Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
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 | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | $ 219,923,303 | ||
Entity Common Stock, Shares Outstanding | 9,092,167 | ||
Auditor Name | CliftonLarsonAllen LLP | ||
Auditor Location | West Des Moines, IA. | ||
Auditor Firm ID | 655 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 19,590 | $ 24,819 |
Interest-bearing deposits in financial institutions and federal funds sold | 69,539 | 148,278 |
Total cash and cash equivalents | 89,129 | 173,097 |
Interest-bearing time deposits | 16,922 | 18,426 |
Securities available-for-sale | 831,003 | 596,999 |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 3,422 | 3,148 |
Loans receivable, net | 1,144,108 | 1,129,505 |
Loans held for sale | 0 | 1,621 |
Bank premises and equipment, net | 17,512 | 17,340 |
Accrued income receivable | 10,124 | 11,143 |
Bank-owned life insurance | 2,985 | 2,916 |
Deferred income taxes, net | 1,922 | 0 |
Other intangible assets, net | 2,505 | 3,133 |
Goodwill | 12,424 | 12,424 |
Other assets | 4,985 | 5,896 |
Total assets | 2,137,041 | 1,975,648 |
LIABILITIES | ||
Noninterest-bearing checking | 411,585 | 349,500 |
Interest-bearing checking | 575,997 | 528,796 |
Savings and money market | 674,975 | 581,224 |
Time, $250 and over | 40,793 | 60,019 |
Other time | 174,669 | 196,907 |
Total deposits | 1,878,019 | 1,716,446 |
Securities sold under agreements to repurchase | 39,851 | 37,293 |
FHLB advances | 3,000 | 3,000 |
Dividends payable | 2,364 | 0 |
Deferred income taxes, net | 0 | 1,731 |
Accrued expenses and other liabilities | 6,029 | 7,691 |
Total liabilities | 1,929,263 | 1,766,161 |
STOCKHOLDERS' EQUITY | ||
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 9,092,167 and 9,122,747 shares as of December 31, 2021 and 2020, respectively | 18,184 | 18,245 |
Additional paid-in capital | 16,353 | 17,002 |
Retained earnings | 170,377 | 158,217 |
Accumulated other comprehensive income | 2,864 | 16,023 |
Total stockholders' equity | 207,778 | 209,487 |
Total liabilities and stockholders' equity | $ 2,137,041 | $ 1,975,648 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 9,092,167 | 9,122,747 |
Common stock, outstanding (in shares) | 9,092,167 | 9,122,747 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | ||
Loans, including fees | $ 47,829 | $ 50,470 |
Securities: | ||
Taxable | 8,861 | 7,764 |
Tax-exempt | 3,095 | 3,628 |
Other interest and dividend income | 697 | 1,079 |
Total interest and dividend income | 60,482 | 62,941 |
Interest expense: | ||
Deposits | 4,342 | 7,821 |
Other borrowed funds | 143 | 277 |
Total interest expense | 4,485 | 8,098 |
Net interest income | 55,997 | 54,843 |
Provision (credit) for loan losses | (757) | 5,681 |
Net interest income after provision (credit) for loan losses | 56,754 | 49,162 |
Noninterest income: | ||
Securities gains, net | 24 | 430 |
Gain on sale of loans held for sale | 1,673 | 2,112 |
Other noninterest income | 899 | 935 |
Total noninterest income | 10,537 | 10,620 |
Noninterest expense: | ||
Salaries and employee benefits | 22,281 | 22,869 |
Data processing | 5,549 | 5,182 |
Occupancy expenses, net | 2,664 | 2,668 |
FDIC insurance assessments | 578 | 313 |
Professional fees | 1,663 | 1,537 |
Business development | 1,465 | 1,082 |
Intangible asset amortization | 628 | 826 |
New Markets Tax Credit projects amortization | 639 | 639 |
Other operating expenses, net | 1,151 | 1,435 |
Total noninterest expense | 36,618 | 36,551 |
Income before income taxes | 30,673 | 23,231 |
Provision for income taxes | 6,760 | 4,381 |
Net income | $ 23,913 | $ 18,850 |
Basic and diluted earnings per share (in dollars per share) | $ 2.62 | $ 2.06 |
Fiduciary and Trust [Member] | ||
Noninterest income: | ||
Noninterest income | $ 4,448 | $ 3,848 |
Financial Service [Member] | ||
Noninterest income: | ||
Noninterest income | 1,474 | 1,523 |
Credit and Debit Card [Member] | ||
Noninterest income: | ||
Noninterest income | $ 2,019 | $ 1,772 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 23,913 | $ 18,850 |
Unrealized holding gains (losses) arising during the period | (17,521) | 16,307 |
Less: reclassification adjustment for gains realized in net income | 24 | 430 |
Other comprehensive income (loss) before tax | (17,545) | 15,877 |
Tax expense (benefit) related to other comprehensive income | (4,386) | 3,969 |
Other comprehensive income (loss), net of tax | (13,159) | 11,908 |
Comprehensive income | $ 10,754 | $ 30,758 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 9,222,747 | ||||
Balance at Dec. 31, 2019 | $ 18,445 | $ 18,794 | $ 146,225 | $ 4,115 | $ 187,579 |
Net income | 0 | 0 | 18,850 | 0 | 18,850 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 11,908 | 11,908 |
Repurchase and retirement of stock (in shares) | (100,000) | ||||
Repurchase and retirement of stock | $ (200) | (1,792) | 0 | 0 | (1,992) |
Cash dividends declared | $ 0 | 0 | (6,858) | 0 | $ (6,858) |
Balance (in shares) at Dec. 31, 2020 | 9,122,747 | 9,122,747 | |||
Balance at Dec. 31, 2020 | $ 18,245 | 17,002 | 158,217 | 16,023 | $ 209,487 |
Net income | 0 | 0 | 23,913 | 0 | 23,913 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (13,159) | (13,159) |
Repurchase and retirement of stock (in shares) | (30,580) | ||||
Repurchase and retirement of stock | $ (61) | (649) | 0 | 0 | (710) |
Cash dividends declared | $ 0 | 0 | (11,753) | 0 | $ (11,753) |
Balance (in shares) at Dec. 31, 2021 | 9,092,167 | 9,092,167 | |||
Balance at Dec. 31, 2021 | $ 18,184 | $ 16,353 | $ 170,377 | $ 2,864 | $ 207,778 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 1.29 | $ 0.75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 23,913 | $ 18,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for loan losses | (757) | 5,681 |
Provision (credit) for off-balance sheet commitments | (21) | 51 |
Amortization of securities available-for-sale, loans and deposits, net | 2,603 | 983 |
Amortization of intangible assets | 628 | 826 |
Depreciation | 1,399 | 1,446 |
Provision (credit) for deferred income taxes | 733 | (1,087) |
Securities gains, net | (24) | (430) |
Gain on sales of loans held for sale | (1,673) | (2,112) |
Proceeds from the sales of loans held for sale | 73,003 | 95,272 |
Originations of loans held for sale | (69,709) | (92,004) |
(Gain) on sale of other real estate owned, net | (203) | (22) |
Loss on sale and disposal of bank premises and equipment, net | 13 | 106 |
Amortization of investment in New Markets Tax Credit projects | 639 | 639 |
Change in assets and liabilities: | ||
Decrease in accrued income receivable | 1,019 | 646 |
Decrease in other assets | 617 | 408 |
Increase (decrease) in accrued expenses and other liabilities | (1,641) | 459 |
Net cash provided by operating activities | 30,539 | 29,712 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in interest-bearing time deposits | 1,504 | 3,323 |
Purchase of securities available-for-sale | (375,399) | (238,174) |
Proceeds from sale of securities available-for-sale | 622 | 5,463 |
Proceeds from maturities and calls of securities available-for-sale | 120,012 | 129,702 |
Purchase of FHLB stock | (286) | (1,149) |
Proceeds from the redemption of FHLB stock | 12 | 1,134 |
Net (increase) in loans | (13,921) | (86,302) |
Net proceeds from the sale of other real estate owned | 763 | 3,818 |
Purchase of bank premises and equipment | (1,874) | (1,249) |
Purchase of investment in New Market Tax Credit projects | 0 | (447) |
Cash paid net of cash received for acquired bank | 0 | (310) |
Other | (69) | (73) |
Net cash (used in) investing activities | (268,636) | (184,264) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in deposits | 161,670 | 223,638 |
Increase (decrease) in securities sold under agreements to repurchase | 2,558 | (4,741) |
Payments on FHLB and other borrowings | 0 | (2,000) |
Dividends paid | (9,389) | (9,072) |
Stock repurchases | (710) | (1,992) |
Net cash provided by financing activities | 154,129 | 205,833 |
Net increase (decrease) in cash and cash equivalents | (83,968) | 51,281 |
CASH AND CASH EQUIVALENTS | ||
Beginning | 173,097 | 121,816 |
Ending | 89,129 | 173,097 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest | 5,063 | 8,799 |
Income taxes | 6,298 | 5,499 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES | ||
Transfer of loans to other real estate owned | 560 | 11 |
Goodwill | $ 0 | $ 310 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Description of business Segment information one Consolidation Use of estimates Reclassifications 2020 No no Cash and cash equivalents 90 Interest-bearing time deposits seven 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 or, in the case of callable securities, through the first 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, 2021. 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. The Company completed a quantitative assessment of goodwill as of October 1, 2021 not no December 31, 2021. 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 are determined to have definite lives and are amortized over the estimated useful lives. The core deposit intangible asset is a 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 13. 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, 2021 2020 no The following information was used in the computation of basic EPS for the years ended December 31, 2021 2020 in thousands, except share and per share data 2021 2020 Basic earning per share computation: Net income $ 23,913 $ 18,850 Weighted average common shares outstanding 9,114,379 9,148,244 Basic EPS $ 2.62 $ 2.06 New and Pending Accounting Pronouncements: June 2016, No. 2016 13, 326 October 2019, No. 2016 13 December 15, 2022. No. 2016 13 |
Note 2 - Concentrations and Res
Note 2 - Concentrations and Restrictions on Cash and Due from Banks and Interest-Bearing Deposits in Financial Institutions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions [Text Block] | Note 2. The Federal Reserve announced on March 15, 2020, zero March 26, 2020. March 26, 2020, not December 31, 2021 2020. no At December 31, 2021, not no |
Note 3 - Debt Securities
Note 3 - Debt Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. 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 2021: U.S. government treasuries $ 192,323 $ 239 $ (2,083 ) $ 190,479 U.S. government agencies 114,531 2,235 (752 ) 116,014 U.S. government mortgage-backed securities 149,896 1,375 (1,670 ) 149,601 State and political subdivisions 290,548 4,035 (1,724 ) 292,859 Corporate bonds 79,887 2,437 (274 ) 82,050 Total $ 827,185 $ 10,321 $ (6,503 ) $ 831,003 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 The amortized cost and fair value of debt securities available-for-sale as of December 31, 2021, may (in thousands). Amortized Estimated Cost Fair Value Due in one year or less $ 52,575 $ 53,012 Due after one year through five years 421,355 422,429 Due after five years through ten years 328,324 330,727 Due after ten years 24,931 24,835 Total $ 827,185 $ 831,003 At December 31, 2021 2020, The proceeds, gains, and losses from securities available-for-sale are summarized below (in thousands) 2021 2020 Proceeds from sales of securities available-for-sale $ 622 $ 5,463 Gross realized gains on securities available-for-sale 24 430 Gross realized losses on securities available-for-sale - - No December 31, 2021 2020. 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, 2021 2020, (in thousands) 2021: 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 $ 163,206 $ (2,083 ) $ - $ - $ 163,206 $ (2,083 ) U.S. government agencies 30,647 (570 ) 5,836 (182 ) 36,483 (752 ) U.S. government mortgage-backed securities 92,192 (1,580 ) 2,524 (90 ) 94,716 (1,670 ) State and political subdivisions 115,204 (1,667 ) 1,725 (57 ) 116,929 (1,724 ) Corporate bonds 16,484 (274 ) - - 16,484 (274 ) Total $ 417,733 $ (6,174 ) $ 10,085 $ (329 ) $ 427,818 $ (6,503 ) 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 ) At December 31, 2021, |
Note 4 - Loans Receivable and C
Note 4 - Loans Receivable and Credit Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 4. The composition of loans receivable is as follows (in thousands) 2021 2020 Real estate - construction $ 42,638 $ 45,497 Real estate - 1 to 4 family residential 246,745 213,562 Real estate - commercial 515,367 496,357 Real estate - agricultural 153,457 151,992 Commercial 1 75,482 122,535 Agricultural 111,881 102,586 Consumer and other 15,097 15,048 1,160,667 1,147,577 Less: Allowance for loan losses (16,621 ) (17,215 ) Deferred loan fees and costs, net 2 62 (857 ) Total loans receivable, net $ 1,144,108 $ 1,129,505 1 December 31, 2021 2020, 2 December 31, 2021 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) in response to the Coronavirus Disease 2019 19 2021. 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, 2021 2020 (in thousands) 2021 2020 Balance, beginning $ 17,215 $ 12,619 Provision for loan losses (757 ) 5,681 Recoveries of loans charged-off 339 325 Loans charged-off (176 ) (1,410 ) Balance, ending $ 16,621 $ 17,215 Activity in the allowance for loan losses, on a disaggregated basis, for the years ended December 31, 2021 2020 (in thousands) 2021: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 Provision (credit) for loan losses (50 ) (63 ) (528 ) (11 ) (175 ) 92 (22 ) (757 ) Recoveries of loans charged-off - 268 4 - 5 48 14 339 Loans charged-off - (34 ) - - (113 ) - (29 ) (176 ) Balance, ending $ 675 $ 2,752 $ 8,406 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 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 Allowance for loan losses disaggregated based on the impairment analysis method as of December 31, 2021 2020 (in thousands) 2021: 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 $ - $ 40 $ 1,139 $ - $ 60 $ 132 $ 21 $ 1,392 Ending balance: Collectively evaluated for impairment 675 2,712 7,267 1,584 1,110 1,704 177 15,229 Ending balance $ 675 $ 2,752 $ 8,406 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 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 Loans receivable disaggregated on the basis of the impairment analysis method as of December 31, 2021 2020 (in thousands) 2021: 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 $ - $ 980 $ 9,792 $ 546 $ 330 $ 637 $ 27 $ 12,312 Ending balance: Collectively evaluated for impairment 42,638 245,765 505,575 152,911 75,152 111,244 15,070 1,148,355 Ending balance $ 42,638 $ 246,745 $ 515,367 $ 153,457 $ 75,482 $ 111,881 $ 15,097 $ 1,160,667 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 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, 2021 2020 (in thousands) 2021: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 38,753 $ 381,346 $ 126,157 $ 63,141 $ 95,289 $ 704,686 Watch 239 99,127 17,853 8,132 7,421 132,772 Special Mention - 3,085 3,519 762 7,664 15,030 Substandard 3,646 22,017 5,382 3,117 870 35,032 Substandard-Impaired - 9,792 546 330 637 11,305 Total $ 42,638 $ 515,367 $ 153,457 $ 75,482 $ 111,881 $ 898,825 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 The credit risk profile based on payment activity, on a disaggregated basis, at December 31, 2021 2020 (in thousands) 2021: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 245,598 $ 15,067 $ 260,665 Non-performing 1,147 30 1,177 Total $ 246,745 $ 15,097 $ 261,842 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 Consumer and 1 4 90 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, 2021 2020 December 31, 2021 2020 (in thousands) 2021: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ 67 $ - Real estate - 1 to 4 family residential 677 739 - 605 19 Real estate - commercial 124 142 - 154 297 Real estate - agricultural 546 1,001 - 901 25 Commercial 233 269 - 367 - Agricultural 322 521 - 335 15 Consumer and other 6 8 - 6 - Total loans with no specific reserve: 1,908 2,680 - 2,435 356 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 303 314 40 329 - Real estate - commercial 9,668 10,001 1,139 9,909 - Real estate - agricultural - - - - - Commercial 97 98 60 164 - Agricultural 315 315 132 371 - Consumer and other 21 23 21 32 - Total loans with specific reserve: 10,404 10,751 1,392 10,805 - Total Real estate - construction - - - 67 - Real estate - 1 to 4 family residential 980 1,053 40 934 19 Real estate - commercial 9,792 10,143 1,139 10,063 297 Real estate - agricultural 546 1,001 - 901 25 Commercial 330 367 60 531 - Agricultural 637 836 132 706 15 Consumer and other 27 31 21 38 - Total $ 12,312 $ 13,431 $ 1,392 $ 13,240 $ 356 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 The interest foregone on nonaccrual loans for the years ended December 31, 2021 2020 Nonaccrual loans as of December 31, 2021 2020 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, 2021 2020, The Company had loans meeting the definition of TDR of $11.3 million as of December 31, 2021 2020, The Company’s TDRs, on a disaggregated basis, occurring in the years ended December 31 (dollars in thousands) 2021 2020 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 3 578 578 - - - Real estate - commercial - - - 2 10,192 10,192 Real estate - agricultural 2 534 534 - - - Commercial 2 64 64 - - - Agricultural 2 294 294 3 54 54 Consumer and other - - - 1 27 27 Total 9 $ 1,470 $ 1,470 6 $ 10,273 $ 10,273 During the year ended December 31, 2021, five nine During the year ended December 31, 2020, four six There were no TDR loans that were modified during the year ended December 31, 2021 2020 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 December 31, 2021, 19 An aging analysis of the recorded investment in loans, on a disaggregated basis, as of December 31, 2021 2020, (in thousands) 2021: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ - $ - $ - $ 42,638 $ 42,638 $ - Real estate - 1 to 4 family residential 1,198 482 1,680 245,065 246,745 169 Real estate - commercial 24 - 24 515,343 515,367 - Real estate - agricultural 30 - 30 153,427 153,457 - Commercial 251 15 266 75,216 75,482 - Agricultural 172 - 172 111,709 111,881 - Consumer and other 49 - 49 15,048 15,097 - Total $ 1,724 $ 497 $ 2,221 $ 1,158,446 $ 1,160,667 $ 169 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 There are no As of December 31, 2021, 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, 2021 2020 (in thousands) 2021 2020 Balance, beginning of year $ 13,017 $ 10,235 New loans 17,682 15,750 Repayments (14,932 ) (13,407 ) Change in status 1,502 439 Balance, end of year $ 17,269 $ 13,017 |
Note 5 - Bank Premises and Equi
Note 5 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. The major classes of bank premises and equipment and the total accumulated depreciation as of December 31, 2021 2020 (in thousands) 2021 2020 Land $ 4,038 $ 4,038 Buildings and improvements 22,880 21,803 Furniture and equipment 8,273 8,143 35,191 33,984 Less accumulated depreciation 17,679 16,644 Total bank premises and equipment, net $ 17,512 $ 17,340 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 6. Goodwill arose in connection with four not no 2021 2020. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 7. The following sets forth the carrying amounts and accumulated amortization of all intangible assets at December 31, 2021 2020 (in thousands) 2021 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 4,043 $ 6,411 $ 3,493 Customer list 535 398 535 320 Total $ 6,946 $ 4,441 $ 6,946 $ 3,813 The weighted average life of the intangible assets is approximately 3 4 December 31, 2021 2020, The amortization expense for the intangible assets totaled $628 thousand and $826 thousand for the years ended December 31, 2021 2020, December 31 (in thousands) 2022 $ 574 2023 502 2024 337 2025 301 2026 268 After 523 Total $ 2,505 The following sets forth the activity related to intangible assets for the years ended December 31, 2021 2020 (in thousands) 2021 2020 Beginning intangibles, net $ 3,133 $ 3,959 Amortization (628 ) (826 ) Ending intangible asset, net $ 2,505 $ 3,133 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8. At December 31, 2021, (in thousands) 2022 $ 142,300 2023 40,886 2024 18,317 2025 7,597 2026 6,362 Total time deposits $ 215,462 Interest expense on deposits for the years ended December 31, 2021 2020 (in thousands) 2021 2020 Interest-bearing checking $ 758 $ 1,465 Savings and money market 1,150 1,769 Time deposits 2,434 4,587 Total deposit interest expense $ 4,342 $ 7,821 Deposits held by the Company from related parties as of December 31, 2021 2020 |
Note 9 - Pledged Collateral Rel
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Secured Borrowings [Text Block] | Note 9. The repurchase agreements mature daily and the following sets forth the pledged collateral at estimated fair value related to securities sold under repurchase agreements (repurchase agreements) as of December 31, 2021 2020 (in thousands) 2021 2020 Securities sold under agreements to repurchase: U.S. government treasuries $ 4,971 $ 2,069 U.S. government agencies 38,045 39,362 U.S. government mortgage-backed securities 11,127 14,320 Total pledged collateral $ 54,143 $ 55,751 The following table summarizes the outstanding amount of, and the average rate on, repurchase agreements as of December 31, 2021 2020 (dollars in thousands) 2021 2020 Average Average Balance Rate Balance Rate Repurchase agreements $ 39,851 0.25 % $ 37,293 0.30 % |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10. At December 31, 2021, 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, 2021 2020 1 4 December 31, 2021 2020, |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 11. The Company has a qualified 401 December 31, 2021 2020, December 31, 2021 2020, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. The components of income tax expense for the years ended December 31, 2021 2020 (in thousands) 2021 2020 Federal: Current $ 4,518 $ 4,102 Deferred 308 (886 ) Total federal income tax expense 4,826 3,216 State: Current 1,509 1,366 Deferred 425 (201 ) Total state income tax expense 1,934 1,165 Total income tax expense $ 6,760 $ 4,381 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, 2021 2020 (in thousands) 2021 2020 Income taxes at 21% $ 6,441 $ 4,879 Increase (decrease) resulting from: Tax-exempt interest (661 ) (761 ) State taxes, net of federal tax benefit 1,174 1,076 New Markets Tax Credits (764 ) (764 ) Valuation allowance 396 - Other 174 (49 ) Total income tax expense $ 6,760 $ 4,381 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2021 2020 (in thousands) 2021 2020 Deferred tax assets: Allowance for loan losses $ 4,146 $ 4,294 State operating and alternative minimum tax carryforward 761 729 Fair value adjustments from acquisitions 116 164 Accrued vacation 280 272 Off balance sheet reserve 144 149 Other deferred tax assets 230 207 Total deferred tax assets 5,677 5,815 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (955 ) (5,341 ) Goodwill and other intangible assets (1,135 ) (1,058 ) Bank premises and equipment (584 ) (609 ) Deferred loan costs (145 ) (62 ) Other deferred tax liabilities (314 ) (250 ) Total deferred tax liabilities (3,133 ) (7,320 ) Valuation allowance (622 ) (226 ) Net deferred tax asset (liability) $ 1,922 $ (1,731 ) The Company has approximately $396 thousand of state income taxes associated with state net operating loss (“NOL”) carryforwards as of December 31, 2021. 2021, not not The Company has approximately $226 thousand of state alternative minimum tax (“AMT”) credit carryforwards available to offset future state alternative minimum taxable income as of December 31, 2021 2020. not not The Company and its subsidiaries file one no 2018. 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, 2021 2020 December 31, 2021, 12 December 31, 2021 2020. |
Note 13 - Commitments, Continge
Note 13 - Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. 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 as of December 31, 2021 2020 (in thousands) 2021 2020 Commitments to extend credit $ 223,363 $ 222,660 Standby letters of credit 6,540 7,168 Total commitments $ 229,903 $ 229,828 Commitments to extend credit are agreements to lend to a customer if there is no December 31, 2021 2020, not Standby letters of credit are conditional commitments issued by the Banks to guarantee the performance of a customer to a third not third As of December 31, 2021 2020, On April 16, 2021, December 31, 2021. 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 14 - Regulatory Matters
Note 14 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 14. 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. Management believes, as of December 31, 2021 2020, The Company’s and each of the subsidiary bank’s actual capital amounts and ratios as of December 31, 2021 2020 dollars in thousands) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total capital (to risk- weighted assets): Consolidated $ 208,480 14.8 % $ 146,881 10.50 % N/A N/A Boone Bank & Trust 15,603 14.2 11,562 10.50 11,012 10.0 % First National Bank 104,608 14.5 75,832 10.50 72,221 10.0 Iowa State Savings Bank 24,008 15.9 15,895 10.50 15,138 10.0 Reliance State Bank 27,292 13.6 21,136 10.50 20,129 10.0 State Bank & Trust 20,885 15.2 14,416 10.50 13,730 10.0 United Bank & Trust 12,001 15.7 8,039 10.50 7,657 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 191,161 13.7 % $ 118,904 8.50 % N/A N/A Boone Bank & Trust 14,652 13.3 9,360 8.50 8,809 8.0 % First National Bank 95,573 13.2 61,388 8.50 57,777 8.0 Iowa State Savings Bank 22,747 15.0 12,868 8.50 12,111 8.0 Reliance State Bank 24,774 12.3 17,110 8.50 16,103 8.0 State Bank & Trust 19,231 14.0 11,670 8.50 10,984 8.0 United Bank & Trust 11,042 14.4 6,508 8.50 6,125 8.0 Tier 1 capital (to average- assets): Consolidated $ 191,161 9.0 % $ 84,585 4.00 % N/A N/A Boone Bank & Trust 14,652 9.0 6,525 4.00 8,157 5.0 % First National Bank 95,573 8.7 44,333 4.00 55,416 5.0 Iowa State Savings Bank 22,747 9.1 10,102 4.00 12,628 5.0 Reliance State Bank 24,774 8.8 11,396 4.00 14,245 5.0 State Bank & Trust 19,231 9.1 8,469 4.00 10,586 5.0 United Bank & Trust 11,042 8.9 4,955 4.00 6,193 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 191,161 13.7 % $ 97,921 7.00 % N/A N/A Boone Bank & Trust 14,652 13.3 7,708 7.00 7,158 6.5 % First National Bank 95,573 13.2 50,555 7.00 46,944 6.5 Iowa State Savings Bank 22,747 15.0 10,597 7.00 9,840 6.5 Reliance State Bank 24,774 12.3 14,091 7.00 13,084 6.5 State Bank & Trust 19,231 14.0 9,611 7.00 8,924 6.5 United Bank & Trust 11,042 14.4 5,360 7.00 4,977 6.5 * These ratios for December 31, 2021 1 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 The Company and the Banks are subject to the rules of the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules include the implementation of a 2.5 percent capital conservation buffer that is added to the minimum requirements for capital adequacy purposes. A banking organization with a capital conservation buffer of less than the required amount will be subject to limitations on capital distributions, including dividend payments, and certain discretionary bonus payments to executive officers. At December 31, 2021, On March 31, 2020, 1 9 $10 8% second 2020. 2021, 8.5% 9% January 1, 2022. not September 30, 2021. 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 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 15. 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, 2021 2020 (in thousands) Description Total Level 1 Level 2 Level 3 2021 U.S. government treasuries $ 190,479 $ 190,479 $ - $ - U.S. government agencies 116,014 - 116,014 - U.S. government mortgage-backed securities 149,601 - 149,601 - State and political subdivisions 292,859 - 292,859 - Corporate bonds 82,050 - 82,050 - Total assets at fair value on a recurring basis $ 831,003 $ 190,479 $ 640,524 $ - 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 $ - Level 1 2 may The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not third 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, 2021 2020 (in thousands) Description Total Level 1 Level 2 Level 3 2021 Loans $ 9,012 $ - $ - $ 9,012 Other real estate owned 218 - - 218 Total assets at fair value on a nonrecurring basis $ 9,230 $ - $ - $ 9,230 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 The significant inputs used in the fair value measurements for Level 3 December 31, 2021 2020 (in thousands) 2021 Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans $ 9,012 Evaluation of collateral Estimation of value NM* Other real estate owned $ 218 Appraisal Appraisal adjustment 6% - 8% (7%) 2020 Valuation Range of Range Fair Value 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%) * 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, 2021 2020 (in thousands) 2021 2020 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 89,129 $ 89,129 $ 173,097 $ 173,097 Interest-bearing time deposits Level 2 16,922 16,922 18,426 18,426 Securities available-for-sale See previous table 831,003 831,003 596,999 596,999 FHLB and FRB stock Level 2 3,422 3,422 3,148 3,148 Loans receivable, net Level 2 1,144,108 1,112,684 1,129,505 1,116,352 Loans held for sale Level 2 - - 1,621 1,621 Accrued income receivable Level 1 10,124 10,124 11,143 11,143 Financial liabilities: Deposits Level 2 $ 1,878,019 $ 1,880,137 $ 1,716,446 $ 1,720,023 Securities sold under agreements to repurchase Level 1 39,851 39,851 37,293 37,293 FHLB advances Level 2 3,000 3,071 3,000 3,111 Accrued interest payable Level 1 353 353 829 829 Commitments to extend credit and standby letters of credit not Limitations no |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 16. Management evaluated subsequent events through the date the financial statements were issued. There were no December 31, 2021, March 11, 2022, December 31, 2021. no not December 31, 2021. |
Note 17 - Ames National Corpora
Note 17 - Ames National Corporation (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 17. Information relative to the Parent Company’s balance sheets as of December 31, 2021 2020, two December 31, 2021, (in thousands) CONDENSED BALANCE SHEETS December 31, 2021 2020 2021 2020 ASSETS Cash and due from banks $ 99 $ 32 Interest-bearing deposits in banks 1,890 2,556 Total cash and cash equivalents 1,989 2,588 Investment in bank subsidiaries 204,638 202,535 Loans receivable, net 1,727 1,842 Premises and equipment, net 2,474 2,844 Accrued income receivable 2 6 Other assets 58 171 Total assets $ 210,888 $ 209,986 LIABILITIES Dividends payable $ 2,364 $ - Accrued expenses and other liabilities 746 499 Total liabilities 3,110 499 STOCKHOLDERS' EQUITY Common stock 18,184 18,245 Additional paid-in capital 16,353 17,002 Retained earnings 170,377 158,217 Accumulated other comprehensive income 2,864 16,023 Total stockholders' equity 207,778 209,487 Total liabilities and stockholders' equity $ 210,888 $ 209,986 CONDENSED STATEMENTS OF INCOME Years Ended December 31, 2021 2020 2021 2020 Operating income: Equity in net income of bank subsidiaries $ 24,918 $ 19,413 Interest income 79 101 Rental income 432 432 Other income 2,252 2,187 27,681 22,133 Provision (credit) for loan losses (5 ) - Operating income after provision (credit) for loan losses 27,686 22,133 Operating expenses 3,593 3,496 Income before income taxes 24,093 18,637 Income tax (benefit) 180 (213 ) Net income $ 23,913 $ 18,850 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 and 2020 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 23,913 $ 18,850 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 98 97 Credit for loan losses (5 ) - Provision (credit) for deferred income taxes 342 (60 ) Equity in net income of bank subsidiaries (24,918 ) (19,413 ) Dividends received from bank subsidiaries 9,656 9,599 Decrease in accrued income receivable 4 - (Increase) decrease in other assets 285 (4 ) Increase (decrease) in accrued expense and other liabilities 23 (48 ) Net cash provided by operating activities 9,398 9,021 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in loans 120 107 Investments in bank subsidiary - (310 ) Purchase of premises and equipment (18 ) (292 ) Net cash provided by (used in) investing activities 102 (495 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (9,389 ) (9,072 ) Stock repurchases (710 ) (1,992 ) Net cash (used in) financing activities (10,099 ) (11,064 ) Net increase (decrease) in cash and cash equivalents (599 ) (2,538 ) CASH AND CASH EQUIVALENTS Beginning 2,588 5,126 Ending $ 1,989 $ 2,588 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 178 $ 173 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications 2020 No no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents 90 |
Deposit Contracts, Policy [Policy Text Block] | Interest-bearing time deposits seven |
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 or, in the case of callable securities, through the first 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, 2021. |
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. The Company completed a quantitative assessment of goodwill as of October 1, 2021 not no December 31, 2021. 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 are determined to have definite lives and are amortized over the estimated useful lives. The core deposit intangible asset is a 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 13. |
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, 2021 2020 no The following information was used in the computation of basic EPS for the years ended December 31, 2021 2020 in thousands, except share and per share data 2021 2020 Basic earning per share computation: Net income $ 23,913 $ 18,850 Weighted average common shares outstanding 9,114,379 9,148,244 Basic EPS $ 2.62 $ 2.06 |
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 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2021 2020 Basic earning per share computation: Net income $ 23,913 $ 18,850 Weighted average common shares outstanding 9,114,379 9,148,244 Basic EPS $ 2.62 $ 2.06 |
Note 3 - Debt Securities (Table
Note 3 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2021: U.S. government treasuries $ 192,323 $ 239 $ (2,083 ) $ 190,479 U.S. government agencies 114,531 2,235 (752 ) 116,014 U.S. government mortgage-backed securities 149,896 1,375 (1,670 ) 149,601 State and political subdivisions 290,548 4,035 (1,724 ) 292,859 Corporate bonds 79,887 2,437 (274 ) 82,050 Total $ 827,185 $ 10,321 $ (6,503 ) $ 831,003 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated Cost Fair Value Due in one year or less $ 52,575 $ 53,012 Due after one year through five years 421,355 422,429 Due after five years through ten years 328,324 330,727 Due after ten years 24,931 24,835 Total $ 827,185 $ 831,003 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2021 2020 Proceeds from sales of securities available-for-sale $ 622 $ 5,463 Gross realized gains on securities available-for-sale 24 430 Gross realized losses on securities available-for-sale - - |
Schedule of Unrealized Loss on Investments [Table Text Block] | 2021: 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 $ 163,206 $ (2,083 ) $ - $ - $ 163,206 $ (2,083 ) U.S. government agencies 30,647 (570 ) 5,836 (182 ) 36,483 (752 ) U.S. government mortgage-backed securities 92,192 (1,580 ) 2,524 (90 ) 94,716 (1,670 ) State and political subdivisions 115,204 (1,667 ) 1,725 (57 ) 116,929 (1,724 ) Corporate bonds 16,484 (274 ) - - 16,484 (274 ) Total $ 417,733 $ (6,174 ) $ 10,085 $ (329 ) $ 427,818 $ (6,503 ) 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 ) |
Note 4 - Loans Receivable and_2
Note 4 - Loans Receivable and Credit Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Composition of Loans Receivable [Table Text Block] | 2021 2020 Real estate - construction $ 42,638 $ 45,497 Real estate - 1 to 4 family residential 246,745 213,562 Real estate - commercial 515,367 496,357 Real estate - agricultural 153,457 151,992 Commercial 1 75,482 122,535 Agricultural 111,881 102,586 Consumer and other 15,097 15,048 1,160,667 1,147,577 Less: Allowance for loan losses (16,621 ) (17,215 ) Deferred loan fees and costs, net 2 62 (857 ) Total loans receivable, net $ 1,144,108 $ 1,129,505 |
Schedule of Allowance for Loan Losses [Table Text Block] | 2021 2020 Balance, beginning $ 17,215 $ 12,619 Provision for loan losses (757 ) 5,681 Recoveries of loans charged-off 339 325 Loans charged-off (176 ) (1,410 ) Balance, ending $ 16,621 $ 17,215 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2021: 1-4 Family Construction Residential Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 725 $ 2,581 $ 8,930 $ 1,595 $ 1,453 $ 1,696 $ 235 $ 17,215 Provision (credit) for loan losses (50 ) (63 ) (528 ) (11 ) (175 ) 92 (22 ) (757 ) Recoveries of loans charged-off - 268 4 - 5 48 14 339 Loans charged-off - (34 ) - - (113 ) - (29 ) (176 ) Balance, ending $ 675 $ 2,752 $ 8,406 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 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 |
Allowance for Loan Losses Disaggregated on Basis of Impairment Analysis Method [Table Text Block] | 2021: 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 $ - $ 40 $ 1,139 $ - $ 60 $ 132 $ 21 $ 1,392 Ending balance: Collectively evaluated for impairment 675 2,712 7,267 1,584 1,110 1,704 177 15,229 Ending balance $ 675 $ 2,752 $ 8,406 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 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 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2021: 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 $ - $ 980 $ 9,792 $ 546 $ 330 $ 637 $ 27 $ 12,312 Ending balance: Collectively evaluated for impairment 42,638 245,765 505,575 152,911 75,152 111,244 15,070 1,148,355 Ending balance $ 42,638 $ 246,745 $ 515,367 $ 153,457 $ 75,482 $ 111,881 $ 15,097 $ 1,160,667 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2021: Construction Commercial Agricultural Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 38,753 $ 381,346 $ 126,157 $ 63,141 $ 95,289 $ 704,686 Watch 239 99,127 17,853 8,132 7,421 132,772 Special Mention - 3,085 3,519 762 7,664 15,030 Substandard 3,646 22,017 5,382 3,117 870 35,032 Substandard-Impaired - 9,792 546 330 637 11,305 Total $ 42,638 $ 515,367 $ 153,457 $ 75,482 $ 111,881 $ 898,825 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 |
Credit Risk Profile Based on Payment Activity on Disaggregated Basis [Table Text Block] | 2021: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 245,598 $ 15,067 $ 260,665 Non-performing 1,147 30 1,177 Total $ 246,745 $ 15,097 $ 261,842 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 |
Impaired Financing Receivables [Table Text Block] | 2021: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ 67 $ - Real estate - 1 to 4 family residential 677 739 - 605 19 Real estate - commercial 124 142 - 154 297 Real estate - agricultural 546 1,001 - 901 25 Commercial 233 269 - 367 - Agricultural 322 521 - 335 15 Consumer and other 6 8 - 6 - Total loans with no specific reserve: 1,908 2,680 - 2,435 356 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 303 314 40 329 - Real estate - commercial 9,668 10,001 1,139 9,909 - Real estate - agricultural - - - - - Commercial 97 98 60 164 - Agricultural 315 315 132 371 - Consumer and other 21 23 21 32 - Total loans with specific reserve: 10,404 10,751 1,392 10,805 - Total Real estate - construction - - - 67 - Real estate - 1 to 4 family residential 980 1,053 40 934 19 Real estate - commercial 9,792 10,143 1,139 10,063 297 Real estate - agricultural 546 1,001 - 901 25 Commercial 330 367 60 531 - Agricultural 637 836 132 706 15 Consumer and other 27 31 21 38 - Total $ 12,312 $ 13,431 $ 1,392 $ 13,240 $ 356 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 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | 2021 2020 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 3 578 578 - - - Real estate - commercial - - - 2 10,192 10,192 Real estate - agricultural 2 534 534 - - - Commercial 2 64 64 - - - Agricultural 2 294 294 3 54 54 Consumer and other - - - 1 27 27 Total 9 $ 1,470 $ 1,470 6 $ 10,273 $ 10,273 |
Financing Receivable, Past Due [Table Text Block] | 2021: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ - $ - $ - $ 42,638 $ 42,638 $ - Real estate - 1 to 4 family residential 1,198 482 1,680 245,065 246,745 169 Real estate - commercial 24 - 24 515,343 515,367 - Real estate - agricultural 30 - 30 153,427 153,457 - Commercial 251 15 266 75,216 75,482 - Agricultural 172 - 172 111,709 111,881 - Consumer and other 49 - 49 15,048 15,097 - Total $ 1,724 $ 497 $ 2,221 $ 1,158,446 $ 1,160,667 $ 169 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 |
Schedule of Loan Transactions With Related Parties [Table Text Block] | 2021 2020 Balance, beginning of year $ 13,017 $ 10,235 New loans 17,682 15,750 Repayments (14,932 ) (13,407 ) Change in status 1,502 439 Balance, end of year $ 17,269 $ 13,017 |
Note 5 - Bank Premises and Eq_2
Note 5 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 Land $ 4,038 $ 4,038 Buildings and improvements 22,880 21,803 Furniture and equipment 8,273 8,143 35,191 33,984 Less accumulated depreciation 17,679 16,644 Total bank premises and equipment, net $ 17,512 $ 17,340 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2021 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 4,043 $ 6,411 $ 3,493 Customer list 535 398 535 320 Total $ 6,946 $ 4,441 $ 6,946 $ 3,813 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 $ 574 2023 502 2024 337 2025 301 2026 268 After 523 Total $ 2,505 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2021 2020 Beginning intangibles, net $ 3,133 $ 3,959 Amortization (628 ) (826 ) Ending intangible asset, net $ 2,505 $ 3,133 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Maturities of Time Deposits [Table Text Block] | 2022 $ 142,300 2023 40,886 2024 18,317 2025 7,597 2026 6,362 Total time deposits $ 215,462 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2021 2020 Interest-bearing checking $ 758 $ 1,465 Savings and money market 1,150 1,769 Time deposits 2,434 4,587 Total deposit interest expense $ 4,342 $ 7,821 |
Note 9 - Pledged Collateral R_2
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | 2021 2020 Securities sold under agreements to repurchase: U.S. government treasuries $ 4,971 $ 2,069 U.S. government agencies 38,045 39,362 U.S. government mortgage-backed securities 11,127 14,320 Total pledged collateral $ 54,143 $ 55,751 |
Schedule of Repurchase Agreements [Table Text Block] | 2021 2020 Average Average Balance Rate Balance Rate Repurchase agreements $ 39,851 0.25 % $ 37,293 0.30 % |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Federal: Current $ 4,518 $ 4,102 Deferred 308 (886 ) Total federal income tax expense 4,826 3,216 State: Current 1,509 1,366 Deferred 425 (201 ) Total state income tax expense 1,934 1,165 Total income tax expense $ 6,760 $ 4,381 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Income taxes at 21% $ 6,441 $ 4,879 Increase (decrease) resulting from: Tax-exempt interest (661 ) (761 ) State taxes, net of federal tax benefit 1,174 1,076 New Markets Tax Credits (764 ) (764 ) Valuation allowance 396 - Other 174 (49 ) Total income tax expense $ 6,760 $ 4,381 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets: Allowance for loan losses $ 4,146 $ 4,294 State operating and alternative minimum tax carryforward 761 729 Fair value adjustments from acquisitions 116 164 Accrued vacation 280 272 Off balance sheet reserve 144 149 Other deferred tax assets 230 207 Total deferred tax assets 5,677 5,815 Deferred tax liabilities: Net unrealized gains on securities available-for-sale (955 ) (5,341 ) Goodwill and other intangible assets (1,135 ) (1,058 ) Bank premises and equipment (584 ) (609 ) Deferred loan costs (145 ) (62 ) Other deferred tax liabilities (314 ) (250 ) Total deferred tax liabilities (3,133 ) (7,320 ) Valuation allowance (622 ) (226 ) Net deferred tax asset (liability) $ 1,922 $ (1,731 ) |
Note 13 - Commitments, Contin_2
Note 13 - Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2021 2020 Commitments to extend credit $ 223,363 $ 222,660 Standby letters of credit 6,540 7,168 Total commitments $ 229,903 $ 229,828 |
Note 14 - Regulatory Matters (T
Note 14 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total capital (to risk- weighted assets): Consolidated $ 208,480 14.8 % $ 146,881 10.50 % N/A N/A Boone Bank & Trust 15,603 14.2 11,562 10.50 11,012 10.0 % First National Bank 104,608 14.5 75,832 10.50 72,221 10.0 Iowa State Savings Bank 24,008 15.9 15,895 10.50 15,138 10.0 Reliance State Bank 27,292 13.6 21,136 10.50 20,129 10.0 State Bank & Trust 20,885 15.2 14,416 10.50 13,730 10.0 United Bank & Trust 12,001 15.7 8,039 10.50 7,657 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 191,161 13.7 % $ 118,904 8.50 % N/A N/A Boone Bank & Trust 14,652 13.3 9,360 8.50 8,809 8.0 % First National Bank 95,573 13.2 61,388 8.50 57,777 8.0 Iowa State Savings Bank 22,747 15.0 12,868 8.50 12,111 8.0 Reliance State Bank 24,774 12.3 17,110 8.50 16,103 8.0 State Bank & Trust 19,231 14.0 11,670 8.50 10,984 8.0 United Bank & Trust 11,042 14.4 6,508 8.50 6,125 8.0 Tier 1 capital (to average- assets): Consolidated $ 191,161 9.0 % $ 84,585 4.00 % N/A N/A Boone Bank & Trust 14,652 9.0 6,525 4.00 8,157 5.0 % First National Bank 95,573 8.7 44,333 4.00 55,416 5.0 Iowa State Savings Bank 22,747 9.1 10,102 4.00 12,628 5.0 Reliance State Bank 24,774 8.8 11,396 4.00 14,245 5.0 State Bank & Trust 19,231 9.1 8,469 4.00 10,586 5.0 United Bank & Trust 11,042 8.9 4,955 4.00 6,193 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 191,161 13.7 % $ 97,921 7.00 % N/A N/A Boone Bank & Trust 14,652 13.3 7,708 7.00 7,158 6.5 % First National Bank 95,573 13.2 50,555 7.00 46,944 6.5 Iowa State Savings Bank 22,747 15.0 10,597 7.00 9,840 6.5 Reliance State Bank 24,774 12.3 14,091 7.00 13,084 6.5 State Bank & Trust 19,231 14.0 9,611 7.00 8,924 6.5 United Bank & Trust 11,042 14.4 5,360 7.00 4,977 6.5 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 |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Description Total Level 1 Level 2 Level 3 2021 U.S. government treasuries $ 190,479 $ 190,479 $ - $ - U.S. government agencies 116,014 - 116,014 - U.S. government mortgage-backed securities 149,601 - 149,601 - State and political subdivisions 292,859 - 292,859 - Corporate bonds 82,050 - 82,050 - Total assets at fair value on a recurring basis $ 831,003 $ 190,479 $ 640,524 $ - 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 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Description Total Level 1 Level 2 Level 3 2021 Loans $ 9,012 $ - $ - $ 9,012 Other real estate owned 218 - - 218 Total assets at fair value on a nonrecurring basis $ 9,230 $ - $ - $ 9,230 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 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2021 Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans $ 9,012 Evaluation of collateral Estimation of value NM* Other real estate owned $ 218 Appraisal Appraisal adjustment 6% - 8% (7%) 2020 Valuation Range of Range Fair Value 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%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2021 2020 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 89,129 $ 89,129 $ 173,097 $ 173,097 Interest-bearing time deposits Level 2 16,922 16,922 18,426 18,426 Securities available-for-sale See previous table 831,003 831,003 596,999 596,999 FHLB and FRB stock Level 2 3,422 3,422 3,148 3,148 Loans receivable, net Level 2 1,144,108 1,112,684 1,129,505 1,116,352 Loans held for sale Level 2 - - 1,621 1,621 Accrued income receivable Level 1 10,124 10,124 11,143 11,143 Financial liabilities: Deposits Level 2 $ 1,878,019 $ 1,880,137 $ 1,716,446 $ 1,720,023 Securities sold under agreements to repurchase Level 1 39,851 39,851 37,293 37,293 FHLB advances Level 2 3,000 3,071 3,000 3,111 Accrued interest payable Level 1 353 353 829 829 |
Note 17 - Ames National Corpo_2
Note 17 - Ames National Corporation (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2021 2020 ASSETS Cash and due from banks $ 99 $ 32 Interest-bearing deposits in banks 1,890 2,556 Total cash and cash equivalents 1,989 2,588 Investment in bank subsidiaries 204,638 202,535 Loans receivable, net 1,727 1,842 Premises and equipment, net 2,474 2,844 Accrued income receivable 2 6 Other assets 58 171 Total assets $ 210,888 $ 209,986 LIABILITIES Dividends payable $ 2,364 $ - Accrued expenses and other liabilities 746 499 Total liabilities 3,110 499 STOCKHOLDERS' EQUITY Common stock 18,184 18,245 Additional paid-in capital 16,353 17,002 Retained earnings 170,377 158,217 Accumulated other comprehensive income 2,864 16,023 Total stockholders' equity 207,778 209,487 Total liabilities and stockholders' equity $ 210,888 $ 209,986 |
Condensed Income Statement [Table Text Block] | 2021 2020 Operating income: Equity in net income of bank subsidiaries $ 24,918 $ 19,413 Interest income 79 101 Rental income 432 432 Other income 2,252 2,187 27,681 22,133 Provision (credit) for loan losses (5 ) - Operating income after provision (credit) for loan losses 27,686 22,133 Operating expenses 3,593 3,496 Income before income taxes 24,093 18,637 Income tax (benefit) 180 (213 ) Net income $ 23,913 $ 18,850 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 and 2020 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 23,913 $ 18,850 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 98 97 Credit for loan losses (5 ) - Provision (credit) for deferred income taxes 342 (60 ) Equity in net income of bank subsidiaries (24,918 ) (19,413 ) Dividends received from bank subsidiaries 9,656 9,599 Decrease in accrued income receivable 4 - (Increase) decrease in other assets 285 (4 ) Increase (decrease) in accrued expense and other liabilities 23 (48 ) Net cash provided by operating activities 9,398 9,021 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in loans 120 107 Investments in bank subsidiary - (310 ) Purchase of premises and equipment (18 ) (292 ) Net cash provided by (used in) investing activities 102 (495 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (9,389 ) (9,072 ) Stock repurchases (710 ) (1,992 ) Net cash (used in) financing activities (10,099 ) (11,064 ) Net increase (decrease) in cash and cash equivalents (599 ) (2,538 ) CASH AND CASH EQUIVALENTS Beginning 2,588 5,126 Ending $ 1,989 $ 2,588 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash receipts for income taxes $ 178 $ 173 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 1 | |
Net Cash Provided by (Used in) Investing Activities, Total | $ (268,636) | $ (184,264) |
Time Deposit, Maturity (Year) | 7 years | |
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) | 40 years | |
Interest-bearing Deposits and Federal Funds Sold Reclassified as Cash and Cash Equivalents [Member] | ||
Net Cash Provided by (Used in) Investing Activities, Total | $ (61,000) |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Basic Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 23,913 | $ 18,850 |
Weighted average common shares outstanding (in shares) | 9,114,379 | 9,148,244 |
Basic EPS (in dollars per share) | $ 2.62 | $ 2.06 |
Note 2 - Concentrations and R_2
Note 2 - Concentrations and Restrictions on Cash and Due from Banks and Interest-Bearing Deposits in Financial Institutions (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Deposits with Other Federal Home Loan Banks | $ 83.5 |
Note 3 - Debt Securities (Detai
Note 3 - Debt Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Restricted | $ 219,700 | $ 202,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 6,503 | $ 81 |
Note 3 - Debt Securities - Secu
Note 3 - Debt Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | $ 827,185 | $ 575,636 |
Gross unrealized gains | 10,321 | 21,444 |
Gross unrealized losses | (6,503) | (81) |
Estimated fair value | 831,003 | 596,999 |
US Treasury Securities [Member] | ||
Amortized cost | 192,323 | 11,725 |
Gross unrealized gains | 239 | 328 |
Gross unrealized losses | (2,083) | 0 |
Estimated fair value | 190,479 | 12,053 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 114,531 | 106,337 |
Gross unrealized gains | 2,235 | 4,875 |
Gross unrealized losses | (752) | (13) |
Estimated fair value | 116,014 | 111,199 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 149,896 | 146,889 |
Gross unrealized gains | 1,375 | 3,337 |
Gross unrealized losses | (1,670) | (31) |
Estimated fair value | 149,601 | 150,195 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 290,548 | 243,438 |
Gross unrealized gains | 4,035 | 8,182 |
Gross unrealized losses | (1,724) | (36) |
Estimated fair value | 292,859 | 251,584 |
Corporate Debt Securities [Member] | ||
Amortized cost | 79,887 | 67,247 |
Gross unrealized gains | 2,437 | 4,722 |
Gross unrealized losses | (274) | (1) |
Estimated fair value | $ 82,050 | $ 71,968 |
Note 3 - Debt Securities - Debt
Note 3 - Debt Securities - Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, Amortized cost | $ 52,575 | |
Due in one year or less, Estimated fair value | 53,012 | |
Due after one year through five years, Amortized cost | 421,355 | |
Due after one year through five years, Estimated fair value | 422,429 | |
Due after five years through ten years, Amortized cost | 328,324 | |
Due after five years through ten years, Estimated fair value | 330,727 | |
Due after ten years, Amortized cost | 24,931 | |
Due after ten years, Estimated fair value | 24,835 | |
Total, amortized cost | 827,185 | $ 575,636 |
Securities available-for-sale | $ 831,003 | $ 596,999 |
Note 3 - Debt Securities - Proc
Note 3 - Debt Securities - Proceeds, Gains and Losses From Securities Available-for-sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from sales of securities available-for-sale | $ 622 | $ 5,463 |
Gross realized gains on securities available-for-sale | 24 | 430 |
Gross realized losses on securities available-for-sale | $ 0 | $ 0 |
Note 3 - Debt Securities - Se_2
Note 3 - Debt Securities - Securities Available-for-sale Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Less than 12 months, estimated fair value | $ 417,733 | $ 19,522 |
Less than 12 months, unrealized losses | (6,174) | (73) |
12 months or more, estimated fair value | 10,085 | 1,076 |
12 months or more, unrealized losses | (329) | (8) |
Total estimated fair value | 427,818 | 20,598 |
Total unrealized losses | (6,503) | (81) |
US Treasury Securities [Member] | ||
Less than 12 months, estimated fair value | 163,206 | |
Less than 12 months, unrealized losses | (2,083) | |
12 months or more, estimated fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total estimated fair value | 163,206 | |
Total unrealized losses | (2,083) | |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 30,647 | 6,016 |
Less than 12 months, unrealized losses | (570) | (7) |
12 months or more, estimated fair value | 5,836 | 896 |
12 months or more, unrealized losses | (182) | (6) |
Total estimated fair value | 36,483 | 6,912 |
Total unrealized losses | (752) | (13) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, estimated fair value | 92,192 | 5,097 |
Less than 12 months, unrealized losses | (1,580) | (31) |
12 months or more, estimated fair value | 2,524 | 0 |
12 months or more, unrealized losses | (90) | 0 |
Total estimated fair value | 94,716 | 5,097 |
Total unrealized losses | (1,670) | (31) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 115,204 | 7,875 |
Less than 12 months, unrealized losses | (1,667) | (34) |
12 months or more, estimated fair value | 1,725 | 180 |
12 months or more, unrealized losses | (57) | (2) |
Total estimated fair value | 116,929 | 8,055 |
Total unrealized losses | (1,724) | (36) |
Corporate Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 16,484 | 534 |
Less than 12 months, unrealized losses | (274) | (1) |
12 months or more, estimated fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total estimated fair value | 16,484 | 534 |
Total unrealized losses | $ (274) | $ (1) |
Note 4 - Loans Receivable and_3
Note 4 - Loans Receivable and Credit Disclosures (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Loans and Leases Receivable, Gross, Total | $ 1,160,667 | $ 1,147,577 | |
Loans and Leases Receivable, Deferred Income, Total | [1] | (62) | 857 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 650 | 975 | |
Financing Receivable, Nonaccrual | 12,300 | 15,300 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Recoveries | 262 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 31 | ||
Financing Receivable, Troubled Debt Restructuring | $ 11,300 | $ 11,300 | |
Number Of Restructured Loans Granting Concessions | 5 | 4 | |
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 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | [2] | 75,482 | 122,535 |
SBA CARES Act Paycheck Protection Program Member | |||
Loans and Leases Receivable, Deferred Income, Total | 214 | 864 | |
SBA CARES Act Paycheck Protection Program Member | Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 6,000 | $ 50,900 | |
[1] | Deferred loan (fees) and costs, net includes $214 thousand and $864 thousand of fees, net of costs, related to the PPP loans as of December 31, 2021 and 2020, respectively | ||
[2] | Commercial loan portfolio includes $6.0 million and $50.9 million of Paycheck Protection Program ("PPP") loans as of December 31, 2021 and 2020, respectively |
Note 4 - Loans Receivable and_4
Note 4 - Loans Receivable and Credit Disclosures - Composition of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans receivable | $ 1,160,667 | $ 1,147,577 | ||
Allowance for loan losses | (16,621) | (17,215) | $ (12,619) | |
Deferred loan fees and costs, net | [1] | 62 | (857) | |
Total loans receivable, net | 1,144,108 | 1,129,505 | ||
Construction Real Estate [Member] | ||||
Loans receivable | 42,638 | 45,497 | ||
Allowance for loan losses | (675) | (725) | (672) | |
Family Residential Real Estate 1-4 [Member] | ||||
Loans receivable | 246,745 | 213,562 | ||
Allowance for loan losses | (2,752) | (2,581) | (2,122) | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 515,367 | 496,357 | ||
Allowance for loan losses | (8,406) | (8,930) | (5,362) | |
Agriculture Real Estate [Member] | ||||
Loans receivable | 153,457 | 151,992 | ||
Allowance for loan losses | (1,584) | (1,595) | (1,326) | |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | [2] | 75,482 | 122,535 | |
Allowance for loan losses | (1,170) | (1,453) | (1,458) | |
Agriculture [Member] | ||||
Loans receivable | 111,881 | 102,586 | ||
Allowance for loan losses | (1,836) | (1,696) | (1,478) | |
Consumer and Other [Member] | ||||
Loans receivable | 15,097 | 15,048 | ||
Allowance for loan losses | $ (198) | $ (235) | $ (201) | |
[1] | Deferred loan (fees) and costs, net includes $214 thousand and $864 thousand of fees, net of costs, related to the PPP loans as of December 31, 2021 and 2020, respectively | |||
[2] | Commercial loan portfolio includes $6.0 million and $50.9 million of Paycheck Protection Program ("PPP") loans as of December 31, 2021 and 2020, respectively |
Note 4 - Loans Receivable and_5
Note 4 - Loans Receivable and Credit Disclosures - Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning | $ 17,215 | $ 12,619 |
Provision (credit) for loan losses | (757) | 5,681 |
Recoveries of loans charged-off | 339 | 325 |
Loans charged-off | (176) | (1,410) |
Balance, ending | $ 16,621 | $ 17,215 |
Note 4 - Loans Receivable and_6
Note 4 - Loans Receivable and Credit Disclosures - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning | $ 17,215 | $ 12,619 |
Provision (credit) for loan losses | (757) | 5,681 |
Recoveries of loans charged-off | 339 | 325 |
Loans charged-off | (176) | (1,410) |
Balance, ending | 16,621 | 17,215 |
Construction Real Estate [Member] | ||
Balance, beginning | 725 | 672 |
Provision (credit) for loan losses | (50) | 52 |
Recoveries of loans charged-off | 0 | 1 |
Loans charged-off | 0 | 0 |
Balance, ending | 675 | 725 |
Family Residential Real Estate 1-4 [Member] | ||
Balance, beginning | 2,581 | 2,122 |
Provision (credit) for loan losses | (63) | 471 |
Recoveries of loans charged-off | 268 | 6 |
Loans charged-off | (34) | (18) |
Balance, ending | 2,752 | 2,581 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance, beginning | 8,930 | 5,362 |
Provision (credit) for loan losses | (528) | 3,986 |
Recoveries of loans charged-off | 4 | 26 |
Loans charged-off | 0 | (444) |
Balance, ending | 8,406 | 8,930 |
Agriculture Real Estate [Member] | ||
Balance, beginning | 1,595 | 1,326 |
Provision (credit) for loan losses | (11) | 269 |
Recoveries of loans charged-off | 0 | 0 |
Loans charged-off | 0 | 0 |
Balance, ending | 1,584 | 1,595 |
Commercial Portfolio Segment [Member] | ||
Balance, beginning | 1,453 | 1,458 |
Provision (credit) for loan losses | (175) | 609 |
Recoveries of loans charged-off | 5 | 14 |
Loans charged-off | (113) | (628) |
Balance, ending | 1,170 | 1,453 |
Agriculture [Member] | ||
Balance, beginning | 1,696 | 1,478 |
Provision (credit) for loan losses | 92 | 266 |
Recoveries of loans charged-off | 48 | 0 |
Loans charged-off | 0 | (48) |
Balance, ending | 1,836 | 1,696 |
Consumer and Other [Member] | ||
Balance, beginning | 235 | 201 |
Provision (credit) for loan losses | (22) | 28 |
Recoveries of loans charged-off | 14 | 278 |
Loans charged-off | (29) | (272) |
Balance, ending | $ 198 | $ 235 |
Note 4 - Loans Receivable and_7
Note 4 - Loans Receivable and Credit Disclosures - Allowance for Loan Losses Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Ending balance: Individually evaluated for impairment | $ 1,392 | $ 1,819 |
Ending balance: Collectively evaluated for impairment | 15,229 | 15,396 |
Ending balance | 16,621 | 17,215 |
Construction Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | 0 | 0 |
Ending balance: Collectively evaluated for impairment | 675 | 725 |
Ending balance | 675 | 725 |
Family Residential Real Estate 1-4 [Member] | ||
Ending balance: Individually evaluated for impairment | 40 | 150 |
Ending balance: Collectively evaluated for impairment | 2,712 | 2,431 |
Ending balance | 2,752 | 2,581 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 1,139 | 1,486 |
Ending balance: Collectively evaluated for impairment | 7,267 | 7,444 |
Ending balance | 8,406 | 8,930 |
Agriculture Real Estate [Member] | ||
Ending balance: Individually evaluated for impairment | 0 | 0 |
Ending balance: Collectively evaluated for impairment | 1,584 | 1,595 |
Ending balance | 1,584 | 1,595 |
Commercial Portfolio Segment [Member] | ||
Ending balance: Individually evaluated for impairment | 60 | 115 |
Ending balance: Collectively evaluated for impairment | 1,110 | 1,338 |
Ending balance | 1,170 | 1,453 |
Agriculture [Member] | ||
Ending balance: Individually evaluated for impairment | 132 | 40 |
Ending balance: Collectively evaluated for impairment | 1,704 | 1,656 |
Ending balance | 1,836 | 1,696 |
Consumer and Other [Member] | ||
Ending balance: Individually evaluated for impairment | 21 | 28 |
Ending balance: Collectively evaluated for impairment | 177 | 207 |
Ending balance | $ 198 | $ 235 |
Note 4 - Loans Receivable and_8
Note 4 - Loans Receivable and Credit Disclosures - Loans Receivable Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Ending balance: Individually evaluated for impairment | $ 12,312 | $ 15,273 | |
Ending balance: Collectively evaluated for impairment | 1,148,355 | 1,132,304 | |
Ending balance | 1,160,667 | 1,147,577 | |
Construction Real Estate [Member] | |||
Ending balance: Individually evaluated for impairment | 0 | 167 | |
Ending balance: Collectively evaluated for impairment | 42,638 | 45,330 | |
Ending balance | 42,638 | 45,497 | |
Family Residential Real Estate 1-4 [Member] | |||
Ending balance: Individually evaluated for impairment | 980 | 1,340 | |
Ending balance: Collectively evaluated for impairment | 245,765 | 212,222 | |
Ending balance | 246,745 | 213,562 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Ending balance: Individually evaluated for impairment | 9,792 | 10,258 | |
Ending balance: Collectively evaluated for impairment | 505,575 | 486,099 | |
Ending balance | 515,367 | 496,357 | |
Agriculture Real Estate [Member] | |||
Ending balance: Individually evaluated for impairment | 546 | 1,664 | |
Ending balance: Collectively evaluated for impairment | 152,911 | 150,328 | |
Ending balance | 153,457 | 151,992 | |
Commercial Portfolio Segment [Member] | |||
Ending balance: Individually evaluated for impairment | 330 | 940 | |
Ending balance: Collectively evaluated for impairment | 75,152 | 121,595 | |
Ending balance | [1] | 75,482 | 122,535 |
Agriculture [Member] | |||
Ending balance: Individually evaluated for impairment | 637 | 859 | |
Ending balance: Collectively evaluated for impairment | 111,244 | 101,727 | |
Ending balance | 111,881 | 102,586 | |
Consumer and Other [Member] | |||
Ending balance: Individually evaluated for impairment | 27 | 45 | |
Ending balance: Collectively evaluated for impairment | 15,070 | 15,003 | |
Ending balance | $ 15,097 | $ 15,048 | |
[1] | Commercial loan portfolio includes $6.0 million and $50.9 million of Paycheck Protection Program ("PPP") loans as of December 31, 2021 and 2020, respectively |
Note 4 - Loans Receivable and_9
Note 4 - Loans Receivable and Credit Disclosures - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan and lease receivable other than consumer and residential | $ 898,825 | $ 918,967 |
Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 704,686 | 679,429 |
Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 132,772 | 163,297 |
Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 15,030 | 23,980 |
Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 35,032 | 38,373 |
Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 11,305 | 13,888 |
Construction Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 42,638 | 45,497 |
Construction Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 38,753 | 39,980 |
Construction Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 239 | 5,350 |
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 | 3,646 | 0 |
Construction Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 0 | 167 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 515,367 | 496,357 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 381,346 | 346,591 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 99,127 | 88,113 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 3,085 | 23,753 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 22,017 | 27,642 |
Commercial Real Estate Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 9,792 | 10,258 |
Agriculture Real Estate [Member] | ||
Loan and lease receivable other than consumer and residential | 153,457 | 151,992 |
Agriculture Real Estate [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 126,157 | 110,925 |
Agriculture Real Estate [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 17,853 | 33,144 |
Agriculture Real Estate [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 3,519 | 175 |
Agriculture Real Estate [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 5,382 | 6,084 |
Agriculture Real Estate [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 546 | 1,664 |
Commercial Portfolio Segment [Member] | ||
Loan and lease receivable other than consumer and residential | 75,482 | 122,535 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 63,141 | 101,858 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 8,132 | 15,897 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 762 | 52 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 3,117 | 3,788 |
Commercial Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | 330 | 940 |
Agriculture [Member] | ||
Loan and lease receivable other than consumer and residential | 111,881 | 102,586 |
Agriculture [Member] | Pass [Member] | ||
Loan and lease receivable other than consumer and residential | 95,289 | 80,075 |
Agriculture [Member] | Watch [Member] | ||
Loan and lease receivable other than consumer and residential | 7,421 | 20,793 |
Agriculture [Member] | Special Mention [Member] | ||
Loan and lease receivable other than consumer and residential | 7,664 | 0 |
Agriculture [Member] | Substandard [Member] | ||
Loan and lease receivable other than consumer and residential | 870 | 859 |
Agriculture [Member] | Substandard Impaired [Member] | ||
Loan and lease receivable other than consumer and residential | $ 637 | $ 859 |
Note 4 - Loans Receivable an_10
Note 4 - Loans Receivable and Credit Disclosures - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan and lease receivable, consumer and residential | $ 261,842 | $ 228,610 |
Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 260,665 | 227,285 |
Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,177 | 1,325 |
Family Residential Real Estate 1-4 [Member] | ||
Loan and lease receivable, consumer and residential | 246,745 | 213,562 |
Family Residential Real Estate 1-4 [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 245,598 | 212,282 |
Family Residential Real Estate 1-4 [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 1,147 | 1,280 |
Consumer and Other [Member] | ||
Loan and lease receivable, consumer and residential | 15,097 | 15,048 |
Consumer and Other [Member] | Performing Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | 15,067 | 15,003 |
Consumer and Other [Member] | Nonperforming Financial Instruments [Member] | ||
Loan and lease receivable, consumer and residential | $ 30 | $ 45 |
Note 4 - Loans Receivable an_11
Note 4 - Loans Receivable and Credit Disclosures - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Impaired financing receivable with no related allowance, recorded investment | $ 1,908 | $ 3,148 |
Impaired financing receivable with no related allowance, unpaid principal balance | 2,680 | 3,788 |
Loans with no specific reserve recorded, average recorded investment | 2,435 | 10,442 |
Loans with no specific reserve recorded, interest income recognized | 356 | 517 |
Impaired financing receivable with related allowance, recorded investment | 10,404 | 12,125 |
Impaired financing receivable with related allowance, unpaid principal balance | 10,751 | 13,205 |
Impaired financing receivable, related allowance | 1,392 | 1,819 |
Loans with an allowance recorded, average recorded investment | 10,805 | 3,970 |
Loans with an allowance recorded, interest income recognized | 0 | 158 |
Impaired financing receivable, recorded investment | 12,312 | 15,273 |
Impaired financing receivable, unpaid principal balance | 13,431 | 16,993 |
Loans, average recorded investment | 13,240 | 14,412 |
Loans, interest income recognized | 356 | 675 |
Construction Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 0 | 167 |
Impaired financing receivable with no related allowance, unpaid principal balance | 0 | 167 |
Loans with no specific reserve recorded, average recorded investment | 67 | 66 |
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 | 0 | 167 |
Impaired financing receivable, unpaid principal balance | 0 | 167 |
Loans, average recorded investment | 67 | 66 |
Loans, interest income recognized | 0 | 0 |
Family Residential Real Estate 1-4 [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 677 | 416 |
Impaired financing receivable with no related allowance, unpaid principal balance | 739 | 475 |
Loans with no specific reserve recorded, average recorded investment | 605 | 318 |
Loans with no specific reserve recorded, interest income recognized | 19 | 0 |
Impaired financing receivable with related allowance, recorded investment | 303 | 924 |
Impaired financing receivable with related allowance, unpaid principal balance | 314 | 1,278 |
Impaired financing receivable, related allowance | 40 | 150 |
Loans with an allowance recorded, average recorded investment | 329 | 935 |
Loans with an allowance recorded, interest income recognized | 0 | 66 |
Impaired financing receivable, recorded investment | 980 | 1,340 |
Impaired financing receivable, unpaid principal balance | 1,053 | 1,753 |
Loans, average recorded investment | 934 | 1,253 |
Loans, interest income recognized | 19 | 66 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 124 | 242 |
Impaired financing receivable with no related allowance, unpaid principal balance | 142 | 578 |
Loans with no specific reserve recorded, average recorded investment | 154 | 6,625 |
Loans with no specific reserve recorded, interest income recognized | 297 | 16 |
Impaired financing receivable with related allowance, recorded investment | 9,668 | 10,016 |
Impaired financing receivable with related allowance, unpaid principal balance | 10,001 | 10,157 |
Impaired financing receivable, related allowance | 1,139 | 1,486 |
Loans with an allowance recorded, average recorded investment | 9,909 | 2,198 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 9,792 | 10,258 |
Impaired financing receivable, unpaid principal balance | 10,143 | 10,735 |
Loans, average recorded investment | 10,063 | 8,823 |
Loans, interest income recognized | 297 | 16 |
Agriculture Real Estate [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 546 | 1,664 |
Impaired financing receivable with no related allowance, unpaid principal balance | 1,001 | 1,698 |
Loans with no specific reserve recorded, average recorded investment | 901 | 1,295 |
Loans with no specific reserve recorded, interest income recognized | 25 | 6 |
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 | 546 | 1,664 |
Impaired financing receivable, unpaid principal balance | 1,001 | 1,698 |
Loans, average recorded investment | 901 | 1,295 |
Loans, interest income recognized | 25 | 6 |
Commercial Portfolio Segment [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 233 | 274 |
Impaired financing receivable with no related allowance, unpaid principal balance | 269 | 318 |
Loans with no specific reserve recorded, average recorded investment | 367 | 524 |
Loans with no specific reserve recorded, interest income recognized | 0 | 23 |
Impaired financing receivable with related allowance, recorded investment | 97 | 666 |
Impaired financing receivable with related allowance, unpaid principal balance | 98 | 1,247 |
Impaired financing receivable, related allowance | 60 | 115 |
Loans with an allowance recorded, average recorded investment | 164 | 418 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 330 | 940 |
Impaired financing receivable, unpaid principal balance | 367 | 1,565 |
Loans, average recorded investment | 531 | 942 |
Loans, interest income recognized | 0 | 23 |
Agriculture [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 322 | 377 |
Impaired financing receivable with no related allowance, unpaid principal balance | 521 | 542 |
Loans with no specific reserve recorded, average recorded investment | 335 | 1,592 |
Loans with no specific reserve recorded, interest income recognized | 15 | 344 |
Impaired financing receivable with related allowance, recorded investment | 315 | 482 |
Impaired financing receivable with related allowance, unpaid principal balance | 315 | 484 |
Impaired financing receivable, related allowance | 132 | 40 |
Loans with an allowance recorded, average recorded investment | 371 | 400 |
Loans with an allowance recorded, interest income recognized | 0 | 0 |
Impaired financing receivable, recorded investment | 637 | 859 |
Impaired financing receivable, unpaid principal balance | 836 | 1,026 |
Loans, average recorded investment | 706 | 1,992 |
Loans, interest income recognized | 15 | 344 |
Consumer and Other [Member] | ||
Impaired financing receivable with no related allowance, recorded investment | 6 | 8 |
Impaired financing receivable with no related allowance, unpaid principal balance | 8 | 10 |
Loans with no specific reserve recorded, average recorded investment | 6 | 22 |
Loans with no specific reserve recorded, interest income recognized | 0 | 128 |
Impaired financing receivable with related allowance, recorded investment | 21 | 37 |
Impaired financing receivable with related allowance, unpaid principal balance | 23 | 39 |
Impaired financing receivable, related allowance | 21 | 28 |
Loans with an allowance recorded, average recorded investment | 32 | 19 |
Loans with an allowance recorded, interest income recognized | 0 | 92 |
Impaired financing receivable, recorded investment | 27 | 45 |
Impaired financing receivable, unpaid principal balance | 31 | 49 |
Loans, average recorded investment | 38 | 41 |
Loans, interest income recognized | $ 0 | $ 220 |
Note 4 - Loans Receivable an_12
Note 4 - Loans Receivable and Credit Disclosures - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Financing receivable modifications, number of contracts | 9 | 6 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 1,470 | $ 10,273 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 1,470 | $ 10,273 |
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 | 3 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 578 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 578 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | 0 | 2 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 10,192 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 10,192 |
Agriculture Real Estate [Member] | ||
Financing receivable modifications, number of contracts | 2 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 534 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 534 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Financing receivable modifications, number of contracts | 2 | 0 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 64 | $ 0 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 64 | $ 0 |
Agriculture [Member] | ||
Financing receivable modifications, number of contracts | 2 | 3 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 294 | $ 54 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 294 | $ 54 |
Consumer and Other [Member] | ||
Financing receivable modifications, number of contracts | 0 | 1 |
Financing receivable modifications, pre-modification outstanding, recorded investment | $ 0 | $ 27 |
Financing receivable modifications, post modification outstanding, recorded investment | $ 0 | $ 27 |
Note 4 - Loans Receivable an_13
Note 4 - Loans Receivable and Credit Disclosures - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans receivable | $ 1,160,667 | $ 1,147,577 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 169 | 39 | |
Construction Real Estate [Member] | |||
Loans receivable | 42,638 | 45,497 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 246,745 | 213,562 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 169 | 6 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 515,367 | 496,357 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Agriculture Real Estate [Member] | |||
Loans receivable | 153,457 | 151,992 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable | [1] | 75,482 | 122,535 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 3 | |
Agriculture [Member] | |||
Loans receivable | 111,881 | 102,586 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 30 | |
Consumer and Other [Member] | |||
Loans receivable | 15,097 | 15,048 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans receivable | 1,724 | 2,798 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||
Loans receivable | 0 | 169 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 1,198 | 1,523 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 24 | 152 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture Real Estate [Member] | |||
Loans receivable | 30 | 574 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 251 | 283 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Agriculture [Member] | |||
Loans receivable | 172 | 79 | |
Financing Receivables 30 to 89 Days Past Due [Member] | Consumer and Other [Member] | |||
Loans receivable | 49 | 18 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 497 | 2,494 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||
Loans receivable | 0 | 167 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 482 | 176 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 0 | 56 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture Real Estate [Member] | |||
Loans receivable | 0 | 1,618 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 15 | 3 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member] | |||
Loans receivable | 0 | 458 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other [Member] | |||
Loans receivable | 0 | 16 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 2,221 | 5,292 | |
Financial Asset, Past Due [Member] | Construction Real Estate [Member] | |||
Loans receivable | 0 | 336 | |
Financial Asset, Past Due [Member] | Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 1,680 | 1,699 | |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 24 | 208 | |
Financial Asset, Past Due [Member] | Agriculture Real Estate [Member] | |||
Loans receivable | 30 | 2,192 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 266 | 286 | |
Financial Asset, Past Due [Member] | Agriculture [Member] | |||
Loans receivable | 172 | 537 | |
Financial Asset, Past Due [Member] | Consumer and Other [Member] | |||
Loans receivable | 49 | 34 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | 1,158,446 | 1,142,285 | |
Financial Asset, Not Past Due [Member] | Construction Real Estate [Member] | |||
Loans receivable | 42,638 | 45,161 | |
Financial Asset, Not Past Due [Member] | Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 245,065 | 211,863 | |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 515,343 | 496,149 | |
Financial Asset, Not Past Due [Member] | Agriculture Real Estate [Member] | |||
Loans receivable | 153,427 | 149,800 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 75,216 | 122,249 | |
Financial Asset, Not Past Due [Member] | Agriculture [Member] | |||
Loans receivable | 111,709 | 102,049 | |
Financial Asset, Not Past Due [Member] | Consumer and Other [Member] | |||
Loans receivable | $ 15,048 | $ 15,014 | |
[1] | Commercial loan portfolio includes $6.0 million and $50.9 million of Paycheck Protection Program ("PPP") loans as of December 31, 2021 and 2020, respectively |
Note 4 - Loans Receivable an_14
Note 4 - Loans Receivable and Credit Disclosures - Loan Transactions With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 13,017 | $ 10,235 |
New loans | 17,682 | 15,750 |
Repayments | (14,932) | (13,407) |
Change in status | 1,502 | 439 |
Balance | $ 17,269 | $ 13,017 |
Note 5 - Bank Premises and Eq_3
Note 5 - Bank Premises and Equipment - Major Classes of Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 35,191 | $ 33,984 |
Less accumulated depreciation | 17,679 | 16,644 |
Total bank premises and equipment, net | 17,512 | 17,340 |
Land [Member] | ||
Property, plant and equipment, gross | 4,038 | 4,038 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 22,880 | 21,803 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 8,273 | $ 8,143 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 3 years | 4 years |
Amortization of Intangible Assets, Total | $ 628 | $ 826 |
Note 7 - Intangible Assets - In
Note 7 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible asset, gross amount | $ 6,946 | $ 6,946 |
Intangible asset, accumulated amortization | 4,441 | 3,813 |
Core Deposits [Member] | ||
Intangible asset, gross amount | 6,411 | 6,411 |
Intangible asset, accumulated amortization | 4,043 | 3,493 |
Customer Lists [Member] | ||
Intangible asset, gross amount | 535 | 535 |
Intangible asset, accumulated amortization | $ 398 | $ 320 |
Note 7 - Intangible Assets - Es
Note 7 - Intangible Assets - Estimated Remaining Amortization Expense on Intangible Assets on Core Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total | $ 2,505 | $ 3,133 | |
Core Deposits [Member] | |||
2022 | 574 | ||
2023 | 502 | ||
2024 | 337 | ||
2025 | 301 | ||
2026 | 268 | ||
After | 523 | ||
Total | $ 2,505 | $ 3,133 | $ 3,959 |
Note 7 - Intangible Assets - Co
Note 7 - Intangible Assets - Core Deposit Intangible Assets Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning intangibles, net | $ 3,133 | |
Amortization | (628) | $ (826) |
Ending intangible asset, net | 2,505 | 3,133 |
Core Deposits [Member] | ||
Beginning intangibles, net | 3,133 | 3,959 |
Amortization | (628) | (826) |
Ending intangible asset, net | $ 2,505 | $ 3,133 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Deposit Liabilities | $ 22.3 | $ 18.9 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 142,300 |
2023 | 40,886 |
2024 | 18,317 |
2025 | 7,597 |
2026 | 6,362 |
Total time deposits | $ 215,462 |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest-bearing checking | $ 758 | $ 1,465 |
Savings and money market | 1,150 | 1,769 |
Time deposits | 2,434 | 4,587 |
Total deposit interest expense | $ 4,342 | $ 7,821 |
Note 9 - Pledged Collateral R_3
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements - Pledged Collateral at Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maturity Overnight [Member] | ||
Securities sold under agreements to repurchase | $ 54,143 | |
Maturity Overnight [Member] | US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 4,971 | |
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 | 38,045 | |
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 | $ 11,127 | |
Maturity Greater than 90 Days [Member] | ||
Securities sold under agreements to repurchase | $ 55,751 | |
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 | 2,069 | |
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 | 39,362 | |
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 | $ 14,320 |
Note 9 - Pledged Collateral R_4
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements - Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Repurchase agreements | $ 39,851 | $ 37,293 |
Repurchase agreements | 0.25% | 0.30% |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 309.4 | $ 208 |
Note 10 - Borrowings - FHLB Adv
Note 10 - Borrowings - FHLB Advances and Other Long-term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
2024, Amount | $ 3 | |
2024, Weighted average interest rate | 1.57% | |
FHLB advances | $ 3 | $ 3 |
Weighted Average [Member] | ||
Total FHLB advances, Weighted average interest rate | 1.57% |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 1.1 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 226 |
Open Tax Year | 2018 2019 2020 2021 | |
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 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 396 | |
Operating Loss Carryforwards, Valuation Allowance, Total | $ 396 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal: | ||
Current | $ 4,518 | $ 4,102 |
Deferred | 308 | (886) |
Total federal income tax expense | 4,826 | 3,216 |
State: | ||
Current | 1,509 | 1,366 |
Deferred | 425 | (201) |
Total state income tax expense | 1,934 | 1,165 |
Total income tax expense | $ 6,760 | $ 4,381 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes at 21% | $ 6,441 | $ 4,879 |
Tax-exempt interest | (661) | (761) |
State taxes, net of federal tax benefit | 1,174 | 1,076 |
New Markets Tax Credits | (764) | (764) |
Valuation allowance | 396 | 0 |
Other | 174 | (49) |
Total income tax expense | $ 6,760 | $ 4,381 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 4,146 | $ 4,294 |
State operating and alternative minimum tax carryforward | 761 | 729 |
Fair value adjustments from acquisitions | 116 | 164 |
Accrued vacation | 280 | 272 |
Off balance sheet reserve | 144 | 149 |
Other deferred tax assets | 230 | 207 |
Total deferred tax assets | 5,677 | 5,815 |
Deferred tax liabilities: | ||
Net unrealized gains on securities available-for-sale | (955) | (5,341) |
Goodwill and other intangible assets | (1,135) | (1,058) |
Bank premises and equipment | (584) | (609) |
Deferred loan costs | (145) | (62) |
Other deferred tax liabilities | (314) | (250) |
Total deferred tax liabilities | (3,133) | (7,320) |
Valuation allowance | (622) | (226) |
Net deferred tax asset | $ 1,922 | |
Net deferred tax liability | $ (1,731) |
Note 13 - Commitments, Contin_3
Note 13 - Commitments, Contingencies and Concentrations of Credit Risk (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Apr. 16, 2021 | Dec. 31, 2020 |
Fixed Interest Rate, Commitments to Extend Credit | $ 129,800 | $ 131,800 | |
Liabilities to Cover Credit Losses for Off Balance Sheet | 692 | $ 713 | |
Commitment to Build New Branch in West Des Moines, Iowa [Member] | |||
Other Commitment, Total | $ 1,000 | $ 1,800 |
Note 13 - Commitments, Contin_4
Note 13 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments | $ 229,903 | $ 229,828 |
Commitments to Extend Credit [Member] | ||
Commitments | 223,363 | 222,660 |
Standby Letters of Credit [Member] | ||
Commitments | $ 6,540 | $ 7,168 |
Note 14 - Regulatory Matters (D
Note 14 - Regulatory Matters (Details Textual) | Dec. 31, 2021 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 0.0250 |
Banking Regulation, Capital Conservation Buffer, Total Risk-Based Capital, Actual | 0.025 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Note 14 - Regulatory Matters -
Note 14 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Capital | $ 208,480 | |
Capital to risk weighted assets | 0.148 | |
Capital required for capital adequacy | $ 146,881 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Tier one risk based capital | $ 191,161 | |
Tier one risk based capital to risk weighted assets | 0.137 | |
Tier one risk based capital required for capital adequacy | $ 118,904 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one leverage capital | $ 191,161 | |
Tier one leverage capital to average assets | 0.090 | |
Tier one leverage capital required for capital adequacy | $ 84,585 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Common equity tier one capital | $ 191,161 | |
Common equity tier one risk based capital to risk weighted assets | 0.137 | |
Common equity tier one capital required for capital adequacy | $ 97,921 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Boone Bank and Trust [Member] | ||
Capital | $ 15,603 | |
Capital to risk weighted assets | 0.142 | |
Capital required for capital adequacy | $ 11,562 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 11,012 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 14,652 | |
Tier one risk based capital to risk weighted assets | 0.133 | |
Tier one risk based capital required for capital adequacy | $ 9,360 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 8,809 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 14,652 | $ 13,967 |
Tier one leverage capital to average assets | 0.090 | 0.092 |
Tier one leverage capital required for capital adequacy | $ 6,525 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 8,157 | $ 12,170 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 14,652 | |
Common equity tier one risk based capital to risk weighted assets | 0.133 | |
Common equity tier one capital required for capital adequacy | $ 7,708 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 7,158 | |
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] | ||
Capital | $ 104,608 | |
Capital to risk weighted assets | 0.145 | |
Capital required for capital adequacy | $ 75,832 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 72,221 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 95,573 | |
Tier one risk based capital to risk weighted assets | 0.132 | |
Tier one risk based capital required for capital adequacy | $ 61,388 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 57,777 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 95,573 | $ 86,071 |
Tier one leverage capital to average assets | 0.087 | 0.086 |
Tier one leverage capital required for capital adequacy | $ 44,333 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 55,416 | $ 80,393 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 95,573 | |
Common equity tier one risk based capital to risk weighted assets | 0.132 | |
Common equity tier one capital required for capital adequacy | $ 50,555 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 46,944 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
Iowa State Savings Bank [Member] | ||
Capital | $ 24,008 | |
Capital to risk weighted assets | 0.159 | |
Capital required for capital adequacy | $ 15,895 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 15,138 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 22,747 | |
Tier one risk based capital to risk weighted assets | 0.150 | |
Tier one risk based capital required for capital adequacy | $ 12,868 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 12,111 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 22,747 | $ 21,610 |
Tier one leverage capital to average assets | 0.091 | 0.094 |
Tier one leverage capital required for capital adequacy | $ 10,102 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 12,628 | $ 18,321 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 22,747 | |
Common equity tier one risk based capital to risk weighted assets | 0.150 | |
Common equity tier one capital required for capital adequacy | $ 10,597 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 9,840 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
Reliance State Bank [Member] | Conducts Business Out of Offices at Story City, Garner, and Kleme, Iowa [Member] | ||
Capital | $ 27,292 | |
Capital to risk weighted assets | 0.136 | |
Capital required for capital adequacy | $ 21,136 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 20,129 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 24,774 | |
Tier one risk based capital to risk weighted assets | 0.123 | |
Tier one risk based capital required for capital adequacy | $ 17,110 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 16,103 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 24,774 | $ 23,278 |
Tier one leverage capital to average assets | 0.088 | 0.094 |
Tier one leverage capital required for capital adequacy | $ 11,396 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 14,245 | $ 19,741 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 24,774 | |
Common equity tier one risk based capital to risk weighted assets | 0.123 | |
Common equity tier one capital required for capital adequacy | $ 14,091 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 13,084 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
State Bank and Trust [Member] | ||
Capital | $ 20,885 | |
Capital to risk weighted assets | 0.152 | |
Capital required for capital adequacy | $ 14,416 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 13,730 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 19,231 | |
Tier one risk based capital to risk weighted assets | 0.140 | |
Tier one risk based capital required for capital adequacy | $ 11,670 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 10,984 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 19,231 | $ 16,564 |
Tier one leverage capital to average assets | 0.091 | 0.085 |
Tier one leverage capital required for capital adequacy | $ 8,469 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 10,586 | $ 15,657 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 19,231 | |
Common equity tier one risk based capital to risk weighted assets | 0.140 | |
Common equity tier one capital required for capital adequacy | $ 9,611 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 8,924 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
United Bank and Trust [Member] | ||
Capital | $ 12,001 | |
Capital to risk weighted assets | 0.157 | |
Capital required for capital adequacy | $ 8,039 | |
Capital required for capital adequacy to risk weighted assets | 10.50% | |
Capital required to be well capitalized | $ 7,657 | |
Capital required to be well capitalized to risk weighted assets | 0.100 | |
Tier one risk based capital | $ 11,042 | |
Tier one risk based capital to risk weighted assets | 0.144 | |
Tier one risk based capital required for capital adequacy | $ 6,508 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | |
Tier one risk based capital required to be well capitalized | $ 6,125 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | |
Tier one leverage capital | $ 11,042 | $ 10,539 |
Tier one leverage capital to average assets | 0.089 | 0.092 |
Tier one leverage capital required for capital adequacy | $ 4,955 | |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 6,193 | $ 9,180 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.080 |
Common equity tier one capital | $ 11,042 | |
Common equity tier one risk based capital to risk weighted assets | 0.144 | |
Common equity tier one capital required for capital adequacy | $ 5,360 | |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 4,977 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities | $ 831,003 | $ 596,999 |
US Treasury Securities [Member] | ||
Available for sale securities | 190,479 | 12,053 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 116,014 | 111,199 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 149,601 | 150,195 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 292,859 | 251,584 |
Corporate Debt Securities [Member] | ||
Available for sale securities | 82,050 | 71,968 |
Fair Value, Recurring [Member] | ||
Available for sale securities | 831,003 | 596,999 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 190,479 | 12,053 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 640,524 | 584,946 |
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 | 190,479 | 12,053 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 190,479 | 12,053 |
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 | 116,014 | 111,199 |
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 | 116,014 | 111,199 |
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 | 149,601 | 150,195 |
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 | 149,601 | 150,195 |
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 | 292,859 | 251,584 |
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 | 292,859 | 251,584 |
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 | 82,050 | 71,968 |
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 | 82,050 | 71,968 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | $ 0 | $ 0 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 9,012 | $ 10,306 |
Other real estate owned | 218 | 218 |
Total assets at fair value on a nonrecurring basis | 9,230 | 10,524 |
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 | 9,012 | 10,306 |
Other real estate owned | 218 | 218 |
Total assets at fair value on a nonrecurring basis | $ 9,230 | $ 10,524 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements - Fair Value Quantitative Information (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Estimated Fair Value | $ 9,230 | $ 10,524 |
Fair Value, Inputs, Level 3 [Member] | ||
Estimated Fair Value | 9,230 | 10,524 |
Appraisal Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loan [Member] | ||
Estimated Fair Value | 9,012 | 10,306 |
Appraisal Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Estimated Fair Value | $ 218 | $ 218 |
Appraisal Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||
Unobservable Inputs, Rate | 6.00% | 6.00% |
Appraisal Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||
Unobservable Inputs, Rate | 8.00% | 8.00% |
Appraisal Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Unobservable Inputs, Rate | 7.00% | 7.00% |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale | $ 831,003 | $ 596,999 |
Accrued income receivable | 10,124 | 11,143 |
Reported Value Measurement [Member] | ||
Securities available-for-sale | 831,003 | 596,999 |
Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale | 831,003 | 596,999 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 89,129 | 173,097 |
Accrued income receivable | 10,124 | 11,143 |
Securities sold under agreements to repurchase | 39,851 | 37,293 |
Accrued interest payable | 353 | 829 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 89,129 | 173,097 |
Accrued income receivable | 10,124 | 11,143 |
Securities sold under agreements to repurchase | 39,851 | 37,293 |
Accrued interest payable | 353 | 829 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Interest-bearing time deposits | 16,922 | 18,426 |
FHLB and FRB stock | 3,422 | 3,148 |
Loans receivable, net | 1,144,108 | 1,129,505 |
Loans held for sale | 0 | 1,621 |
Deposits | 1,878,019 | 1,716,446 |
FHLB advances | 3,000 | 3,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Interest-bearing time deposits | 16,922 | 18,426 |
FHLB and FRB stock | 3,422 | 3,148 |
Loans receivable, net | 1,112,684 | 1,116,352 |
Loans held for sale | 0 | 1,621 |
Deposits | 1,880,137 | 1,720,023 |
FHLB advances | $ 3,071 | $ 3,111 |
Note 17 - Ames National Corpo_3
Note 17 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and due from banks | $ 19,590 | $ 24,819 | |
Interest-bearing deposits in financial institutions and federal funds sold | 69,539 | 148,278 | |
Total cash and cash equivalents | 89,129 | 173,097 | |
Loans receivable, net | 1,144,108 | 1,129,505 | |
Bank premises and equipment, net | 17,512 | 17,340 | |
Accrued income receivable | 10,124 | 11,143 | |
Other assets | 4,985 | 5,896 | |
Total assets | 2,137,041 | 1,975,648 | |
LIABILITIES | |||
Dividends payable | 2,364 | 0 | |
Accrued expenses and other liabilities | 6,029 | 7,691 | |
Total liabilities | 1,929,263 | 1,766,161 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,184 | 18,245 | |
Additional paid-in capital | 16,353 | 17,002 | |
Retained earnings | 170,377 | 158,217 | |
Accumulated other comprehensive income | 2,864 | 16,023 | |
Total stockholders' equity | 207,778 | 209,487 | $ 187,579 |
Total liabilities and stockholders' equity | 2,137,041 | 1,975,648 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 99 | 32 | |
Interest-bearing deposits in financial institutions and federal funds sold | 1,890 | 2,556 | |
Total cash and cash equivalents | 1,989 | 2,588 | $ 5,126 |
Investment in bank subsidiaries | 204,638 | 202,535 | |
Loans receivable, net | 1,727 | 1,842 | |
Bank premises and equipment, net | 2,474 | 2,844 | |
Accrued income receivable | 2 | 6 | |
Other assets | 58 | 171 | |
Total assets | 210,888 | 209,986 | |
LIABILITIES | |||
Dividends payable | 2,364 | 0 | |
Accrued expenses and other liabilities | 746 | 499 | |
Total liabilities | 3,110 | 499 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 18,184 | 18,245 | |
Additional paid-in capital | 16,353 | 17,002 | |
Retained earnings | 170,377 | 158,217 | |
Accumulated other comprehensive income | 2,864 | 16,023 | |
Total stockholders' equity | 207,778 | 209,487 | |
Total liabilities and stockholders' equity | $ 210,888 | $ 209,986 |
Note 17 - Ames National Corpo_4
Note 17 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 60,482 | $ 62,941 |
Provision (credit) for loan losses | (757) | 5,681 |
Operating income after provision (credit) for loan losses | 56,754 | 49,162 |
Provision for income taxes | 6,760 | 4,381 |
Net income | 23,913 | 18,850 |
Parent Company [Member] | ||
Equity in net income of bank subsidiaries | 24,918 | 19,413 |
Interest income | 79 | 101 |
Rental income | 432 | 432 |
Other income | 2,252 | 2,187 |
Operating Income (Loss), Before Provision for Loan Losses | 27,681 | 22,133 |
Provision (credit) for loan losses | (5) | 0 |
Operating income after provision (credit) for loan losses | 27,686 | 22,133 |
Operating expenses | 3,593 | 3,496 |
Income before income taxes | 24,093 | 18,637 |
Provision for income taxes | 180 | (213) |
Net income | $ 23,913 | $ 18,850 |
Note 17 - Ames National Corpo_5
Note 17 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 23,913 | $ 18,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,399 | 1,446 |
Credit for loan losses | (757) | 5,681 |
Provision (credit) for deferred income taxes | 733 | (1,087) |
Decrease in accrued income receivable | 1,019 | 646 |
(Increase) decrease in other assets | (617) | (408) |
Increase (decrease) in accrued expense and other liabilities | (1,641) | 459 |
Net cash provided by operating activities | 30,539 | 29,712 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Decrease in loans | (13,921) | (86,302) |
Purchase of premises and equipment | (1,874) | (1,249) |
Net cash provided by (used in) investing activities | (268,636) | (184,264) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (9,389) | (9,072) |
Stock repurchases | (710) | (1,992) |
Net cash (used in) financing activities | 154,129 | 205,833 |
Beginning | 173,097 | |
Ending | 89,129 | 173,097 |
Parent Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 23,913 | 18,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 98 | 97 |
Credit for loan losses | (5) | 0 |
Provision (credit) for deferred income taxes | 342 | (60) |
Equity in net income of bank subsidiaries | (24,918) | (19,413) |
Dividends received from bank subsidiaries | 9,656 | 9,599 |
Decrease in accrued income receivable | 4 | 0 |
(Increase) decrease in other assets | 285 | (4) |
Increase (decrease) in accrued expense and other liabilities | 23 | (48) |
Net cash provided by operating activities | 9,398 | 9,021 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Decrease in loans | 120 | 107 |
Investments in bank subsidiary | 0 | (310) |
Purchase of premises and equipment | (18) | (292) |
Net cash provided by (used in) investing activities | 102 | (495) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (9,389) | (9,072) |
Stock repurchases | (710) | (1,992) |
Net cash (used in) financing activities | (10,099) | (11,064) |
Net increase (decrease) in cash and cash equivalents | (599) | (2,538) |
Beginning | 2,588 | 5,126 |
Ending | 1,989 | 2,588 |
Cash receipts for income taxes | $ 178 | $ 173 |