ 972,891 $ 950,447 $ 948,151 |
Note 9 - Stock Options (Tables)
Note 9 - Stock Options (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | September 30, September 30, 2022 2021 Outstanding, beginning of period 133,792 157,817 Granted 35,966 - Exercised (23,356 ) (17,590 ) Forfeited (3,224 ) (12,659 ) Outstanding, end of period 143,178 127,568 Weighted average exercise price at end of quarter $ 22.71 $ 19.93 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 2020 Weighted-average fair value of options granted $ 6.95 $ 11.19 $ 4.83 Average dividend yield 3.64 % 2.23 % 2.93 % Expected volatility 40.00 % 40.00 % 40.00 % Risk-free interest rate 2.90 % 1.00 % 0.49 % Expected term (years) 7 7 7 |
Note 10 - Non-interest Income (
Note 10 - Non-interest Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Nine months ended September 30, 2022 2021 Service charges on deposit accounts $ 942 $ 790 Gain on sale of loans (1) 1,535 11,257 Net securities gains (losses) (1) (116 ) (7 ) Change in fair value of mortgage servicing rights (1) 328 264 Increase in cash surrender value of life insurance (1) 1,067 309 Other Interchange fees 1,337 1,365 Wealth management 357 304 Net servicing fees (1) 401 367 Other non-interest income 2,278 (419 ) Total non-interest income $ 8,129 $ 14,230 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities, Amortized cost | $ 334,103 | $ 302,587 |
Available-for-sale securities, Gross unrealized gains | 14 | 6,742 |
Available-for-sale securities, Gross unrealized losses | 58,652 | 1,687 |
Available-for-sale securities, Fair Value | 275,465 | 307,642 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, Amortized cost | 161,546 | 145,775 |
Available-for-sale securities, Gross unrealized gains | 14 | 5,494 |
Available-for-sale securities, Gross unrealized losses | 33,462 | 485 |
Available-for-sale securities, Fair Value | 128,098 | 150,784 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, Amortized cost | 167,743 | 152,507 |
Available-for-sale securities, Gross unrealized gains | 0 | 1,248 |
Available-for-sale securities, Gross unrealized losses | 24,840 | 1,185 |
Available-for-sale securities, Fair Value | 142,903 | 152,570 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, Amortized cost | 2,500 | 2,500 |
Available-for-sale securities, Gross unrealized gains | 0 | 0 |
Available-for-sale securities, Gross unrealized losses | 350 | 17 |
Available-for-sale securities, Fair Value | 2,150 | 2,483 |
Other Debt Obligations [Member] | ||
Available-for-sale securities, Amortized cost | 2,314 | 1,805 |
Available-for-sale securities, Gross unrealized gains | 0 | 0 |
Available-for-sale securities, Gross unrealized losses | 0 | 0 |
Available-for-sale securities, Fair Value | $ 2,314 | $ 1,805 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) Pure in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Impaired Financing Receivable, Average Recorded Investment | $ 1,655,000 | $ 2,761,000 | |
Impaired Financing Receivable, Related Allowance | 0 | $ 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 72,000 | $ 149,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 524,000 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 524,000 | $ 0 |
Note 4 - Loans and Leases - Act
Note 4 - Loans and Leases - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for loan and lease losses beginning balance | $ 10,355 | $ 9,994 |
Provision charged to expenses | 0 | 300 |
Losses charged off | 0 | (5) |
Recoveries | 45 | 22 |
Allowance for loan and lease losses ending balance | 10,400 | 10,311 |
Residential 1 - 4 Family Real Estate [Member] | ||
Allowance for loan and lease losses beginning balance | 1,719 | 1,683 |
Provision charged to expenses | 99 | 68 |
Losses charged off | 0 | 0 |
Recoveries | 39 | 3 |
Allowance for loan and lease losses ending balance | 1,857 | 1,754 |
Commercial and Agricultural Real Estate Portfolio Segment [Member] | ||
Allowance for loan and lease losses beginning balance | 7,121 | 6,664 |
Provision charged to expenses | 170 | 369 |
Losses charged off | 0 | 0 |
Recoveries | 3 | 17 |
Allowance for loan and lease losses ending balance | 7,294 | 7,050 |
Commercial and Agriculture Portfolio Segment [Member] | ||
Allowance for loan and lease losses beginning balance | 1,414 | 1,515 |
Provision charged to expenses | (258) | (131) |
Losses charged off | 0 | 0 |
Recoveries | 0 | 1 |
Allowance for loan and lease losses ending balance | 1,156 | 1,385 |
Consumer Portfolio Segment [Member] | ||
Allowance for loan and lease losses beginning balance | 101 | 132 |
Provision charged to expenses | (11) | (6) |
Losses charged off | 0 | (5) |
Recoveries | 3 | 1 |
Allowance for loan and lease losses ending balance | $ 93 | $ 122 |
Note 4 - Loans and Leases - A_2
Note 4 - Loans and Leases - Activity in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Attributable to loans individually evaluated for impairment | $ 0 | $ 0 |
Collectively evaluated for impairment | 10,400 | 10,355 |
Total allowance for loan losses | 10,400 | 10,355 |
Individually evaluated for impairment | 1,642 | 1,948 |
Acquired with deteriorated credit quality | 127,949 | 121,969 |
Collectively evaluated for impairment | 635,648 | 607,439 |
Loans and leases balance | 637,426 | 609,559 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Acquired with deteriorated credit quality | 136 | 172 |
Residential 1 - 4 Family Real Estate [Member] | ||
Attributable to loans individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,857 | 1,719 |
Total allowance for loan losses | 1,857 | 1,719 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 123,413 | 112,120 |
Loans and leases balance | 123,487 | 112,196 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Acquired with deteriorated credit quality | 74 | 76 |
Commercial and Agricultural Real Estate Portfolio Segment [Member] | ||
Attributable to loans individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 7,294 | 7,121 |
Total allowance for loan losses | 7,294 | 7,121 |
Individually evaluated for impairment | 552 | 676 |
Collectively evaluated for impairment | 437,494 | 404,192 |
Loans and leases balance | 438,108 | 404,964 |
Commercial and Agricultural Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Acquired with deteriorated credit quality | 62 | 96 |
Commercial and Agriculture Portfolio Segment [Member] | ||
Attributable to loans individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,156 | 1,414 |
Total allowance for loan losses | 1,156 | 1,414 |
Individually evaluated for impairment | 1,090 | 1,272 |
Collectively evaluated for impairment | 69,277 | 85,562 |
Loans and leases balance | 70,367 | 86,834 |
Commercial and Agriculture Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Attributable to loans individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 93 | 101 |
Total allowance for loan losses | 93 | 101 |
Individually evaluated for impairment | 0 | 0 |
Acquired with deteriorated credit quality | 5,464 | 5,565 |
Collectively evaluated for impairment | 5,464 | 5,565 |
Loans and leases balance | 5,464 | 5,565 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Note 4 - Loans and Leases - Sum
Note 4 - Loans and Leases - Summary of Nonaccrual Loans and Leases (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Recorded investment, nonaccrual | $ 1,014,000 | $ 320,000 |
Loans and leases past due over 90 days still accruing | 524,000 | 0 |
Troubled debt restructurings | 756,000 | 920,000 |
Residential 1 - 4 Family Real Estate [Member] | ||
Recorded investment, nonaccrual | 190,000 | 184,000 |
Loans and leases past due over 90 days still accruing | 0 | 0 |
Troubled debt restructurings | 125,000 | 139,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Recorded investment, nonaccrual | 357,000 | 136,000 |
Loans and leases past due over 90 days still accruing | 0 | 0 |
Troubled debt restructurings | 9,000 | 14,000 |
Agricultural Real Estate [Member] | ||
Recorded investment, nonaccrual | 0 | 0 |
Loans and leases past due over 90 days still accruing | 0 | 0 |
Troubled debt restructurings | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, nonaccrual | 467,000 | 0 |
Loans and leases past due over 90 days still accruing | 524,000 | 0 |
Troubled debt restructurings | 622,000 | 767,000 |
Agriculture [Member] | ||
Recorded investment, nonaccrual | 0 | 0 |
Loans and leases past due over 90 days still accruing | 0 | 0 |
Troubled debt restructurings | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, nonaccrual | 0 | 0 |
Loans and leases past due over 90 days still accruing | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Note 4 - Loans and Leases - Agi
Note 4 - Loans and Leases - Aging of the Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and leases balance | $ 637,426 | $ 609,559 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 1,201 | 1,753 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 69 | 1,082 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 1,300 | 50 |
Financial Asset, Past Due [Member] | ||
Loans and leases balance | 2,570 | 2,885 |
Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | 634,856 | 606,674 |
Residential 1 - 4 Family Real Estate [Member] | ||
Loans and leases balance | 123,487 | 112,196 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 556 | 425 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 74 | 48 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans and leases balance | 630 | 473 |
Residential 1 - 4 Family Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | 122,857 | 111,723 |
Commercial and Multi-Family Real Estate [Member] | ||
Loans and leases balance | 383,475 | 351,979 |
Commercial and Multi-Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 206 | 153 |
Commercial and Multi-Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Commercial and Multi-Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 234 | 2 |
Commercial and Multi-Family Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans and leases balance | 440 | 155 |
Commercial and Multi-Family Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | 383,035 | 351,824 |
Agriculture [Member] | ||
Loans and leases balance | 8,767 | 8,511 |
Agriculture [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 54,633 | 52,985 |
Agriculture [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, Past Due [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 0 | 0 |
Agriculture [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | 8,767 | 8,511 |
Agriculture [Member] | Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | ||
Loans and leases balance | 54,633 | 52,985 |
Commercial Portfolio Segment [Member] | ||
Loans and leases balance | 61,600 | 78,323 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 435 | 1,170 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 69 | 1,082 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 992 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans and leases balance | 1,496 | 2,252 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | 60,104 | 76,071 |
Consumer Portfolio Segment [Member] | ||
Loans and leases balance | 5,464 | 5,565 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and leases balance | 4 | 5 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans and leases balance | 4 | 5 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and leases balance | $ 5,460 | $ 5,560 |
Note 4 - Loans and Leases - Loa
Note 4 - Loans and Leases - Loans by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and leases balance | $ 637,426 | $ 609,559 |
Pass [Member] | ||
Loans and leases balance | 498,351 | 461,187 |
Special Mention [Member] | ||
Loans and leases balance | 1,332 | 10,308 |
Substandard [Member] | ||
Loans and leases balance | 9,794 | 16,095 |
Doubtful [Member] | ||
Loans and leases balance | 0 | 0 |
Not Rated [Member] | ||
Loans and leases balance | 127,949 | 121,969 |
Residential 1 - 4 Family Real Estate [Member] | ||
Loans and leases balance | 123,487 | 112,196 |
Residential 1 - 4 Family Real Estate [Member] | Pass [Member] | ||
Loans and leases balance | 2,328 | 2,479 |
Residential 1 - 4 Family Real Estate [Member] | Special Mention [Member] | ||
Loans and leases balance | 0 | 0 |
Residential 1 - 4 Family Real Estate [Member] | Substandard [Member] | ||
Loans and leases balance | 0 | 0 |
Residential 1 - 4 Family Real Estate [Member] | Doubtful [Member] | ||
Loans and leases balance | 0 | 0 |
Residential 1 - 4 Family Real Estate [Member] | Not Rated [Member] | ||
Loans and leases balance | 121,159 | 109,717 |
Commercial and Multi-Family Real Estate [Member] | ||
Loans and leases balance | 383,475 | 351,979 |
Commercial and Multi-Family Real Estate [Member] | Pass [Member] | ||
Loans and leases balance | 429,118 | 380,936 |
Commercial and Multi-Family Real Estate [Member] | Special Mention [Member] | ||
Loans and leases balance | 566 | 10,080 |
Commercial and Multi-Family Real Estate [Member] | Substandard [Member] | ||
Loans and leases balance | 8,424 | 13,823 |
Commercial and Multi-Family Real Estate [Member] | Doubtful [Member] | ||
Loans and leases balance | 0 | 0 |
Commercial and Multi-Family Real Estate [Member] | Not Rated [Member] | ||
Loans and leases balance | 0 | 125 |
Commercial Portfolio Segment [Member] | ||
Loans and leases balance | 61,600 | 78,323 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases balance | 66,905 | 77,772 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and leases balance | 766 | 228 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases balance | 1,370 | 2,272 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases balance | 0 | 0 |
Commercial Portfolio Segment [Member] | Not Rated [Member] | ||
Loans and leases balance | 1,326 | 6,562 |
Consumer Portfolio Segment [Member] | ||
Loans and leases balance | 5,464 | 5,565 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases balance | 0 | 0 |
Consumer Portfolio Segment [Member] | Not Rated [Member] | ||
Loans and leases balance | $ 5,464 | $ 5,565 |
Note 4 - Loans and Leases - Per
Note 4 - Loans and Leases - Performance of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans receivable | $ 127,949 | $ 121,969 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 121,159 | 109,717 |
Commercial and Multi-Family Real Estate [Member] | ||
Loans receivable | 0 | 125 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 1,326 | 6,562 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 5,464 | 5,565 |
Performing Financial Instruments [Member] | ||
Loans receivable | 127,351 | 121,921 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 121,085 | 109,669 |
Performing Financial Instruments [Member] | Commercial and Multi-Family Real Estate [Member] | ||
Loans receivable | 0 | 125 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 802 | 6,562 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 5,464 | 5,565 |
Nonperforming Financial Instruments [Member] | ||
Loans receivable | 598 | 48 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 74 | 48 |
Nonperforming Financial Instruments [Member] | Commercial and Multi-Family Real Estate [Member] | ||
Loans receivable | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 524 | 0 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 4 - Loans and Leases - Sch
Note 4 - Loans and Leases - Schedule of Loans Acquired in Acquisition (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Ohio State Bancshares Inc [Member] | Performing Financial Instruments [Member] | |
Contractual principal receivable, beginning balance | $ 7,024 |
Accretable difference, beginning balance | (190) |
Carrying amount, beginning balance | 6,834 |
Contractual principal receivable, change due to payments received | (1,294) |
Accretable difference, change due to payments received | 64 |
Carrying amount, change due to payments received | (1,230) |
Contractual principal receivable, ending balance | 5,730 |
Accretable difference, ending balance | (126) |
Carrying amount, ending balance | 5,604 |
Ohio State Bancshares Inc [Member] | Nonperforming Financial Instruments [Member] | |
Contractual principal receivable, beginning balance | 59 |
Accretable difference, beginning balance | (9) |
Carrying amount, beginning balance | 50 |
Contractual principal receivable, change due to payments received | 20 |
Accretable difference, change due to payments received | 4 |
Carrying amount, change due to payments received | 24 |
Contractual principal receivable, ending balance | 79 |
Accretable difference, ending balance | (5) |
Carrying amount, ending balance | 74 |
Benchmark Bancorp, Inc. [Member] | Performing Financial Instruments [Member] | |
Contractual principal receivable, beginning balance | 22,233 |
Accretable difference, beginning balance | (328) |
Carrying amount, beginning balance | 21,905 |
Contractual principal receivable, change due to payments received | (3,666) |
Accretable difference, change due to payments received | 79 |
Carrying amount, change due to payments received | (3,587) |
Contractual principal receivable, ending balance | 18,567 |
Accretable difference, ending balance | (249) |
Carrying amount, ending balance | 18,318 |
Benchmark Bancorp, Inc. [Member] | Nonperforming Financial Instruments [Member] | |
Contractual principal receivable, beginning balance | 260 |
Accretable difference, beginning balance | (138) |
Carrying amount, beginning balance | 122 |
Contractual principal receivable, change due to payments received | (70) |
Accretable difference, change due to payments received | 10 |
Carrying amount, change due to payments received | (60) |
Contractual principal receivable, ending balance | 190 |
Accretable difference, ending balance | (128) |
Carrying amount, ending balance | $ 62 |
Note 5 - Other Borrowings (Deta
Note 5 - Other Borrowings (Details Textual) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 250,000 | |
Long-Term Debt, Maturity, Year One | 1,000,000 | |
Long-Term Debt, Maturity, Year Two | 1,000,000 | |
Long-Term Debt, Maturity, Year Three | 1,000,000 | |
Long-Term Debt, Maturity, Year Four | 1,000,000 | |
Long-Term Debt, Maturity, Year Five | 1,000,000 | |
Long-Term Debt, Maturity, Year Six | 1,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 177,292,000 | $ 151,326,000 |
Note 5 - Other Borrowings - Com
Note 5 - Other Borrowings - Composition of Other Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Funds purchased | $ 0 | $ 12 |
Other borrowings | 6,250 | 7,012 |
Note Payable With Interest At 4.00% [Member] | ||
Other borrowings | $ 6,250 | $ 7,000 |
Note 5 - Other Borrowings - C_2
Note 5 - Other Borrowings - Composition of Other Borrowings (Details) (Parentheticals) - Note Payable With Interest At 4.00% [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt instrument, interest rate, stated percentage | 4% | 4% |
Debt instrument, maturity date | Dec. 01, 2028 | Dec. 01, 2028 |
Debt instrument, periodic principal payments | $ 250 | $ 250 |
Note 6 - Junior Subordinated _2
Note 6 - Junior Subordinated Deferrable Interest Debentures (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Balance, Principal Amount | $ 300,000 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000,000 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 13,001,000 | $ 12,976,000 | |
Subordinated Borrowing, Interest Rate | 6.79% | 3.37% | |
Subordinated Debenture, Default, Interest Payment Deferment Quarterly Periods | 20 | ||
Interest Expense, Debt, Total | $ 422,000 | $ 323,000 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ||
Trust Preferred Securities [Member] | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 10,300,000 | ||
Trust Preferred Securities [Member] | Ohio State Bancshares Inc [Member] | |||
Subordinated Borrowing, Interest Rate | 5.63% | 2.97% | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,093,000 | ||
Business Combination, Consideration Transferred, Liabilities Incurred, Carrying Value | $ 2,701,000 | $ 2,676,000 | |
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Ohio State Bancshares Inc [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||
Guaranteed Trust Preferred Securities [Member] | Ohio State Bancshares Inc [Member] | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,000,000 | ||
Trusted Preferred Securities Secured by an Investment [Member] | Ohio State Bancshares Inc [Member] | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 93,000 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financial Liabilities Fair Value Disclosure, Total | $ 972,891,000 | $ 948,151,000 |
Assets, Fair Value Disclosure, Total | $ 957,197,000 | 1,000,421,000 |
Measurement Input, Appraised Value [Member] | Minimum [Member] | ||
Impaired Loans, Measurement Input | 0.15 | |
Mortgage Servicing Rights, Measurement Input | 0.08 | |
Measurement Input, Appraised Value [Member] | Maximum [Member] | ||
Impaired Loans, Measurement Input | 0.35 | |
Mortgage Servicing Rights, Measurement Input | 0.10 | |
Measurement Input, Cost to Sell [Member] | Minimum [Member] | ||
Impaired Loans, Measurement Input | 0.10 | |
Measurement Input, Cost to Sell [Member] | Maximum [Member] | ||
Impaired Loans, Measurement Input | 0.20 | |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired Financing Receivable, Recorded Investment | $ 0 | |
Fair Value, Recurring [Member] | ||
Financial Liabilities Fair Value Disclosure, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Assets, Fair Value Disclosure, Total | $ 2,269,000 | $ 1,868,000 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Reconciliation and Income Statement Classification of Gains and Losses (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 1,868 | $ 1,132 |
Purchases, issuances, and settlements | 228 | 628 |
Disposals - amortization based on loan payments and payoffs | (155) | (187) |
Changes in fair value | 328 | 295 |
Balance at end of period | $ 2,269 | $ 1,868 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Other Commitment, Total | $ 206,965,000 | $ 198,681,000 |
Note 8 - Fair Value of Financ_4
Note 8 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Recognized Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Net loans | $ 618,044 | $ 600,512 | |
Total Financial Assets | 957,197 | 1,000,421 | |
Total Financial Liabilities | 972,891 | 948,151 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 49,001 | 75,202 | |
Fair Value, Inputs, Level 1 [Member] | Non-Maturity Deposits [Member] | |||
Deposits | 855,769 | 800,966 | |
Fair Value, Inputs Level 2 and Level 3 [Member] | |||
Securities, including FHLB stock | 279,325 | 312,771 | |
Fair Value, Inputs, Level 3 [Member] | |||
Loans held for sale | 8,078 | 9,146 | |
Mortgage servicing rights | 2,269 | 1,868 | $ 1,132 |
Hedging assets | 480 | 922 | |
Other borrowings | 6,250 | 7,012 | |
Junior subordinated deferrable interest debentures | 9,236 | 10,931 | |
Hedging liabilities | 46 | ||
Fair Value, Inputs, Level 3 [Member] | Maturity Deposits [Member] | |||
Deposits | 101,636 | 129,196 | |
Reported Value Measurement [Member] | |||
Net loans | 627,026 | 599,204 | |
Total Financial Assets | 966,179 | 999,113 | |
Total Financial Liabilities | 980,020 | 950,447 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 49,001 | 75,202 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Maturity Deposits [Member] | |||
Deposits | 855,769 | 800,966 | |
Reported Value Measurement [Member] | Fair Value, Inputs Level 2 and Level 3 [Member] | |||
Securities, including FHLB stock | 279,325 | 312,771 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans held for sale | 8,078 | 9,146 | |
Mortgage servicing rights | 2,269 | 1,868 | |
Hedging assets | 480 | 922 | |
Other borrowings | 6,250 | 7,012 | |
Junior subordinated deferrable interest debentures | 13,001 | 12,976 | |
Hedging liabilities | 46 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Maturity Deposits [Member] | |||
Deposits | $ 105,000 | $ 129,447 |
Note 9 - Stock Options (Details
Note 9 - Stock Options (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 35,966 | 0 | ||||
Stock Option Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 35,966 | 21,958 | 63,858 | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 23.10 | $ 34.60 | $ 19.83 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 79,462 | 78,176 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 8 years | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 250,000 | $ 250,000 | $ 225,000 | $ 248,000 | ||
Share-Based Payment Arrangement, Expense, after Tax | $ 56,000 | $ 58,000 | $ 167,000 | $ 127,000 | ||
Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | 250,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 36 years | 36 months | 36 months |
Note 9 - Stock Options - Summar
Note 9 - Stock Options - Summary of Activity for Stock Options (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Outstanding, beginning of period (in shares) | 133,792 | 157,817 | 157,817 |
Granted (in shares) | 35,966 | 0 | |
Exercised (in shares) | (23,356) | (17,590) | |
Forfeited (in shares) | (3,224) | (12,659) | |
Outstanding, end of period (in shares) | 143,178 | 127,568 | 133,792 |
Weighted average exercise price at end of quarter (in dollars per share) | $ 22.71 | $ 19.93 |
Note 9 - Stock Options - Schedu
Note 9 - Stock Options - Schedule of Assumptions Used In Calculating the Fair Value of Options Granted (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average fair value of options granted (in dollars per share) | $ 6.95 | $ 11.19 | $ 4.83 |
Average dividend yield | 3.64% | 2.23% | 2.93% |
Expected volatility | 40% | 40% | 40% |
Risk-free interest rate | 2.90% | 1% | 0.49% |
Expected term (years) (Year) | 7 years | 7 years | 7 years |
Note 10 - Non-interest Income -
Note 10 - Non-interest Income - Non-interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||
Gain on sale of loans | $ 852 | $ 3,799 | $ 1,535 | [1] | $ 11,257 | [1] | |
Net securities gains (losses) (1) | (38) | (4) | (116) | (7) | |||
Change in fair value of mortgage servicing rights | [1] | 328 | 264 | ||||
Increase in cash surrender value of life insurance | [1] | 1,067 | 309 | ||||
Net servicing fees (1) | 401 | 367 | |||||
Other non-interest income | 2,278 | (419) | |||||
Total non-interest income | $ 2,823 | $ 4,712 | 8,129 | 14,230 | |||
Deposit Account [Member] | |||||||
Revenues | 942 | 790 | |||||
Credit and Debit Card [Member] | |||||||
Revenues | 1,337 | 1,365 | |||||
Investment Advisory, Management and Administrative Service [Member] | |||||||
Revenues | $ 357 | $ 304 | |||||
[1]Not within the scope of ASC 606 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) | Oct. 18, 2022 $ / shares |
Subsequent Event [Member] | |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.21 |