Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMES NATIONAL CORPORATION | ||
Entity Central Index Key | 0001132651 | ||
Trading Symbol | atlo | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,222,747 | ||
Entity Public Float | $ 246,196,346 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $2.00 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 34,616,880 | $ 30,384,066 |
Interest bearing deposits in financial institutions | 108,947,624 | 26,057,513 |
Securities available-for-sale | 479,843,448 | 458,971,162 |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 3,138,900 | 3,191,200 |
Loans receivable, net | 1,048,147,496 | 890,461,479 |
Loans held for sale | 2,776,785 | 401,287 |
Bank premises and equipment, net | 17,810,605 | 15,813,196 |
Accrued income receivable | 11,788,409 | 9,415,570 |
Other real estate owned | 4,003,684 | 829,603 |
Bank-owned life insurance | 2,842,713 | 2,773,729 |
Deferred income taxes | 1,151,016 | 3,848,713 |
Other intangible assets, net | 3,959,260 | 2,677,884 |
Goodwill | 12,114,559 | 9,744,472 |
Other assets | 6,041,126 | 1,117,477 |
Total assets | 1,737,182,505 | 1,455,687,351 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest bearing checking | 267,441,988 | 230,113,170 |
Interest bearing checking | 461,857,728 | 366,178,715 |
Savings and money market | 481,642,221 | 418,384,284 |
Time, $250,000 and over | 74,206,421 | 40,014,550 |
Other time | 208,026,740 | 166,393,120 |
Total deposits | 1,493,175,098 | 1,221,083,839 |
Securities sold under agreements to repurchase | 42,033,570 | 40,674,486 |
FHLB advances | 5,000,000 | 14,600,000 |
Dividends payable | 2,213,459 | 2,137,460 |
Accrued expenses and other liabilities | 7,180,906 | 4,326,502 |
Total liabilities | 1,549,603,033 | 1,282,822,287 |
STOCKHOLDERS' EQUITY | ||
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 9,222,747 and 9,293,305 shares as of December 31, 2019 and 2018, respectively | 18,445,494 | 18,586,610 |
Additional paid-in capital | 18,794,141 | 20,461,724 |
Retained earnings | 146,225,085 | 137,891,821 |
Accumulated other comprehensive income (loss) | 4,114,752 | (4,075,091) |
Total stockholders' equity | 187,579,472 | 172,865,064 |
Total liabilities and stockholders' equity | $ 1,737,182,505 | $ 1,455,687,351 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, authorized (in shares) | 18,000,000 | 18,000,000 |
Common stock, issued (in shares) | 9,222,747 | 9,293,305 |
Common stock, outstanding (in shares) | 9,222,747 | 9,293,305 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income: | ||
Loans, including fees | $ 44,282,197 | $ 38,013,249 |
Securities: | ||
Taxable | 6,483,893 | 6,188,403 |
Tax-exempt | 4,047,054 | 4,582,970 |
Other interest and dividend income | 1,364,349 | 942,341 |
Total interest and dividend income | 56,177,493 | 49,726,963 |
Interest expense: | ||
Deposits | 10,200,626 | 6,841,807 |
Other borrowed funds | 728,723 | 761,389 |
Total interest expense | 10,929,349 | 7,603,196 |
Net interest income | 45,248,144 | 42,123,767 |
Provision for loan losses | 1,314,104 | 639,316 |
Net interest income after provision for loan losses | 43,934,040 | 41,484,451 |
Noninterest income: | ||
Securities gains, net | 17,031 | |
Gain on sale of loans held for sale | 1,044,798 | 780,947 |
Gain on foreclosure of other real estate owned | 162,862 | |
Other noninterest income | 826,221 | 759,854 |
Total noninterest income | 8,629,398 | 7,900,937 |
Noninterest expense: | ||
Salaries and employee benefits | 19,675,952 | 17,821,753 |
Data processing | 4,130,506 | 3,478,640 |
Occupancy expenses | 2,275,882 | 2,008,331 |
FDIC insurance assessments | 193,593 | 404,514 |
Professional fees | 1,753,531 | 1,482,911 |
Business development | 1,242,271 | 1,166,688 |
Intangible asset amortization | 609,624 | 430,537 |
Data conversion costs | 228,854 | |
New market tax credit projects amortization | 581,563 | |
Other operating expenses, net | 1,058,747 | 943,182 |
Total noninterest expense | 31,521,669 | 27,965,410 |
Income before income taxes | 21,041,769 | 21,419,978 |
Provision for income taxes | 3,847,600 | 4,406,100 |
Net income | $ 17,194,169 | $ 17,013,878 |
Basic and diluted earnings per share (in dollars per share) | $ 1.86 | $ 1.83 |
Fiduciary and Trust [Member] | ||
Noninterest income: | ||
Noninterest income | $ 3,596,770 | $ 3,344,579 |
Financial Service [Member] | ||
Noninterest income: | ||
Noninterest income | 1,619,269 | 1,425,361 |
Credit and Debit Card [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,525,309 | $ 1,427,334 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 17,194,169 | $ 17,013,878 |
Other comprehensive income (loss), before tax: | ||
Unrealized holding gains (losses) arising during the period | 10,936,820 | (4,747,149) |
Less: reclassification adjustment for gains realized in net income | 17,031 | |
Other comprehensive income (loss) before tax | 10,919,789 | (4,747,149) |
Tax expense (benefit) related to other comprehensive income (loss) | 2,729,946 | (1,187,131) |
Other comprehensive income (loss), net of tax | 8,189,843 | (3,560,018) |
Comprehensive income | $ 25,384,012 | $ 13,453,860 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2017 | 9,310,913 | |||||
Balance at Dec. 31, 2017 | $ 18,621,826 | $ 20,878,728 | $ 131,684,961 | $ (432,373) | $ 170,753,142 | |
Net income | 17,013,878 | 17,013,878 | ||||
Other comprehensive (loss) | (3,560,018) | (3,560,018) | ||||
The cumulative effect from change in accounting policy (1) | [1] | 82,700 | (82,700) | |||
Retirement of stock (in shares) | (17,608) | |||||
Retirement of stock | $ (35,216) | (417,004) | (452,220) | |||
Cash dividends declared | (10,889,718) | $ (10,889,718) | ||||
Balance (in shares) at Dec. 31, 2018 | 9,293,305 | 9,293,305 | ||||
Balance at Dec. 31, 2018 | $ 18,586,610 | 20,461,724 | 137,891,821 | (4,075,091) | $ 172,865,064 | |
Net income | 17,194,169 | 17,194,169 | ||||
Other comprehensive (loss) | 8,189,843 | 8,189,843 | ||||
Retirement of stock (in shares) | (70,558) | |||||
Retirement of stock | $ (141,116) | (1,667,583) | (1,808,699) | |||
Cash dividends declared | (8,860,905) | $ (8,860,905) | ||||
Balance (in shares) at Dec. 31, 2019 | 9,222,747 | 9,222,747 | ||||
Balance at Dec. 31, 2019 | $ 18,445,494 | $ 18,794,141 | $ 146,225,085 | $ 4,114,752 | $ 187,579,472 | |
[1] | The cumulative effect for the year ended December 31, 2018, reflects adoption of ASU 2018-02 in first quarter 2018. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends declared, per share (in dollars per share) | $ 0.96 | $ 1.17 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 17,194,169 | $ 17,013,878 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,314,104 | 639,316 |
Provision for off-balance sheet commitments | 17,000 | 9,000 |
Amortization of securities available-for-sale, loans and deposits, net | 1,066,378 | 1,975,177 |
Amortization of Intangible Assets, Total | 609,624 | 430,537 |
Depreciation | 1,235,378 | 1,134,007 |
Provision (credit) for deferred income taxes | (32,250) | (69,900) |
Securities gains, net | (17,031) | |
Gain on sales of loans held for sale | (1,044,798) | (780,947) |
Proceeds from the sales of loans held for sale | 51,213,713 | 34,147,449 |
Originations of loans held for sale | (52,544,413) | (33,767,789) |
(Gain) on sale and foreclosure of other real estate owned, net | (44,433) | (222,265) |
Loss on sale and disposal of bank premises and equipment, net | 9,360 | 11,437 |
Amortization of investment in new market tax credit projects | 581,563 | |
Change in assets and liabilities: | ||
(Increase) decrease in accrued income receivable | 514,915 | (170,284) |
(Increase) decrease in other assets | (784,589) | 104,515 |
Increase in accrued expenses and other liabilities | 891,022 | 250,950 |
Net cash provided by operating activities | 20,179,712 | 20,705,081 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available-for-sale | (82,387,547) | (25,980,489) |
Proceeds from sale of securities available-for-sale | 8,211,157 | |
Proceeds from maturities and calls of securities available-for-sale | 98,514,145 | 72,333,610 |
Net decrease in federal funds sold | 2,792,000 | 1,154,000 |
Purchase of FHLB stock | (4,060,600) | (8,731,300) |
Proceeds from the redemption of FHLB stock | 4,477,200 | 8,690,900 |
Net decrease (increase) in interest bearing deposits in financial institutions | (61,855,282) | 17,285,440 |
Net (increase) in loans | (23,459,602) | (43,573,057) |
Net proceeds from the sale of other real estate owned | 833,721 | 393,115 |
Proceeds from the sale of bank premises and equipment | 4,000 | 2,500 |
Purchase of bank premises and equipment | (780,440) | (616,544) |
Proceeds from sale of bank-owned life insurance | 2,501,521 | |
Purchase of investment in new market tax credit projects | (4,536,378) | |
Purchase of customer list | (14,959) | |
Cash paid net of cash acquired for acquired bank | (19,143,271) | (13,443,218) |
Other | (71,565) | 1,135,069 |
Net cash provided by (used in) investing activities | (78,960,941) | 8,635,067 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in deposits | 83,595,584 | 3,549,380 |
(Decrease) in securities sold under agreements to repurchase | (387,936) | (5,750,133) |
Proceeds from short-term borrowings | 3,000,000 | 12,600,000 |
Payments on FHLB and other borrowings | (12,600,000) | (24,500,000) |
Dividends paid | (8,784,906) | (10,800,659) |
Stock repurchases | (1,808,699) | (452,220) |
Net cash provided by (used in) financing activities | 63,014,043 | (25,353,632) |
Net increase in cash and due from banks | 4,232,814 | 3,986,516 |
CASH AND DUE FROM BANKS | ||
Beginning | 30,384,066 | 26,397,550 |
Ending | 34,616,880 | 30,384,066 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest | 10,550,529 | 7,387,893 |
Income taxes | 3,958,213 | 4,633,086 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES | ||
Transfer of loans to other real estate owned | 381,600 | 494,944 |
Business Combination: | ||
Goodwill | 12,114,559 | 9,744,472 |
Iowa State Savings Bank [Member] | ||
Business Combination: | ||
Fair value of interest bearing deposits in financial institutions acquired | 21,034,829 | |
Fair value of federal funds sold acquired | 2,792,000 | |
Fair value of securities available-for-sale acquired | 33,615,135 | |
Fair value of FHLB stock at cost | 364,300 | |
Fair value of loans receivable acquired | 137,776,266 | |
Fair value of bank premises and equipment acquired | 2,452,021 | |
Fair value of accrued interest receivable acquired | 2,887,754 | |
Fair value of other real estate owned acquired | 3,581,769 | |
Fair value of other tangible assets acquired | 203,866 | |
Fair value of bank-owned life insurance acquired | 2,498,940 | |
Goodwill | 2,370,087 | |
Core deposit intangible acquired | 1,891,000 | |
Deposits assumed | 188,631,294 | |
Securities sold under agreement to repurchase assumed | 1,747,020 | |
Federal funds purchased assumed | ||
Other liabilities assumed | $ 1,946,382 | |
Acquisition of Clarke County State Bank [Member] | ||
Business Combination: | ||
Fair value of interest bearing deposits in financial institutions acquired | 1,475,000 | |
Fair value of federal funds sold acquired | 1,154,000 | |
Fair value of securities available-for-sale acquired | 17,196,715 | |
Fair value of FHLB stock at cost | 129,600 | |
Fair value of loans receivable acquired | 76,041,470 | |
Fair value of bank premises and equipment acquired | 924,400 | |
Fair value of accrued interest receivable acquired | 862,895 | |
Fair value of other real estate owned acquired | 120,000 | |
Fair value of other tangible assets acquired | 63,145 | |
Fair value of bank-owned life insurance acquired | 2,754,798 | |
Goodwill | 3,012,256 | |
Core deposit intangible acquired | 2,002,000 | |
Deposits assumed | 83,169,311 | |
Securities sold under agreement to repurchase assumed | ||
Federal funds purchased assumed | 9,000,000 | |
Other liabilities assumed | $ 123,749 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Description of business Segment information one Consolidation Use of estimates Cash and due from banks 90 Securities available-for-sale may Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operation at the time of sale. Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned. Declines in the fair value of securities available-for-sale below their cost that are deemed to be other-than-temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers ( 1 not 2 3 FHLB and FRB stock 0.12 4.00 6 No no no December 31, 2019. Loans 90 no Allowance for loan losses may The Company’s allowance for possible loan losses consists of two The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of problem loans. Loans are classified based on an internal credit risk rating process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Smaller balance homogeneous loans are evaluated for impairment in total. Such loans include residential first one four not 90 The general component of the allowance for loan losses is based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. The general component is determined by evaluating, among other things: (i) actual charge offs; (ii) the experience, ability and effectiveness of the Company’s lending management and staff; (iii) the effectiveness of the Company’s loan policies, procedures and internal controls; (iv) changes in asset quality; (v) changes in loan portfolio volume; (vi) the composition and concentrations of credit; (vii) the impact of competition on loan structuring and pricing; (viii) the effectiveness of the internal audit loan review function; (ix) the impact of environmental risks on portfolio risks; and ( x one Loans held for sale Bank p remises and equipment 3 7 15 39 Other real estate owned Bank-owned life insurance Goodwill and other intangible assets : not not two second Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. At December 31, 2019, not The only other significant intangible assets are core deposit intangible and customer list assets. The core deposit intangible and customer list asset is determined to have a definite life and is amortized over the estimated useful life. The core deposit intangible asset and customer list asset are both customer-based relationship valuation attributed to the expectation of a lower net cost of these deposits versus alternative sources of funds. The core deposit intangible and customer list asset are reviewed for impairment whenever events occur or circumstances indicate that the carrying amount may not Wealth management department assets not not Revenue from contracts with customers 606 2014 09, Revenue from Contracts with Customers January 1, 2018. not Advertising c osts: Income taxes not not not 50 The Company files a consolidated federal income tax return, with each entity computing its taxes on a separate company basis. For state tax purposes, the Banks file franchise tax returns, while the Parent Company files a corporate income tax return. Comprehensive income Financial instruments with off-balance-sheet risk not 15. Transfers of financial assets and participating interests 1 2 3 not The transfer of a participating interest in an entire financial asset must also meet the definition of a participating interest. A participating interest in a financial asset has all of the following characteristics: ( 1 2 3 4 no Earnings per share: December 31, 2019 2018 no The following information was used in the computation of basic earnings per share (EPS) for the years ended December 31, 2019 2018. 2019 2018 Basic earning per share computation: Net income $ 17,194,169 $ 17,013,878 Weighted average common shares outstanding 9,236,989 9,310,594 Basic EPS $ 1.86 $ 1.83 Reclassifications: Certain reclassifications have been made to the prior consolidated financial statements to conform to the current period presentation. These reclassifications had no New and Pending Accounting Pronouncements: February 2016, No. 2016 02, 842 12 December 15, 2018. January 1, 2019. not In June 2016, No. 2016 13, 326 October 2019, No. 2016 13 December 15, 2022. No. 2016 13 In January 2017, 2017 04, 350 Simplifying the Test for Goodwill Impairment 2 December 15, 2019, January 1, 2017. not In August 2018, No. 2018 13, 820 Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. December 15, 2019, 2020 not |
Note 2 - Bank Acquisitions
Note 2 - Bank Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. s On October 25, 2019, four $22.3 $1,891,000 $2,370,000. October 25, 2019. no $195,000 December 31, 2019. The following table summarizes the fair value of the total consideration transferred as a part of the ISSB Acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transactions. (in thousands) Cash consideration transferred $ 22,333 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 3,188 Federal funds sold 2,792 Interest bearing deposits in financial institutions 21,035 Securities available-for-sale 33,615 Federal Home Loan Bank stock at cost 365 Loans receivable 137,776 Accrued interest receivable 2,888 Bank premises and equipment 2,452 Other real estate owned 3,582 Bank owned life insurance 2,499 Core deposit intangible asset 1,891 Other assets 204 Deposits (188,631 ) Securities sold under repurchase agreements (1,747 ) Accrued interest payable and other liabilities (1,946 ) Total identifiable net assets 19,963 Goodwill $ 2,370 On October 25, 2019, $139,703,000 $188,068,000. 1 4 The acquired loans associated with the ISSB Acquisition at contractual values as of October 25, 2019 (in thousands) Pass $ 121,346 Watch 12,333 Special Mention - Substandard 6,024 Total loans acquired at book value $ 139,703 The core deposit intangible asset associated with the ISSB Acquisition is amortized to expense on a declining basis over a period of ten ten two On September 14, 2018, three $14.8 $2,002,000 $3,012,000. September 14, 2018. no $432,000 December 31, 2018. The following table summarizes the fair value of the total consideration transferred as a part of the Clarke County Acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transactions. (in thousands) 2018 Cash consideration transferred $ 14,807 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 1,364 Federal funds sold 1,154 Interest bearing deposits in financial institutions 1,475 Securities available-for-sale 17,197 Federal Home Loan Bank stock at cost 130 Loans receivable 76,041 Accrued interest receivable 863 Bank premises and equipment 924 Other real estate owned 120 Deferred income taxes 49 Bank-owned life insurance 2,755 Core deposit intangible asset 2,002 Other assets 14 Deposits (83,169 ) Federal funds purchased (9,000 ) Accrued interest payable and other liabilities (124 ) Total identifiable net assets 11,795 Goodwill $ 3,012 On September 14, 2018, $77,197,000 $83,092,000. 1 4 The acquired loans associated with the Clarke County Acquisition at contractual values as of September 14, 2018 (in thousands) Pass $ 63,220 Watch 9,431 Special Mention 2,734 Substandard 1,812 Total loans acquired at book value $ 77,197 The core deposit intangible asset associated with the Clarke County Acquisition is amortized to expense on a declining basis over a period of ten ten two |
Note 3 - Concentrations and Res
Note 3 - Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions [Text Block] | Note 3 . Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions The Federal Reserve Bank requires member banks to maintain certain cash and due from bank reserves. The subsidiary banks’ reserve requirements totaled approximately $8,734,000 $6,739,000 December 31, 2019 2018, At December 31, 2019, $109,968,000 not no |
Note 4 - Debt Securities
Note 4 - Debt Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 . Debt Securities The amortized cost of securities available-for-sale and their approximate fair values are summarized below (in thousands) Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2019: U.S. government treasuries $ 9,392 $ 64 $ (4 ) $ 9,452 U.S. government agencies 124,913 1,609 (89 ) 126,433 U.S. government mortgage-backed securities 80,295 867 (34 ) 81,128 State and political subdivisions 193,745 1,852 (295 ) 195,302 Corporate bonds 66,012 1,542 (26 ) 67,528 Total $ 474,357 $ 5,934 $ (448 ) $ 479,843 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2018: U.S. government treasuries $ 7,925 $ - $ (125 ) $ 7,800 U.S. government agencies 111,759 73 (1,564 ) 110,268 U.S. government mortgage-backed securities 71,596 88 (1,302 ) 70,382 State and political subdivisions 217,247 465 (1,757 ) 215,955 Corporate bonds 55,877 2 (1,313 ) 54,566 Total $ 464,404 $ 628 $ (6,061 ) $ 458,971 The amortized cost and fair value of debt securities available-for-sale as of December 31, 2019, may (in thousands) Amortized Estimated Cost Fair Value Due in one year or less $ 71,648 $ 71,731 Due after one year through five years 249,035 252,018 Due after five years through ten years 132,451 134,733 Due after ten years 21,223 21,361 Total $ 474,357 $ 479,843 At December 31, 2019 2018, $180,063,000 $145,709,000, The proceeds, gains, and losses from securities available-for-sale are summarized below (in thousands) 2019 2018 Proceeds from sales of securities available-for-sale $ 8,211 $ - Gross realized gains on securities available-for-sale 37 - Gross realized losses on securities available-for-sale 20 - Tax provision applicable to net realized gains on securities available-for-sale 4 - No December 31, 2019 2018. Gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019 2018, (in thousands ) 2019: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Securities available for sale: U.S. government treasuries $ 3,023 $ (4 ) $ - $ - $ 3,023 $ (4 ) U.S. government agencies 23,827 (85 ) 2,520 (4 ) 26,347 (89 ) U.S. government mortgage-backed securities 14,885 (28 ) 1,934 (6 ) 16,819 (34 ) State and political subdivisions 17,512 (125 ) 5,954 (170 ) 23,466 (295 ) Corporate bonds 4,129 (26 ) - - 4,129 (26 ) Total $ 63,376 $ (268 ) $ 10,408 $ (180 ) $ 73,784 $ (448 ) 2018: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Securities available for sale: U.S. government treasuries $ 2,962 $ (11 ) $ 4,838 $ (114 ) $ 7,800 $ (125 ) U.S. government agencies 26,099 (218 ) 73,192 (1,346 ) 99,291 (1,564 ) U.S. government mortgage-backed securities 25,037 (277 ) 37,632 (1,025 ) 62,669 (1,302 ) State and political subdivisions 60,600 (302 ) 83,494 (1,455 ) 144,094 (1,757 ) Corporate bonds 19,239 (256 ) 34,254 (1,057 ) 53,493 (1,313 ) Total $ 133,937 $ (1,064 ) $ 233,410 $ (4,997 ) $ 367,347 $ (6,061 ) At December 31, 2019, $448,000. |
Note 5 - Loans Receivable and C
Note 5 - Loans Receivable and Credit Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5 . Loans Receivable and Credit Disclosures The composition of loans receivable is as follows (in thousands) 2019 2018 Real estate - construction $ 47,895 $ 51,364 Real estate - 1 to 4 family residential 201,510 169,722 Real estate - commercial 435,850 389,532 Real estate - agricultural 160,771 103,652 Commercial 84,084 86,194 Agricultural 111,945 85,202 Consumer and other 18,791 16,566 1,060,846 902,232 Less: Allowance for loan losses (12,619 ) (11,684 ) Deferred loan fees (80 ) (87 ) Total loans receivable, net $ 1,048,147 $ 890,461 Construction loans are underwritten utilizing independent appraisals, sensitivity analysis of absorption, vacancy and lease rates and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may may The Company originates 1 4 1 4 1 4 four not 90% 100% 1 4 1 4 Commercial and agricultural real estate loans are subject to underwriting standards and processes similar to commercial and agricultural operating loans, in addition to those unique to real estate loans. These loans are viewed primarily as cash flow loans and, secondarily, as loans secured by real estate. Commercial and agricultural real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Loan-to-value generally does not 80% may may Commercial and agricultural operating loans are underwritten based on the Company’s examination of current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. This underwriting includes the evaluation of cash flows of the borrower, underlying collateral, if applicable, and the borrower’s ability to manage its business activities. The cash flows of borrowers and the collateral securing these loans may first The Company maintains an internal audit department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the audit committee. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Summary changes in the allowance for loan losses for the years ended December 31, 2019 2018 (in thousands) 2019 2018 Balance, beginning $ 11,684 $ 11,321 Provision for loan losses 1,314 639 Recoveries of loans charged-off 72 49 Loans charged-off (451 ) (325 ) Balance, ending $ 12,619 $ 11,684 Activity in the allowance for loan losses, on a disaggregated basis, for the years ended December 31, 2019 2018 (in thousands) 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 Provision (credit) for loan losses (27 ) 372 732 128 (24 ) 94 39 1,314 Recoveries of loans charged-off - 5 15 - 36 - 16 72 Loans charged-off - (75 ) - - (331 ) - (45 ) (451 ) Balance, ending $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 796 $ 1,716 $ 4,734 $ 997 $ 1,739 $ 1,171 $ 168 $ 11,321 Provision (credit) for loan losses (97 ) 121 (12 ) 201 89 271 66 639 Recoveries of loans charged-off - 6 - - 23 - 20 49 Loans charged-off - (23 ) (107 ) - (74 ) (58 ) (63 ) (325 ) Balance, ending $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 Allowance for loan losses disaggregated on the basis of the impairment analysis method as of December 31, 2019 2018 (in thousands) 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 209 $ - $ - $ - $ - $ - $ 209 Ending balance: Collectively evaluated for impairment 672 1,913 5,362 1,326 1,458 1,478 201 12,410 Ending balance $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 53 $ - $ - $ 430 $ - $ 18 $ 501 Ending balance: Collectively evaluated for impairment 699 1,767 4,615 1,198 1,347 1,384 173 11,183 Ending balance $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 Loans receivable disaggregated on the basis of the impairment analysis method as of December 31, 2019 2018 (in thousands) 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 1,204 $ 83 $ 84 $ 462 $ 2,951 $ 4 $ 4,788 Ending balance: Collectively evaluated for impairment 47,895 200,306 435,767 160,687 83,622 108,994 18,787 1,056,058 Ending balance $ 47,895 $ 201,510 $ 435,850 $ 160,771 $ 84,084 $ 111,945 $ 18,791 $ 1,060,846 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 365 $ 128 $ 74 $ 2,648 $ - $ 19 $ 3,234 Ending balance: Collectively evaluated for impairment 51,364 169,357 389,404 103,578 83,546 85,202 16,547 898,998 Ending balance $ 51,364 $ 169,722 $ 389,532 $ 103,652 $ 86,194 $ 85,202 $ 16,566 $ 902,232 Credit Quality Indicators. The Company utilizes a risk rating matrix to assign risk ratings to each of its construction, commercial and agricultural loans. Loans are rated on a scale of 1 7. 7 Ratings 1, 2 3 $100,000. Rating 4 Rating 5 Rating 6 not not Rating 7 90 not may The credit risk profile by internally assigned grade, on a disaggregated basis, at December 31, 2019 2018 (in thousands) 2019: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 41,073 $ 387,274 $ 118,692 $ 62,655 $ 90,083 $ 699,777 Watch 6,822 29,209 32,780 16,147 15,248 100,206 Special Mention - 4,581 - - - 4,581 Substandard - 14,703 9,215 4,820 3,663 32,401 Substandard-Impaired - 83 84 462 2,951 3,580 Total $ 47,895 $ 435,850 $ 160,771 $ 84,084 $ 111,945 $ 840,545 2018: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 45,991 $ 345,231 $ 72,562 $ 64,850 $ 58,818 $ 587,452 Watch 5,373 26,177 22,758 13,998 22,628 90,934 Special Mention - 4,775 1,675 264 747 7,461 Substandard - 13,221 6,583 4,434 3,009 27,247 Substandard-Impaired - 128 74 2,648 - 2,850 Total $ 51,364 $ 389,532 $ 103,652 $ 86,194 $ 85,202 $ 715,944 The credit risk profile based on payment activity, on a disaggregated basis, at December 31, 2019 2018 (in thousands) 2019: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 200,117 $ 18,782 $ 218,899 Non-performing 1,393 9 1,402 Total $ 201,510 $ 18,791 $ 220,301 2018: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 169,206 $ 16,547 $ 185,753 Non-performing 516 19 535 Total $ 169,722 $ 16,566 $ 186,288 A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payment of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. The Company will apply its normal loan review procedures to identify loans that should be evaluated for impairment. The following is a recap of impaired loans, on a disaggregated basis, at December 31, 2019 2018 December 31, 2019 2018 (in thousands) 2019: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 460 796 - 336 31 Real estate - commercial 83 435 - 323 133 Real estate - agricultural 84 97 - 80 - Commercial 462 517 - 285 - Agricultural 2,951 3,071 - 1,472 - Consumer and other 4 4 - 1 - Total loans with no specific reserve: 4,044 4,920 - 2,497 164 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 744 755 209 329 - Real estate - commercial - - - - - Real estate - agricultural - - - - - Commercial - - - 1,494 - Agricultural - - - - - Consumer and other - - - 8 1 Total loans with specific reserve: 744 755 209 1,831 1 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 1,204 1,551 209 665 31 Real estate - commercial 83 435 - 323 133 Real estate - agricultural 84 97 - 80 - Commercial 462 517 - 1,779 - Agricultural 2,951 3,071 - 1,472 - Consumer and other 4 4 - 9 1 Total $ 4,788 $ 5,675 $ 209 $ 4,328 $ 165 2018: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 252 277 - 404 180 Real estate - commercial 128 601 - 238 290 Real estate - agricultural 74 88 - 30 - Commercial 248 258 - 151 5 Agricultural - - - - - Consumer and other 1 2 - 5 - Total loans with no specific reserve: 703 1,226 - 828 475 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 113 139 53 161 6 Real estate - commercial - - - 119 - Real estate - agricultural - - - - - Commercial 2,400 2,506 430 2,801 2 Agricultural - - - 12 1 Consumer and other 18 22 18 32 - Total loans with specific reserve: 2,531 2,667 501 3,125 9 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 365 416 53 565 186 Real estate - commercial 128 601 - 357 290 Real estate - agricultural 74 88 - 30 - Commercial 2,648 2,764 430 2,952 7 Agricultural - - - 12 1 Consumer and other 19 24 18 37 - Total $ 3,234 $ 3,893 $ 501 $ 3,953 $ 484 The interest foregone on nonaccrual loans for the years ended December 31, 2019 2018 $473,000 $350,000, Nonaccrual loans at December 31, 2019 2018 $4,788,000 $3,234,000, Troubled Debt Restructurings may Certain troubled debt restructurings are on nonaccrual status at the time of restructuring. These borrowings are typically returned to accrual status after sustained repayment performance in accordance with the restructuring agreement for a reasonable period of at least six For troubled debt restructurings that were on nonaccrual status before the modification, a specific reserve may December 31, 2019 2018 $315,000 $63,000, The Company had loans meeting the definition of TDR of $1,171,000 December 31, 2019, $2,350,000 December 31, 2018, The Company’s TDRs, on a disaggregated basis, occurring in the years ended December 31 (dollars in thousands) 2019 2018 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Real estate - construction - $ - $ - - $ - $ - Real estate - 1 to 4 family residential 3 1,035 1,035 - - - Real estate - commercial - - - - - - Real estate - agricultural - - - - - - Commercial - - - 3 80 80 Agricultural - - - - - - Consumer and other - - - - - - Total 3 $ 1,035 $ 1,035 3 $ 80 $ 80 During the year ended December 31, 2019, one three During the year ended December 31, 2018, one three There were no December 31, 2019 one December 31, 2018 60 There was no An aging analysis of the recorded investment in loans, on a disaggregated basis, as of December 31, 2019 2018, (in thousands) 2019: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 1,796 $ - $ 1,796 $ 46,099 $ 47,895 $ - Real estate - 1 to 4 family residential 811 290 1,101 200,409 201,510 188 Real estate - commercial 387 - 387 435,463 435,850 - Real estate - agricultural 422 - 422 160,349 160,771 - Commercial 518 237 755 83,329 84,084 - Agricultural 666 2,587 3,253 108,692 111,945 62 Consumer and other 146 6 152 18,639 18,791 5 Total $ 4,746 $ 3,120 $ 7,866 $ 1,052,980 $ 1,060,846 $ 255 2018: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 376 $ - $ 376 $ 50,988 $ 51,364 $ - Real estate - 1 to 4 family residential 1,032 302 1,334 168,388 169,722 150 Real estate - commercial - - - 389,532 389,532 - Real estate - agricultural - - - 103,652 103,652 - Commercial 595 248 843 85,351 86,194 - Agricultural 89 - 89 85,113 85,202 - Consumer and other 76 - 76 16,490 16,566 - Total $ 2,168 $ 550 $ 2,718 $ 899,514 $ 902,232 $ 150 There are no As of December 31, 2019, no Loans are made in the normal course of business to certain directors and executive officers of the Company and to their affiliates. The terms of these loans, including interest rates and collateral, are similar to those prevailing for comparable transactions with others and do not December 31, 2019 2018 (in thousands) 2019 2018 Balance, beginning of year $ 7,807 $ 8,609 New loans 5,854 3,444 Repayments (6,974 ) (4,720 ) Change in status 3,548 474 Balance, end of year $ 10,235 $ 7,807 |
Note 6 - Bank Premises and Equi
Note 6 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 . Bank Premises and Equipment The major classes of bank premises and equipment and the total accumulated depreciation at December 31, 2019 2018 (in thousands) 2019 2018 Land $ 4,056 $ 3,929 Buildings and improvements 21,560 19,585 Furniture and equipment 7,768 6,820 33,384 30,334 Less accumulated depreciation 15,573 14,521 Total bank premises and equipment, net $ 17,811 $ 15,813 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 7. Other Real Estate Owned Changes in the other real estate owned at December 31, 2019 2018 (in thousands) 2019 2018 Balance, beginning of year $ 830 $ 386 Transfer of loans 382 495 Acquired as a part of the acquisitions 3,582 120 Net proceeds from sale (834 ) (393 ) Gain on sale and foreclosure, net 44 222 Balance, end of year $ 4,004 $ 830 The following table provides the composition of other real estate owned at December 31, 2019 2018 (in thousands) 2019 2018 Construction and land development $ - $ 265 Commercial real estate - 120 Agricultural land 3,602 - 1 to 4 family residential houses 402 445 Total other real estate owned $ 4,004 $ 830 |
Note 8 - Goodwill
Note 8 - Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 8 . Goodwill On October 25, 2019, $2.4 On September 14, 2018, $3.0 Accounting standards allow for goodwill to be tested for impairment by first not not no 2019 2018. not |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 9 . Intangible Asset s In conjunction with the ISSB Acquisition on October 25, 2019 September 14, 2018, $1,891,000 $2,002,000 2016, $15,000 2018. December 31, 2019 2018 (in thousands) 2019 2018 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 2,745 $ 4,520 $ 2,212 Customer list 535 242 535 165 Total $ 6,946 $ 2,987 $ 5,055 $ 2,377 The weighted average life of the intangible assets is 4.2 3.5 December 31, 2019 2018, The amortization expense for the intangible assets totaled $610,000 $430,000 December 31, 2019 2018, December 31 (in thousands) 2020 $ 826 2021 628 2022 574 2023 502 2024 337 After 1,092 Total $ 3,959 The following sets forth the activity related to intangible assets for the years ended December 31, 2019 2018 (in thousands) 2019 2018 Beginning intangibles, net $ 2,678 $ 1,091 Acquisition 1,891 2,002 Adjustment to intangible asset - 15 Amortization (610 ) (430 ) Ending intangible asset, net $ 3,959 $ 2,678 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 . Deposits At December 31, 2019, (in thousands) 2020 $ 149,197 2021 94,464 2022 19,740 2023 8,251 2024 10,581 Total time deposits $ 282,233 Interest expense on deposits for the years ended December 31, 2019 2018 (in thousands) 2019 2018 Interest bearing checking $ 3,147 $ 2,199 Savings and money market 2,870 2,207 Time deposits 4,184 2,436 Total deposit interest expense $ 10,201 $ 6,842 Deposits held by the Company from related parties at December 31, 2019 2018 $17,428,000 $14,775,000, |
Note 11 - Pledged Collateral Re
Note 11 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Secured Borrowings [Text Block] | Note 1 1 . Pledged Collateral Related to Securities Sold Under Repurchase Agreements The following sets forth the pledged collateral at estimated fair value related to securities sold under repurchase agreements (repurchase agreements) and term repurchase agreements as of December 31, 2019 2018 (in thousands) 2019 2018 Remaining Contractual Maturity of the Agreements Greater than Greater than Overnight 90 days Total Overnight 90 days Total Securities sold under agreements to repurchase: U.S. government treasuries $ 3,528 $ - $ 3,528 $ 4,406 $ - $ 4,406 U.S. government agencies 35,557 - 35,557 41,375 - 41,375 U.S. government mortgage-backed securities 19,614 - 19,614 19,893 - 19,893 Total pledged collateral $ 58,699 $ - $ 58,699 $ 65,674 $ - $ 65,674 |
Note 12 - Borrowings
Note 12 - Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 1 2 . Borrowings Repurchase agreements are short-term and are secured by securities available-for-sale. At December 31, 2019, dollars in thousands) Weighted Average Amount Interest Rate FHLB advances maturing in: 2020 2,000 1.58 % 2024 3,000 1.57 % Total FHLB advances $ 5,000 1.57 % Borrowed funds at December 31, 2019 2018 1 4 $222,558,000 $171,627,000 December 31, 2019 2018, |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 1 3 . Employee Benefit Plans The Company has a qualified 401 December 31, 2019 2018, 3% 3% December 31, 2019 2018, $869,000 $813,000, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 4 . Income Taxes The components of income tax expense for the years ended December 31, 2019 2018 (in thousands) 2019 2018 Federal: Current $ 2,823 $ 3,353 Deferred 8 (77 ) Total federal income tax expense 2,831 3,276 State: Current 1,056 1,123 Deferred (40 ) 7 Total state income tax expense 1,016 1,130 Total income tax expense $ 3,847 $ 4,406 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% December 31, 2019 2018 (in thousands) 2019 2018 Income taxes at 21% $ 4,419 $ 4,498 Increase (decrease) resulting from: Tax-exempt interest (836 ) (943 ) State taxes, net of federal tax benefit 877 830 New market tax credits (693 ) - Other 80 21 Total income tax expense $ 3,847 $ 4,406 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred liabilities at December 31, 2019 2018 (in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 3,114 $ 2,871 Net unrealized losses on securities available-for-sale - 1,358 State operating and alternative minimum tax carryforward 469 669 Fair value adjustments from acquisitions 214 305 Accrued vacation 224 191 Off balance sheet reserve 136 132 Other deferred tax assets 473 304 Total deferred tax assets 4,630 5,830 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (1,372 ) - Goodwill and other intangible assets (1,029 ) (1,106 ) Bank premises and equipment (661 ) (500 ) Other deferred tax liabilities (191 ) (149 ) Total deferred tax liabilities (3,253 ) (1,755 ) Valuation allowance (226 ) (226 ) Net deferred tax asset $ 1,151 $ 3,849 Income taxes currently payable of approximately $86,000 $165,000 December 31, 2019 2018, The Company has approximately $226,000 December 31, 2019 2018. not not The Company and its subsidiaries file one no 2016. The Company follows the accounting requirements for uncertain tax positions. Management has determined that the Company has no no December 31, 2019 2018 no December 31, 2019, no 12 December 31, 2019 2018. |
Note 15 - Commitments, Continge
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 5 . Commitments, Contingencies and Concentrations of Credit Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as they do for on-balance-sheet instruments. A summary of the Company’s commitments at December 31, 2019 2018 (in thousands) 2019 2018 Commitments to extend credit $ 207,168 $ 158,787 Standby letters of credit 7,633 6,425 Total commitments $ 214,801 $ 165,212 Commitments to extend credit are agreements to lend to a customer as long as there is no December 31, 2019 2018, $135,679,000 $146,087,000 not Standby letters of credit are conditional commitments issued by the Banks to guarantee the performance of a customer to a third not third At December 31, 2019 2018, $662,000 $530,000, In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not Concentrations of credit risk: The Banks originate real estate, consumer, and commercial loans, primarily in Boone, Clarke, Hancock, Marshall, Polk, Story and Union counties in Iowa, as well as adjacent counties. Although the Banks have diversified loan portfolios, a substantial portion of their borrowers’ ability to repay loans is dependent upon economic conditions in the Banks’ market areas. |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 6 . Regulatory Matters The Company and the Banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Banks’ financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Regulators also have the ability to impose higher limits than those specified by capital adequacy guidelines if they so deem necessary. On January 1, 2015, 1 August 28, 2018, $1 $3 no Beginning in 2016, three January 1, 2019 2.5 2.5 2019 Quantitative measures established by regulation to ensure capital adequacy require each subsidiary bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2019 2018, As of December 31, 2019, no December 31, 2019 2018 dollars in thousands) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes * Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total capital (to risk- weighted assets): Consolidated $ 180,834 14.3 % $ 132,878 10.50 % N/A N/A Boone Bank & Trust 14,205 14.1 10,610 10.50 $ 10,105 10.0 % First National Bank 87,375 13.9 66,180 10.50 63,028 10.0 Iowa State Savings Bank 20,610 14.2 15,208 10.50 14,483 10.0 Reliance State Bank 24,487 13.0 19,778 10.50 18,836 10.0 State Bank & Trust 16,800 13.5 13,115 10.50 12,490 10.0 United Bank & Trust 10,775 14.3 7,910 10.50 7,534 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 167,514 13.2 % $ 107,568 8.50 % N/A N/A Boone Bank & Trust 13,274 13.1 8,589 8.50 $ 8,084 8.0 % First National Bank 80,665 12.8 53,574 8.50 50,423 8.0 Iowa State Savings Bank 20,151 13.9 12,311 8.50 11,587 8.0 Reliance State Bank 22,166 11.8 16,010 8.50 15,069 8.0 State Bank & Trust 15,233 12.2 10,617 8.50 9,992 8.0 United Bank & Trust 9,955 13.2 6,403 8.50 6,027 8.0 Tier 1 capital (to average- assets): Consolidated $ 167,544 10.1 % $ 66,234 4.00 % N/A N/A Boone Bank & Trust 13,274 9.5 5,604 4.00 $ 7,005 5.0 % First National Bank 80,665 9.3 34,702 4.00 43,378 5.0 Iowa State Savings Bank 20,151 9.5 8,453 4.00 10,567 5.0 Reliance State Bank 22,166 10.0 8,886 4.00 11,108 5.0 State Bank & Trust 15,233 9.5 6,384 4.00 7,980 5.0 United Bank & Trust 9,955 9.8 4,073 4.00 5,091 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 167,544 13.2 % $ 88,585 7.00 % N/A N/A Boone Bank & Trust 13,274 13.1 7,074 7.00 $ 6,568 6.5 % First National Bank 80,665 12.8 44,120 7.00 40,968 6.5 Iowa State Savings Bank 20,151 13.9 10,138 7.00 9,414 6.5 Reliance State Bank 22,166 11.8 13,185 7.00 12,243 6.5 State Bank & Trust 15,233 12.2 8,743 7.00 8,119 6.5 United Bank & Trust 9,955 13.2 5,273 7.00 4,897 6.5 * These ratios for December 31, 2019 2.50% 1 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes * Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018: Total capital (to risk- weighted assets): Consolidated $ 177,405 16.1 % $ 109,082 9.875 % N/A N/A Boone Bank & Trust 15,632 17.0 9,092 9.875 $ 9,207 10.0 % First National Bank 81,419 13.1 61,312 9.875 62,088 10.0 Reliance State Bank 27,880 14.8 18,576 9.875 18,811 10.0 State Bank & Trust 20,358 16.2 12,427 9.875 12,585 10.0 United Bank & Trust 14,790 19.5 7,489 9.875 7,583 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 165,181 15.0 % $ 86,989 7.875 % N/A N/A Boone Bank & Trust 14,722 16.0 7,251 7.875 $ 7,366 8.0 % First National Bank 74,995 12.1 48,894 7.875 49,671 8.0 Reliance State Bank 25,622 13.6 14,813 7.875 15,049 8.0 State Bank & Trust 18,783 14.9 9,910 7.875 10,068 8.0 United Bank & Trust 13,974 18.4 5,972 7.875 6,067 8.0 Tier 1 capital (to average- assets): Consolidated $ 165,181 11.3 % $ 58,635 4.000 % N/A N/A Boone Bank & Trust 14,722 11.2 5,277 4.000 $ 6,596 5.0 % First National Bank 74,995 9.1 33,034 4.000 41,292 5.0 Reliance State Bank 25,622 11.7 8,730 4.000 10,913 5.0 State Bank & Trust 18,783 11.8 6,384 4.000 7,980 5.0 United Bank & Trust 13,974 12.7 4,402 4.000 5,503 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 165,181 15.0 % $ 70,420 6.375 % N/A N/A Boone Bank & Trust 14,722 16.0 5,870 6.375 $ 5,985 6.5 % First National Bank 74,995 12.1 39,581 6.375 40,357 6.5 Reliance State Bank 25,622 13.6 11,992 6.375 12,227 6.5 State Bank & Trust 18,783 14.9 8,023 6.375 8,180 6.5 United Bank & Trust 13,974 18.4 4,834 6.375 4,929 6.5 * These ratios for December 31, 2018 1.875% 1 Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Banks to the Company. Dividends paid by each Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. Management believes that these restrictions currently do not |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 7 . Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not not The standards require the use of valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques are consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may Level 1: Level 2: not Level 3: 3 The following table presents the balances of assets measured at fair value on a recurring basis by level as of December 31, 2019 2018 (in thousands) Description Total Level 1 Level 2 Level 3 2019 U.S. government treasuries $ 9,452 $ 9,452 $ - $ - U.S. government agencies 126,433 - 126,433 - U.S. government mortgage-backed securities 81,128 - 81,128 - State and political subdivisions 195,302 - 195,302 - Corporate bonds 67,528 - 67,528 - Total assets at fair value on a recurring basis $ 479,843 $ 9,452 $ 470,391 $ - 2018 U.S. government treasuries $ 7,800 $ 7,800 $ - $ - U.S. government agencies 110,268 - 110,268 - U.S. government mortgage-backed securities 70,382 - 70,382 - State and political subdivisions 215,955 - 215,955 - Corporate bonds 54,566 - 54,566 - Total assets at fair value on a recurring basis $ 458,971 $ 7,800 $ 451,171 $ - Securities available-for-sale 1 2 not may 1 2 Level 1 2 may Certain assets are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment or a change in previously recognized impairment). The following table presents the assets carried on the balance sheet (after specific reserves) by caption and by level with the valuation hierarchy as of December 31, 2019 2018 (in thousands) Description Total Level 1 Level 2 Level 3 2019 Loans $ 535 $ - $ - $ 535 Other real estate owned 4,004 - - 4,004 Total assets at fair value on a nonrecurring basis $ 4,539 $ - $ - $ 4,539 2018 Loans $ 2,030 $ - $ - $ 2,030 Other real estate owned 830 - - 830 Total assets at fair value on a nonrecurring basis $ 2,860 $ - $ - $ 2,860 Loans 3. Other Real Estate Owned not 3. The significant inputs used in the fair value measurements for Level 3 December 31, 2019 2018 (in thousands) 2019 Valuation Range Fair Value Techniques Range of Unobservable Inputs (Average) Impaired Loans $ 535 Evaluation of collateral Estimation of value NM* Other real estate owned $ 4,004 Appraisal Appraisal adjustment 6% - 8% (7%) 2018 Valuation Range Fair Value Techniques Range of Unobservable Inputs (Average) Impaired Loans $ 2,030 Evaluation of collateral Estimation of value NM* Other real estate owned $ 830 Appraisal Appraisal adjustment 6% - 8% (7%) * Not Evaluations of the underlying assets are completed for each impaired collateral dependent loan with a specific reserve. The types of collateral vary widely and could include accounts receivables, inventory, a variety of equipment and real estate. Collateral evaluations are reviewed and discounted as appropriate based on knowledge of the specific type of collateral. In the case of real estate, an independent appraisal may not GAAP requires disclosure of the fair value of financial assets and financial liabilities, including those that are not The following table includes the carrying amounts and estimated fair values of financial assets and liabilities as of December 31, 2019 2018 (in thousands) 2019 2018 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and due from banks Level 1 $ 34,617 $ 34,617 $ 30,384 $ 30,384 Interest bearing deposits Level 1 108,948 108,948 26,058 26,058 Securities available-for-sale See previous table 479,843 479,843 458,971 458,971 FHLB and FRB stock Level 2 3,139 3,139 3,191 3,191 Loans receivable, net Level 2 1,048,147 1,025,032 890,461 864,417 Loans held for sale Level 2 2,777 2,777 401 401 Accrued income receivable Level 1 11,788 11,788 9,416 9,416 Financial liabilities: Deposits Level 2 $ 1,493,175 $ 1,495,155 $ 1,221,084 $ 1,219,643 Securities sold under agreements to repurchase Level 1 42,034 42,034 40,674 40,674 FHLB advances Level 2 5,000 4,935 14,600 14,559 Accrued interest payable Level 1 1,163 1,163 649 649 Commitments to extend credit and standby letters of credit not Limitations no |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 8 . Subsequent Events Management evaluated subsequent events through the date the financial statements were issued. There were no December 31, 2019, March 10, 2020, December 31, 2019. no not December 31, 2019. |
Note 19 - Ames National Corpora
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1 9 . Ames National Corporation (Parent Company Only) Financial Statements Information relative to the Parent Company’s balance sheets at December 31, 2019 2018, two December 31, 2019, (in thousands) CONDENSED BALANCE SHEETS December 31, 2019 2018 2019 2018 ASSETS Cash and due from banks $ 29 $ 47 Interest bearing deposits in banks 5,097 14,735 Investment in bank subsidiaries 180,503 155,514 Loans receivable, net 1,949 2,169 Premises and equipment, net 2,649 2,743 Accrued income receivable 6 8 Other real estate owned - 265 Other assets 106 47 Total assets $ 190,339 $ 175,528 LIABILITIES Dividends payable $ 2,213 $ 2,137 Accrued expenses and other liabilities 547 526 Total liabilities 2,760 2,663 STOCKHOLDERS' EQUITY Common stock 18,445 18,587 Additional paid-in capital 18,794 20,462 Retained earnings 146,225 137,891 Accumulated other comprehensive income (loss) 4,115 (4,075 ) Total stockholders' equity 187,579 172,865 Total liabilities and stockholders' equity $ 190,339 $ 175,528 CONDENSED STATEMENTS OF INCOME Years Ended December 31, 2019 2018 2019 2018 Operating income: Equity in net income of bank subsidiaries $ 17,834 $ 17,394 Interest 221 160 Rental income 432 420 Gain on sale of other real estate owned (11 ) 63 Other income 2,033 1,916 20,509 19,953 Provision for loan losses - - Operating income after provision for loan losses 20,509 19,953 Operating expenses 3,534 3,081 Income before income taxes 16,975 16,872 Income tax (benefit) (219 ) (142 ) Net income $ 17,194 $ 17,014 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2019 2018 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 17,194 $ 17,014 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 100 105 Provision for deferred income taxes (88 ) (40 ) (Gain) loss on sale of other real estate owned 11 (63 ) Equity in net income of bank subsidiaries (17,834 ) (17,394 ) Dividends received from bank subsidiaries 25,068 11,968 (Increase) decrease in accrued income receivable 2 (2 ) (Increase) decrease in other assets (1 ) 222 Increase in accrued expense and other liabilities 51 112 Net cash provided by operating activities 24,503 11,922 CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease in interest bearing deposits in banks 9,638 (888 ) Decrease in loans 220 106 Proceeds from the sale of other real estate owned 254 118 Investments in bank subsidiary (24,033 ) - Purchase of bank premises and equipment (6 ) - Net cash (used in) investing activities (13,927 ) (664 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (8,785 ) (10,801 ) Stock repurchases (1,809 ) (452 ) Net cash (used in) financing activities (10,594 ) (11,253 ) Net increase (decrease) in cash and cash equivalents (18 ) 5 CASH AND DUE FROM BANKS Beginning 47 42 Ending $ 29 $ 47 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 99 $ 122 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segment information one |
Consolidation, Policy [Policy Text Block] | Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and due from banks 90 |
Marketable Securities, Policy [Policy Text Block] | Securities available-for-sale may Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operation at the time of sale. Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned. Declines in the fair value of securities available-for-sale below their cost that are deemed to be other-than-temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers ( 1 not 2 3 |
FHLB and FRB [Policy Text Block] | FHLB and FRB stock 0.12 4.00 6 No no no December 31, 2019. |
Receivable [Policy Text Block] | Loans 90 no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses may The Company’s allowance for possible loan losses consists of two The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of problem loans. Loans are classified based on an internal credit risk rating process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Smaller balance homogeneous loans are evaluated for impairment in total. Such loans include residential first one four not 90 The general component of the allowance for loan losses is based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. The general component is determined by evaluating, among other things: (i) actual charge offs; (ii) the experience, ability and effectiveness of the Company’s lending management and staff; (iii) the effectiveness of the Company’s loan policies, procedures and internal controls; (iv) changes in asset quality; (v) changes in loan portfolio volume; (vi) the composition and concentrations of credit; (vii) the impact of competition on loan structuring and pricing; (viii) the effectiveness of the internal audit loan review function; (ix) the impact of environmental risks on portfolio risks; and ( x one |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans held for sale |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank p remises and equipment 3 7 15 39 |
Other Real Estate Owned, Policy [Policy Text Block] | Other real estate owned |
Bank Owned Life Insurance [Policy Text Block] | Bank-owned life insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets : not not two second Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. At December 31, 2019, not The only other significant intangible assets are core deposit intangible and customer list assets. The core deposit intangible and customer list asset is determined to have a definite life and is amortized over the estimated useful life. The core deposit intangible asset and customer list asset are both customer-based relationship valuation attributed to the expectation of a lower net cost of these deposits versus alternative sources of funds. The core deposit intangible and customer list asset are reviewed for impairment whenever events occur or circumstances indicate that the carrying amount may not |
Trust Department Assets, Policy [Policy Text Block] | Wealth management department assets not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue from contracts with customers 606 2014 09, Revenue from Contracts with Customers January 1, 2018. not |
Advertising Cost [Policy Text Block] | Advertising c osts: |
Income Tax, Policy [Policy Text Block] | Income taxes not not not 50 The Company files a consolidated federal income tax return, with each entity computing its taxes on a separate company basis. For state tax purposes, the Banks file franchise tax returns, while the Parent Company files a corporate income tax return. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Financial instruments with off-balance-sheet risk not 15. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Aggregation, Policy [Policy Text Block] | Transfers of financial assets and participating interests 1 2 3 not The transfer of a participating interest in an entire financial asset must also meet the definition of a participating interest. A participating interest in a financial asset has all of the following characteristics: ( 1 2 3 4 no |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: December 31, 2019 2018 no The following information was used in the computation of basic earnings per share (EPS) for the years ended December 31, 2019 2018. 2019 2018 Basic earning per share computation: Net income $ 17,194,169 $ 17,013,878 Weighted average common shares outstanding 9,236,989 9,310,594 Basic EPS $ 1.86 $ 1.83 |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain reclassifications have been made to the prior consolidated financial statements to conform to the current period presentation. These reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | New and Pending Accounting Pronouncements: February 2016, No. 2016 02, 842 12 December 15, 2018. January 1, 2019. not In June 2016, No. 2016 13, 326 October 2019, No. 2016 13 December 15, 2022. No. 2016 13 In January 2017, 2017 04, 350 Simplifying the Test for Goodwill Impairment 2 December 15, 2019, January 1, 2017. not In August 2018, No. 2018 13, 820 Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. December 15, 2019, 2020 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2019 2018 Basic earning per share computation: Net income $ 17,194,169 $ 17,013,878 Weighted average common shares outstanding 9,236,989 9,310,594 Basic EPS $ 1.86 $ 1.83 |
Note 2 - Bank Acquisitions (Tab
Note 2 - Bank Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration transferred $ 22,333 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 3,188 Federal funds sold 2,792 Interest bearing deposits in financial institutions 21,035 Securities available-for-sale 33,615 Federal Home Loan Bank stock at cost 365 Loans receivable 137,776 Accrued interest receivable 2,888 Bank premises and equipment 2,452 Other real estate owned 3,582 Bank owned life insurance 2,499 Core deposit intangible asset 1,891 Other assets 204 Deposits (188,631 ) Securities sold under repurchase agreements (1,747 ) Accrued interest payable and other liabilities (1,946 ) Total identifiable net assets 19,963 Goodwill $ 2,370 2018 Cash consideration transferred $ 14,807 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 1,364 Federal funds sold 1,154 Interest bearing deposits in financial institutions 1,475 Securities available-for-sale 17,197 Federal Home Loan Bank stock at cost 130 Loans receivable 76,041 Accrued interest receivable 863 Bank premises and equipment 924 Other real estate owned 120 Deferred income taxes 49 Bank-owned life insurance 2,755 Core deposit intangible asset 2,002 Other assets 14 Deposits (83,169 ) Federal funds purchased (9,000 ) Accrued interest payable and other liabilities (124 ) Total identifiable net assets 11,795 Goodwill $ 3,012 |
Schedule of Business Acquisitions, Acquired Receivables [Table Text Block] | Pass $ 121,346 Watch 12,333 Special Mention - Substandard 6,024 Total loans acquired at book value $ 139,703 Pass $ 63,220 Watch 9,431 Special Mention 2,734 Substandard 1,812 Total loans acquired at book value $ 77,197 |
Note 4 - Debt Securities (Table
Note 4 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2019: U.S. government treasuries $ 9,392 $ 64 $ (4 ) $ 9,452 U.S. government agencies 124,913 1,609 (89 ) 126,433 U.S. government mortgage-backed securities 80,295 867 (34 ) 81,128 State and political subdivisions 193,745 1,852 (295 ) 195,302 Corporate bonds 66,012 1,542 (26 ) 67,528 Total $ 474,357 $ 5,934 $ (448 ) $ 479,843 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2018: U.S. government treasuries $ 7,925 $ - $ (125 ) $ 7,800 U.S. government agencies 111,759 73 (1,564 ) 110,268 U.S. government mortgage-backed securities 71,596 88 (1,302 ) 70,382 State and political subdivisions 217,247 465 (1,757 ) 215,955 Corporate bonds 55,877 2 (1,313 ) 54,566 Total $ 464,404 $ 628 $ (6,061 ) $ 458,971 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated Cost Fair Value Due in one year or less $ 71,648 $ 71,731 Due after one year through five years 249,035 252,018 Due after five years through ten years 132,451 134,733 Due after ten years 21,223 21,361 Total $ 474,357 $ 479,843 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2019 2018 Proceeds from sales of securities available-for-sale $ 8,211 $ - Gross realized gains on securities available-for-sale 37 - Gross realized losses on securities available-for-sale 20 - Tax provision applicable to net realized gains on securities available-for-sale 4 - |
Schedule of Unrealized Loss on Investments [Table Text Block] | 2019: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Securities available for sale: U.S. government treasuries $ 3,023 $ (4 ) $ - $ - $ 3,023 $ (4 ) U.S. government agencies 23,827 (85 ) 2,520 (4 ) 26,347 (89 ) U.S. government mortgage-backed securities 14,885 (28 ) 1,934 (6 ) 16,819 (34 ) State and political subdivisions 17,512 (125 ) 5,954 (170 ) 23,466 (295 ) Corporate bonds 4,129 (26 ) - - 4,129 (26 ) Total $ 63,376 $ (268 ) $ 10,408 $ (180 ) $ 73,784 $ (448 ) 2018: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Securities available for sale: U.S. government treasuries $ 2,962 $ (11 ) $ 4,838 $ (114 ) $ 7,800 $ (125 ) U.S. government agencies 26,099 (218 ) 73,192 (1,346 ) 99,291 (1,564 ) U.S. government mortgage-backed securities 25,037 (277 ) 37,632 (1,025 ) 62,669 (1,302 ) State and political subdivisions 60,600 (302 ) 83,494 (1,455 ) 144,094 (1,757 ) Corporate bonds 19,239 (256 ) 34,254 (1,057 ) 53,493 (1,313 ) Total $ 133,937 $ (1,064 ) $ 233,410 $ (4,997 ) $ 367,347 $ (6,061 ) |
Note 5 - Loans Receivable and_2
Note 5 - Loans Receivable and Credit Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Composition of Loans Receivable [Table Text Block] | 2019 2018 Real estate - construction $ 47,895 $ 51,364 Real estate - 1 to 4 family residential 201,510 169,722 Real estate - commercial 435,850 389,532 Real estate - agricultural 160,771 103,652 Commercial 84,084 86,194 Agricultural 111,945 85,202 Consumer and other 18,791 16,566 1,060,846 902,232 Less: Allowance for loan losses (12,619 ) (11,684 ) Deferred loan fees (80 ) (87 ) Total loans receivable, net $ 1,048,147 $ 890,461 |
Schedule of Allowance for Loan Losses [Table Text Block] | 2019 2018 Balance, beginning $ 11,684 $ 11,321 Provision for loan losses 1,314 639 Recoveries of loans charged-off 72 49 Loans charged-off (451 ) (325 ) Balance, ending $ 12,619 $ 11,684 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 Provision (credit) for loan losses (27 ) 372 732 128 (24 ) 94 39 1,314 Recoveries of loans charged-off - 5 15 - 36 - 16 72 Loans charged-off - (75 ) - - (331 ) - (45 ) (451 ) Balance, ending $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 796 $ 1,716 $ 4,734 $ 997 $ 1,739 $ 1,171 $ 168 $ 11,321 Provision (credit) for loan losses (97 ) 121 (12 ) 201 89 271 66 639 Recoveries of loans charged-off - 6 - - 23 - 20 49 Loans charged-off - (23 ) (107 ) - (74 ) (58 ) (63 ) (325 ) Balance, ending $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 |
Allowance for Loan Losses Disaggregated on Basis of Impairment Analysis Method [Table Text Block] | 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 209 $ - $ - $ - $ - $ - $ 209 Ending balance: Collectively evaluated for impairment 672 1,913 5,362 1,326 1,458 1,478 201 12,410 Ending balance $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 53 $ - $ - $ 430 $ - $ 18 $ 501 Ending balance: Collectively evaluated for impairment 699 1,767 4,615 1,198 1,347 1,384 173 11,183 Ending balance $ 699 $ 1,820 $ 4,615 $ 1,198 $ 1,777 $ 1,384 $ 191 $ 11,684 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2019: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 1,204 $ 83 $ 84 $ 462 $ 2,951 $ 4 $ 4,788 Ending balance: Collectively evaluated for impairment 47,895 200,306 435,767 160,687 83,622 108,994 18,787 1,056,058 Ending balance $ 47,895 $ 201,510 $ 435,850 $ 160,771 $ 84,084 $ 111,945 $ 18,791 $ 1,060,846 2018: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending balance: Individually evaluated for impairment $ - $ 365 $ 128 $ 74 $ 2,648 $ - $ 19 $ 3,234 Ending balance: Collectively evaluated for impairment 51,364 169,357 389,404 103,578 83,546 85,202 16,547 898,998 Ending balance $ 51,364 $ 169,722 $ 389,532 $ 103,652 $ 86,194 $ 85,202 $ 16,566 $ 902,232 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2019: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 41,073 $ 387,274 $ 118,692 $ 62,655 $ 90,083 $ 699,777 Watch 6,822 29,209 32,780 16,147 15,248 100,206 Special Mention - 4,581 - - - 4,581 Substandard - 14,703 9,215 4,820 3,663 32,401 Substandard-Impaired - 83 84 462 2,951 3,580 Total $ 47,895 $ 435,850 $ 160,771 $ 84,084 $ 111,945 $ 840,545 2018: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 45,991 $ 345,231 $ 72,562 $ 64,850 $ 58,818 $ 587,452 Watch 5,373 26,177 22,758 13,998 22,628 90,934 Special Mention - 4,775 1,675 264 747 7,461 Substandard - 13,221 6,583 4,434 3,009 27,247 Substandard-Impaired - 128 74 2,648 - 2,850 Total $ 51,364 $ 389,532 $ 103,652 $ 86,194 $ 85,202 $ 715,944 |
Credit Risk Profile Based on Payment Activity on Disaggregated Basis [Table Text Block] | 2019: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 200,117 $ 18,782 $ 218,899 Non-performing 1,393 9 1,402 Total $ 201,510 $ 18,791 $ 220,301 2018: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 169,206 $ 16,547 $ 185,753 Non-performing 516 19 535 Total $ 169,722 $ 16,566 $ 186,288 |
Impaired Financing Receivables [Table Text Block] | 2019: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 460 796 - 336 31 Real estate - commercial 83 435 - 323 133 Real estate - agricultural 84 97 - 80 - Commercial 462 517 - 285 - Agricultural 2,951 3,071 - 1,472 - Consumer and other 4 4 - 1 - Total loans with no specific reserve: 4,044 4,920 - 2,497 164 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 744 755 209 329 - Real estate - commercial - - - - - Real estate - agricultural - - - - - Commercial - - - 1,494 - Agricultural - - - - - Consumer and other - - - 8 1 Total loans with specific reserve: 744 755 209 1,831 1 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 1,204 1,551 209 665 31 Real estate - commercial 83 435 - 323 133 Real estate - agricultural 84 97 - 80 - Commercial 462 517 - 1,779 - Agricultural 2,951 3,071 - 1,472 - Consumer and other 4 4 - 9 1 Total $ 4,788 $ 5,675 $ 209 $ 4,328 $ 165 2018: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 252 277 - 404 180 Real estate - commercial 128 601 - 238 290 Real estate - agricultural 74 88 - 30 - Commercial 248 258 - 151 5 Agricultural - - - - - Consumer and other 1 2 - 5 - Total loans with no specific reserve: 703 1,226 - 828 475 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 113 139 53 161 6 Real estate - commercial - - - 119 - Real estate - agricultural - - - - - Commercial 2,400 2,506 430 2,801 2 Agricultural - - - 12 1 Consumer and other 18 22 18 32 - Total loans with specific reserve: 2,531 2,667 501 3,125 9 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 365 416 53 565 186 Real estate - commercial 128 601 - 357 290 Real estate - agricultural 74 88 - 30 - Commercial 2,648 2,764 430 2,952 7 Agricultural - - - 12 1 Consumer and other 19 24 18 37 - Total $ 3,234 $ 3,893 $ 501 $ 3,953 $ 484 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | 2019 2018 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Real estate - construction - $ - $ - - $ - $ - Real estate - 1 to 4 family residential 3 1,035 1,035 - - - Real estate - commercial - - - - - - Real estate - agricultural - - - - - - Commercial - - - 3 80 80 Agricultural - - - - - - Consumer and other - - - - - - Total 3 $ 1,035 $ 1,035 3 $ 80 $ 80 |
Financing Receivable, Past Due [Table Text Block] | 2019: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 1,796 $ - $ 1,796 $ 46,099 $ 47,895 $ - Real estate - 1 to 4 family residential 811 290 1,101 200,409 201,510 188 Real estate - commercial 387 - 387 435,463 435,850 - Real estate - agricultural 422 - 422 160,349 160,771 - Commercial 518 237 755 83,329 84,084 - Agricultural 666 2,587 3,253 108,692 111,945 62 Consumer and other 146 6 152 18,639 18,791 5 Total $ 4,746 $ 3,120 $ 7,866 $ 1,052,980 $ 1,060,846 $ 255 2018: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 376 $ - $ 376 $ 50,988 $ 51,364 $ - Real estate - 1 to 4 family residential 1,032 302 1,334 168,388 169,722 150 Real estate - commercial - - - 389,532 389,532 - Real estate - agricultural - - - 103,652 103,652 - Commercial 595 248 843 85,351 86,194 - Agricultural 89 - 89 85,113 85,202 - Consumer and other 76 - 76 16,490 16,566 - Total $ 2,168 $ 550 $ 2,718 $ 899,514 $ 902,232 $ 150 |
Schedule of Loan Transactions With Related Parties [Table Text Block] | 2019 2018 Balance, beginning of year $ 7,807 $ 8,609 New loans 5,854 3,444 Repayments (6,974 ) (4,720 ) Change in status 3,548 474 Balance, end of year $ 10,235 $ 7,807 |
Note 6 - Bank Premises and Eq_2
Note 6 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Land $ 4,056 $ 3,929 Buildings and improvements 21,560 19,585 Furniture and equipment 7,768 6,820 33,384 30,334 Less accumulated depreciation 15,573 14,521 Total bank premises and equipment, net $ 17,811 $ 15,813 |
Note 7 - Other Real Estate Ow_2
Note 7 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | 2019 2018 Balance, beginning of year $ 830 $ 386 Transfer of loans 382 495 Acquired as a part of the acquisitions 3,582 120 Net proceeds from sale (834 ) (393 ) Gain on sale and foreclosure, net 44 222 Balance, end of year $ 4,004 $ 830 |
Schedule of Real Estate Properties [Table Text Block] | 2019 2018 Construction and land development $ - $ 265 Commercial real estate - 120 Agricultural land 3,602 - 1 to 4 family residential houses 402 445 Total other real estate owned $ 4,004 $ 830 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2019 2018 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 2,745 $ 4,520 $ 2,212 Customer list 535 242 535 165 Total $ 6,946 $ 2,987 $ 5,055 $ 2,377 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 $ 826 2021 628 2022 574 2023 502 2024 337 After 1,092 Total $ 3,959 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2019 2018 Beginning intangibles, net $ 2,678 $ 1,091 Acquisition 1,891 2,002 Adjustment to intangible asset - 15 Amortization (610 ) (430 ) Ending intangible asset, net $ 3,959 $ 2,678 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Time Deposits [Table Text Block] | 2020 $ 149,197 2021 94,464 2022 19,740 2023 8,251 2024 10,581 Total time deposits $ 282,233 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2019 2018 Interest bearing checking $ 3,147 $ 2,199 Savings and money market 2,870 2,207 Time deposits 4,184 2,436 Total deposit interest expense $ 10,201 $ 6,842 |
Note 11 - Pledged Collateral _2
Note 11 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | 2019 2018 Remaining Contractual Maturity of the Agreements Greater than Greater than Overnight 90 days Total Overnight 90 days Total Securities sold under agreements to repurchase: U.S. government treasuries $ 3,528 $ - $ 3,528 $ 4,406 $ - $ 4,406 U.S. government agencies 35,557 - 35,557 41,375 - 41,375 U.S. government mortgage-backed securities 19,614 - 19,614 19,893 - 19,893 Total pledged collateral $ 58,699 $ - $ 58,699 $ 65,674 $ - $ 65,674 |
Note 12 - Borrowings (Tables)
Note 12 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Federal Home Loan Bank Advances and Long Term Debt [Table Text Block] | Weighted Average Amount Interest Rate FHLB advances maturing in: 2020 2,000 1.58 % 2024 3,000 1.57 % Total FHLB advances $ 5,000 1.57 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 Federal: Current $ 2,823 $ 3,353 Deferred 8 (77 ) Total federal income tax expense 2,831 3,276 State: Current 1,056 1,123 Deferred (40 ) 7 Total state income tax expense 1,016 1,130 Total income tax expense $ 3,847 $ 4,406 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Income taxes at 21% $ 4,419 $ 4,498 Increase (decrease) resulting from: Tax-exempt interest (836 ) (943 ) State taxes, net of federal tax benefit 877 830 New market tax credits (693 ) - Other 80 21 Total income tax expense $ 3,847 $ 4,406 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax assets: Allowance for loan losses $ 3,114 $ 2,871 Net unrealized losses on securities available-for-sale - 1,358 State operating and alternative minimum tax carryforward 469 669 Fair value adjustments from acquisitions 214 305 Accrued vacation 224 191 Off balance sheet reserve 136 132 Other deferred tax assets 473 304 Total deferred tax assets 4,630 5,830 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (1,372 ) - Goodwill and other intangible assets (1,029 ) (1,106 ) Bank premises and equipment (661 ) (500 ) Other deferred tax liabilities (191 ) (149 ) Total deferred tax liabilities (3,253 ) (1,755 ) Valuation allowance (226 ) (226 ) Net deferred tax asset $ 1,151 $ 3,849 |
Note 15 - Commitments, Contin_2
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2019 2018 Commitments to extend credit $ 207,168 $ 158,787 Standby letters of credit 7,633 6,425 Total commitments $ 214,801 $ 165,212 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes * Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total capital (to risk- weighted assets): Consolidated $ 180,834 14.3 % $ 132,878 10.50 % N/A N/A Boone Bank & Trust 14,205 14.1 10,610 10.50 $ 10,105 10.0 % First National Bank 87,375 13.9 66,180 10.50 63,028 10.0 Iowa State Savings Bank 20,610 14.2 15,208 10.50 14,483 10.0 Reliance State Bank 24,487 13.0 19,778 10.50 18,836 10.0 State Bank & Trust 16,800 13.5 13,115 10.50 12,490 10.0 United Bank & Trust 10,775 14.3 7,910 10.50 7,534 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 167,514 13.2 % $ 107,568 8.50 % N/A N/A Boone Bank & Trust 13,274 13.1 8,589 8.50 $ 8,084 8.0 % First National Bank 80,665 12.8 53,574 8.50 50,423 8.0 Iowa State Savings Bank 20,151 13.9 12,311 8.50 11,587 8.0 Reliance State Bank 22,166 11.8 16,010 8.50 15,069 8.0 State Bank & Trust 15,233 12.2 10,617 8.50 9,992 8.0 United Bank & Trust 9,955 13.2 6,403 8.50 6,027 8.0 Tier 1 capital (to average- assets): Consolidated $ 167,544 10.1 % $ 66,234 4.00 % N/A N/A Boone Bank & Trust 13,274 9.5 5,604 4.00 $ 7,005 5.0 % First National Bank 80,665 9.3 34,702 4.00 43,378 5.0 Iowa State Savings Bank 20,151 9.5 8,453 4.00 10,567 5.0 Reliance State Bank 22,166 10.0 8,886 4.00 11,108 5.0 State Bank & Trust 15,233 9.5 6,384 4.00 7,980 5.0 United Bank & Trust 9,955 9.8 4,073 4.00 5,091 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 167,544 13.2 % $ 88,585 7.00 % N/A N/A Boone Bank & Trust 13,274 13.1 7,074 7.00 $ 6,568 6.5 % First National Bank 80,665 12.8 44,120 7.00 40,968 6.5 Iowa State Savings Bank 20,151 13.9 10,138 7.00 9,414 6.5 Reliance State Bank 22,166 11.8 13,185 7.00 12,243 6.5 State Bank & Trust 15,233 12.2 8,743 7.00 8,119 6.5 United Bank & Trust 9,955 13.2 5,273 7.00 4,897 6.5 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes * Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018: Total capital (to risk- weighted assets): Consolidated $ 177,405 16.1 % $ 109,082 9.875 % N/A N/A Boone Bank & Trust 15,632 17.0 9,092 9.875 $ 9,207 10.0 % First National Bank 81,419 13.1 61,312 9.875 62,088 10.0 Reliance State Bank 27,880 14.8 18,576 9.875 18,811 10.0 State Bank & Trust 20,358 16.2 12,427 9.875 12,585 10.0 United Bank & Trust 14,790 19.5 7,489 9.875 7,583 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 165,181 15.0 % $ 86,989 7.875 % N/A N/A Boone Bank & Trust 14,722 16.0 7,251 7.875 $ 7,366 8.0 % First National Bank 74,995 12.1 48,894 7.875 49,671 8.0 Reliance State Bank 25,622 13.6 14,813 7.875 15,049 8.0 State Bank & Trust 18,783 14.9 9,910 7.875 10,068 8.0 United Bank & Trust 13,974 18.4 5,972 7.875 6,067 8.0 Tier 1 capital (to average- assets): Consolidated $ 165,181 11.3 % $ 58,635 4.000 % N/A N/A Boone Bank & Trust 14,722 11.2 5,277 4.000 $ 6,596 5.0 % First National Bank 74,995 9.1 33,034 4.000 41,292 5.0 Reliance State Bank 25,622 11.7 8,730 4.000 10,913 5.0 State Bank & Trust 18,783 11.8 6,384 4.000 7,980 5.0 United Bank & Trust 13,974 12.7 4,402 4.000 5,503 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 165,181 15.0 % $ 70,420 6.375 % N/A N/A Boone Bank & Trust 14,722 16.0 5,870 6.375 $ 5,985 6.5 % First National Bank 74,995 12.1 39,581 6.375 40,357 6.5 Reliance State Bank 25,622 13.6 11,992 6.375 12,227 6.5 State Bank & Trust 18,783 14.9 8,023 6.375 8,180 6.5 United Bank & Trust 13,974 18.4 4,834 6.375 4,929 6.5 |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Description Total Level 1 Level 2 Level 3 2019 U.S. government treasuries $ 9,452 $ 9,452 $ - $ - U.S. government agencies 126,433 - 126,433 - U.S. government mortgage-backed securities 81,128 - 81,128 - State and political subdivisions 195,302 - 195,302 - Corporate bonds 67,528 - 67,528 - Total assets at fair value on a recurring basis $ 479,843 $ 9,452 $ 470,391 $ - 2018 U.S. government treasuries $ 7,800 $ 7,800 $ - $ - U.S. government agencies 110,268 - 110,268 - U.S. government mortgage-backed securities 70,382 - 70,382 - State and political subdivisions 215,955 - 215,955 - Corporate bonds 54,566 - 54,566 - Total assets at fair value on a recurring basis $ 458,971 $ 7,800 $ 451,171 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Description Total Level 1 Level 2 Level 3 2019 Loans $ 535 $ - $ - $ 535 Other real estate owned 4,004 - - 4,004 Total assets at fair value on a nonrecurring basis $ 4,539 $ - $ - $ 4,539 2018 Loans $ 2,030 $ - $ - $ 2,030 Other real estate owned 830 - - 830 Total assets at fair value on a nonrecurring basis $ 2,860 $ - $ - $ 2,860 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2019 Valuation Range Fair Value Techniques Range of Unobservable Inputs (Average) Impaired Loans $ 535 Evaluation of collateral Estimation of value NM* Other real estate owned $ 4,004 Appraisal Appraisal adjustment 6% - 8% (7%) 2018 Valuation Range Fair Value Techniques Range of Unobservable Inputs (Average) Impaired Loans $ 2,030 Evaluation of collateral Estimation of value NM* Other real estate owned $ 830 Appraisal Appraisal adjustment 6% - 8% (7%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2019 2018 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and due from banks Level 1 $ 34,617 $ 34,617 $ 30,384 $ 30,384 Interest bearing deposits Level 1 108,948 108,948 26,058 26,058 Securities available-for-sale See previous table 479,843 479,843 458,971 458,971 FHLB and FRB stock Level 2 3,139 3,139 3,191 3,191 Loans receivable, net Level 2 1,048,147 1,025,032 890,461 864,417 Loans held for sale Level 2 2,777 2,777 401 401 Accrued income receivable Level 1 11,788 11,788 9,416 9,416 Financial liabilities: Deposits Level 2 $ 1,493,175 $ 1,495,155 $ 1,221,084 $ 1,219,643 Securities sold under agreements to repurchase Level 1 42,034 42,034 40,674 40,674 FHLB advances Level 2 5,000 4,935 14,600 14,559 Accrued interest payable Level 1 1,163 1,163 649 649 |
Note 19 - Ames National Corpo_2
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2019 2018 ASSETS Cash and due from banks $ 29 $ 47 Interest bearing deposits in banks 5,097 14,735 Investment in bank subsidiaries 180,503 155,514 Loans receivable, net 1,949 2,169 Premises and equipment, net 2,649 2,743 Accrued income receivable 6 8 Other real estate owned - 265 Other assets 106 47 Total assets $ 190,339 $ 175,528 LIABILITIES Dividends payable $ 2,213 $ 2,137 Accrued expenses and other liabilities 547 526 Total liabilities 2,760 2,663 STOCKHOLDERS' EQUITY Common stock 18,445 18,587 Additional paid-in capital 18,794 20,462 Retained earnings 146,225 137,891 Accumulated other comprehensive income (loss) 4,115 (4,075 ) Total stockholders' equity 187,579 172,865 Total liabilities and stockholders' equity $ 190,339 $ 175,528 |
Condensed Income Statement [Table Text Block] | 2019 2018 Operating income: Equity in net income of bank subsidiaries $ 17,834 $ 17,394 Interest 221 160 Rental income 432 420 Gain on sale of other real estate owned (11 ) 63 Other income 2,033 1,916 20,509 19,953 Provision for loan losses - - Operating income after provision for loan losses 20,509 19,953 Operating expenses 3,534 3,081 Income before income taxes 16,975 16,872 Income tax (benefit) (219 ) (142 ) Net income $ 17,194 $ 17,014 |
Condensed Cash Flow Statement [Table Text Block] | 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 17,194 $ 17,014 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 100 105 Provision for deferred income taxes (88 ) (40 ) (Gain) loss on sale of other real estate owned 11 (63 ) Equity in net income of bank subsidiaries (17,834 ) (17,394 ) Dividends received from bank subsidiaries 25,068 11,968 (Increase) decrease in accrued income receivable 2 (2 ) (Increase) decrease in other assets (1 ) 222 Increase in accrued expense and other liabilities 51 112 Net cash provided by operating activities 24,503 11,922 CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease in interest bearing deposits in banks 9,638 (888 ) Decrease in loans 220 106 Proceeds from the sale of other real estate owned 254 118 Investments in bank subsidiary (24,033 ) - Purchase of bank premises and equipment (6 ) - Net cash (used in) investing activities (13,927 ) (664 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (8,785 ) (10,801 ) Stock repurchases (1,809 ) (452 ) Net cash (used in) financing activities (10,594 ) (11,253 ) Net increase (decrease) in cash and cash equivalents (18 ) 5 CASH AND DUE FROM BANKS Beginning 47 42 Ending $ 29 $ 47 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 99 $ 122 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Goodwill, Impairment Loss | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 39 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Basic Earnings Per Share (EPS) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earning per share computation: | ||
Net income | $ 17,194,169 | $ 17,013,878 |
Weighted average common shares outstanding (in shares) | 9,236,989 | 9,310,594 |
Basic EPS (in dollars per share) | $ 1.86 | $ 1.83 |
Note 2 - Bank Acquisitions (Det
Note 2 - Bank Acquisitions (Details Textual) | Oct. 25, 2019USD ($) | Sep. 14, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Core Deposits [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 1,891,000 | $ 2,002,000 | ||
Iowa State Savings Bank [Member] | ||||
Number of Branches | 4 | |||
Payments to Acquire Businesses, Gross | $ 22,333,000 | |||
Goodwill, Acquired During Period | 2,370,000 | |||
Business Combination, Acquisition Related Costs | $ 195,000 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | 139,703,000 | |||
Business Combination, Deposits, Gross Contractual Amount | $ 188,068,000 | |||
Loan Market Valuation Accretion Period | 10 years | |||
Time Deposit Market Valuation Period | 2 years | |||
Iowa State Savings Bank [Member] | Core Deposits [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 1,891,000 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Acquisition of Clarke County State Bank [Member] | ||||
Payments to Acquire Businesses, Gross | $ 14,807,000 | |||
Goodwill, Acquired During Period | 3,012,000 | |||
Business Combination, Acquisition Related Costs | $ 432,000 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | 77,197,000 | |||
Business Combination, Deposits, Gross Contractual Amount | $ 83,092,000 | |||
Loan Market Valuation Accretion Period | 10 years | |||
Time Deposit Market Valuation Period | 2 years | |||
Acquisition of Clarke County State Bank [Member] | Core Deposits [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 2,002,000 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 2 - Bank Acquisitions - Co
Note 2 - Bank Acquisitions - Consideration Transferred and Assets Acquired and Liabilities Assumed (Details) - USD ($) | Oct. 25, 2019 | Sep. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 12,114,559 | $ 9,744,472 | ||
Iowa State Savings Bank [Member] | ||||
Payments to Acquire Businesses, Gross | $ 22,333,000 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and due from banks | 3,188,000 | |||
Federal funds sold | 2,792,000 | 2,792,000 | ||
Interest bearing deposits in financial institutions | 21,035,000 | 21,034,829 | ||
Securities available-for-sale | 33,615,000 | 33,615,135 | ||
Federal Home Loan Bank stock at cost | 365,000 | |||
Loans receivable | 137,776,000 | 137,776,266 | ||
Accrued interest receivable | 2,888,000 | 2,887,754 | ||
Bank premises and equipment | 2,452,000 | 2,452,021 | ||
Other real estate owned | 3,582,000 | 3,581,769 | ||
Bank owned life insurance | 2,499,000 | 2,498,940 | ||
Core deposit intangible asset | 1,891,000 | 1,891,000 | ||
Other assets | 204,000 | |||
Deposits | (188,631,000) | (188,631,294) | ||
Securities sold under repurchase agreements | (1,747,000) | |||
Accrued interest payable and other liabilities | (1,946,000) | (1,946,382) | ||
Total identifiable net assets | 19,963,000 | |||
Goodwill | 2,370,000 | 2,370,087 | ||
Payments to Acquire Businesses, Gross | $ 22,333,000 | |||
Federal funds purchased | ||||
Acquisition of Clarke County State Bank [Member] | ||||
Payments to Acquire Businesses, Gross | $ 14,807,000 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and due from banks | 1,364,000 | |||
Federal funds sold | 1,154,000 | 1,154,000 | ||
Interest bearing deposits in financial institutions | 1,475,000 | 1,475,000 | ||
Securities available-for-sale | 17,197,000 | 17,196,715 | ||
Federal Home Loan Bank stock at cost | 130,000 | |||
Loans receivable | 76,041,000 | 76,041,470 | ||
Accrued interest receivable | 863,000 | 862,895 | ||
Bank premises and equipment | 924,000 | 924,400 | ||
Other real estate owned | 120,000 | 120,000 | ||
Bank owned life insurance | 2,755,000 | 2,754,798 | ||
Core deposit intangible asset | 2,002,000 | 2,002,000 | ||
Other assets | 14,000 | |||
Deposits | (83,169,000) | (83,169,311) | ||
Accrued interest payable and other liabilities | (124,000) | (123,749) | ||
Total identifiable net assets | 11,795,000 | |||
Goodwill | 3,012,000 | 3,012,256 | ||
Payments to Acquire Businesses, Gross | 14,807,000 | |||
Deferred income taxes | 49,000 | |||
Federal funds purchased | $ (9,000,000) | $ (9,000,000) |
Note 2 - Bank Acquisitions - Ac
Note 2 - Bank Acquisitions - Acquired Loans at Contractual Values By Risk Rating (Details) - USD ($) | Oct. 25, 2019 | Sep. 14, 2018 |
Iowa State Savings Bank [Member] | ||
Loans acquired at book value | $ 139,703,000 | |
Acquisition of Clarke County State Bank [Member] | ||
Loans acquired at book value | $ 77,197,000 | |
Pass [Member] | Iowa State Savings Bank [Member] | ||
Loans acquired at book value | 121,346,000 | |
Pass [Member] | Acquisition of Clarke County State Bank [Member] | ||
Loans acquired at book value | 63,220,000 | |
Watch [Member] | Iowa State Savings Bank [Member] | ||
Loans acquired at book value | 12,333,000 | |
Watch [Member] | Acquisition of Clarke County State Bank [Member] | ||
Loans acquired at book value | 9,431,000 | |
Special Mention [Member] | Iowa State Savings Bank [Member] | ||
Loans acquired at book value | ||
Special Mention [Member] | Acquisition of Clarke County State Bank [Member] | ||
Loans acquired at book value | 2,734,000 | |
Substandard [Member] | Iowa State Savings Bank [Member] | ||
Loans acquired at book value | $ 6,024,000 | |
Substandard [Member] | Acquisition of Clarke County State Bank [Member] | ||
Loans acquired at book value | $ 1,812,000 |
Note 3 - Concentrations and R_2
Note 3 - Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Reserve Requirements | $ 8,734,000 | $ 6,739,000 |
Deposits with Other Federal Home Loan Banks | $ 109,968,000 |
Note 4 - Debt Securities (Detai
Note 4 - Debt Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | $ 180,063,000 | $ 145,709,000 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 448,000 | $ 6,061,000 |
Note 4 - Debt Securities - Secu
Note 4 - Debt Securities - Securities Available-for-sale (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized cost | $ 474,357,000 | $ 464,404,000 |
Gross unrealized gains | 5,934,000 | 628,000 |
Gross unrealized losses | (448,000) | (6,061,000) |
Estimated fair value | 479,843,448 | 458,971,162 |
US Treasury Securities [Member] | ||
Amortized cost | 9,392,000 | 7,925,000 |
Gross unrealized gains | 64,000 | |
Gross unrealized losses | (4,000) | (125,000) |
Estimated fair value | 9,452,000 | 7,800,000 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 124,913,000 | 111,759,000 |
Gross unrealized gains | 1,609,000 | 73,000 |
Gross unrealized losses | (89,000) | (1,564,000) |
Estimated fair value | 126,433,000 | 110,268,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 80,295,000 | 71,596,000 |
Gross unrealized gains | 867,000 | 88,000 |
Gross unrealized losses | (34,000) | (1,302,000) |
Estimated fair value | 81,128,000 | 70,382,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 193,745,000 | 217,247,000 |
Gross unrealized gains | 1,852,000 | 465,000 |
Gross unrealized losses | (295,000) | (1,757,000) |
Estimated fair value | 195,302,000 | 215,955,000 |
Corporate Debt Securities [Member] | ||
Amortized cost | 66,012,000 | 55,877,000 |
Gross unrealized gains | 1,542,000 | 2,000 |
Gross unrealized losses | (26,000) | (1,313,000) |
Estimated fair value | $ 67,528,000 | $ 54,566,000 |
Note 4 - Debt Securities - Debt
Note 4 - Debt Securities - Debt Securities Available-for-sale (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, Amortized cost | $ 71,648,000 | |
Due in one year or less, Estimated fair value | 71,731,000 | |
Due after one year through five years, Amortized cost | 249,035,000 | |
Due after one year through five years, Estimated fair value | 252,018,000 | |
Due after five years through ten years, Amortized cost | 132,451,000 | |
Due after five years through ten years, Estimated fair value | 134,733,000 | |
Due after ten years, Amortized cost | 21,223,000 | |
Due after ten years, Estimated fair value | 21,361,000 | |
Total, amortized cost | 474,357,000 | $ 464,404,000 |
Securities available-for-sale | $ 479,843,448 | $ 458,971,162 |
Note 4 - Debt Securities - Proc
Note 4 - Debt Securities - Proceeds, Gains and Losses From Securities Available-for-sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sales of securities available-for-sale | $ 8,211 | |
Gross realized gains on securities available-for-sale | 37 | |
Gross realized losses on securities available-for-sale | 20 | |
Tax provision applicable to net realized gains on securities available-for-sale | $ 4 |
Note 4 - Debt Securities - Se_2
Note 4 - Debt Securities - Securities Available-for-sale Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale: | ||
Less than 12 months, estimated fair value | $ 63,376 | $ 133,937 |
Less than 12 months, unrealized losses | (268) | (1,064) |
12 months or more, estimated fair value | 10,408 | 233,410 |
12 months or more, unrealized losses | (180) | (4,997) |
Total estimated fair value | 73,784 | 367,347 |
Total unrealized losses | (448) | (6,061) |
US Treasury Securities [Member] | ||
Securities available for sale: | ||
Less than 12 months, estimated fair value | 3,023 | 2,962 |
Less than 12 months, unrealized losses | (4) | (11) |
12 months or more, estimated fair value | 4,838 | |
12 months or more, unrealized losses | (114) | |
Total estimated fair value | 3,023 | 7,800 |
Total unrealized losses | (4) | (125) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Less than 12 months, estimated fair value | 23,827 | 26,099 |
Less than 12 months, unrealized losses | (85) | (218) |
12 months or more, estimated fair value | 2,520 | 73,192 |
12 months or more, unrealized losses | (4) | (1,346) |
Total estimated fair value | 26,347 | 99,291 |
Total unrealized losses | (89) | (1,564) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Less than 12 months, estimated fair value | 14,885 | 25,037 |
Less than 12 months, unrealized losses | (28) | (277) |
12 months or more, estimated fair value | 1,934 | 37,632 |
12 months or more, unrealized losses | (6) | (1,025) |
Total estimated fair value | 16,819 | 62,669 |
Total unrealized losses | (34) | (1,302) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Less than 12 months, estimated fair value | 17,512 | 60,600 |
Less than 12 months, unrealized losses | (125) | (302) |
12 months or more, estimated fair value | 5,954 | 83,494 |
12 months or more, unrealized losses | (170) | (1,455) |
Total estimated fair value | 23,466 | 144,094 |
Total unrealized losses | (295) | (1,757) |
Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Less than 12 months, estimated fair value | 4,129 | 19,239 |
Less than 12 months, unrealized losses | (26) | (256) |
12 months or more, estimated fair value | 34,254 | |
12 months or more, unrealized losses | (1,057) | |
Total estimated fair value | 4,129 | 53,493 |
Total unrealized losses | $ (26) | $ (1,313) |
Note 5 - Loans Receivable and_3
Note 5 - Loans Receivable and Credit Disclosures (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Performing Loan Range, Maximum | $ 100,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 473,000 | $ 350,000 |
Financing Receivable, Nonaccrual | 4,788,000 | 3,234,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 315,000 | 63,000 |
Financing Receivable, Troubled Debt Restructuring | $ 1,171,000 | $ 2,350,000 |
Number Of Restructured Loans Granting Concessions | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 |
Note 5 - Loans Receivable and_4
Note 5 - Loans Receivable and Credit Disclosures - Composition of Loans Receivable (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 1,060,846,000 | $ 902,232,000 | |
Allowance for loan losses | (12,619,000) | (11,684,000) | $ (11,321,000) |
Deferred loan fees | (80,000) | (87,000) | |
Total loans receivable, net | 1,048,147,496 | 890,461,479 | |
Construction Real Estate [Member] | |||
Loans receivable | 47,895,000 | 51,364,000 | |
Allowance for loan losses | (672,000) | (699,000) | (796,000) |
Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 201,510,000 | 169,722,000 | |
Allowance for loan losses | (2,122,000) | (1,820,000) | (1,716,000) |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 435,850,000 | 389,532,000 | |
Allowance for loan losses | (5,362,000) | (4,615,000) | (4,734,000) |
Agriculture Real Estate [Member] | |||
Loans receivable | 160,771,000 | 103,652,000 | |
Allowance for loan losses | (1,326,000) | (1,198,000) | (997,000) |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 84,084,000 | 86,194,000 | |
Allowance for loan losses | (1,458,000) | (1,777,000) | (1,739,000) |
Agriculture [Member] | |||
Loans receivable | 111,945,000 | 85,202,000 | |
Allowance for loan losses | (1,478,000) | (1,384,000) | (1,171,000) |
Consumer and Other [Member] | |||
Loans receivable | 18,791,000 | 16,566,000 | |
Allowance for loan losses | $ (201,000) | $ (191,000) | $ (168,000) |
Note 5 - Loans Receivable and_5
Note 5 - Loans Receivable and Credit Disclosures - Changes in the Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 11,684,000 | $ 11,321,000 |
Provision for loan losses | 1,314,104 | 639,316 |
Recoveries of loans charged-off | 72,000 | 49,000 |
Loans charged-off | (451,000) | (325,000) |
Balance | $ 12,619,000 | $ 11,684,000 |
Note 5 - Loans Receivable and_6
Note 5 - Loans Receivable and Credit Disclosures - Activity in Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 11,684,000 | $ 11,321,000 |
Provision for loan losses | 1,314,104 | 639,316 |
Recoveries of loans charged-off | 72,000 | 49,000 |
Loans charged-off | (451,000) | (325,000) |
Balance | 12,619,000 | 11,684,000 |
Construction Real Estate [Member] | ||
Balance | 699,000 | 796,000 |
Provision for loan losses | (27,000) | (97,000) |
Recoveries of loans charged-off | ||
Loans charged-off | 0 | 0 |
Balance | 672,000 | 699,000 |
Family Residential Real Estate 1-4 [Member] | ||
Balance | 1,820,000 | 1,716,000 |
Provision for loan losses | 372,000 | 121,000 |
Recoveries of loans charged-off | 5,000 | 6,000 |
Loans charged-off | (75,000) | (23,000) |
Balance | 2,122,000 | 1,820,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 4,615,000 | 4,734,000 |
Provision for loan losses | 732,000 | (12,000) |
Recoveries of loans charged-off | 15,000 | |
Loans charged-off | (107,000) | |
Balance | 5,362,000 | 4,615,000 |
Agriculture Real Estate [Member] | ||
Balance | 1,198,000 | 997,000 |
Provision for loan losses | 128,000 | 201,000 |
Recoveries of loans charged-off | 0 | |
Loans charged-off | 0 | 0 |
Balance | 1,326,000 | 1,198,000 |
Commercial Portfolio Segment [Member] | ||
Balance | 1,777,000 | 1,739,000 |
Provision for loan losses | (24,000) | 89,000 |
Recoveries of loans charged-off | 36,000 | 23,000 |
Loans charged-off | (331,000) | (74,000) |
Balance | 1,458,000 | 1,777,000 |
Agriculture [Member] | ||
Balance | 1,384,000 | 1,171,000 |
Provision for loan losses | 94,000 | 271,000 |
Recoveries of loans charged-off | ||
Loans charged-off | (58,000) | |
Balance | 1,478,000 | 1,384,000 |
Consumer and Other [Member] | ||
Balance | 191,000 | 168,000 |
Provision for loan losses | 39,000 | 66,000 |
Recoveries of loans charged-off | 16,000 | 20,000 |
Loans charged-off | (45,000) | (63,000) |
Balance | $ 201,000 | $ 191,000 |
Note 5 - Loans Receivable and_7
Note 5 - Loans Receivable and Credit Disclosures - Allowance for Loan Losses Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Ending balance: Individually evaluated for impairment | $ 209 | $ 501 |
Ending balance: Collectively evaluated for impairment | 12,410 | 11,183 |
Ending balance | 12,619 | 11,684 |
Construction Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | 672 | 699 |
Ending balance | 672 | 699 |
Family Residential Real Estate 1-4 [Member] | ||
Ending balance: Individually evaluated for impairment | 209 | 53 |
Ending balance: Collectively evaluated for impairment | 1,913 | 1,767 |
Ending balance | 2,122 | 1,820 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | 5,362 | 4,615 |
Ending balance | 5,362 | 4,615 |
Agriculture Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | 1,326 | 1,198 |
Ending balance | 1,326 | 1,198 |
Commercial Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 430 | |
Ending balance: Collectively evaluated for impairment | 1,458 | 1,347 |
Ending balance | 1,458 | 1,777 |
Agriculture [Member] | ||
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | 1,478 | 1,384 |
Ending balance | 1,478 | 1,384 |
Consumer and Other [Member] | ||
Ending balance: Individually evaluated for impairment | 18 | |
Ending balance: Collectively evaluated for impairment | 201 | 173 |
Ending balance | $ 201 | $ 191 |
Note 5 - Loans Receivable and_8
Note 5 - Loans Receivable and Credit Disclosures - Loans Receivable Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Ending balance: Individually evaluated for impairment | $ 4,788 | $ 3,234 |
Ending balance: Collectively evaluated for impairment | 1,056,058 | 898,998 |
Ending balance | 1,060,846 | 902,232 |
Construction Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | 47,895 | 51,364 |
Ending balance | 47,895 | 51,364 |
Family Residential Real Estate 1-4 [Member] | ||
Ending balance: Individually evaluated for impairment | 1,204 | 365 |
Ending balance: Collectively evaluated for impairment | 200,306 | 169,357 |
Ending balance | 201,510 | 169,722 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 83 | 128 |
Ending balance: Collectively evaluated for impairment | 435,767 | 389,404 |
Ending balance | 435,850 | 389,532 |
Agriculture Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | 84 | 74 |
Ending balance: Collectively evaluated for impairment | 160,687 | 103,578 |
Ending balance | 160,771 | 103,652 |
Commercial Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 462 | 2,648 |
Ending balance: Collectively evaluated for impairment | 83,622 | 83,546 |
Ending balance | 84,084 | 86,194 |
Agriculture [Member] | ||
Ending balance: Individually evaluated for impairment | 2,951 | |
Ending balance: Collectively evaluated for impairment | 108,994 | 85,202 |
Ending balance | 111,945 | 85,202 |
Consumer and Other [Member] | ||
Ending balance: Individually evaluated for impairment | 4 | 19 |
Ending balance: Collectively evaluated for impairment | 18,787 | 16,547 |
Ending balance | $ 18,791 | $ 16,566 |
Note 5 - Loans Receivable and_9
Note 5 - Loans Receivable and Credit Disclosures - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loan and lease receivable other than consumer and residential | $ 840,545 | $ 715,944 |
Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 699,777 | 587,452 |
Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 100,206 | 90,934 |
Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 4,581 | 7,461 |
Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 32,401 | 27,247 |
Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 3,580 | 2,850 |
Construction Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 47,895 | 51,364 |
Construction Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 41,073 | 45,991 |
Construction Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 6,822 | 5,373 |
Construction Real Estate [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | |
Construction Real Estate [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | |
Construction Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 435,850 | 389,532 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 387,274 | 345,231 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 29,209 | 26,177 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 4,581 | 4,775 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 14,703 | 13,221 |
Commercial Real Estate Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 83 | 128 |
Agriculture Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 160,771 | 103,652 |
Agriculture Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 118,692 | 72,562 |
Agriculture Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 32,780 | 22,758 |
Agriculture Real Estate [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 1,675 | |
Agriculture Real Estate [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 9,215 | 6,583 |
Agriculture Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 84 | 74 |
Commercial Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 84,084 | 86,194 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 62,655 | 64,850 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 16,147 | 13,998 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 264 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 4,820 | 4,434 |
Commercial Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 462 | 2,648 |
Agriculture [Member] | ||
Loan and lease receivable other than consumer and residential | 111,945 | 85,202 |
Agriculture [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 90,083 | 58,818 |
Agriculture [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 15,248 | 22,628 |
Agriculture [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 747 | |
Agriculture [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 3,663 | 3,009 |
Agriculture [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | $ 2,951 | $ 0 |
Note 5 - Loans Receivable an_10
Note 5 - Loans Receivable and Credit Disclosures - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loan and lease receivable, consumer and residential | $ 220,301 | $ 186,288 |
Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 218,899 | 185,753 |
Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,402 | 535 |
Family Residential Real Estate 1-4 [Member] | ||
Loan and lease receivable, consumer and residential | 201,510 | 169,722 |
Family Residential Real Estate 1-4 [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 200,117 | 169,206 |
Family Residential Real Estate 1-4 [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,393 | 516 |
Consumer and Other [Member] | ||
Loan and lease receivable, consumer and residential | 18,791 | 16,566 |
Consumer and Other [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 18,782 | 16,547 |
Consumer and Other [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | $ 9 | $ 19 |
Note 5 - Loans Receivable an_11
Note 5 - Loans Receivable and Credit Disclosures - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired financing receivable with no related allowance, recorded investment | $ 4,044 | $ 703 |
Impaired financing receivable with no related allowance, unpaid principal balance | 4,920 | 1,226 |
Loans with no specific reserve recorded, average recorded investment | 2,497 | 828 |
Loans with no specific reserve recorded, interest income recognized | 164 | 475 |
Impaired financing receivable with related allowance, recorded investment | 744 | 2,531 |
Impaired financing receivable with related allowance, unpaid principal balance | 755 | 2,667 |
Impaired financing receivable, related allowance | 209 | 501 |
Loans with an allowance recorded, average recorded investment | 1,831 | 3,125 |
Loans with an allowance recorded, interest income recognized | 1 | 9 |
Impaired financing receivable, recorded investment | 4,788 | 3,234 |
Impaired financing receivable, unpaid principal balance | 5,675 | 3,893 |
Loans, average recorded investment | 4,328 | 3,953 |
Loans, interest income recognized | 165 | 484 |
Construction Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 0 | 0 |
Impaired financing receivable with no related allowance, unpaid principal balance | 0 | 0 |
Loans with no specific reserve recorded, average recorded investment | 0 | 0 |
Loans with no specific reserve recorded, interest income recognized | 0 | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 | 0 |
Impaired financing receivable, related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 0 | |
Loans with an allowance recorded, interest income recognized | 0 | |
Impaired financing receivable, recorded investment | 0 | 0 |
Impaired financing receivable, unpaid principal balance | 0 | 0 |
Loans, average recorded investment | 0 | |
Loans, interest income recognized | 0 | |
Family Residential Real Estate 1-4 [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 460 | 252 |
Impaired financing receivable with no related allowance, unpaid principal balance | 796 | 277 |
Loans with no specific reserve recorded, average recorded investment | 336 | 404 |
Loans with no specific reserve recorded, interest income recognized | 31 | 180 |
Impaired financing receivable with related allowance, recorded investment | 744 | 113 |
Impaired financing receivable with related allowance, unpaid principal balance | 755 | 139 |
Impaired financing receivable, related allowance | 209 | 53 |
Loans with an allowance recorded, average recorded investment | 329 | 161 |
Loans with an allowance recorded, interest income recognized | 6 | |
Impaired financing receivable, recorded investment | 1,204 | 365 |
Impaired financing receivable, unpaid principal balance | 1,551 | 416 |
Loans, average recorded investment | 665 | 565 |
Loans, interest income recognized | 31 | 186 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 83 | 128 |
Impaired financing receivable with no related allowance, unpaid principal balance | 435 | 601 |
Loans with no specific reserve recorded, average recorded investment | 323 | 238 |
Loans with no specific reserve recorded, interest income recognized | 133 | 290 |
Impaired financing receivable with related allowance, recorded investment | 0 | |
Impaired financing receivable with related allowance, unpaid principal balance | 0 | |
Impaired financing receivable, related allowance | 0 | |
Loans with an allowance recorded, average recorded investment | 119 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 83 | 128 |
Impaired financing receivable, unpaid principal balance | 435 | 601 |
Loans, average recorded investment | 323 | 357 |
Loans, interest income recognized | 133 | 290 |
Agriculture Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 84 | 74 |
Impaired financing receivable with no related allowance, unpaid principal balance | 97 | 88 |
Loans with no specific reserve recorded, average recorded investment | 80 | 30 |
Loans with no specific reserve recorded, interest income recognized | 0 | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 | 0 |
Impaired financing receivable, related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 0 | 0 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 84 | 74 |
Impaired financing receivable, unpaid principal balance | 97 | 88 |
Loans, average recorded investment | 80 | 30 |
Loans, interest income recognized | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 462 | 248 |
Impaired financing receivable with no related allowance, unpaid principal balance | 517 | 258 |
Loans with no specific reserve recorded, average recorded investment | 285 | 151 |
Loans with no specific reserve recorded, interest income recognized | 5 | |
Impaired financing receivable with related allowance, recorded investment | 2,400 | |
Impaired financing receivable with related allowance, unpaid principal balance | 2,506 | |
Impaired financing receivable, related allowance | 430 | |
Loans with an allowance recorded, average recorded investment | 1,494 | 2,801 |
Loans with an allowance recorded, interest income recognized | 2 | |
Impaired financing receivable, recorded investment | 462 | 2,648 |
Impaired financing receivable, unpaid principal balance | 517 | 2,764 |
Loans, average recorded investment | 1,779 | 2,952 |
Loans, interest income recognized | 7 | |
Agriculture [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 2,951 | 0 |
Impaired financing receivable with no related allowance, unpaid principal balance | 3,071 | 0 |
Loans with no specific reserve recorded, average recorded investment | 1,472 | 0 |
Loans with no specific reserve recorded, interest income recognized | 0 | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 | 0 |
Impaired financing receivable, related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 12 | |
Loans with an allowance recorded, interest income recognized | 1 | |
Impaired financing receivable, recorded investment | 2,951 | 0 |
Impaired financing receivable, unpaid principal balance | 3,071 | 0 |
Loans, average recorded investment | 1,472 | 12 |
Loans, interest income recognized | 1 | |
Consumer and Other [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 4 | 1 |
Impaired financing receivable with no related allowance, unpaid principal balance | 4 | 2 |
Loans with no specific reserve recorded, average recorded investment | 1 | 5 |
Loans with no specific reserve recorded, interest income recognized | 0 | 0 |
Impaired financing receivable with related allowance, recorded investment | 18 | |
Impaired financing receivable with related allowance, unpaid principal balance | 22 | |
Impaired financing receivable, related allowance | 18 | |
Loans with an allowance recorded, average recorded investment | 8 | 32 |
Loans with an allowance recorded, interest income recognized | 1 | |
Impaired financing receivable, recorded investment | 4 | 19 |
Impaired financing receivable, unpaid principal balance | 4 | 24 |
Loans, average recorded investment | 9 | 37 |
Loans, interest income recognized | $ 1 |
Note 5 - Loans Receivable an_12
Note 5 - Loans Receivable and Credit Disclosures - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing receivable modifications, number of contracts | 3 | 3 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 1,035 | $ 80 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 1,035 | $ 80 |
Construction Real Estate [Member] | ||
Financing receivable modifications, number of contracts | ||
Financing receivable modifications, pre-modification outstanding, recorded investment | ||
Financing receivable modifications, post modification outstanding, recorded investment | ||
Family Residential Real Estate 1-4 [Member] | ||
Financing receivable modifications, number of contracts | 3 | |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 1,035 | |
Financing receivable modifications, post modification outstanding, recorded investment | $ 1,035 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | ||
Financing receivable modifications, pre-modification outstanding, recorded investment | ||
Financing receivable modifications, post modification outstanding, recorded investment | ||
Agriculture Real Estate [Member] | ||
Financing receivable modifications, number of contracts | ||
Financing receivable modifications, pre-modification outstanding, recorded investment | ||
Financing receivable modifications, post modification outstanding, recorded investment | ||
Commercial Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | 3 | |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 80 | |
Financing receivable modifications, post modification outstanding, recorded investment | $ 80 | |
Agriculture [Member] | ||
Financing receivable modifications, number of contracts | ||
Financing receivable modifications, pre-modification outstanding, recorded investment | ||
Financing receivable modifications, post modification outstanding, recorded investment | ||
Consumer and Other [Member] | ||
Financing receivable modifications, number of contracts | ||
Financing receivable modifications, pre-modification outstanding, recorded investment | ||
Financing receivable modifications, post modification outstanding, recorded investment |
Note 5 - Loans Receivable an_13
Note 5 - Loans Receivable and Credit Disclosures - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing receivable, recorded investment, past due | $ 7,866 | $ 2,718 |
Financing receivable, recorded investment, current | 1,052,980 | 899,514 |
Loans receivable | 1,060,846 | 902,232 |
Financing receivable, recorded investment, 90 days past due and still accruing | 255 | 150 |
Construction Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 1,796 | 376 |
Financing receivable, recorded investment, current | 46,099 | 50,988 |
Loans receivable | 47,895 | 51,364 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Family Residential Real Estate 1-4 [Member] | ||
Financing receivable, recorded investment, past due | 1,101 | 1,334 |
Financing receivable, recorded investment, current | 200,409 | 168,388 |
Loans receivable | 201,510 | 169,722 |
Financing receivable, recorded investment, 90 days past due and still accruing | 188 | 150 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | 387 | |
Financing receivable, recorded investment, current | 435,463 | 389,532 |
Loans receivable | 435,850 | 389,532 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Agriculture Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 422 | |
Financing receivable, recorded investment, current | 160,349 | 103,652 |
Loans receivable | 160,771 | 103,652 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | 755 | 843 |
Financing receivable, recorded investment, current | 83,329 | 85,351 |
Loans receivable | 84,084 | 86,194 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | ||
Financing receivable, recorded investment, past due | 3,253 | 89 |
Financing receivable, recorded investment, current | 108,692 | 85,113 |
Loans receivable | 111,945 | 85,202 |
Financing receivable, recorded investment, 90 days past due and still accruing | 62 | 0 |
Consumer and Other [Member] | ||
Financing receivable, recorded investment, past due | 152 | 76 |
Financing receivable, recorded investment, current | 18,639 | 16,490 |
Loans receivable | 18,791 | 16,566 |
Financing receivable, recorded investment, 90 days past due and still accruing | 5 | 0 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Financing receivable, recorded investment, past due | 4,746 | 2,168 |
Financing Receivables 30 to 89 Days Past Due [Member] | Construction Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 1,796 | 376 |
Financing Receivables 30 to 89 Days Past Due [Member] | Family Residential Real Estate 1-4 [Member] | ||
Financing receivable, recorded investment, past due | 811 | 1,032 |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | 387 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 422 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | 518 | 595 |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture [Member] | ||
Financing receivable, recorded investment, past due | 666 | 89 |
Financing Receivables 30 to 89 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing receivable, recorded investment, past due | 146 | 76 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, recorded investment, past due | 3,120 | 550 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Family Residential Real Estate 1-4 [Member] | ||
Financing receivable, recorded investment, past due | 290 | 302 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture Real Estate [Member] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing receivable, recorded investment, past due | 237 | 248 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member] | ||
Financing receivable, recorded investment, past due | 2,587 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing receivable, recorded investment, past due | $ 6 |
Note 5 - Loans Receivable an_14
Note 5 - Loans Receivable and Credit Disclosures - Loan Transactions With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 7,807 | $ 8,609 |
New loans | 5,854 | 3,444 |
Repayments | (6,974) | (4,720) |
Change in status | 3,548 | 474 |
Balance | $ 10,235 | $ 7,807 |
Note 6 - Bank Premises and Eq_3
Note 6 - Bank Premises and Equipment - Major Classes of Bank Premises and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 33,384,000 | $ 30,334,000 |
Less accumulated depreciation | 15,573,000 | 14,521,000 |
Total bank premises and equipment, net | 17,810,605 | 15,813,196 |
Land [Member] | ||
Property, plant and equipment, gross | 4,056,000 | 3,929,000 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 21,560,000 | 19,585,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 7,768,000 | $ 6,820,000 |
Note 7 - Other Real Estate Ow_3
Note 7 - Other Real Estate Owned - Changes in Other Real Estate Owned (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of year | $ 829,603 | $ 386,000 |
Transfer of loans to other real estate owned | 381,600 | 494,944 |
Acquired as a part of the acquisitions | 3,582,000 | 120,000 |
Net proceeds from sale | (833,721) | (393,115) |
Gain on sale and foreclosure, net | 44,000 | 222,000 |
Balance, end of year | $ 4,003,684 | $ 829,603 |
Note 7 - Other Real Estate Ow_4
Note 7 - Other Real Estate Owned - Composition of Other Real Estate Owned (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total other real estate owned | $ 4,003,684 | $ 829,603 | $ 386,000 |
Construction and Land Development [Member] | |||
Total other real estate owned | 265,000 | ||
Real Estate, Commercial [Member] | |||
Total other real estate owned | 120,000 | ||
Agriculture [Member] | |||
Total other real estate owned | 3,602,000 | ||
Family Residential Real Estate 1-4 [Member] | |||
Total other real estate owned | $ 402,000 | $ 445,000 |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) - USD ($) | Oct. 25, 2019 | Sep. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Period Increase (Decrease), Total | $ 0 | $ 0 | ||
Iowa State Savings Bank [Member] | ||||
Goodwill, Acquired During Period | $ 2,370,000 | |||
Acquisition of Clarke County State Bank [Member] | ||||
Goodwill, Acquired During Period | $ 3,012,000 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | Oct. 25, 2019 | Sep. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 73 days | 3 years 182 days | ||
Amortization of Intangible Assets, Total | $ 609,624 | $ 430,537 | ||
Core Deposits [Member] | ||||
Finite-lived Intangible Assets Acquired | 1,891,000 | 2,002,000 | ||
Amortization of Intangible Assets, Total | $ 610,000 | 430,000 | ||
Core Deposits [Member] | Iowa State Savings Bank [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 1,891,000 | |||
Core Deposits [Member] | Acquisition of Clarke County State Bank [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 2,002,000 | |||
Customer Lists [Member] | Wealth Management Business [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 15,000 |
Note 9 - Intangible Assets - In
Note 9 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible asset, gross amount | $ 6,946 | $ 5,055 |
Intangible asset, accumulated amortization | 2,987 | 2,377 |
Core Deposits [Member] | ||
Intangible asset, gross amount | 6,411 | 4,520 |
Intangible asset, accumulated amortization | 2,745 | 2,212 |
Customer Lists [Member] | ||
Intangible asset, gross amount | 535 | 535 |
Intangible asset, accumulated amortization | $ 242 | $ 165 |
Note 9 - Intangible Assets - Es
Note 9 - Intangible Assets - Estimated Remaining Amortization Expense on Intangible Assets on Core Deposits (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total | $ 3,959,260 | $ 2,677,884 | |
Core Deposits [Member] | |||
2020 | 826,000 | ||
2021 | 628,000 | ||
2022 | 574,000 | ||
2023 | 502,000 | ||
2024 | 337,000 | ||
After | 1,092,000 | ||
Total | $ 3,959,000 | $ 2,678,000 | $ 1,091,000 |
Note 9 - Intangible Assets - Co
Note 9 - Intangible Assets - Core Deposit Intangible Assets Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible asset, net | $ 2,677,884 | |
Amortization | (609,624) | $ (430,537) |
Intangible asset, net | 3,959,260 | 2,677,884 |
Core Deposits [Member] | ||
Intangible asset, net | 2,678,000 | 1,091,000 |
Acquisition | 1,891,000 | 2,002,000 |
Adjustment to intangible asset | 15,000 | |
Amortization | (610,000) | (430,000) |
Intangible asset, net | $ 3,959,000 | $ 2,678,000 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Deposit Liabilities | $ 17,428,000 | $ 14,775,000 |
Note 10 - Deposits - Maturities
Note 10 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 149,197 |
2021 | 94,464 |
2022 | 19,740 |
2023 | 8,251 |
2024 | 10,581 |
Total time deposits | $ 282,233 |
Note 10 - Deposits - Interest E
Note 10 - Deposits - Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest bearing checking | $ 3,147,000 | $ 2,199,000 |
Savings and money market | 2,870,000 | 2,207,000 |
Time deposits | 4,184,000 | 2,436,000 |
Total deposit interest expense | $ 10,200,626 | $ 6,841,807 |
Note 11 - Pledged Collateral _3
Note 11 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements - Pledged Collateral at Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities sold under agreements to repurchase | $ 58,699 | $ 65,674 |
US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 3,528 | 4,406 |
US Government Agencies Debt Securities [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 35,557 | 41,375 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 19,614 | 19,893 |
Maturity Overnight [Member] | ||
Securities sold under agreements to repurchase | 58,699 | 65,674 |
Maturity Overnight [Member] | US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 3,528 | 4,406 |
Maturity Overnight [Member] | US Government Agencies Debt Securities [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 35,557 | 41,375 |
Maturity Overnight [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 19,614 | 19,893 |
Maturity Greater than 90 Days [Member] | ||
Securities sold under agreements to repurchase | 0 | |
Maturity Greater than 90 Days [Member] | US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Maturity Greater than 90 Days [Member] | US Government Agencies Debt Securities [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Maturity Greater than 90 Days [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | $ 0 | $ 0 |
Note 12 - Borrowings (Details T
Note 12 - Borrowings (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 222,558,000 | $ 171,627,000 |
Note 12 - Borrowings - FHLB Adv
Note 12 - Borrowings - FHLB Advances and Other Long-term Borrowings (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
2020, Amount | $ 2,000,000 | |
2020, Weighted average interest rate | 1.58% | |
2024, Amount | $ 3,000,000 | |
2024, Weighted average interest rate | 1.57% | |
FHLB advances | $ 5,000,000 | $ 14,600,000 |
Weighted Average [Member] | ||
Total FHLB advances, Weighted average interest rate | 1.57% |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 869,000 | $ 813,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 226,000 | $ 226,000 |
Liability for Uncertainty in Income Taxes, Current | 0 | 0 |
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 |
Unrecognized Tax Benefits, Ending Balance | 0 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | 0 |
Other Liabilities [Member] | ||
Accrued Income Taxes, Total | $ 86,000 | $ 165,000 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal: | ||
Current | $ 2,823,000 | $ 3,353,000 |
Deferred | 8,000 | (77,000) |
Total federal income tax expense | 2,831,000 | 3,276,000 |
State: | ||
Current | 1,056,000 | 1,123,000 |
Deferred | (40,000) | 7,000 |
Total state income tax expense | 1,016,000 | 1,130,000 |
Total income tax expense | $ 3,847,600 | $ 4,406,100 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes at 21% | $ 4,419,000 | $ 4,498,000 |
Tax-exempt interest | (836,000) | (943,000) |
State taxes, net of federal tax benefit | 877,000 | 830,000 |
New market tax credits | (693,000) | |
Other | 80,000 | 21,000 |
Total income tax expense | $ 3,847,600 | $ 4,406,100 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 3,114 | $ 2,871 |
Net unrealized losses on securities available-for-sale | 1,358 | |
State operating and alternative minimum tax carryforward | 469 | 669 |
Fair value adjustments from acquisitions | 214 | 305 |
Accrued vacation | 224 | 191 |
Off balance sheet reserve | 136 | 132 |
Other deferred tax assets | 473 | 304 |
Total deferred tax assets | 4,630 | 5,830 |
Deferred tax liabilities: | ||
Net unrealized gains on securities available-for-sale | (1,372) | |
Goodwill and other intangible assets | (1,029) | (1,106) |
Bank premises and equipment | (661) | (500) |
Other deferred tax liabilities | (191) | (149) |
Total deferred tax liabilities | (3,253) | (1,755) |
Valuation allowance | (226) | (226) |
Net deferred tax asset | $ 1,151 | $ 3,849 |
Note 15 - Commitments, Contin_3
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed Interest Rate, Commitments to Extend Credit | $ 135,679,000 | $ 146,087,000 |
Liabilities to Cover Credit Losses for Off Balance Sheet | $ 662,000 | $ 530,000 |
Note 15 - Commitments, Contin_4
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments | $ 214,801 | $ 165,212 |
Commitments to Extend Credit [Member] | ||
Commitments | 207,168 | 158,787 |
Standby Letters of Credit [Member] | ||
Commitments | $ 7,633 | $ 6,425 |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details Textual) | Dec. 31, 2019 | Dec. 31, 2018 |
Common Equity Tier One Risk Based Capital Conservation Buffer Required for Capital Adequacy to Risk Weighted Assets | 2.50% | 1.875% |
Tier One Risk Based Capital Conservation Buffer Required for Capital Adequacy to Risk Weighted Assets | 2.50% | 1.875% |
Capital Conservation Buffer to Risk Weighted Assets | 2.50% | 1.875% |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |||
Capital | $ 180,834 | $ 177,405 | |||
Capital to risk weighted assets | 14.30% | 16.10% | |||
Capital required for capital adequacy | $ 132,878 | [1] | $ 109,082 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | |||||
Capital required to be well capitalized to risk weighted assets | |||||
Tier one risk based capital | $ 167,514 | $ 165,181 | |||
Tier one risk based capital to risk weighted assets | 13.20% | 15.00% | |||
Tier one risk based capital required for capital adequacy | $ 107,568 | [1] | $ 86,989 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | |||||
Tier one risk based capital required to be well capitalized to risk weighted assets | |||||
Tier one leverage capital | $ 167,544 | $ 165,181 | |||
Tier one leverage capital to average assets | 10.10% | 11.30% | |||
Tier one leverage capital required for capital adequacy | $ 66,234 | [1] | $ 58,635 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | |||||
Tier one leverage capital required to be well capitalized to average assets | |||||
Common equity tier one capital | $ 167,544 | $ 165,181 | |||
Common equity tier one risk based capital to risk weighted assets | 13.20% | 15.00% | |||
Common equity tier one capital required for capital adequacy | $ 88,585 | [1] | $ 70,420 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | |||||
Boone Bank and Trust [Member] | |||||
Capital | $ 14,205 | $ 15,632 | |||
Capital to risk weighted assets | 14.10% | 17.00% | |||
Capital required for capital adequacy | $ 10,610 | [1] | $ 9,092 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | $ 10,105 | $ 9,207 | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | |||
Tier one risk based capital | $ 13,274 | $ 14,722 | |||
Tier one risk based capital to risk weighted assets | 13.10% | 16.00% | |||
Tier one risk based capital required for capital adequacy | $ 8,589 | [1] | $ 7,251 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | $ 8,084 | $ 7,366 | |||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% | |||
Tier one leverage capital | $ 13,274 | $ 14,722 | |||
Tier one leverage capital to average assets | 9.50% | 11.20% | |||
Tier one leverage capital required for capital adequacy | $ 5,604 | [1] | $ 5,277 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | $ 7,005 | $ 6,596 | |||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | |||
Common equity tier one capital | $ 13,274 | $ 14,722 | |||
Common equity tier one risk based capital to risk weighted assets | 13.10% | 16.00% | |||
Common equity tier one capital required for capital adequacy | $ 7,074 | [1] | $ 5,870 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | $ 6,568 | $ 5,985 | |||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |||
First National Bank [Member] | Also Conducts Business Out of 3 Full Service Offices in Des Moines Metro Area [Member] | |||||
Capital | $ 87,375 | $ 81,419 | |||
Capital to risk weighted assets | 13.90% | 13.10% | |||
Capital required for capital adequacy | $ 66,180 | [1] | $ 61,312 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | $ 63,028 | $ 62,088 | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | |||
Tier one risk based capital | $ 80,665 | $ 74,995 | |||
Tier one risk based capital to risk weighted assets | 12.80% | 12.10% | |||
Tier one risk based capital required for capital adequacy | $ 53,574 | [1] | $ 48,894 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | $ 50,423 | $ 49,671 | |||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% | |||
Tier one leverage capital | $ 80,665 | $ 74,995 | |||
Tier one leverage capital to average assets | 9.30% | 9.10% | |||
Tier one leverage capital required for capital adequacy | $ 34,702 | [1] | $ 33,034 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | $ 43,378 | $ 41,292 | |||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | |||
Common equity tier one capital | $ 80,665 | $ 74,995 | |||
Common equity tier one risk based capital to risk weighted assets | 12.80% | 12.10% | |||
Common equity tier one capital required for capital adequacy | $ 44,120 | [1] | $ 39,581 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | $ 40,968 | $ 40,357 | |||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |||
Iowa State Savings Bank [Member] | |||||
Capital | $ 20,610 | ||||
Capital to risk weighted assets | 14.20% | ||||
Capital required for capital adequacy | [1] | $ 15,208 | |||
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |||
Capital required to be well capitalized | $ 14,483 | ||||
Capital required to be well capitalized to risk weighted assets | 10.00% | ||||
Tier one risk based capital | $ 20,151 | ||||
Tier one risk based capital to risk weighted assets | 13.90% | ||||
Tier one risk based capital required for capital adequacy | [1] | $ 12,311 | |||
Tier one risk based capital required for capital adequacy to risk weighted assets | [1] | 8.50% | |||
Tier one risk based capital required to be well capitalized | $ 11,587 | ||||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | ||||
Tier one leverage capital | $ 20,151 | ||||
Tier one leverage capital to average assets | 9.50% | ||||
Tier one leverage capital required for capital adequacy | [1] | $ 8,453 | |||
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 4.00% | |||
Tier one leverage capital required to be well capitalized | $ 10,567 | ||||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | ||||
Common equity tier one capital | $ 20,151 | ||||
Common equity tier one risk based capital to risk weighted assets | 13.90% | ||||
Common equity tier one capital required for capital adequacy | [1] | $ 10,138 | |||
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | [1] | 7.00% | |||
Common equity tier one capital required to be well capitalized | $ 9,414 | ||||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | ||||
Reliance State Bank [Member] | Conducts Business Out of Offices at Story City, Garner, and Kleme, Iowa [Member] | |||||
Capital | $ 24,487 | $ 27,880 | |||
Capital to risk weighted assets | 13.00% | 14.80% | |||
Capital required for capital adequacy | $ 19,778 | [1] | $ 18,576 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | $ 18,836 | $ 18,811 | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | |||
Tier one risk based capital | $ 22,166 | $ 25,622 | |||
Tier one risk based capital to risk weighted assets | 11.80% | 13.60% | |||
Tier one risk based capital required for capital adequacy | $ 16,010 | [1] | $ 14,813 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | $ 15,069 | $ 15,049 | |||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% | |||
Tier one leverage capital | $ 22,166 | $ 25,622 | |||
Tier one leverage capital to average assets | 10.00% | 11.70% | |||
Tier one leverage capital required for capital adequacy | $ 8,886 | [1] | $ 8,730 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | $ 11,108 | $ 10,913 | |||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | |||
Common equity tier one capital | $ 22,166 | $ 25,622 | |||
Common equity tier one risk based capital to risk weighted assets | 11.80% | 13.60% | |||
Common equity tier one capital required for capital adequacy | $ 13,185 | [1] | $ 11,992 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | $ 12,243 | $ 12,227 | |||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |||
State Bank and Trust [Member] | |||||
Capital | $ 16,800 | $ 20,358 | |||
Capital to risk weighted assets | 13.50% | 16.20% | |||
Capital required for capital adequacy | $ 13,115 | [1] | $ 12,427 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | $ 12,490 | $ 12,585 | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | |||
Tier one risk based capital | $ 15,233 | $ 18,783 | |||
Tier one risk based capital to risk weighted assets | 12.20% | 14.90% | |||
Tier one risk based capital required for capital adequacy | $ 10,617 | [1] | $ 9,910 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | $ 9,992 | $ 10,068 | |||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% | |||
Tier one leverage capital | $ 15,233 | $ 18,783 | |||
Tier one leverage capital to average assets | 9.50% | 11.80% | |||
Tier one leverage capital required for capital adequacy | $ 6,384 | [1] | $ 6,384 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | $ 7,980 | $ 7,980 | |||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | |||
Common equity tier one capital | $ 15,233 | $ 18,783 | |||
Common equity tier one risk based capital to risk weighted assets | 12.20% | 14.90% | |||
Common equity tier one capital required for capital adequacy | $ 8,743 | [1] | $ 8,023 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | $ 8,119 | $ 8,180 | |||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |||
United Bank and Trust [Member] | |||||
Capital | $ 10,775 | $ 14,790 | |||
Capital to risk weighted assets | 14.30% | 19.50% | |||
Capital required for capital adequacy | $ 7,910 | [1] | $ 7,489 | [2] | |
Capital required for capital adequacy to risk weighted assets | 10.50% | [1] | 9.875% | [2] | |
Capital required to be well capitalized | $ 7,534 | $ 7,583 | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | |||
Tier one risk based capital | $ 9,955 | $ 13,974 | |||
Tier one risk based capital to risk weighted assets | 13.20% | 18.40% | |||
Tier one risk based capital required for capital adequacy | $ 6,403 | [1] | $ 5,972 | [2] | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | [1] | 7.875% | [2] | |
Tier one risk based capital required to be well capitalized | $ 6,027 | $ 6,067 | |||
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% | |||
Tier one leverage capital | $ 9,955 | $ 13,974 | |||
Tier one leverage capital to average assets | 9.80% | 12.70% | |||
Tier one leverage capital required for capital adequacy | $ 4,073 | [1] | $ 4,402 | ||
Tier one leverage capital required for capital adequacy to risk weighted assets | 4.00% | [1] | 4.00% | ||
Tier one leverage capital required to be well capitalized | $ 5,091 | $ 5,503 | |||
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | |||
Common equity tier one capital | $ 9,955 | $ 13,974 | |||
Common equity tier one risk based capital to risk weighted assets | 13.20% | 18.40% | |||
Common equity tier one capital required for capital adequacy | $ 5,273 | [1] | $ 4,834 | [2] | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | [1] | 6.375% | [2] | |
Common equity tier one capital required to be well capitalized | $ 4,897 | $ 4,929 | |||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |||
[1] | These ratios for December 31, 2019 include a capital conservation buffer of 2.50%, except for the Tier 1 capital to average assets ratios. | ||||
[2] | These ratios for December 31, 2018 include a capital conservation buffer of 1.875%, except for the Tier 1 capital to average assets ratios. |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale securities | $ 479,843,448 | $ 458,971,162 |
US Treasury Securities [Member] | ||
Available for sale securities | 9,452,000 | 7,800,000 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 126,433,000 | 110,268,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 81,128,000 | 70,382,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 195,302,000 | 215,955,000 |
Corporate Debt Securities [Member] | ||
Available for sale securities | 67,528,000 | 54,566,000 |
Fair Value, Recurring [Member] | ||
Total assets at fair value on a recurring basis | 479,843,000 | 458,971,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value on a recurring basis | 9,452,000 | 7,800,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value on a recurring basis | 470,391,000 | 451,171,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available for sale securities | 9,452,000 | 7,800,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 9,452,000 | 7,800,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 126,433,000 | 110,268,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 126,433,000 | 110,268,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 81,128,000 | 70,382,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 81,128,000 | 70,382,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 195,302,000 | 215,955,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 195,302,000 | 215,955,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | 67,528,000 | 54,566,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | $ 67,528,000 | $ 54,566,000 |
Note 17 - Fair Value Measurem_4
Note 17 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 535 | $ 2,030 |
Other real estate owned | 4,004 | 830 |
Total assets at fair value on a nonrecurring basis | 4,539 | 2,860 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Other real estate owned | ||
Total assets at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Other real estate owned | ||
Total assets at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Loans | 535 | 2,030 |
Other real estate owned | 4,004 | 830 |
Total assets at fair value on a nonrecurring basis | $ 4,539 | $ 2,860 |
Note 17 - Fair Value Measurem_5
Note 17 - Fair Value Measurements - Fair Value Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Impaired Loan [Member] | Evaluation of Collateral [Member] | |||
Estimated Fair Value | $ 535 | $ 2,030 | |
Unobservable Inputs, Rate | [1] | ||
Other Real Estate Owned [Member] | Appraisal Valuation [Member] | |||
Estimated Fair Value | $ 4,004 | $ 830 | |
Other Real Estate Owned [Member] | Appraisal Valuation [Member] | Minimum [Member] | |||
Unobservable Inputs, Rate | 6.00% | 6.00% | |
Other Real Estate Owned [Member] | Appraisal Valuation [Member] | Maximum [Member] | |||
Unobservable Inputs, Rate | 8.00% | 8.00% | |
Other Real Estate Owned [Member] | Appraisal Valuation [Member] | Weighted Average [Member] | |||
Unobservable Inputs, Rate | 7.00% | 7.00% | |
[1] | Not Meaningful. |
Note 17 - Fair Value Measurem_6
Note 17 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available-for-sale | $ 479,843,448 | $ 458,971,162 |
Accrued income receivable | 11,788,409 | 9,415,570 |
Reported Value Measurement [Member] | ||
Securities available-for-sale | 479,843,000 | 458,971,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 34,617,000 | 30,384,000 |
Interest bearing deposits | 108,948,000 | 26,058,000 |
Accrued income receivable | 11,788,000 | 9,416,000 |
Securities sold under agreements to repurchase | 42,034,000 | 40,674,000 |
Accrued interest payable | 1,163,000 | 649,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB and FRB stock | 3,139,000 | 3,191,000 |
Loans receivable, net | 1,048,147,000 | 890,461,000 |
Loans held for sale | 2,777,000 | 401,000 |
Deposits | 1,493,175,000 | 1,221,084,000 |
FHLB advances | 5,000,000 | 14,600,000 |
Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale | 479,843,000 | 458,971,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 34,617,000 | 30,384,000 |
Interest bearing deposits | 108,948,000 | 26,058,000 |
Accrued income receivable | 11,788,000 | 9,416,000 |
Securities sold under agreements to repurchase | 42,034,000 | 40,674,000 |
Accrued interest payable | 1,163,000 | 649,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB and FRB stock | 3,139,000 | 3,191,000 |
Loans receivable, net | 1,025,032,000 | 864,417,000 |
Loans held for sale | 2,777,000 | 401,000 |
Deposits | 1,495,155,000 | 1,219,643,000 |
FHLB advances | $ 4,935,000 | $ 14,559,000 |
Note 19 - Ames National Corpo_3
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||
Cash and due from banks | $ 34,616,880 | $ 30,384,066 | |
Interest bearing deposits in financial institutions | 108,947,624 | 26,057,513 | |
Loans receivable, net | 1,048,147,496 | 890,461,479 | |
Bank premises and equipment, net | 17,810,605 | 15,813,196 | |
Accrued income receivable | 11,788,409 | 9,415,570 | |
Other real estate owned | 4,003,684 | 829,603 | $ 386,000 |
Other assets | 6,041,126 | 1,117,477 | |
Total assets | 1,737,182,505 | 1,455,687,351 | |
LIABILITIES | |||
Dividends payable | 2,213,459 | 2,137,460 | |
Accrued expenses and other liabilities | 7,180,906 | 4,326,502 | |
Total liabilities | 1,549,603,033 | 1,282,822,287 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,445,494 | 18,586,610 | |
Additional paid-in capital | 18,794,141 | 20,461,724 | |
Retained earnings | 146,225,085 | 137,891,821 | |
Accumulated other comprehensive income (loss) | 4,114,752 | (4,075,091) | |
Total stockholders' equity | 187,579,472 | 172,865,064 | $ 170,753,142 |
Total liabilities and stockholders' equity | 1,737,182,505 | 1,455,687,351 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 29,000 | 47,000 | |
Interest bearing deposits in financial institutions | 5,097,000 | 14,735,000 | |
Investment in bank subsidiaries | 180,503,000 | 155,514,000 | |
Loans receivable, net | 1,949,000 | 2,169,000 | |
Bank premises and equipment, net | 2,649,000 | 2,743,000 | |
Accrued income receivable | 6,000 | 8,000 | |
Other real estate owned | 265,000 | ||
Other assets | 106,000 | 47,000 | |
Total assets | 190,339,000 | 175,528,000 | |
LIABILITIES | |||
Dividends payable | 2,213,000 | 2,137,000 | |
Accrued expenses and other liabilities | 547,000 | 526,000 | |
Total liabilities | 2,760,000 | 2,663,000 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,445,000 | 18,587,000 | |
Additional paid-in capital | 18,794,000 | 20,462,000 | |
Retained earnings | 146,225,000 | 137,891,000 | |
Accumulated other comprehensive income (loss) | 4,115,000 | (4,075,000) | |
Total stockholders' equity | 187,579,000 | 172,865,000 | |
Total liabilities and stockholders' equity | $ 190,339,000 | $ 175,528,000 |
Note 19 - Ames National Corpo_4
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gain on sale of other real estate owned | $ 44,433 | $ 222,265 |
Provision for loan losses | 1,314,104 | 639,316 |
Operating income after provision for loan losses | 43,934,040 | 41,484,451 |
Income before income taxes | 21,041,769 | 21,419,978 |
Provision for income taxes | 3,847,600 | 4,406,100 |
Net income | 17,194,169 | 17,013,878 |
Parent Company [Member] | ||
Equity in net income of bank subsidiaries | 17,834,000 | 17,394,000 |
Interest | 221,000 | 160,000 |
Rental income | 432,000 | 420,000 |
Gain on sale of other real estate owned | (11,000) | 63,000 |
Other income | 2,033,000 | 1,916,000 |
20,509,000 | 19,953,000 | |
Provision for loan losses | ||
Operating income after provision for loan losses | 20,509,000 | 19,953,000 |
Operating expenses | 3,534,000 | 3,081,000 |
Income before income taxes | 16,975,000 | 16,872,000 |
Provision for income taxes | (219,000) | (142,000) |
Net income | $ 17,194,000 | $ 17,014,000 |
Note 19 - Ames National Corpo_5
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 17,194,169 | $ 17,013,878 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,235,378 | 1,134,007 |
Provision for deferred income taxes | (32,250) | (69,900) |
(Gain) loss on sale of other real estate owned | (44,433) | (222,265) |
(Increase) decrease in accrued income receivable | 514,915 | (170,284) |
(Increase) decrease in other assets | (784,589) | 104,515 |
Increase in accrued expense and other liabilities | 891,022 | 250,950 |
Net cash provided by operating activities | 20,179,712 | 20,705,081 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease (increase) in interest bearing deposits in financial institutions | (61,855,282) | 17,285,440 |
Decrease in loans | (23,459,602) | (43,573,057) |
Proceeds from the sale of other real estate owned | 833,721 | 393,115 |
Purchase of bank premises and equipment | (780,440) | (616,544) |
Net cash (used in) investing activities | (78,960,941) | 8,635,067 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (8,784,906) | (10,800,659) |
Stock repurchases | (1,808,699) | (452,220) |
Net cash (used in) financing activities | 63,014,043 | (25,353,632) |
Net increase (decrease) in cash and cash equivalents | 4,232,814 | 3,986,516 |
Beginning | 30,384,066 | 26,397,550 |
Ending | 34,616,880 | 30,384,066 |
Parent Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 17,194,000 | 17,014,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 100,000 | 105,000 |
Provision for deferred income taxes | (88,000) | (40,000) |
(Gain) loss on sale of other real estate owned | 11,000 | (63,000) |
Equity in net income of bank subsidiaries | (17,834,000) | (17,394,000) |
Dividends received from bank subsidiaries | 25,068,000 | 11,968,000 |
(Increase) decrease in accrued income receivable | 2,000 | (2,000) |
(Increase) decrease in other assets | (1,000) | 222,000 |
Increase in accrued expense and other liabilities | 51,000 | 112,000 |
Net cash provided by operating activities | 24,503,000 | 11,922,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease (increase) in interest bearing deposits in financial institutions | 9,638,000 | (888,000) |
Decrease in loans | 220,000 | 106,000 |
Proceeds from the sale of other real estate owned | 254,000 | 118,000 |
Investments in bank subsidiary | (24,033,000) | |
Purchase of bank premises and equipment | (6,000) | |
Net cash (used in) investing activities | (13,927,000) | (664,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (8,785,000) | (10,801,000) |
Stock repurchases | (1,809,000) | (452,000) |
Net cash (used in) financing activities | (10,594,000) | (11,253,000) |
Net increase (decrease) in cash and cash equivalents | (18,000) | 5,000 |
Beginning | 47,000 | 42,000 |
Ending | 29,000 | 47,000 |
Cash receipts for income taxes | $ 99,000 | $ 122,000 |