Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 27, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001132651 | ||
Entity Registrant Name | AMES NATIONAL CORPORATION | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-32637 | ||
Entity Incorporation, State or Country Code | IA | ||
Entity Tax Identification Number | 42-1039071 | ||
Entity Address, Address Line One | 405 5TH Street | ||
Entity Address, City or Town | Ames | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 50010 | ||
City Area Code | 515 | ||
Local Phone Number | 232-6251 | ||
Title of 12(b) Security | Common Stock, $2.00 par value | ||
Trading Symbol | ATLO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 176,877,408 | ||
Entity Common Stock, Shares Outstanding | 9,122,747 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 24,818,619 | $ 34,616,880 |
Interest-bearing deposits in financial institutions and federal funds sold | 166,704,001 | 108,947,624 |
Securities available-for-sale | 596,999,072 | 479,843,448 |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 3,147,500 | 3,138,900 |
Loans receivable, net | 1,129,505,157 | 1,048,147,496 |
Loans held for sale | 1,620,801 | 2,776,785 |
Bank premises and equipment, net | 17,340,250 | 17,810,605 |
Accrued income receivable | 11,142,897 | 11,788,409 |
Other real estate owned | 217,856 | 4,003,684 |
Bank-owned life insurance | 2,915,715 | 2,842,713 |
Deferred income taxes, net | 0 | 1,151,016 |
Other intangible assets, net | 3,133,240 | 3,959,260 |
Goodwill | 12,424,434 | 12,114,559 |
Other assets | 5,678,201 | 6,041,126 |
Total assets | 1,975,647,743 | 1,737,182,505 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing checking | 349,500,268 | 267,441,988 |
Interest-bearing checking | 528,795,635 | 461,857,728 |
Savings and money market | 581,223,880 | 481,642,221 |
Time, $250,000 and over | 60,019,296 | 74,206,421 |
Other time | 196,907,101 | 208,026,740 |
Total deposits | 1,716,446,180 | 1,493,175,098 |
Securities sold under agreements to repurchase | 37,293,019 | 42,033,570 |
FHLB advances | 3,000,000 | 5,000,000 |
Dividends payable | 0 | 2,213,459 |
Deferred income taxes, net | 1,731,211 | 0 |
Accrued expenses and other liabilities | 7,690,907 | 7,180,906 |
Total liabilities | 1,766,161,317 | 1,549,603,033 |
STOCKHOLDERS' EQUITY | ||
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 9,122,747 and 9,222,747 shares as of December 31, 2020 and 2019, respectively | 18,245,494 | 18,445,494 |
Additional paid-in capital | 17,001,736 | 18,794,141 |
Retained earnings | 158,216,626 | 146,225,085 |
Accumulated other comprehensive income | 16,022,570 | 4,114,752 |
Total stockholders' equity | 209,486,426 | 187,579,472 |
Total liabilities and stockholders' equity | $ 1,975,647,743 | $ 1,737,182,505 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 9,122,747 | 9,222,747 |
Common stock, outstanding (in shares) | 9,122,747 | 9,222,747 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income: | ||
Loans, including fees | $ 50,469,873 | $ 44,282,197 |
Securities: | ||
Taxable | 7,763,684 | 6,483,893 |
Tax-exempt | 3,628,123 | 4,047,054 |
Other interest and dividend income | 1,078,967 | 1,364,349 |
Total interest and dividend income | 62,940,647 | 56,177,493 |
Interest expense: | ||
Deposits | 7,820,828 | 10,200,626 |
Other borrowed funds | 276,982 | 728,723 |
Total interest expense | 8,097,810 | 10,929,349 |
Net interest income | 54,842,837 | 45,248,144 |
Provision for loan losses | 5,680,656 | 1,314,104 |
Net interest income after provision for loan losses | 49,162,181 | 43,934,040 |
Noninterest income: | ||
Securities gains, net | 429,925 | 17,031 |
Gain on sale of loans held for sale | 2,111,893 | 1,044,798 |
Other noninterest income | 934,164 | 826,221 |
Total noninterest income | 10,620,137 | 8,629,398 |
Noninterest expense: | ||
Salaries and employee benefits | 22,868,601 | 19,675,952 |
Data processing | 5,181,705 | 4,130,506 |
Occupancy expenses, net | 2,667,788 | 2,275,882 |
FDIC insurance assessments | 313,069 | 193,593 |
Professional fees | 1,537,254 | 1,753,531 |
Business development | 1,081,537 | 1,242,271 |
Intangible asset amortization | 826,020 | 609,624 |
New Markets Tax Credit projects amortization | 638,851 | 581,563 |
Other operating expenses, net | 1,436,430 | 1,058,747 |
Total noninterest expense | 36,551,255 | 31,521,669 |
Income before income taxes | 23,231,063 | 21,041,769 |
Provision for income taxes | 4,381,000 | 3,847,600 |
Net income | $ 18,850,063 | $ 17,194,169 |
Basic and diluted earnings per share (in dollars per share) | $ 2.06 | $ 1.86 |
Fiduciary and Trust [Member] | ||
Noninterest income: | ||
Noninterest income | $ 3,848,497 | $ 3,596,770 |
Financial Service [Member] | ||
Noninterest income: | ||
Noninterest income | 1,523,189 | 1,619,269 |
Credit and Debit Card [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,772,469 | $ 1,525,309 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 18,850,063 | $ 17,194,169 |
Other comprehensive income, before tax: | ||
Unrealized holding gains arising during the period | 16,307,017 | 10,936,820 |
Less: reclassification adjustment for gains realized in net income | 429,925 | 17,031 |
Other comprehensive income before tax | 15,877,092 | 10,919,789 |
Tax expense related to other comprehensive income | 3,969,274 | 2,729,946 |
Other comprehensive income, net of tax | 11,907,818 | 8,189,843 |
Comprehensive income | $ 30,757,881 | $ 25,384,012 |
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, 2018 | 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 | 0 | 0 | 17,194,169 | 0 | 17,194,169 |
Other comprehensive income | $ 0 | 0 | 0 | 8,189,843 | 8,189,843 |
Retirement of stock (in shares) | (70,558) | ||||
Retirement of stock | $ (141,116) | (1,667,583) | 0 | 0 | (1,808,699) |
Cash dividends declared | $ 0 | 0 | (8,860,905) | 0 | $ (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 |
Net income | 0 | 0 | 18,850,063 | 0 | 18,850,063 |
Other comprehensive income | $ 0 | 0 | 0 | 11,907,818 | 11,907,818 |
Retirement of stock (in shares) | (100,000) | ||||
Retirement of stock | $ (200,000) | (1,792,405) | 0 | 0 | (1,992,405) |
Cash dividends declared | $ 0 | 0 | (6,858,522) | 0 | $ (6,858,522) |
Balance (in shares) at Dec. 31, 2020 | 9,122,747 | 9,122,747 | |||
Balance at Dec. 31, 2020 | $ 18,245,494 | $ 17,001,736 | $ 158,216,626 | $ 16,022,570 | $ 209,486,426 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash dividends declared, per share (in dollars per share) | $ 0.75 | $ 0.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 18,850,063 | $ 17,194,169 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 5,680,656 | 1,314,104 |
Provision for off-balance sheet commitments | 51,000 | 17,000 |
Amortization of securities available-for-sale, loans and deposits, net | 983,296 | 1,066,378 |
Amortization of Intangible Assets, Total | 826,020 | 609,624 |
Depreciation | 1,445,509 | 1,235,378 |
Provision (credit) for deferred income taxes | (1,087,046) | (32,250) |
Securities gains, net | (429,925) | (17,031) |
Gain on sales of loans held for sale | (2,111,893) | (1,044,798) |
Proceeds from the sales of loans held for sale | 95,272,224 | 51,213,713 |
Originations of loans held for sale | (92,004,347) | (52,544,413) |
(Gain) on sale and foreclosure of other real estate owned, net | (21,617) | (44,433) |
Loss on sale and disposal of bank premises and equipment, net | 106,142 | 9,360 |
Amortization of investment in new markets tax credit projects | 638,851 | 581,563 |
Change in assets and liabilities: | ||
Decrease in accrued income receivable | 645,512 | 514,915 |
(Increase) decrease in other assets | 408,345 | (784,589) |
Increase in accrued expenses and other liabilities | 459,001 | 891,022 |
Net cash provided by operating activities | 29,711,791 | 20,179,712 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available-for-sale | (238,174,382) | (82,387,547) |
Proceeds from sale of securities available-for-sale | 5,462,657 | 8,211,157 |
Proceeds from maturities and calls of securities available-for-sale | 129,702,317 | 98,514,145 |
Net decrease in federal funds sold | 0 | 2,792,000 |
Purchase of FHLB stock | (1,148,900) | (4,060,600) |
Proceeds from the redemption of FHLB stock | 1,134,300 | 4,477,200 |
Net (increase) in interest-bearing deposits in financial institutions | (57,756,377) | (61,855,282) |
Net (increase) in loans | (86,302,370) | (23,459,602) |
Net proceeds from the sale of other real estate owned | 3,818,183 | 833,721 |
Proceeds from the sale of bank premises and equipment | 0 | 4,000 |
Purchase of bank premises and equipment | (1,248,831) | (780,440) |
Proceeds from sale of bank-owned life insurance | 0 | 2,501,521 |
Purchase of investment in new market tax credit projects | (446,856) | (4,536,378) |
Cash paid net of cash received for acquired bank | (309,875) | (19,143,271) |
Other | (73,002) | (71,565) |
Net cash (used in) investing activities | (245,343,136) | (78,960,941) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in deposits | 223,638,021 | 83,595,584 |
(Decrease) in securities sold under agreements to repurchase | (4,740,551) | (387,936) |
Proceeds from short-term borrowings | 0 | 3,000,000 |
Payments on FHLB and other borrowings | (2,000,000) | (12,600,000) |
Dividends paid | (9,071,981) | (8,784,906) |
Stock repurchases | (1,992,405) | (1,808,699) |
Net cash provided by financing activities | 205,833,084 | 63,014,043 |
Net increase (decrease) in cash and due from banks | (9,798,261) | 4,232,814 |
CASH AND DUE FROM BANKS | ||
Beginning | 34,616,880 | 30,384,066 |
Ending | 24,818,619 | 34,616,880 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest | 8,798,822 | 10,550,529 |
Income taxes | 5,499,334 | 3,958,213 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES | ||
Transfer of loans to other real estate owned | 10,738 | 381,600 |
Business Combination: | ||
Goodwill | 12,424,434 | 12,114,559 |
Iowa State Savings Bank [Member] | ||
Business Combination: | ||
Fair value of interest bearing deposits in financial institutions acquired | 0 | |
Fair value of federal funds sold acquired | 0 | |
Fair value of securities available-for-sale acquired | 0 | |
Fair value of FHLB stock at cost | 0 | |
Fair value of loans receivable acquired | 0 | |
Fair value of bank premises and equipment acquired | 0 | |
Fair value of accrued interest receivable acquired | 0 | |
Fair value of other real estate owned acquired | 0 | |
Fair value of other tangible assets acquired | 0 | |
Fair value of bank-owned life insurance acquired | 0 | |
Goodwill | 309,875 | |
Core deposit intangible acquired | 0 | |
Deposits assumed | 0 | |
Securities sold under agreement to repurchase assumed | 0 | |
Other liabilities assumed | $ 0 | |
Acquisition of Clarke County State 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 | |
Other liabilities assumed | $ 1,946,382 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. 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 (i) the intent to sell the investment securities and the more likely than not FHLB and FRB stock 0.12 4.00 6 No no December 31, 2020. Loans 90 no The restructuring of a loan is considered a “troubled debt restructuring” (“TDR”) if both the borrower is experiencing financial difficulties and the creditor has granted a concession. Section 4013 19 19. Allowance for loan losses may The Company’s allowance for 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 premises and equipment Other real estate owned Bank-owned life insurance Goodwill and other intangible assets: not not 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. Due to the economic weakness resulting from the COVID- 19 May 31, 2020 not no December 31, 2020. may may 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 Advertising costs: 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, 2020 2019 no The following information was used in the computation of basic earnings per share (EPS) for the years ended December 31, 2020 2019: 2020 2019 Basic earning per share computation: Net income $ 18,850,063 $ 17,194,169 Weighted average common shares outstanding 9,148,244 9,236,989 Basic EPS $ 2.06 $ 1.86 New and Pending Accounting Pronouncements: 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, 2020 not In August 2018, No. 2018 13, 820 Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. December 15, 2019, 2020 January 1, 2020 not |
Note 2 - Bank Acquisitions
Note 2 - Bank Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. On October 25, 2019, four October 25, 2019. no 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): 2019 Cash consideration transferred $ 22,643 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 $ 2,680 On October 25, 2019, 1 4 first 2020, The acquired loans associated with the ISSB Acquisition at contractual values as of October 25, 2019 (in thousands) 2019 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 |
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, 2020 | |
Notes to Financial Statements | |
Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions [Text Block] | Note 3. The Federal Reserve announced on March 15, 2020, zero March 26, 2020. March 26, 2020, not December 31, 2020 December 31, 2019. no At December 31, 2020, not no |
Note 4 - Debt Securities
Note 4 - Debt Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. 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 2020: U.S. government treasuries $ 11,725 $ 328 $ - $ 12,053 U.S. government agencies 106,337 4,875 (13 ) 111,199 U.S. government mortgage-backed securities 146,889 3,337 (31 ) 150,195 State and political subdivisions 243,438 8,182 (36 ) 251,584 Corporate bonds 67,247 4,722 (1 ) 71,968 Total $ 575,636 $ 21,444 $ (81 ) $ 596,999 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 The amortized cost and fair value of debt securities available-for-sale as of December 31, 2020, may (in thousands). Amortized Estimated Cost Fair Value Due in one year or less $ 44,983 $ 45,329 Due after one year through five years 242,363 251,324 Due after five years through ten years 237,913 247,562 Due after ten years 50,377 52,784 Total $ 575,636 $ 596,999 At December 31, 2020 2019, The proceeds, gains, and losses from securities available-for-sale are summarized below (in thousands) 2020 2019 Proceeds from sales of securities available-for-sale $ 5,463 $ 8,211 Gross realized gains on securities available-for-sale 430 37 Gross realized losses on securities available-for-sale - 20 No December 31, 2020 2019. 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, 2020 2019, (in thousands) 2020: 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 agencies $ 6,016 $ (7 ) $ 896 $ (6 ) $ 6,912 $ (13 ) U.S. government mortgage-backed securities 5,097 (31 ) - - 5,097 (31 ) State and political subdivisions 7,875 (34 ) 180 (2 ) 8,055 (36 ) Corporate bonds 534 (1 ) - - 534 (1 ) Total $ 19,522 $ (73 ) $ 1,076 $ (8 ) $ 20,598 $ (81 ) 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 ) At December 31, 2020, |
Note 5 - Loans Receivable and C
Note 5 - Loans Receivable and Credit Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5. The composition of loans receivable is as follows (in thousands) 2020 2019 Real estate - construction $ 45,497 $ 47,895 Real estate - 1 to 4 family residential 213,562 201,510 Real estate - commercial 496,357 435,850 Real estate - agricultural 151,992 160,771 Commercial 1 122,535 84,084 Agricultural 102,586 111,945 Consumer and other 15,048 18,791 1,147,577 1,060,846 Less: Allowance for loan losses (17,215 ) (12,619 ) Deferred loan fees and costs, net 2 (857 ) (80 ) Total loans receivable, net $ 1,129,505 $ 1,048,147 1 Commercial loan portfolio as of December 31, 2020 2 Deferred loan fees as of December 31, 2020 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 completed 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 Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, 2020, 2019 19 December 27, 2020 may 100 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, 2020 2019 (in thousands) 2020 2019 Balance, beginning $ 12,619 $ 11,684 Provision for loan losses 5,681 1,314 Recoveries of loans charged-off 325 72 Loans charged-off (1,410 ) (451 ) Balance, ending $ 17,215 $ 12,619 Activity in the allowance for loan losses, on a disaggregated basis, for the years ended December 31, 2020 2019 (in thousands) 2020: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 Provision (credit) for loan losses 52 471 3,986 269 609 266 28 5,681 Recoveries of loans charged-off 1 6 26 - 14 - 278 325 Loans charged-off - (18 ) (444 ) - (628 ) (48 ) (272 ) (1,410 ) Balance, ending $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 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 Allowance for loan losses disaggregated on the basis of the impairment analysis method as of December 31, 2020 2019 (in thousands) 2020: 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 $ - $ 150 $ 1,486 $ - $ 115 $ 40 $ 28 $ 1,819 Ending balance: Collectively evaluated for impairment 725 2,431 7,444 1,595 1,338 1,656 207 15,396 Ending balance $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 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 Loans receivable disaggregated on the basis of the impairment analysis method as of December 31, 2020 2019 (in thousands) 2020: 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 $ 167 $ 1,340 $ 10,258 $ 1,664 $ 940 $ 859 $ 45 $ 15,273 Ending balance: Collectively evaluated for impairment 45,330 212,222 486,099 150,328 121,595 101,727 15,003 1,132,304 Ending balance $ 45,497 $ 213,562 $ 496,357 $ 151,992 $ 122,535 $ 102,586 $ 15,048 $ 1,147,577 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 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, 2020 2019 (in thousands) 2020: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 39,980 $ 346,591 $ 110,925 $ 101,858 $ 80,075 $ 679,429 Watch 5,350 88,113 33,144 15,897 20,793 163,297 Special Mention - 23,753 175 52 - 23,980 Substandard - 27,642 6,084 3,788 859 38,373 Substandard-Impaired 167 10,258 1,664 940 859 13,888 Total $ 45,497 $ 496,357 $ 151,992 $ 122,535 $ 102,586 $ 918,967 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 The credit risk profile based on payment activity, on a disaggregated basis, at December 31, 2020 2019 (in thousands) 2020: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 212,282 $ 15,003 $ 227,285 Non-performing 1,280 45 1,325 Total $ 213,562 $ 15,048 $ 228,610 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 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, 2020 2019 December 31, 2020 2019 (in thousands) 2020: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ 167 $ 167 $ - $ 66 $ - Real estate - 1 to 4 family residential 416 475 - 318 - Real estate - commercial 242 578 - 6,625 16 Real estate - agricultural 1,664 1,698 - 1,295 6 Commercial 274 318 - 524 23 Agricultural 377 542 - 1,592 344 Consumer and other 8 10 - 22 128 Total loans with no specific reserve: 3,148 3,788 - 10,442 517 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 924 1,278 150 935 66 Real estate - commercial 10,016 10,157 1,486 2,198 - Real estate - agricultural - - - - - Commercial 666 1,247 115 418 - Agricultural 482 484 40 400 - Consumer and other 37 39 28 19 92 Total loans with specific reserve: 12,125 13,205 1,819 3,970 158 Total Real estate - construction 167 167 - 66 - Real estate - 1 to 4 family residential 1,340 1,753 150 1,253 66 Real estate - commercial 10,258 10,735 1,486 8,823 16 Real estate - agricultural 1,664 1,698 - 1,295 6 Commercial 940 1,565 115 942 23 Agricultural 859 1,026 40 1,992 344 Consumer and other 45 49 28 41 220 Total $ 15,273 $ 16,993 $ 1,819 $ 14,412 $ 675 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 The interest foregone on nonaccrual loans for the years ended December 31, 2020 2019 Nonaccrual loans at December 31, 2020 2019 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 TDR loans that were on nonaccrual status before the modification, a specific reserve may December 31, 2020 2019 The Company had loans meeting the definition of TDR of $11,293,000 as of December 31, 2020, December 31, 2019, The Company’s TDRs, on a disaggregated basis, occurring in the years ended December 31 (dollars in thousands) 2020 2019 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 2 10,192 10,192 - - - Real estate - agricultural - - - - - - Commercial - - - - - - Agricultural 3 54 54 - - - Consumer and other 1 27 27 - - - Total 6 $ 10,273 $ 10,273 3 $ 1,035 $ 1,035 During the year ended December 31, 2020, four six During the year ended December 31, 2019 three There were no December 31, 2020 2019 60 There was no Section 4013 19 may not 30 December 31, 2019 may not not 19 may March 1, 2020 December 31, 2020, January 1, 2022 60 19 March 2020, 19. 19 not As of December 31, 2020, 19 30 An aging analysis of the recorded investment in loans, on a disaggregated basis, as of December 31, 2020 2019, (in thousands) 2020: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 169 $ 167 $ 336 $ 45,161 $ 45,497 $ - Real estate - 1 to 4 family residential 1,523 176 1,699 211,863 213,562 6 Real estate - commercial 152 56 208 496,149 496,357 - Real estate - agricultural 574 1,618 2,192 149,800 151,992 - Commercial 283 3 286 122,249 122,535 3 Agricultural 79 458 537 102,049 102,586 30 Consumer and other 18 16 34 15,014 15,048 - Total $ 2,798 $ 2,494 $ 5,292 $ 1,142,285 $ 1,147,577 $ 39 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 There are no As of December 31, 2020, 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, 2020 2019 (in thousands) 2020 2019 Balance, beginning of year $ 10,235 $ 7,807 New loans 15,750 5,854 Repayments (13,407 ) (6,974 ) Change in status 439 3,548 Balance, end of year $ 13,017 $ 10,235 |
Note 6 - Bank Premises and Equi
Note 6 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. The major classes of bank premises and equipment and the total accumulated depreciation at December 31, 2020 2019 (in thousands) 2020 2019 Land $ 4,038 $ 4,056 Buildings and improvements 21,803 21,560 Furniture and equipment 8,143 7,768 33,984 33,384 Less accumulated depreciation 16,644 15,573 Total bank premises and equipment, net $ 17,340 $ 17,811 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 7. Changes in the other real estate owned at December 31, 2020 2019 (in thousands) 2020 2019 Balance, beginning of year $ 4,004 $ 830 Transfer of loans 11 382 Acquired as a part of the acquisition - 3,582 Net proceeds from sale (3,819 ) (834 ) Gain on sale and foreclosure, net 22 44 Balance, end of year $ 218 $ 4,004 The following table provides the composition of other real estate owned at December 31, 2020 2019 (in thousands) 2020 2019 Agricultural land $ - $ 3,602 1 to 4 family residential houses 218 402 Total other real estate owned $ 218 $ 4,004 |
Note 8 - Goodwill
Note 8 - Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 8. On October 25, 2019, Goodwill also arose in connection with three not no 2020 2019. |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 9. The following sets forth the carrying amounts and accumulated amortization of all intangible assets at December 31, 2020 2019 (in thousands) 2020 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 3,493 $ 6,411 $ 2,745 Customer list 535 320 535 242 Total $ 6,946 $ 3,813 $ 6,946 $ 2,987 The weighted average life of the intangible assets is 3.6 and 4.2 years as of December 31, 2020 2019, The amortization expense for the intangible assets totaled $826,000 and $610,000 for the years ended December 31, 2020 2019, December 31 (in thousands) 2021 $ 628 2022 574 2023 502 2024 337 2025 301 After 791 Total $ 3,133 The following sets forth the activity related to intangible assets for the years ended December 31, 2020 2019 (in thousands) 2020 2019 Beginning intangibles, net $ 3,959 $ 2,678 Acquisition - 1,891 Amortization (826 ) (610 ) Ending intangible asset, net $ 3,133 $ 3,959 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10. At December 31, 2020, (in thousands) 2021 $ 175,323 2022 45,294 2023 18,270 2024 11,550 2025 6,489 Total time deposits $ 256,926 Interest expense on deposits for the years ended December 31, 2020 2019 (in thousands) 2020 2019 Interest-bearing checking $ 1,465 $ 3,147 Savings and money market 1,769 2,870 Time deposits 4,587 4,184 Total deposit interest expense $ 7,821 $ 10,201 Deposits held by the Company from related parties at December 31, 2020 2019 |
Note 11 - Pledged Collateral Re
Note 11 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Secured Borrowings [Text Block] | Note 11. The following sets forth the pledged collateral at estimated fair value related to securities sold under repurchase agreements (repurchase agreements) as of December 31, 2020 2019 (in thousands) 2020 2019 Remaining Contractual Maturity of the Agreements Overnight Overnight Securities sold under agreements to repurchase: U.S. government treasuries $ 2,069 $ 3,528 U.S. government agencies 39,362 35,557 U.S. government mortgage-backed securities 14,320 19,614 Total pledged collateral $ 55,751 $ 58,699 |
Note 12 - Borrowings
Note 12 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 12. At December 31, 2020, dollars in thousands) Weighted Average Amount Interest Rate FHLB advances maturing in: 2024 3,000 1.57 % Total FHLB advances $ 3,000 1.57 % Borrowed funds at December 31, 2020 2019 1 4 December 31, 2020 2019, |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 13. The Company has a qualified 401 December 31, 2020 2019, December 31, 2020 2019, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 14. The components of income tax expense for the years ended December 31, 2020 2019 (in thousands) 2020 2019 Federal: Current $ 4,102 $ 2,824 Deferred (886 ) 8 Total federal income tax expense 3,216 2,832 State: Current 1,366 1,056 Deferred (201 ) (40 ) Total state income tax expense 1,165 1,016 Total income tax expense $ 4,381 $ 3,848 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to income before income taxes for the years ended December 31, 2020 2019 (in thousands) 2020 2019 Income taxes at 21% $ 4,879 $ 4,419 Increase (decrease) resulting from: Tax-exempt interest (761 ) (836 ) State taxes, net of federal tax benefit 1,076 877 New Markets Tax Credits (764 ) (693 ) Other (49 ) 81 Total income tax expense $ 4,381 $ 3,848 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2020 2019 (in thousands) 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,294 $ 3,114 State operating and alternative minimum tax carryforward 503 469 Fair value adjustments from acquisitions 164 214 Accrued vacation 272 224 Off balance sheet reserve 149 136 Other deferred tax assets 433 473 Total deferred tax assets 5,815 4,630 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (5,341 ) (1,372 ) Goodwill and other intangible assets (1,058 ) (1,029 ) Bank premises and equipment (609 ) (661 ) Deferred loan costs (62 ) - Other deferred tax liabilities (250 ) (191 ) Total deferred tax liabilities (7,320 ) (3,253 ) Valuation allowance (226 ) (226 ) Net deferred tax asset (liability) $ (1,731 ) $ 1,151 Income taxes currently payable of approximately $55,000 and $86,000 is included in other liabilities as of December 31, 2020 2019, The Company has approximately $226,000 of state alternative minimum tax (“AMT”) credit carryforwards available to offset future state alternative minimum taxable income as of December 31, 2020 2019. not not The Company and its subsidiaries file one no 2017. The Company follows the accounting requirements for uncertain tax positions. Management has determined that the Company has no material uncertain tax positions and no material accrued interest or penalties as of or for the years ended December 31, 2020 2019 December 31, 2020, 12 December 31, 2020 2019. |
Note 15 - Commitments, Continge
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15. 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, 2020 2019 (in thousands) 2020 2019 Commitments to extend credit $ 222,660 $ 207,168 Standby letters of credit 7,168 7,633 Total commitments $ 229,828 $ 214,801 Commitments to extend credit are agreements to lend to a customer as long as there is no December 31, 2020 2019, 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, 2020 2019, 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, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. 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 March 31, 2020, 1 9 $10 8% second 2020 2021, 8.5% 9% January 1, 2022. not Prior to 2020, 1 August 28, 2018, $1 $3 no Beginning in 2016, three January 1, 2019 2.5 2.5 2019 December 31, 2019, Management believes, as of December 31, 2020 2019, December 31, 2020, no December 31, 2020 2019 dollars in thousands) To Be Well Capitalized Under Prompt Corrective Actual Action Provisions Amount Ratio Amount Ratio As of December 31, 2020: Community Bank Leverage Ratio: (Tier 1 capital to average assets) Boone Bank & Trust $ 13,967 9.2 % $ 12,170 8.0 % First National Bank 86,071 8.6 80,393 8.0 Iowa State Savings Bank 21,610 9.4 18,321 8.0 Reliance State Bank 23,278 9.4 19,741 8.0 State Bank & Trust 16,564 8.5 15,657 8.0 United Bank & Trust 10,539 9.2 9,180 8.0 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 20,495 14.2 15,200 10.50 14,476 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 12,305 8.50 11,581 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 8,621 4.00 10,776 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 10,133 7.00 9,410 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 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, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 17. 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, 2020 2019 (in thousands) Description Total Level 1 Level 2 Level 3 2020 U.S. government treasuries $ 12,053 $ 12,053 $ - $ - U.S. government agencies 111,199 - 111,199 - U.S. government mortgage-backed securities 150,195 - 150,195 - State and political subdivisions 251,584 - 251,584 - Corporate bonds 71,968 - 71,968 - Total assets at fair value on a recurring basis $ 596,999 $ 12,053 $ 584,946 $ - 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 $ - 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, 2020 2019 (in thousands) Description Total Level 1 Level 2 Level 3 2020 Loans $ 10,306 $ - $ - $ 10,306 Other real estate owned 218 - - 218 Total assets at fair value on a nonrecurring basis $ 10,524 $ - $ - $ 10,524 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 The significant inputs used in the fair value measurements for Level 3 December 31, 2020 2019 (in thousands) 2020 Fair Value Valuation Range of Range Techniques Unobservable Inputs (Average) Loans $ 10,306 Evaluation of collateral Estimation of value NM* Other real estate owned $ 218 Appraisal Appraisal adjustment 6% - 8% (7%) 2019 Fair Value Valuation Range of Range Techniques Unobservable Inputs (Average) Loans $ 535 Evaluation of collateral Estimation of value NM* Other real estate owned $ 4,004 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 December 31, 2020 2019 (in thousands) 2020 2019 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and due from banks Level 1 $ 24,819 $ 24,819 $ 34,617 $ 34,617 Interest-bearing deposits Level 1 166,704 166,704 108,948 108,948 Securities available-for-sale See previous table 596,999 596,999 479,843 479,843 FHLB and FRB stock Level 2 3,148 3,148 3,139 3,191 Loans receivable, net Level 2 1,129,505 1,116,352 1,048,147 1,025,032 Loans held for sale Level 2 1,621 1,621 2,777 2,777 Accrued income receivable Level 1 11,143 11,143 11,788 11,788 Financial liabilities: Deposits Level 2 $ 1,716,446 $ 1,720,023 $ 1,493,175 $ 1,495,155 Securities sold under agreements to repurchase Level 1 37,293 37,293 42,034 42,034 FHLB advances Level 2 3,000 3,111 5,000 4,935 Accrued interest payable Level 1 829 829 1,163 1,163 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, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 18. Management evaluated subsequent events through the date the financial statements were issued. There were no December 31, 2020, March 12, 2021, December 31, 2020. January 13, 2020, no not December 31, 2020. |
Note 19 - Ames National Corpora
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 19. Information relative to the Parent Company’s balance sheets at December 31, 2020 2019, two December 31, 2020, (in thousands) CONDENSED BALANCE SHEETS December 31, 2020 2019 2020 2019 ASSETS Cash and due from banks $ 32 $ 29 Interest-bearing deposits in banks 2,556 5,097 Investment in bank subsidiaries 202,534 180,503 Loans receivable, net 1,842 1,949 Premises and equipment, net 2,844 2,649 Accrued income receivable 6 6 Other assets 171 106 Total assets $ 209,985 $ 190,339 LIABILITIES Dividends payable $ - $ 2,213 Accrued expenses and other liabilities 499 547 Total liabilities 499 2,760 STOCKHOLDERS' EQUITY Common stock 18,245 18,445 Additional paid-in capital 17,002 18,794 Retained earnings 158,217 146,225 Accumulated other comprehensive income 16,022 4,115 Total stockholders' equity 209,486 187,579 Total liabilities and stockholders' equity $ 209,985 $ 190,339 CONDENSED STATEMENTS OF INCOME Years Ended December 31, 2020 2019 2020 2019 Operating income: Equity in net income of bank subsidiaries $ 19,413 $ 17,834 Interest 101 221 Rental income 432 432 (Loss) on sale of other real estate owned - (11 ) Other income 2,187 2,033 22,133 20,509 Provision for loan losses - - Operating income after provision for loan losses 22,133 20,509 Operating expenses 3,496 3,534 Income before income taxes 18,637 16,975 Income tax (benefit) (213 ) (219 ) Net income $ 18,850 $ 17,194 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2020 2019 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 18,850 $ 17,194 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 97 100 Provision for deferred income taxes (60 ) (88 ) Loss on sale of other real estate owned - 11 Equity in net income of bank subsidiaries (19,413 ) (17,834 ) Dividends received from bank subsidiaries 9,599 25,068 Decrease in accrued income receivable - 2 (Increase) in other assets (4 ) (1 ) Increase (decrease) in accrued expense and other liabilities (48 ) 51 Net cash provided by operating activities 9,021 24,503 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in interest-bearing deposits in banks 2,541 9,638 Decrease in loans 107 220 Proceeds from the sale of other real estate owned - 254 Investments in bank subsidiary (310 ) (24,033 ) Purchase of premises and equipment (292 ) (6 ) Net cash provided by (used in) investing activities 2,046 (13,927 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (9,072 ) (8,785 ) Stock repurchases (1,992 ) (1,809 ) Net cash (used in) financing activities (11,064 ) (10,594 ) Net increase (decrease) in cash and cash equivalents 3 (18 ) CASH AND DUE FROM BANKS Beginning 29 47 Ending $ 32 $ 29 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 173 $ 99 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 (i) the intent to sell the investment securities and the more likely than not |
FHLB and FRB [Policy Text Block] | FHLB and FRB stock 0.12 4.00 6 No no December 31, 2020. |
Receivable [Policy Text Block] | Loans 90 no The restructuring of a loan is considered a “troubled debt restructuring” (“TDR”) if both the borrower is experiencing financial difficulties and the creditor has granted a concession. Section 4013 19 19. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses may The Company’s allowance for 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 premises and equipment |
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 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. Due to the economic weakness resulting from the COVID- 19 May 31, 2020 not no December 31, 2020. may may 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 |
Advertising Cost [Policy Text Block] | Advertising costs: |
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, 2020 2019 no The following information was used in the computation of basic earnings per share (EPS) for the years ended December 31, 2020 2019: 2020 2019 Basic earning per share computation: Net income $ 18,850,063 $ 17,194,169 Weighted average common shares outstanding 9,148,244 9,236,989 Basic EPS $ 2.06 $ 1.86 |
New Accounting Pronouncements, Policy [Policy Text Block] | New and Pending Accounting Pronouncements: 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, 2020 not In August 2018, No. 2018 13, 820 Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. December 15, 2019, 2020 January 1, 2020 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 Basic earning per share computation: Net income $ 18,850,063 $ 17,194,169 Weighted average common shares outstanding 9,148,244 9,236,989 Basic EPS $ 2.06 $ 1.86 |
Note 2 - Bank Acquisitions (Tab
Note 2 - Bank Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 2019 Cash consideration transferred $ 22,643 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 $ 2,680 |
Schedule of Business Acquisitions, Acquired Receivables [Table Text Block] | 2019 Pass $ 121,346 Watch 12,333 Special Mention - Substandard 6,024 Total loans acquired at book value $ 139,703 |
Note 4 - Debt Securities (Table
Note 4 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2020: U.S. government treasuries $ 11,725 $ 328 $ - $ 12,053 U.S. government agencies 106,337 4,875 (13 ) 111,199 U.S. government mortgage-backed securities 146,889 3,337 (31 ) 150,195 State and political subdivisions 243,438 8,182 (36 ) 251,584 Corporate bonds 67,247 4,722 (1 ) 71,968 Total $ 575,636 $ 21,444 $ (81 ) $ 596,999 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated Cost Fair Value Due in one year or less $ 44,983 $ 45,329 Due after one year through five years 242,363 251,324 Due after five years through ten years 237,913 247,562 Due after ten years 50,377 52,784 Total $ 575,636 $ 596,999 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2020 2019 Proceeds from sales of securities available-for-sale $ 5,463 $ 8,211 Gross realized gains on securities available-for-sale 430 37 Gross realized losses on securities available-for-sale - 20 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 2020: 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 agencies $ 6,016 $ (7 ) $ 896 $ (6 ) $ 6,912 $ (13 ) U.S. government mortgage-backed securities 5,097 (31 ) - - 5,097 (31 ) State and political subdivisions 7,875 (34 ) 180 (2 ) 8,055 (36 ) Corporate bonds 534 (1 ) - - 534 (1 ) Total $ 19,522 $ (73 ) $ 1,076 $ (8 ) $ 20,598 $ (81 ) 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 ) |
Note 5 - Loans Receivable and_2
Note 5 - Loans Receivable and Credit Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Composition of Loans Receivable [Table Text Block] | 2020 2019 Real estate - construction $ 45,497 $ 47,895 Real estate - 1 to 4 family residential 213,562 201,510 Real estate - commercial 496,357 435,850 Real estate - agricultural 151,992 160,771 Commercial 1 122,535 84,084 Agricultural 102,586 111,945 Consumer and other 15,048 18,791 1,147,577 1,060,846 Less: Allowance for loan losses (17,215 ) (12,619 ) Deferred loan fees and costs, net 2 (857 ) (80 ) Total loans receivable, net $ 1,129,505 $ 1,048,147 |
Schedule of Allowance for Loan Losses [Table Text Block] | 2020 2019 Balance, beginning $ 12,619 $ 11,684 Provision for loan losses 5,681 1,314 Recoveries of loans charged-off 325 72 Loans charged-off (1,410 ) (451 ) Balance, ending $ 17,215 $ 12,619 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2020: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 672 $ 2,122 $ 5,362 $ 1,326 $ 1,458 $ 1,478 $ 201 $ 12,619 Provision (credit) for loan losses 52 471 3,986 269 609 266 28 5,681 Recoveries of loans charged-off 1 6 26 - 14 - 278 325 Loans charged-off - (18 ) (444 ) - (628 ) (48 ) (272 ) (1,410 ) Balance, ending $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 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 |
Allowance for Loan Losses Disaggregated on Basis of Impairment Analysis Method [Table Text Block] | 2020: 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 $ - $ 150 $ 1,486 $ - $ 115 $ 40 $ 28 $ 1,819 Ending balance: Collectively evaluated for impairment 725 2,431 7,444 1,595 1,338 1,656 207 15,396 Ending balance $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 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 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2020: 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 $ 167 $ 1,340 $ 10,258 $ 1,664 $ 940 $ 859 $ 45 $ 15,273 Ending balance: Collectively evaluated for impairment 45,330 212,222 486,099 150,328 121,595 101,727 15,003 1,132,304 Ending balance $ 45,497 $ 213,562 $ 496,357 $ 151,992 $ 122,535 $ 102,586 $ 15,048 $ 1,147,577 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2020: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 39,980 $ 346,591 $ 110,925 $ 101,858 $ 80,075 $ 679,429 Watch 5,350 88,113 33,144 15,897 20,793 163,297 Special Mention - 23,753 175 52 - 23,980 Substandard - 27,642 6,084 3,788 859 38,373 Substandard-Impaired 167 10,258 1,664 940 859 13,888 Total $ 45,497 $ 496,357 $ 151,992 $ 122,535 $ 102,586 $ 918,967 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 |
Credit Risk Profile Based on Payment Activity on Disaggregated Basis [Table Text Block] | 2020: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 212,282 $ 15,003 $ 227,285 Non-performing 1,280 45 1,325 Total $ 213,562 $ 15,048 $ 228,610 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 |
Impaired Financing Receivables [Table Text Block] | 2020: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ 167 $ 167 $ - $ 66 $ - Real estate - 1 to 4 family residential 416 475 - 318 - Real estate - commercial 242 578 - 6,625 16 Real estate - agricultural 1,664 1,698 - 1,295 6 Commercial 274 318 - 524 23 Agricultural 377 542 - 1,592 344 Consumer and other 8 10 - 22 128 Total loans with no specific reserve: 3,148 3,788 - 10,442 517 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 924 1,278 150 935 66 Real estate - commercial 10,016 10,157 1,486 2,198 - Real estate - agricultural - - - - - Commercial 666 1,247 115 418 - Agricultural 482 484 40 400 - Consumer and other 37 39 28 19 92 Total loans with specific reserve: 12,125 13,205 1,819 3,970 158 Total Real estate - construction 167 167 - 66 - Real estate - 1 to 4 family residential 1,340 1,753 150 1,253 66 Real estate - commercial 10,258 10,735 1,486 8,823 16 Real estate - agricultural 1,664 1,698 - 1,295 6 Commercial 940 1,565 115 942 23 Agricultural 859 1,026 40 1,992 344 Consumer and other 45 49 28 41 220 Total $ 15,273 $ 16,993 $ 1,819 $ 14,412 $ 675 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 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | 2020 2019 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 2 10,192 10,192 - - - Real estate - agricultural - - - - - - Commercial - - - - - - Agricultural 3 54 54 - - - Consumer and other 1 27 27 - - - Total 6 $ 10,273 $ 10,273 3 $ 1,035 $ 1,035 |
Financing Receivable, Past Due [Table Text Block] | 2020: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 169 $ 167 $ 336 $ 45,161 $ 45,497 $ - Real estate - 1 to 4 family residential 1,523 176 1,699 211,863 213,562 6 Real estate - commercial 152 56 208 496,149 496,357 - Real estate - agricultural 574 1,618 2,192 149,800 151,992 - Commercial 283 3 286 122,249 122,535 3 Agricultural 79 458 537 102,049 102,586 30 Consumer and other 18 16 34 15,014 15,048 - Total $ 2,798 $ 2,494 $ 5,292 $ 1,142,285 $ 1,147,577 $ 39 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 |
Schedule of Loan Transactions With Related Parties [Table Text Block] | 2020 2019 Balance, beginning of year $ 10,235 $ 7,807 New loans 15,750 5,854 Repayments (13,407 ) (6,974 ) Change in status 439 3,548 Balance, end of year $ 13,017 $ 10,235 |
Note 6 - Bank Premises and Eq_2
Note 6 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land $ 4,038 $ 4,056 Buildings and improvements 21,803 21,560 Furniture and equipment 8,143 7,768 33,984 33,384 Less accumulated depreciation 16,644 15,573 Total bank premises and equipment, net $ 17,340 $ 17,811 |
Note 7 - Other Real Estate Ow_2
Note 7 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | 2020 2019 Balance, beginning of year $ 4,004 $ 830 Transfer of loans 11 382 Acquired as a part of the acquisition - 3,582 Net proceeds from sale (3,819 ) (834 ) Gain on sale and foreclosure, net 22 44 Balance, end of year $ 218 $ 4,004 |
Schedule of Real Estate Properties [Table Text Block] | 2020 2019 Agricultural land $ - $ 3,602 1 to 4 family residential houses 218 402 Total other real estate owned $ 218 $ 4,004 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2020 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 3,493 $ 6,411 $ 2,745 Customer list 535 320 535 242 Total $ 6,946 $ 3,813 $ 6,946 $ 2,987 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 628 2022 574 2023 502 2024 337 2025 301 After 791 Total $ 3,133 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2020 2019 Beginning intangibles, net $ 3,959 $ 2,678 Acquisition - 1,891 Amortization (826 ) (610 ) Ending intangible asset, net $ 3,133 $ 3,959 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Maturities of Time Deposits [Table Text Block] | 2021 $ 175,323 2022 45,294 2023 18,270 2024 11,550 2025 6,489 Total time deposits $ 256,926 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2020 2019 Interest-bearing checking $ 1,465 $ 3,147 Savings and money market 1,769 2,870 Time deposits 4,587 4,184 Total deposit interest expense $ 7,821 $ 10,201 |
Note 11 - Pledged Collateral _2
Note 11 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | 2020 2019 Remaining Contractual Maturity of the Agreements Overnight Overnight Securities sold under agreements to repurchase: U.S. government treasuries $ 2,069 $ 3,528 U.S. government agencies 39,362 35,557 U.S. government mortgage-backed securities 14,320 19,614 Total pledged collateral $ 55,751 $ 58,699 |
Note 12 - Borrowings (Tables)
Note 12 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: 2024 3,000 1.57 % Total FHLB advances $ 3,000 1.57 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Federal: Current $ 4,102 $ 2,824 Deferred (886 ) 8 Total federal income tax expense 3,216 2,832 State: Current 1,366 1,056 Deferred (201 ) (40 ) Total state income tax expense 1,165 1,016 Total income tax expense $ 4,381 $ 3,848 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Income taxes at 21% $ 4,879 $ 4,419 Increase (decrease) resulting from: Tax-exempt interest (761 ) (836 ) State taxes, net of federal tax benefit 1,076 877 New Markets Tax Credits (764 ) (693 ) Other (49 ) 81 Total income tax expense $ 4,381 $ 3,848 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,294 $ 3,114 State operating and alternative minimum tax carryforward 503 469 Fair value adjustments from acquisitions 164 214 Accrued vacation 272 224 Off balance sheet reserve 149 136 Other deferred tax assets 433 473 Total deferred tax assets 5,815 4,630 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (5,341 ) (1,372 ) Goodwill and other intangible assets (1,058 ) (1,029 ) Bank premises and equipment (609 ) (661 ) Deferred loan costs (62 ) - Other deferred tax liabilities (250 ) (191 ) Total deferred tax liabilities (7,320 ) (3,253 ) Valuation allowance (226 ) (226 ) Net deferred tax asset (liability) $ (1,731 ) $ 1,151 |
Note 15 - Commitments, Contin_2
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2020 2019 Commitments to extend credit $ 222,660 $ 207,168 Standby letters of credit 7,168 7,633 Total commitments $ 229,828 $ 214,801 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under Prompt Corrective Actual Action Provisions Amount Ratio Amount Ratio As of December 31, 2020: Community Bank Leverage Ratio: (Tier 1 capital to average assets) Boone Bank & Trust $ 13,967 9.2 % $ 12,170 8.0 % First National Bank 86,071 8.6 80,393 8.0 Iowa State Savings Bank 21,610 9.4 18,321 8.0 Reliance State Bank 23,278 9.4 19,741 8.0 State Bank & Trust 16,564 8.5 15,657 8.0 United Bank & Trust 10,539 9.2 9,180 8.0 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 20,495 14.2 15,200 10.50 14,476 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 12,305 8.50 11,581 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 8,621 4.00 10,776 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 10,133 7.00 9,410 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 |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Description Total Level 1 Level 2 Level 3 2020 U.S. government treasuries $ 12,053 $ 12,053 $ - $ - U.S. government agencies 111,199 - 111,199 - U.S. government mortgage-backed securities 150,195 - 150,195 - State and political subdivisions 251,584 - 251,584 - Corporate bonds 71,968 - 71,968 - Total assets at fair value on a recurring basis $ 596,999 $ 12,053 $ 584,946 $ - 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 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Description Total Level 1 Level 2 Level 3 2020 Loans $ 10,306 $ - $ - $ 10,306 Other real estate owned 218 - - 218 Total assets at fair value on a nonrecurring basis $ 10,524 $ - $ - $ 10,524 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 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2020 Fair Value Valuation Range of Range Techniques Unobservable Inputs (Average) Loans $ 10,306 Evaluation of collateral Estimation of value NM* Other real estate owned $ 218 Appraisal Appraisal adjustment 6% - 8% (7%) 2019 Fair Value Valuation Range of Range Techniques Unobservable Inputs (Average) Loans $ 535 Evaluation of collateral Estimation of value NM* Other real estate owned $ 4,004 Appraisal Appraisal adjustment 6% - 8% (7%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2020 2019 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and due from banks Level 1 $ 24,819 $ 24,819 $ 34,617 $ 34,617 Interest-bearing deposits Level 1 166,704 166,704 108,948 108,948 Securities available-for-sale See previous table 596,999 596,999 479,843 479,843 FHLB and FRB stock Level 2 3,148 3,148 3,139 3,191 Loans receivable, net Level 2 1,129,505 1,116,352 1,048,147 1,025,032 Loans held for sale Level 2 1,621 1,621 2,777 2,777 Accrued income receivable Level 1 11,143 11,143 11,788 11,788 Financial liabilities: Deposits Level 2 $ 1,716,446 $ 1,720,023 $ 1,493,175 $ 1,495,155 Securities sold under agreements to repurchase Level 1 37,293 37,293 42,034 42,034 FHLB advances Level 2 3,000 3,111 5,000 4,935 Accrued interest payable Level 1 829 829 1,163 1,163 |
Note 19 - Ames National Corpo_2
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2020 2019 ASSETS Cash and due from banks $ 32 $ 29 Interest-bearing deposits in banks 2,556 5,097 Investment in bank subsidiaries 202,534 180,503 Loans receivable, net 1,842 1,949 Premises and equipment, net 2,844 2,649 Accrued income receivable 6 6 Other assets 171 106 Total assets $ 209,985 $ 190,339 LIABILITIES Dividends payable $ - $ 2,213 Accrued expenses and other liabilities 499 547 Total liabilities 499 2,760 STOCKHOLDERS' EQUITY Common stock 18,245 18,445 Additional paid-in capital 17,002 18,794 Retained earnings 158,217 146,225 Accumulated other comprehensive income 16,022 4,115 Total stockholders' equity 209,486 187,579 Total liabilities and stockholders' equity $ 209,985 $ 190,339 |
Condensed Income Statement [Table Text Block] | 2020 2019 Operating income: Equity in net income of bank subsidiaries $ 19,413 $ 17,834 Interest 101 221 Rental income 432 432 (Loss) on sale of other real estate owned - (11 ) Other income 2,187 2,033 22,133 20,509 Provision for loan losses - - Operating income after provision for loan losses 22,133 20,509 Operating expenses 3,496 3,534 Income before income taxes 18,637 16,975 Income tax (benefit) (213 ) (219 ) Net income $ 18,850 $ 17,194 |
Condensed Cash Flow Statement [Table Text Block] | 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 18,850 $ 17,194 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 97 100 Provision for deferred income taxes (60 ) (88 ) Loss on sale of other real estate owned - 11 Equity in net income of bank subsidiaries (19,413 ) (17,834 ) Dividends received from bank subsidiaries 9,599 25,068 Decrease in accrued income receivable - 2 (Increase) in other assets (4 ) (1 ) Increase (decrease) in accrued expense and other liabilities (48 ) 51 Net cash provided by operating activities 9,021 24,503 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in interest-bearing deposits in banks 2,541 9,638 Decrease in loans 107 220 Proceeds from the sale of other real estate owned - 254 Investments in bank subsidiary (310 ) (24,033 ) Purchase of premises and equipment (292 ) (6 ) Net cash provided by (used in) investing activities 2,046 (13,927 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (9,072 ) (8,785 ) Stock repurchases (1,992 ) (1,809 ) Net cash (used in) financing activities (11,064 ) (10,594 ) Net increase (decrease) in cash and cash equivalents 3 (18 ) CASH AND DUE FROM BANKS Beginning 29 47 Ending $ 32 $ 29 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 173 $ 99 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 1 | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 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, 2020 | Dec. 31, 2019 | |
Net income | $ 18,850,063 | $ 17,194,169 |
Weighted average common shares outstanding (in shares) | 9,148,244 | 9,236,989 |
Basic EPS (in dollars per share) | $ 2.06 | $ 1.86 |
Note 2 - Bank Acquisitions (Det
Note 2 - Bank Acquisitions (Details Textual) - USD ($) | Oct. 25, 2019 | Sep. 14, 2018 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Core Deposits [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 0 | $ 1,891,000 | |||
Iowa State Savings Bank [Member] | |||||
Payments to Acquire Businesses, Gross | $ 22,643,000 | ||||
Goodwill, Acquired During Period | 2,680,000 | ||||
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 | ||||
Goodwill, Acquired During Period | $ 310,000 | ||||
Iowa State Savings Bank [Member] | Core Deposits [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 1,891,000 | ||||
Acquisition of Clarke County State Bank [Member] | |||||
Loan Market Valuation Accretion Period (Year) | 10 years | ||||
Time Deposit Market Valuation Period (Year) | 2 years | ||||
Acquisition of Clarke County State Bank [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 2 - Bank Acquisitions - Co
Note 2 - Bank Acquisitions - Consideration Transferred and Assets Acquired and Liabilities Assumed (Details) - USD ($) | Oct. 25, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 12,424,434 | $ 12,114,559 | |
Iowa State Savings Bank [Member] | |||
Payments to Acquire Businesses, Gross | $ 22,643,000 | ||
Cash and due from banks | 3,188,000 | ||
Federal funds sold | 2,792,000 | 0 | |
Interest-bearing deposits in financial institutions | 21,035,000 | 0 | |
Securities available-for-sale | 33,615,000 | 0 | |
Federal Home Loan Bank stock at cost | 365,000 | ||
Loans receivable | 137,776,000 | 0 | |
Accrued interest receivable | 2,888,000 | 0 | |
Bank premises and equipment | 2,452,000 | 0 | |
Other real estate owned | 3,582,000 | 0 | |
Bank-owned life insurance | 2,499,000 | 0 | |
Core deposit intangible asset | 1,891,000 | 0 | |
Other assets | 204,000 | ||
Deposits | (188,631,000) | 0 | |
Securities sold under repurchase agreements | (1,747,000) | ||
Accrued interest payable and other liabilities | (1,946,000) | 0 | |
Total identifiable net assets | 19,963,000 | ||
Goodwill | $ 2,680,000 | $ 309,875 |
Note 2 - Bank Acquisitions - Ac
Note 2 - Bank Acquisitions - Acquired Loans at Contractual Values By Risk Rating (Details) - Iowa State Savings Bank [Member] | Oct. 25, 2019USD ($) |
Loans acquired at book value | $ 139,703,000 |
Pass [Member] | |
Loans acquired at book value | 121,346,000 |
Watch [Member] | |
Loans acquired at book value | 12,333,000 |
Special Mention [Member] | |
Loans acquired at book value | 0 |
Substandard [Member] | |
Loans acquired at book value | $ 6,024,000 |
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, 2020 | Dec. 31, 2019 |
Cash Reserve Requirements | $ 8,734,000 | |
Deposits with Other Federal Home Loan Banks | $ 160,950,000 |
Note 4 - Debt Securities (Detai
Note 4 - Debt Securities (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | $ 201,979,000 | $ 180,063,000 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 81,000 | $ 448,000 |
Note 4 - Debt Securities - Secu
Note 4 - Debt Securities - Securities Available-for-sale (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost | $ 575,636,000 | $ 474,357,000 |
Gross unrealized gains | 21,444,000 | 5,934,000 |
Gross unrealized losses | (81,000) | (448,000) |
Estimated fair value | 596,999,072 | 479,843,448 |
US Treasury Securities [Member] | ||
Amortized cost | 11,725,000 | 9,392,000 |
Gross unrealized gains | 328,000 | 64,000 |
Gross unrealized losses | 0 | (4,000) |
Estimated fair value | 12,053,000 | 9,452,000 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 106,337,000 | 124,913,000 |
Gross unrealized gains | 4,875,000 | 1,609,000 |
Gross unrealized losses | (13,000) | (89,000) |
Estimated fair value | 111,199,000 | 126,433,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 146,889,000 | 80,295,000 |
Gross unrealized gains | 3,337,000 | 867,000 |
Gross unrealized losses | (31,000) | (34,000) |
Estimated fair value | 150,195,000 | 81,128,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 243,438,000 | 193,745,000 |
Gross unrealized gains | 8,182,000 | 1,852,000 |
Gross unrealized losses | (36,000) | (295,000) |
Estimated fair value | 251,584,000 | 195,302,000 |
Corporate Debt Securities [Member] | ||
Amortized cost | 67,247,000 | 66,012,000 |
Gross unrealized gains | 4,722,000 | 1,542,000 |
Gross unrealized losses | (1,000) | (26,000) |
Estimated fair value | $ 71,968,000 | $ 67,528,000 |
Note 4 - Debt Securities - Debt
Note 4 - Debt Securities - Debt Securities Available-for-sale (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Due in one year or less, Amortized cost | $ 44,983,000 | |
Due in one year or less, Estimated fair value | 45,329,000 | |
Due after one year through five years, Amortized cost | 242,363,000 | |
Due after one year through five years, Estimated fair value | 251,324,000 | |
Due after five years through ten years, Amortized cost | 237,913,000 | |
Due after five years through ten years, Estimated fair value | 247,562,000 | |
Due after ten years, Amortized cost | 50,377,000 | |
Due after ten years, Estimated fair value | 52,784,000 | |
Total, amortized cost | 575,636,000 | $ 474,357,000 |
Securities available-for-sale | $ 596,999,072 | $ 479,843,448 |
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, 2020 | Dec. 31, 2019 | |
Proceeds from sales of securities available-for-sale | $ 5,463 | $ 8,211 |
Gross realized gains on securities available-for-sale | 430 | 37 |
Gross realized losses on securities available-for-sale | $ 0 | $ 20 |
Note 4 - Debt and Equity Securi
Note 4 - Debt and Equity Securities - Securities Available-for-sale Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Less than 12 months, estimated fair value | $ 19,522 | $ 63,376 |
Less than 12 months, unrealized losses | (73) | (268) |
12 months or more, estimated fair value | 1,076 | 10,408 |
12 months or more, unrealized losses | (8) | (180) |
Total estimated fair value | 20,598 | 73,784 |
Total unrealized losses | (81) | (448) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 6,016 | 23,827 |
Less than 12 months, unrealized losses | (7) | (85) |
12 months or more, estimated fair value | 896 | 2,520 |
12 months or more, unrealized losses | (6) | (4) |
Total estimated fair value | 6,912 | 26,347 |
Total unrealized losses | (13) | (89) |
US Treasury Securities [Member] | ||
Less than 12 months, estimated fair value | 3,023 | |
Less than 12 months, unrealized losses | (4) | |
12 months or more, estimated fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total estimated fair value | 3,023 | |
Total unrealized losses | (4) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, estimated fair value | 5,097 | 14,885 |
Less than 12 months, unrealized losses | (31) | (28) |
12 months or more, estimated fair value | 0 | 1,934 |
12 months or more, unrealized losses | 0 | (6) |
Total estimated fair value | 5,097 | 16,819 |
Total unrealized losses | (31) | (34) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 7,875 | 17,512 |
Less than 12 months, unrealized losses | (34) | (125) |
12 months or more, estimated fair value | 180 | 5,954 |
12 months or more, unrealized losses | (2) | (170) |
Total estimated fair value | 8,055 | 23,466 |
Total unrealized losses | (36) | (295) |
Corporate Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 534 | 4,129 |
Less than 12 months, unrealized losses | (1) | (26) |
12 months or more, estimated fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total estimated fair value | 534 | 4,129 |
Total unrealized losses | $ (1) | $ (26) |
Note 5 - Loans Receivable and_3
Note 5 - Loans Receivable and Credit Disclosures (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Loans and Leases Receivable, Gross, Total | $ 1,147,577,000 | $ 1,060,846,000 | |
Loans and Leases Receivable, Deferred Income, Total | [1] | 857,000 | 80,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 975,000 | 473,000 | |
Financing Receivable, Nonaccrual | 15,273,000 | 4,788,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 31,000 | 315,000 | |
Financing Receivable, Troubled Debt Restructuring | $ 11,293,000 | $ 1,171,000 | |
Number Of Restructured Loans Granting Concessions | 4 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Principal Balance, Number of Contracts | 24 | ||
Financing Receivable Modifications, Principal Balance | $ 45,900,000 | ||
Financing Receivable Modifications Principal Balance Amount Still On Deferral | 572,000 | ||
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | [2] | 122,535,000 | $ 84,084,000 |
SBA CARES Act Paycheck Protection Program Member | |||
Loans and Leases Receivable, Deferred Income, Total | 900,000 | ||
SBA CARES Act Paycheck Protection Program Member | Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 50,900,000 | ||
[1] | Deferred loan fees as of December 31, 2020 includes $0.9 million of fees related to the PPP loans. | ||
[2] | Commercial loan portfolio as of December 31, 2020 includes $50.9 million Paycheck Protection Program ("PPP") loans |
Note 5 - Loans Receivable and_4
Note 5 - Loans Receivable and Credit Disclosures - Composition of Loans Receivable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans receivable | $ 1,147,577,000 | $ 1,060,846,000 | ||
Allowance for loan losses | (17,215,000) | (12,619,000) | $ (11,684,000) | |
Deferred loan fees and costs, net | [1] | (857,000) | (80,000) | |
Total loans receivable, net | 1,129,505,157 | 1,048,147,496 | ||
Construction Real Estate [Member] | ||||
Loans receivable | 45,497,000 | 47,895,000 | ||
Allowance for loan losses | (725,000) | (672,000) | (699,000) | |
Family Residential Real Estate 1-4 [Member] | ||||
Loans receivable | 213,562,000 | 201,510,000 | ||
Allowance for loan losses | (2,581,000) | (2,122,000) | (1,820,000) | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 496,357,000 | 435,850,000 | ||
Allowance for loan losses | (8,930,000) | (5,362,000) | (4,615,000) | |
Agriculture Real Estate [Member] | ||||
Loans receivable | 151,992,000 | 160,771,000 | ||
Allowance for loan losses | (1,595,000) | (1,326,000) | (1,198,000) | |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | [2] | 122,535,000 | 84,084,000 | |
Allowance for loan losses | (1,453,000) | (1,458,000) | (1,777,000) | |
Agriculture [Member] | ||||
Loans receivable | 102,586,000 | 111,945,000 | ||
Allowance for loan losses | (1,696,000) | (1,478,000) | (1,384,000) | |
Consumer and Other [Member] | ||||
Loans receivable | 15,048,000 | 18,791,000 | ||
Allowance for loan losses | $ (235,000) | $ (201,000) | $ (191,000) | |
[1] | Deferred loan fees as of December 31, 2020 includes $0.9 million of fees related to the PPP loans. | |||
[2] | Commercial loan portfolio as of December 31, 2020 includes $50.9 million Paycheck Protection Program ("PPP") loans |
Note 5 - Loans Receivable and_5
Note 5 - Loans Receivable and Credit Disclosures - Changes in the Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning | $ 12,619,000 | $ 11,684,000 |
Provision for loan losses | 5,680,656 | 1,314,104 |
Recoveries of loans charged-off | 325,000 | 72,000 |
Loans charged-off | (1,410,000) | (451,000) |
Balance, ending | $ 17,215,000 | $ 12,619,000 |
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, 2020 | Dec. 31, 2019 | |
Balance, beginning | $ 12,619,000 | $ 11,684,000 |
Provision for loan losses | 5,680,656 | 1,314,104 |
Recoveries of loans charged-off | 325,000 | 72,000 |
Loans charged-off | (1,410,000) | (451,000) |
Balance, ending | 17,215,000 | 12,619,000 |
Construction Real Estate [Member] | ||
Balance, beginning | 672,000 | 699,000 |
Provision for loan losses | 52,000 | (27,000) |
Recoveries of loans charged-off | 1,000 | 0 |
Loans charged-off | 0 | 0 |
Balance, ending | 725,000 | 672,000 |
Family Residential Real Estate 1-4 [Member] | ||
Balance, beginning | 2,122,000 | 1,820,000 |
Provision for loan losses | 471,000 | 372,000 |
Recoveries of loans charged-off | 6,000 | 5,000 |
Loans charged-off | (18,000) | (75,000) |
Balance, ending | 2,581,000 | 2,122,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance, beginning | 5,362,000 | 4,615,000 |
Provision for loan losses | 3,986,000 | 732,000 |
Recoveries of loans charged-off | 26,000 | 15,000 |
Loans charged-off | (444,000) | 0 |
Balance, ending | 8,930,000 | 5,362,000 |
Agriculture Real Estate [Member] | ||
Balance, beginning | 1,326,000 | 1,198,000 |
Provision for loan losses | 269,000 | 128,000 |
Recoveries of loans charged-off | 0 | 0 |
Loans charged-off | 0 | 0 |
Balance, ending | 1,595,000 | 1,326,000 |
Commercial Portfolio Segment [Member] | ||
Balance, beginning | 1,458,000 | 1,777,000 |
Provision for loan losses | 609,000 | (24,000) |
Recoveries of loans charged-off | 14,000 | 36,000 |
Loans charged-off | (628,000) | (331,000) |
Balance, ending | 1,453,000 | 1,458,000 |
Agriculture [Member] | ||
Balance, beginning | 1,478,000 | 1,384,000 |
Provision for loan losses | 266,000 | 94,000 |
Recoveries of loans charged-off | 0 | 0 |
Loans charged-off | (48,000) | 0 |
Balance, ending | 1,696,000 | 1,478,000 |
Consumer and Other [Member] | ||
Balance, beginning | 201,000 | 191,000 |
Provision for loan losses | 28,000 | 39,000 |
Recoveries of loans charged-off | 278,000 | 16,000 |
Loans charged-off | (272,000) | (45,000) |
Balance, ending | $ 235,000 | $ 201,000 |
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, 2020 | Dec. 31, 2019 |
Ending balance: Individually evaluated for impairment | $ 1,819 | $ 209 |
Ending balance: Collectively evaluated for impairment | 15,396 | 12,410 |
Ending balance | 17,215 | 12,619 |
Construction Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | 0 | 0 |
Ending balance: Collectively evaluated for impairment | 725 | 672 |
Ending balance | 725 | 672 |
Family Residential Real Estate 1-4 [Member] | ||
Ending balance: Individually evaluated for impairment | 150 | 209 |
Ending balance: Collectively evaluated for impairment | 2,431 | 1,913 |
Ending balance | 2,581 | 2,122 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 1,486 | 0 |
Ending balance: Collectively evaluated for impairment | 7,444 | 5,362 |
Ending balance | 8,930 | 5,362 |
Agriculture Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | 0 | 0 |
Ending balance: Collectively evaluated for impairment | 1,595 | 1,326 |
Ending balance | 1,595 | 1,326 |
Commercial Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 115 | 0 |
Ending balance: Collectively evaluated for impairment | 1,338 | 1,458 |
Ending balance | 1,453 | 1,458 |
Agriculture [Member] | ||
Ending balance: Individually evaluated for impairment | 40 | 0 |
Ending balance: Collectively evaluated for impairment | 1,656 | 1,478 |
Ending balance | 1,696 | 1,478 |
Consumer and Other [Member] | ||
Ending balance: Individually evaluated for impairment | 28 | 0 |
Ending balance: Collectively evaluated for impairment | 207 | 201 |
Ending balance | $ 235 | $ 201 |
Note 5 - Loans Receivable and_8
Note 5 - Loans Receivable and Credit Disclosures - Loans Receivable Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Ending balance: Individually evaluated for impairment | $ 15,273 | $ 4,788 | |
Ending balance: Collectively evaluated for impairment | 1,132,304 | 1,056,058 | |
Ending balance | 1,147,577 | 1,060,846 | |
Construction Real Estate [Member] | |||
Ending balance: Individually evaluated for impairment | 167 | 0 | |
Ending balance: Collectively evaluated for impairment | 45,330 | 47,895 | |
Ending balance | 45,497 | 47,895 | |
Family Residential Real Estate 1-4 [Member] | |||
Ending balance: Individually evaluated for impairment | 1,340 | 1,204 | |
Ending balance: Collectively evaluated for impairment | 212,222 | 200,306 | |
Ending balance | 213,562 | 201,510 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Ending balance: Individually evaluated for impairment | 10,258 | 83 | |
Ending balance: Collectively evaluated for impairment | 486,099 | 435,767 | |
Ending balance | 496,357 | 435,850 | |
Agriculture Real Estate [Member] | |||
Ending balance: Individually evaluated for impairment | 1,664 | 84 | |
Ending balance: Collectively evaluated for impairment | 150,328 | 160,687 | |
Ending balance | 151,992 | 160,771 | |
Commercial Portfolio Segment [Member] | |||
Ending balance: Individually evaluated for impairment | 940 | 462 | |
Ending balance: Collectively evaluated for impairment | 121,595 | 83,622 | |
Ending balance | [1] | 122,535 | 84,084 |
Agriculture [Member] | |||
Ending balance: Individually evaluated for impairment | 859 | 2,951 | |
Ending balance: Collectively evaluated for impairment | 101,727 | 108,994 | |
Ending balance | 102,586 | 111,945 | |
Consumer and Other [Member] | |||
Ending balance: Individually evaluated for impairment | 45 | 4 | |
Ending balance: Collectively evaluated for impairment | 15,003 | 18,787 | |
Ending balance | $ 15,048 | $ 18,791 | |
[1] | Commercial loan portfolio as of December 31, 2020 includes $50.9 million Paycheck Protection Program ("PPP") loans |
Note 5 - Loans Receivable and_9
Note 5 - Loans Receivable and Credit Disclosures - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loan and lease receivable other than consumer and residential | $ 918,967 | $ 840,545 |
Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 679,429 | 699,777 |
Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 163,297 | 100,206 |
Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 23,980 | 4,581 |
Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 38,373 | 32,401 |
Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 13,888 | 3,580 |
Construction Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 45,497 | 47,895 |
Construction Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 39,980 | 41,073 |
Construction Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 5,350 | 6,822 |
Construction Real Estate [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | 0 |
Construction Real Estate [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | 0 |
Construction Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 167 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 496,357 | 435,850 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 346,591 | 387,274 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 88,113 | 29,209 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 23,753 | 4,581 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 27,642 | 14,703 |
Commercial Real Estate Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 10,258 | 83 |
Agriculture Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 151,992 | 160,771 |
Agriculture Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 110,925 | 118,692 |
Agriculture Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 33,144 | 32,780 |
Agriculture Real Estate [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 175 | 0 |
Agriculture Real Estate [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 6,084 | 9,215 |
Agriculture Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 1,664 | 84 |
Commercial Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 122,535 | 84,084 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 101,858 | 62,655 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 15,897 | 16,147 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 52 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 3,788 | 4,820 |
Commercial Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 940 | 462 |
Agriculture [Member] | ||
Loan and lease receivable other than consumer and residential | 102,586 | 111,945 |
Agriculture [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 80,075 | 90,083 |
Agriculture [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 20,793 | 15,248 |
Agriculture [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | 0 |
Agriculture [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 859 | 3,663 |
Agriculture [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | $ 859 | $ 2,951 |
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, 2020 | Dec. 31, 2019 |
Loan and lease receivable, consumer and residential | $ 228,610 | $ 220,301 |
Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 227,285 | 218,899 |
Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,325 | 1,402 |
Family Residential Real Estate 1-4 [Member] | ||
Loan and lease receivable, consumer and residential | 213,562 | 201,510 |
Family Residential Real Estate 1-4 [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 212,282 | 200,117 |
Family Residential Real Estate 1-4 [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,280 | 1,393 |
Consumer and Other [Member] | ||
Loan and lease receivable, consumer and residential | 15,048 | 18,791 |
Consumer and Other [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 15,003 | 18,782 |
Consumer and Other [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | $ 45 | $ 9 |
Note 5 - Loans Receivable an_11
Note 5 - Loans Receivable and Credit Disclosures - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired financing receivable with no related allowance, recorded investment | $ 3,148 | $ 4,044 |
Impaired financing receivable with no related allowance, unpaid principal balance | 3,788 | 4,920 |
Loans with no specific reserve recorded, average recorded investment | 10,442 | 2,497 |
Loans with no specific reserve recorded, interest income recognized | 517 | 164 |
Impaired financing receivable with related allowance, recorded investment | 12,125 | 744 |
Impaired financing receivable with related allowance, unpaid principal balance | 13,205 | 755 |
Impaired financing receivable, related allowance | 1,819 | 209 |
Loans with an allowance recorded, average recorded investment | 3,970 | 1,831 |
Loans with an allowance recorded, interest income recognized | 158 | 1 |
Impaired financing receivable, recorded investment | 15,273 | 4,788 |
Impaired financing receivable, unpaid principal balance | 16,993 | 5,675 |
Loans, average recorded investment | 14,412 | 4,328 |
Loans, interest income recognized | 675 | 165 |
Construction Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 167 | 0 |
Impaired financing receivable with no related allowance, unpaid principal balance | 167 | 0 |
Loans with no specific reserve recorded, average recorded investment | 66 | 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 | 0 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 167 | 0 |
Impaired financing receivable, unpaid principal balance | 167 | 0 |
Loans, average recorded investment | 66 | 0 |
Loans, interest income recognized | 0 | 0 |
Family Residential Real Estate 1-4 [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 416 | 460 |
Impaired financing receivable with no related allowance, unpaid principal balance | 475 | 796 |
Loans with no specific reserve recorded, average recorded investment | 318 | 336 |
Loans with no specific reserve recorded, interest income recognized | 0 | 31 |
Impaired financing receivable with related allowance, recorded investment | 924 | 744 |
Impaired financing receivable with related allowance, unpaid principal balance | 1,278 | 755 |
Impaired financing receivable, related allowance | 150 | 209 |
Loans with an allowance recorded, average recorded investment | 935 | 329 |
Loans with an allowance recorded, interest income recognized | 66 | 0 |
Impaired financing receivable, recorded investment | 1,340 | 1,204 |
Impaired financing receivable, unpaid principal balance | 1,753 | 1,551 |
Loans, average recorded investment | 1,253 | 665 |
Loans, interest income recognized | 66 | 31 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 242 | 83 |
Impaired financing receivable with no related allowance, unpaid principal balance | 578 | 435 |
Loans with no specific reserve recorded, average recorded investment | 6,625 | 323 |
Loans with no specific reserve recorded, interest income recognized | 16 | 133 |
Impaired financing receivable with related allowance, recorded investment | 10,016 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 10,157 | 0 |
Impaired financing receivable, related allowance | 1,486 | 0 |
Loans with an allowance recorded, average recorded investment | 2,198 | 0 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 10,258 | 83 |
Impaired financing receivable, unpaid principal balance | 10,735 | 435 |
Loans, average recorded investment | 8,823 | 323 |
Loans, interest income recognized | 16 | 133 |
Agriculture Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 1,664 | 84 |
Impaired financing receivable with no related allowance, unpaid principal balance | 1,698 | 97 |
Loans with no specific reserve recorded, average recorded investment | 1,295 | 80 |
Loans with no specific reserve recorded, interest income recognized | 6 | 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 | 1,664 | 84 |
Impaired financing receivable, unpaid principal balance | 1,698 | 97 |
Loans, average recorded investment | 1,295 | 80 |
Loans, interest income recognized | 6 | 0 |
Commercial Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 274 | 462 |
Impaired financing receivable with no related allowance, unpaid principal balance | 318 | 517 |
Loans with no specific reserve recorded, average recorded investment | 524 | 285 |
Loans with no specific reserve recorded, interest income recognized | 23 | 0 |
Impaired financing receivable with related allowance, recorded investment | 666 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 1,247 | 0 |
Impaired financing receivable, related allowance | 115 | 0 |
Loans with an allowance recorded, average recorded investment | 418 | 1,494 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 940 | 462 |
Impaired financing receivable, unpaid principal balance | 1,565 | 517 |
Loans, average recorded investment | 942 | 1,779 |
Loans, interest income recognized | 23 | 0 |
Agriculture [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 377 | 2,951 |
Impaired financing receivable with no related allowance, unpaid principal balance | 542 | 3,071 |
Loans with no specific reserve recorded, average recorded investment | 1,592 | 1,472 |
Loans with no specific reserve recorded, interest income recognized | 344 | 0 |
Impaired financing receivable with related allowance, recorded investment | 482 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 484 | 0 |
Impaired financing receivable, related allowance | 40 | 0 |
Loans with an allowance recorded, average recorded investment | 400 | 0 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 859 | 2,951 |
Impaired financing receivable, unpaid principal balance | 1,026 | 3,071 |
Loans, average recorded investment | 1,992 | 1,472 |
Loans, interest income recognized | 344 | 0 |
Consumer and Other [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 8 | 4 |
Impaired financing receivable with no related allowance, unpaid principal balance | 10 | 4 |
Loans with no specific reserve recorded, average recorded investment | 22 | 1 |
Loans with no specific reserve recorded, interest income recognized | 128 | 0 |
Impaired financing receivable with related allowance, recorded investment | 37 | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 39 | 0 |
Impaired financing receivable, related allowance | 28 | 0 |
Loans with an allowance recorded, average recorded investment | 19 | 8 |
Loans with an allowance recorded, interest income recognized | 92 | 1 |
Impaired financing receivable, recorded investment | 45 | 4 |
Impaired financing receivable, unpaid principal balance | 49 | 4 |
Loans, average recorded investment | 41 | 9 |
Loans, interest income recognized | $ 220 | $ 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, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing receivable modifications, number of contracts | 6 | 3 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 10,273 | $ 1,035 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 10,273 | $ 1,035 |
Construction Real Estate [Member] | ||
Financing receivable modifications, number of contracts | 0 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 0 |
Family Residential Real Estate 1-4 [Member] | ||
Financing receivable modifications, number of contracts | 0 | 3 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 1,035 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 1,035 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | 2 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 10,192 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 10,192 | $ 0 |
Agriculture Real Estate [Member] | ||
Financing receivable modifications, number of contracts | 0 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | 0 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 0 |
Agriculture [Member] | ||
Financing receivable modifications, number of contracts | 3 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 54 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 54 | $ 0 |
Consumer and Other [Member] | ||
Financing receivable modifications, number of contracts | 1 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 27 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 27 | $ 0 |
Note 5 - Loans Receivable an_13
Note 5 - Loans Receivable and Credit Disclosures - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing receivable, recorded investment, past due | $ 5,292 | $ 7,866 | |
Financing receivable, recorded investment, current | 1,142,285 | 1,052,980 | |
Loans receivable | 1,147,577 | 1,060,846 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 39 | 255 | |
Construction Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 336 | 1,796 | |
Financing receivable, recorded investment, current | 45,161 | 46,099 | |
Loans receivable | 45,497 | 47,895 | |
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 | 1,699 | 1,101 | |
Financing receivable, recorded investment, current | 211,863 | 200,409 | |
Loans receivable | 213,562 | 201,510 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 6 | 188 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 208 | 387 | |
Financing receivable, recorded investment, current | 496,149 | 435,463 | |
Loans receivable | 496,357 | 435,850 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Agriculture Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 2,192 | 422 | |
Financing receivable, recorded investment, current | 149,800 | 160,349 | |
Loans receivable | 151,992 | 160,771 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 286 | 755 | |
Financing receivable, recorded investment, current | 122,249 | 83,329 | |
Loans receivable | [1] | 122,535 | 84,084 |
Financing receivable, recorded investment, 90 days past due and still accruing | 3 | 0 | |
Agriculture [Member] | |||
Financing receivable, recorded investment, past due | 537 | 3,253 | |
Financing receivable, recorded investment, current | 102,049 | 108,692 | |
Loans receivable | 102,586 | 111,945 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 30 | 62 | |
Consumer and Other [Member] | |||
Financing receivable, recorded investment, past due | 34 | 152 | |
Financing receivable, recorded investment, current | 15,014 | 18,639 | |
Loans receivable | 15,048 | 18,791 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 5 | |
Financing Receivables 30 to 89 Days Past Due [Member] | |||
Financing receivable, recorded investment, past due | 2,798 | 4,746 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 169 | 1,796 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Family Residential Real Estate 1-4 [Member] | |||
Financing receivable, recorded investment, past due | 1,523 | 811 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 152 | 387 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 574 | 422 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 283 | 518 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture [Member] | |||
Financing receivable, recorded investment, past due | 79 | 666 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Consumer and Other [Member] | |||
Financing receivable, recorded investment, past due | 18 | 146 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing receivable, recorded investment, past due | 2,494 | 3,120 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 167 | 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 | 176 | 290 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 56 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture Real Estate [Member] | |||
Financing receivable, recorded investment, past due | 1,618 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing receivable, recorded investment, past due | 3 | 237 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member] | |||
Financing receivable, recorded investment, past due | 458 | 2,587 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other [Member] | |||
Financing receivable, recorded investment, past due | $ 16 | $ 6 | |
[1] | Commercial loan portfolio as of December 31, 2020 includes $50.9 million Paycheck Protection Program ("PPP") loans |
Note 5 - Loans Receivable an_14
Note 5 - Loans Receivable and Credit Disclosures - Loan Transactions With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 10,235 | $ 7,807 |
New loans | 15,750 | 5,854 |
Repayments | (13,407) | (6,974) |
Change in status | 439 | 3,548 |
Balance | $ 13,017 | $ 10,235 |
Note 6 - Bank Premises and Eq_3
Note 6 - Bank Premises and Equipment - Major Classes of Bank Premises and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 33,984,000 | $ 33,384,000 |
Less accumulated depreciation | 16,644,000 | 15,573,000 |
Total bank premises and equipment, net | 17,340,250 | 17,810,605 |
Land [Member] | ||
Property, plant and equipment, gross | 4,038,000 | 4,056,000 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 21,803,000 | 21,560,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 8,143,000 | $ 7,768,000 |
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, 2020 | Dec. 31, 2019 | |
Balance, beginning of year | $ 4,003,684 | $ 830,000 |
Transfer of loans to other real estate owned | 10,738 | 381,600 |
Acquired as a part of the acquisition | 0 | 3,582,000 |
Net proceeds from sale | (3,818,183) | (833,721) |
Gain on sale and foreclosure, net | 22,000 | 44,000 |
Balance, end of year | $ 217,856 | $ 4,003,684 |
Note 7 - Other Real Estate Ow_4
Note 7 - Other Real Estate Owned - Composition of Other Real Estate Owned (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total other real estate owned | $ 217,856 | $ 4,003,684 | $ 830,000 |
Agriculture [Member] | |||
Total other real estate owned | 0 | 3,602,000 | |
Family Residential Real Estate 1-4 [Member] | |||
Total other real estate owned | $ 218,000 | $ 402,000 |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) - USD ($) | Oct. 25, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Iowa State Savings Bank [Member] | |||
Goodwill, Acquired During Period | $ 2,680,000 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 3 years 7 months 6 days | 4 years 2 months 12 days |
Amortization of Intangible Assets, Total | $ 826,020 | $ 609,624 |
Note 9 - Intangible Assets - In
Note 9 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible asset, gross amount | $ 6,946 | $ 6,946 |
Intangible asset, accumulated amortization | 3,813 | 2,987 |
Core Deposits [Member] | ||
Intangible asset, gross amount | 6,411 | 6,411 |
Intangible asset, accumulated amortization | 3,493 | 2,745 |
Customer Lists [Member] | ||
Intangible asset, gross amount | 535 | 535 |
Intangible asset, accumulated amortization | $ 320 | $ 242 |
Note 9 - Intangible Assets - Es
Note 9 - Intangible Assets - Estimated Remaining Amortization Expense on Intangible Assets on Core Deposits (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total | $ 3,133,240 | $ 3,959,260 | |
Core Deposits [Member] | |||
2021 | 628,000 | ||
2022 | 574,000 | ||
2023 | 502,000 | ||
2024 | 337,000 | ||
2025 | 301,000 | ||
After | 791,000 | ||
Total | $ 3,133,000 | $ 3,959,000 | $ 2,678,000 |
Note 9 - Intangible Assets - Co
Note 9 - Intangible Assets - Core Deposit Intangible Assets Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning intangibles, net | $ 3,959,260 | |
Amortization | (826,020) | $ (609,624) |
Ending intangible asset, net | 3,133,240 | 3,959,260 |
Core Deposits [Member] | ||
Beginning intangibles, net | 3,959,000 | 2,678,000 |
Acquisition | 0 | 1,891,000 |
Amortization | (826,000) | (610,000) |
Ending intangible asset, net | $ 3,133,000 | $ 3,959,000 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Deposit Liabilities | $ 18,900,000 | $ 17,428,000 |
Note 10 - Deposits - Maturities
Note 10 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 175,323 |
2022 | 45,294 |
2023 | 18,270 |
2024 | 11,550 |
2025 | 6,489 |
Total time deposits | $ 256,926 |
Note 10 - Deposits - Interest E
Note 10 - Deposits - Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest-bearing checking | $ 1,465,000 | $ 3,147,000 |
Savings and money market | 1,769,000 | 2,870,000 |
Time deposits | 4,587,000 | 4,184,000 |
Total deposit interest expense | $ 7,820,828 | $ 10,200,626 |
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, 2020 | Dec. 31, 2019 |
Maturity Overnight [Member] | ||
Securities sold under agreements to repurchase | $ 55,751 | |
Maturity Overnight [Member] | US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 2,069 | |
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 | 39,362 | |
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 | $ 14,320 | |
Maturity Greater than 90 Days [Member] | ||
Securities sold under agreements to repurchase | $ 58,699 | |
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 | 3,528 | |
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 | 35,557 | |
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 | $ 19,614 |
Note 12 - Borrowings (Details T
Note 12 - Borrowings (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 208,017,000 | $ 222,558,000 |
Note 12 - Borrowings - FHLB Adv
Note 12 - Borrowings - FHLB Advances and Other Long-term Borrowings (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2024, Amount | $ 3,000,000 | |
2024, Weighted average interest rate | 1.57% | |
FHLB advances | $ 3,000,000 | $ 5,000,000 |
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, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 3.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | 3.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,064,000 | $ 869,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 |
Open Tax Year | 2017 2018 2019 2020 | |
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 | $ 55,000 | $ 86,000 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal: | ||
Current | $ 4,102,000 | $ 2,824,000 |
Deferred | (886,000) | 8,000 |
Total federal income tax expense | 3,216,000 | 2,832,000 |
State: | ||
Current | 1,366,000 | 1,056,000 |
Deferred | (201,000) | (40,000) |
Total state income tax expense | 1,165,000 | 1,016,000 |
Total income tax expense | $ 4,381,000 | $ 3,847,600 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes at 21% | $ 4,879,000 | $ 4,419,000 |
Tax-exempt interest | (761,000) | (836,000) |
State taxes, net of federal tax benefit | 1,076,000 | 877,000 |
New Markets Tax Credits | (764,000) | (693,000) |
Other | (49,000) | 81,000 |
Total income tax expense | $ 4,381,000 | $ 3,847,600 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 4,294 | $ 3,114 |
State operating and alternative minimum tax carryforward | 503 | 469 |
Fair value adjustments from acquisitions | 164 | 214 |
Accrued vacation | 272 | 224 |
Off balance sheet reserve | 149 | 136 |
Other deferred tax assets | 433 | 473 |
Total deferred tax assets | 5,815 | 4,630 |
Deferred tax liabilities: | ||
Net unrealized gains on securities available-for-sale | (5,341) | (1,372) |
Goodwill and other intangible assets | (1,058) | (1,029) |
Bank premises and equipment | (609) | (661) |
Deferred loan costs | (62) | 0 |
Other deferred tax liabilities | (250) | (191) |
Total deferred tax liabilities | (7,320) | (3,253) |
Valuation allowance | (226) | (226) |
Net deferred tax liability | $ (1,731) | |
Net deferred tax asset | $ 1,151 |
Note 15 - Commitments, Contin_3
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed Interest Rate, Commitments to Extend Credit | $ 131,862,000 | $ 135,679,000 |
Liabilities to Cover Credit Losses for Off Balance Sheet | $ 713,000 | $ 662,000 |
Note 15 - Commitments, Contin_4
Note 15 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments | $ 229,828 | $ 214,801 |
Commitments to Extend Credit [Member] | ||
Commitments | 222,660 | 207,168 |
Standby Letters of Credit [Member] | ||
Commitments | $ 7,168 | $ 7,633 |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details Textual) | Dec. 31, 2019 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 2.50 |
Banking Regulation, Capital Conservation Buffer, Total Risk-Based Capital, Actual | 2.50 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 2.50 |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Tier one leverage capital | $ 167,544 | ||
Tier one leverage capital to average assets | 0.101 | ||
Capital | $ 180,834 | ||
Capital to risk weighted assets | 0.143 | ||
Capital required for capital adequacy | [1] | $ 132,878 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Tier one risk based capital | $ 167,514 | ||
Tier one risk based capital to risk weighted assets | 0.132 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 107,568 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | [1] | 8.50% | |
Tier one leverage capital required for capital adequacy | [1] | $ 66,234 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 167,544 | ||
Common equity tier one risk based capital to risk weighted assets | 0.132 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 88,585 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | [1] | 7.00% | |
Boone Bank and Trust [Member] | |||
Tier one leverage capital | $ 13,967 | $ 13,274 | |
Tier one leverage capital to average assets | 0.092 | 0.095 | |
Tier one leverage capital required to be well capitalized | $ 12,170 | $ 7,005 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 14,205 | ||
Capital to risk weighted assets | 0.141 | ||
Capital required for capital adequacy | [1] | $ 10,610 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 10,105 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 13,274 | ||
Tier one risk based capital to risk weighted assets | 0.131 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 8,589 | |
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 | $ 8,084 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 5,604 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 13,274 | ||
Common equity tier one risk based capital to risk weighted assets | 0.131 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 7,074 | |
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 | $ 6,568 | ||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | ||
First National Bank [Member] | Also Conducts Business Out of 3 Full Service Offices in Des Moines Metro Area [Member] | |||
Tier one leverage capital | $ 86,071 | $ 80,665 | |
Tier one leverage capital to average assets | 0.086 | 0.093 | |
Tier one leverage capital required to be well capitalized | $ 80,393 | $ 43,378 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 87,375 | ||
Capital to risk weighted assets | 0.139 | ||
Capital required for capital adequacy | [1] | $ 66,180 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 63,028 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 80,665 | ||
Tier one risk based capital to risk weighted assets | 0.128 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 53,574 | |
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 | $ 50,423 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 34,702 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 80,665 | ||
Common equity tier one risk based capital to risk weighted assets | 0.128 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 44,120 | |
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 | $ 40,968 | ||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | ||
Iowa State Savings Bank [Member] | |||
Tier one leverage capital | $ 21,610 | $ 20,151 | |
Tier one leverage capital to average assets | 0.094 | 0.095 | |
Tier one leverage capital required to be well capitalized | $ 18,321 | $ 10,776 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 20,495 | ||
Capital to risk weighted assets | 0.142 | ||
Capital required for capital adequacy | [1] | $ 15,200 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 14,476 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 20,151 | ||
Tier one risk based capital to risk weighted assets | 0.139 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 12,305 | |
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 | $ 11,581 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 8,621 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 20,151 | ||
Common equity tier one risk based capital to risk weighted assets | 0.139 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 10,133 | |
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 | $ 9,410 | ||
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] | |||
Tier one leverage capital | $ 23,278 | $ 22,166 | |
Tier one leverage capital to average assets | 0.094 | 0.100 | |
Tier one leverage capital required to be well capitalized | $ 19,741 | $ 11,108 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 24,487 | ||
Capital to risk weighted assets | 0.130 | ||
Capital required for capital adequacy | [1] | $ 19,778 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 18,836 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 22,166 | ||
Tier one risk based capital to risk weighted assets | 0.118 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 16,010 | |
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 | $ 15,069 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 8,886 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 22,166 | ||
Common equity tier one risk based capital to risk weighted assets | 0.118 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 13,185 | |
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 | $ 12,243 | ||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | ||
State Bank and Trust [Member] | |||
Tier one leverage capital | $ 16,564 | $ 15,233 | |
Tier one leverage capital to average assets | 0.085 | 0.095 | |
Tier one leverage capital required to be well capitalized | $ 15,657 | $ 7,980 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 16,800 | ||
Capital to risk weighted assets | 0.135 | ||
Capital required for capital adequacy | [1] | $ 13,115 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 12,490 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 15,233 | ||
Tier one risk based capital to risk weighted assets | 0.122 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 10,617 | |
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 | $ 9,992 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 6,384 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 15,233 | ||
Common equity tier one risk based capital to risk weighted assets | 0.122 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 8,743 | |
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 | $ 8,119 | ||
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | ||
United Bank and Trust [Member] | |||
Tier one leverage capital | $ 10,539 | $ 9,955 | |
Tier one leverage capital to average assets | 0.092 | 0.098 | |
Tier one leverage capital required to be well capitalized | $ 9,180 | $ 5,091 | |
Tier one leverage capital required to be well capitalized to average assets | 0.080 | 0.050 | |
Capital | $ 10,775 | ||
Capital to risk weighted assets | 0.143 | ||
Capital required for capital adequacy | [1] | $ 7,910 | |
Capital required for capital adequacy to risk weighted assets | [1] | 10.50% | |
Capital required to be well capitalized | $ 7,534 | ||
Capital required to be well capitalized to risk weighted assets | 0.100 | ||
Tier one risk based capital | $ 9,955 | ||
Tier one risk based capital to risk weighted assets | 0.132 | ||
Tier one risk based capital required for capital adequacy | [1] | $ 6,403 | |
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 | $ 6,027 | ||
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | ||
Tier one leverage capital required for capital adequacy | [1] | $ 4,073 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | [1] | 0.0400 | |
Common equity tier one capital | $ 9,955 | ||
Common equity tier one risk based capital to risk weighted assets | 0.132 | ||
Common equity tier one capital required for capital adequacy | [1] | $ 5,273 | |
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 | $ 4,897 | ||
Common equity tier one capital required to be well capitalized to risk weighted assets | 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. |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale securities | $ 596,999,072 | $ 479,843,448 |
US Treasury Securities [Member] | ||
Available for sale securities | 12,053,000 | 9,452,000 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 111,199,000 | 126,433,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 150,195,000 | 81,128,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 251,584,000 | 195,302,000 |
Corporate Debt Securities [Member] | ||
Available for sale securities | 71,968,000 | 67,528,000 |
Fair Value, Recurring [Member] | ||
Available for sale securities | 596,999,000 | 479,843,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 12,053,000 | 9,452,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 584,946,000 | 470,391,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available for sale securities | 12,053,000 | 9,452,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 12,053,000 | 9,452,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 111,199,000 | 126,433,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 111,199,000 | 126,433,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 150,195,000 | 81,128,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 150,195,000 | 81,128,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 251,584,000 | 195,302,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 251,584,000 | 195,302,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | 71,968,000 | 67,528,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 71,968,000 | 67,528,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | $ 0 | $ 0 |
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, 2020 | Dec. 31, 2019 |
Loans | $ 10,306 | $ 535 |
Other real estate owned | 218 | 4,004 |
Total assets at fair value on a nonrecurring basis | 10,524 | 4,539 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans | 10,306 | 535 |
Other real estate owned | 218 | 4,004 |
Total assets at fair value on a nonrecurring basis | $ 10,524 | $ 4,539 |
Note 17 - Fair Value Measurem_5
Note 17 - Fair Value Measurements - Fair Value Quantitative Information (Details) - Fair Value, Nonrecurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Evaluation of Collateral [Member] | Impaired Loan [Member] | ||
Estimated Fair Value | $ 10,306 | $ 535 |
Appraisal Valuation [Member] | Other Real Estate Owned [Member] | ||
Estimated Fair Value | $ 218 | $ 4,004 |
Appraisal Valuation [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||
Unobservable Inputs, Rate | 6.00% | 6.00% |
Appraisal Valuation [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||
Unobservable Inputs, Rate | 8.00% | 8.00% |
Appraisal Valuation [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Unobservable Inputs, Rate | (7.00%) | (7.00%) |
Note 17 - Fair Value Measurem_6
Note 17 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale | $ 596,999,072 | $ 479,843,448 |
Accrued income receivable | 11,142,897 | 11,788,409 |
Reported Value Measurement [Member] | ||
Securities available-for-sale | 596,999,000 | 479,843,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 24,819,000 | 34,617,000 |
Interest-bearing deposits | 166,704,000 | 108,948,000 |
Accrued income receivable | 11,143,000 | 11,788,000 |
Securities sold under agreements to repurchase | 37,293,000 | 42,034,000 |
Accrued interest payable | 829,000 | 1,163,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB and FRB stock | 3,148,000 | 3,139,000 |
Loans receivable, net | 1,129,505,000 | 1,048,147,000 |
Loans held for sale | 1,621,000 | 2,777,000 |
Deposits | 1,716,446,000 | 1,493,175,000 |
FHLB advances | 3,000,000 | 5,000,000 |
Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale | 596,999,000 | 479,843,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 24,819,000 | 34,617,000 |
Interest-bearing deposits | 166,704,000 | 108,948,000 |
Accrued income receivable | 11,143,000 | 11,788,000 |
Securities sold under agreements to repurchase | 37,293,000 | 42,034,000 |
Accrued interest payable | 829,000 | 1,163,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB and FRB stock | 3,148,000 | 3,191,000 |
Loans receivable, net | 1,116,352,000 | 1,025,032,000 |
Loans held for sale | 1,621,000 | 2,777,000 |
Deposits | 1,720,023,000 | 1,495,155,000 |
FHLB advances | $ 3,111,000 | $ 4,935,000 |
Note 19 - Ames National Corpo_3
Note 19 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | |||
Cash and due from banks | $ 24,818,619 | $ 34,616,880 | |
Interest-bearing deposits in financial institutions and federal funds sold | 166,704,001 | 108,947,624 | |
Loans receivable, net | 1,129,505,157 | 1,048,147,496 | |
Bank premises and equipment, net | 17,340,250 | 17,810,605 | |
Accrued income receivable | 11,142,897 | 11,788,409 | |
Other assets | 5,678,201 | 6,041,126 | |
Total assets | 1,975,647,743 | 1,737,182,505 | |
LIABILITIES | |||
Dividends payable | 0 | 2,213,459 | |
Accrued expenses and other liabilities | 7,690,907 | 7,180,906 | |
Total liabilities | 1,766,161,317 | 1,549,603,033 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,245,494 | 18,445,494 | |
Additional paid-in capital | 17,001,736 | 18,794,141 | |
Retained earnings | 158,216,626 | 146,225,085 | |
Accumulated other comprehensive income | 16,022,570 | 4,114,752 | |
Total stockholders' equity | 209,486,426 | 187,579,472 | $ 172,865,064 |
Total liabilities and stockholders' equity | 1,975,647,743 | 1,737,182,505 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 32,000 | 29,000 | |
Interest-bearing deposits in financial institutions and federal funds sold | 2,556,000 | 5,097,000 | |
Investment in bank subsidiaries | 202,534,000 | 180,503,000 | |
Loans receivable, net | 1,842,000 | 1,949,000 | |
Bank premises and equipment, net | 2,844,000 | 2,649,000 | |
Accrued income receivable | 6,000 | 6,000 | |
Other assets | 171,000 | 106,000 | |
Total assets | 209,985,000 | 190,339,000 | |
LIABILITIES | |||
Dividends payable | 0 | 2,213,000 | |
Accrued expenses and other liabilities | 499,000 | 547,000 | |
Total liabilities | 499,000 | 2,760,000 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,245,000 | 18,445,000 | |
Additional paid-in capital | 17,002,000 | 18,794,000 | |
Retained earnings | 158,217,000 | 146,225,000 | |
Accumulated other comprehensive income | 16,022,000 | 4,115,000 | |
Total stockholders' equity | 209,486,000 | 187,579,000 | |
Total liabilities and stockholders' equity | $ 209,985,000 | $ 190,339,000 |
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, 2020 | Dec. 31, 2019 | |
(Loss) on sale of other real estate owned | $ 21,617 | $ 44,433 |
Provision for loan losses | 5,680,656 | 1,314,104 |
Operating income after provision for loan losses | 49,162,181 | 43,934,040 |
Income before income taxes | 23,231,063 | 21,041,769 |
Provision for income taxes | 4,381,000 | 3,847,600 |
Net income | 18,850,063 | 17,194,169 |
Parent Company [Member] | ||
Equity in net income of bank subsidiaries | 19,413,000 | 17,834,000 |
Interest | 101,000 | 221,000 |
Rental income | 432,000 | 432,000 |
(Loss) on sale of other real estate owned | 0 | (11,000) |
Other income | 2,187,000 | 2,033,000 |
Operating Income (Loss), Before Provision for Loan Losses | 22,133,000 | 20,509,000 |
Provision for loan losses | 0 | 0 |
Operating income after provision for loan losses | 22,133,000 | 20,509,000 |
Operating expenses | 3,496,000 | 3,534,000 |
Income before income taxes | 18,637,000 | 16,975,000 |
Provision for income taxes | (213,000) | (219,000) |
Net income | $ 18,850,000 | $ 17,194,000 |
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, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 18,850,063 | $ 17,194,169 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,445,509 | 1,235,378 |
Provision for deferred income taxes | (1,087,046) | (32,250) |
Loss on sale of other real estate owned | (21,617) | (44,433) |
Decrease in accrued income receivable | 645,512 | 514,915 |
(Increase) in other assets | 408,345 | (784,589) |
Increase (decrease) in accrued expense and other liabilities | 459,001 | 891,022 |
Net cash provided by operating activities | 29,711,791 | 20,179,712 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net (increase) in interest-bearing deposits in financial institutions | (57,756,377) | (61,855,282) |
Decrease in loans | (86,302,370) | (23,459,602) |
Proceeds from the sale of other real estate owned | 3,818,183 | 833,721 |
Purchase of premises and equipment | (1,248,831) | (780,440) |
Net cash provided by (used in) investing activities | (245,343,136) | (78,960,941) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (9,071,981) | (8,784,906) |
Stock repurchases | (1,992,405) | (1,808,699) |
Net cash (used in) financing activities | 205,833,084 | 63,014,043 |
Parent Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 18,850,000 | 17,194,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 97,000 | 100,000 |
Provision for deferred income taxes | (60,000) | (88,000) |
Loss on sale of other real estate owned | 0 | 11,000 |
Equity in net income of bank subsidiaries | (19,413,000) | (17,834,000) |
Dividends received from bank subsidiaries | 9,599,000 | 25,068,000 |
Decrease in accrued income receivable | 0 | 2,000 |
(Increase) in other assets | (4,000) | (1,000) |
Increase (decrease) in accrued expense and other liabilities | (48,000) | 51,000 |
Net cash provided by operating activities | 9,021,000 | 24,503,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net (increase) in interest-bearing deposits in financial institutions | 2,541,000 | 9,638,000 |
Decrease in loans | 107,000 | 220,000 |
Proceeds from the sale of other real estate owned | 0 | 254,000 |
Investments in bank subsidiary | (310,000) | (24,033,000) |
Purchase of premises and equipment | (292,000) | (6,000) |
Net cash provided by (used in) investing activities | 2,046,000 | (13,927,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (9,072,000) | (8,785,000) |
Stock repurchases | (1,992,000) | (1,809,000) |
Net cash (used in) financing activities | (11,064,000) | (10,594,000) |
Net increase (decrease) in cash and cash equivalents | 3,000 | (18,000) |
Beginning | 29,000 | 47,000 |
Ending | 32,000 | 29,000 |
Cash receipts for income taxes | $ 173,000 | $ 99,000 |